Record wealth management revenues helped Morgan Stanley partly offset a sharp fall at its investment bank, allowing it to beat earnings expectations for the fourth quarter.
Overall, Morgan Stanley reported a 40 per cent year-on-year drop in net income to $2.2bn, but the results on Tuesday for earnings of $1.26 a share exceeded analysts’ estimates of $1.19.
The numbers also highlighted the impact of chief executive James Gorman’s efforts to diversify into wealth and asset management. So far, amid difficult markets, he has only partially succeeded in providing a counterbalance to highly cyclical investment banking earnings.
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