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Morgan Stanley's profit rises as investment banking recovers

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Morgan Stanley's profit rises as investment banking recovers
April 16, 2024
Reuters

(Reuters) - Morgan Stanley's profit rose in the first quarter, lifted by a resurgence in investment banking.

The Wall Street bank on Tuesday reported net income of $3.4 billion, or $2.02 per diluted share, in the three months ended March 31. That compares with $3 billion, or $1.70 per share, a year earlier.

Investment banking activity has rebounded from a two-year dealmaking drought as large corporates issued near-record levels of debt and equity capital markets became more active.

At rival Goldman Sachs, profit jumped 28% as investment banking bounced back and trading revenue surged, it reported on Monday.

Investment banking results also improved at JPMorgan Chase and Citigroup, fueled by debt and equity capital markets.

The quarter was Morgan Stanley's first with Ted Pick at the helm.

Morgan Stanley's total revenue increased to $15.14 billion in the first quarter, compared with $14.5 billion, a year earlier.

(Reporting by Manya Saini in Bengaluru and Tatiana Bautzer in New York; Editing by Lananh Nguyen and Arun Koyyur)

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