Morgan Stanley posts big third quarter profits
Morgan Stanley has posted its first quarterly profit in a year, making $757million in the third quarter of 2009.
The bank, which has its European headquarters in Bank Street, follows near neighbour Citigroup in announcing a return to profitability in recent months.
Morgan Stanley has focused on building its global wealth business, while its investment banking arm remained strong, but analysts had predicted much smaller profits.
Chief executive John Mack said: "Morgan Stanley continued to build momentum across our business this quarter, as we made important progress in executing key strategic initiatives."
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