“Morgan Stanley (MS), the sixth-largest U.S. bank, reported third-quarter results that beat analysts’ estimates as revenue from fixed-income trading almost doubled from the second quarter.
Morgan Stanley posted a loss of $1.01 billion, or 55 cents a share, compared with a profit of $2.2 billion, or $1.15, a year earlier, the New York-based firm said today in a statement. Excluding accounting adjustments and a one-time restructuring cost, profit was about 35 cents a share, compared with the 25- cent average estimate of 22 analysts surveyed by Bloomberg.
Chief Executive Officer James Gorman, 54, is trying to improve returns at the brokerage unit and shrink the fixed- income trading division to reduce capital demands. The bank had the lowest first-half return on equity of the 10 largest U.S. lenders and is trading at two-thirds of its liquidation value, compared with 96 percent at Goldman Sachs Group Inc.”
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