Morgan Stanley reported earnings of $2.4 billion for the first quarter of 2019, or $1.39 per diluted share. That compared with $2.7 billion, or $1.45 per diluted share, in the same period in 2018.
Analysts had been expecting earnings of $2 billion, according to I/B/E/S estimates from Refinitiv, equivalent to $1.17 per share. Fixed-income trading revenue of $1.7 billion was 9 percent lower than the same period a year earlier, while equities trading fell 21 percent to $2 billion. The company’s wealth-management division reported a pre-tax margin of 27.1 percent, compared with 24.4 percent in the final quarter of 2018.
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