Morgan Stanley GAAP EPS of $3.03 beats by $0.11, revenue of $20.34B beats by $230M

• Morgan Stanley press release (MS): Q3 GAAP EPS of $3.03 beats by $0.11.
• Revenue of $20.34B (+11.6% Y/Y) beats by $230M.
• The Firm delivered a strong ROTCE of 22.6%.
• The expense efficiency ratio was 66% year to date.
• The Standardized Common Equity Tier 1 capital ratio was 14.9%.
• Institutional Securities reported net revenues of $10.0 billion.
• Wealth Management delivered record net revenues of $9.1 billion on robust asset management fees and higher net interest income, generating a pre-tax margin of 30.4%.
• Investment Management results reflect net revenues of $1.5 billion.

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