Morgan Stanley reports third-quarter loss

 
City A.M. Reporter
MORGAN Stanley reported a third-quarter loss as slumping trading volumes weighed on its trading business.

The bank reported a net loss applicable to shareholders of $91m, compared with a profit of $498m a year earlier.

On a per-share basis, Morgan Stanley reported income from continuing operations of five cents, down from 50 cents a year ago.

Analysts on average expected a profit of 15 cents a share.

It could not immediately be determined if that figure compared with the five cents figure the bank reported.

The firm also announced it was restructuring its ownership of FrontPoint Partners LLC, its hedge fund unit.

New York-based Morgan Stanley, in preparing for more stringent rules from regulators and difficult trading quarters, has revamped its businesses make-up since the financial crisis with the Morgan Stanley Smith Barney