Morgan Stanley reported first-quarter earnings before the opening bell Tuesday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings: $2.02 a share, vs. expected $1.66
- Revenue: $15.14 billion, vs. expected $14.41 billion
How did Morgan Stanley CEO Ted Pick do in his first quarter leading the company?
Pick’s tenure has kicked off on a rocky note, as high interest rates have incentivized the bank’s wealth management customers to move cash into higher-yielding securities.
But if its rivals are any indication, Morgan Stanley could be helped by strong investment banking and trading results in the quarter.
Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday. Bank of America reported its quarterly results earlier Tuesday.
Analysts are likely to question Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.
This story is developing. Please check back for updates.
