Morgan Stanley posted profits and revenues that exceeded analysts' expectations for better than anticipated results in wealth management and trade in earnings. The bank generated $ 2.4 billion in first-quarter profit, or $ 1.39 per share, according to a Wednesday release, compared to $ 1.17 estimates analysts surveyed by Refinitiv Morgan Stanley's earnings $ 10.3 billion is arguing with the $ 9.94 billion estimate. Shared advanced 3.3% on premarket trading at 7:27 am
"We have provided solid earnings despite the slow start of the year following the turbulent market in the fourth quarter," says CEO James Gorman in the release. "Although the dangers in the global environment remain, the markets are recovered and we are well positioned to deliver our clients and invest in our businesses."
Under Gorman, Morgan Stanley emphasized that wealth management, a more solid business than its trading operations. But Morgan Stanley still has big business and business advisory on Wall Street, and is expected to weigh on results like rivals including Goldman Sachs. Anley is the largest stock-trading business in US investment banks.
Morgan Stanley was not saved from illnesses affected by trading tables across Wall Street, but the results were not as much as fear. The bank has posted $ 1
And with the company's vast wealth management operations, the bank posted $ 4.39 billion in revenue, surpassing the estimated $ 200 million.
Last month, Gorman's second-in-command, Colm Kelleher, announced plans to retire in June. The move will leave the president's position on vacant Morgan Stanley, establishing a competition with executives who want to get one day to succeed in Gorman.
Morgan Stanley is the last of the six largest U.S. banks. to report first quarter earnings. JP Morgan Chase and Bank of America posted earnings records on the strength of their consumer banking operations, while Wells Fargo and Citigroup posted mixed results.
Here is what Wall Street expects:
Earnings: $ 1.17 per share, 20% less than a year earlier, according to Refinitiv
Revenue: $ 9.94 billion, 10% than a year earlier
Wealth Management: $ 4.19 billion, according to FactSet
Trading: Equities $ 2.11 billion, Fixed Income $ 1.5 billion