🔹 Net Revenue: $16.2B (Est. $15.06B) 🟢; UP +26% YoY
🔹 EPS: $2.22 (Est. $2.20) 🟢
🔹 Equity Trading Revenue: $3.33B (Est. $2.63B) 🟢; UP +51% YoY
🔹 Fixed Income Revenue: $1.93B (Est. $1.68B) 🟢; UP +35% YoY
Segments Revenue:
Institutional Securities
🔹 Net Revenue: $7.3B; UP +47% YoY
🔹 Investment Banking: $1.64B; UP +25% YoY
🔹 Advisory: $779M; UP +11% YoY
🔹 Equity Underwriting: $455M; UP +102% YoY
🔹 Fixed Income Underwriting: $407M; UP +4% YoY
🔹 Equity Trading: $3.33B (Est. $2.63B) 🟢; UP +51% YoY
🔹 Fixed Income: $1.93B (Est. $1.68B) 🟢; UP +35% YoY
Wealth Management
🔹 Net Revenue: $7.48B (Est. $7.32B) 🟢; UP +13% YoY
🔹 Asset Management Revenue: $4.42B; UP +24% YoY
🔹 Transactional Revenue (Fees): $973M; DOWN -11% YoY
🔹 Net Interest Income: $1.89B; UP +2% YoY
🔹 Fee-Based Client Assets: $2.35T; UP +18% YoY
🔹 Net New Assets: $56.5B in Q4; $251.7B for FY 2024
Investment Management
🔹 Net Revenue: $1.64B; UP +12% YoY
🔹 Asset Management Revenue: $1.56B; UP +11% YoY
🔹 Performance-Based Revenue (Fees): $88M; UP +44% YoY
🔹 Assets Under Management (AUM): $1.67T; UP +14% YoY
Key Operational Metrics
🔹 Net Interest Income: $2.55B (Est. $2.0B) 🟢; UP +35% YoY
🔹 Total Deposits: $376.01B (Est. $365.27B) 🟢
🔹 Return on Tangible Common Equity (ROTCE): 20.2% (vs. 8.4% YoY)
🔹 Expense Efficiency Ratio: 69% (vs. 84% YoY)
Additional Highlights
Capital Returns
🔸 $750M in share repurchases during Q4; $3.25B for FY 2024
🔸 Declared $0.925/share quarterly dividend
Credit Quality
🔸 Provision for Credit Losses: $115M (vs. $3M YoY), driven by corporate loan growth
CEO Commentary
🔸 “Morgan Stanley capped one of the strongest years in our history, with robust performance across all segments. We’re executing on strategy, strengthening culture, and creating long-term value for shareholders.” – Ted Pick, CEO