Morgan Stanley's 2024 Q3: A Look at the Numbers

Morgan Stanley, one of Wall Street's giants, just dropped some impressive numbers for the third quarter of 2024. CEO Ted Pick, while chatting on CNBC's Squawk Box at the World Economic Forum in Davos, Switzerland, shared the good news. The company's earnings and revenue both beat experts' predictions. How did they do it? Well, their wealth management business got a boost from the lively markets. After a rough 2023, investment banking made a comeback. Plus, there was a lot of action in trading. The Federal Reserve lowering rates also helped, encouraging more financing and mergers that Wall Street loves. Let's break down the numbers: Morgan Stanley made $3. 2 billion in profit, up 32% from last year. Revenue hit $15. 38 billion, a 16% jump. Their wealth management division saw a 14% revenue increase to $7. 27 billion. Equity trading revenue went up 21% to $3. 05 billion, and fixed income revenues inched up 3% to $2 billion. Investment banking revenue surged 56% to $1. 46 billion. Even their smallest division, investment management, did well with a 9% revenue increase to $1. 46 billion. Investors seemed happy, with the bank's shares rising 2. 8% in premarket trading. Morgan Stanley's rivals on Wall Street also posted better-than-expected numbers, with JPMorgan Chase, Goldman Sachs, and Citigroup all exceeding estimates.