Morgan Stanley gets most of its revenue from wealth and investment management, steadier businesses that helped offset volatile trading and advisory results.
Revenue of $14.52 billion vs. $13.92 billion estimate.Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013.on Wednesday beat expectations for first quarter profit and revenue on better-than-expected trading results.Revenue of $14.52 billion, vs. $13.92 billion estimate.
The bank said earnings fell 19% to $2.98 billion, or $1.70 a share, from a year earlier. Companywide revenue slipped 2% to $14.52 billion.of acquisitions. The bank gets most of its revenue from wealth and investment management, steadier businesses that helped offset volatile trading and banking results.
"The investments we have made in our wealth management business continue to bear fruit as we added a robust $110 billion in net new assets this quarter," Gorman said in the earnings release. "Equity and Fixed Income revenues were strong, although Investment Banking activity continued to be constrained."
Morgan Stanley shares have climbed 5.7% this year before Wednesday, outperforming the 16% decline of the KBW Bank Index.
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