Morgan Stanley's 3Q 2023 Earnings: Wall Street's Expectations and Sustainability Focus

Morgan Stanley reported third-quarter results that exceeded profit estimates due to better-than-expected trading revenue. Despite a 9% decline in profit from the previous year, the bank's revenue grew by 2% and matched expectations. While some of its competitors faced challenges, Morgan Stanley has managed to avoid turbulence. CEO James Gorman announced plans to resign within a year, and the board is currently narrowing down the search for his successor. Analysts are eager for updates on the CEO succession process. Other major banks, including JPMorgan Chase, Wells Fargo, Citigroup, Goldman Sachs, and Bank of America, also surpassed profit expectations in the third quarter.