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Morgan Stanley profit beats on strength in wealth, trading units

UBS in a note said Morgan Stanley's fourth-quarter core trends were encouraging

Morgan Stanley
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Morgan Stanley | Photo: Bloomberg

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Shares in Morgan Stanley soared over 7% in early trading as the bank reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday, driven by higher revenue at its wealth management division and a boost from its trading business.

The bank's performance in those sectors helped offset sluggish dealmaking activity in the face of rapidly deteriorating macroeconomic conditions and geopolitical tensions.

UBS in a note said Morgan Stanley's fourth-quarter core trends were encouraging.

Revenue from Morgan Stanley's investment banking business fell 49% to $1.25 billion in the fourth quarter, with revenue declines across the bank's advisory, equity and fixed income segments.

The investment banking

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 17 2023 | 9:35 PM IST

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