Morgan Stanley beat quarterly profit expectations on Wednesday as the Wall Street investment bank capitalized on a boom in mergers and acquisitions and generated robust fees from advising on deals.
The bank’s wealth management unit also turned in a strong fourth quarter with revenue rising more than 10% to $6.25 billion.
While equity underwriting revenue was down from last year, Morgan Stanley still advised on some of the biggest initial public offerings, including Amazon-backed electric vehicle maker Rivian Automotive Inc, to generate $53 million during the quarter.
Profit rose to $3.59 billion, or $2.01 per share, in the quarter ended Dec. 31, from $3.27 billion, or $1.81 per share, a year earlier.
Read more/Source: Reuters
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