If yesterday’s fourth quarter earnings news were any indication, 2010 looks very promising indeed for the wealth management and financial advisory businesses at a number of the US’ largest financial institutions, including Morgan Stanley, Bank of America, and Bank of New York Mellon.
If yesterday’s fourth quarter earnings news were any indication, 2010 looks very promising indeed for the wealth management and financial advisory businesses at a number of the US’ largest financial institutions, including Morgan Stanley, Bank of America, and Bank of New York Mellon.
Results, however, were not so promising at Wells Fargo, where figures for its wealth management arm showed a decline in 2009 profits from a year before.
At Morgan Stanley, fourth quarter numbers released yesterday showed an increase in revenue from the global wealth management group to $3.1 billion, compared with $1.3 billion a year ago. Profit from continuing operations stood at $231 million, compared with a loss of $51 million in the fourth quarter of last year.
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