By CNBC (Business) | Created at 2024-10-16 11:30:40 | Updated at 2024-10-16 14:24:56
2 hours ago
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 reported third-quarter earnings before the opening bell Wednesday.
Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings:$1.88 a share, vs $1.58 estimate
- Revenue: $15.38 billion, vs. $14.41 billion estimate
Morgan Stanley has several tailwinds in its favor.
The bank's massive wealth management business will be helped by high stock market values in the quarter, which inflates the management fees the bank collects.
Investment banking has rebounded after a dismal 2023, a trend that may continue as easing rates will encourage more financing and merger activity.
Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity.
JPMorgan Chase, Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.
This story is developing. Please check back for updates.
