Morgan Stanley (MS) Q3 2023 earnings

Morgan Stanley Announced third-quarter results that beat earnings estimates on better-than-expected trading revenue.

Here is what the company said:

• EPS: $1.38 $1.28 estimate expected from LSEG, formerly known as Refinitiv
• Revenue: $13.27 billion, expected $13.23 billion

The New York-based bank said in a statement that profits fell by 9% to $2.41 billion, or $1.35 per share, compared to last year. statement. Revenue grew 2% to $13.27 billion, essentially in line with expectations.

Morgan Stanley’s trading operations helped offset revenue losses in wealth management and investment banking. The bank’s bond traders produced $1.95 billion in quarterly revenue, nearly $200 million more than StreetAccount estimates, while stock traders produced $2.51 billion in revenue, $100 million more than expected.

Morgan Stanley shares fell 2.9% in premarket trading.

Morgan Stanley has successfully avoided the turmoil experienced by some of its competitors.

while Goldman Sachs He was forced to pivot after a poorly executed foray into retail banking Citigroup Morgan Stanley is struggling to raise its stock price, and the key question at Morgan Stanley is about orderly CEO succession.

In May, CEO James Gorman announced plans to resign within a year, capping a successful tenure marked by massive acquisitions in wealth and asset management. He said at the time that Morgan Stanley’s board had narrowed the search for his replacement to three internal executives.

Analysts will be keen to hear any updates Gorman provides on the search.

Last week, JPMorgan Chase, Wells Fargo and Citigroup all beat expectations for third-quarter earnings, helped by lower credit costs. Goldman Sachs and Bank of America also beat estimates on stronger-than-expected bond trading results.

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