Wall Street rewards Morgan Stanley and Bank of America for earnings but Wells Fargo and Citi stocks dip

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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, +0.27% provided the cleanest beat as its investment banking and asset management units benefited from a boost in net worth of its wealthy clients and a flurry of capital raising and M&A on Wall Street. The bank also got a boost from its acquisitions of wealth manager Eaton Vance and online broker ETrade which closed in March and in the fourth quarter of 2020 respectively. By comparison, earnings by Wells Fargo & Co. WFC, -0.62%, Citigroup Inc. C, +0.46% and Bank of America Corp. BAC, +2.02% benefited from the release of loan loss reserves, as they worked to address loan growth as a key metric for t
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