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Despite Raising VaR To Record, Morgan Stanley Revenues Are A Bloodbath

By Implode-Explode Heavy Industries

"As the latest battery of Q3 bank earnings has confirmed, we were correct, however nowhere more so than as pertain to Morgan Stanley: the bank's Q3 revenues were an abysmal disaster, with total sales and trading revenue collapsing from $3.7 billion in Q2 (and $4.1 billion in Q1, $3.2 billion in Q3 2009) to just $1.8 billion. The drop was especially pronounced in Fixed Income S&T, which plunged from $2.3 billion to $846 million. Yet what is scary is that this plunge did not occur in an environment of moderating risk management: oh no."

Full post as published by Mortgage Lender Implode-o-Meter on October 20, 2010 (boomark / email).