Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013.
Yuri Gripas | Reuters
Morgan Stanley beat expectations for first quarter profit and revenue on better-than-expected trading results.
Here’s how the company did:
- Earnings of $1.70 per share, vs. $1.62 Refinitiv estimate
- Revenue of $14.52 billion, vs. $13.92 billion estimate.
Under CEO James Gorman, Morgan Stanley has become a wealth management giant thanks to a string of acquisitions. The bank gets most of its revenue from wealth and investment management, steadier businesses that helped offset volatile trading and banking results. Â
Morgan Stanley shares have climbed 5.7% this year before Wednesday, outperforming the 16% decline of the KBW Bank Index.
JPMorgan Chase, Citigroup, Wells Fargo and Bank of America each topped expectations as the firms reaped more interest income amid rising rates. Goldman Sachs missed on costs tied to unloading consumer loans amid its pivot away from retail banking.
This story is developing. Please check back for updates.
