Wall Street’s two big investment banks, Goldman Sachs and Morgan Stanley, both saw double-digit jumps in profits in the fourth quarter. Goldman Sachs reported a 12% rise in net earnings to $4.62 billion, while Morgan Stanley earned $4.4 billion. Investment fee revenues were up 25% at Goldman and 22% at Morgan Stanley. Both banks also saw significant increases in their investment fee backlog, indicating more deal making on the horizon. The results reflect a trend seen in other big banks like JPMorgan Chase, Bank of America, and Citigroup, although tensions with the White House over the Federal Reserve’s independence and Trump’s interest in capping credit card interest rates at 10% dampened overall results. Additionally, Goldman Sachs agreed to sell off its Apple Card credit card portfolio to JPMorgan Chase, signaling its exit from consumer banking.

Read more at Yahoo Finance: Goldman Sachs and Morgan Stanley see double-digit profit jumps amid surging stock market