Morgan Stanley 2003 Annual Report Download - page 10

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4“Institutional฀clients’฀needs฀
are฀becoming฀broader฀and฀
more฀complex.฀In฀direct฀
response,฀we’ve฀emphasized฀
advice฀and฀solutions฀and฀
focused฀on฀differentiating฀
Morgan฀Stanley฀in฀terms฀of฀
our฀people฀and฀intellectual฀
content.฀The฀result฀has฀been฀
growing฀momentum฀—our฀
relationships฀are฀stronger;฀
our฀market฀share฀is฀showing฀
it;฀and฀if฀recovery฀is฀ripe,฀we฀
ought฀to฀be฀a฀beneficiary.”
Vikram฀Pandit
President฀&฀Chief฀Operating฀Ofcer,฀
Institutional฀Securities
Equity฀Trading฀Market฀Share฀—฀North฀America
(In฀Percent)
12
9
6
3
0
6.4%
1994
7.4%
1995
7.2%
1996
7.7%
1997
8.8%
1998
9.1%
1999
9.3%
2000
11.1%
2001
10.8%
2002
10.4%
2003
Source:฀McLagan
Global฀Investment฀Grade฀Debt฀Market฀Share฀(%)฀and฀Rank฀(#)
(Calendar฀Year)
8
6
4
2
0
RANK:฀4
RANK:฀4
RANK:฀4
RANK:฀4
RANK:฀4
7.0%
7.2%
7.0%
8.1%
7.5%
20032002200120001999
Source:฀Thomson฀Financial
Global฀Announced฀M&A฀Market฀Share฀(%)฀and฀Rank฀(#)
(Calendar฀Year)
36
27
18
9
0
RANK:฀2
RANK:฀3
RANK:฀2
RANK:฀2
RANK:฀3
20.2%
18.1%
30.3%
34.2%
34.6%
20032002200120001999
Source:฀Thomson฀Financial
Institutional฀Securities
(Dollars฀in฀Millions)
฀ ฀ 2002฀ 2003฀ %฀CHANGE
REVENUES฀ 19,885฀ 23,157฀ 16%
EXPENSES฀(INCLUDING฀INTEREST)฀ 17,248฀ 19,549฀ 13%
PROFIT฀BEFORE฀TAXES*฀ 2,637฀ 3,608฀ 37%
PROFIT฀BEFORE฀TAXES฀MARGIN฀ 13%฀ 16%฀ N/A
*฀Income฀before฀losses฀from฀unconsolidated฀investees,฀income฀taxes฀and฀dividends฀on฀
preferred฀securities฀subject฀to฀mandatory฀redemption
Global฀Equity฀Underwriting฀Market฀Share฀(%)฀and฀Rank฀(#)
(Calendar฀Year)
13
6.5
0
RANK:฀3
RANK:฀4
RANK:฀4
RANK:฀3
RANK:฀2
10.0%
8.0%
10.3%
10.6%
12.6%
20032002200120001999
Source:฀Thomson฀Financial