Morgan Stanley's fourth-quarter earnings make it clear that the John Mack era is off to a decent start. Even after a huge one-time tax benefit, earnings were much higher than the average analysts' estimate. Interestingly, investment banking revenue rose 63 percent, which just might squelch the recent talk of a drop off in performance due to a talent drain. Certainly, the firm is paying to attract and retain talent. All in all, top banks are faring well this earnings quarter, however Morgan still seems to be lagging Lehman Bros. and Goldman Sachs in key ways.

> Here's the New York Times write-up. 
> Morgan Stanley buys credit-card business in London. Article