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Morgan Stanley beats expectations with 3Q profit

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According to Reuters, Morgan Stanley (MS) posted a higher-than expected quarterly profit, as stock trading revenue jumped 31%.

Overall, the second-largest U.S. investment bank posted third-quarter net income of $888 million, compared with a loss of $1.01 billion a year earlier. On a per-share basis after preferred stock dividends, the bank earned 44 cents from continuing operations, compared with a loss of 55 cents in the same quarter last year. The year-earlier figures included a charge of $2.3 billion to reflect a rise in the value of Morgan Stanley's debt.

Source: Reuters
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