NEW YORK — Morgan Stanley’s first-quarter profits hit a record high, helped by a lower tax bill and a boost in revenue from last quarter’s volatile markets.<\/p>\n
The New York investment bank reported a profit Wednesday of $2.67 billion, or $1.45 per share, compared with a profit of $1.93 billion, or $1.00 a share, in the same period a year earlier. Analysts expected Morgan Stanley to earn $1.26 per share, according to FactSet.<\/p>\n
Like its major competitors, Morgan Stanley saw its tax bill drop sharply in the quarter. While pre-tax profits rose 22 per cent from a year earlier, its tax bill fell by 12 per cent. The company paid roughly a 21 per cent effective tax rate in the quarter, compared with previous years when it paid roughly 30 per cent.<\/p>\n
Morgan Stanley’s traders and investment bankers had a very strong quarter. The bank’s institutional securities division had net revenues of $6.1 billion compared with $5.2 billion a year earlier. Most of that gain came from stock sales and trading.<\/p>\n
The firm’s wealth management business also had a strong quarter, reporting pre-tax profits of $1.2 billion compared with $973 million a year earlier. The firm was able to increase assets under management in the quarter, despite the more volatile markets. Wealth management is a business that Morgan Stanley Chief Executive James Gorman has been emphasizing for years now, since it tends to be a more steady business than the choppy, market-impacted parts of the bank like trading.<\/p>\n
Total net revenues at Morgan Stanley were $11.1 billion in the quarter, a record, up from $9.7 billion in the same period a year earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW YORK — Morgan Stanley’s first-quarter profits hit a record high, helped by a lower tax bill and a boost in revenue from last quarter’s volatile markets. The New York investment bank reported a profit Wednesday of $2.67 billion, or $1.45 per share, compared with a profit of $1.93 billion, or $1.00 a share, in […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5973"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=5973"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5973\/revisions"}],"predecessor-version":[{"id":5974,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5973\/revisions\/5974"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=5973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=5973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=5973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}