by Christopher Freeburn | July 18, 2013 11:48 am
Shares of Morgan Stanley (MS) surged more than 5% in Thursday morning trading after the investment bank posted better-than-expected quarterly results and announced a share buyback.
During the second quarter, the bank reported adjusted earnings of $872 million. EPS for the quarter came in at 45 cents, topping the 43 cents expected by analysts, the New York Times noted.
Adjusted quarterly revenue jumped from $6.6 billion during the same period last year, to $8.3 billion this year.
Morgan Stanley also indicated that it would repurchase $500 million of its shares.
Earlier this year, reports circulated that Morgan Stanley CEO and Chairman James Gorman could see his compensation package for 2012 trimmed by 30% due to weak performance.
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