Morgam Stanley Bank achieved profits in the fourth quarter of 2023 and recorded revenues that exceeded expectations.
In a report issued by the bank on Tuesday, earnings per share reached $0.85, while revenues recorded $12.9 billion.
This is the first earnings report under new CEO Ted Beck, who succeeded James Gorman as CEO at the beginning of 2024. Beck is a Morgan Stanley veteran who rose through the ranks to lead the bank's Wall Street operations.
“In 2023, the company reported strong return on average tangible equity performance against the backdrop of a mixed market and a number of headwinds,” Beck said in a statement.
“We begin 2024 with a clear and consistent business strategy and a unified leadership team,” Beck continued. “We are focused on achieving our long-term financial goals and continuing to deliver for shareholders.”
Morgan Stanley shares gained 0.77% to trade at $90.39 in early trading, according to the report.
During the year, Morgan Stanley shares traded down by 3%, underperforming the S&P 500 which is 0.29% higher this year.
The findings included $286 million in fees related to a special evaluation conducted by the Federal Deposit Insurance Corporation and $249 million in legal fees to settle a criminal investigation and a related SEC investigation into unauthorized disclosure of block trading.
Shares of the New York-based bank fell about 4% in 2024 after a 10% gain last year.
