Morgan Stanley beat estimates for third-quarter profit on Wednesday, helped by higher income from investment banking and strong equity trading as markets remained volatile due to the U.S. Federal Reserve’s interest-rate decision and the U.S.-Iran war. The turbulence forced investors to realign their portfolios, driving up trading volumes and boosting revenue at bank’s trading desks. Morgan Stanley posted equity trading revenue of US$5.8 billion, a nearly 41 per cent rise from a year ago. Goldman Sachs, which beat estimates for third-quarter profit a day ago, also reported a similar jump in equities trading.
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