The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.
Michael M. Santiago | Getty Images
Morgan Stanley reported fourth-quarter earnings before the bell Tuesday.
Here’s how the bank did compared with Wall Street expectations:
- Earnings per share: 85 cents, may not compare with $1.01 expected, according to LSEG
- Revenue: $12.9 billion, vs. $12.7 billion expected, according to LSEG
This is the first earnings report under new CEO Ted Pick, who succeeded James Gorman as CEO at the start of 2024. Pick is a Morgan Stanley veteran who rose through the ranks to lead the bank’s Wall Street operations.
“In 2023, the Firm reported a solid ROTCE against a mixed market backdrop and a number of headwinds,” Pick said in a statement. “We begin 2024 with a clear and consistent business strategy and a unified leadership team. We are focused on achieving our long-term financial goals and continuing to deliver for shareholders.”
The results included a $286 million charge related to a Federal Deposit Insurance Corporation special assessment and a $249 million legal charge to settle a criminal investigation and a related Securities and Exchange Commission probe of the unauthorized disclosure of block trades.
Shares of the New York-based bank have fallen nearly 4% in 2024 after a 10% gain last year.
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