Reuters |
But
The bank gained market share in key trading areas such as foreign exchange and interest rates,
"We had identified several years ago that we were punching below our weight in fixed income products," Porat said. "I think you're beginning to see the fruits of all we've done here."
"Fixed-income trading rebounded significantly and outpaced peers — and that's still
Still, the bank lost money during the first quarter because an accounting rule cost it
Excluding the special accounting item, known as debt valuation adjustment (DVA) — which requires companies to reflect changes to their own debt values, leading to charges when values rise and gains when values decline —
Net revenue totaled
"The revenue is a good solid number," said
Excluding DVA,
The investment bank also showed progress in its wealth-management business, which investors and analysts have been watching closely because the integration of its Morgan Stanley Smith Barney joint venture with
Copyright: | (c) 2012 Financial Planning. All rights Reserved. |
Source: | Source Media, Inc. |
Wordcount: | 461 |
Guggenheim Axes Three Execs
Leading Economic Indicators Gain 0.3% in March
More Articles