Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Morgan Stanley’s results drop 42 per cent, missing forecasts, as bond trading weakens
– canadianbusiness.com
NEW YORK, N.Y. – Morgan Stanley’s earnings dropped 42 per cent in the third quarter, more than analysts forecast, as the bank’s bond trading business weakened.
The New York-based investment bank and wealth advisory firm earned $939 million after payments to preferred shareholders for the three-month period ending in September, the bank said Monday, compared with $1.63 billion a year earlier.
On a per-share basis, the bank earned 48 cents per share, compared with 84 cents a year earlier. That was far below the 67 cents per share that analysts were looking for, according to FactSet.
Turbulence in financial markets last quarter caused major U.S. banks to report drops in quarterly earnings, and Morgan Stanley was no exception. The bank’s institutional securities division, which includes Morgan Stanley’s investment banking and trading operations, had net income of $688 million in the quarter, down by nearly half from $1.2 billion a year earlier.
Most of that drop could be attributed to the bank’s bond trading operations, which had net revenue of $583 million versus $997 million the year before…
The New York-based investment bank and wealth advisory firm earned $939 million after payments to preferred shareholders for the three-month period ending in September, the bank said Monday, compared with $1.63 billion a year earlier.
On a per-share basis, the bank earned 48 cents per share, compared with 84 cents a year earlier. That was far below the 67 cents per share that analysts were looking for, according to FactSet.
Turbulence in financial markets last quarter caused major U.S. banks to report drops in quarterly earnings, and Morgan Stanley was no exception. The bank’s institutional securities division, which includes Morgan Stanley’s investment banking and trading operations, had net income of $688 million in the quarter, down by nearly half from $1.2 billion a year earlier.
Most of that drop could be attributed to the bank’s bond trading operations, which had net revenue of $583 million versus $997 million the year before…
