Morgan Stanley on Wednesday said profit rose 17 percent, beating expectations, as booming merger activity and record trading income lifted total revenue to an all-time high, offset by weakness in brokerage and money management businesses.
Morgan Stanley, the third-largest U.S. investment bank by market value, said net income rose to $1.64 billion ($1.54 a share) in the first quarter that ended Feb. 28, from $1.40 billion ($1.29) a year earlier.
