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Morgan Stanley Tops Estimates on Record Brokerage Earnings

Morgan Stanley, owner of the world’s largest brokerage, reported profit that beat analysts’ estimates as equity-trading revenue increased and earnings from wealth management climbed to a record.

Fourth-quarter net income fell to $181 million, or 7 cents a share, from $594 million, or 29 cents, a year earlier, the New York-based company said today in a statement. Profit was 50 cents a share excluding an accounting charge tied to the firm’s own debt, a tax benefit and legal expenses, beating the 44-cent average estimate of 26 analysts surveyed by Bloomberg.