Morgan Stanley’s profit beat estimates in Q3 on record revenue from dealmaking, driving shares up 6.7%. CEO Pick sees potential for record deal volume in 2022. Bank reviews acquisitions but opts to grow internally. Wealth management reaches $8.9 trillion in assets under management, aiming for $10 trillion.

Morgan Stanley’s investment banking revenue surged 44% to $2.11 billion. The bank advised on major deals, including Union Pacific’s $85 billion acquisition of Norfolk Southern. Equities underwriting revenue jumped 80%, with a 39% rise in fixed income underwriting. Trading revenue soared 35% to $4.12 billion, driven by prime brokerage.

Wealth management revenue hits record $8.2 billion, up 13% in Q3. Federal Reserve eases capital requirements for Morgan Stanley following stress test results. CFO optimistic about discussions with regulators on capital requirements. Analysts expect strong support for MS after record profit of $4.6 billion in Q3, beating estimates. Total revenue hits $18.2 billion.

Read more at Yahoo Finance: Morgan Stanley profit beats estimates on dealmaking boost, shares soar