Morgan Stanley beat first-quarter profit estimates on Friday, helped by record equity trading and strong wealth management results, while its CEO expressed more optimism about dealmaking than his counterparts.

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Financial services giant Morgan Stanley (MS 1.46%) reported first-quarter earning Friday, April 11, that topped analysts' consensus estimates. Earnings per diluted share (EPS) of

Morgan Stanley’s chief executive, Ted Pick, said some clients are putting deals on hold but not canceling them, and he is still optimistic that recession can be avoided. “Largely what we’re seeing is some folks still going,

Shares of Morgan Stanley, like those of its peers, have whipsawed in recent days amid President Donald Trump’s trade policies.

Morgan Stanley beat first-quarter profit estimates on strength in equity trading and wealth management, sending its shares up 1.9% before the bell on Friday. The bank on Friday posted a profit of $4.3 billion,

The bank’s profit increased to $4.32 billion in the first three months of the year, or $2.60 per share, surpassing the $2.18 per share analysts expected.

The New York-based company said it had earnings of $2.60 per share. The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.

Investment banks are wracking up revenue from wild market swings on President Trump’s pronouncements on tariffs. And that’s not even counting since “Liberation Day.” JPMorgan and Morgan Stanley both got huge boosts in their businesses helping clients trade equities in the first quarter,