Morgan Stanley saw third-quarter profits plunge 34% to $837m (€684m) compared with the same period last year as revenues from fixed income sales and trading dropped sharply, costs spiralled and $42m was lost on the markdown in value of "certain aircraft".

In the three months to the end of August this year, net revenues were $5.4bn, a 3% increase on the third quarter last year. Non-interest expenses of $4.1bn were 23% higher than a year ago, but 15% below the second quarter.