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Alba Iulia
Monday, September 28, 2020

Morgan Stanley doesn’t expect the trading boom to continue

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Pruzan, in a virtual conference hosted by Barclays, said that August activity levels were still good and the bank saw “no real slowdown”.

“From the perspective of the Institutional Securities Group (ISG), we’re not going to have a quarter as good as the second quarter, but I’d say it’s a little better than a typical summer quarter,” Pruzan said.

During the second quarter, the big Wall Street investment banks gained from huge swings in the financial markets due to the coronavirus crisis.

Pruzan said the bank was still seeing “very constructive markets” in all parts of its sales, trading and investment banking businesses.

JP Morgan said on Tuesday that its third-quarter trading revenues would increase about 20% from the previous year.

Pruzan said he expects net interest income from the bank’s wealth management business “to decline slightly” in the third quarter, in line with previous indications.

Pruzan also confirmed that the bank is on track to complete the $ 13 billion acquisition of discount brokerage E * Trade Financial Corp in the fourth quarter, in line with previous indications.

He said the bank’s capital strength meant it had “real flexibility” to pursue opportunities beyond the E * Trade deal. The bank is open to opportunities that make strategic sense in investment management, Pruzan said.

By Matt Scuffham

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