What drove MS's EPS growth in 2024?

Morgan Stanley's (MS) EPS grew significantly in 2024, primarily driven by strong performances across its business segments, particularly in Institutional Securities and Wealth Management:

1. **Institutional Securities**: This segment saw net revenues surge to $28.1 billion, up from $25.8 billion in the previous year. Key drivers included:
- Increased client activity and improved market conditions led to higher revenues from trading and investment banking activities.
- Equity trading revenue jumped 51% to $3.3 billion, while fixed income trading revenue rose 35% to $1.9 billion.
2. **Wealth Management**: Net revenues reached $28.4 billion, up from $26.8 billion in 2023. Key contributors were:
- Record asset management revenues and higher transactional activity supported a 13% year-over-year growth in revenue.
- The company's focus on wealth management and investment management was a key factor in its strong financial performance.
3. **Investment Management**: Net revenues increased to $5.9 billion, up from $5.3 billion in the prior year. This growth was supported by higher average assets under management.

Overall, Morgan Stanley's diversified business model and strong performance across segments contributed to its EPS growth in 2024.