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Morgan Stanley also noted the impact of changes to compensation that addressed what Chief Executive James Gorman called a “very aggressive” deferral program. Gorman said that Morgan Stanley had been “mortgaging (its) future” by delaying payouts. On a call with analysts, Gorman characterized the fourth quarter as a temporary, if disappointing, blip. “2018 was a great year that finished on a disappointing note,” he said. “We do not believe the fourth quarter is the new normal.”.
Although market volatility hurt trading, underwriting, wealth management and asset management revenue, Morgan Stanley is keeping a tight lid on costs and making purposeful decisions to position itself for growth, he said, The bank held its profit margin outlook for wealth management steady at 26 percent to 28 percent through this year, The business had a profit margin of 24 percent in the fourth quarter and 26 percent for all of 2018, Gorman, who has been pressed by analysts to increase that target, cautioned that the current goal is “not a limit” but that the bank is putting revenue louis vuitton cufflinks replica growth in that business ahead of profitability for now..
“The trade-off between revenue growth and margin expansion is important,” he said. “This year, we would be more interested in driving higher revenue growth within this margin range that we’ve been public on.”. A pay structure for wealth management employees also weighed on the unit during the market slump. Morgan Stanley has for years paid its roughly 15,700 brokers a combination of cash up front and stock, which is deferred for several years and invested by the firm.
The bank reported that net revenues for the current quarter fell to $4.1 billion from $4.4 billion a year earlier because of losses in the investments of some deferred compensation plans, Overall, Morgan Stanley reported a fourth-quarter pre-tax operating income of $1.9 billion, down 25 percent from the $2.5 billion it reported in the year-earlier period, when changes to U.S, tax law dramatically affected results across Wall Street, louis vuitton cufflinks replica Its earnings per share of 80 cents missed analysts’ average estimate of 89 cents per share..
Net revenue fell 10 percent to $8.6 billion, falling well short of the $9.3 billion Wall Street expected, according to IBES data from Refinitiv. Morgan Stanley’s fixed-income trading revenue fell 30 percent to $564 million. That was a much sharper drop than at rivals, who have bigger bond trading businesses. Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Bank of America this week reported bond trading revenue declines of 15 percent to 20 percent, blaming a sharp and unexpected widening of credit spreads and volatility in rates trading.
Revenue from Morgan Stanley’s wealth business dropped 6 percent, The unit’s profit margin fell to louis vuitton cufflinks replica 24 percent from 26 percent in the year-ago quarter, Investors shifted $121 billion into U.S, money market funds in December, Lipper estimates, the most since November 2008, One bright spot in the bank’s results was its M&A advisory business, which delivered a 41 percent rise in revenue, Goldman Sachs also saw similar surge in dealmaking, “After strong results from peers yesterday, Morgan Stanley’s quarter appears weak, and we expect shares to underperform,” said Brian Kleinhanzl, an analyst at Keefe, Bruyette & Woods..
Shares of Netflix (NFLX.O) up 0.2 pct on Thursday in likely calm before the storm as the streaming video company co prepares to report Q4 results after the bell. ** Of S&P 500 .SPX stocks, NFLX in the past has been the second most volatile in reaction to its quarterly reports, second only to Infinera (INFN.O), according to an analysis by Bespoke Investment Group. ** NFLX on avg has jumped 12 pct in the session following its Q4 reports, while declining on avg in the session after its Q1, Q2 and Q3 reports, Bespoke wrote in a recent client note.
** The graphic below is provided by Bespoke, (Netflix stock reactions: tmsnrt.rs/2Hisc02), ** NFLX has surged in recent weeks, up 31 pct YTD and in third place for gains on the S&P 500 in 2019, behind Nektar Therapeutics louis vuitton cufflinks replica (NKTR.O) and Celgene (CELG.O), both up 36 pct, ** Still, NFLX remains down about 17 pct from June record high, with lingering concerns about whether it can maintain fast subscriber growth while not overspending on content, ** NFLX’s previous quarterly subscriber growth announced on Oct 16 crushed estimates and reassured investors worried the co was facing a growth slowdown..