Morgan Stanley's profit surpassed estimates on a bumper third quarter for investment banking that had also buoyed rivals, sending its shares up more than 3.5% before the market open. A revival in corporate debt issuance,

The wealth business was Morgan Stanley’s largest revenue driver in 2023.Its competitors have set a high bar.Goldman Sachs reported on Tuesday that profit rose 45% from the prior year as revenue from debt and equity underwriting activity increased significantly.

Morgan Stanley shares rose Wednesday morning as the bank became the latest to surpass analyst estimates for the third quarter.