Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
Morgan Stanley reported net income of $870 million for the fourth quarter of 2001, down 28% from the fourth quarter of 2000. For the full fiscal year, Morgan Stanley reported net income of $3.6 billion, down 34% from the prior year. Revenues declined across most business segments due to a slowdown in the global economy and turmoil in the markets following the September 11th attacks. The company continued cost cutting efforts to help offset declining revenues.
- Morgan Stanley reported first quarter net income of $905 million, a 7% increase from the same period the previous year. Diluted earnings per share were $0.82.
- Net revenues for the quarter were $5.5 billion, a 4% increase from the prior year period. The annualized return on average common equity was 16%.
- Institutional Securities net income increased 17% to $618 million compared to the first quarter of 2002, driven by record fixed income revenues.
Morgan Stanley reported third quarter net income of $1.3 billion, up 108% from the third quarter of 2002. Earnings per share were $1.15. Revenue increased 13% to $5.3 billion due to strong performances in fixed income and improved equity underwriting. The return on equity was 22.0%. For the first nine months of 2003, net income increased 23% to $2.8 billion while revenues rose 6% and return on equity was 16.3%.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
Morgan Stanley reported net income of $870 million for the fourth quarter of 2001, down 28% from the fourth quarter of 2000. For the full fiscal year, Morgan Stanley reported net income of $3.6 billion, down 34% from the prior year. Revenues declined across most business segments due to a slowdown in the global economy and turmoil in the markets following the September 11th attacks. The company continued cost cutting efforts to help offset declining revenues.
- Morgan Stanley reported first quarter net income of $905 million, a 7% increase from the same period the previous year. Diluted earnings per share were $0.82.
- Net revenues for the quarter were $5.5 billion, a 4% increase from the prior year period. The annualized return on average common equity was 16%.
- Institutional Securities net income increased 17% to $618 million compared to the first quarter of 2002, driven by record fixed income revenues.
Morgan Stanley reported third quarter net income of $1.3 billion, up 108% from the third quarter of 2002. Earnings per share were $1.15. Revenue increased 13% to $5.3 billion due to strong performances in fixed income and improved equity underwriting. The return on equity was 22.0%. For the first nine months of 2003, net income increased 23% to $2.8 billion while revenues rose 6% and return on equity was 16.3%.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported full-year net earnings of $3.0 billion and a return on equity of 14%. Fourth quarter net earnings were $732 million, including a pre-tax restructuring charge of $235 million. By business: Institutional Securities saw a 31% decline in net income to $1.7 billion due to difficult markets. Individual Investor Group had a net loss of $7 million compared to a $44 million loss in 2001. Investment Management reported a 9% increase in net income to $525 million despite lower revenues. Credit Services achieved record profits.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
AIG First Quarter 2008 Economic Capital Modeling Initiative - May 2008 Updatefinance2
AIG has developed an economic capital model to assess capital requirements across its businesses. Economic capital represents the amount of capital needed to cover unexpected losses within a 99.95% confidence level over one year. AIG's model accounts for diversification benefits and estimates excess economic capital by comparing required economic capital to available economic capital calculated using a market-consistent valuation approach. As of March 31, 2008, AIG's estimated excess economic capital was in the range of $2.5 to $7.5 billion, down from $14.5 to $19.5 billion at the end of 2007 due primarily to investment losses. AIG is using its economic capital model to help manage capital allocation, risk management, and other business decisions
The document is a transcript from The Home Depot's 2008 Investor Day conference. Frank Blake, the company's CEO, provides an overview of the company's strategic focus on improving the core retail business, exercising disciplined capital allocation, increasing returns on existing assets, and building sustained competitive advantages. He highlights progress made on priorities like associate engagement and product availability. While housing market conditions remain difficult, Blake emphasizes the company's long term strategy and goals, such as becoming a best in class merchandiser.
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
Profieldata van sociale netwerken zoals Linkedin zou goed gebruikt kunnen worden als een 'social media' studie & beroepengids.
Op deze manier worden realistische en minder voorspelbare carrière-paden inzichtelijk gemaakt.
Dit idee is ontwikkeld in het kader van de Blogwedstijd "Educate the Crowd" van Twice en Media Academie.
Morgan Stanley reported full-year net earnings of $3.0 billion and a return on equity of 14%. Fourth quarter net earnings were $732 million, including a pre-tax restructuring charge of $235 million. By business: Institutional Securities saw a 31% decline in net income to $1.7 billion due to difficult markets. Individual Investor Group had a net loss of $7 million compared to a $44 million loss in 2001. Investment Management reported a 9% increase in net income to $525 million despite lower revenues. Credit Services achieved record profits.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
AIG First Quarter 2008 Economic Capital Modeling Initiative - May 2008 Updatefinance2
AIG has developed an economic capital model to assess capital requirements across its businesses. Economic capital represents the amount of capital needed to cover unexpected losses within a 99.95% confidence level over one year. AIG's model accounts for diversification benefits and estimates excess economic capital by comparing required economic capital to available economic capital calculated using a market-consistent valuation approach. As of March 31, 2008, AIG's estimated excess economic capital was in the range of $2.5 to $7.5 billion, down from $14.5 to $19.5 billion at the end of 2007 due primarily to investment losses. AIG is using its economic capital model to help manage capital allocation, risk management, and other business decisions
The document is a transcript from The Home Depot's 2008 Investor Day conference. Frank Blake, the company's CEO, provides an overview of the company's strategic focus on improving the core retail business, exercising disciplined capital allocation, increasing returns on existing assets, and building sustained competitive advantages. He highlights progress made on priorities like associate engagement and product availability. While housing market conditions remain difficult, Blake emphasizes the company's long term strategy and goals, such as becoming a best in class merchandiser.
