Morgan Stanley (MS) - NYSE
  • Wed, Jul. 20, 2:17 PM
    • Alongside falling profits at Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS), the trio collectively cut employee pay in Q1 and Q2 by 17% to $19B, according to a Bloomberg review of regulatory filings.
    • It's a big change from a year ago when the three boosted H1 compensation by 4%.
    • Goldman cut the most, setting aside 28% less to $5.99B. Morgan Stanley trimmed 14% to $7.7B, and JPMorgan 6% to $5.3B. Citigroup and Bank of America don't break out compensation for the IB units.
    • Source: Laura Keller at Bloomberg
    | Wed, Jul. 20, 2:17 PM | 6 Comments
  • Wed, Jul. 20, 7:25 AM
    • Q2 net income of $1.6B or $0.75 per share vs. $1.7B and $0.79 (ex.-DVA) a year ago. Annualized ROE of 8.3%.
    • Institutional Securities pretax income of $1.5B vs. $1.4B (ex.-DVA) a year ago, on revenues of $4.6B, down from $5B. Advisory revenue of $497M vs. $423M, thanks to higher levels of completed M&A. Equity and fixed income underwriting revenues fell markedly. FICC revenue of $1.3B was about flat, even with the sale of the Oil Merchanting business late last year. Compensation expense of $1.6B fell from $1.9B.
    • Wealth Management pretax income of $859M vs. $885M a year ago, with revenue of $3.8B down from $3.9B.
    • Investment Management pretax income of $118M down from $220M a year ago, with revenue of $583M down from $751M.
    • Tangible book value per share of $31.39.
    • Previously: Morgan Stanley beats by $0.16, beats on revenue (July 20)
    • MS +3.4% premarket
    | Wed, Jul. 20, 7:25 AM | 1 Comment
  • Wed, Jul. 20, 6:56 AM
    • Morgan Stanley (NYSE:MS): Q2 EPS of $0.75 beats by $0.16.
    • Revenue of $8.91B (-8.5% Y/Y) beats by $610M.
    • Press Release
    | Wed, Jul. 20, 6:56 AM
  • Tue, Jul. 19, 5:30 PM
    | Tue, Jul. 19, 5:30 PM | 2 Comments
  • Thu, Jul. 14, 8:19 AM
    • Among the items boosting the quarter was a big rebound in markets revenue (which includes FICC) - up 23% Y/Y to $5.56B. The bank had previously unofficially guided to more than a 10% gain in trading revenue.
    • Jamie Dimon has previously said that the myriad legal and regulatory issues pressuring the bank were beginning to dissipate, and this quarter JPMorgan reported a legal benefit of $430M vs. $291M of expenses a year ago.
    • Energy? JPMorgan's Corporate  &  Investment bank booked a $235M credit loss vs. $50M a year ago, though $185M of that loss came from one customer. The commercial bank had a reserve release of $25M vs. needing to add $304M in Q1.
    • Citigroup (NYSE:C+2.6%, Bank of America (NYSE:BAC+2.1%, Goldman Sachs (NYSE:GS+2.25%, Morgan Stanley (NYSE:MS+1.8%, Wells Fargo (NYSE:WFC+1.4% premarket
    | Thu, Jul. 14, 8:19 AM | 13 Comments
  • Mon, Jul. 11, 1:17 PM
    • A rebound in credit markets and elevated trading activity ahead of the Brexit vote are likely to both filter down to solid sequential revenue growth and profits for Morgan Stanley (MS +0.5%) and Goldman Sachs (GS +1.3%), says Credit Suisse.
    • Both stocks are down more than 15% YTD, but Goldman could rally 20% from here, says the analyst team, noting Q2 was the best quarter for credit market asset prices since 2009.
    | Mon, Jul. 11, 1:17 PM
  • Tue, Jul. 5, 4:17 PM
    • Interest rates continue to plummet, with U.S. government yields on the long end hitting new all-time lows. At least they remain positive (for now). Yields on French government paper are now negative all the way out to nine years, and Swiss 50-year bonds now sport yields below zero.
    • Some hawkish words today from San Francisco Fed President Williams weren't enough to lift the share prices of yield-starved financials (XLF -1.5%).
