On an unadjusted basis, Morgan Stanley's securities sales and trading revenue grew to $2.965 billion in the first quarter from $1.667 billion in the fourth quarter and $2.282 billion in the first quarter of 2012. Underwriting revenue totaled $694 million in the first quarter, declining from $772 million the previous quarter and $538 million a year earlier.

Morgan Stanley CEO James Gorman said "in Global Wealth Management, our operating pre-tax profit was the highest in our history, and we look forward to completing the acquisition of the remaining 35% of our wealth management joint venture once we have obtained full regulatory approval." The company has agreed to purchase the remaining 35% stake of the former Morgan Stanley Smith Barney joint venture with Citigroup ( C).

The Global Wealth Management unit's revenue increased 4% sequentially and 5% year-over-year, to $3.470 billion in the first quarter.

Atlantic Equities analyst Richard Staite said in a note to clients that Morgan Stanley's first-quarter results were actually "broadly in line" with estimates, since they included a tax benefit of $142 million, or 7 cents a share.

Please see TheStreet's earnings coverage for a full rundown of Morgan Stanley's first quarter, along with analysts' reaction.

Morgan Stanley's shares have returned 6% this year, following a 28% return during 2012. The shares trade for 0.7 times their reported March 31 tangible book value of $27.39, and for 8.0 times the consensus 2014 EPS estimate of $2.54. The consensus 2013 EPS estimate is $2.10.

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Bank of America

Shares of Bank of America were down again on Thursday following a 5% decline on Wednesday, after the company announced disappointing first-quarter results.

Bank of America on Wednesday reported a first-quarter profit of $2.6 billion, or 20 cents a share, increasing from $732 million, or 3 cents a share in the fourth quarter, and $653 million, or 3 cents a share, in the first quarter of 2012. The fourth quarter reflected $2.5 billion in costs for independent foreclosure reviews, and $2.7 billion in charges related to the company's mortgage putback settlement of a long-term dispute with Fannie Mae ( FNMA).

Bank of America's first-quarter revenue totaled $23.7 billion, increasing from $22.5 billion a year earlier, and coming in ahead of the consensus estimate of $23.41 billion.

The Fannie Mae settlement led to a great reduction in the outstanding mortgage repurchase claims against Bank of America. Investors' mortgage repurchase claims against the company totaled $28.3 billion as of Dec. 31. Bank of Americas fourth-quarter earnings presentation implied that the Fannie Mae settlement would reduce the putback claims by roughly $12.2 billion, leaving about $16.1 billion in claims.

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