Q3 2019 Morgan Stanley Earnings Call Transcript
Good morning. This is Sharon Yeshaya, Head of Investor Relations. 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 that appear on 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.
Good morning, everyone, and thank you for joining us. The firm's results in the third quarter were strong. Fee-based client assets and lending balances continued to build in Wealth Management, contributing to a 28% margin. Institutional Securities revenues were $5 billion with solid performance
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