Shares of Morgan Stanley (MS) rose 4% at the open after the company reported big year-over-year increases across several measures in its third-quarter earnings results.
Yahoo Finance’s David Hollerith reports:
Investment banking fees rose 56% from a year ago, the biggest jump among big banks, to nearly $1.4 billion.
The recovery in investment banking and an increase in trading helped Morgan Stanley increase its net profit 32% from a year earlier to $3.2 billion.
The results reinforce a broad recovery in the Wall Street business of the nation’s largest banks. Investment banking fees and stock trading revenue also rose at JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Bank of America (BAC) and Citigroup (C).
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