Research · Sep 3, 2026
Morgan Stanley FY2025 revenue ~$62B (+12-14% YoY) with net income ~$15B reflecting Institutional Securities recovery (M&A advisory + equity capital markets normalizing toward FY2021 peak) plus Wealth Management margin expansion. Wealth Management client assets reached $7T+ (~$300B annual NNA) with pre-tax margin progressing from ~25% FY2022 toward 27-28% (target 30%+). Capital return ~$11-12B FY2025 (CET1 ratio declining 16% → 13.5% as accumulated capital deployed). FY2026 thesis: M&A advisory recovery continuing (advisory revenue toward FY2021 peak levels); Wealth Management margin progression toward 30% target; capital return acceleration; key risks: capital markets weakness extension, Wealth Management asset gathering deceleration vs Merrill Lynch/UBS/JPMorgan competition, recession compresses both segments.
Research · Jun 12, 2026
GS lead bookrunner on SpaceX 4x oversubscribed IPO. Single deal $300-400M net economics. Retail allocation creates underwriter risk dynamics.
Research · Jun 9, 2026
Goldman Solomon: 'no AI jobs apocalypse'. GS/JPM/MS price margin expansion (productivity) not headcount compression. Cohort positioning across three scenarios.
Research · Apr 23, 2026
Blackstone's Q1 beat and 'best year ever' IPO forecast confirm the $197B pipeline is executable, yet Goldman Sachs and Morgan Stanley trade at the same 12-13x forward multiple as JPMorgan despite deriving 18-22% of revenue from investment banking versus JPM's 7%. Long GS and MS versus JPM over six months targets 8-12% relative return as Q2 and Q3 underwriting revenue surfaces the fee differential.
Research · Apr 13, 2026
The Federal Reserve's scrutiny of banks' private credit exposure creates a divergence in financial stocks: traditional banks like JPMorgan face regulatory risks while alternative asset managers like Blackstone and Apollo stand to gain market share. This analysis ranks six financial giants based on their exposure and positioning for the coming regulatory changes.
Research · Apr 13, 2026
Morgan Stanley's launch of the lowest-cost Bitcoin ETF marks a milestone in institutional adoption, benefiting custodians like COIN and BK, exchanges CME/NDAQ, issuer MS, and proxy MSTR. Analysis ranks COIN top for its ETF custody dominance amid record volumes and diversification. Watch ETF inflows and crypto derivatives growth as key catalysts.
Research · Apr 13, 2026
See It Market's report on easing 2026 IPO bottlenecks—with SpaceX and AI unicorns leading—positions MS and GS for fee windfalls amid rebounding underwriting pipelines. Recent 20%+ IB revenue growth and healthy backlogs support bullish calls, while ARKK eyes innovation upside despite YTD lags.
Research · Apr 13, 2026
Resilient U.S. labor data ahead of PPI and Goldman earnings signals fewer Fed cuts, boosting big banks' NII. JPM, BAC, and WFC lead with strong deposits and growth guidance, while GS and COF lag on exposure.
Research · Apr 10, 2026
SEC's options roundtable agenda release advances reform talks on liquidity and fees, spotlighting ICE and CBOE's dominance amid record volumes. Brokers like SCHW/IBKR face PFOF scrutiny, but exchanges' premiums reflect growth tailwinds. Neutral outlook favors scaled players.
Research · Apr 10, 2026
Jane Fraser's NY Fed Council appointment spotlights big banks' rotating regulatory influence, with JPM, Citi, and MS best positioned for policy foresight amid flat TTM growth and weak shares. Analysis ranks six majors by exposure, metrics, and conviction. Key: NII guidance and Basel outcomes to track.
Research · Apr 10, 2026
Anchored in Morgan Stanley's insights on AI, energy, and oil driving M&A, this analyzes six firms' exposure to Q1's megadeal boom. Boutiques like Evercore and Houlihan Lokey lead conviction rankings due to high-margin advisory focus, followed by bulge-bracket giants.
Research · Apr 9, 2026
Iran conflict signals stress US short-term credit, benefiting safe Treasuries like SHY and resilient banks like JPM while pressuring leveraged names like WFC and corporate bonds like LQD. Analysis ranks 6 plays by exposure and valuation. Key metrics show banks' liquidity buffers amid recent price weakness.
Research · Apr 9, 2026
FT's April 8 warning on ECB tightening revives 2011 fears, hammering US-exposed stocks. JPM, BAC, MS, CAT, HON, and PLD—holding 13-23% Europe revenue—top the risk list amid negative returns and slowing growth. Ranked bears: BAC leads vulnerability.
