And we're talking about how hot M&A has been and how hot, you know, and IPOs have been this year too. Well I mean, you mentioned Goldman Sachs there. So those are some of the main takeaways, and happy to go into more detail. So looking at Goldman tomorrow, we expect a lot of the same things, think they're going to have a pretty nice upside. But that's less of a story for Morgan Stanley and Goldman Sachs tomorrow. The outlook there, I think, it'll still be stop and start. And then your bigger picture of loan growth for the banking industry, we're not as constructive around. They've done a number of acquisitions right e-trade and some of the other things that they've done strategically are driving that growth.īut, you know, I think that there's still a lot of runway ahead for Morgan Stanley on the Wealth Management loan balance side. Again, in the third quarter, so seeing really good momentum there.
You know, their Wealth Management loans are up over 30% year over year. They're having terrific success in wealth management. The other point on loan growth, Morgan Stanley is a little bit of an outlier. And this is going to be a better outlook than people appreciate. And then you have some momentum into the beginning of next year where I feel like people have to take numbers up. Fourth quarter is going to be even better, it should be. And so that's going to drive a lot of revenues as we think about of kind of heading into year round and beginning of next year. If you look at all the SPAC deals that were announced early in 2021, a lot of those are still working through the system. So that revenue line is going to get better. So deals are going to close in the fourth quarter, first quarter, second quarter of next year. So that gives you some context here that the backdrop is just incredibly constructive, and you make the majority of your revenues when deals closed. If you go back to 2007, that's when you had the record year for M&A. M&A announcements in the third quarter were up over 30% year over year, $6.5 trillion annualized volume. You know, the next few quarters you've got really good line of sight into the revenue outlook. And it's going to get better than people think. So I think that's an important point and a positive takeaway from the quarter.īut then, again, on investment banking, as Brian mentioned, advisory revenues and overall investment banking revenues- we're kind of in a record environment right now, and I would argue is going to get better. And I think that speaks a little bit to some structural changes that are happening in the market and also the fact that some of the largest and best firms like Morgan Stanley are taking market share. Trading, there wasn't a lot of macro volatility in the market yet trading continues to hang in. And you're just not seeing that right now. And so you know, it can be a quieter quarter for trading and investment banking results. So first of all, you know, the third quarter is typically seasonally slow. Please note comments are moderated before publication.DEVIN RYAN: Sure. Got a comment? Leave your thoughts in the comments section, below. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. From market futures to live price updates CNBC is the leader in business news worldwide.
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