NEW YORK, Jan. 16 (Xinhua) -- U.S. multinational investment bank and financial services company Morgan Stanley's fourth-quarter profit more than doubled, boosted by trading revenue that came in well ahead of estimates on volatility tied to the presidential elections.
Equities was the big winner, with revenue jumping 51 percent in the quarter and reaching an all-time high for the full year. That helped boost net income to 3.72 billion U.S. dollars. In the wealth business, net new assets fell just shy of estimates even as revenue topped expectations.
"What we saw within the quarter was, post-election, a lot of activity associated with clients looking to re-risk," Bloomberg News on Thursday quoted Chief Financial Officer Sharon Yeshaya as saying. "The largest part of the story was the re-risking within the equities business."
