Morgan Stanley's profit increased in the fourth quarter, fueled by a wave of dealmaking. The investment bank's earnings grew to $3.7 billion, or $2.22 per share, it said on Thursday, compared with $1.

Morgan Stanley’s institutional securities group, which houses its investment banking and trading businesses, reported revenue of $7.3 billion in the fourth quarter, a 49% jump from $4.9 billion a year earlier.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,