Morgan Stanley Is The New Goldman: James Gorman Celebrates Another Blowout Quarter

Another quarter, another impressive beat from Morgan Stanley. On the bottom line, net income was $2.4 billion, a near 40% YoY increase and easily ahead of consensus. Revenue of $10.61 billion handily topped consensus ($10.08 billion), coming in ahead of even the highest estimate, which as far as I can tell was $10.5 billion. IB revenue was $1.79 billion, well ahead of the expected $1.42 billion and also an improvement from an already solid Q1. Corporate activity was strong, with advisory reve