Morgan Stanley (MS) said second-quarter profit jumped 38% from a year earlier as the Wall Street firm posted the fastest growth in trading revenue among the largest U.S. banks, while President Donald Trump’s tax cuts fattened the bottom line.
Net income rose to $2.47 billion, the New York-based company said Wednesday, July 18, in a statement. Earnings per share were $1.30, beating the average analyst estimate of $1.11 in a FactSet survey.
Like rival U.S. banks, Morgan Stanley is getting a windfall from Trump’s tax cuts in December, which slashed the firm’s effective corporate rate in the second quarter to 20.6% from 32% a year earlier. The firm also took gains in its institutional securities division, with a strong performance from trading stocks, commodities and corporate credit.
