Morgan Stanley’s fourth-quarter profit doubled on large gains in bond and other trading.
Its net income was $1.51 billion, or $0.81 per share, vs. $753 million, or $0.39 per share, a year earlier. Total revenue improved 17% from last year to $9.02 billion in Q4’16.
“There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016,” Gorman said on a conference call with analysts.
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The Wealth Management operations reported a 6% gain in sales from last year’s fourth quarter with $3.99 billion as of Dec. 31. Net income improved 11% to end the period at $531 million.
The total advisor headcount at the wirehouse stands at 15,763, which is down 93 (or 1%) from Q3’16 and down 126 (or 1%) from Q4’15.