Morgan Stanley on Thursday posted second-quarter results that blew past analysts’ estimates on stronger-than-expected trading revenue. Revenue climbed roughly 30% to a record US$13.4 billion, a surprise increase that exceeded expectations by a full US$3 billion. Fixed income traders had a blowout quarter, posting a nearly 170 percent revenue increase to US$3.03 billion. Under Chief Executive, James Gorman, Morgan Stanley has emphasized its wealth management division to provide a steady and growing source of revenue. Wealth management generated a surprise 6 percent increase in revenue to US$4.68 billion, fueled by an uptick in transaction fees.

Source: The Standard July 16, 2020 14:37 UTC