Morgan Stanley CEO Ted Pick speaks on CNBC’s Squawk Box at the World Economic Forum’s annual meeting in Davos, Switzerland, January 18, 2024.
Adam Galici | CNBC
Morgan Stanley reported results on Tuesday that beat analysts’ profit and revenue estimates as asset management, trading and investment banking beat expectations.
Here’s what the company reported:
- Earnings: $2.02 per share, versus $1.66 LSEG estimate
- Revenue: $15.14 billion vs. expected $14.41 billion
The bank said first-quarter profit rose 14% to $3.41 billion, or $2.02 per share, driven by rising results across all three major divisions. Sales rose 4% to $15.14 billion.
Pick’s tenure got off to a rocky start, as high interest rates provided an incentive for the bank’s wealth management clients to shift cash into higher-yielding securities.
But judging by its peers, Morgan Stanley could be helped by strong investment banking and trading results this quarter.
Last week, JPMorgan Chase, Wells Fargo and Citigroup Each exceeded sales and profit expectations, a streak that continued Goldman Sachs On Monday. Bank of America announced its quarterly results on Tuesday.
Analysts are likely to ask Pick about reports that multiple U.S. regulators are investigating Morgan Stanley over possible deficiencies in vetting clients for its wealth management division.
This story is developing. Please check back for updates.
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2024-04-16 11:49:24
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