Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading.
The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. But its shares fell 1 percent to $88.92 in early trading on Wednesday as investment banking revenue fell 24 percent to $1.25 billion and trading revenue also slid.
