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Morgan Stanley MS earnings Q1 2020

CEO of Morgan Stanley James Gorman speaks on May 6, 2014 in New York.

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Morgan Stanley is set to report first-quarter earnings before the opening bell on Thursday.

Here’s what Wall Street expects:

Earnings: $1.14 a share, 18{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} lower than a year earlier, according to Refinitiv

Revenue: $9.73 billion, 5.4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} lower than a year earlier

Wealth management: $4.28 billion, according to FactSet

Trading: Equities $2.23 billion, fixed Income $1.71 billion

How did Morgan Stanley fare amid the start of the coronavirus pandemic?

Under Chief Executive Officer James Gorman, Morgan Stanley has emphasized its wealth management division as a steadier business than its trading operations.

But Morgan Stanley still has the biggest stock trading business on Wall Street, and rivals have reported large gains from trading during a volatile first quarter.

Analysts will be curious if Gorman changes any of the performance goals the bank announced in January. The bank said it would hit companywide returns of 13{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} within two years, and 15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 17{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} beyond that.

Analysts will also want to hear about the $13 billion takeover of E-Trade that Morgan Stanley disclosed in February.

Morgan Stanley is the last of the six largest U.S. banks to report results. JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup all posted sharp declines in profit tied to the coronavirus pandemic.

This story is developing. Please check back for updates.

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