Morgan Stanley betters Goldman Sachs

Photo / Thinkstock

Wall Street could have a new top dog. Morgan Stanley trounced not just market expectations for its latest three-month revenues, but its arch-rival Goldman Sachs as well.

"Morgan Stanley is the new Goldman Sachs," says Rochdale Securities' analyst Dick Bove.

Morgan Stanley's bonds, commodities and currency trading operations brought in revenues of US$1.9 billion, up from US$1.7 billion, despite the new regulations and caution on the part of clients since the financial crisis.

Morgan Stanley's total revenues were US$9.3 billion, compared with the US$7.3 billion Goldman reported this week.