Morgan Stanley 2003 Annual Report Download - page 5
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lettertoshareholders
fromPhilipJ.Purcell
In2003,asthesecuritiesmarketsendedathree-yearslide,yourcompany
deliveredstrongbusinessresultsandestablishedpositivemomentumfor
thefuture.Ibelieveweperformedverywellineachofthekeyareassetout
asprioritiesinlastyear’sannualreport:protability,marketshare,brand
andthequalityofourpeople.
Netincomeincreased27%to$3.8billion,andreturnonequity
increasedfrom14.1%to16.5%
—
bothexcellentgiventheweakrst-half
businessenvironment.Yourstockpriceincreased45%,anddividendswere
raised9%toanannualrateof$1.00pershare.
Ourmarketshareperformancewasverystronginoursecuritiesbusiness,
withrankingshigherorequaltolastyear’sinalmosteverymajorcategory.
Ibelievethisperformanceindicatesourclient-focusedstrategyisworking.
Brandstrengthchangeslittleyearoveryear,but,asinthecaseofour
marketshareperformance,Ibelievetherewasdiscernibleimprovement.
Thispastyear,ourawardsforbeing“bestinclass”included:BestGlobal
InvestmentBank
—
Euromoneymagazine;U.S.EquityHouseofthe
Year
—
InternationalFinancingReview;DerivativesHouseoftheYear
—
Riskmagazine;100BestCompaniestoWorkFor
—
SundayTimes(U.K.);
andTop50CompaniesforDiversity
—
DiversityIncmagazine.
Thecontinuedinnovationandintellectualleadershipofthepeopleof
MorganStanleywerehighpointsfortheyear.Tocitejustthreeofmany
possibleexamples,weledGeneralMotors’$17billionglobaldebtandequity
offeringinJune,reopenedtheIPOmarketsforChinesenancialcompanies
andledtheofferingforPICCinOctober,andclosedtheyearbyadvising
FleetBostonFinancialinits$47billionmergerwithBankofAmerica.
Ineachofthesetransactions,asinthesuccessesinallourbusinesses,
wewereabletobuildonacloseandtrustedrelationshipwithourclients.
Clientfocushasbecomethefoundationofeverythingwedo,andthat’s
whywehavechosentohighlightthatstrategyinthisyear’sreport.
Letmebegin,however,bydiscussingournancialandmarketshare
performance,bothofwhicharetheresultofthatstrategy.
MorganStanleyAnnualReport2003