Morgan Stanley said Q2 2026 equities trading revenue rose to $6.3bn, up 69% YoY,
a quarterly record driven by stronger market activity and sustained volatility.
Wealth management net new assets were $148.1bn, well above analyst expectations.
Equity underwriting fees from the record SpaceX IPO, which Morgan Stanley co-led
with Goldman Sachs, reached $851m, up 70% YoY, lifting total investment banking
fees to $2.44bn. Peer banks JPMorgan, Goldman Sachs, BofA and Citigroup also
reported stronger-than-expected equities trading results and, in several cases,
record quarterly highs.