BUYBACK SURPRISE: Morgan Stanley said Thursday that it plans to buy back up to $500 million of its own shares, a pleasant surprise to investors. The stock jumped more than 4 percent.
LONG TIME COMING: The bank last month finished purchasing the rest of the Smith Barney retail brokerage from Citigroup. The move is meant to help the bank rely more on the steady returns of managing people's money and less on the volatile returns of investment banking.
QUARTERLY RESULTS: Morgan Stanley also reported higher profit and revenue. Revenue jumped 40 percent in the investment banking unit, and 10 percent in wealth management.