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Morgan Stanley: fiscal cliff daunts businesses

Morgan Stanley said Thursday that its corporate clients are ready to do business but they're a little unnerved by the impending fiscal crisis.

By Christina Rexrode | Updated on October 18, 2012

NEW YORK (AP) — Morgan Stanley said Thursday that its corporate clients are ready to do business — but they’re a little unnerved by the impending fiscal crisis.

The bank reported higher revenue and net income for the third quarter after stripping out an accounting charge, helped by a jump in underwriting and trading bonds. Executives described the markets as calm, especially compared to the chaos of a year ago, when the third quarter was rocked by a downgrade of the U.S. government’s debt, a budget standoff in Congress and the European debt crisis.

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