NEW YORK (AP) — Profits roared back at the investment bank Morgan Stanley in the fourth quarter, reversing a loss in the same period a year ago, when its results were weighed down by a costly legal settlement.

Earnings increased sharply across the bank's business lines. Morgan Stanley underwrote more stock and bond offerings and brought in more fees from advising companies on mergers and other deals. Financial advisers in the wealth management unit, who work with individual investors, generated more revenue per worker.

Investment banks like Morgan Stanley have traditionally focused on doing business with companies, governments and other big organizations. But Morgan Stanley has also been expanding its work with individuals, which can provide a steady source of revenue even when financial markets are volatile.

To that end, the bank is in the process of buying back the rest of the Morgan Stanley Smith Barney retail brokerage that it doesn't already own. Citigroup still owns 35 percent of the unit, and Morgan Stanley says it hopes to buy that stake back this year.

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