From CNBC: 2024-04-16 15:16:23

Morgan Stanley exceeded expectations in its first-quarter results, with revenue increasing 4% year over year to $15.14 billion and earnings per share jumping 19% to $2.02. The bank’s fee-based revenue streams and strong investment banking results drove growth, with total client assets reaching $7 trillion. Morgan Stanley’s management is confident about meeting its financial goals. Shares rose more than 2% after the earnings release, following a three-session losing streak. The bank’s CEO, Ted Pick, reassured investors about ongoing regulatory concerns regarding client onboarding and monitoring processes, stating that there will be no strategic changes as a result of the probe. In the first quarter, Morgan Stanley’s Institutional Securities segment outperformed expectations, with investment banking revenue up 16% and equity trading revenue rising 4%. The Wealth Management segment achieved record revenue, with $95 billion in net new assets gathered. Transactional revenue increased 12%, while net interest income fell 14% year over year. The Investment Management segment saw an 8% increase in asset management fees, but performance-based income declined 24%. Morgan Stanley returned $1 billion to shareholders through share repurchases in the first quarter and has excess capital to support further investments and returns.



Read more at CNBC:: Morgan Stanley delivers a rebound quarter, eases concerns about a key overhang