Wall Street boom boosts profits at Bank of America, Morgan Stanley

Third-quarter profits at Bank of America (BAC) and Morgan Stanley (MS) surged 23% and 44%, becoming the latest banking giants to benefit from a Wall Street dealmaking boom. Bank of America posted net income of $8.47 billion while Morgan Stanley reported $4.6 billion. Both figures were more than $1 billion higher than what analysts saw coming. A big reason for that performance is a frenzy of mergers and IPOs that surged through the summer. Dealmaking fees at Bank of America and Morgan Stanley surged 43% a ...