Morgan Stanley reported strong Q2 results with net income of $3.5bn vs. $3.2bn for the same period a year ago. Investment banking saw revenues of $2.38bn, up 16% YoY. While fixed income revenues dipped 45% YoY to $1.68bn, its equities trading revenues were up 8% to $2.83bn. Known for its wealth management business, the division saw $6.1bn in revenues, up ~30%, bolstered by its E-Trade acquisition last year. Similarly, its investment management business saw revenues of $1.7bn vs. $886mn in Q2 2020, boosted by its Eaton Vance acquisition. CEO James Gorman said, “The Firm delivered another very strong quarter, with contributions from all of our businesses. Our Wealth and Investment Management businesses attracted $120 billion in flows and Institutional Securities generated over $7 billion in revenues.”
MS’s bonds were slightly higher – its 2.802% 2052s were up 1.35 to 99.23, yielding 2.84%.