Morgan Stanley (NYSE:MS) Q3 2023 Earnings Conference Call October 18, 2023 8:30 AM ET Company Participants James Gorman - Chairman and Chief Executive Officer Sharon Yeshaya - Chief Financial Officer Conference Call Participants Christian Bolu - Autonomous Research Glenn Schorr - Evercore ISI Ebrahim Poonawala - Bank of America Dan Fannon - Jefferies Steven Chubak - Wolfe Research Devin Ryan - JMP Securities Brennan Hawken - UBS Jim Mitchell - Seaport Global Mike Mayo - Wells Fargo Gerard Cassidy - RBC Capi ...

Good morning. On behalf of Morgan Stanley, I will begin the call with the following disclaimer. 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. Please refer to our notices regarding forward-looking statements and non-GAAP measures ...

Good morning. On behalf of Morgan Stanley, I will begin the call with the following disclaimer. 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 risk and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures ...

行业或公司 * **公司**：摩根士丹利（Morgan Stanley，NYSE: MS） * **行业**：金融服务 核心观点和论据 1. **财富管理业务表现强劲**：财富管理在第二季度创造了近60亿美元的营收，占公司总营收的近45%。[序号3] 2. **客户行为理性且积极寻找机会**：在市场波动和不确定性增加的背景下，客户表现出理性行为，并积极寻找固定收益市场中的机会和另类投资。[序号4] 3. **净新增资产强劲**：尽管市场波动和客户相关税收提取，财富管理在上一季度实现了超过500亿美元的净新增资产，今年上半年累计达到1950亿美元。[序号5] 4. **多渠道战略**：摩根士丹利财富管理采用多渠道战略，包括自我驱动、职场和全面咨询服务，以满足不同客户的需求。[序号10] 5. **客户关系管理**：通过“基因组”项目，摩根士丹利致力于深入了解每位客户，并通过个性化服务来深化客户关系。[序号14] 6. **增长机会**：摩根士丹利在股票计划管理、机构咨询和家庭办公室等领域看到了增长机会。[序号16] 7. **盈利能力目标**：财富管理业务的目标是达到30%以上的税前利润率。[序号22] 8. **贷款和存款趋势**：摩根士丹利预计2022年贷款增长将达到220亿美元，存款将保持稳定。[序号18] 9. **收入与市场相关性**：财富管理业务表现出弹性，即使在市场表现不佳的情况下也能实现稳健的收入和利润。[序号20] 10. **投资银行业务**：投资银行业务在夏季表现低迷，但预计将在市场稳定后恢复。[序号24] 11. **成本控制**：摩根士丹利在成本控制方面表现出纪律性，并继续投资于业务增长。[序号25] 12. **资本管理**：摩根士丹利将继续进行股票回购，并保持资本灵活性。[序号26] 其他重要内容 1. **前瞻性声明**：本次讨论可能包含前瞻性陈述，反映摩根士丹利管理层的当前估计，并受风险和不确定性影响，可能导致实际结果与预期存在重大差异。[序号2] 2. **风险因素**：摩根士丹利不承担更新前瞻性声明的义务。[序号2] 3. **会议参与者**：本次电话会议的参与者包括摩根士丹利财富管理联席总裁兼财富管理负责人安迪·萨佩斯坦和未透露身份的分析师。[序号1] 4. **会议时间**：2022年9月13日晚上11:15（东部时间）。[序号1]