HomeEconomicStrong wealth management revenue at Morgan Stanley offsets decline in investment banking

Strong wealth management revenue at Morgan Stanley offsets decline in investment banking


By Brooke Masters and Joshua Franklin in New York

Record wealth management revenue helped Morgan Stanley partly offset a sharp decline in its investment banking business, leading to a better-than-expected fourth-quarter profit.

Overall, Morgan Stanley reported a 40% year-over-year decline in net income to $2.2 billion, but Tuesday’s report of $1.26 a share beat analysts’ estimates of $1.19.

The figures also underscore the impact of chief executive James Gorman’s drive to diversify into wealth and asset management. arrive…

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