Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.
Jeenah Moon | Bloomberg | Getty Images
Morgan Stanley reported second-quarter earnings before the opening bell Tuesday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings: $1.82 a share, vs. $1.65 a share expected
- Revenue: $15.02 billion, vs. $14.3 billion expected
Morgan Stanley is likely to benefit from its Wall Street-centric business model.
The bank’s massive wealth management business will be helped by high stock market values, which inflates the management fees the bank collects.
On top of that, investment banking activity has picked up after a dismal 2023, which should provide a tailwind to the bank.
Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.
This story is developing. Please check back for updates.
