Profits up to $1.4bn at Morgan Stanley

MORGAN Stanley has posted a surge in first-quarter profits to $1.41 billion (£916 million) on the back of strong results from its trading operations, easily topping analysts' predictions.

The investment bank said its profits, which compare with a loss of $578m a year ago, followed a jump in its retail brokerage business, which could be seen as a sign that private investors are returning to the stock market.