U.S. investment bank Morgan Stanley (MS) has reported strong second quarter earnings that beat the expectations of analysts on both the top and bottom lines.
The company reported earnings per share (EPS) of $1.24, which was better than the consensus Wall Street expectation for $1.15, according to Refinitiv data.
Revenue in the April through June period totaled $13.46 billion U.S. versus $13.08 billion U.S. that had been anticipated by analysts who track the company’s progress.
Morgan Stanley chief executive officer (CEO) James Gorman has focused on wealth management, which has helped the investment bank achieve steady earnings relative to many of its Wall Street peers.
However, Gorman, who has led Morgan Stanley since 2010, announced in May that he plans to retire within a year, setting off a succession race at the bank.
Morgan Stanley’s strong Q2 print continues a string of successful earnings from America’s top banks.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) have each reported better-than-expected financial results in recent days.
Investment bank Goldman Sachs (GS) wraps up earnings from the big U.S. banks on July 19.
Morgan Stanley’s stock has gained 10% over the last 12 months to trade at $86.37 U.S. per share.
