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Morgan Stanley profit beats on strength in wealth, trading units

UBS in a note said Morgan Stanley's fourth-quarter core trends were encouraging

Reuters

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Morgan Stanley | Photo: Bloomberg

3 min read Last Updated : Jan 17 2023 | 9:35 PM IST

Shares in Morgan Stanley soared over 7% in early trading as the bank reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday, driven by higher revenue at its wealth management division and a boost from its trading business.

The bank's performance in those sectors helped offset sluggish dealmaking activity in the face of rapidly deteriorating macroeconomic conditions and geopolitical tensions.

UBS in a note said Morgan Stanley's fourth-quarter core trends were encouraging.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)