US Bank Morgan Stanley building in New York City
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Good business deals with advice on mergers and acquisitions ensure a boost in profits for the major US banks.
In addition, the economic recovery in the home market allowed the financial institutions to release further billions in provisions for loan losses.
38 percent to $ 3.58 billion in the third quarter.
Investment banking revenues soared 67 percent in the third quarter.
The bank also reported record revenues in the consulting business.
Morgan Stanley is number three in the global merger and acquisition business after Goldman Sachs and JPMorgan.
At the competitor
, in addition to the economic tailwind, growth in investment banking in particular also boosted profits.
The bank earned $ 4.6 billion - an increase of 48 percent.
Investment banking revenues rose 39 percent to $ 1.9 billion.
Stock trading did particularly well.
However, income from the bond business declined.
Bank of America
's net profit climbed by more than 63 percent to 7.26 billion US dollars. "We've had credit growth on every loan product in the company," said CFO Paul Donofrio. Revenues rose a total of 12 percent to $ 22.8 billion. In view of the economic recovery, the bank also released a provision for bad loans amounting to $ 1.1 billion.
benefited from an ongoing efficiency program.
Profits shot up nearly 60 percent to $ 5.12 billion.
However, the low interest rates in the US weighed on earnings, which fell by two percent to $ 18.8 billion.
Wells Fargo is also expecting fewer loan defaults and reversing provisions - which drove up profits.
As early as Wednesday, the US bank
reported a profit increase of 24 percent to 11.7 billion dollars for the third quarter thanks to a flourishing business with mergers and acquisitions.
The investment bank
wants to present its figures for the third quarter on Friday.
ssu / Reuters