US investment bank Morgan Stanley posts $1.7bn profit
July 21 , 2015
Morgan Stanley has posted a second-quarter net profit of $1.7 billion, down from the $1.8 billion reported in the previous year but better than expected.
The strong performance by the US investment bank’s wealth management unit contributed to the figures for the three months to June. Its wealth management division saw a 4.7% increase in net revenue to $3.88 billion.
Overall revenues at Morgan Stanley were up $9.7 billion in this period compared to last year’s $8.6 billion.