Morgan Stanley's third-quarter profit beat market expectations as investment bankers brought in more fees from advising on deals and by underwriting stock and debt sales, lifting revenue to a record.

Shares of the bank rose 3.6% in premarket trading on Wednesday. They have gained 23.6% this year as of the last closing price. A string of large deals pushed global mergers and acquisitions activity past the $3 trillion mark this year. A resilient U.S. economy, optimism around interest-rate cuts and lighter regulations under the Trump administration have spurred businesses to do deals or tap capital markets.

"Our integrated firm delivered an outstanding quarter with strong performance in each of our businesses globally," CEO Ted Pick said in a statement. With markets hovering near record hig

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