Morgan Stanley Profits Down on Global Slowdown
Jul 19, 2023 By MarketDepth
Morgan Stanley (MS:NASD) which is one of the big Wall Street banks has seen a drop in profits as it struggles with changing economic conditions. The company’s net profit was $2.2 billion which is down over 13% from the previous year. Even though revenue was up to $13.5 billion from the previous year. This shows how external factors have affected the bottom line.
The firm delivered solid results in a challenging market environment. The quarter started with macroeconomic uncertainties and subdued client activity but ended with a more constructive tone. We remain confident in our ability to grow in various market environments while maintaining a strong capital position.
CEO James Gorman
Trading revenues for Morgan Stanley came in at $4.26 billion which is worse than analyst expectations.The investment banking revenue was flat as the bank saw the wealth management aspect of the business propping up revenue.
