Morgan Stanley Doubles Its Profit

The slump in trading revenue didn't stop Morgan Stanley from doubling its profit in the second quarter from the prior year. A surge in revenue from investment banking and wealth management offset the drop in fixed income and commodities trading. Low volatility and volume hurt bond trading at the other major banks as well, but those results were better than feared. Equities trading was flat, but Morgan Stanley again managed to beat archrival Goldman Sachs on that front.

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