Morgan Stanley saw its fourth-quarter profits surge 48% from a year earlier, as the Wall Street bank benefited from the market’s upward swing and investors jubilation for tech stocks and IPOs late last year.
The New York-based firm posted a profit $3.39 billion, or $1.81 a share, up from $2.31 billion, or $1.30 a share, in the same period a year earlier. The results were significantly better than the $1.30-per-share profit that analysts had expected, according to FactSet.
