Goldman Sachs has reported an 18% rise in third-quarter net income to 2.52bn US dollars (€1.94bn).

Morgan Stanley has chosen Frankfurt to be a new base for its European Union operations as the UK prepares to leave the bloc, according to a source familiar with the matter, becoming the latest US bank to pick the German city.

Morgan Stanley is scouting for office space in Frankfurt and Dublin for an enlarged EU hub following the UK’s vote to leave the political bloc, according to sources. The bank may initially move about 300 workers to one of the cities.

Recent research from Morgan Stanley suggested an all-time low for exploration-related M&A activity in the first quarter of 2015.