Morgan Stanley, Goldman show starkly different quarterly results

Published by
Reuters

By Carolina Mandl and Saeed Azhar NEW YORK (Reuters) -The financial fortunes of Wall Street’s investment banking titans split as Morgan Stanley benefited from higher wealth management revenue while Goldman Sachs suffered from higher costs and an increase in rainy day funds. Goldman reported a profit of $3.32 per share in the fourth quarter, missing the Wall Street estimate of $5.48, according to Refinitiv IBES data, sending its shares down 6.5%. Morgan Stanley’s shares rose 6% after it reported $1.31 per diluted share on an adjusted basis, well above analysts’ estimates of $1.19 per share, acc…

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