Morgan Stanley reports sharp jump in fourth-quarter profit

Morgan Stanley's fourth-quarter profit more than doubled from a year earlier when it recorded a $1 billion tax charge due to changes in the U.S. tax law. Net income applicable to Morgan Stanley jumped to $1.53 billion, or 80 cents per share, in the fourth quarter ended Dec. 31, from $643 million, or 26 cents per share, a year earlier. On an adjusted basis, the bank earned 73 cents per share, compared with 84 cents per share a year ago. Analysts on average were looking for 89 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.