Morgan Stanley reported better profits and revenue for the second quarter than expected, thanks to good results in trading and investment banking.
Key Numbers Earnings, Revenue
| Earnings | $1.82 per share (expected: $1.65) |
| Revenue | $15.02 billion (expected: $14.3 billion) |
Why It Happened?
Morgan Stanley‘s focus on Wall Street helped. The bank’s large wealth management division benefited from high stock market values, which increased the fees it collects. Investment banking also improved after a poor 2023.
Other Banks Did Well Too?
Last week, JPMorgan Chase, Wells Fargo, and Citigroup all reported higher-than-expected revenue and profit. Goldman Sachs also did better than expected on Monday, thanks to a recovery in Wall Street activities.
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