-(Dow Jones)- Morgan Stanley said a jump in fixed-income trading revenue helped drive first-quarter earnings that easily beat analysts' forecasts, as the investment bank reported results for its first period with James Gorman as chief executive.
The investment bank, earlier criticized for pulling back on trading at the wrong time, racked up $4.1 billion in sales and trading revenue during the quarter compared to $1.4 billion in the year-ago period. The strong results come as Morgan Stanley hired hundreds of traders late last year to help regain market share lost when it scaled back risk during the financial crisis.
The investment bank, earlier criticized for pulling back on trading at the wrong time, racked up $4.1 billion in sales and trading revenue during the quarter compared to $1.4 billion in the year-ago period. The strong results come as Morgan Stanley hired hundreds of traders late last year to help regain market share lost when it scaled back risk during the financial crisis.