Ted Pick, co-chairman of Morgan Stanley, speaks during an interview with Bloomberg Television in New York, U.S., on Thursday, Oct. 26, 2023.
Jeenah Moon | Bloomberg | Getty Images
- Earnings: $1.82 per share vs. $1.65 per share LSEG estimate
- Revenue: $15.02 billion, vs. $14.3 billion estimated
The bank said profit rose 41% from the same period last year to $3.08 billion, or $1.82 per share, helped by a rebound in activity on Wall Street. Revenue rose 12% to $15.02 billion.
Equity trading revenue rose 18% to $3.02 billion, beating StreetAccount estimates by about $330 million. Fixed income trading rose 16% to $1.99 billion, beating estimates by $130 million.
“The company delivered another strong quarter in an improving capital markets environment,” CEO Ted Pick said in the release. “We continue to execute on our strategy and are well positioned to deliver growth and long-term value for our shareholders.”
Morgan Stanley is likely to benefit from its Wall Street-focused business model.
The bank’s extensive asset management activities are being boosted by high stock prices, which are pushing up the management fees charged by the bank.
In addition, investment banking activity has increased after a dismal 2023, which should give the bank a boost.
Last week, JPMorgan Chase, Wells Fargo and Citigroup all beat expectations on revenue and profit. Goldman Sachs continued that trend on Monday, helped by a rebound in activity on Wall Street.
This story is developing. Check back for updates.