Morgan Stanley beats quarterly profit estimates on equity trading strength - Reuters — SkimNews
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- Morgan Stanley beat quarterly profit estimates, with equities trading revenue exceeding analyst expectations by $909 million.
- Morgan Stanley's wealth management arm posted a record in new [business/inflows] for the period, according to coverage of the earnings.
- Merrill Lynch also saw climbing wealth revenues in the same quarter, according to Yahoo Finance's parallel coverage.
- Morgan Stanley's quarterly beat was driven specifically by equity trading strength, the central pillar of the results across multiple outlets.
Why it matters: For Morgan Stanley investors, a $909 million equities trading overshoot plus a record-setting wealth haul shows the firm outperforming consensus across both of its core businesses in a single quarter, while competitor Merrill Lynch also growing wealth fees signals the wealth tailwind extends beyond just Morgan Stanley.
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