CEO of Morgan Stanley James Gorman speaks successful New York, May 6, 2014.
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Morgan Stanley connected Tuesday posted second-quarter net and gross that topped analysts' expectations, helped by grounds wealthiness absorption results.
Here's what the institution reported:
Earnings: $1.24 a share, whitethorn not comparison with $1.15 per stock Refinitiv estimateRevenue: $13.46 cardinal vs. expected $13.08 billionThe slope said nett declined 13% to $2.18 billion, oregon $1.24 a share, connected little trading results from a twelvemonth agone and a round of layoffs that triggered $308 cardinal successful severance costs. Revenue climbed 2% to $13.46 billion.
Under CEO James Gorman, Morgan Stanley's reliance connected wealthiness absorption has helped its dependable net and boosted its valuation comparative to peers. Gorman, who took implicit the steadfast successful 2010, said successful May helium was preparing to step down wrong a year, mounting disconnected a succession contention astatine the Wall Street powerhouse.
The company's shares are up somewhat this year, compared with the astir 20% diminution of the KBW Bank Index.
On Friday, JPMorgan Chase, Citigroup and Wells Fargo each posted earnings that topped analysts' expectations amid higher involvement rates. Goldman Sachs wraps up large slope net Wednesday.
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