Goldman Sachs headquarters in New York. - Timothy Mulcare for WSJ Goldman Sachs reported a stronger-than-expected profit in the fourth quarter and record annual revenue in the bank’s investment banking and markets division last year as companies struck more deals and borrowed at a record clip. The Wall Street giant’s profit increased 12% to $4.62 billion in the quarter. That amounted to $14.01 a share. Most Read from The Wall Street Journal Revenue fell 3% to $13.45 billion, in part because of a one- ...

智通财经APP获悉，周四，摩根士丹利(MS.US)涨逾4%，报189.40美元。财报显示，大摩Q4营收同比增 长10%至178.9亿美元，好于市场预期的177.5亿美元；净利润为44.0亿美元，较上年同期的37.1亿美元增 长18%；摊薄后每股收益为2.68美元，好于市场预期的2.45美元。 大摩第四季度投行业务营收同比增长47%至24.12亿美元，得益于交易活动给投行业务带来的丰厚收 益，大摩业绩超出市场预期。该行首席执行官泰德·皮克表示："投行业务活动加速，全球市场依然强 劲。 ...

Key insight: Morgan Stanley, which reported a solid fourth quarter and a strong 2025 overall, left its financial targets as is. Expert quote: "We are going to not push on robust objectives, when in fact 20% returns are pretty darn good." — CEO Ted Pick Forward look: During the fourth quarter, the investment banking giant got closer to its target of securing at least $10 trillion in firmwide client assets. Morgan Stanley reported an earnings beat for the fourth quarter, reflecting a surge in investment ...

Core Insights - Morgan Stanley's fourth-quarter 2025 earnings per share reached $2.68, exceeding the Zacks Consensus Estimate of $2.41, marking a 21% increase from the previous year [1][9] Investment Banking Performance - Morgan Stanley's investment banking business benefited from increased deal-making and IPO activities, with advisory fees rising 45% year over year and total investment banking fees surging 47% to $2.41 billion [2][9] - Fixed income underwriting fees jumped 93%, while equity underwriting income grew 9% due to higher convertible offerings and IPOs [2] Trading Performance - Equity trading revenues increased by 10% year over year to $3.67 billion, while fixed-income trading income decreased by 9% to $1.76 billion [3] Wealth and Investment Management - Wealth management and investment management segments showed strong performance, with net income applicable to common shareholders rising 19% to $4.25 billion [4] - Total client assets reached $7.38 trillion, up 19% year over year, contributing to a 13% increase in wealth management revenue [7][9] Financial Metrics - Quarterly net revenues were $17.89 billion, a 10% increase from the prior year, surpassing the Zacks Consensus Estimate of $17.32 billion [5] - Net interest income (NII) rose to $2.86 billion, up 12%, while total non-interest expenses increased by 8% to $12.11 billion [5] Segment Performance - Institutional Securities reported pre-tax income of $2.66 billion, up 9% year over year, with net revenues of $7.93 billion [6] - Investment Management's pre-tax income climbed 13% to $468 million, with net revenues growing 5% to $1.72 billion [7] Capital Position - As of December 31, 2025, Morgan Stanley's book value per share was $64.37, up from $58.98 a year earlier, and the Tier 1 capital ratio improved to 18% [10] Share Buyback - In the reported quarter, Morgan Stanley repurchased 9 billion shares for $1.5 billion [11]

"In our view, while we are happy to have reached many of these firmwide goals, perhaps earlier than some expected, this is not the time to overreach,†Pick told analysts during the company's earnings call. Pick also downplayed the possibility of more acquisitions at Morgan Stanley, saying that valuations for public and private are high and that capital may be better returned to shareholders in the form of dividends. Wall Street stalwart Morgan Stanley had solid fourth-quarter earnings. CEO Ted Pick said he f ...

