Here comes Morgan Stanley...

Morgan Stanley is expected to report second-quarter earnings at 7 a.m. ET Wednesday.

Analysts are expecting adjusted earnings per share of $0.60 on revenue of $8.34 billion, according to Bloomberg.

Total trading revenue is expected to come in at $3.12 billion, according to a Bloomberg survey of analysts, while investment banking revenue is expected to be $1.10 billion.

In the same quarter last year, Morgan Stanley reported earnings per share of $0.85 ($0.74 expected) on revenue of $9.7 billion ($9.14 billion expected). Excluding one-time items, earnings per share were $0.79.

In the first quarter, Morgan Stanley beat expectations, but profit dropped more than 50%. It reported diluted earnings per share of $0.55 ($0.47 expected) on revenue of $7.88 billion ($7.76 billion expected).

"The first quarter was characterized by challenging market conditions and muted client activity," said CEO James Gorman in a statement at the time.

The big story during the second quarter was the UK's decision in June to leave the European Union, which sent shockwaves through markets and could deter central banks from raising interest rates anytime soon.

In the short term, that could be good news for banks' trading revenues, but the long term impacts are less rosy. Bank profitability is largely based on the rate at which they make loans. Lower global interest rates, in turn, negatively affect bank bottom lines.

JPMorgan, Citi, Wells Fargo, Bank of America Merrill Lynch, and Goldman Sachs have already reported second-quarter earnings.