Morgan Stanley, and Wells Fargo shine, almost
After three consecutive loss quarters, it’s the end of the nail biting in Morgan Stanley’s executive lounge - the bank finally made a profit of $498 million, compared to analysts’ estimates of $380 million. The improvement mostly came from higher investment-banking fees. From their side, Wells Fargo announced on Wednesday that its third-quarter profit was not only better than its second quarter, but nearly double what it was a year ago: they earned $3.2 billion, compared to $2.1 billion. But both banks still reported higher loan losses as consumers struggle to pay off their bills. Wells Fargo predicted credit losses would peak in 2010.
Reader notice: Our comments service provider, Civil Comments, has stopped operating and will terminate services on 20th Dec 2017. As a result, we will be searching for another platform for our readers. We aim to have this done with the launch of our new site in early 2018 and apologise for the inconvenience.