April 16, 2024 – 6:44 AM PDT
(Reuters) – Morgan Stanley’s (MS.N) first-quarter profit beat estimates on Tuesday, fueled by a resurgence in investment banking and growth in wealth management, sending shares up 1.8%.
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Investment banking revenue climbed 16% from a year earlier. Fixed-income underwriting did well for a second quarter in row, driven by higher bond issuance. The Wall Street giant’s wealth and investment management divisions also benefited from surging client assets.
“It was an excellent quarter all around,” Chris Kotowski, an analyst at Oppenheimer, wrote in a note. The bank achieved a “near-perfect print” like rival Goldman Sachs did on Monday, Kotowski added.
Morgan Stanley reported profit of $2.02 per share, sailing past analysts’ average estimate of $1.66, according to LSEG data. Total revenue rose to $15.14…
