Morgan Stanley profit jumps on investment banking revival
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Morgan Stanley's profit surged in the fourth quarter, driven by a revival in investment banking, with revenue rising to $2.41 billion from $1.64 billion a year earlier. The bank reported a profit of $4.40 billion, or $2.68 per share, compared to $3.71 billion, or $2.22 per share, a year prior. This growth reflects a broader trend on Wall Street, as major transactions pushed global mergers and acquisitions past $5.1 trillion, fueled by enthusiasm over AI and Federal Reserve rate cuts. Shares rose 1.6% in premarket trading.
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