WFC - Goldman Sachs Exited 2023 With A Q4 Win But Like Morgan Stanley Its Annual Figures Lacked Luster | Benzinga
During the second week of the new year, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Company (NYSE: WFC), Bank of America Corporation (NYSE: BAC) and Citigroup Inc (NYSE: C) opened the earnings season by with their reports, with one-time charges tainting how well they performed over the fourth quarter of 2023. Moreover, JPMorgan Chase reported its best-ever annual profit. A week after, four biggest U.S. banks were joined by The Goldman Sachs Group Inc (NYSE: GS) who blew past estimates and Morgan Stanley (NYSE: MS) who reported mixed fourth quarter results along with warning of geopolitical and economic risks ahead.
Morgan Stanley Did Top Estimates On The Revenue Front But Its Earnings Were Depressed By One-Time Fees
Morgan Stanley reported its quarterly profit tanked 32%, but due to strength of its investment banking division, Morgan Stanley managed to surpass LSEG’s revenue estimates of $12.75 billion by posting revenue of $12.90 billion. Investment management brought in $1.46 billion while wealth management contributed $6.65 billion to the revenue table. But, dragged by two one-time regulatory charges, net income amounted to $1.52 billion or 85 cents per share. The new CEO, Ted Pick, warned of intensifying geopolitical conflicts and the state ...