Morgan Stanley swings back to profit

Morgan Stanley posted a better-than-expected profit for the third quarter on Wednesday, thanks in large part to an accounting revision. The company said it made $2.2 billion in the last quarter on revenues of $9.9 billion, compared to a loss in the same period last year. But the profit was largely thanks to a $3.4 billion gain on revised debt-related credit spreads -- which entails an assessment about the value of the bank's holdings. "Morgan Stanley effectively navigated turbulent markets while consolidating our market share gains with institutional clients and demonstrating resilience across the global wealth management business," said James Gorman, chief executive officer.