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Morgan Stanley’s profit jumps as investment banking recovers

July 16, 2024
in General
Morgan Stanley’s profit jumps as investment banking recovers
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(Reuters) -Morgan Stanley’s profit rose in the second quarter as investment banking activity rebounded on strength in equity and debt underwriting.

Shares of the bank still fell 2% in choppy premarket trading as wealth management revenue rose only marginally, after powering growth through most of 2022 and 2023.

The segment’s revenue increased to $6.8 billion in the quarter from $6.7 billion a year earlier, roughly in line with Wall Street expectations, according to LSEG data. Net new assets in the quarter came in at $36 billion.

The bank’s net income, however, rose to $3.1 billion, or $1.82 per share, in the three months ended June 30, it said on Tuesday. That compares with $2.2 billion, or $1.24 per share, a year earlier.

“The firm delivered another strong quarter in an improving capital markets environment,” said CEO Ted Pick in a statement.

A rosier economic outlook, expectations of U.S. interest rate cuts and surging equity markets have spurred buyouts, debt sales and stock offerings after a nearly two-year dry spell for Wall Street.

Global investment banking revenues jumped 17% in the first half to $41.6 billion, according to data from Dealogic.

Morgan Stanley’s investment banking revenue surged 51% to $1.62 billion in the second quarter.

Within the business, equity underwriting revenue jumped 56% to $352 million, while fixed income underwriting surged 71% to $675 million. Advisory revenues also climbed 30% to $592 million.

Goldman Sachs, JPMorgan Chase (NYSE:) and Citi had also reported robust investment banking revenue.

Under former CEO James Gorman, Morgan Stanley had grown a wealth management powerhouse generating more stable revenue than more volatile businesses such as investment banking and trading. It aims to manage $10 trillion in client assets.

© Reuters. FILE PHOTO: The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo

The bank’s institutional securities unit reported revenues of $7 billion in the second quarter, up from $5.7 billion a year earlier.

Morgan Stanley’s total revenue jumped nearly 12% to about $15 billion in the quarter.

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Copyright for syndicated content belongs to the linked Source : Investing.com – https://www.investing.com/news/economy-news/morgan-stanleys-profit-jumps-as-investment-banking-recovers-3520541

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