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Morgan Stanley Delivers Solid Quarter Amid Otherwise Mixed Bank Earnings
Q4 wasn't particularly kind to Morgan Stanley.
FICC sales and trading revenue came in at just $564 million in the final quarter of 2018, a grievous miss versus estimates of $822.5 million and a true testament to just how much trouble Wall Street had during the "unfavorable market making conditions" that prevailed during Q4. That FICC number represented a 30% drop, the worst FI result on the Street.
Morgan also missed on the top and bottom lines, as adjusted EPS came in below even the lowest es