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
Profieldata van sociale netwerken zoals Linkedin zou goed gebruikt kunnen worden als een 'social media' studie & beroepengids.
Op deze manier worden realistische en minder voorspelbare carrière-paden inzichtelijk gemaakt.
Dit idee is ontwikkeld in het kader van de Blogwedstijd "Educate the Crowd" van Twice en Media Academie.
cardinal health UBS Global Healthcare Services Conference 2009finance2
George Barrett, Vice Chairman and CEO of Cardinal Health, presented on the company post-spin. The new Cardinal Health will be a leading provider of products and services across the healthcare supply chain, serving over 50,000 customers with $90 billion in annual revenue. It will focus on the pharmaceutical and medical products segments to provide solutions that improve customer efficiency and quality. Cardinal Health is well-positioned to address evolving industry needs such as cost containment and care coordination due to its broad footprint and capabilities.
This document is The Home Depot's 2007 Annual Report. It provides a summary of the company's financial performance for 2007, including net sales, net earnings, earnings per share, total assets, liabilities, and store count. It discusses investments made in areas like associate engagement, product excitement, availability, shopping environment, and serving professional customers. It also summarizes international performance, the company strategy of focusing on retail operations, and capital allocation plans. The report is addressed to shareholders, associates, customers, suppliers and communities.
Merrill Lynch Health Services Investor Conferencefinance2
John Hammergren, CEO of McKesson, presented an overview of the company and its healthcare businesses. McKesson's pharmaceutical distribution business saw 20% revenue growth in Q2 but declining margins due to fewer drug price increases. The medical-surgical and technology businesses grew revenues slightly with mixed profit results. For the fiscal year, McKesson expects EPS of $2.00-$2.20 assuming drug price increases within historical ranges.
The document summarizes Apple's announcements at WWDC 2014 regarding updates to the iOS and OS X platforms. Key updates include iOS 8 with over 4000 new APIs, improvements to the App Store like app bundles and previews, a new TestFlight app for beta testing, iCloud Drive for file storage across devices, enhancements to Xcode 6 like Swift support and adaptable UIs, new APIs for HealthKit, HomeKit and Touch ID, and free developer resources like Swift books and WWDC session videos. CloudKit was also introduced as a way for apps to have basic server-side functionality without backend infrastructure.
The Dutch government is developing a national strategy for open educational resources (OER) through several initiatives. These include OpenER at Open University Netherlands and Delft University of Technology, offering open online courses. The Spinoza Series features courses from top researchers. The Networked Open Polytechnic explores open models for vocational education. Wikiwijs, launched in 2009, aims to be a national platform for teachers to find, create and share OER across all educational sectors. While there is no overarching plan, these diverse but coordinated efforts demonstrate an emerging national OER strategy in the Netherlands.
David & Melissa, Post-Wedding Dinner, August 2009SLHCommunications
This letter from David and Melissa Revesz documents their wedding ceremony and reception held at Spiaggia restaurant in Chicago on August 29, 2009. It provides details of the ceremony officiated by a close friend and the reception which followed, including speeches, first dances, and cutting of the cake. The letter expresses gratitude to all those involved in making their special day perfect.
This document discusses the opportunity presented by a home-based business marketing system called United Online Business. It highlights several key points:
1) United Online Business leverages the growing health and wellness, home-based business, and internet industries to create an explosive business model.
2) It services the large "Baby Boomer" generation who are seeking products and services related to health, wellness and anti-aging.
3) The internet provides a huge global market that can be accessed through an online business with relatively low start-up costs compared to traditional franchises.
4) Personal stories are shared of individuals who were able to generate substantial part-time or full-time incomes working with United
The document discusses managed futures as an alternative asset class, providing data showing their strong long-term performance compared to traditional assets like stocks and bonds. It also profiles Superfund, a leading managed futures provider, outlining their strategy of trend following across over 100 markets and strong risk-adjusted returns. Adding a 25% allocation to Superfund A in a traditional portfolio significantly increased returns and reduced risk over the period from 2000 to 2009.
The document discusses the benefits of living a green lifestyle, including saving money, improving health, and reducing environmental impact. It provides practical tips for conserving resources through reducing consumption and waste, using energy more efficiently, and choosing more sustainable transportation options. The overall message is that small, everyday actions can help create a greener future for both individuals and society.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended December 31, 2008. It includes McKesson's condensed consolidated financial statements and notes. Some key details:
- Revenues for the quarter were $27.1 billion, a 2% increase from the same period last year.
- Net loss for the quarter was $20 million, compared to net income of $201 million in the prior year quarter.
- The filing includes McKesson's condensed consolidated balance sheets, statements of operations, and statements of cash flows for the periods presented.
