Morgan Stanley vs Goldman: mind the revenue gap

Look closely at figures from Dealogic for the first six months of 2015 and there’s a story to be found as to why Goldman Sachs bankers still like to lord it over their counterparts at Morgan Stanley.

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The latter does substantially more deals for its clients than the former – almost 500 more so far this year. But Goldman’s revenues are almost 20% higher, and its average revenues per deal are bigger by almost 65%.

Of course, the Dealogic data does not capture the entire revenue base. But it illustrates something that gnaws at Morgan Stanley’s bankers. A senior...