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Sweet Home, Morgan Stanley

Stock quotes in this article: MS , GS , LEH , BSC  

The hobbled residential lending business helped rather than hurt Morgan Stanley's (MS Quote) blowout first quarter, the Wall Street firm's chief financial officer says.

Subprime lending falls within the New York-based global financial institution's fixed-income business, and to look at Morgan's first-quarter results, you'd never know the industry had a problem. Fixed-income sales and trading revenue rose 31% from a year ago to $3.6 billion, as credit products revenue soared 94%.

Shares rose 5% in heavy trading Wednesday afternoon. ...

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