Morgan Stanley tops Q2 estimates with record revenue and profit

Morgan Stanley reported record second quarter revenue and profit, exceeding analysts' expectations with earnings per diluted share of $3.46 on net revenue of $21.35 billion. The bank's Institutional Securities, Wealth Management, and Investment Management businesses drove the strength, with record revenue in both Institutional Securities and Wealth Management. Net income attributable to Morgan Stanley rose to $5.58 billion.