Morgan Stanley Co-Chairman Ted Beck speaks during an interview with Bloomberg Television in New York, U.S., Thursday, Oct. 26, 2023.
Gina Moon | Bloomberg | Getty Images
Morgan Stanley The company said its second-quarter earnings and revenue beat analysts' estimates thanks to stronger-than-expected trading and investment banking results.
This is what the company said:
Earnings: $1.82 per share vs. $1.65 per share LSEG estimateRevenue: $15.02 billion vs. $14.3 billion LSEG estimate
Morgan Stanley is likely to benefit from its Wall Street-centric business model.
The bank's massive wealth management business will be supported by high stock market values, which will inflate the management fees the bank collects.
Moreover, investment banking activity has rebounded after a weak performance in 2023, which should provide a strong boost to the bank.
last week, J.P. Morgan Chase, Wells Fargo and City Group Both exceeded expectations in terms of revenue and profits, which continued through Goldman Sachs On Monday, supported by a rebound in Wall Street activity.
This story is under development. Please check back for updates.
