NEW YORK AP – Morgan Stanley said Wednesday its second-quarter net income rose to $1.58 billion, easily topping forecasts as its Smith Barney brokerage helped the bank recover from a loss a year ago.
Morgan Stanley joined other banks in reporting that its trading revenue fell from the first quarter, the result of the stock market’s spring plunge. But the company, which was hurt a year ago by a conservative trading strategy and steep losses on real estate investments, was able to beat analysts’ overall revenue and profit expectations for this latest quarter.
