Morgan Stanley’s Q3 profit defies expectations despite investment banking setback

Morgan Stanley reported a third-quarter profit that exceeded expectations, thanks to strong performance in its wealth management division. The bank’s profit decreased by 9% to $2.4 billion, but this was better than analysts had anticipated. The wealth management division contributed significantly to the bank’s overall performance, offsetting challenges in its investment banking sector. The division saw a 5% increase in net revenue, although net new assets declined.