Morgan Stanley tops estimates on stronger-than-expected trading and investment banking

The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.

Shares of the bank had declined earlier in the session after the bank’s wealth management division missed estimates on a decline in interest income. They were up less than 1% on Tuesday.

Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.

Source: CNBC