Morgan Stanley on Thursday posted record annual revenue and profit and set new financial targets higher. The firm capped off a mixed week for big U.S. banks, which reported mostly strong fourth-quarter earnings during a period marked by a Federal Reserve interest-rate cut and fierce global tensions. Giants JPMorgan Chase & Co. and Citigroup Inc. sailed through, while Goldman Sachs Group Inc. and Wells Fargo & Co. both took big legal charges that dragged down profits.

Source: Wall Street Journal January 16, 2020 12:31 UTC