This presentation discusses web listening and sentiment analysis for banks. It provides an overview of DigitalMR's approach, including creating taxonomies for products/services and parsing, classifying, and counting terms to analyze sentiment at various levels. Sample insights are shown on banks' share of voice, sentiment, and negative comments about customer service. The presentation concludes with recommendations and a new monthly syndicated banking report, as well as a free workshop on digital strategies.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Morgan Stanley Dean Witter announced its third quarter 2000 financial results. Net income increased 28% to $1.246 billion compared to the third quarter of 1999. Earnings per share were up 31% to $1.09. Net revenues grew 18% to $6.294 billion. All business segments saw increases in net income compared to the prior year quarter, with particularly strong growth in Asset Management (+62%) and Credit Services (+10%). For the first nine months of the year, net income increased 35% and earnings per share grew 38% compared to the same period in 1999.
Morgan Stanley Dean Witter reported strong second quarter 2000 results, with net income up 27% to $1.458 billion and earnings per share up 30% compared to the second quarter of 1999. All business segments performed well, with record results in securities and asset management. The company also announced an additional $1.5 billion stock repurchase authorization.
- Morgan Stanley Dean Witter reported net income of $970 million for the third quarter of 1999, up 55% from $626 million in the third quarter of 1998. Diluted earnings per share were $1.65, up 63% from the prior year.
- Net revenues increased 39% to $5.3 billion driven by strong performance in institutional securities, asset management, and credit services.
- Results were boosted by record investment banking revenues, higher trading activity, and strong growth in assets under management. Credit quality also continued to improve.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion compared to the prior year. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Earnings per share increased 25% and 19% respectively. Revenues increased 10% for the quarter driven by strong performance across business segments, though credit costs remained high. For the first nine months of the year, net income rose 25% while core income increased 14% on 10% higher revenues.
Morgan Stanley reported $928 million in net income for Q2 2005, down 24% from Q2 2004. Revenue was $6 billion, down 9% from the prior year. Business highlights included record results in prime brokerage and $3.8 billion in net new retail assets. While most business segments saw lower earnings, advisory revenues increased 10% and the company maintained its leading position in global M&A.
Merrill Lynch reported second quarter net earnings of $1 billion, their second-best quarterly earnings ever. Net revenues for the quarter were $5.3 billion, a 7% increase over the previous year. The pre-tax profit margin of 27.6% was the highest in over 25 years. Global Markets and Investment Banking saw a 25% increase in revenues compared to the previous year and achieved a record pre-tax profit margin. Global Private Client revenues declined 6% from the previous year due to reduced transaction activity, but the pre-tax profit margin increased. Merrill Lynch continues initiatives to diversify revenues and leverage client relationships across business segments.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
Merrill Lynch reported first quarter 2003 net earnings of $685 million, a 6% increase from $647 million in the first quarter of 2002. Revenues were $4.9 billion, down 5% from the prior year quarter. While commissions revenue declined due to lower transaction volumes, debt trading increased revenues. Expenses decreased 6% to $2.5 billion for compensation and 7% for other expenses through cost cutting. The results demonstrated progress in diversifying revenues despite difficult markets.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
- Merrill Lynch reported second quarter net earnings of $1.1 billion, up 10% from the second quarter of 2003. Earnings per share were $1.06.
- Global Private Client and Merrill Lynch Investment Managers saw increased earnings, while Global Markets and Investment Banking saw lower earnings.
- For the first half of the year, net earnings were $2.3 billion, up 44% from the first half of 2003, driven by revenue growth of 13% and improved profit margins.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Net revenues were $2.9 billion, down 69% due to write-downs related to ABS CDOs and credit valuation adjustments on hedges with financial guarantors. Global Wealth Management achieved record quarterly net revenues of $3.6 billion, up 8% year-over-year, driven by strong fee growth. Merrill Lynch intends to reduce headcount by 4,000 employees to lower costs by $800 million annually. The firm remains well capitalized with $82 billion in excess liquidity.
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morgan stanley Earnings Archive 2002 3rd
1. Contact: Investor Relations Media Relations
William Pike Ray O’Rourke
212-761-0008 212-761-4262
For Immediate Release
Morgan Stanley Reports Third Quarter Net Income of $611 Million;
Return on Equity of 11.4%
NEW YORK, September 19, 2002 -- Morgan Stanley (NYSE: MWD) today
reported net income of $611 million for the quarter ended August 31, 2002 -- a
17 percent decline from the third quarter of 2001 and 23 percent lower than the
second quarter of 2002. Diluted earnings per share were $0.55 -- compared to
$0.65 a year ago and $0.72 in the second quarter.1
Third quarter net revenues (total revenues less interest expense and the provision
for loan losses) were $4.6 billion -- 11 percent below third quarter 2001 and 7
percent below second quarter 2002. The annualized return on average common
equity for the current quarter was 11.4 percent.
Philip J. Purcell, Chairman & CEO, and Robert G. Scott, President, said in a joint
statement, “We’ve done a good job in balancing profitability and risk in a tough
environment. We have continued to face a severe cyclical downturn, yet we’ve
had to make sure we don’t weaken our franchise and our capacity for future
growth. In this difficult time, we are proud of how our people have served the
best interests of our clients.”
