By Jonathan Davies

US banking giant Morgan Stanley has reported a near-doubling of profits for the fourth quarter in 2014.

Profits for the quarter were $903m (£596m), up from $336m a year earlier. It comes after the bank incurred lower legal costs. Morgan Stanley’s legal expenses were $284m, down from $1.4bn in the same period last year.

Revenue from trading fixed income securities, currencies and commodities dropped 81% to $133m, excluding accounting adjustments.

Income from the bank’s wealth management businesses rose 2.4% to $3.8bn.

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