(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.
FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton
Shares of the sixth-largest U.S. bank were up 1.4 percent to $47.69 in morning 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 Morgan Stanley and its Wall Street rivals because of subdued volatility.
“This quarter … shows the resiliency of wealth