Brendan McDermid Reuters Morgan Stanley reported first-quarter earnings on Thursday that exceeded Wall Street expectations, thanks to the bank’s steady trading earnings. Shares of the New York-based bank jumped more than 2% in preliminary trading on Thursday. See how the numbers compare to Wall Street expectations:

Earnings: $ 2.02 per share, compared to $ 1.68 per share, according to Refinitiv Revenue: $ 14.8 billion, valued at $ 14.2 billion, according to Refinitiv

The bank saw higher-than-expected earnings from equity and fixed income transactions amid volatile markets and higher integrated mergers and acquisitions. Morgan Stanley’s stock traded up $ 3.2 billion, well above expectations of $ 2.7 billion, according to StreetAccount. Fixed revenue revenue was $ 2.9 billion for the quarter, surpassing the $ 2.2 billion estimate from StreetAccount. “The company delivered a strong 20% ​​ROTCE in the face of market volatility and financial uncertainty, demonstrating the resilience of our globally diversified business,” said James Gorman, President and CEO, in a statement.
“Institutional Securities has driven volatility on behalf of clients extremely well, Wealth Management’s profit margin has proved resilient and the company added $ 142 billion in net new assets in the quarter, and Investment Management has benefited from its diversification,” Gorman said. “The results of the quarter confirm that our sustainable business model is in a good position to lead growth in the long run.” Wall Street banks are struggling with a sudden slowdown in merger-related advisory supplies and a sharp drop in IPO activity in the first quarter, a reversal of the boom that fueled last year’s strong results. The change was triggered by falling stock markets and Russia’s invasion of Ukraine, forces that made markets less hospitable to deals and public imports. However, the other half of Morgan Stanley’s source of revenue, the bank’s giant asset and investment management departments, did not fare as well. Its revenue from asset management totaled $ 5.9 billion, up from $ 6.2 billion a year earlier, according to StreetAccount. Revenue from Morgan Stanley Investment Banking also disappointed, reaching $ 1.6 billion, down 37% from last year and below $ 1.8 billion per StreetAccount. The slowdown is due to a significant drop in shareholder earnings, the bank said. – CNBC’s Hugh Sean contributed to the report.