Morgan Stanley Leads as Wall Street Equities Trading Rebounds
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Morgan Stanley and Goldman Sachs Group Inc. led Wall Street banks in posting a collective 42 percent increase in equities-trading revenue in the second quarter, the largest jump in more than three years.
Morgan Stanley posted $1.81 billion of revenue from trading stocks and equity derivatives and providing prime-brokerage services, surpassing Goldman Sachs to top all rivals for the first time in at least two years. Revenue in New York-based Citigroup Inc.’s business climbed the most, with a 68 percent increase from last year’s second quarter.