• Morgan Stanley surpasses analysts' expectations with strong second-quarter earnings and revenue, supported by exceptional wealth management performance. The firm's CEO, James Gorman, has strategically emphasized wealth management, leading to consistent earnings and enhancing its valuation compared to industry peers. In May, Gorman announced his plans to step down within a year, triggering a succession race within the prominent Wall Street institution.

• Gorman's impending departure adds another layer of importance, as it initiates a leadership transition that could shape the future trajectory and direction of the Wall Street powerhouse. The outcome of the succession race will be closely watched, as it could impact the firm's strategic priorities and continued success in the wealth management sector and beyond.