Morgan Stanley is a 'standout' among banks in Q3: Strategist
Morgan Stanley (MS) became the latest major bank to report third quarter earnings, joining its peers in exceeding Wall Street expectations earlier this week. The financial giant posted impressive results, with net profits surging 32% compared to the same period last year. Bloomberg Intelligence director of research Alison Williams analyzes the bank's performance on Morning Brief. Williams highlights that Morgan Stanley "executed in a very strong environment," noting a significant rebound in wealth management flows. After a relatively weak second quarter, these flows reached $64 billion in Q3, which she says "really exemplifies the health of the business." A particular bright spot for the bank was its equity trading division. While all global investment banks showed strength in this area during the quarter, Williams emphasized that Morgan Stanley was "the standout." She also discusses the bank's significant transformation under former CEO James Gorman's leadership: "Of all the banks, Morgan Stanley has been the one that had the biggest change in its model over the last decade or so, and that was really through a series of acquisitions under Gorman. Gorman did set out a series of very aggressive targets for the business that Ted Pick is now taking over and having to deliver on, but certainly in this quarter he is delivering it." To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Angel Smith
