The US investment bank Morgan Stanley swung to a $1bn (£620m) loss over the third quarter – but beat market hopes with earnings that rose on the back of strong revenues from its bond-trading business.
The company's net revenues rose to $7.6bn (£4.7bn), against $6.4bn last year, helping it beat analysts' hopes.
The figures excluded an accounting adjustment; factoring that in, net revenues in the three months to September were lower at $5.2bn, with the bank recording a $b1n loss.
But, as the bank attempts to reinvent itself as a company that is more insulated from sudden market movements by shrinking revenues from riskier activities, Morgan Stanley's fixed-income and commodities sales and trading revenues stole the show, climbing to $1.5bn excluding the debt valuation adjustment, against $1.b1n a year ago.
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