News Summary: Morgan Stanley earnings jump

BY THE NUMBERS: Morgan Stanley reported higher net income and revenue, after stripping out an accounting charge. The bank earned more revenue across most of its units, including underwriting bonds.

AFTER THE DOWNGRADE: The bank said that clients had "re-engaged" after the uncertainty of June. That's when ratings agency Moody's downgraded the bank.

THE JOBS FRONT: Like many banks, Morgan Stanley is trimming its work force to cushion itself against an uncertain economy. It shed about 4,500 jobs over the year, or 7 percent of its employees.