Morgan Stanley just dropped its first-quarter earnings, confirming once again that investment banking is still in the doldrums for Wall Street powerhouses. Profit fell 19% from one year ago, to $2.98 billion.
Morgan Stanley just dropped its first-quarter earnings, confirming once again that investment banking is still in the doldrums for Wall Street powerhouses.
Profit fell 19% from one year ago, to $2.98 billion. That amounted to $1.70 per share, beating analyst expectations. Revenue was $14.52 billion, down 2% from a year ago, but beating the $13.97 billion expected by analysts polled by FactSet.Trading revenue fell 13%. The bank got some help from its wealth-management business, where revenue rose 11%. The unit accounted for about 45% of total company revenue in the quarter.
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