{"id":28538,"date":"2020-07-16T16:54:00","date_gmt":"2020-07-16T13:54:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/morgan-stanleys-profits-surge-45-percent-despite-coronavirus\/"},"modified":"2020-07-16T16:54:00","modified_gmt":"2020-07-16T13:54:00","slug":"morgan-stanleys-profits-surge-45-percent-despite-coronavirus","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/morgan-stanleys-profits-surge-45-percent-despite-coronavirus\/","title":{"rendered":"#Morgan Stanley\u2019s profits surge 45 percent despite coronavirus"},"content":{"rendered":"

“#Morgan Stanley\u2019s profits surge 45 percent despite coronavirus<\/strong>”<\/p>\n

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July 16, 2020 |<\/span> 9:54am <\/p>\n

\n The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley.<\/p>\n

The Wall Street giant\u2019s chief James Gorman delivered a blowout quarter to investors on Thursday, riding an unprecedented market rally in the second quarter even as the US economy got slammed with record unemployment and business failures amid the raging coronavirus pandemic.<\/p>\n

The New York-based rival to Goldman Sachs trounced Wall Street estimates with earnings per share of $1.96 and posted a record profit of $3.2 billion, up 45 percent from a year earlier. Providing a major boost to Morgan Stanley\u2019s bottom line was the fact that the megabank doesn\u2019t do consumer lending.<\/p>\n

The big commercial banks \u2014 JPMorgan Chase, Bank of America and Wells Fargo \u2014 saw profits slashed thanks to the pandemic infecting the economy, with even Goldman Sachs taking a small hit on its relatively tiny consumer business. Morgan Stanley has almost no exposure to that sector.<\/p>\n

And with markets gaining almost 25 percent between the beginning of April and the end of June, Morgan Stanley\u2019s fixed-income trading desk pulled in just over $3 billion in the quarter, a staggering 170 percent increase compared to the same period in 2019. The firm\u2019s equities desk also managed to boost revenue by 23 percent.<\/p>\n

Unlike his peers, Gorman has doubled down on trading as a pillar of Morgan Stanley\u2019s business model while also shifting resources into the firm\u2019s asset management division, which posted a 12 percent gain.<\/p>\n

In a note accompanying the results, Gorman \u2014 who earlier this spring weathered the coronavirus himself \u2014 seemed pleased with how things had played out.<\/p>\n

\u201cOur decade long business transformation was intended to provide stability during times of serious stress,\u201d the CEO wrote. \u201cThe second quarter tested the model and we performed exceedingly well, delivering record results.\u201d<\/p>\n

But while the results make it clear that Morgan Stanley is now on more-than-equal footing with longtime rival Goldman Sachs, Gorman and his team are joining the chorus of large banks that see trouble ahead.<\/p>\n

In keeping with a growing and worrying theme<\/a>, Morgan Stanley added massively to its credit loss provisions in the second quarter, building it up by 40 percent and setting aside $866 million to anticipate a rocky end to 2020.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Morgan Stanley\u2019s profits surge 45 percent despite coronavirus” July 16, 2020 | 9:54am The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley. The Wall Street giant\u2019s chief James Gorman delivered a blowout quarter to investors on Thursday, riding an unprecedented market rally in the second…<\/p>\n","protected":false},"author":1,"featured_media":28539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[39673],"class_list":["post-28538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-morgan-stanleys-profits-surge-45-percent-despite-coronavirus"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/28538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=28538"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/28538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/28539"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=28538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=28538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=28538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}