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.

Advertisement

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.’’

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

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

Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.