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Carlos Pareja is a vice president, capital planning, internal audit at Morgan Stanley. He has in-depth experience in credit risk and credit analytics, project finance and environmental economic assessments. He has worked as a lending officer, risk manager and consultant at Big Four and financial institutions. Reach him at cpareja1@nyc.rr.com.

Kenneth Grant is a managing director at Berkeley Research Group who provides advisory services, consulting and expert witness testimony, both domestic and international, for clients in the energy and infrastructure sectors. Reach him at KGrant@thinkbrg.com

The asset and wealth division helped drive the gains, posting its highest quarterly revenue in two years on a gain tied to the sale of a financial-management business. That helped counter fixed-income trading results and investment-banking fees that fell short of expectations.

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives."

The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022.

As a whole, the megabank saw its net income rise by 9% in 2023's final quarter. But its wealth management unit was another story.