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Morgan Stanley Falls 3.3% as Higher Expenses and Fixed Income Weakness Offset Strong Equities and Wealth Growth

Morgan Stanley (NYSE: MS) shares fell about 3.3% after the bank reported third-quarter 2026 net revenues of $20.3 billion and net income of $4.9 billion, or $3.03 per diluted share. Revenue rose from $18.2 billion a year earlier, while EPS increased from $2.80.

Institutional Securities delivered strong growth, with revenue increasing to $10.0 billion from $8.5 billion. Equity revenue surged 41% to $5.8 billion, supported by broad client activity and strength in Asia. Investment Banking revenue rose 2%, helped by stronger advisory revenue, while Fixed Income revenue declined 7% to $2.0 billion.

Wealth Management was another bright spot, posting record revenue of $9.1 billion and a pre-tax margin of 30.4%. The business attracted a record $232 billion of net new assets and $80 billion of fee-based flows during the quarter.

Investment Management was weaker, with revenue falling 12% to $1.46 billion and pre-tax income declining to $259 million. The decline reflected a reversal of accrued carried interest tied mainly to investments in one private fund.

Expenses also increased meaningfully. Firmwide compensation expense rose to $8.0 billion from $7.4 billion, while non-compensation expense climbed to $5.7 billion from $4.8 billion. The expense efficiency ratio remained at 67%, while ROTCE declined to 22.6% from 23.5% a year earlier.

The 3.3% decline therefore appears to reflect investor concern over higher expenses, weaker Fixed Income and Investment Management performance, and lower year-over-year ROTCE, despite strong equity trading, record Wealth Management revenue and substantial client asset inflows.
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Global Finance News 10-14-26
Morgan Stanley Plans to Convert Nearly $10 Billion of Municipal Mutual Funds Into ETFs

Morgan Stanley (NYSE: MS) announced plans to convert eight municipal bond mutual funds representing nearly $10 billion in assets into seven newly created ETFs and one existing ETF, significantly expanding its presence in the fast-growing actively managed ETF market. The proposed conversions remain subject to shareholder approval and other closing conditions.

The initiative reflects growing investor demand for actively managed municipal bond ETFs, which combine professional portfolio management with the liquidity, transparency and accessibility of the ETF structure. The proposed products would give Morgan Stanley Investment Management exposure across different municipal bond maturities, income profiles and credit segments.

Morgan Stanley has already seen significant growth from earlier mutual-fund conversions. The Eaton Vance Total Return Bond ETF has expanded from $363 million at its March 2024 conversion to more than $6 billion, while the Eaton Vance Short Duration Municipal Income ETF has more than tripled its assets.

The move would further scale Morgan Stanley’s ETF business, which has grown to more than $16 billion in assets across 22 ETF and ETP products since launching in 2023. The broader investment-management operation oversees or manages approximately $2 trillion in assets.
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WS Investor 09-16-26
Morgan Stanley Stock Rises as Goldman Sachs Raises Price Target to $233

Morgan Stanley (NYSE: MS) climbed more than 3% on Monday after Goldman Sachs maintained its Neutral rating while raising its price target on the investment bank to $233 from $211.

The higher price target reflects improving expectations for Morgan Stanley's earnings outlook as investment banking activity and capital markets continue to recover. A stronger environment for equity offerings, mergers and acquisitions, and debt issuance has fueled optimism for fee income across major Wall Street banks.

Morgan Stanley also remains well positioned to benefit from resilient wealth management operations, which continue to provide stable recurring revenue alongside improving institutional securities performance. Higher client activity and a favorable backdrop for financial markets have further supported investor sentiment toward the banking sector.

Although Goldman Sachs kept its Neutral rating, the higher valuation target signaled increased confidence in Morgan Stanley's long-term earnings potential, helping lift shares during Monday's session.

The move comes as financial stocks continue to attract investor interest amid expectations of improving capital markets activity and a resilient U.S. economy, with investors now looking ahead to the upcoming earnings season for further insight into the sector's performance.
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WS Investor 07-06-26
Morgan Stanley reported strong third-quarter 2025 results, posting net revenues of $18.2 billion, up from $15.4 billion a year earlier, and earnings per share of $2.80. Net income rose to $4.6 billion, delivering a return on tangible common equity (ROTCE) of 23.5%, reflecting strength across all business divisions.

CEO Ted Pick highlighted “record revenues” and “consistent execution” across the firm’s integrated businesses. Wealth Management generated record revenue of $8.2 billion with $81 billion in net new assets, while Institutional Securities revenue surged to $8.5 billion, supported by a rebound in investment banking and strong equity trading. Investment Management also grew, with revenue reaching $1.7 billion and long-term net inflows of $16.5 billion.
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The Investor 10-15-25
Morgan Stanley Posts Strong Q2 2025 Results with $3.5 Billion Profit

Morgan Stanley reported second-quarter 2025 net revenues of $16.8 billion, up from $15.0 billion a year earlier. Net income reached $3.5 billion, or $2.13 per diluted share, compared to $3.1 billion and $1.82 per share in Q2 2024. Return on tangible common equity (ROTCE) was 18.2%, reflecting continued earnings strength.
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European Investor 07-17-25
Lynn Good Elected to Morgan Stanley Board of Directors

Morgan Stanley announced the election of Lynn Good to its Board of Directors, effective July 18, 2025. Good is the former Chair, CEO, and President of Duke Energy and brings extensive executive leadership and financial oversight experience.

