Morgan Stanley just released its third-quarter earnings, and banking and trading are still in a slump. Overall profit fell 9% from one year ago, to $2.4 billion. That amounted to $1.38 per share, beating the $1.28 expected from analysts polled by FactSet. Revenue was $13.3 billion, up 2% from a year ago.
That was roughly in line with what analysts expected. Investment banking revenue was down 27% from a year ago to $938 million. Revenue from trading stocks and bonds fell 4%. The bank’s wealth management unit generated $6.4 billion in revenue, up 5%. The unit accounted for nearly 50% of total company revenue in the quarter.
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Stock Market Today: Stocks slip with earnings, Biden Israel visit in focusU.S. equity futures slipped lower Tuesday, while the dollar built gains against its global peers in safe-having trading while Treasury yields nudged higher as investors kept a wary eye on the uneasy calm in Israel's war with Hamas while bracing for a flurry of third quarter earnings prior to the opening bell.
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