Morgan Stanley Wealth Unit Notches Record Revenue, Higher Pretax Profit

view original post

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…