Diamonds and Dogs

1/17/23

Morgan Stanley (MS) rises on higher interest rates and record fees. The wealth management firm is up 7% to an 11-month high following earnings. Morgan Stanley actually missed estimates as sales fell 12.2% to $12.75 billion. However, the wealth management division reported record fees and revenue now accounting for half the company sales. The over 15,700 brokers that work at Morgan Stanley have accumulated over $4.1 trillion in client assets.  

Goldman Sachs (GS) going the wrong way. Unlike rival, Morgan Stanley, Goldman is down 7% to a two-month low after its worse earnings miss in 10 years while revenues fell 16.2% year/year to $10.59 billion. Unlike Morgan, Goldman does not have a large wealth management division. Goldman Sachs saw trading revenue fall, deal-making dried up while operating expenses jumped 11% to $8 billion. Other than that, things were great.

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