Morgan Stanley (NYSE: MS) reported third-quarter 2020 financial results before the opening bell on Thursday. The banking giant reported a 16% rise in Q3 revenues to $11.7 billion, beating the Wall Street consensus. Earnings of $1.59 per share were also stronger than what analysts had anticipated.
MS shares fell 1.28% immediately following the announcement. The stock has slipped 2% since the beginning of this year.
CEO James P. Gorman said, “We delivered strong quarterly earnings as markets remained active through the summer months, and our balanced business model continued to deliver consistent, high returns.”
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