Business

Morgan Stanley: fiscal cliff daunts businesses

Strong performance in its bond and asset management units helped Morgan Stanley in the third quarter.

Stephen Chernin/Getty Images

Strong performance in its bond and asset management units helped Morgan Stanley in the third quarter.

NEW YORK — Morgan Stanley reported higher revenue and net income for its third quarter Thursday thanks to gains in its bonds and asset management businesses.

Excluding an accounting charge, the bank earned $535 million for common shareholders in the period, up from $39 million a year ago.

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Revenue rose 18 percent to $7.6 billion after excluding the charge. That beat the $6.4 billion that analysts were expecting, according to FactSet.

Chief executive James Gorman said he was ‘‘confident in our potential to enhance profitability and increase value for our shareholders in the quarters ahead.’’

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If the accounting charge is included, the bank lost $1 billion in the quarter versus income of $2.2 billion in the same period a year ago. Revenue fell 46 percent to $5.3 billion.

Shares fell 70 cents to $17.79 on the New York Stock Exchange.

Associated Press

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