Morgan Stanley is gaining ground after a record-setting quarter

• Morgan Stanley reported earnings of $1.45 per share Wednesday morning, well ahead of the expected $1.28.
• The bank said it set new records for revenue and adjusted net income, as well as its equities and wealth management businesses.
• Follow Morgan Stanley's stock price in real-time here.

Shares of Morgan Stanley popped more than 2.5% Wednesday morning after the bank posted a big earnings beat.

Here are the key numbers (emphasis added):

• Revenue: $11.1 billion, up 14% from last year and a record. (Analysts had expected $10.36 billion).
• Adjusted net income: $2.7 billion, up 38% from last year, and also a record. (Analysts had expected $2.23 billion).
• Equities: Revenues of $2.6 billion, up 27% from last year and a record.
• Fixed income: Revenues of $1.9 billion, the highest number since the first quarter of 2015.
• Investment banking: Revenues of $1.5 billion, up from $1.4 billion a year earlier, with advisory and equity underwriting fees up.
• Wealth Management: Revenues of $4.4 billion, and record pre-tax income of $1.2 billion.

"It shouldn't surprise anyone as it's now become the norm: With Morgan Stanley, there is always something good under the bank's earnings tree," Axel Pierron, managing director at Opimas, a capital markets consultancy, said in an email. "Morgan Stanley's earnings have again beaten market expectations."

Shares of the bank, which has $126.9 billion in assets, are up 5% since the beginning of 2018.

Most other Wall Street banks have also reported stellar first quarter results. You can find their individual earnings reports here:

• Goldman Sachs
• Bank of America
• Citigroup
• JPMorgan

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