Morgan Stanley reported Friday that first-quarter profit and revenue beat expectations on stronger-than-expected trading and investment banking results.
The bank posted profit of $4.1 billion, or $2.19 a share, more than double the $1.7 billion earnings of the year-earlier period. The firm said that excluding merger related expenses, adjusted profit was $2.22 a share; analysts had expected $1.70.
Companywide revenue surged 61% to a record $15.7 billion, exceeding analysts’ estimate by $1.6 billion, helped by robust revenue from the firm’s Wall Street trading and banking operations. The boom in SPAC-issuance has led to a bonanza in fees for equity capital markets desks, and trading desks…