Global Courant 2023-04-19 16:37:39
James Gorman, CEO of Morgan Stanley, participates in a conversation-style interview with the Economic Club of Washington in Washington, September 18, 2013.
Yuri Gripas | Reuters
Morgan Stanley exceeded expectations for Q1 profit and revenue due to better-than-expected trading results.
Here’s how the company did it:
Earnings of $1.70 per share, vs. $1.62 Refinitiv estimate Revenue of $14.52 billion, vs. $13.92 billion estimate.
Under CEO James Gorman, Morgan Stanley has become an asset management giant through a series of acquisitions. The bank derives most of its revenue from wealth and investment management, more stable businesses that helped offset volatile trading and banking results.
Morgan Stanley shares are up 5.7% this year before Wednesday, better than the KBW Bank Index’s 16% drop.
JPMorgan Chase, Citi group, Wells Fargo And bank of America each beat expectations as the companies reaped more interest income amid rising interest rates. Goldman Sachs missed costs associated with paying off consumer loans amid its pivot away from retail banking.
This story is evolving. Check back later for updates.
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