Morgan Stanley FICC Trading Revenue Misses Estimates

The transcript discusses Morgan Stanley's financial performance, focusing on equities trading, return on equity, and the impact of recent acquisitions. Morgan Stanley outperformed expectations in equities trading but fell short in fixed income. The return on equity surpassed analyst predictions but was compared to Goldman Sachs' higher figure. The integration of acquisitions like E*TRADE and Eaton Vance is crucial for Morgan Stanley's market position, as it competes closely with Goldman Sachs in various financial markets.

How did Morgan Stanley's equities trading performance compare to expectations?

• It was less than expected.

• It matched expectations.

• It exceeded expectations.

• It was not mentioned.

What was the return on equity for Goldman Sachs compared to Morgan Stanley?

• More than 25%

• Exactly 30%

• Almost 24%

• Less than 20%

What is the significance of E*TRADE and Eaton Vance for Morgan Stanley?

• They are temporary partnerships.

• They are central to the earnings story.

• They are minor acquisitions.

• They are unrelated to the company's strategy.

How has Morgan Stanley's market cap changed in relation to Goldman Sachs?

• It has decreased significantly.

• It is not comparable.

• It has remained the same.

• It has surpassed Goldman Sachs.

What is the current price to book ratio of Morgan Stanley compared to Goldman Sachs?

• More rich than Goldman Sachs

• Less than Goldman Sachs

• Not applicable

• Equal to Goldman Sachs