In the first nine months of fiscal 2002, net income was $2,256 million, 18 percent
lower than $2,740 million a year ago. Nine-month diluted earnings per share
1
Amounts for the three months ended August 31, 2001 exclude an extraordinary loss of $30 million, or
$.03 per share, related to the early extinguishment of debt. See page F-1 of Financial Summary, Note 1.
2. were $2.03, down 16 percent from last year’s $2.41.2 Net revenues declined 15
percent and non-compensation expenses declined 13 percent from a year ago.
The annualized return on average common equity for the nine-month period was
14.3 percent.
SECURITIES
Securities posted net income of $265 million, 36 percent lower than last year’s
third quarter. The decline in earnings reflected the impact of difficult markets on
virtually all of the Company’s securities businesses.
• In the institutional business:
- Advisory revenues were $149 million, down 59 percent from a year ago.
The decline resulted primarily from depressed levels of global M&A
activity. Industry-wide, global completed M&A transaction volume was
51 percent lower in the third quarter compared to a year ago.3
- Underwriting revenues of $325 million were 25 percent lower than last
year’s third quarter, reflecting declines in industry-wide global equity and
debt underwriting issuances.
- Fixed income sales and trading net revenues were $548 million, a 33
percent decrease from third quarter 2001. Weakness in most product
areas was partially offset by strength in interest rate derivatives and
foreign exchange trading.
- Equity sales and trading net revenues of $1,066 million were up 7 percent
from a year ago, primarily due to higher levels of market volatility and
volumes.
• In the individual investor group:
- Net revenues decreased 5 percent to $1.0 billion, as retail participation in
equity markets fell from last year’s levels. The quarter’s revenues also
2
Amounts for the nine months ended August 31, 2001, exclude an after-tax charge of $59 million, or $.05
per share, resulting from the adoption of SFAS 133 on December 1, 2000, and an extraordinary loss of
$30 million, or $.03 per share, related to the early extinguishment of debt. See page F-1 of Financial
Summary, Note 1.
3
Source: Thomson Financial Securities Data – June 1 to August 31, 2002.
2
3. included $95 million associated with the sale of the Company’s MS
Online brokerage accounts, and a $45 million writedown of an equity
investment related to the Company’s European retail securities activities.
- Total client assets of $520 billion were 13 percent lower than the end of
last year’s third quarter, compared to declines of 19 percent for the S&P
500 and 27 percent for the Nasdaq. Client assets in fee-based accounts of
$103 billion declined 6 percent over the past twelve months. However,
the percentage of client assets in fee-based accounts increased to 20
percent from 18 percent a year ago.
- At quarter-end, the number of global financial advisors stood at 13,590 --
a decrease of 117 for the quarter and 752 over the past year.
• Total securities non-compensation expenses were unchanged from the third
quarter of 2001. However, these expenses declined 6 percent, excluding asset
impairment charges of $74 million associated with the Company’s aircraft
leasing business, costs of $47 million related to the sale of the MS Online
accounts, and a credit of $59 million related to the resolution of certain legal
matters.
INVESTMENT MANAGEMENT
Investment Management net income rose 6 percent from last year’s third quarter
to $136 million as a result of a continued reduction of operating expenses. Net
revenues were 13 percent lower than a year ago, primarily due to a decline in
average assets under management and a shift in asset mix to a lower level of
equity products.
• The Company’s assets under management declined $47 billion, or 10 percent,
from a year ago to $424 billion, primarily as a result of a decline in market
values.
• Retail assets were $252 billion, $17 billion below this year’s second quarter
and $40 billion below last year’s third quarter. Institutional assets of $172
billion decreased $10 billion over the quarter and were $7 billion lower than a
3
4. year ago. Net flows (excluding money markets) were essentially flat during
the quarter and modestly positive year-to-date.
• Among investment managers, the Company had the fourth highest number of
domestic funds (50) receiving one of Morningstar’s two highest ratings.4
• Total non-compensation expenses declined 23 percent from the third quarter
of 2001. Excluding a net credit of $27 million related to the resolution of
certain legal matters, expenses declined 11 percent.
CREDIT SERVICES
Credit Services posted strong third quarter earnings of $210 million, 7 percent
ahead of the third quarter of 2001.
• Managed credit card loans at quarter end of $49.7 billion were flat to a year
ago. The interest rate spread widened 80 basis points over the same period,
driven by a decline in cost of funds.
• Merchant and cardmember fees rose 1 percent to $547 million primarily as a
result of higher merchant discount from increased transaction volume.
Transaction volume rose 4 percent from a year ago to $24.3 billion.
• The credit card net charge-off rate rose to 6.02 percent -- 23 basis points
higher than a year ago -- largely due to the continued softness in the U.S.
economy. The over-30-day delinquency rate, however, improved 59 basis
points to 5.72 percent, and the over-90-day delinquency rate was 2.49 percent
-- the lowest level in the last seven quarters.
• Non-interest expenses were $614 million, up 7 percent compared to third
quarter 2001 -- driven by increased marketing and advertising expenses and
higher personnel costs.
As of August 31, the Company had repurchased approximately 14 million shares
of its common stock since the end of fiscal 2001. The Company also announced
that its Board of Directors declared a $0.23 quarterly dividend per common share.
4
As of July 31, 2002.
