North America's best bank for markets 2017: Morgan Stanley

The revival of a franchise is always a compelling story and nowhere has it been more evident than in Morgan Stanley’s markets business. For its dramatic turnaround in fixed income trading, coupled with its continued equities leadership, the bank is North America’s best bank for markets.

The fixed income division (FID) at Morgan Stanley suffered badly through the financial crisis. So when president Colm Kelleher slashed headcount by 25% at the end of 2015, some observers wondered if the firm’s heart was still in the business at all. But the restructuring turned out to be a savvy move and one that makes it all the more profitable now that revenues are rising again.

The bank does not break out its sales and trading revenues by region, but globally its revenues are up by 25% in the year of the awards period, with FID up more than 80%. The FID group has been reorganized under the leadership of Sam Kellie-Smith, with a streamlined structure that is intended to quicken decision making.