Morgan Stanley Wealth Unit's Results Miss Estimates

What You Need To Know

• The business fell short of expectations, with $6.79 billion in revenue and net new assets of $36.4 billion in the second quarter.
• Pretax margin for the wealth unit came in at 26.8%, just behind estimates.
• Overall, the wirehouse posted $3.08 billion in net income for the quarter on $15 billion in revenue.