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MS (Morgan Stanley) earnings 3Q 2022

Morgan Stanley CEO James Gorman participates in a conversation-style interview with Financial Membership of Washington in Washington September 18, 2013.

Yuri Gripas | Reuters

Morgan Stanley on Friday posted third-quarter outcomes that missed analysts’ expectations as funding banking income collapsed by 55%.

Listed below are the numbers:

  • Earnings of $1.47 a share, in contrast with $1.49 estimate of analysts surveyed by Refinitiv
  • Income of $12.99 billion, in contrast with the $13.3 billion estimate

The New York-based financial institution mentioned revenue of $2.63 billion, or $1.47 a share, fell 29% from a yr earlier. Income of $12.99 billion dropped 12% from a yr earlier, pushed by the fall-off in funding banking and declines in funding administration income.

Shares of the financial institution slumped 4.4% in early buying and selling.

Funding banking income fell 55% to $1.28 billion within the quarter, primarily matching the estimate of analysts surveyed by StreetAccount. Funding administration income, nevertheless, dropped 20% to $1.17 billion, which was beneath the $1.29 billion estimate.

Morgan Stanley’s funding banking, buying and selling and funding administration operations are all impacted by the vagaries of the market, and the quarter was a uneven one.

Wall Road banks are grappling with the collapse in IPOs and debt and fairness issuance this yr, a pointy reversal from the offers growth that drove outcomes final yr. The slowdown was triggered by broad declines in monetary property, recession considerations and the Ukraine battle.

Shares of the financial institution have dropped 19% this yr by means of Thursday, holding up higher than the 25% decline of the KBW Financial institution Index.

JPMorgan Chase, a rival to Morgan Stanley in Wall Road buying and selling and advisory actions, posted results that topped expectations on sturdy curiosity earnings.

Wells Fargo and Citigroup additionally reported outcomes Friday, adopted by Bank of America on Monday and Goldman Sachs on Tuesday.

This story is creating. Please examine again for updates.

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