By Lauren Tara LaCapra
NEW YORK — Morgan Stanley (MS) reported a 50 percent rise in quarterly revenue as higher income from equities sales and trading made up for a drop in its fixed-income business.
The Wall Street bank and brokerage recorded net income of $888 million, or 44 cents a share, from continuing operations in the third quarter compared with a loss of $1 billion, or 55 cents, a year earlier.
The year-earlier figure included an accounting charge of $2.3 billion to reflect a rise in the value of Morgan Stanley’s debt.
Excluding an accounting adjustment that analysts and investors typically ignore, Morgan Stanley earned 50 cents a share.
–Additional reporting by Tanya Agrawal in Bangalore.