Morgan Stanley's Earnings, Revenue Beat Expectations
July 19 2017 - 7:31AM
Dow Jones News
By Liz Hoffman
Morgan Stanley said its second-quarter profit rose to $1.76
billion as the Wall Street firm wrapped up the earnings season for
large U.S. banks.
The New York investment bank reported earnings of 87 cents a
share. Analysts had expected 76 cents, up from 75 cents a year ago.
Revenue of $9.5 billion was up from $8.91 billion in the second
quarter of last year, and ahead of analyst expectations of $9.09
billion.
During the second quarter, a three-month stretch of calm markets
that has done little to jolt Wall Street businesses, big banks
including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and
Citigroup Inc. offset trading declines with gains in other
businesses such as commercial lending or private-equity
investing.
Morgan Stanley's antidote is its huge wealth-management
business, which churns out steady profits even when markets snooze
or climb slowly and methodically higher.
The bank's return on equity, a key measure of how profitably it
invests shareholders' money, stood at 9.1% in the quarter. A 10%
level is one of Mr. Gorman's key objectives.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
July 19, 2017 07:16 ET (11:16 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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