Morgan Stanley is raising bonuses for some of its top investment bankers in Asia by as much as 40% this year after a jump in revenue, according to people familiar with the matter.

Morgan Stanley's profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,

Morgan Stanley’s fourth-quarter profit more than doubled, boosted by trading revenue that came in well ahead of estimates on volatility tied to the US elections.

Shares of Morgan Stanley gained in early trading Thursday, after the bank and broker beat both profit and revenue expectations for the latest quarter, fueled by strength in the equity and bond trading businesses.