Profit more than doubled from a year ago to $3.7 billion, or $2.22 per share, for the three months ended Dec. 31, compared with $1.5 billion, or 85 cents per share, a year earlier. Analysts, on average, had expected $1.7 per share, according to estimates compiled by LSEG.

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.

Morgan Stanley’s profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record. The earnings rounded out a robust quarter for Wall Street banks,