Morgan Stanley beats quarterly profit estimates

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(Reuters) – Morgan Stanley beat analysts’ estimates for fourth-quarter profit on Tuesday as the investment bank’s trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Dealmaking was at a virtual halt for most of last year as risk appetite waned sharply in the face of rapidly deteriorating macroeconomic conditions and geopolitical tensions. The gloom follows what was a bumper 2021 for Wall Street’s investment bankers who advised on multi-billion dollar mergers and buyouts, while underwriting listings of some of the biggest clients to tap the public m…

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