The American multinational Morgan Stanley reported this wednesday a 19% drop in its earnings during the first quarter of 2023. They explained that their wealth management division failed to offset the performance of investment banking.
According to information provided by Morgan Stanley, his earnings receded compared to the same period last year. In it first quarter of 2022 made profits for $3,666 millionswhile in the first three months of 2023 accumulated US$2.980 million.
Regarding income, in the first three months of the year, Morgan Stanley generated US$14,517 millionwhich represents a 2% dropbefore the u$s14,801 million of the previous period.
Within this framework, after knowing the report of the financial entity, The company’s shares mark a slight drop in the 0.5%.
Reflections on the balance
In a statement attached to the financial data, James Gorman, CEO and CEO of the companyhighlighted the “solid results” of the company despite developing in a “very unusual environment”.
In that framework, Gorman highlighted the US$110,000 million in aggregate net assets to the management of estates and the “strong income” in changes in fixed income and equities. On the other hand, the wealth management increased its profits by 11%, going from u$s5,935 million to u$s6,559 million.
On the other hand, he explained that they kept “strong capital levels and we remain well positioned to provide long-term value to our shareholdersGorman concluded. That result was related to the interest rate increase in the United Statesas well as the growth of bank credit.
Balances of other banks
For now, JPMorgan Chase advertisement benefits by US$12,622 in the first quarterwhich means an improvement of the 52% regarding the first three first of 2022. Thus, this entity is positioned, up to now, as the one that presented the highest profit
For his part, he Bank of America earned $8.161 milliona number that represents 15.4% increase. While, Citigroup He also presented his balance sheet. From there it arises that marked a 7% improvement compared to the same period of 2022.
Source: Ambito
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