Surging revenues in Morgan Stanley's investment bank drove a record full-year profit of $11bn, showing its ongoing reliance on its Wall Street roots even as chief executive James Gorman expands into new business lines.

Morgan Stanley posted revenues of $48.2bn, the best ever performance at the bank as its institutional securities unit also unveiled record profit of $25.9bn, fuelled by strong performance in its sales and trading division. The profit figure was a gain on $9bn in income for 2019.