Morgan Stanley earnings soar

NEW YORK: Morgan Stanley said third-quarter earnings soared 59%, trouncing expectations, as the largest US investment bank posted strong trading and banking gains despite a summertime slowdown in the markets.

Morgan Stanley, which had a record third quarter, was the latest Wall Street firm to show that the trading and banking businesses are more resilient than expected. Net income rose to $1.85bn, or $1.75 a share, for the quarter ended August 31, up from $144m, or 13 cents, a year ago.