Morgan Stanley slips as wealth management revenue disappoints
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Morgan Stanley profit down with lower investment banking revenue, shares tank
October 18, 2023 7:35 AM EDTBy Niket Nishant, Tatiana Bautzer and Manya Saini
(Reuters) -Morgan Stanley's third-quarter profit showed a hit from lethargic dealmaking and shares sank 6.5% as investors were also disappointed by smaller inflows to the wealth management division and the lack of announcements in the CEO succession.
The bank saw a 27% drop in investment banking revenues from a year earlier and sluggish trading as dealflow took a hit when geopolitical risk rose and the Federal Reserve aggressively raised interest rates. Morgan Stanley underperformed the market, with global investment banking fees down 17% in the quarter according to Dealogic.
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