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Morgan Stanley posted a record quarterly profit on Thursday that blew past analysts' expectations as another of Wall Street's big investment banks gained from huge swings in financial markets due to the coronavirus crisis.
The bank wrapped up second-quarter results for the big US lenders that shook out along expected lines. Trading powerhouses Morgan Stanley and Goldman Sachs performed better than Main Street rivals JPMorgan Chase, Bank of America and Citigroup, which had to build massive reserves for loans that may go bust.
Morgan Stanley Chief Executive Officer James Gorman, like other Wall Street executives this week, cautioned that the bank's
