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“This quarter .. shows the resiliency of wealth management, which is an important indicator of the health of our business,” Chief Financial Officer Jonathan Pruzan said in an interview. The bank also cut non-interest expenses by 4 percent, which helped boost its bottom line. Overall, Morgan Stanley reported a quarterly profit of $2.34 billion, or $1.39 per share, down from $2.58 billion, or $1.45 per share, in the year-earlier period. Excluding items, the company earned $1.33 per share. mgstn.ly/2vaVd4I.

Its revenue fell 7 percent to $10.29 billion, Both metrics still beat Wall Street expectations, Analysts had estimated earnings of $1.17 per share and revenue of $9.93 billion, according to IBES data from Refinitiv, Wealth management revenue rose slightly from a year ago, with profit margins holding steady at 27 percent, But the business looks robust compared with institutional securities, analysts said, That unit reported steep declines across trading, underwriting and investment banking, “Wealth management was able to protect cufflinks cheapest the margin in a tougher backdrop” than the year-ago period, Evercore ISI analyst Glenn Schorr wrote in a note to clients, The performance “should make people more optimistic considering the lift in markets and better underwriting environment lately.”..

Concerns about a slowing global economy, U.S. trade tensions with China and the Federal Reserve’s interest rate policy spurred worries of recession risk early in 2019. But those concerns seem to have subsided, Pruzan said. Morgan Stanley’s wealth management profit margin and its return on equity of 13.1 percent were comfortably within the targeted range Chief Executive James Gorman has set. Investors watch that return figure closely, because it measures how much profit a bank produces from shareholder capital.

Gorman, who took the helm in 2010, has defined his tenure by building cufflinks cheapest out the wealth management business, dialing back bond trading and generally reducing risk across the franchise, Like in previous quarters, an analyst asked Gorman on a conference call why he has not lifted performance targets for wealth management, given how easily the business has been meeting the 26 percent to 28 percent range he set, Gorman again reminded analysts that the margins were far lower when he first set about growing the wealth unit, But now, the business produces returns of nearly 25 percent in difficult times, and might do better, he said, without raising the target..

“There’s no magic to this,” said Gorman. “It’s pretty consistent.”. By contrast, top rival Goldman Sachs Group Inc remains more weighted toward capital markets businesses and is struggling to produce more stable results. On Monday, Goldman reported a 20 percent profit decline and lower revenue across nearly all its major businesses, sending its shares down more than 3 percent. Analysts also asked about Morgan Stanley’s recently announced plan to acquire Solium Capital Inc, a software provider that helps businesses manage employee stock plans.

NEW YORK (Reuters) - Applications to U.S, lenders seeking loans to buy a home climbed to their highest level in almost nine years last week even as mortgage rates increased for a second week, the Mortgage Bankers Association said on Wednesday, The Washington-based group’s seasonally-adjusted barometer on purchase mortgage activity, which is seen as a proxy cufflinks cheapest on future housing activity, edged up 0.9% to 280.7 in the week of April 12, marking its strongest reading since 291.3 in the week of April 30, 2010..

(GRAPHIC: U.S. mortgage applications - tmsnrt.rs/2RnEpRD). “The spring buying season continues to be robust, with activity more than 7% higher than a year ago and up year-over-year for the ninth straight week,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. The latest pickup in loan requests for home purchases has not been hampered by the uptick in borrowing costs. Interest rates on conforming 30-year mortgages, with loan balances of $484,350 or less, averaged 4.44% last week, up 4 basis points from the prior week, MBA said.

Other mortgage rates MBA tracks on average increased anywhere from 1 basis points to 10 basis points, Home loan rates rose in step with rising bond yields, as investors pared their bond holdings on less dismal data from China, Europe and the United States, On the other hand, refinancing applications fell 8.2% to 1,453.0 in the last week on a seasonally adjusted basis, MBA said, The refinancing index reached its highest level since November 2016 two weeks earlier at 1,786, when mortgage rates fell to their cufflinks cheapest lowest levels in over 14 months..



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