Morgan Stanley on Wednesday topped analysts' estimates for the second quarter, reporting earnings per share of 75 cents and revenue of $8.9 billion.
The Street was expecting earnings per share of 59 cents on $8.3 billion in revenue. In the comparable period a year ago, the bank reported 79 cents a share in earnings on $9.74 billion in revenue.
"Our results this quarter reflect solid performance in an improved but still fragile environment," CEO James Gorman said in a statement. "In the midst of market uncertainty, we maintained our leadership positions across our core franchises and continued our focus on prudent risk management and judicious expense control."
Morgan Stanley said its fixed income division posted $1.3 billion in revenue, its wealth management division added $3.8 billion in revenue and its investment banking team generated $1.1 billion in revenue.