⁍ Morgan Stanley Chief Financial Officer Jonathan Pruzan said the bank doesn’t expect its sales and trading and investment banking business to perform as well in the third quarter as it had in the second.
⁍ Pruzan said August activity levels had still been good and the bank had seen ‘no real slowdown’
During the second quarter, Wall Street’s big investment banks gained from huge swings in financial markets due to the coronavirus crisis.
– Morgan Stanley’s sales and trading and investment banking business is expected to suffer in the third quarter as it did in the second, the bank’s chief financial officer said yesterday. “From an Institutional Securities Group (ISG) perspective, we’re not going to have as good a quarter as we did in the second quarter, but I would say it’s sort of better than a typical summer quarter,” Jonathan Pruzan said at a virtual conference hosted by the bank, according to Reuters.
Source: https://www.reuters.com/article/us-morgan-stanley-conference/morgan-stanley-doesnt-expect-q2-trading-boom-to-continue-idUSKBN2672JU