(Reuters) – Morgan Stanley’s profit rose in the first quarter, lifted by a resurgence in investment banking.
The Wall Street bank on Tuesday reported net income of $3.4 billion, or $2.02 per diluted share, in the three months ended March 31. That compares with $3 billion, or $1.70 per share, a year earlier.
Investment banking activity has rebounded from a two-year dealmaking drought as large corporates issued near-record levels of debt and equity capital markets became more active.
At rival Goldman Sachs, profit jumped 28% as investment banking bounced back and trading revenue surged, it reported on Monday.
Investment banking results also improved at JPMorgan Chase (NYSE:) and Citigroup, fueled by debt and equity capital markets.
The quarter was Morgan Stanley’s first with Ted Pick at the helm.
Morgan Stanley’s total revenue increased to $15.14 billion in the first quarter, compared with $14.5 billion, a year earlier.
