Morgan Stanley Revenue Jumps 50% on Strong Equities Trading

US-BUSINESS-MORGAN STANLEY-GORMAN
Saul Loeb, AFP/Getty ImagesMorgan Stanley CEO James Gorman

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.

Article source: http://www.dailyfinance.com/2013/10/18/morgan-stanley-revenue-jumps-strong-equities-trading-earnings/

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