Investment bank Morgan Stanley on Wednesday said third-quarter profit fell 83 percent as a $1 billion charge from the sale of its aircraft-leasing business and severance costs offset increases in banking and trading activity.
Net income fell to $144 million (13 cents per diluted share) in the quarter ended Aug. 31, from $837 million (76 cents) in the year-earlier period. Excluding the charge and other one-time items, Morgan Stanley reported that income from continuing operations rose 36 percent to $1.17 billion ($1.09 per diluted share). Revenue rose 29 percent to $7 billion, the highest level since the second quarter of 2000.
