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.

(Reuters) - Morgan Stanley's profit rose in the third quarter, fueled by a rebound in dealmaking that also helped its rivals. The investment bank reported a profit of $3.19 billion on Wednesday, or $1.88 per share, for the three months ended Sept. 30. That compares with $2.41 billion, or $1.38 per share, a year ago.