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Morgan Stanley posts $2.2bn profit

Morgan Stanley posts $2.2bn profit

Morgan Stanley has registered a $2.2 billion profit for the 3rd quarter of the year. The investment bank, the 2nd biggest in the United States, made the profit on earnings of $9.9 billion. But the profit was increased by a $3.4 billion gain on an amendment to some of its assets that implicated estimating the value of some of the bank's holdings.

The outcomes were also increased by price cuts and the bank's wealth management business. Earnings at Morgan Stanley's wealth management group rose by five percent from a year before to $3.26 billion.

The bank's CEO, James Gorman, whispered: "Morgan Stanley efficiently navigated unstable markets whilst uniting our market share gains with institutional customers and signifying pliability over the global wealth management business."

Amid worry about the number of big United States banks might lose from the eurozone sovereign debt catastrophe, Morgan Stanley declared that it had a total revelation to Greece, Italy, the Irish Republic, Portugal and Spain of $5.7 billion.

Subsequent to the release of the outcomes, shares in Morgan Stanley increased by more than three percent in early trading in New York. Morgan Stanley is the most recent United States bank to release its outcomes this week. Recently, Goldman Sachs registered a $393 million quarterly loss and Bank of America registered a $6.2 billion profit. Citigroup also registered a greater-than-anticipated profit of $3.8 billion that was 74 percent up on the similar time previous year.