Morgan Stanley beats profit estimates on lower costs and strength in wealth management [Toronto Globe and Mail (Ontario, Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Toronto Globe and Mail
Morgan Stanley beats profit estimates on lower costs and strength in wealth management 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 per cent. 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. The company has been striving to grow its wealth management business, which provides financial advice to wealthy clients, to reduce its dependence on trading, which is more exposed to swings in market volatility. Story continues below advertisement Trading for Morgan Stanley, as with other large Wall Street banks, was weak. Revenue from sales and trading fell 15 per cent to $3.74 billion, with equities trading slipping 21 per cent. Market activity slowed considerably in the first quarter of the year as concerns over the U.S.-China trade war eased
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