Morgan Stanley reported a surprising third-quarter loss, suggesting the bank is losing hard-won ground in the battle with Goldman Sachs for Wall Street supremacy.

The firm’s $91 million loss, during one of the most difficult trading quarters in recent memory, came a day after Goldman overcame those same conditions to beat Street estimates with a $1.9 billion profit.

“Morgan Stanley is a caterpillar in metamorphosis. It’s either going to turn into a beautiful butterfly or get eaten,” said Brad Hintz, an analyst with Sanford C. Bernstein.