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

Here’s what Wall Street expects:

• Earnings: $3 a share, according to LSEG
• Revenue: $19.72 billion, according to LSEG
• Investment banking: $2.1 billion, according to StreetAccount
• Trading: Equities of $4.7 billion, fixed income of $2.82 billion, according to StreetAccount

Morgan Stanley is expected to benefit from robust investment banking and trading revenue in the quarter, as rivals JPMorgan Chase and Goldman Sachs have shown in their reports this week.

Stocks were whipsawed in the first quarter on concerns over AI-led disruption and the Iran war, which may have impacted the fees collected by the firm’s massive wealth management business.  

Analysts will want to know what CEO Ted Pick has to say on the business outlook for the rest of the year as geopolitical tensions remain high.

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