Finance
Morgan Stanley’s Dealmaking, Trading Businesses Dent Earnings
- CEO Gorman says end of the second quarter was encouraging
- Wealth-management revenue cushions investment-banking slump
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Morgan Stanley rose the most in six months after company executives said the worst may be over for the firm’s trading and investment-banking slump.
“The more promising tone and activity seen later in the quarter across many parts of our businesses is promising,” Chief Executive Officer James Gorman said on a call with analysts to review second-quarter results. After noting that the firm started the quarter with “significant headwinds,” the CEO said it ended June “overall in a better place, with a better tone.”