Morgan Stanley beats estimates: Morgan Stanley reported a third quarter profit of $1.6 billion, or 81 cents a share, up 57% from $1.02 billion, or 48 cents a share, in the year ago period. That easily beat the median Street forecast of 63 cents. Revenue rose 15% to $8.91 billion from $7.77 billion, also beating analysts' estimates of $8.17 billion. As with its peers on Wall Street, which reported earlier, the bank's results were helped by a rebound in securities trading. Return on equity jumped to 8.7%, up from 5.6% a year ago. Wall Street Journal, Financial Times

S&P cuts Wells' outlook: Wells Fargo delayed until Wednesday its scheduled sale of 10-year bonds after S&P cut its outlook on the bank's credit rating to negative from stable, citing "increased business risks" stemming from the bank's phony accounts scandal. "Uncertainty has increased, in our view, regarding the scope and ramifications of the misconduct, the duration and magnitude of the reputational damage, the possible impact on the company's customer flows, and the potential consequences of ongoing legal and regulatory investigations." Wells has been rated A or above by S&P since at least 1990, making it one of the highest rated banks. Fitch warned earlier this month that it might cut Wells' credit rating. Wall Street Journal, Financial Times

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