Morgan Stanley revenue tops estimates, helped by strong investment banking business

The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.

Michael M. Santiago | Getty Images

Morgan Stanley reported fourth-quarter earnings earlier than the bell Tuesday.

Here’s how the financial institution did in contrast with Wall Street expectations:

  • Earnings per share: 85 cents, could not evaluate with $1.01 anticipated, in response to LSEG
  • Revenue: $12.9 billion, vs. $12.7 billion anticipated, in response to LSEG

This is the primary earnings report beneath new CEO Ted Pick, who succeeded James Gorman as CEO in the beginning of 2024. Pick is a Morgan Stanley veteran who rose by the ranks to guide the financial institution’s Wall Street operations.

“In 2023, the Firm reported a strong ROTCE in opposition to a combined market backdrop and a variety of headwinds,” Pick mentioned in an announcement. “We start 2024 with a transparent and constant business technique and a unified management crew. We are targeted on reaching our long-term monetary targets and persevering with to ship for shareholders.”

The outcomes included a $286 million cost associated to a Federal Deposit Insurance Corporation particular evaluation and a $249 million authorized cost to settle a prison investigation and a associated Securities and Exchange Commission probe of the unauthorized disclosure of block trades.

Shares of the New York-based financial institution have fallen almost 4% in 2024 after a ten% acquire final yr.

This is breaking information. Please test again for updates.

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