Morgan Stanley has confirmed it returned to profit in the first quarter of the year.
The wealth management group revealed it recorded a profit of $958 million (£627 million) between January and March, compared with a $119 million loss last year.
Chief executive James Gorman said in a statement that the firm has been demonstrating "solid momentum" during the first quarter of the year.
"Morgan Stanley has seen a huge shift to global wealth management, which should pay off," said Bernie Williams, a vice president at USAA Investments.
Despite the positive set of financial results announced by Morgan Stanley today (April 18th), its share price has been flat in trading on the Nasdaq.
At 16:25 BST, shares in the wealth management group were selling for 20.75, a fall of 0.72 points – or 3.36 per cent – on the start of the day's trading.
The share price of Bank of America jumped yesterday despite the news there has been a sharp rise in profits for the bank, with first quarter net income of $2.3 billion recorded.
Find out about commodities trading and learn CFD strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.