Morgan Stanley's Mixed Q1 Results: Beats Expectations on Trading, But Profit Falls Due to Lack of Mega Deals.
Morgan Stanley reported better-than-expected Q1 earnings, with earnings of $1.70 per share and revenue of $14.52 billion. Wealth management revenue climbed 11% from the year-earlier period to $6.56 billion, offsetting lower asset management revenues as markets declined. The bank gets most of its revenue from wealth and investment management, steadier businesses that helped offset volatile trading and banking results. Morgan Stanley shares have climbed 5.7% this year before Wednesday, outperforming the 16% decline of the KBW Bank Index.