Morgan Stanley reported a lower than expected quarterly loss as robust investment banking and an unexpected contribution from trading activities helped lift revenue by 17 per cent.
The bank’s shares rose 10.22 per cent to $23.94 by lunchtime trading in New York, reflecting the progress made in reviving
a fixed-income trading arm severely damaged by the financial crisis, and on combining its wealth management business with Citigroup’s Smith Barney.
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