The wealth management unit posted $8.4 billion in net revenue in the most recent quarter, up from $7.5 billion a year earlier.
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Morgan Stanley
on Thursday reported fourth-quarter results that exceeded Wall Street expectations on the back of strong revenue from wealth management.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
Fourth-quarter net income rose to $4.40 billion, or $2.68 per share, from $3.71 billion, or $2.22 per share, a year ago. Revenue increased to $17.89 billion from $16.22 billion a year ago.
Bank of America is likely to have benefited from the Wall Street side of its operations during the third quarter.
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UBS upgraded Morgan Stanley to buy from neutral.
