New York • Morgan Stanley said Thursday its quarterly profit more than doubled, thanks to strong performances from its investment banking and money-management units.
Second-quarter net income jumped to $1.88 billion from $900 million a year earlier, after excluding an accounting gain.
Adjusted for that gain and a big tax benefit, Morgan Stanley's quarterly earnings worked out to 60 cents per share, beating the average prediction of 55 cents from analysts polled by FactSet.
Wall Street's banks were expected to turn in weak results this earnings season. Markets have turned relatively calm this year and trading activity has dried up, creating a tough environment for traders to make money.