Morgan Stanley (MS.N) beat analysts’ estimates for fourth-quarter profit on Tuesday as the investment bank’s trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking.

Dealmaking was at a virtual halt for most of last year as risk appetite waned sharply in the face of rapidly deteriorating macroeconomic conditions and geopolitical tensions.

The gloom follows what was a bumper 2021 for Wall Street’s investment bankers who advised on multi-billion dollar mergers and buyouts, while underwriting listings of some of the biggest clients to tap the public markets in over a decade.

The investment banking business slowdown weighed on Morgan Stanley’s net revenue, pulling it down 12% to $12.7 billion in the fourth quarter.

Morgan Stanley wraps up a mixed fourth-quarter earnings for the big U.S. banks.

On an adjusted basis, the bank earned $1.31 per diluted share, compared with analysts’ estimates of $1.19 per share, according to Refinitiv IBES data.

Profit applicable to Morgan Stanley’s common shareholders for the three months ended Dec. 31 was $2.11 billion or $1.26 per diluted share.