Citigroup and Morgan Stanley have both benefited from a surge in dealmaking that bolstered revenues in the third quarter and helped offset continued pressure from low interest rates and weak loan demand.
In third-quarter earnings on Thursday, Morgan Stanley posted investment bank revenues of $2.85bn, up 67 per cent from $1.7bn a year earlier and well ahead of analysts’ forecasts for $1.9bn, according to data compiled by Bloomberg.
The outperformance relative to analysts’ estimates came from far better than expected fees from advisory work on mergers and acquisitions.
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