Morgan Stanley & Co., the last of the U.S. big banks to report its second-quarter earnings, said that profits gained on higher trading revenues, bucking a trend reported by other banks last week. Net income of $1.96 billion, or $1.09 per share exceeded the expectations of Wall Street analysts.
“We still have a great deal of work to do across our global franchise and anticipate that the difficult market environment may continue in the months ahead,” said Chief Executive James Gorman in a statement. “That said, we believe that regulatory reforms are a key step toward restoring trust in the industry and the markets.” The new Wall Street reform bill signed recently into law is expected to impact Morgan Stanley’s trading business, especially trading and issuing derivative securities.
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