# Morgan Stanley Beats Wall Street on Trading

> Morgan Stanley's trading revenue soars as Bank of America faces $1.2 billion regulatory fine.
- Title: Morgan Stanley Beats Wall Street on Trading · Startup Fortune
- Summary: Morgan Stanley's trading revenue soars as Bank of America faces $1.2 billion regulatory fine. Morgan Stanley reported $18.22 billion in Q3 revenue, beating…
- Keywords: morgan stanley, bank of america, trading revenue, aml settlement, financing, compliance, regulatory fine, startups, business, Morgan, Stanley, Beats
- Source: Startup Fortune — https://startupfortune.com/morgan-stanley-beats-big-on-trading-while-bank-of-america-misses-on-a-fine
- Published: 2026-10-14T20:54:47+00:00
- Read time: 1 min
- Topics: morgan stanley, bank of america, trading revenue, aml settlement, financing, compliance, regulatory fine, startups, business
## Morgan Stanley Q3 Revenue
Morgan Stanley reported third-quarter net revenue of $18.22 billion, beating analysts' $16.4 billion forecast.
## Equities Trading Surge
Equities trading revenue jumped 35% to $4.12 billion, driving Morgan Stanley's record Q3 performance.
## Bank of America Earnings Miss
Bank of America posted earnings of $1.08 a share, missing consensus estimates of $1.10 and $30.58 billion revenue.
## Regulatory Fine Impact
A $1.2 billion non-deductible charge from an AML settlement cut 17 cents off Bank of America's earnings per share.
## Trading Business Strength
Bank of America's equities trading revenue rose 14% to $2.3 billion, with fixed income trading climbing 5% to $3.1 billion.
## AI Infrastructure Impact
Big Tech's capital spending on AI infrastructure has grown from $150 billion in 2023 to $700 billion by 2026.
## Regulatory Settlement Details
The $1.2 billion fine is the third-largest in FinCEN's history, behind Binance's $3.4 billion and TD Bank's 2024 settlement.
## Key takeaway

Morgan Stanley reported $18.22 billion in Q3 revenue, beating expectations, while Bank of America missed earnings due to a $1.2 billion AML settlement.