Morgan Stanley's profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,

Morgan Stanley’s traders beat analysts’ estimates in the fourth quarter, joining their other Wall Street rivals in reporting a strong end to the year on volatility tied to the US elections and economic data in the final months of 2024.