“and with the passage of time, we seek to grow standalone wealth assets from the current $8 trillion-$10 trillion.”

In context

“Ted Pick: Morning. Thank you for joining us. In the second quarter, Morgan Stanley again delivered top-line and bottom-line record results, with revenues exceeding $21 billion and EPS of $3.46, marking an exceptional first half for 2026. $42 billion of revenue, $6.90 in EPS, and a 27% return on tangible. Across Wealth and Investment Management, total client assets stand at $10 trillion, fulfilling a Morgan Stanley strategic milestone. Our client acquisition funnel will continue to drive Wealth Management's superb performance, and with the passage of time, we seek to grow standalone wealth assets from the current $8 trillion-$10 trillion. Buoyed by active markets, our results reflect multiple years of disciplined investment and consistent execution, positioning the integrated firm to deliver strong results. Our advice-based businesses are working well together across our leading Global Investment Bank and scaled Wealth and Asset Management franchises to deliver industry-leading growth. In Institutional Securities, our deep client relationships, global footprint, and connectivity across businesses drove a record top-line quarter of $11 billion. Dialogue with clients remains high and strategic activity has momentum. In Investment Banking, Morgan Stanley led landmark IPOs in the quarter while helping unlock broader client pipelines. As institutional clients sought access to global markets, our equities franchise provided client solutions around the world, resulting in an exceptional $6.3 billion quarter. With institutional activity strong and IPO markets open, Morgan Stanley connected the integrated firm to translate institutional strength into client value through our advisor-led and E*TRADE channels. Wealth Management added a record $148 billion in organic net new assets, driven by large IPOs of late-stage private workplace clients. Growth led by workplace relationships reflects a cornerstone of our client acquisition funnel. Our ability to serve clients across the private-to-public continuum continues to attract assets to our world-class platform, delivering unique products, solutions, and advice. Investment Management also grew in the quarter, with AUM now reaching $2 trillion. This business remains a diversified source of strength, with Parametric as an important differentiator of the integrated firm. The four pillars of Morgan Stanley, strategy, culture, financial strength, and growth, remain central to how we run the firm. Financial strength is top of mind. Over the last 10 quarters, we've accreted $18 billion of CET1 capital and now have a capital cushion that is at least 300 basis points, with continuing stress test validation of our durable business model. This excess capital affords Morgan Stanley the strategic flexibility to continue to support clients globally, invest in our businesses, and return capital to our shareholders. This quarter, we delivered on all three of those priorities, including announcing a 15% increase in our quarterly dividend to $1.15 per share. During the last 10 quarters, we have sharpened the effectiveness and connectivity of the integrated firm's core mission, which is to be the preeminent advisor to clients as they raise, manage, and allocate capital. We have a 15-year record of successfully integrating acquisitions, and we are, as a discipline, constantly evaluating potential inorganic opportunities to expand and attract to geographies, bolt on new capabilities, add new client relationships. As we've learned through hard-fought integration success, strategic rationale and cultural fit continue to be threshold criteria for any inorganic opportunity even before we consider transaction terms. So the bar must remain high. The very good news is that we are well-placed across two major businesses, global investment banking and markets, and U.S.-dominated wealth and asset management, where the core addressable markets in the current environment are growing at nominal GDP plus, and where we continue to realize wallet share gains. The integrated firm approach underscores that the organic growth opportunities right in front of us are compelling and deserve the first dollar of reinvestment. As I wrote in our March shareholder letter, two defining themes have come into sharper focus over the course of 2026. The first is the accelerating adoption of artificial intelligence, not only by consumers but more importantly across the enterprise, where its potential for enhanced efficiencies and productivity is only beginning to be realized. The second is the return of geopolitics as a defining force in the global economy, as renewed competition among nation-states and regional powers is reshaping supply chains, capital allocation, and economic prospects across our client universe. These are the known unknowns that will continue to shape the environment in which we and our clients operate. They demand disciplined execution and the agility to adapt as conditions evolve. We continue to be well-minded to proceed alongside our clients with the right combination of optimism and vigilance. Morgan Stanley enters the second half of 2026 operating from a position of strength. Our clients, retail and institutional, are seeking advice on how to respond to complicated global markets and are interested in new products and innovation. Our role as financier, underwriter, allocator is to offer our clients market access and trusted advice globally. Morgan Stanley's first half performance demonstrates our business model's operating leverage when markets are receptive and clients take action. With a clear and consistent strategy to raise, manage and allocate capital for our clients. We continue to be intensely focused on delivering higher highs and importantly, higher lows for our shareholders through the economic cycle. Thank you, and Sharon will now take us through the quarter in greater detail. Over to you, Sharon.”