Morgan Stanley on Thursday said its quarterly profit rose 25% from a year ago, another big U.S. bank to skate unscathed through the rockiest economy in years. Morgan Stanley rounded out third-quarter earnings reports from the nation’s big banks, which have weathered the pandemic better than many of the clients they serve. Each posted billions of dollars in profits—and three including Morgan Stanley saw their profits grow from a year ago—despite a deep recession and an economic outlook tied to the odds of a compromise in Washington. Big changes afoot at Morgan Stanley haven’t yet shown up in its financial results. One sign investors are buying the story: The firm’s market capitalization this week passed that of Citigroup Inc., which has more than twice Morgan Stanley’s annual profit.

Source: Wall Street Journal October 15, 2020 11:42 UTC