Updated from 9:26 a.m. ESTThree big securities firms disclosed fourth-quarter profits Thursday that reflected a decidedly mixed landscape on Wall Street. The reports included a mix of hefty restructuring charges, one-time gains and savings associated from cost-cutting. In the strongest of the three, Lehman Brothers ( LEH) posted an 87% rise in fourth-quarter profits, as the firm benefited from a jump in revenue from selling and trading bonds. The big loser was Morgan Stanley ( MWD), which reported that its fourth-quarter profits fell by 16% from a year ago. The firm had been expected to a report a 4% profit decline from last year. Less surprising was Goldman Sachs ( GS), which did just about as expected, posting a 5% gain in fourth-quarter profits. Lehman's fourth-quarter earnings of $243 million, or 91 cents a share, were aided in part by a one-time gain from an insurance settlement related to the Sept. 11 terror attacks. Goldman posted net income of $505 million, or 98 cents a share. Morgan Stanley, meanwhile, reported earnings of $732 million, or 67 cents a share, which includes a $235 restructuring charge due to job cuts and real estate losses. The weakest-performing division at Morgan Stanley was institutional securities, which includes investment banking. The division generated $454 million in net income, a 21% decline from a year ago.