Morgan Stanley’s second-quarter profit topped projections, with wealth management growth offseting reduced trading revenue.

CEO James Gorman expressed optimism about the economy, stating that the company is close to the end of rate increases.

Wealth management net revenue grew 16% to $6.7 billion, and assets gained around $90 billion.

The company’s severance expenses hurt profitability, but investment banking revenue remained at $1.16 billion.