Morgan Stanley’s profits fell 19 per cent in the first quarter, as its booming wealth management division failed to make up for a lacklustre investment banking performance and its customers withdrew $10bn in deposits.
The bank’s wealth management division, which has been central to chief executive James Gorman’s success in boosting Morgan Stanley’s stock price, made $6.6bn in revenue in the first quarter, a gain of 11 per cent from the same period last year and ahead of analysts’ expectations.
The division also pulled in $110bn in net new assets during the quarter.
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