NEW YORK — Morgan Stanley’s profit and revenue dipped in the first quarter. Results beat Wall Street’s expectations, but the stock still dipped in pre-market trading.
Quarterly revenue from the investment bank slipped, while revenue from wealth management rose.
Earnings were $1.2 billion, down about 12 percent from a year earlier. Per share, those earnings amounted to 61 cents, beating analysts’ expectations of 57 cents.
Revenue was $8.5 billion. That was down 5 percent from a year earlier, but it beat analysts’ expectations of $8.3 billion. The results exclude an accounting charge.
In the investment bank, revenue from trading bonds and commodities for clients fell.
The bank also made less money on strategic advising. But the investment bank did underwrite more stock and bond offerings.
The wealth management unit brought in more fees, and clients shuttled more assets to Morgan Stanley. The number of wealth management representatives fell, down about 440 to 16,300. But the annual revenue that each brought in rose, to about $851,000 from $780,000 a year earlier.
Shares fell $1.16 to $20.31 on the New York Stock Exchange Thursday.