The financial firm’s revenue increased 32% to $11.52 billion, exceeding analysts’ expectations of $10.03 billion. Favorable global market conditions and increased client flows in all regions across cash, derivatives, and financing markets drove revenues higher. Fixed-income sales and trading revenue rose 34% to $2.9 billion, driven by strong results in interest-rate and currency-and-credit products. PBT margins are expected to be around 20% as the company invests in strategic growth initiative.
David Sidwell: That is paid by Discover and is used in and will be used in the calculation of the proceeds that get available to be slipped between Morgan Stanley and Discover.
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