Morgan Stanley, which along with Goldman Sachs is one of the two surviving large Wall Street investment banks, returned to profitability during the third quarter, capitalizing on rebounding markets via its trading and investment banking arms.
The New York-based bank raked in some $498 million, or 38 cents a share, versus the analyst consensus call of expectations of 27 cents.
The performance of its stock and debt trading divisions balanced off the company's $400 billion loss in commercial real estate, the Associated Press reports.
Morgan Stanley's results snapped three straight quarterly losses by posting a profit in the third quarter, albeit one down 91%, as revenue dropped by half on a sharp decline at its trading operations.
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