Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.
Jeenah Moon | Bloomberg | Getty Images
Morgan Stanley said second-quarter profit and revenue topped analysts’ estimates on stronger-than-expected trading and investment banking results.
Here’s what the company reported:
- Earnings: $1.82 a share vs. $1.65 a share LSEG estimate
- Revenue: $15.02 billion, vs. $14.3 billion estimate
The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.
Morgan Stanley is likely to benefit from its Wall Street-centric business model.
The bank’s massive wealth management business will be helped by high stock market values, which inflates the management fees the bank collects.
On top of that, investment banking activity has picked up after a dismal 2023, which should provide a tailwind to the bank.
Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.
This story is developing. Please check back for updates.