Morgan Stanley beats estimates with wealth business growth, but shares fall

profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading.

Wealth management revenue jumped 11% to $6.6 billion versus a year earlier. The division brought in $110 billion in net new assets, of which only about $20 billion came from regional banks in response to the March banking crisis, Chief Financial Officer Sharon Yeshaya told Reuters in an interview. The decline in investment banking activity for Morgan Stanley, which forms the core of the bank's business, dragged total revenue down nearly 2% to $14.5 billion in the quarter.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Morgan Stanley profit beats as wealth business cushions deals slumpMorgan Stanley's first-quarter profit beat expectations as rising revenue from its wealth management division offset declines in its investment banking and trading units. Morgan Stanley earnings call in progress. $MS shares down 4% pre-market. Q&A asking about CRE and construction loan exposure.
Source: Reuters - 🏆 2. / 97 Read more »

Morgan Stanley warns stock market is still 'far from out of the woods'Morgan Stanley strategist Michael Wilson warned in a Monday note that stock-market investors should prepare for 'more negative surprises' in coming months.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Stocks are in danger with Fed pause already priced in: Morgan StanleyStocks are entering a danger zone as they're already pricing in a Fed pause, top Morgan Stanley strategist says
Source: BusinessInsider - 🏆 729. / 51 Read more »

Morgan Stanley stock falls despite earnings beatMorgan Stanley stock fell 1.9% in premarket trades Wednesday after the investment bank reported lower net income and revenue that beat consensus estimates....
Source: MarketWatch - 🏆 3. / 97 Read more »