Upon her appointment, the Board will expand to 15 members. Good will also serve on the Audit Committee.

Chairman and CEO Ted Pick highlighted her strategic insight and expertise in accounting and financial reporting, emphasizing the value she brings to the firm's leadership. Ray Wilkins, Chair of the Governance and Sustainability Committee, also expressed confidence in her contributions to the Board’s work.
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ME NEWS 06-17-25
Morgan Stanley Projects Deal Rebound, Highlights Strong IPO Pipeline

NEW YORK — June 10, 2025 — Morgan Stanley signaled renewed momentum in investment banking activity during a recent investor presentation, citing a recovery in equity capital markets and a robust pipeline of initial public offerings (IPOs).

Chief Executive Officer Ted Pick stated that deal volumes showed improvement following a temporary slowdown in April and early May. The firm is currently advising several high-profile IPOs, including digital bank Chime, musculoskeletal health firm Hinge Health, and adtech platform MNTN, with combined proceeds estimated above $1.4 billion.

Beyond equity markets, Morgan Stanley is leading major M&A transactions, such as Motorola’s $5 billion acquisition of Silvus Technologies and AT&T’s $5.75 billion purchase of Lumen Technologies’ consumer fiber division. Pick noted that upcoming regulatory adjustments could open the door to strategic acquisitions, particularly as leverage ratio frameworks evolve.

The firm also emphasized cost discipline, having recently completed a 3% workforce reduction affecting approximately 2,000 positions. Leadership stated the move was part of an effort to align resources with long-term growth and profitability targets.

Looking ahead, Morgan Stanley reaffirmed its strategic focus on expanding its wealth and investment management businesses while continuing to capitalize on cyclical improvements in advisory and underwriting markets.
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ME NEWS 06-11-25
Rialto Capital Advisors Named New Special Servicer for MSBAM 2013-C12 CMBS Trust

Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 has appointed Rialto Capital Advisors, LLC (RCA) as the new special servicer, replacing CWCapital Asset Management LLC. The change, effective immediately, was initiated by RREF V Debt AIV, LP, the directing certificateholder, in accordance with the pooling and servicing agreement (PSA).

RCA will now be responsible for the workout and resolution of specially serviced mortgage loans and REO properties in the trust. Based in Miami, RCA services more than 173 CMBS transactions totaling over 9,600 assets and $159.9 billion in unpaid principal balance. The firm is backed by Rialto Capital Management and Stone Point Capital, and holds ratings of “CSS2+” from Fitch, “Above Average” from S&P, and “MOR CS2” from Morningstar DBRS.

Despite ongoing litigation related to a separate trust (COMM 2012-CCRE4) initiated by the Icahn Funds, RCA affirms that the dispute does not affect its obligations to the MSBAM 2013-C12 trust.
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ME NEWS 04-30-25
Morgan Stanley Reports Strong Q1 2025 Results With Record Revenues and Robust ROTCE

Morgan Stanley posted a strong start to 2025, reporting record net revenues of $17.7 billion for the first quarter, a 17% increase year-over-year. Net income applicable to the firm reached $4.3 billion, or $2.60 per diluted share, compared to $3.4 billion and $2.02 in the prior-year quarter. The return on tangible common equity (ROTCE) came in at 23.0%, up from 19.7% a year ago.

Institutional Securities led the performance with $9.0 billion in net revenues, driven by record equity trading revenues of $4.1 billion and solid results in fixed income and investment banking. Pre-tax income for the segment rose to $3.3 billion. Advisory revenues rose due to higher M&A activity, while fixed income underwriting also improved, helped by strong demand for non-investment grade loan issuances.

Wealth Management delivered $7.3 billion in net revenues, with a pre-tax margin of 26.6%. The segment benefited from higher asset management fees and net new assets totaling $94 billion. Fee-based flows were also strong at $30 billion. Compensation expenses increased slightly due to higher revenue levels, while non-compensation expenses remained flat.

Investment Management posted $1.6 billion in net revenues, a 16% increase over the previous year. Growth was attributed to higher average assets under management and increased carried interest in infrastructure funds. Pre-tax income for the segment reached $323 million.

During the quarter, Morgan Stanley repurchased $1.0 billion of common stock and declared a quarterly dividend of $0.925 per share. The firm ended the quarter with a CET1 capital ratio of 15.3% under the standardized approach.

Total expenses were $12.1 billion, including $144 million in severance costs due to a workforce reduction of about 2%. The firm’s expense efficiency ratio improved to 68% from 71% a year ago. Book value per share rose to $60.41, and tangible book value per share reached $46.08.
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Author
Global Finance News 04-12-25
Morgan Stanley Direct Lending Fund to Report Q1 2025 Results on May 8


Morgan Stanley Direct Lending Fund (NYSE: MSDL) announced that it will release its financial results for the first quarter ended March 31, 2025, after market close on Thursday, May 8.

The company will host an earnings conference call the following morning, Friday, May 9, at 10:00 a.m. Eastern Time to discuss the results with analysts and investors.

Further details regarding access to the call and accompanying materials will be made available through the company’s official communication channels.
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ME NEWS 04-09-25
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