By Brooke Masters and Joshua Franklin in New York
Record wealth management revenue helped Morgan Stanley partly offset a sharp decline in its investment banking business, leading to a better-than-expected fourth-quarter profit.
Overall, Morgan Stanley reported a 40% year-over-year decline in net income to $2.2 billion, but Tuesday’s report of $1.26 a share beat analysts’ estimates of $1.19.
The figures also underscore the impact of chief executive James Gorman’s drive to diversify into wealth and asset management. arrive…