Morgan Stanley revenues rose in the second quarter as its investment banking and wealth management divisions picked up some of the slack from a slowdown in trading.
The Wall Street bank posted revenue of $14.8bn, up 8 per cent from $13.7bn a year earlier and ahead of analysts’ estimates of $14bn, according to data compiled by Bloomberg. Earnings this quarter were flattered by the recent integration of online trading platform ETrade and money manager Eaton Vance, which Morgan Stanley acquired last year.
Morgan Stanley’s earnings per share came in at $1.85, down from $1.96 per share a year earlier. Net income was $3.5bn, up from $3.2bn a year ago.
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