Morgan Stanley Outperforms Rivals With Profit Beat

Morgan Stanley Outperforms Rivals With Profit Beat
The logo for Morgan Stanley on the trading floor at the New York Stock Exchange (NYSE) in New York City, on Aug. 3, 2021. Andrew Kelly/Reuters
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Morgan Stanley reported fourth-quarter profit which beat market expectations, outperforming rivals as its focus on advising wealth clients bore fruit, sending its shares up as much as 3.7 percent on Wednesday.

The Wall Street investment bank also benefited from a boom in global dealmaking and keeping expenses in check at a time when its peers had been hampered with rising wages and technology costs.