Ted Pick, CEO Morgan Stanley, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.
Adam Galici | CNBC
Morgan Stanley on Tuesday posted results that topped analysts’ estimates for profit and revenue as wealth management, trading and investment banking exceeded expectations.
Here’s what the company reported:
- Earnings: $2.02 a share, vs. $1.66 LSEG estimate
- Revenue: $15.14 billion, vs. expected $14.41 billion
The bank said first quarter profit rose 14% to $3.41 billion, or $2.02 a share, helped by rising results at each of its three main divisions. Revenue rose 4% to $15.14 billion.
Pick’s tenure has kicked off on a rocky note, as high interest rates have incentivized the bank’s wealth management customers to move cash into higher-yielding securities.
But if its rivals are any indication, Morgan Stanley could be helped by strong investment banking and trading results in the quarter.
Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday. Bank of America reported its quarterly results earlier Tuesday.
Analysts are likely to question Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.
This story is developing. Please check back for updates.
