Morgan Stanley's Profits Plummet as Investment Banking and Wealth Management Revenue Decline
TL;DR Summary
Morgan Stanley's third-quarter profit dropped 9% to $2.4 billion, with lower investment banking revenues and disappointing inflows to the wealth management division. The bank saw a 27% decline in investment banking revenues and sluggish trading due to geopolitical risks and rising interest rates. The lack of announcements regarding the CEO succession also disappointed investors. Morgan Stanley's profit decline was smaller than expected, but shares still fell 6.5%.
- Morgan Stanley profit down with lower investment banking revenue, shares tank Reuters
- Morgan Stanley shares fall 8% as wealth management results disappoint CNBC
- Morgan Stanley's profit drops on Wall Street slowdown Yahoo Finance
- Morgan Stanley Misses 3Q Wealth Management Net Revenue Bloomberg Television
- Morgan Stanley's Earnings Fall 9% on Lower Investment-Banking Revenue The Wall Street Journal
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