Morgan Stanley on Thursday topped estimates for fourth quarter earnings and revenue as the firm’s equities and fixed income traders exceeded expectations.

Here’s what the company reported:

• Earnings: $2.22 a share vs. $1.70 LSEG estimate
• Revenue: $16.22 billion, vs. $15.03 billion estimate

The bank said that

The bank’s massive wealth management business will be helped by high stock market values in the fourth quarter, which inflates the management fees it collects.

Investment banking activity continued to rebound last quarter, jumping 29% in the quarter, per Dealogic figures, fueled by rising advisory and equity capital markets activity. And trading activity was supported by an eventful election season.

On Wednesday, JPMorgan Chase, Goldman Sachs and Citigroup each topped expectations, helped by better-than-expected revenue from trading or investment banking.

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