Morgan Stanley Is Now Worth More Than Goldman Sachs
If you remember what was on the top of the Billboard charts at the end of 2007, you'll also remember the last time investment bank Morgan Stanley (MS) - Get Morgan Stanley Report was worth more than Goldman Sachs Group Inc. (GS) - Get Goldman Sachs Group, Inc. Report .
Market data indicates that as of the end of Monday, July 24, Morgan's $86.4 billion market cap topped that of Goldman's $85.89 billion.
A string of wins for Morgan and some foul balls from Goldman led to Morgan's advance over its competitor. While Goldman's legendary commodity business has not been faring well this year, Morgan made a well-placed bet on asset management.
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Morgan Stanley's shares has been on a roll over the last month, advancing about 7% as Goldman's moved up only about 0.6%.
While Morgan is golden in the U.S., the Honk Kong stock exchange just turned down an initial public offering application for a financial services company backed by Morgan and Chinese billionaire Li Ka-shing.
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