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 Fourth-quarter earnings and revenue beat estimates on Thursday as the company’s equity and fixed-income traders beat expectations.
Here’s what the company reported:
- Profit: $2.22 per share versus $1.70 estimated by LSEG
- Revenue: $16.22 billion, compared to an estimated $15.03 billion
The bank said that
The bank’s massive wealth management business will be supported by high stock values in the fourth quarter, which inflate the management fees it charges.
Investment banking activity continued to rebound last quarter, jumping 29% over the quarter, according to Dealogic figures, fueled by rising advisory and capital markets activity. And commercial activity was supported by a turbulent election period.
Wednesday, JPMorgan Chase, Goldman Sachs And Citi Group each exceeded expectations, helped by better-than-expected revenues from trading or investment banking.
This story is developing. Please check again for updates.
