From Dow Jones & Company:

Morgan Stanley’s fourth-quarter revenue beat forecasts, led by fixed-income underwriting. New CEO Ted Pick highlighted the bank’s 2023 return on average tangible equity of 12.8%. However, the profit dropped by 35%, falling short of Wall Street estimates. The stock fell 3.1% as financials turned negative. Net income for common shareholders shrank by a third. Despite the one-time charge, earnings were ahead of analyst expectations. Revenue grew by 1.2%, reaching $12.9 billion, and investment banking revenue increased by 5%. Ted Pick took over from retiring CEO James Gorman at the start of 2024. Morgan Stanley stock has climbed 13.9% over the past three months.



Read more: Morgan Stanley’s Q4 gets boost from fixed-income underwriting but stock drops