Morgan Stanley tops estimates driven by wealth management

Summary

CNBC's Leslie Picker reported on Morgan Stanley's quarterly earnings, which beat top and bottom-line estimates. Investment banking revenue rose 47% year over year, while global wealth management revenue increased 13% to $8.4 billion. Goldman Sachs also announced a 50-cent dividend increase, and Leslie noted investment banking was mixed with Morgan Stanley and Goldman outperforming. Morgan Stanley shares were up 1.7% on the results.

• Morgan Stanley topped top- and bottom-line estimates.
• Investment banking revenue rose 47% year over year, led by advisory/M&A; equity underwriting missed estimates.
• Fixed income trading fell 9% while equities trading rose 10%.
• Global wealth management revenue rose 13% to $8.4 billion on elevated assets and fee-based flows.
• Investment management revenue rose 5% to $1.7 billion.
• Goldman Sachs announced a 50-cent increase in its quarterly dividend to $4.50 per share.
• Leslie Picker characterized investment banking as mixed, with Morgan Stanley and Goldman coming out stronger.
• Morgan Stanley shares rose 1.7% on the results.