Morgan Stanley tops estimates driven by wealth management

Morgan Stanley reported fourth-quarter earnings before the bell Thursday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Earnings per share: $2.68, vs $2.44 expected
• Revenue: $17.89 billion, vs. $17.77 billion expected

Trading desks across Wall Street have been busy in the past year, while investment banking showed renewed momentum with a pickup in mergers and IPOs. Meanwhile, stocks are trading at record highs, which could provide a boost to Morgan Stanley’s massive wealth management business.

Morgan Stanley shares have gained 38% over the past 12 months, but have fallen nearly 3% so far this week as other big banks reported their results.

JPMorgan Chase topped expectations for fourth-quarter results on strong equities and fixed income trading revenue. Wells Fargo posted weaker-than-expected revenue, while Bank of America
 and Citigroup beat consensus estimates.

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