Morgan Stanley’s third-quarter results have beaten expectations, helped by strong performance in its equities trading business, with chief executive Ted Pick facing questions over the outlook for mergers and initial public offerings.
The US investment bank reported earnings per share of 3.03 dollars, ahead of the 2.91-dollar estimate from analysts. Revenue rose 12% to 20.34 billion dollars, compared with expectations of 19.95 billion dollars.
Net profit increased 6.5% to 4.91 billion dollars, the company said.
Analysts are expected to focus on what Mr Pick says about mergers and IPO activity for the remainder of the year, amid churn caused by rising interest rates.
