Morgan Stanley is set to report second-quarter earnings – here’s what the Street expects

Morgan Stanley is set to report second-quarter earnings before the opening bell on Wednesday.

Here’s what Wall Street expects:

Earnings: $1.11 per share, a 28 percent increase from a year earlier, according to the average analyst estimate compiled by Thomson Reuters.

Revenue: $10.1 billion, a 6.3 percent increase from a year earlier, according to the average analyst estimate compiled by Thomson Reuters.

Wealth management: $4.43 billion, according to FactSet

Trading: $3.58 billion, according to FactSet

Under Chief Executive Officer James Gorman, 59, Morgan Stanley has emphasized its wealth-management division, a far steadier business than trading operations. He has also overhauled its fixed-income business, moves that helped the firm eclipse rival Goldman Sachs in market capitalization earlier this year. The executive behind that bond-trading rebound, Ted Pick, was promoted this month to gain oversight of investment-banking activities.

Still, the firm was forced last month to maintain its capital-return plans unchanged from last year after fumbling a key part of its annual stress test. Morgan Stanley shares are down 6.2 percent this year, under-performing the KBW Bank Index, which is almost unchanged.

This story is developing. Please check back for updates.

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