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.

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Morgan Stanley's investment banking revenue rose 25% to $1.64 billion, echoing results at rivals Goldman Sachs and JPMorgan, which also reported stronger profit on Wednesday. Wall Street banks benefited from a surge in mergers and acquisitions in the fourth quarter that boosted investment banking fees.