 "Morgan Stanley")
Shares in Morgan Stanley soared over 7% in early trading as the bank reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday, driven by higher revenue at its wealth management division and a boost from its trading business.
The bank's performance in those sectors helped offset sluggish dealmaking activity in the face of rapidly deteriorating macroeconomic conditions and geopolitical tensions.
UBS in a note said Morgan Stanley's fourth-quarter core trends were encouraging.
Revenue from Morgan Stanley's investment banking business fell 49% to $1.25 billion in the fourth quarter, with revenue declines across the bank's advisory, equity and fixed income segments.
The investment banking
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