Morgan Stanley tops estimates on better-than-expected wealth management, trading and banking results
Morgan Stanley has several tailwinds in its favor, from high stock values to a rebound in investment banking and strong trading activity
Morgan Stanley topped analysts' estimates for third quarter profit as its wealth management, trading and investment banking operations generated more revenue than expected.
Here's what the company reported:
- Earnings:$1.88 a share vs $1.58 LSEG estimate
- Revenue: $15.38 billion vs. $14.41 billion estimate
Morgan Stanley had several tailwinds in its favor. The bank's massive wealth management business was helped by high stock market values in the quarter, which inflates the management fees the bank collects.
Investment banking has rebounded after a dismal 2023, a trend that may continue as easing rates will encourage more financing and merger activity.
Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity.
JPMorgan Chase, Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.
This story is developing. Please check back for updates.
This story originally appeared on: CNBC - Author:Hugh Son
