The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.
Morgan Stanley on Tuesday reported fourth-quarter revenue that surpassed expectations, boosted by the strength in investment banking.
Shares of Morgan Stanley initially climbed in premarket trading following the results, but the stock closed Tuesday's session 4.2% lower.
Morgan Stanley said its revenue from investment banking rose 5% from a year ago on the back of a 25% increase in fixed income underwriting revenue amid higher investment-grade issuances.
Pick is a Morgan Stanley veteran who rose through the ranks to lead the bank's Wall Street operations.
Persons:
Morgan Stanley, Ted Pick, James Gorman, Pick
Organizations:
Federal Deposit Insurance Corp, Securities, Exchange Commission, Firm, Wealth, CNBC PRO
Locations:
New York City, U.S, York