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16
Morgan฀Stanley฀Annual฀Report฀2003
morgan฀stanley฀at฀a฀glance
Institutional฀Securities
Morgan฀Stanley฀is฀a฀leading฀global฀provider฀of฀investment฀
banking,฀sales฀and฀trading฀services฀to฀domestic฀and฀interna-
tional฀corporate,฀government฀and฀other฀institutional฀clients.
฀ Investment฀Banking
Morgan฀Stanley฀offers฀its฀investment฀banking฀clients,฀
including฀corporations,฀governments฀and฀other฀entities,฀
underwriting฀and฀distribution฀services฀for฀debt฀and฀
equity฀offerings฀in฀addition฀to฀financial฀advisory฀services฀
regarding฀key฀strategic฀matters,฀such฀as฀mergers฀and฀
acquisitions,฀restructurings,฀real฀estate฀and฀project฀finance.฀
Morgan฀Stanley฀also฀selectively฀provides฀loans฀or฀lending฀
commitments฀to฀its฀clients.
฀ Sales,฀Trading,฀Financing฀and฀Market-Making
Institutional฀and฀individual฀investors฀receive฀sales,฀trading฀
and฀market-making฀services฀in฀virtually฀every฀type฀of฀finan-
cial฀instrument,฀including฀stocks,฀bonds,฀derivatives,฀foreign฀
exchange฀and฀commodities.฀The฀firm฀is฀involved฀in฀these฀
activities฀in฀all฀the฀major฀financial฀markets฀globally.฀Clients฀
may฀also฀receive฀prime฀brokerage฀and฀financing฀services,฀
including฀securities฀lending.
฀ Other
Morgan฀Stanley฀produces฀and฀distributes฀research฀on฀global฀
economics,฀market฀strategies,฀industries,฀individual฀compa-
nies฀and฀other฀related฀financial฀matters.฀It฀also฀engages฀in฀
principal฀investing฀and฀aircraft฀financing.฀Through฀its฀subsid-
iary,฀Morgan฀Stanley฀Capital฀International฀Inc.,฀it฀markets฀
and฀distributes฀equity฀and฀fixed฀income฀indices.
Individual฀Investor฀Group
The฀Individual฀Investor฀Group฀provides฀comprehensive฀finan-
cial฀services฀to฀individual฀investors฀globally.฀Morgan฀Stanley฀
has฀one฀of฀the฀largest฀financial฀advisor฀networks฀in฀the฀U.S.฀
with฀approximately฀11,000฀advisors฀located฀in฀nearly฀450฀
branches.฀Through฀its฀financial฀advisors,฀Morgan฀Stanley฀is฀
committed฀to฀delivering฀advice฀to฀its฀clients฀with฀a฀focus฀on฀
affluent฀and฀high฀net฀worth฀investors.
฀ Client฀Coverage
In฀the฀U.S.,฀Morgan฀Stanley฀provides฀services฀to฀multiple฀
client฀segments฀spanning฀the฀wealth฀spectrum฀through฀
a฀single฀sales฀organization.฀Morgan฀Stanley’s฀network฀of฀
financial฀advisors,฀wealth฀advisors฀and฀investment฀repre-
sentatives฀provides฀clients฀with฀financial฀planning฀and฀
investment฀advisory฀services฀through฀a฀flexible฀platform฀
designed฀to฀accommodate฀individual฀investment฀goals฀and฀
risk฀profiles.฀
Morgan฀Stanley฀also฀offers฀financial฀advisory฀services฀
outside฀the฀U.S.฀to฀serve฀the฀needs฀of฀high฀net฀worth฀clients฀
in฀Europe,฀Asia฀and฀Latin฀America.฀
฀ Client฀Solutions
Morgan฀Stanley฀provides฀various฀products฀and฀services฀to฀
execute฀financial฀plans฀and฀position฀clients฀to฀attain฀their฀
financial฀goals,฀including฀mutual฀funds,฀stocks,฀bonds,฀
professional฀money฀management,฀banking,฀mortgage,฀insur-
ance฀and฀trust.฀Morgan฀Stanley฀offers฀financial฀solutions฀
to฀businesses฀through฀BusinesScapeSM฀and฀also฀provides฀
defined฀contribution฀plan฀services฀for฀businesses฀of฀all฀
sizes,฀including฀401(k)฀plans฀and฀stock฀plan฀administration.฀
Institutional฀Securities฀Net฀Income
(Dollars฀in฀Millions)
Individual฀Investor฀Group฀Net฀Income
(Dollars฀in฀Millions)
2003
2002
2001
2000
$2,437
$1,664
$2,335
$3,459
2003
2002
2001
2000
$265
$59
$23
$715