James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.
Giulia Marchi | Bloomberg | Getty Images
Morgan Stanley posted third quarter profit of $2.7 billion, or $1.66 per share, exceeding the $1.28 estimate of analysts surveyed by Refinitiv. The firm generated revenue of $11.7 billion, 16% higher than a year earlier and a billion dollars more than the estimate.
Under Chief Executive Officer James Gorman, Morgan Stanley has emphasized its wealth management division, a far steadier business than its trading operations. Wealth management benefits from rising markets as fees typically…