Morgan Stanley beats forecasts

Thursday 18 October 2012 21:50 BST
Comments

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.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in