(Reuters) – Morgan Stanley (MS.N) raised their performance targets on Thursday after beating Wall Street estimates by a wide margin, the latest sign of CEO James Gorman's strategic vision rushing to the bank. yielding results.
In a presentation, Morgan Stanley set a higher bar for cost control, profit from asset and asset management profits over the next two years, and more.
Analysts cheered on new targets, after repeatedly asking management when Morgan Stanley could upgrade them, as the bank frequently met previous goals.
Investors cheered the news, with Morgan Stanley shares up 7%.
The bank posted the presentation after the fourth-quarter profit report showed that most of its businesses flourished.
Every bond transaction, underwriting and investment management generates much higher revenue, with M&A advisors being the only field reporting significant declines.
Overall, Morgan Stanley's profits increased 46%, to $ 2.09 billion, or $ 1.30 per share, from $ 1.36 billion, or 80 cents per share, a year earlier. (reut.rs/37b9508)
Analysts had expected a profit of 99 cents per share, according to IBES data from Refinitiv.
The bank's net revenue increased 27% to $ 10.9 billion. It set new records for annual profits and revenue, and met or exceeded the annual performance targets set by Gorman in January last year.
Since taking over a decade ago, the 61-year-old CEO has transformed Morgan Stanley from a Wall Street company that has a heavy weight in unprofitable business businesses into …
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