4
5. The dividend is payable on October 25, 2002, to common shareholders of record
on October 4, 2002.
Total capital at August 31, 2002 was $66.6 billion, including $22.6 billion of
common shareholders’ equity and preferred securities subject to mandatory
redemption. Book value per common share was $19.59, based on 1.1 billion
shares outstanding.
Morgan Stanley is a global financial services firm and a market leader in
securities, investment management and credit services. With more than 700
offices in 28 countries, Morgan Stanley connects people, ideas and capital to help
clients achieve their financial aspirations.
Access this press release on-line @www.morganstanley.com
###
(See Attached Schedules)
This release may contain forward-looking statements. These statements reflect
management’s beliefs and expectations, and are subject to risks and uncertainties that
may cause actual results to differ materially. For a discussion of the risks and
uncertainties that may affect the Company’s future results, please see “Certain Factors
Affecting Results of Operations” in “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Competition and Regulation”
under each of “Securities,” “Investment Management” and “Credit Services” in Part I,
Item 1 in the Company’s 2001 Annual Report on Form 10-K and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in the
Company’s Quarterly Reports on Form 10-Q for fiscal 2002.
5
6. MORGAN STANLEY
Financial Summary
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Net revenues
Securities $ 3,151 $ 3,656 $ 3,487 (14%) (10%) $ 10,469 $ 12,831 (18%)
Investment Management 552 637 604 (13%) (9%) 1,761 1,964 (10%)
Credit Services 933 893 874 4% 7% 2,630 2,655 (1%)
Consolidated net revenues $ 4,636 $ 5,186 $ 4,965 (11%) (7%) $ 14,860 $ 17,450 (15%)
Net income
Securities $ 265 $ 411 $ 460 (36%) (42%) $ 1,264 $ 1,823 (31%)
Investment Management 136 128 141 6% (4%) 419 408 3%
Credit Services 210 196 196 7% 7% 573 509 13%
Income before extraordinary item and
cumulative effect of accounting change 611 735 797 (17%) (23%) 2,256 2,740 (18%)
Extraordinary item (1) 0 (30) 0 * -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (59) *
Consolidated net income $ 611 $ 705 $ 797 (13%) (23%) $ 2,256 $ 2,651 (15%)
Preferred stock dividend requirements $ 0 $ 9 $ 0 * -- $ 0 $ 27 *
Earnings applicable to common shares $ 611 $ 696 $ 797 (12%) (23%) $ 2,256 $ 2,624 (14%)
Basic earnings per common share
Income before extraordinary item and
cumulative effect of accounting change $ 0.57 $ 0.67 $ 0.73 (15%) (22%) $ 2.08 $ 2.49 (16%)
Extraordinary item $ 0.00 $ (0.03) $ 0.00 * -- $ 0.00 $ (0.03) *
Cumulative effect of accounting change $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.05) *
Net income $ 0.57 $ 0.64 $ 0.73 (11%) (22%) $ 2.08 $ 2.41 (14%)
Diluted earnings per common share
Income before extraordinary item and
cumulative effect of accounting change $ 0.55 $ 0.65 $ 0.72 (15%) (24%) $ 2.03 $ 2.41 (16%)
Extraordinary item $ 0.00 $ (0.03) $ 0.00 * -- $ 0.00 $ (0.03) *
Cumulative effect of accounting change $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.05) *
Net income $ 0.55 $ 0.62 $ 0.72 (11%) (24%) $ 2.03 $ 2.33 (13%)
Average common shares outstanding
Basic 1,081,708,833 1,085,447,127 1,084,993,202 1,084,059,497 1,089,017,948
Diluted 1,105,494,894 1,119,301,107 1,113,949,482 1,111,980,428 1,126,540,440
Period end common shares outstanding 1,093,052,009 1,106,317,423 1,097,109,821 1,093,052,009 1,106,317,423
Return on common equity (3) 11.4% 14.9% 15.1% 14.3% 18.8%
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
(3) Excludes the cumulative effect of accounting change.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-1
7. MORGAN STANLEY
Consolidated Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Investment banking $ 482 $ 807 $ 671 (40%) (28%) $ 1,838 $ 2,616 (30%)
Principal transactions:
Trading 457 1,079 688 (58%) (34%) 2,266 4,846 (53%)
Investments (64) (59) (16) (8%) * (47) (212) 78%
Commissions 855 720 900 19% (5%) 2,532 2,409 5%
Fees:
Asset management, distribution and administration 971 1,054 1,054 (8%) (8%) 3,041 3,237 (6%)
Merchant and cardmember 364 362 359 1% 1% 1,064 1,000 6%
Servicing 514 434 511 18% 1% 1,566 1,337 17%
Interest and dividends 4,373 5,825 3,874 (25%) 13% 12,079 20,011 (40%)
