Morgan Stanley, parent company of Saxon Mortgage, said Wednesday its first-quarter profit surged to $1.41 billion on strong results from its trading operations. The investment bank easily topped analysts’ expectations.
Saxon Mortgage was not mentioned in news reports, nor discussed at all.
Morgan Stanley said its earnings, which compare with a loss of $578 million a year ago, also came on a jump in its retail brokerage business. That’s a sign that individual investors might be getting more comfortable with returning to the stock market.
The investment bank, which was criticized last year for being too conservative as markets recovered, said it had $4.1 billion in sales and trading revenue, almost triple the $1.4 billion of a year earlier.