Morgan Stanley beats as investment fees surge2021|01:07
Morgan Stanley is the last of the big Wall Street banks out with quarterly results Thursday - and it continued the trend of posting numbers that were better than expected. Profits at the investment bank got a boost last quarter from the advisory fees it charged for mergers and stock market debuts. Sales, overall, rose to just under $15 billion. There were a few weak spots, though. Like most of the big banks, trading revenues were way down at Morgan Stanley - with trading activity unable to repeat the frenzy seen during the same period last year. Bond trading was particularly tough - with revenues from that group nearly cut in half from a year ago. Even with the trading slowdown, Morgan Stanley's results capped a strong quarter for big U.S. banks. The credit-related losses first feared when the health crisis hit never materialized and prospects for the banks have quickly improved as the U.S. economy bounces back. Morgan Stanley slashed its loan loss reserve last quarter to just $73 million from $239 million.