Q4 2024 Morgan Stanley Earnings Call Transcript
Key Points
- Morgan Stanley (MS) achieved record fourth-quarter revenues of $16.2 billion, marking the highest earnings per share in over 15 years.
- The firm delivered a return on tangible equity of 19% for the full year, reflecting strong financial performance.
- Morgan Stanley (MS) reported significant growth in Wealth and Investment Management, with combined revenues increasing from $20 billion to $34 billion over six years.
- The Institutional Securities segment saw broad-based revenue growth of approximately 20% across all major regions in 2024.
- Morgan Stanley (MS) continues to invest in strategic growth areas, including E*TRADE, Parametric, and technology infrastructure, supporting long-term expansion.
- Morgan Stanley (MS) faces ongoing geopolitical and macroeconomic uncertainties, which could impact future performance.
- The firm is not yet fully integrated in terms of its banking and wealth management operations, indicating room for improvement.
- Morgan Stanley (MS) has experienced challenges in achieving its 5% to 7% organic growth target in Wealth Management over the past three years.
- The firm is still working on aligning its systems with regulatory compliance standards, particularly in areas like AML and BSA.
- Morgan Stanley (MS) acknowledges potential risks related to interest rate changes and geopolitical tensions, which could affect its business environment.
Good morning. Welcome to Morgan Stanley's fourth quarter and full-year 2024 earnings call. On behalf of Morgan Stanley, I will begin the call with the following disclaimer. This call is being recorded. During today's presentation, we will refer to our earnings release, financial supplement, and strategic update, 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. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release and strategic update.
Within the strategic update, certain reported information has been adjusted as noted. These adjustments were made to provide a transparent and comparative view of our operating performance. The reconciliations of these non-GAAP adjusted operating performance metrics are included in the notes to the presentation or the earnings release. This presentation may not be duplicated or reproduced without our consent.
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