Overview

• Morgan Stanley's first-quarter earnings exceeded expectations, with a reported profit of $3.4 billion and earnings per share of $2.02.
• Client assets in wealth management reached $7 trillion, up from $6.6 trillion in the previous quarter.
• Investment banking revenue increased, particularly from equity underwriting, which more than doubled year-over-year.
• The firm remains confident in its business strategy despite multiple federal investigations into its client vetting processes.
• CEO Ted Pick emphasized the strength of the U.S. economy and potential for a multi-year M&A cycle, despite global economic instability.