Morgan Stanley reported record second-quarter revenue and profit that exceeded Wall Street expectations, driven by strength across its institutional securities, wealth management, and investment management businesses. The bank posted earnings per diluted share of $3.46 on net revenue of $21.35 billion, surpassing analysts' estimates of $2.93 per share on revenue of $19.63 billion. Net income attributable to Morgan Stanley rose to $5.58 billion from $3.54 billion a year earlier, while return on tangible common equity increased to 26.6% from 18.2%. Institutional Securities generated record revenue of $11.04 billion, Wealth Management reported record revenue of $8.86 billion and attracted a record $148.1 billion in net new assets, and Investment Management revenue rose to $1.65 billion. Total client assets across wealth and investment management reached $10 trillion.
Morgan StanleyRecord revenue and profit beat estimates, driven by strong business performance.