Beats consensus estimate of $1.16.
Q2 net revenue of $10.2B declines from $10.6B a year ago, exceeds the average analyst estimate of $10.0B.
Institutional Securities revenue fell 11% Y/Y to $5.11B slipped, with investment banking revenue of $1.47B down 13% Y/Y and sales & trading revenue of $3.30B down 12%.
Wealth Management net revenue of $4.41B increased 1.9% Y/Y; f-based client assets of $1.16B vs. $1.08B a year ago; fee-based asset flows of $9.8B vs. $15.3B a year ago.
Investment Management revenue of $839M rose 21% Y/Y; AUM of $497B increased from $474B; long-term net flows of $4.9B increased from $3.5B a year ago.
Q2 return on average tangible common equity of 11.2% vs. 12.5% in Q1 and 12.5% in the year-ago quarter.
Tangible book value per common shares of $38.44 at June 30, 2019 vs. $37.62 at March 31, 2019.
Conference call at 8:30 AM.
Previously: Morgan Stanley EPS beats by $0.07, beats on revenue (July 18)
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