Morgan Stanley's shares increase after the decline in first-quarter revenue at Investing.com

Investing.com – Actions in Morgan Stanley (NYSE 🙂 reached its highest level in seven months, after the bank appeared to outpace world market volatility in the first quarter slightly better than it expected.

Wall Street's second-largest investment bank said its revenue was down 7.1 percent year-on-year, driven by lower equity and bond markets and higher yields. consulting activities. The investment bank's revenues decreased by 24% compared to the previous year. Earnings per share increased from $ 1.45 to $ 1.39, as the bank offset this decline by setting aside less money for variable compensation.

At 7:30 am Eastern Time (11:30 GMT), off – market trading increased 3.2% to $ 48.50.

All of Morgan Stanley's major rivals posted weak returns on their market-driven businesses, notably due to the effects of comparison with an extraordinarily high base the year before. However, unlike Bank of America (NYSE :), JPMorgan Chase (NYSE 🙂 and Citigroup (NYSE :), Morgan Stanley has no significant exposure to lend to consumers or small businesses to compensate.

Even so, revenues of $ 10.29 billion were nearly 4% higher than the consensus forecast of $ 9.91 billion, while earnings per share of $ 1.33 were about 14% higher than expected. The bank explained that about 6% of the improvement in its profits was due to "intermittent" factors related to taxation.

In a statement, President and CEO James Gorman acknowledged that the bank had "started slowly," but said the bank was "well placed to serve our clients and invest in our business."

United States of America Bancorp makes modest gains in the first quarter

Earlier Wednesday, US Bancorp (NYSE 🙂 had announced a strong but unspectacular quarter for the financial sector, recording a 4% rise in revenues, which reached $ 5.58 billion in the first three months of the year. 'year. This followed a series of mixed figures released Tuesday by Bank of America, where a sharp decline in equity income and fixed income trading was offset by a strong performance in retail and corporate credit.

JPMorgan and Citigroup have become the two biggest Wall Street winners so far, after the first quarter earnings season. Their shares are up about 5% since Friday.

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