“A resumption of investment banking activity in June highlighted that clients turned to Morgan Stanley as market windows reopen, and serve as momentum heading into the second half of 2025.”

In context

“estments in our world-class platform, including investments to support our advisers, a build-out of E-Trade capabilities and the expansion of our central workplace channel serve as an engine for future growth. In Investment Management, our leading -- industry-leading parametric platform as well as strong Fixed Income strategies have successfully positioned this business to achieve consistent long-term inflows, generating a positive $11 billion in the second quarter. Our Institutional franchise delivered revenues of $7.6 billion supported by our leading equities markets business that reached $3.7 billion top line. Despite a slowdown in strategic and capital markets activity for half of the quarter, our multiyear investments in our client franchise and global footprint are yielding results. A resumption of investment banking activity in June highlighted that clients turned to Morgan Stanley as market windows reopen, and serve as momentum heading into the second half of 2025. Board rooms appear more accepting of ongoing uncertainty broadly, and we are leaning into our strategy to help clients navigate bouts of volatility. While we're still in the earlier stages of the Investment Banking recovery, the outstanding performance in equity underwriting this quarter is a positive leading indicator. Further, while there's clearly more work to do we are beginning to see bank regulatory reform progress. The new SLR proposal and potential for CCAR reform suggests the regulatory body continues to constructively reevaluate the total capital framework. With a CET1 ratio of 15%, we are 200 basis points plus above our forward capital requirement, which affords us ongoing flexibility to deploy capital. We now have a $1 per share dividend. Incremental capital deployment will ra”