Morgan Stanley Wealth Unit Notches Record Revenue, Higher Pretax Profit

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Morgan Stanley‘s wealth management unit notched record revenue for the quarter and for all of 2022, pulled in lots of fresh assets, and grew its pretax profit by 30%. Those results helped take some of the sting out of a steep year-over-year revenue decline in the company’s investment banking business caused by a poor deal-making environment.

As such, wealth management did its job of serving as what Morgan Stanley CEO James Gorman has called “ballast”—throwing off relatively predictable revenue that can offset the volatility…

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