Morgan Stanley will begin £329m share repurchase as revenues beat estimates
Morgan Stanley has posted earnings per share of $0.43 for the second quarter (), which is exactly the number analysts surveyed by Bloomberg had been expecting.
Revenues rose from the first quarter, up from $8.2bn to $8.5bn, despite forecasts that these would drop to $7.9bn.
For the first time in years, the bank will be returning capital to shareholders with a $500m (£329m) share repurchase.
James P. Gorman, chairman and CEO, said:
This quarter, we saw significant year-over-year revenue growth in each of our five major business units and higher year-over-year profitability. Of particular note, Equity sales and trading results were strong across all products and regions, while Investment Banking delivered top-three rankings in announced and completed M&A, global equity offerings and global IPOs. In addition, we look forward to the full benefits of the recently completed Wealth Management acquisition.