The global wealth-management division, which includes the brokerage joint venture, had $3.35 billion in revenue, up 7 percent from a year earlier, and a 12 percent pretax profit margin. The unit had $14.1 billion of net new assets, bringing the annual total to $22.9 billion and meeting Gorman’s target of more than $20 billion of inflows in 2010. - Source: Bloomberg.com
Good news today after the bad news the day before yesterday. Really?
Morgan Stanley had higher investment-banking revenue than GS for second time? or is it some kind of domino effect play by Fed regulation? To keep the US banking image up there not to loose any confidence, i definitely don't want to sound like a conspiracy theorist, just hard to believe that GS is loosing ground. MS CEO James Morgan has promised to reduce the portion of the compensation award in 2009, but it doesn't mean numbers would skyrocket to 35%+. But I guess good news for the market, but most of the investors are still skeptic after the yesterday's sell off.
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