Morgan Stanley's results establish a worrying trend for Goldman Sachs (MS, GS)

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July 19, 2017 2:32 PM

Morgan Stanley beat Wall Street estimates for second quarter earnings, with the sales and trading business posting a strong quarter.

Morgan Stanley beat Wall Street estimates for second quarter earnings, with the sales and trading business posting a strong quarter.
The US bank's $1.24 billion in fixed income trading revenues topped Goldman Sachs' performance.
That performance is especially impressive, given Morgan Stanley

That makes two quarters in a row.

On a call with analysts after Goldman Sachs' earnings, CFO Marty Chavez said rates revenue was down significantly, while the commodities business had its worst quarter on record. "It was a difficult quarter on all fronts," Chavez said.

"We didn't navigate the market as well as we aspire to or as well as we have in the past," he added.

slashed the size of its fixed-income unit in late 2015 delivered improved revenues with lower costs since then

"Morgan Stanley appears to be on a much stronger footing

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