I am bullish on IPOs and M&A coming back,” said the banks’ CEO. “It may take some time…I think these are going to be global, mature companies that are very much

Morgan Stanley's profit surpassed estimates on a bumper third quarter for investment banking that had also buoyed rivals, sending its stock to a record.

Morgan Stanley (NYSE:MS) just delivered a powerhouse performance in the third quarter, with profits surging 32% year-over-year to $3.2 billion, or $1.88 per share. Beating Wall Street expectations, this growth was fueled by robust activity in its investment banking division,

Morgan Stanley will be the next big bank to report results on Wednesday, along with several regionals. MarketWatch will be breaking down the latest earnings live.

Morgan Stanley said Wednesday that its profit for the third quarter surged 32% from a year ago, lifted by more activity out of its investment bank, notably across fixed-income underwriting work for clients.

Morgan Stanley stock rallied to a new record after the bank reported quarterly earnings that beat Wall Street’s expectations. Profit rose 32% to $3.19 billion. That amounted to $1.88 per share, which was better than expected.