Other 204 110 108 85% 89% 506 374 35%
Total revenues 8,156 10,332 8,149 (21%) -- 24,845 35,618 (30%)
Interest expense 3,188 4,869 2,844 (35%) 12% 8,968 17,447 (49%)
Provision for consumer loan losses 332 277 340 20% (2%) 1,017 721 41%
Net revenues 4,636 5,186 4,965 (11%) (7%) 14,860 17,450 (15%)
Compensation and benefits 2,061 2,376 2,236 (13%) (8%) 6,786 7,950 (15%)
Occupancy and equipment 198 224 208 (12%) (5%) 604 666 (9%)
Brokerage, clearing and exchange fees 208 176 176 18% 18% 563 520 8%
Information processing and communications 341 363 337 (6%) 1% 1,000 1,089 (8%)
Marketing and business development 291 280 259 4% 12% 804 987 (19%)
Professional services 273 284 250 (4%) 9% 748 954 (22%)
Other 295 311 252 (5%) 17% 792 940 (16%)
Total non-interest expenses 3,667 4,014 3,718 (9%) (1%) 11,297 13,106 (14%)
Income before taxes, extraordinary item, dividends
on pref. sec. and cumulative effect of acctg. change 969 1,172 1,247 (17%) (22%) 3,563 4,344 (18%)
Income tax expense 337 423 428 (20%) (21%) 1,242 1,576 (21%)
Div. on pref. sec. subject to mandatory redemption 21 14 22 50% (5%) 65 28 132%
Income before extraordinary item and
cumulative effect of accounting change 611 735 797 (17%) (23%) 2,256 2,740 (18%)
Extraordinary item (1) 0 (30) 0 * -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (59) *
Net income $ 611 $ 705 $ 797 (13%) (23%) $ 2,256 $ 2,651 (15%)
Preferred stock dividend requirements $ 0 $ 9 $ 0 * -- $ 0 $ 27 *
Earnings applicable to common shares $ 611 $ 696 $ 797 (12%) (23%) $ 2,256 $ 2,624 (14%)
Compensation and benefits as a % of net revenues 44% 46% 45% 46% 46%
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-2
8. MORGAN STANLEY
Securities Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Investment banking $ 474 $ 795 $ 663 (40%) (29%) $ 1,813 $ 2,570 (29%)
Principal transactions:
Trading 457 1,079 688 (58%) (34%) 2,266 4,846 (53%)
Investments (58) (58) (17) -- (241%) (43) (211) 80%
Commissions 844 708 888 19% (5%) 2,498 2,376 5%
Asset management, distribution and administration fees 449 461 478 (3%) (6%) 1,384 1,423 (3%)
Interest and dividends 3,718 5,135 3,266 (28%) 14% 10,255 17,954 (43%)
Other 193 100 107 93% 80% 474 349 36%
Total revenues 6,077 8,220 6,073 (26%) -- 18,647 29,307 (36%)
Interest expense 2,926 4,564 2,586 (36%) 13% 8,178 16,476 (50%)
Net revenues 3,151 3,656 3,487 (14%) (10%) 10,469 12,831 (18%)
Compensation and benefits 1,701 1,988 1,866 (14%) (9%) 5,683 6,765 (16%)
Occupancy and equipment 162 181 170 (10%) (5%) 495 535 (7%)
Brokerage, clearing and exchange fees 146 123 119 19% 23% 391 367 7%
Information processing and communications 220 243 220 (9%) -- 659 734 (10%)
Marketing and business development 119 116 125 3% (5%) 344 395 (13%)
Professional services 159 189 140 (16%) 14% 422 636 (34%)
Other 223 178 139 25% 60% 488 570 (14%)
Total non-interest expenses 2,730 3,018 2,779 (10%) (2%) 8,482 10,002 (15%)
Income before taxes, extraordinary item, dividends
on pref. sec. and cumulative effect of acctg. change 421 638 708 (34%) (41%) 1,987 2,829 (30%)
Income tax expense 135 213 226 (37%) (40%) 658 978 (33%)
Div. on pref. sec. subject to mandatory redemption 21 14 22 50% (5%) 65 28 132%
Income before extraordinary item and
cumulative effect of accounting change 265 411 460 (36%) (42%) 1,264 1,823 (31%)
Extraordinary item - loss on the early
extinguishment of debt 0 (30) 0 * -- 0 (30) *
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (46) *
Net income $ 265 $ 381 $ 460 (30%) (42%) $ 1,264 $ 1,747 (28%)
Compensation and benefits as a % of net revenues 54% 54% 54% 54% 53%
Non-compensation expenses as a % of net revenues 33% 28% 26% 27% 25%
Profit margin (2) 8% 11% 13% 12% 14%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-3
9. MORGAN STANLEY
Investment Management Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Investment banking $ 8 $ 12 $ 8 (33%) -- $ 25 $ 46 (46%)
Principal transactions:
Investments (6) (1) 1 * * (4) (1) *
Commissions 11 12 12 (8%) (8%) 34 33 3%
Asset management, distribution and administration fees 522 593 576 (12%) (9%) 1,657 1,814 (9%)
Interest and dividends 9 16 6 (44%) 50% 23 57 (60%)
Other 8 7 1 14% * 27 22 23%
Total revenues 552 639 604 (14%) (9%) 1,762 1,971 (11%)
Interest expense 0 2 0 * -- 1 7 (86%)
