Morgan Stanley's Surging Profits Driven by Wealth Management

Morgan Stanley's second-quarter profit beat estimates, driven by growth in its wealth management business, which offset lower trading revenue. The bank's shares rose over 6% despite a 14% drop in profits. The wealth management unit's net revenue reached a record high of $6.7 billion, gaining almost $90 billion in new assets. While trading revenues declined due to subdued markets, the bank's CFO expressed optimism about a recovery in investment banking. Morgan Stanley's board is focusing on selecting a successor for CEO James Gorman, who announced his departure in May.