Morgan Stanley Beats Estimates as Revenue Gain Tops Rivals

Morgan Stanley reported profit that beat analysts’ estimates as a jump in trading and brokerage fees led to the biggest revenue increase among the six largest U.S. banks.

Second-quarter net income fell 4.8 percent to $1.81 billion, or 85 cents a share, from $1.9 billion, or 92 cents, a year earlier, the New York-based company said Monday in a statement. Excluding an accounting gain, profit was 79 cents a share, topping the 74-cent average estimate of 23 analysts surveyed by Bloomberg.