Morgan Stanley Tops Investment-Banking Forecast on Debt Haul

Morgan Stanley’s debt bankers increased revenue 93% in the fourth quarter, by far the biggest jump on Wall Street and capping a record year for that business.

The firm’s debt-underwriting revenue came in at $785 million for the last three months of the year, according to a statement Thursday, while analysts were expecting $635 million. That brought total investment-banking fees to $2.41 billion, up 47% from a year ago. The company reported record annual net income.