Morgan Stanley reported a 15 per cent increase in second-quarter profits, boosted by higher revenues at its flagship wealth management business and gains at its trading division.
The bank on Wednesday reported net income of $3.5bn for the three months to the end of June, beating analyst estimates of $3.2bn.
The Wall Street bank said its wealth management business, which has about $6tn in client assets, was boosted by “higher levels of client activity” during the quarter, with revenues at the division jumping 14 per cent to $7.8bn compared with the same period last year.
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