Morgan Stanley profits double to $1.9bn

Morgan Stanley logo Morgan Stanley's first quarter earnings overcame a "muted operating environment", the firm said

US banking giant Morgan Stanley has seen its quarterly net income doubled, helped by its investment banking and money-management arms.

First quarter earnings for 2014 were $1.9bn (£1.1bn), up from $980m a year earlier.

Morgan Stanley shares rose over 1.5% in US morning trading.

Earlier this week US banking giants JPMorgan and Goldman Sachs revealed mixed fortunes in investment banking.

"Our quarterly results demonstrated solid performance, despite a muted operating environment," said Morgan Stanley chief executive James P. Gorman.

"We are seeing momentum across our businesses, with particular strength in investment banking, equity sales and trading, and wealth management."

In contrast with competitor Goldman Sachs, Morgan Stanley focuses less on bond markets and more on managing money for the wealthy.

Morgan Stanley's first quarter wealth management pre-tax income was $767m, compared with $665m a year earlier.

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