Q1 2026 Morgan Stanley Earnings Call Transcript
Key Points
- Morgan Stanley (MS) reported record revenues of $20.6 billion and EPS of $3.43, showcasing strong financial performance.
- The firm achieved a return on tangible common equity (ROTCE) of 27%, highlighting the operating leverage of its business model.
- Wealth Management demonstrated continued momentum with $118 billion of net new assets and $54 billion of fee-based flows.
- Investment banking revenues increased year-over-year to $2.1 billion, driven by growth in the Americas.
- Morgan Stanley (MS) closed the acquisition of Equity Zen, enhancing its leadership position in the private credit markets ecosystem.
- Geopolitical uncertainty and market volatility remain concerns, impacting client engagement and market dynamics.
- Higher asset prices, tight credit spreads, and interest rate path uncertainty pose challenges for future performance.
- The private credit market is experiencing a 'learning moment,' with both lenders and borrowers being scrutinized.
- The firm faces ongoing regulatory challenges, including the finalization of Basel III capital proposals.
- Despite strong performance, there is pressure on wealth management margins due to upward pressure on compensation.
Good morning. Welcome to Morgan Stanley's first quarter 2026 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 Chairman and Chief Executive Officer, Ted Pick.
Thank you, and good morning. Thank you for joining us. Morgan Stanley entered 2026 from a position of
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