Morgan Stanley, one of the world's biggest investment banks, says strong equity sales and trading helped lift first-quarter profits above Wall Street projections
The company has posted a profit of $1.55 billion, or $1.45 per share, down from $2.67 billion, or $2.17 per share, last year.
Analysts were expecting a profit of $1.03 per share, according to Thomson Financial.
The results follow better-than-expected earnings from rivals Lehman Brothers and Goldman Sachs.
