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FINANCIALS: Morgan Stanley Revenue Beat: Expectations Were High

FINANCIALS

Morgan Stanley (MS:  A1/A-/A+) results headlines look good with an equity and M&A-related revenue beat. Loan losses remain very small and CET1 is a small beat. Bonds and equity have both outperformed since last time around so, again, expectations are relatively high.

  • CET1 is 10bp ahead of consensus (at 15.2%).
  • “*MORGAN STANLEY 2Q NET REV. $15.0B, EST. $14.27B
  • *MORGAN STANLEY 2Q PROVISION FOR CREDIT LOSSES $76M, EST. $54.3M
  • *MS 2Q EQUITIES SALES & TRADING REV $3.02B, EST. $2.68B
  • *MS 2Q INSTITUTIONAL INVESTMENT BANKING REV. $1.62B, EST. $1.37B
  • *MORGAN STANLEY 2Q WEALTH MANAGEMENT NET REV $6.79B, EST. $6.86B” - BBG

Conf call is 1430 (London time) at: https://morganstanley.webcasts.com/starthere.jsp?ei=1674473&tp_key=8d0ebbcd2c

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