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Morgan Stanley Joins Wall Street Rivals’ Stock-Trading Boon
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu
-Neil Sipes, Bloomberg Intelligence U.S Financials Analyst, discusses earnings from Morgan Stanley and BlackRock.
Morgan Stanley's stock traders set another quarterly record, with $6.3 billion from equity trading, a 69% jump from its previous all-time high. The firm pulled in $148.1 billion in net new assets in its wealth-management business, with over half related to IPOs, and net revenue at the wealth business was $8.86 billion.
BlackRock Inc.'s revenue jumped and the firm's assets hit a record $15.3 trillion, with the company taking in $192 billion across its business in the second quarter.
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