Morgan Stanley, Wells Fargo Lift Q2 Wealth Revenue 13% and 13% as IPO Inflows, Recruiting Boost Assets
Updated
Updated · Wealth Management · Jul 15
Morgan Stanley, Wells Fargo Lift Q2 Wealth Revenue 13% and 13% as IPO Inflows, Recruiting Boost Assets
3 articles · Updated · Wealth Management · Jul 15
Summary
Morgan Stanley’s wealth unit brought in $8.9 billion in Q2 revenue, up from $7.9 billion a year earlier, with $148 billion of net new assets and a 30.5% pre-tax margin.
More than half of those inflows came through Morgan Stanley’s workplace channel from client IPOs, while net interest income rose to $2.2 billion on higher sweep deposits and lending growth.
Wells Fargo’s wealth and investment management revenue rose 13% to $3.8 billion, helped by a 17% jump in net interest income from lower deposit pricing and higher deposit and loan balances.
Wells said advisor hiring stayed near record levels over the past three quarters and attrition remained at record lows, even as the bank signaled broader headcount cuts through automation and efficiency moves.
The results extended a broader Q2 strength across big-bank wealth businesses, with Goldman Sachs wealth revenue up 20% to about $4.6 billion and JPMorgan’s up 19% to $6.9 billion.