Net revenues 552 637 604 (13%) (9%) 1,761 1,964 (10%)
Compensation and benefits 154 202 173 (24%) (11%) 508 611 (17%)
Occupancy and equipment 18 21 20 (14%) (10%) 57 67 (15%)
Brokerage, clearing and exchange fees 62 53 57 17% 9% 172 153 12%
Information processing and communications 27 30 26 (10%) 4% 76 83 (8%)
Marketing and business development 26 38 32 (32%) (19%) 92 120 (23%)
Professional services 52 44 51 18% 2% 154 155 (1%)
Other (16) 33 18 (148%) (189%) 12 88 (86%)
Total non-interest expenses 323 421 377 (23%) (14%) 1,071 1,277 (16%)
Income before income taxes 229 216 227 6% 1% 690 687 --
Income tax expense 93 88 86 6% 8% 271 279 (3%)
Net income $ 136 $ 128 $ 141 6% (4%) $ 419 $ 408 3%
Compensation and benefits as a % of net revenues 28% 32% 29% 29% 31%
Non-compensation expenses as a % of net revenues 31% 34% 34% 32% 34%
Profit margin (1) 25% 20% 23% 24% 21%
(1) Net income as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-4
10. MORGAN STANLEY
Credit Services Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Fees:
Merchant and cardmember $ 364 $ 362 $ 359 1% 1% $ 1,064 $ 1,000 6%
Servicing 514 434 511 18% 1% 1,566 1,337 17%
Other 3 3 0 -- * 5 3 67%
Total non-interest revenues 881 799 870 10% 1% 2,635 2,340 13%
Interest revenue 646 674 602 (4%) 7% 1,801 2,000 (10%)
Interest expense 262 303 258 (14%) 2% 789 964 (18%)
Net interest income 384 371 344 4% 12% 1,012 1,036 (2%)
Provision for consumer loan losses 332 277 340 20% (2%) 1,017 721 41%
Net credit income 52 94 4 (45%) * (5) 315 (102%)
Net revenues 933 893 874 4% 7% 2,630 2,655 (1%)
Compensation and benefits 206 186 197 11% 5% 595 574 4%
Occupancy and equipment 18 22 18 (18%) -- 52 64 (19%)
Information processing and communications 94 90 91 4% 3% 265 272 (3%)
Marketing and business development 146 126 102 16% 43% 368 472 (22%)
Professional services 62 51 59 22% 5% 172 163 6%
Other 88 100 95 (12%) (7%) 292 282 4%
Total non-interest expenses 614 575 562 7% 9% 1,744 1,827 (5%)
Income before taxes and cumulative
effect of accounting change 319 318 312 -- 2% 886 828 7%
Income tax expense 109 122 116 (11%) (6%) 313 319 (2%)
Income before cumulative effect
of accounting change 210 196 196 7% 7% 573 509 13%
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (13) *
Net income $ 210 $ 196 $ 196 7% 7% $ 573 $ 496 16%
Compensation and benefits as a % of net revenues 22% 21% 23% 23% 22%
Non-compensation expenses as a % of net revenues 44% 44% 42% 44% 47%
Profit margin (2) 23% 22% 22% 22% 19%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-5
11. MORGAN STANLEY
Credit Services Income Statement Information
(unaudited, dollars in millions)
(Managed loan basis)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Fees:
Merchant and cardmember $ 547 $ 539 $ 552 1% (1%) $ 1,640 $ 1,547 6%
Servicing 0 0 0 -- -- 0 0 --
Other 3 3 0 -- * 5 3 67%
Total non-interest revenues 550 542 552 1% -- 1,645 1,550 6%
Interest revenue 1,641 1,741 1,614 (6%) 2% 4,866 5,233 (7%)
Interest expense 481 657 480 (27%) -- 1,460 2,185 (33%)
Net interest income 1,160 1,084 1,134 7% 2% 3,406 3,048 12%
Provision for consumer loan losses 777 733 812 6% (4%) 2,421 1,943 25%
Net credit income 383 351 322 9% 19% 985 1,105 (11%)
Net revenues 933 893 874 4% 7% 2,630 2,655 (1%)
Compensation and benefits 206 186 197 11% 5% 595 574 4%
Occupancy and equipment 18 22 18 (18%) -- 52 64 (19%)
Information processing and communications 94 90 91 4% 3% 265 272 (3%)
Marketing and business development 146 126 102 16% 43% 368 472 (22%)
Professional services 62 51 59 22% 5% 172 163 6%
Other 88 100 95 (12%) (7%) 292 282 4%
Total non-interest expenses 614 575 562 7% 9% 1,744 1,827 (5%)
Income before taxes and cumulative
effect of accounting change 319 318 312 -- 2% 886 828 7%
Income tax expense 109 122 116 (11%) (6%) 313 319 (2%)
Income before cumulative effect
of accounting change 210 196 196 7% 7% 573 509 13%
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (13) *
Net income $ 210 $ 196 $ 196 7% 7% $ 573 $ 496 16%
Compensation and benefits as a % of net revenues 22% 21% 23% 23% 22%
Non-compensation expenses as a % of net revenues 44% 44% 42% 44% 47%
Profit margin (2) 23% 22% 22% 22% 19%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-6
12. MORGAN STANLEY
Financial Information and Statistical Data
