Morgan Stanley has reported net revenues of $8.9bn for the third quarter ended September 30, 2014 compared with $8.0bn a year ago.
Compensation expense of $4.2bn increased from $4.0bn a year ago primarily driven by higher revenues. Non-compensation expenses of $2.4n decreased from $2.6bn a year ago primarily reflecting lower litigation costs.
James Gorman, Chairman and Chief Executive Officer, said, 'Morgan Stanley has delivered another quarter of earnings growth and strong performance based on consistent execution for our clients. We are well positioned to create superior returns for our shareholders, particularly as the U.S. economy continues to strengthen'.
Strong performance in Wealth Management with pre-tax margin of 22%4
Record revenue per financial advisor
Investment banking ranked #1 in global IPOs and #2 in global announced M&A5
Continued strength in equity sales & trading