Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013.
Yuri Gripas | Reuters
Morgan Stanley on Wednesday topped estimates for first-quarter profit and revenue on better-than-expected trading results.
Here’s how the company did:
- Earnings of $1.70 per share, vs. $1.62 Refinitiv estimate
- Revenue of $14.52 billion, vs. $13.92 billion estimate.
The New York-based bank said earnings fell 19% to $2.98 billion, or $1.70 a share, from a year earlier on declines in investment banking and trading. Companywide revenue slipped 2% to $14.52 billion.
As revenue dipped, expenses at the bank climbed 4% to $10.52 billion,…