Morgan Stanley raises profitability target as fourth-quarter results beat estimates

Morgan Stanley eked out a surprise increase in equities trading revenue in the fourth quarter, relying on a one-time gain, as its fixed income business slumped. The company raised its long-term profitability target.

The results matched Morgan Stanley’s biggest competitors, which reported slowdowns in their trading businesses, just as bonus payouts for star traders and bankers weighed on expenses. At Morgan Stanley, non-interest expenses for the year rose 19%, including costs related to integrating recent acquisitions.

In its investment bank, non-interest expenses only rose 9%, indicating compensation increases for its bankers might be less generous than at rival Goldman Sachs. Investors have been punishing bank stocks this earnings season, pouncing on signs that the Wall Street engines that have driven revenue to record highs have started to cool off. Shares of Morgan Stanley, which lost 8.3% in the past two trading sessions, were up 2.2% to $96.20 in early New York trading.

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