Morgan Stanley (MS) stock jumped 4% on the open after the corporate reported large year-over-year increases across a wide range of metrics in its third quarter earnings release.
Yahoo Finance’s David Hollerith reports:
Fees from investment banking jumped 56% from a 12 months ago, the biggest leap amongst big banks, to just about $1.4 billion.
The pick-up in investment banking and a rise in trading helped Morgan Stanley push its net profit up by 32% from a 12 months earlier, to $3.2 billion.
The outcomes cement a broad rebound across the Wall Street operations of the country’s biggest banks. Investment banking fees and equity trading revenue also jumped at JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Bank of America (BAC), and Citigroup (C).