Morgan Stanley slated to release third-quarter earnings

Morgan Stanley is set to report third-quarter earnings before the opening bell Wednesday.

Here's what Wall Street expects:

Earnings per share: $2.10, according to LSEGRevenue: $16.7 billion, according to LSEGInvestment Banking: $1.68 billion, according to StreetAccountTrading: Fixed Income of $2.09 billion, Equities of $3.4 billion, according to StreetAccount

If Morgan Stanley is like its peers, it will have benefited from two major tailwinds during the third quarter.

Wall Street trading desks have seen booming activity in the quarter, while investment banking continues to see a resurgence in activity for mergers and IPOs.

Stocks at or near record highs should bolster Morgan Stanley's giant wealth management division, as well.

Put together, Wall Street-centric banks like Morgan Stanley and peer Goldman Sachs are in an ideal environment.

Shares of Morgan Stanley have climbed almost 24% this year.

On Tuesday, JPMorgan Chase, Goldman, Citigroup and Wells Fargo each posted earnings that topped analysts' expectations for earnings and revenue.

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