Morgan Stanley is set to report fourth-quarter earnings before the opening bell on Wednesday.

Here’s what Wall Street expects:

• Earnings: $1.91 a share, 5.4% higher than a year earlier, according to Refinitiv
• Revenue: $14.6 billion, 7% higher than a year earlier
• Wealth management: $6.28 billion, according to StreetAccount
• Trading: Equities $2.44 billion, Fixed Income $1.47 billion
• Investment Banking: $2.54 billion

How will Morgan Stanley navigate the next phase in markets?

That’s a key question as analysts look ahead to when trading and deal-making cools off from a red-hot two years.

Trading in particular has begun to return to more normal volumes, if results from Goldman Sachs and JPMorgan Chase are any indication. Morgan Stanley has the No. 1 ranked equities trading business globally.

It’s also a top player in mergers advice, particularly in the technology and communications realms.

One area that should prove resilient is wealth management, which typically relies on fees based on assets under management that have been climbing along with rising markets.

Shares of the bank have dropped 4.2% this year, underperforming the 8.6% gain of the KBW Bank Index.

JPMorgan and Citigroup each reported the smallest earnings beats in the last seven quarters, and Goldman Sachs missed estimates for fourth quarter profit because of elevated expenses. Wells Fargo has been the sole bright spot so far in bank earnings after it gave targets for higher interest income and lower expenses.  

This story is developing. Please check back for updates.