BofA Traders Have Perfect Quarter as Morgan Stanley Lags
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Bank of America Corp.’s traders posted gains every business day during the first quarter as Morgan Stanley’s lost money in eight sessions, double the rate a year earlier.
Bank of America generated more than $25 million of revenue on 97 percent of trading days, compared with a 76 percent rate at Morgan Stanley, according to quarterly filings by the companies. Charlotte, North Carolina-based Bank of America posted the unblemished quarter after reining in value-at-risk, an estimate of potential trading losses, its filing shows.