Traders Rescue Goldman, Morgan As IB Suffers Equity ‘Standstill’

Traders Rescue Goldman, Morgan As IB Suffers Equity ‘Standstill’

Morgan Stanley fell short in investment banking during the first three months of the new year. Or at least versus consensus estimates. Consistent with underwhelming IB results from JPMorgan, equity and fixed income underwriting were both short of Street expectations. Equity underwriting revenue was just $258 million, almost $200 million short of the $452 million analysts expected and down 83% from the same period a year ago. Fixed income underwriting revenue of $432 million was also a miss. An
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