A few months back,
Morgan Stanley (NYSE: MS) made it clear that
it
wanted back in the game, beefing up its trading arm in
order to match the greatness of
Goldman Sachs (NYSE: GS) and
JPMorgan Chase (NYSE: JPM).
So far, so good.
Morgan's net income for the third quarter came in at $757
million, or $0.38 per share. That was actually down
substantially from $6.97 per share last year, but last year's
results were dramatically skewed by
accounting gainsafter debt spreads blew out during a
brief
death scare. On a normalized basis, the current results
were solid by any measure.
But as expected, almost all the sequential gains came from
an uptick in trading revenue:
Segment
Q3 2009 Revenue
Q2 2009 Revenue
Investment Banking
$1.2 billion
$1.3 billion
Trading
$3.2 billion
$2 billion
Investments
$99 million
($115 million)
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