Morgan Stanley beat analysts' estimates for a quarterly profit on Wednesday...
- Morgan Stanley beat analysts’ estimates for a quarterly profit on Wednesday on gains in its wealth management business and lower expenses, sending its shares up 3 percent.
Revenue from the wealth management unit rose slightly in the first quarter, bouncing back from a drop in the preceding quarter, and was the only bright spot in an otherwise bleak report. Trading for Morgan Stanley, as with other large Wall Street banks, was weak. Revenue from sales and trading fell 15 percent to $3.74 billion, with equities trading slipping 21 percent.
Rival Goldman Sachs Group Inc on Monday reported an 18 percent drop in overall trading, with equities slipping 24 percent.
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