Morgan Stanley has seen a large surge in profits in the second quarter of 2013.
Net income stood at $980 million in the period, which is up 66 per cent on same quarter last year.
Total revenue for the second quarter increased by four per cent on 2012 to $8.3 billion and the bank also managed to reduce expenditure, only spending 48 per cent of that figure on staff compensation and benefits, compared to 52 per cent last year.
The company also had a strong quarter in share trading, with a 58 per cent surge in revenue.
James P Gorman, chairman and chief executive officer at the firm, said: “This quarter, we saw significant year-over-year revenue growth in each of our five major business units and higher year-over-year profitability."
He made particular reference to the strong equity and trading results across all products and regions, while announced and completed mergers and acquisitions also helped.
By Gary Cooper