Morgan Stanley beats estimates on record wealth management revenue

Morgan Stanley reported second-quarter earnings before the opening bell Tuesday.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings: $1.24 a share, may not compare with expected $1.15 per share
• Revenue: $13.46 billion vs. expected $13.08 billion

Under CEO James Gorman, Morgan Stanley’s reliance on wealth management has helped its steady earnings and boosted its valuation relative to peers. Gorman, who took over the firm in 2010, said in May he was preparing to step down within a year, setting off a succession race at the Wall Street powerhouse.

The company’s shares are up slightly this year, compared with the about 20% decline of the KBW Bank Index.

On Friday, JPMorgan Chase, Citigroup and Wells Fargo each posted earnings that topped analysts’ expectations amid higher interest rates. Goldman Sachs wraps up big bank earnings Wednesday.

This story is developing. Please check back for updates.