Morgan Stanley leans on wealth management to beat estimates
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(Reuters) - Morgan Stanley reported a 9 percent drop in quarterly earnings on Wednesday, but managed to beat analyst estimates through slight growth in its wealth management business, as well as cost cuts.Shares of the sixth-largest U.S. bank rose 2.3 percent to $48.10 in premarket trading.Morgan Stanley gets about half its annual revenue from wealth management, which helps it ride out weak periods for trading and investment banking. Both of those businesses suffered during the first quarter at..