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Morgan Stanley earnings top estimates driven by wealth management
Morgan Stanley's wealth management revenue rose 13% and investment banking fees jumped 47%, driven by strong dealmaking and record client assets of $9.3 trillion.
- On Thursday, Morgan Stanley reported a $4.40 billion profit and EPS of $2.68 for the three months ended December 31, beating Wall Street analysts surveyed by LSEG expectations.
- Buoyed by rising markets, Morgan Stanley's wealth management business reported revenue up 13% to $8.43 billion, attracting $122.3 billion in net new assets and $45.6 billion in fee-based asset flows.
- Investment banking revenue jumped 47% to $8.4 billion, with advisory revenue climbing 45% to $1.13 billion and debt underwriting surging nearly 93% to $785m.
- With rival banks reporting mixed results, Morgan Stanley shares have gained 38% over 12 months but fell nearly 3% this week.
- Amid a surge in dealmaking, global mergers and acquisitions topped $5.1 trillion last year as the bank advised on marquee deals including Confluent's $11 billion sale to IBM and led IPOs like Medline and BETA Technologies.
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Associated Press News+8 Reposted by 8 other sources
Goldman Sachs and Morgan Stanley see double-digit profit jumps amid surging stock market
Goldman Sachs and Morgan Stanley have reported strong profits in the fourth quarter, driven by a surging stock market and increased deal making.
·United States
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Coverage Details
Total News Sources31
Leaning Left4Leaning Right1Center12Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 23%
C 71%
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