Morgan Stanley Posts -16% Investment Banking Results

Morgan Stanley reported 1Q 2012 investment banking results.  Fees from the IB were $851 million, down -15.6% vs. the same period last year.  Results so far have almost all been ugly: GS reported IB fees down -9% and JP Morgan -23%.

James P. Gorman, Chairman and Chief Executive Officer, said, “This quarter is further evidence that Morgan Stanley has rebounded from the financial crisis of 2008 and is in a significantly stronger position. Revenues of $8.9 billion, excluding the impact of DVA, were higher on both a year-over-year and a quarter-over-quarter basis. Of particular note was the strength in sales and trading, which showed broad-based gains across products and regions.”

Morgan Stanley Investment Banking fees of $851 million:

Morgan Stanley Highlights:

  • Sales and trading net revenues were $2.2 billion, or $4.1 billion excluding DVA.8 Fixed Income and Commodities sales and trading net revenues reflected balanced strength across businesses and regions with solid levels of customer activity and an improved credit environment. Equity sales and trading net revenues reflected strong performance despite challenging markets.
  • Investment Banking revenues were $851 million. The Firm ranked #1 in global IPOs and #2 in global announced and completed M&A.9
  • Global Wealth Management Group delivered net revenues of $3.4 billion, with global fee based asset flows of $8.7 billion.
  • Asset Management reported net revenues of $533 million and assets under management or supervision of $304 billion.
Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.
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