By Ovunc Kutlu
NEW YORK (AA) - Morgan Stanley saw its net income and revenue rise in the fourth quarter of 2016, the investment banking firm announced Tuesday.
Net income increased 87.2 percent to reach $1.7 billion in the final quarter of 2016, from $908 million the same period in 2015.
Revenue rose 16.9 percent to $9 billion in 2016 fourth quarter, from $7.7 billion the same quarter the previous year.
"We reported solid results in Sales & Trading and Advisory, and record revenues in Wealth Management," James P. Gorman, Chairman and Chief Executive Officer, said in a statement.
Wealth Management net revenues came in $4 billion in October-December period last year.
Banking giants JP Morgan Chase and Bank of America also posted fourth quarter gains in net income and revenue on Friday. Citibank and Morgan Stanley will announce their 2016 fourth quarter earnings on Wednesday.