Morgan Stanley (NYSE:MS)'s second-quarter net income rose 66%, beating analyst estimates, as the investment bank bounced back from a slump in trading revenue a year earlier.
Revenues rose 22% to $8.5bn in the three months to July. Adjusted earnings per share, which strip out the effect of an acquisition and an accounting quirk, were 45 cents a share – just above the 43 cents expected by analysts.
The bank also surprised investors by announcing it had received the go-ahead from regulators to buy back...
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