Morgan Stanley earnings up 66pc in second quarter

Suzie Neuwirth

MORGAN Stanley today posted second quarter net income of $980m (£645m), up 66 per cent year-on-year and beating analysts' estimates.

The US investment bank saw revenue and profit growth in all five major business units, but a particularly strong performance in trading, investment banking and wealth management over the period, said chairman and chief executive James P. Gorman.

Investment banks have reported surprisingly strong second quarter results this week. Yesterday Goldman Sachs said profits had more than doubled in the second quarter, thanks to higher revenues from debt underwriting and investments.