Summary Box: Morgan Stanley posts 3Q loss

AP News
|
Posted: Oct 20, 2010 1:40 PM
Summary Box: Morgan Stanley posts 3Q loss

QUARTERLY LOSS: Morgan Stanley said Wednesday it lost $91 million, or 7 cents per share, during the third quarter, compared with earnings of $498 million, or 38 cents per share, during the year-ago period.

TRADING SLOWDOWN: Revenue tumbled 20 percent, due partly to a slowdown in trading. Retail and institutional customers stayed out of the market over the summer because of economic, regulatory and political worries.

SPECIAL CHARGES: Morgan Stanley was also hit with a bevy of one-time charges that led to the loss. Excluding those charges, the bank earned 23 cents per share.