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Ted Pick, CEO of Morgan Stanley, speaking on CNBC’s Squawk Box during the World Economic Forum’s annual meeting in Davos, Switzerland, January 18, 2024.
Adam Galicia | CNBC
Morgan Stanley reported its third-quarter results before the opening bell Wednesday.
Here’s what the company reported compared to what Wall Street analysts surveyed by LSEG expected:
- Earnings: $1.88 per share, versus estimate of $1.58
- Revenue: $15.38 billion, compared to an estimated $14.41 billion
Morgan Stanley benefits from several favorable factors.
The bank’s massive wealth management activities will be supported by high stock values during the quarter, which inflates the management fees received by the bank.
Investment banking has rebounded from a dismal 2023, a trend that could continue as lower rates encourage more financing and merger activity.
Finally, its Wall Street rivals reported better-than-expected trading results, making it unlikely the company missed out on high activity.
JPMorgan Chase, Goldman Sachs And Citi Group exceeded expectations, helped by better-than-expected revenues from trading or investment banking.
This story is developing. Please check again for updates.