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Morgan Stanley and Wells Fargo announce third-quarter profits

Morgan Stanley and Wells Fargo have both posted big profits for the third quarter of 2009.

Following three consecutive quarterly losses, Morgan Stanley reported net income of $757 million and net revenue of $8.7 billion for the July to September accounting period.

The figures represented a significant improvement on its second quarter performance, but were still well short of the $7.7 billion net income and $18 billion net revenue recorded in the third quarter of 2008.

Morgan Stanley said its investment banking division had performed particularly strongly, with Thomson Reuters statistics showing it is now the number one in the global mergers and acquisitions and IPO markets.

Meanwhile, Wells Fargo reported record third quarter net income on the back of a growing home loans market in the US.

Its report revealed net income of $3.2 billion and net revenue of $22.5 billion, while it advanced $169 billion worth of credit to customers.

Written by Gary Cooper