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The news in the morning at Morgan Stanley, with its earnings report and its beat on Fick,

and of course this is a company that does rely more on trading with their Morgan Stanley

brokersages.

Brad Hints is with us from New York University and of

course he's been a long time analyst of the banks at Sanford Bernstein and

before that was a CFO so he knows these numbers.

Brad the story at Morgan Stanley and you're better at us than digging into all this stuff

but the story at Morgan Stanley so far seems to be pretty much the same as we've seen at the other banks

they're making money on trading particularly bonds go figure you know the rest of the business is coming in okay plus they're holding down

costs. It seems like everybody's holding down costs but the thing that is is helping

everyone is that trading has returned over the past couple of months.

Brexit actually has been good for government bond trading and certainly for foreign exchange.

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