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Morgan Stanley posts higher profit on M&A boom -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Morgan Stanley’s logo is visible on the New York Stock Exchange (NYSE), in Manhattan, New York City. It was taken August 3, 2021. REUTERS/Andrew Kelly

(Reuters] -Morgan Stanley announced Wednesday a 10 percent jump in fourth quarter profits as Wall Street’s investment bank capitalized on a boom for mergers and acquired and received robust fees to advise on deals.

Wall Street’s Wall Street Investment Banking Powerhouse made huge profits due to record-breaking mergers and acquisitions in the previous year.

Similar to rivals Goldman Sachs and JPMorgan Chase, (NYSE:) Morgan Stanley (NYSE) was on the forefront of the dealmaking boom. They advised on major business combinations and underwrote the largest stock exchange flotations.

From $3.27 Billion or $1.81 per shares a year prior, profit rose to $3.59Billion or $2.01 Per Share in the third quarter.

Morgan Stanley earned more than expected despite the negative effects of trading.

According to Refinitiv’s IBES data, analysts expected the bank to post a profit of $1.91 each share.

For the quarter, revenue rose to $14.52 Billion compared with $13.59 Billion in the same period last year.

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