00:00So the story so far this morning for bank earnings, BlackRock, Wall Street, record AUM for them north of 15
00:07trillion dollars.
00:08BNY, record revenue. We saw this yesterday as well. J.P. Morgan, record revenue. Bank of America, record stock trading.
00:14Goldman Sachs, smashing Wall Street records. So when you get to Morgan Stanley, you're not expecting anything different.
00:20This is what we got. Wealth management for the second quarter, net revenue 8.86 billion. The estimate, 8.68
00:26billion.
00:27The B, equity trading revenue, 6.3 billion. The estimate, 4.47 billion. They smashed it too.
00:35The stock is higher by 1.5% on the session, on the year up by about 30%.
00:40Yeah, so right now all the trading volumes coming in well north of 25 billion dollars for all the major
00:45banks led by equities trading.
00:48All of that rotation under the surface, the paddling duck that Amy Wu Silverman of RBC talks about has been
00:54a complete boon for the banks,
00:55particularly those that have been on the underwriting side of a lot of these IPOs and share sales in general.
01:03Morgan Stanley and Goldman Sachs together have generated some almost 14 billion dollars of just equities trading revenue for this
01:10quarter.
01:11The number is absolutely shocking. Record across the board.
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