Ted Pick, CEO of Morgan Stanley, speaking on CNBC’s Squawk Box during the World Economic Forum’s annual meeting in Davos, Switzerland, January 18, 2024.
Adam Galicia | CNBC
Morgan Stanley released its first-quarter results before the opening bell Tuesday.
Here’s what the company reported compared to what Wall Street analysts polled by LSEG expected:
- Profit: $2.02 per share, versus $1.66 expected
- Revenue: $15.14 billion, versus $14.41 billion expected
How has Morgan Stanley CEO Ted Pick fared in his first quarter at the helm of the company?
Pick’s tenure started on a rocky note, as high interest rates prompted the bank’s wealth management clients to shift their cash into higher-yielding securities.
But if rivals are to be believed, Morgan Stanley could be helped by strong investment banking and trading results in the quarter.
Last week, JPMorgan Chase, Wells Fargo and Citi Group each beat revenue and profit expectations, a streak continued by Goldman Sachs Monday. Bank of America released its quarterly results earlier Tuesday.
Analysts will likely question Pick over reports that several U.S. regulators are investigating Morgan Stanley for possible deficiencies in how it selects clients for its wealth management division.
This story is developing. Please check again for updates.
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