Morgan Stanley returned to profitability for the first time in a year as income from its investment banking operations offset losses in commercial real estate.
Morgan Stanley said Wednesday that stock and debt underwriting from investment banking, and rising profits from its retail brokerage business, which includes the Morgan Stanley Smith Barney joint venture with Citigroup Inc., more than balanced out $400 million in commercial real estate losses.
The New York-based bank earned $498 million in the July-September period, after losing $13.18 billion during the last three quarters combined…READ MORE OF THE AP STORY HERE
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