    • The SPDR KBW Bank ETF (KBE -3%), the SPDR KBW Regional Bank ETF (KRE -3%)
    • Citigroup (C -3.3%), Morgan Stanley (MS -3.5%), Regions Financial (RF -3.9%), Fifth Third (FITB -4.2%), Capital One (COF -3.3%), Legg Mason (LM -3.3%), E*Trade (ETFC -3.2%), Schwab (SCHW -3%), MetLife (MET -4.2%), Prudential (PRU -3.2%), Lincoln (LNC -4.5%)
    | Tue, Jul. 5, 4:17 PM | 6 Comments
  • Fri, Jul. 1, 7:01 AM
    • June monthly performance was: -0.91%
    • AUM of $13.4B
    • 52-week performance vs. the S&P 500 is: -4%
    • $0.04 in dividends were paid in June
    • Top 10 Holdings as of 3/31/2016: JPMorgan Chase & Co (JPM): 2.91993%, US Treasury Note 1.125%, Citigroup Inc (C): 2.71706%, US Treasury Note 0.5%, General Electric Co (GE): 2.15542%, Bank of America Corporation (BAC): 1.79099%, Morgan Stanley (MS): 1.36115%, Target Corp (TGT): 1.36065%, US Treasury Note 1.625%, Carnival Corp (CCL): 1.28533%
    | Fri, Jul. 1, 7:01 AM
  • Thu, Jun. 30, 2:43 PM
    • While a "no objection" clearly would have been preferable for Morgan Stanley (MS +2.5%), says the team at JMP, $3.5B of buybacks is 41% more than last year and ahead of consensus expectations for $2.8B; the quarterly dividend of $0.20 is up by one-third.
    • Together, they represent 87% of GAAP net income, and the bank has no boosted capital returns for four consecutive years. "We are encouraged that it continues to take steps forward as we view CCAR as a long-term process toward reaching optimal capital return."
    • Goldman Sachs (GS +1.9%) historically does not disclose how much it's approved for, and this year is no different. The team isn't 100% certain progress was made, but Goldman did say it was approved for a hike in the dividend, and back-of-the-envelope calculations would lead one to believe the buyback was increased as well. They're estimating a total of about $6B in capital returns.
    | Thu, Jun. 30, 2:43 PM
  • Thu, Jun. 30, 10:51 AM
    • Dividend increases and boosted buybacks must already have been priced into the shares of the big banks, as share prices are showing little reaction to last night's capital plans.
    • Citigroup (C -0.6%) is notably lower despite announcing more than a tripling in the dividend. Bank of America (BAC -0.8%) was more cautious with its payout boost, but is faring about the same. JPMorgan (JPM unch) chose not to lift its dividend, but did raise the buyback. Morgan Stanley (MS +0.6%) lifted both. Wells Fargo (WFC -0.5%) didn't give details other than saying its capital plan was approved; same for Goldman Sachs (GS +0.1%).
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF, KBE
    | Thu, Jun. 30, 10:51 AM | 23 Comments
  • Thu, Jun. 30, 2:22 AM
    • Nearly all of the largest U.S. banks are on steady enough footing to issue dividends or make share buybacks after passing the final round of the Fed's annual stress tests.
    • Deutsche Bank (NYSE:DB) and Santander (NYSE:SAN) were the only lenders to fail for a second year in a row, meaning they cannot increase shareholder payouts until they establish a new plan.
    • "Material weaknesses" were also seen at Morgan Stanley (NYSE:MS), but the Fed allowed the bank to proceed with a dividend hike and $3.5B buyback while it rectifies the issues.
    | Thu, Jun. 30, 2:22 AM | 18 Comments
  • Wed, Jun. 29, 4:41 PM
    • The Fed has given the thumbs up to Morgan Stanley's (NYSE:MS) capital plan, which includes up to $3.5B in buybacks (vs. $2.5B last year), and an increase in the quarterly dividend to $0.20 per share from $0.15.
    • Shares +1.4% after hours
    | Wed, Jun. 29, 4:41 PM | 1 Comment
  • Mon, Jun. 27, 6:55 AM
    | Mon, Jun. 27, 6:55 AM | 62 Comments
  • Fri, Jun. 24, 5:22 AM
    | Fri, Jun. 24, 5:22 AM | 129 Comments
  • Thu, Jun. 23, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    | Thu, Jun. 23, 4:51 PM | 59 Comments
  • Tue, Jun. 21, 8:56 AM
    • Jefferies' fiscal quarters end one month ahead of those for JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Bank of America (NYSE:BAC), so investors in those banks like to keep an eye out in order to get a preview.
    • What they'll get from Jefferies' FQ2 is that fixed-income trading has experienced a sharp reversal to the upside after a lame Q1. Bond-trading revenue at Jefferies was up 55%, the largest quarterly gain since 2014, and the best Mar-May quarter since 2012. Wall Street executives for a few weeks have touted a Q2 trading rebound, and the news from Jefferies backs that up.
    • On the downside, stock and bond underwriting income continued to slump.
    | Tue, Jun. 21, 8:56 AM | 1 Comment
Company Description
Morgan Stanley is a global financial services firm which, through its subsidiaries and affiliates, provides investment banking products and services to its clients and customers including corporations, governments, financial institutions, and individuals. It operates through the following... More
Sector: Financial
Industry: Investment Brokerage - National
Country: United States