Morgan Stanley returns to profit

<p>Morgan Stanley had a profitable first quarter.</p>

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.

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