Morgan Stanley turned in a better-than-expected third quarter profit today, following similar news from Goldman Sachs Tuesday. Both banks reported a more than 50 percent rise in profits, driven by a rebound in trading. The news caps off a strong earnings season for big banks generally. JPMorgan Chase, Citigroup and Bank of America all beat analyst expectations.
This is in spite of grumbling that the Dodd-Frank financial regulations enacted after the financial crisis have made it harder for banks to make money.