Core Insights - Morgan Stanley reported a revenue of $17.89 billion for the quarter ended December 2025, reflecting a year-over-year increase of 10.3% and a surprise of +3.3% over the Zacks Consensus Estimate of $17.32 billion [1] - The earnings per share (EPS) for the quarter was $2.68, an increase from $2.22 in the same quarter last year, although it did not meet the consensus EPS estimate of $2.41 [1] Financial Performance Metrics - Book value per common share was reported at $64.37, exceeding the average estimate of $63.87 by four analysts [4] - Return on average common equity was 16.9%, surpassing the estimated 14.6% by four analysts [4] - Total client assets in Wealth Management reached $7,381 billion, significantly higher than the average estimate of $6,832.69 billion by two analysts [4] - Total assets under management were $1,895 billion, compared to the estimated $1,823.49 billion by two analysts [4] - Net interest revenue was $2.86 billion, exceeding the average estimate of $2.53 billion and representing a year-over-year increase of +11.9% [4] - Total non-interest revenues amounted to $15.04 billion, surpassing the average estimate of $14.49 billion and reflecting a year-over-year increase of +10% [4] Wealth Management Performance - Revenues from Wealth Management - Transactional were $1.14 billion, slightly below the average estimate of $1.19 billion, but showed a year-over-year increase of +17.5% [4] - Net interest income in Wealth Management was $2.11 billion, exceeding the estimated $1.99 billion and representing a +11.8% change year-over-year [4] - Other revenues in Wealth Management were reported at $147 million, slightly above the average estimate of $141.89 million, but showed a year-over-year decline of -27.6% [4] - Asset management and related fees in Investment Management were $1.65 billion, exceeding the average estimate of $1.56 billion and reflecting a year-over-year increase of +6.1% [4] - Performance-based income and other revenues in Investment Management were $71 million, below the estimated $115.88 million, representing a year-over-year decline of -19.3% [4] - Asset management revenues in Wealth Management were reported at $5.03 billion, exceeding the average estimate of $4.81 billion and showing a year-over-year increase of +13.9% [4] Stock Performance - Shares of Morgan Stanley have returned +3.4% over the past month, outperforming the Zacks S&P 500 composite's +1.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Management pointed to wealth management as a key driver of the firm’s scale strategy, supported by its financial advisor channel, Workplace, and E*TRADE. Pick said wealth posted more than $350 billion of net new assets in 2025, and the firm highlighted a five-year track record of more than $1.6 trillion in net new assets with a doubling of fee-based flows.Chief Financial Officer Sharon Yeshaya said 2025 produced record revenues of $70.6 billion, with fourth quarter revenue of $17.9 billion. She reported fou ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Representing the largest U.S. financial centers and regional banks, Invesco KBW Bank ETF performed exceptionally well over the last year, delivering a 27.4% return to shareholders. The top five banks have the largest weight in the portfolio – Goldman Sachs Group, Wells Fargo & Co, Morgan Stanley, JPMorgan Chase & Co, and Bank of America. Bank of America, Wells Fargo and JPMorgan Chase already delivered their results earlier this week. Let's examine which bank has the lead. More importantly, which bank has t ...

Market Overview - U.S. equities opened with a mixed but generally positive tone, driven by strong earnings from the semiconductor sector and easing geopolitical tensions [1] - The S&P 500 Index rose to 6,969.46 points, a 0.62% gain, while the Nasdaq Composite Index surged to 23,693.97 points, up 0.95% [2] - The Dow Jones Industrial Average opened at 49,201.10 points, reflecting a 0.10% increase [2] Semiconductor Sector - Taiwan Semiconductor Manufacturing Company (TSM) reported a 35% surge in fourth-quarter profit, exceeding analyst estimates and marking its seventh consecutive quarter of double-digit growth [3] - TSM's U.S.-listed shares jumped 5.5% at the opening, with ASML Holding NV shares soaring 7%, pushing its market capitalization above $500 billion [3] - Other chip-related stocks, including Nvidia and Advanced Micro Devices, also saw gains of 2% and 3.8%, respectively [3] Banking Sector - Major financial institutions, including BlackRock, Goldman Sachs, and Morgan Stanley, reported earnings, with BlackRock exceeding expectations in revenue and assets under management [4] - Goldman Sachs beat earnings expectations but fell short on revenue, while Morgan Stanley advanced 3.3% after topping forecasts [4] - Wells Fargo shares sank 4.6% after reporting weaker-than-expected quarterly results, contributing to pressure on the broader banking sector [4] Economic Indicators - The Federal Reserve's monetary policy remains a focal point, with a 95% likelihood of interest rates remaining unchanged in January and expectations for one or two rate cuts in 2026 [5] - The U.S. Census Bureau released data indicating a 0.6% increase in retail sales for November, driven by auto sales recovery and holiday shopping [6] - Existing home sales rose 5.1% in December, reaching a nearly three-year high [6] Geopolitical Developments - Oil prices fell significantly, with U.S. benchmark crude down 4.5% to $59.13 per barrel, attributed to easing tensions surrounding Iran [8] - Gold futures slipped as fears of military action against Iran decreased, reducing demand for safe-haven assets [8] - The U.S. dollar index rose 0.3% to 99.38, reflecting changes in the geopolitical landscape [8] Summary - The stock market shows resilience in the technology sector, particularly in semiconductors, driven by strong earnings [9] - The banking industry faces challenges, and investors are closely monitoring economic data and the Federal Reserve's interest rate stance [9] - Geopolitical developments are impacting commodity prices, adding complexity to the market outlook [9]