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19

Morgan Stanley Bond Traders Top Goldman for First Time Since 2011

By Tony Seruga

Highest return on equity in two years reaches Gorman’s target
Goldman Sachs stuck with business as Morgan Stanley retreated

A year ago, Morgan Stanley had just taken an ax to its bond-trading business, scaling back as Goldman Sachs Group Inc. vowed to stay the course. Now, for the first time since 2011, Morgan Stanley topped its bigger rival in one of Wall Street’s fiercest arenas.

First-quarter revenue from trading bonds, currencies and commodities almost doubled at Morgan Stanley to $1.71 billion, the firm said Wednesday in a statement, edging out Goldman Sachs’s $1.69 billion. Morgan Stanley last beat Goldman in that business in the second quarter of 2011, data compiled by Bloomberg show…

Morgan Stanley Bond Traders Top Goldman for First Time Since 2011

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