Morgan Stanley closed out Wall Street’s earnings season on a high, with booming markets driving a 25 per cent increase in third-quarter earnings and fuelling the bank’s calls to be allowed to resume share buybacks.
The bank posted net income of $2.7bn for the quarter, far better than the $2bn predicted by analysts polled by Refinitiv. Revenues of $11.66bn were up 16 per cent year on year and beat the $10.6bn expected by analysts.
“Our shareholders who own the company are entitled to generate a decent return on the capital they’ve invested in the company,” Morgan Stanley chief executive James Gorman told analysts, criticising a Federal Reserve ban on America’s biggest banks buying back their stock until at least the end of the year.
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