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

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

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.

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