Morgan Stanley's investment bank surged in the third quarter as the Wall Street bank posted a 25% uptick in profit versus the previous year.

The US bank, which is the last of the major firms to report its third quarter results, beat market expectations with a net profit of $2.7bn — a 25% increase on the same period last year as the lack of a significant consumer and commercial banking operation has sheltered it from the worst effects of the pandemic. Revenues jumped 16% to $11.7bn.