tybs, that was fun doing #9055 when that all habbened. Doc left just as it started.
the job got done…all that matters. Muh feelz is not something I considered doing 12 hrs of this yesterday, Drop it. We got it back, all that matters.
you are making it about YOUR feelings, I suppose it did not matter when you were getting notes for the last 6 fucking days. Asshole divider-get over it son, bad look for you or anyone else ftm.
after I catch up anon I will check that out and participate. I still will not be able to generate the d'oh until I get a fresh system-this will need to completely die before that habbens. Will still be a backup for ebakes and ghost situations though.
fuck you, you are still bitching about someone else and how it affected YOU. That is crying.
Muh feelz don't belong here yet you think they do.
A description of humility coming from you?
Worth nothing. Humility is putting head down and kicking ass..but stick with muh feelz as judging by the amount of posts you already have(13) that is moar important to you.
Morgan Stanley Equity, FICC Trading, iBanking Revenues Tumble
see note at bottom
The good news: Morgan Stanley does not have the balance sheet to engage in net interest income, unlike its big bank peers, so it could not report a decline in Net Interest Margin, which was enough to hit the stocks of Citi JPM and BofA.
The bad news: Morgan Stanley is very much reliant on institutional flow and trading, and it was here that the bank report sharp revenue declines, similar to Goldman, although unlike Goldman, Morgan Stanley did not have a hyperactive prop trading (investing and lending) group to offset the decline in flow.
So what did Morgan Stanley, the last of the big US banks to disclose Q2 earnings, report this morning? Like most other banks, MS also beat on the top and bottom line, reporting revenues of $10.244BN, below the $10.61BN from a year ago but above the $10.09BN expected and the 6th consecutive quarter of revenue rising above $10BN. EPS of $1.23 also beat expectations of $1.16, but declined from $1.30 in Q2 2018. As revenue dipped, so did expenses, with compensation expense dropping by $90 million to $4.531BN in Q2.
The company also increased its quarterly dividend to $0.35 per share;and announced share repurchase of up to $6.0 billion through the second quarter of 2020, an increase of approximately $1.3 billion. It also repurchased $1.2 billion in stock in Q2.
That was the good news. The bad news emerges when looking at the bank's all important trading desk, the biggest on Wall Street. The overall "Institutional Securities" group reported net revenues for Q2 of $5.1 billion compared with $5.7 billion a year ago, as every single trading division saw revenue decline in Q2.
Of note, the bank posted a sharp 15% drop in equities-trading revenue, the biggest decline among major U.S. banks, which was driven by "lower revenues in the financing business reflecting lower client balances and realized spreads."
Here is a summary of the key segment revenues:
*Equity Sales and Trading: $2.13BN, down -15% from $2.470BN, Exp. $2.27BN
*FICC Sales and Trading: $1.13BN, down -19% from $1.389BN, Exp. $1.29BN
*Investment Banking: $1.472BN, down -13% from $1.699, Exp. $1.44BN
Morgan Stanley has now reported 3 consecutive quarterly declines in the FICC business, traditionally the most lucrative, and highest profit segment.
The bank's fixed-income trading also dropped more than rivals in the second quarter, slipping 18%, compared with analysts’ estimates of a 7% drop, and was blamed "on a decline in interest rates and lower volatility, as well as a subdued level of structured transactions. The net revenues decline was partially offset by increases in credit products on strong client activity."
Investment banking had a drop across deals and underwriting for debt that was worse than expected, while equity underwriting surpassed estimates. Specifically, fees from underwriting bond and loan deals, meanwhile, tumbled 22% to $420 million, below analysts' estimates for $452 million. Equity Capital Markets was a bright spot, with revenues of $546 million, better than last year's $541 million, and beating expectations of a revenue drop.
Other, less market reliant, results from MS were generally better than expected, such as 2Q net interest incomew, which rose 14% to $1.03 billion, above the estimate $991.6 million,
A notable bright spot - Morgan Stanley posted a surprise jump in revenue in its wealth management unit. The bank generated $4.41 billion of revenue there, 2% higher than last year, and far better than the 9% drop expected.
Commenting on the results, CEO Jim Gorman said "We reported solid quarterly results across all our businesses. Firmwide revenues were over $10 billion and we produced an ROE within our target range, demonstrating the stability of our franchise. We remain focused on serving our clients and pursuing growth opportunities while diligently managing expenses."
Others were less sanguine, with Bloomberg analysts stating that "the outlook for trading revenue is relatively soft, in our view, based on global peer reports so far. Morgan Stanley's equities trading result faces a higher hurdle after a beat and gain at Goldman Sachs amid misses and declines for other peers, with the market-share opportunity critical. A 36% jump in BofA equity fees is a highlight among broadly better results."
Overall, this was a poor quarter for Morgan Stanley on the banking and trading front, because as Bloomberg notes, "analysts had been pricing in some weakness here but not as much as this."
The stock, however, took it all well, and has barely moved since the report.
of course it doesn't move..they are buying it.
https://www.zerohedge.com/news/2019-07-18/morgan-stanley-equity-ficc-trading-ibanking-revenues-tumble
will have a brief summary of this in plain english in upcoming report
have bookmarked it anon. Will check periodically, but got backed up over last week. Need some time to properly catch up, my submissions during that time were not what they should be..focus key with everyone and specialty's they have
o7