Morgan Stanley on Wednesday topped analysts’ estimates for third-quarter profit as each of its three main divisions generated more revenue than expected.
Here’s what the company reported:
Earnings :$1.88 a share vs $1.58 LSEG estimate
:$1.88 a share vs $1.58 LSEG estimate Revenue: $15.38 billion vs. $14.41 billion estimate
The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion.
Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity. The Federal Reserve began taking down rates in the quarter, which should encourage more of the financing and merger activity that Wall Street firms capitalize on.
Morgan Stanley (MS) earnings Q3 2024
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