Morgan Stanley reported first-quarter earnings before the opening bell Friday. 

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Earnings: $2.60 a share, vs. expected $2.20 a share

• Revenue: $17.74 billion, vs. expected $16.58 billion

Shares of Morgan Stanley, like those of its peers, have whipsawed in recent days as President Donald Trump’s trade policies have increased concern that the U.S. was headed for a recession.

The bank’s massive wealth management business will be helped by high stock market values in the first quarter, which inflates the management fees it collects.

Analysts will want to ask about the outlook for investment banking activity, which may be curtailed amid the tensions.

Morgan Stanley shares jumped 3%.