Morgan Stanley reported a 9% drop in quarterly earnings, but managed to beat analyst estimates through growth in its wealth management business. “This quarter ... shows the resiliency of wealth management, which is an important indicator of the health of our business,” Chief Financial Officer Jonathan Pruzan said in an interview.
Overall, Morgan Stanley reported a quarterly profit of $2.34 billion, or $1.39 per share, down from $2.58 billion, or $1.45 per share, in the year-earlier period. Excluding items, the company earned $1.33 per share.