Morgan Stanley Is Set to Report First-Quarter Earnings — Here's What the Street Expects

is set to report first-quarter earnings before the opening bell on Thursday. Here's what Wall Street expects:Revenue: $14.3 billion, 8.9% lower than a year earlierTrading: Equities $2.72 billion, Fixed Income $2.22 billionHow well did Morgan Stanley's traders and bankers navigate a difficult quarter? That's the question for the New York-based bank, which gets roughly half its revenue from trading and investment banking operations.

Wall Street banks are grappling with a sudden slowdown in mergers-related advisory fees and a sharp drop in IPO activity in the first quarter, a reversal of the boom that fueled last year's strong results. The change was triggered by stock market declines and Russia's invasion of Ukraine, forces that made markets less hospitable for deals and public listings.

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