Morgan Stanley's profit doubles on bond-trading surge

Wall Street bank Morgan Stanley's profit doubled in the last quarter of the year, far exceeding expectations, as trading activity surged following the U.S. presidential election. Analysts on average had expected a profit of 65 cents per share, according to Thomson Reuters I/B/E/S. Bank stocks have rallied since the election, on the hope that the new Trump administration will usher in a new era of looser bank regulations along with economic growth. Morgan Stanley Chief Financial Officer Jonathan