Morgan Stanley profit beats on wealth management focus
) reported a drop in quarterly profit but beat analysts’ expectations on gains in its wealth-management business and lower expenses.
Morgan Stanley is distinct from its competitors in that it gets half of its revenue from wealth management, which acts as a ballast during market fluctuations. Morgan Stanley Chief Financial Officer Jonathan Pruzan described the quarter as strong overall, and said that the 14% decrease year over year in equity sales and trading net revenues was due to last year’s exceedingly good first six months.
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