Morgan Stanley Leads U.S. Banks In Equity Trading Revenues For 2014

This trend is easy to explain given the fact that Morgan Stanley was implementing sweeping changes to its business model over 2011-2012. The bank's revitalized business model focuses significantly on equities trading, while its fixed income trading operations have shrunk to a fraction of their pre-2008 size. Both Morgan Stanley and Goldman rely heavily on market making, hedging and algorithmic trading operations to boost their top line figures.