Goldman Sachs may have calmed some fears, but Wall Street continues to be a very nervous place.

There were no bombshells or surprises in Morgan Stanley's second-quarter results. Earnings tumbled 60 percent, yet were still slightly better than analysts' forecasts.

Revenue, however, came in a little shy of estimates and that has worried some about whether the Street can ever revive the money-making machine.

Net revenue, or revenue minus interest expenses, fell 38 percent, to $6.51 billion. The results were helped by the sale of some holdings:  $698 million from the sale of its Spanish onshore mass affluent wealth management business, and $732 million related to the secondary offering of MSCI.

Revenue from equity sales and trading declined 11 percent. Revenue from fixed income, with credit markets still trying to recovery from their paralysis, tumbled 85 percent, to $414 million.

Its asset management business had a pre-tax loss of $227 million, compared with pre-tax earnings of $303 million in the quarter a year ago.

"Given the turbulent environment this quarter, we stayed close to shore and continued strengthening the firm's capital and liquidity positions, John Mack, Morgan Stanley's chief executive, said.

Like other Wall Street firms, Morgan Stanley has been shaking up the executive suite, getting smaller, shoring up capital and liquidity.  For the quarter, it is taking severance expenses of $245 million.

The question for Morgan Stanley is where —with credit markets shaky and deal making soft—it is going to find real growth.