(Reuters) -Morgan Stanley’s profit increased in the fourth quarter, fueled by a wave of dealmaking and stock sale by the investment bank.
Wall Street banks benefited from a surge in mergers and acquisitions in the fourth quarter that boosted investment banking fees.
Dealmaking was also propelled by a strong U.S. economy, interest-rate cuts and expectations of lighter regulation under incoming U.S. President Donald Trump.
“We are executing against four pillars – strategy, culture, financial strength and growth – that support our integrated firm, creating long-term value for our shareholders,” CEO Ted Pick said, citing growth in investment banking and wealth management.
Morgan Stanley (NYSE:)’s investment banking revenue rose 25% to $1.64 billion, echoing results at rivals Goldman Sachs and JPMorgan, which also reported stronger profit on Wednesday.
Its earnings grew to $3.7 billion, or $2.22 per share, it said on Thursday,…
