Morgan Stanley posted profits and revenues that exceeded analysts' expectations for better-than-expected results in value creation and interest rates.
Morgan Stanley was not spared the downside that hit commercial counters over Wall Street, but the result was not as bad as feared. The bank posted $ 1
And at the company's massive management of wealth management, the bank has recorded $ 4.39 billion in revenue, exceeding its $ 200 million estimate.
Last month, Gorman's second command, Colm Kelleher, announced plans to retire in June. The move will leave the post of president of Morgan Stanley vacant and set up a competition among executives who want to once succeed Gorman.
Morgan Stanley is the last of the six largest US banks to report first quarter results. JP Morgan Chase and Bank of America posted record profits due to their consumer banking operations, while Wells Fargo and Citigroup posted mixed results.
Here's what Wall Street expected:
Earnings: $ 1.17 per share, 20% lower than the year before, according to Refinitive
Revenue: $ 9.94 billion, 10% lower than the previous year
Treasury: $ 4.19 billion, according to FactSet
Trading: Stocks $ 2.1 billion, Fixed Income $ 1.5 billion]