Morgan Stanley delivered the strongest bond trading gains of all the big US banks during the fourth quarter, a rebound that helped ensure net profits for the full year kept pace with 2018.

The US bank closed out the latest Wall Street earnings season on 16 January, reporting pre-tax profits for 2019 of $11.3bn — in line with the previous year. Revenues rose around 3%, to $41.4bn, putting them ahead of analyst expectations.