Bank of America’s leading, Morgan Stanley, on Wednesday said the acquisition of its profits soared up to 1.96 billion dollars in the second quarter. Better performance in business helped the company build a trading profit of 149 million dollars in the same period last year and strong gains from the first three months of 2010. Results-based company in New York came supported an increase in revenues 53 per cent to 7.95 billions of dollars versus the same period of last year. That was offset by 361 million dollars to pay for the cost of a new British tax on bonuses.

“The challenging market this quarter … we will strengthen the leading market position in investment banking business that focuses on our clients (and) improve the flow of clients in sales and trading,” said CEO James Gorman. But he warned that the decline continued in many major economies will present difficulties. “We still have a lot of work to be done across our global franchise and anticipates that the difficult market environment can continue in coming months,” he said.