Morgan Stanley Profits Soar as Investment Banking Fees Surge on Deal Boom

• Morgan Stanley Q1 profits rose 14% to $3.4B, beating expectations; revenues also topped forecasts • Investment banking and trading revenues exceeded analyst predictions • Equity and fixed income underwriting fees jumped as IPO and bond deals increased
• New CEO Ted Pick says Wall Street in "early innings of a multi-year M&A cycle" • Rival Goldman Sachs also showed signs of an investment banking and dealmaking revival in its Q1 results