Morgan Stanley shares jumped sharply yesterday after better-than-expected quarterly results provided evidence of the turnround of the investment bank with a swing into profit and increased revenues from its trading desks.
After net income exceeded analysts' expectations for a second straight quarter, Morgan Stanley's shares rose 10 per cent by midday trading in New York as investors bet the bank would continue to gain ground on rivals such as Goldman Sachs and JPMorgan Chase.
James Gorman, who succeeded John Mack as chief executive in January, implemented changes, shifting resources to client-facing and steady-growth businesses while retreating from others that put more of the bank's own capital at risk.
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