Morgan Stanley posts higher profit on M&A boom

Morgan Stanley on Wednesday reported a higher fourth-quarter profit, as the Wall Street investment bank capitalized on a boom in mergers and acquisitions and generated robust fees from advising on deals. 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.

Analysts on average were expecting the bank to report a profit of $1.91 per share, according to Refinitiv data.

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