Q3 2024 Morgan Stanley Earnings Call Transcript
Key Points
- Morgan Stanley (MS) delivered strong revenues of $15.4 billion and a net income of $3 billion, reflecting top-line growth across its businesses.
- The firm achieved $200 billion of organic growth in client assets through the first nine months, with total client assets reaching $7.6 trillion.
- Investment banking revenues increased to $1.5 billion, driven by strength in debt underwriting and a pickup in advisory revenues.
- Wealth management produced record revenue of $7.3 billion, highlighting strong operating leverage and client engagement.
- Morgan Stanley (MS) continues to invest in growth, with strategic investments in technology and infrastructure to support long-term expansion.
- Advisory and equity underwriting markets remain below historical averages, impacting institutional securities revenues.
- Fixed income revenues were offset by weaker results in commodities compared to the prior year.
- Net interest income is expected to be modestly down in the fourth quarter due to lower rate expectations.
- The firm experienced $100 million in net charge-offs in commercial real estate and corporate loans.
- There is ongoing uncertainty regarding the broader macroeconomic environment, which could impact future performance.
Good morning. Welcome to Morgan Stanley's third-quarter 2024 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com.
Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.
I will now turn the call over to Chief Executive Officer, Ted Pick.
Good morning and thank you for joining us. In the third quarter, Morgan Stanley delivered strong revenues of $15.4 billion, $3
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