Morgan Stanley reports Q3 net loss

Morgan Stanley reported a third-quarter loss as slumping trading volumes weighed on its trading business.
The bank reported a net loss applicable to shareholders of $91 million, compared with a profit of $498 million a year earlier.
On a per-share basis, Morgan Stanley reported income from continuing operations of 5 cents, down from 50 cents a year ago.
Analysts on average expected a profit of 15 cents a share, according to Thomson Reuters I/B/E/S. It could not immediately be determined if that figure compared with the 5 cents figure the bank reported.
The firm also announced it was restructuring its ownership of FrontPoint Partners LLC, its hedge fund unit.
New York-based Morgan Stanley, in preparing for more stringent rules from regulators and difficult trading quarters, has revamped its businesses make-up since the financial crisis with the Morgan Stanley Smith Barney joint venture