Morgan StanleyBefore the Thursday opening bell, is expected to release its first-quarter results. This is what Wall Street anticipates:

• Earnings are $1.68 per Share, 23% below a year prior, Refinitiv reports
• Revenues: $14.3 Billion, 8.9% less than one year ago
• Financial management: $6.18 Billion, StreetAccount
• Trading: Equities 2.72 billion Fixed Income 2.22 billion
• 1.74 Billion in Investment Banking

What was the performance of Morgan Stanley’s bankers and traders in navigating a challenging quarter? This is the question Morgan Stanley, a New York bank that gets approximately half its revenue through trading and investment banking operations, has to answer.

Wall Street banks face a steep decline in mergers-related fees, and a significant drop in IPO activity for the first quarter. These are both signs that the last year’s success was a reversal. Stock market declines, as well as Russia’s invasion in Ukraine caused the change. This made markets more difficult for transactions and public listing.

Morgan Stanley’s huge wealth management and investment divisions may be holding up, but analysts still anticipate lower stock values that will reduce the bank’s quarterly revenue.

— CNBC’s Hugh Son contributed reporting.