The Wall Street giant’s profit increased 12% to $4.62 billion in the quarter. Morgan Stanley, meanwhile, reported better-than-expected profit and revenue in the fourth quarter and a 47% jump in investment banking revenue. Its wealth-management revenue, which accounts for roughly half of its revenue, rose 13%. At Morgan Stanley, revenue from fixed-income underwriting surged 93% in the fourth quarter, leading the segments that contributed to the firm’s jump in investment-banking fees. At Goldman, investment-banking revenue rose 25% in the fourth quarter from a year ago, driven by advisory fees and debt underwriting.

Source: Wall Street Journal January 15, 2026 13:43 UTC