Morgan Stanley's Strong Investment Banking Business Boosts Revenue and Profits

Morgan Stanley reported fourth-quarter revenue of $12.9 billion, surpassing expectations, driven by strong investment banking performance. The bank's earnings per share fell short of expectations at 85 cents compared to the expected $1.01. The revenue from investment banking rose 5% from a year ago, with a 25% increase in fixed income underwriting revenue. The results were impacted by two one-time regulatory charges, and this is the first earnings report under new CEO Ted Pick.