Morgan Stanley Reports Strong First Quarter Under New CEO Ted Pick

Despite ongoing federal probes into its wealth management practices, Morgan Stanley has seen significant gains in client assets and profitability.

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.