(unaudited)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
Morgan Stanley
Total assets (millions) $ 517,000 $ 506,000 $ 554,000 2% (7%)
Period end common shares outstanding (millions) 1,093.1 1,106.3 1,097.1 (1%) --
Book value per common share $ 19.59 $ 17.76 $ 19.39 10% 1%
Shareholders' equity (millions) (1) $ 22,626 $ 21,199 $ 22,486 7% 1%
Total capital (millions) (2) $ 66,631 $ 60,652 $ 67,690 10% (2%)
Worldwide employees 57,799 62,392 58,538 (7%) (1%)
SECURITIES
Advisory revenue (millions) $ 149 $ 360 $ 250 (59%) (40%) $ 691 $ 1,100 (37%)
Underwriting revenue (millions) $ 325 $ 435 $ 413 (25%) (21%) $ 1,122 $ 1,470 (24%)
Institutional Securities
Sales and trading net revenue (millions) (3)
Equity $ 1,066 $ 998 $ 953 7% 12% $ 2,950 $ 3,757 (21%)
Fixed income $ 548 $ 814 $ 829 (33%) (34%) $ 2,480 $ 3,096 (20%)
Mergers and acquisitions announced transactions (4)
Morgan Stanley global market volume (billions) $ 126.9 $ 279.4 $ 85.4
Rank 4 4 3
Worldwide equity and related issues (4)
Morgan Stanley global market volume (billions) $ 13.7 $ 32.9 $ 11.3
Rank 5 4 5
Individual Investor Group
Net revenue (millions) $ 1,005 $ 1,057 $ 1,037 (5%) (3%) $ 3,048 $ 3,402 (10%)
Global financial advisors 13,590 14,342 13,707 (5%) (1%)
Total client assets (billions) $ 520 $ 597 $ 570 (13%) (9%)
Fee-based client account assets (billions) (5) $ 103 $ 109 $ 111 (6%) (8%)
Domestic retail locations 649 704 663 (8%) (2%)
(1) Includes preferred and common equity and preferred securities subject to mandatory redemption.
(2) Includes preferred and common equity, preferred securities subject to mandatory redemption, capital units and non-current portion of long-term debt.
(3) Includes principal trading, commissions and net interest revenue.
(4) Source: Thomson Financial Securities Data - January 1 to September 4, 2002.
(5) Represents the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-7
13. MORGAN STANLEY
Financial Information and Statistical Data
(unaudited)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Change
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001
INVESTMENT MANAGEMENT ($ billions)
Net flows
Retail $ (0.2) $ (1.1) $ 1.1 82% (118%) $ 2.4 $ 0.0 *
Institutional 0.0 0.7 (0.6) * * (1.1) (2.8) 61%
Net flows excluding money markets (0.2) (0.4) 0.5 50% (140%) 1.3 (2.8) 146%
Money markets 0.1 (0.2) (4.1) 150% 102% (5.3) 3.5 *
Assets under management or supervision by business
Retail $ 252 $ 292 $ 269 (14%) (6%)
Institutional 172 179 182 (4%) (5%)
Total $ 424 $ 471 $ 451 (10%) (6%)
Assets under management or supervision by product
Equity $ 175 $ 202 $ 201 (13%) (13%)
Fixed income 127 138 126 (8%) 1%
Money market 66 69 65 (4%) 2%
Other (1) 56 62 59 (10%) (5%)
Total $ 424 $ 471 $ 451 (10%) (6%)
(1) Includes Alternative Investments.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-8
14. MORGAN STANLEY
Financial Information and Statistical Data
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Nine Months Ended Percentage
Aug 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2001 May 31, 2002 Aug 31, 2002 Aug 31, 2001 Change
CREDIT SERVICES
Owned credit card loans
Total Credit Services
$ 21,840 $ 20,194 $ 20,224 8% 8% $ 21,840 $ 20,194 8%
Period end
$ 20,476 $ 20,407 $ 20,747 -- (1%) $ 20,730 $ 21,084 (2%)
Average
Managed credit card loans (1)
Total Credit Services
$ 49,677 $ 49,704 $ 49,377 -- 1% $ 49,677 $ 49,704 --
Period end
$ 49,344 $ 49,825 $ 49,379 (1%) -- $ 49,701 $ 49,588 --
Average
12.86% 13.34% 12.64% (48 bp) 22 bp 12.71% 13.45% (74 bp)
Interest yield
8.93% 8.13% 8.72% 80 bp 21 bp 8.75% 7.58% 117 bp
Interest spread
6.02% 5.79% 6.30% 23 bp (28 bp) 6.27% 5.19% 108 bp
Net charge-off rate
5.72% 6.31% 5.63% (59 bp) 9 bp 5.72% 6.31% (59 bp)
Delinquency rate (over 30 days)
2.49% 2.61% 2.65% (12 bp) (16 bp) 2.49% 2.61% (12 bp)
Delinquency rate (over 90 days)
$ 24.3 $ 23.3 $ 23.5 4% 3% $ 72.0 $ 71.2 1%
Transaction volume (billions)
46.2 45.4 46.2 2% -- 46.2 45.4 2%
Accounts (millions)
22.8 24.0 23.4 (5%) (3%) 22.8 24.0 (5%)
Active accounts (millions)
$ 2,145 $ 2,069 $ 2,086 4% 3% $ 2,109 $ 2,057 3%
Average receivables per average active account (actual $)
$ (3) $ 3 $ 11 (200%) (127%) $ 16 $ 77 (79%)
Securitization gain
(1) Includes owned and securitized credit card loans.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-9