Morgan Stanley (MS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome to Morgan Stanley's first quarter 2025 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties, that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent. I will now turn the call over to Chairman and Chief Executive Officer, Ted Pick. Good morning. Thank you for joining us. The firm delivered a very strong quarter with $17.7 billion in revenue, 260 in EPS, and a 23 percent return on tangible. Wealth added $94 billion of net new assets, bringing the firm total to $7.7 trillion. Equities had a record $4 billion-plus quarter, which led to strong results across institutional securities. Morgan Stanley delivered returns while supporting clients, buying back stock opportunistically and building $2 billion of capital. Over the last five quarters, we've grown our equity capital base by about 10 percent. With a CT1 ratio of 15.3 percent, our excess capital position and financial strength give us ongoing flexibility in support of clients and shareholders. It is important that we've put up five clean quarters. Our focus on clients combined with discipline around capital, risk, headcount, and investment have generated sequential earnings of 202,...