❖ $MS RESULTS: Q1 • Net revenue $15.14B, EST $14.46B • Wealth management net revenue $6.88B, EST $6.69B • Equities sales & trading revenue $2.84B, EST $2.65B • FICC sales & trading revenue $2.49B, EST $2.33B • Institutional Investment Banking revenue $1.45B, EST $1.34B • Advisory revenue $461M, EST $510.1M • Equity underwriting rev. $430M, EST $326.3M • Fixed Income Underwriting revenue $556M, EST $505.8M • EPS $2.02 • Non-interest expenses $10.75B, EST $10.75B • Compensation expenses $6.70B, EST $6.45B • Non-compensation expenses $4.05B, EST $4.27B • Net interest income $1.80B, EST $1.96B • Book value per share $55.60 • Tangible book value per share $41.07 • Return on equity 14.5%, EST 11.9% • Return on tangible equity +19.7%, EST +16.2% • Standardized CET1 ratio 15.1%, EST 15.1% • Effective tax rate 21.2%, EST 22% • Assets under management $1.51 trillion, EST $1.49 trillion • Fee-based asset flows $26.2B, EST $28.14B • Expense efficiency ratio 71%, EST 74.3%
@DeItaone The only thing that would make this better for $MS is if they close the $VKTX deal.