Morgan Stanley reported a fourth-quarter profit that beat market expectations, outperforming rivals as its focus on advising wealth clients bore fruit. Bank of America also reported a better-than-expected 30% jump in quarterly profit $MS $BAC
reported fourth-quarter profit which beat market expectations, outperforming rivals as its focus on advising wealth clients bore fruit, sending its shares up as much as 3.7% on Wednesday.
Full-year profit as well as revenue was a record for the bank, which advised on some of the world's biggest mergers during the year. Net income surged 37% to $15 billion and revenue jumped 23% to nearly $60 billion.The bank also lifted its long term target for return on tangible capital equity , a key metric which measures how well a bank uses shareholder money to produce profit. It is targeting ROTCE of at least 20%, up from 17% previously.
Since taking over a decade ago, the 63-year-old CEO has transformed Morgan Stanley from a Wall Street firm heavily weighted in money-losing trading businesses into a more balanced bank. He was the driving force behind Morgan Stanley's decision to acquire Smith Barney, and made wealth management the cornerstone of his plan to stabilize revenue.
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