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

Here's what Wall Street expects:

• Earnings: $1.19 a share, 41% lower than a year earlier, according to Refinitiv
• Revenue: $12.64 billion, 13% lower than a year earlier, according to Refinitiv
• Wealth management: $6.26 billion, according to StreetAccount
• Trading: Equities $2.37 billion, Fixed Income $1.68 billion
• Investment Banking: $1.27 billion

Morgan Stanley's investment banking, trading and investment management operations were impacted by the extreme volatility last quarter. Wall Street banks are grappling with the collapse in IPOs and debt and equity issuance amid the market turmoil driven by the Federal Reserve's aggressive rate hikes.

The New York-based firm cut about 2% of its staff in December, which impacted about 1,600 of the company's 81,567 employees and touched nearly every corner of the global investment bank.

Shares of Morgan Stanley have climbed nearly 8% year to date following a 13% pullback last year.

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