Morgan Stanley posts loss in third quarter
Morgan Stanley, the Wall Street bank with the biggest trading-revenue increase last quarter, lost money in that business on eight days in the period, down from 31 days a year earlier.
Traders generated more than $100 million on nine days in the period, compared with two days in the third quarter of 2011, the New York-based company said yesterday in a regulatory filing. None of the daily losses exceeded the bank’s so-called value-at-risk, an estimate of potential trading losses. Morgan Stanley had a 40 percent quarter-over-quarter increase in trading revenue, excluding accounting charges.
Morgan Stanley had a 40 percent quarter- over- quarter increase in trading revenue, excluding accounting charges, led by an 89 percent jump in fixed- income revenue. Chief Financial Officer Ruth Porat, 54, said last month.