Morgan Stanley's Second Quarter Earnings, Revenues Soundly Beat Analysts' Estimates

Cornelia Mascio
Luglio 19, 2020

It now has almost 3 million consumers with a report $246 billion in property, a spokesperson explained.

E-Trade anticipates that the merger will be completed during the fourth quarter of 2020, subject to the satisfaction of the remaining customary conditions to closing, including among other things, receipt of required regulatory approvals.

The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley.

Morgan Stanley Chief Executive James Gorman in the earnings statement said that the bank's "decade long business transformation was meant to provide stability during times of serious stress".

E*Trade reports earnings later this month.

That kind of buying and selling is not as financially rewarding for brokerages as dealing with belongings for extra affluent purchasers, in particular following startups like Robinhood arrived on the scene with fee-cost-free investing. They can lend out their shares or generate funds from margin financial loans or additional providers. Plus, people today who are casually interested in marketplaces now may perhaps finally want other providers, whether in the prosperity administration sphere or in more traditional banking.

"We've found much more and more clients who are hybrid", the govt mentioned. "They have a partnership with a money adviser but they also have some of their property exactly where they opt for to be self-directed".

() - Morgan Stanley (NYSE:) posted a record quarterly profit on Thursday that blew past analysts' expectations, as another of Wall Street's big investment banks gained from huge swings in financial markets due to the coronavirus crisis.

Net income slid 10% year-over-year to $853 million at Morgan Stanley. "The indicators are plainly pointing to a careful outlook for our clients", Chief Money Officer Jonathan Pruzan claimed. "The second quarter tested the model and we performed exceedingly well".

According to the American financial services company, its non-interest revenue noted a 28% growth in the recent quarter to £9.41 billion that was reported stronger than the FactSet consensus of £7.46 billion.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE