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Morgan Stanley's (MS) first-quarter 2024 earnings are expected to have been negatively impacted by weakness in its trading performance.

Morgan Stanley's stock (NYSE: MS) has lost approximately 7% YTD, as compared to the 9% rise in the S&P500 over the same period. Further, the stock price decreased 5.2% yesterday vs a 0.74% increase in the broader index.

Morgan Stanley (NYSE:MS) is expected to post a year-on-year drop in both profit and revenue for the first quarter when it reports on its last quarter's financial performance on Tuesday, April 16. The financial services firm is going into its earnings amid reports its client vetting practices are being probed by federal regulators, which saw the stock drop dramatically this week.

Morgan Stanley (MS) shares slipped more than 5% Thursday after The Wall Street Journal reported that multiple regulators are probing the investment bank's wealth management arm about its client vetting processes.

Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks.

Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too.

Gerard Cassidy, RBC Capital Markets managing director, joins 'Fast Money' to weigh in on the WSJ report that Morgan Stanley is facing a probe by federal regulators.

According to the journal, the SEC, the oak and divisions of the treasury department are all taking a look at Morgan Stanley's wealth manager and the vetting of certain clients. So this goes to the idea that the SEC has sent letters, according to the Journal, that has listed certain clients and asking about the background of those clients with potential ties to very sensitive businesses.

Morgan Stanley's stock fell 6% on Thursday afternoon after the Wall Street Journal reported its wealth management unit is under investigation by federal regulators over how it vets clients who may be at risk of laundering money.

Morgan Stanley stock fell Thursday on reports the bank faces multiple federal probes over its client vetting practices.