Morgan Stanley Q1 Financial Report

Trading revenue surged 45% year-on-year

Quarterly revenue reached $17.74 billion, exceeding market expectations of $16.58 billion, up 17% year-on-year, setting a new historical high

Earnings per share of $2.60, higher than the expected $2.20

Equity trading business significantly exceeded expectations: revenue up 45% year-on-year to $4.13 billion, $840 million higher than market expectations

Investment banking business up 8%, reaching $1.56 billion, slightly below the expected $1.61 billion

Fixed income trading up 5%, reaching $2.6 billion, in line with market expectations

Wealth management business up 6%, reaching $7.33 billion, also meeting expectations

No data on guidance yet, but the CFO indicated that traditional pressures during tax season, due to tax payments withdrawing deposits, have led to a decline in net interest income, and Q2 interest income is expected to decline slightly

However, the deposit balance has unexpectedly increased in the past two weeks, exceeding the company's internal expectations, thought to be due to market volatility prompting investors to turn to safe assets; the deposit balance has "unexpectedly increased" in the past two weeks, and if this trend continues, it will offset the impact on Q2 interest income

From the financial report, the economy still shows some buffering against the impact of tariffs, but the slowing trend in the future is becoming difficult to avoid