Morgan Stanley Posts Record Profit Despite Losses from Archegos
Morgan Stanley (NYSE: MS) posted a record first-quarter profit that crushed analysts' expectations, beating on earnings-per-share estimates by nearly 30%. And that's counting more than $900 million in losses it suffered from the blowup of hedge fund Archegos Capital Management.
The bank has made a concerted effort to diversify its revenue streams away from investment banking -- and it's beginning to pay off. Morgan Stanley saw its wealth management and investment management segments both post strong growth, thanks to improving economic conditions and the ongoing integration of the newly acquired E*Trade and Eaton Vance.
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Source Fool.com
