Wall Street rewards Bank of America, Morgan Stanley and Citi, while Wells Fargo shares fall
Morgan Stanley, Wells Fargo, Citigroup and Bank of America all posted stronger-than-expected earnings on Thursday, with the financial sector continuing to benefit from increased economic activity as the impact from the COVID 19 pandemic started to recede.
Morgan Stanley MS,
By comparison, earnings by Wells Fargo & Co. WFC,
Shares of Morgan Stanley rose 2.4%, Citi added 0.7%, Wells Fargo dipped 1.2%, and Bank of America moved up by 4% in Thursday afternoon trades.
Morgan Stanley investment banking revenue boosts results
Morgan Stanley’s third-quarter net income rose to $3.7 billion or $1.98 a share, from $2.7 billion, or $1.66 a share, in the year-ago period. Revenue increased to $14.8 billion from $11.7 billion a year ago.
Analysts expected the investment bank to earn $1.69 a share on revenue of $13.93 …
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