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 Capital Market
Operator
Good morning. Welcome to Morgan Stanley's Third Quarter 2023 Earnings Call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. 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. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.
I will now turn the call over to Chairman and Chief Executive Officer, James Gorman.
James Gorman
Thank you. Good morning, everyone. Thanks all for joining us. As anticipated, the market environment in aggregate remained mixed continuing a pattern we've seen over the past several quarters. Notwithstanding, the net result for Morgan Stanley was regenerated $13 billion, a little over $13 billion in revenues, $2.3 billion in net income, and ROTCE of 13.5%.
The concerns around a tight employment market, high commodity prices, inflationary pressures that may impact Fed policy provide additional challenges later in the quarter. But we are seeing increasing evidence of M&A and underwriting calendars that are building and while we expect momentum to continue this year, given the fourth quarter has some seasonal considerations, we expect most of the activity to materialize in 2024. Meanwhile, it's our job to control what we can control.
Firstly, we successfully completed the E-Trade integration this quarter. That was a massive undertaking, and the expenses relating to that have been bleeding through the P&L for a couple of years, it involved us migrating 14 million accounts onto our platform and honestly it went incredibly well, really a seamless performance by the team. This conversion allows us to further execute on our strategy, building our revenue synergies across channels, and attracting clients to our best-in-class advice offering.