Morgan Stanley
MS
+1.41%
swung to a third-quarter loss as the investment bank was hit by a huge mark-to-market loss related to the value of its debt.
Results beat Wall Street expectations.
Morgan Stanley's institutional-securities business, which includes
investment banking and sales and trading results, posted a 79% decline
in revenue to $1.38 billion from a year ago.
Fixed income and commodities sales and trading net revenue rose 36% to
$1.5 billion, reflecting higher results in interest rate products and
gains in credit products compared to losses in the year-ago period.
A 79% decline in revenues and a $1.2 billion loss...no big deal..Right?
A 79% decline in revenues and a $1.2 billion loss...no big deal..Right?
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