Despite more than doubling compensation after acquiring Smith Barney from Citigroup, Morgan Stanley announced Wednesday that earnings swung back to a profit in the first quarter.

The New York-based company reported a profit of $1.85 billion, or 99 cents a share, after reporting a loss of $17 million, or 57 cents a share, a year earlier. As a result of its Morgan Stanley Smith Barney joint venture, revenue more than tripled to $9.08 billion from a year earlier.

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