Morgan Stanley’s Dealmakers Post Biggest Gains on Wall Street

Morgan Stanley is putting Ted Pick in charge of the firm’s investment bank with momentum in his favor. The business posted the biggest second-quarter revenue increase on Wall Street Wednesday, and the firm’s trading operation topped analysts’ estimates. Chief Executive Officer James Gorman named Pick, 49, head of the banking and trading division earlier this month after he led the equities business to a top rating for the past four years and helped turn around the fixed-income unit.