New York: Morgan Stanley exceeded Wall Street expectations in the third quarter of 2025, reporting a net profit of $4.6 billion, or $2.80 per share, significantly higher than the projected $2.10 per share. Total revenue surged to a record $18.2 billion, fueled by a remarkable revival in investment banking and equities trading.

The bank’s investment banking division saw revenue jump 44% to $2.11 billion, driven by major mergers and acquisitions (M&A) and initial public offerings (IPOs). High-profile deals included advising Union Pacific in its $85 billion acquisition of Norfolk Southern, the largest global transaction this year. Equity underwriting also soared 80%, with Morgan Stanley acting as joint bookrunner for several large IPOs, including design software company Figma and Swedish f

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