Morgan Stanley reported a 9 percent drop in quarterly earnings on Wednesday, but...
- Morgan Stanley reported a 9 percent drop in quarterly earnings on Wednesday, but managed to beat analyst estimates through slight growth in its wealth management business, as well as cost cuts.
Wealth management revenue rose slightly from a year ago, with profit margins holding steady at 27 percent. But the business looks robust compared with institutional securities, analysts said. That unit reported steep declines across trading, underwriting and investment banking. Morgan Stanley’s wealth management profit margin and its return on equity of 13.1 percent were comfortably within the targeted range Chief Executive James Gorman has set. Investors watch that return figure closely, because it measures how much profit a bank produces from shareholder capital.
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