Morgan Stanley profit more than doubles on dealmaking, trading boom

Morgan Stanley reported a 150% jump in quarterly profit on Friday, as a global dealmaking boom boosted investment banking and heightened trading activity lifted its institutional securities division.

The Wall Street powerhouse said net income applicable to shareholders rose to $3.98 billion, or $2.19 per share, in the quarter ended March 31, from $1.59 billion, or $1.01 per share, a year ago.

Analysts were looking for a profit of $1.70 per share, according to IBES data from Refinitiv.