Another Banner QuarterThe Federal Deposit Insurance Corp. reported that the U.S. banking industry earned a record $42.2 billion during the second quarter, increasing from $40.3 billion in the first quarter and $34.4 billion during the second quarter of 2012. The industry's net interest income declined to $103.7 billion during the second quarter from $104.0 billion the previous quarter and $105.4 billion a year earlier. The industry's second-quarter net interest margin was 3.26%, declining from 3.27% in the second quarter and 3.46% a year earlier.
Morgan StanleyMorgan Stanley's shares have returned 37% this year following a return of 28% for 2012. The shares trade just below their reported June 30 tangible book value of $26.27, and for 10 times the consensus 2014 earnings estimate of $2.58 a share, among analysts polled by Thomson Reuters. The consensus 2015 EPS estimate is $2.92. Please see TheStreet's earnings coverage for a review of Morgan Stanley's second-quarter results, which included the firm's acquisition of Citigroup's ( C) remaining stake in the companies' retail brokerage joint venture.
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