Morgan Stanley announced Wednesday that its second-quarter profits have more than doubled the profits brought in by the firm this time last year.
The firm’s net income jumped to $1.96 billion this quarter from $928 million a year earlier.
Morgan Stanley follows a trend set by Goldman Sachs Group Inc., Lehman Brothers Holdings Inc. and Bear Stearns in posting significantly higher returns.
Morgan Stanley and its three rivals are coming off record first-quarter returns fueled by a leap in stock market trading and a renewed interest in M&A.