Morgan Stanley 2004 Annual Report Download

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Annual฀Report฀2004
Morgan฀Stanley
1585฀Broadway
New฀York,฀NY฀10036-8293
212-761-4000
morganstanley.com

Table of contents

  • Page 1
    Annual฀Report฀2004

  • Page 2
    For฀a฀more฀complete฀discussion฀of฀our฀2004฀results,฀please฀refer฀to฀our฀ Annual฀Report฀on฀Form฀10-K฀and฀visit฀us฀online฀at฀www.morganstanley.com.

  • Page 3
    Morgan฀Stanley฀Annual฀Report฀2004 1 "The฀ultimate฀measure฀of฀your฀firm's฀ success฀is฀how฀well฀it฀performs... Philip฀J.฀Purcell฀฀Chairman฀&฀Chief฀Executive฀Officer,฀Morgan฀Stanley letter฀to฀shareholders฀ from฀Philip฀J.฀Purcell 2004฀was...

  • Page 4
    ...combination฀ in฀ generating฀ superior฀ returns฀ for฀ our฀ shareholders.฀This฀vision฀is฀the฀underpinning฀of฀both฀ the฀strategic฀framework฀and฀competitive฀advantage฀ of฀Morgan฀Stanley. Second,฀ we฀ believe฀ our฀ unique฀ mix฀ of฀ businesses...

  • Page 5
    ... 2001 2002 2003 2004 0 2000 2001 2002 2003 2004 Competitive฀Return฀on฀Equity฀ Comparison฀-฀Five-Year฀Average (In฀Percent) 20 19.3% 18.0% 15 18.0% 17.2% S&P฀500฀Index฀and฀MSCI฀World฀Index 10 11.3% 5 0 MWD BSC LEH GS MER MWD: Morgan Stanley BSC: Bear...

  • Page 6
    ...card฀to฀Wal-Mart฀customers...฀ on฀the฀Discover฀Network. Over฀the฀past฀five฀years,฀Discover฀has฀had฀the฀best฀profit฀ growth฀of฀any฀of฀our฀reporting...Morgan฀Stanley฀is฀very฀fortunate฀to฀be฀one฀of฀a฀small฀ number...services...2004,฀...

  • Page 7
    Morgan฀Stanley฀Annual฀Report฀2004 2004฀Underwriting฀Rankings Morgan฀Stanley฀was฀a฀leader฀in฀market฀ share฀...Vereinsbank฀ Deutsche฀Telekom*฀ Electric฀Power฀Development฀ Total฀ Genworth฀Financial*฀ Source:฀Thomson฀Financial฀ Oct.฀22฀ Sept...

  • Page 8
    ...Morgan Stanley Research 1฀ Household฀and฀nonprofit฀organizations฀total฀financial฀assets.฀Sector฀includes฀ farm฀households.฀2004฀estimate฀from฀Cerulli฀Mid-Year฀2004฀Report,฀defined฀ as฀"U.S.฀Household฀Financial฀Assets." ฀ CA GR :฀Compound฀Annual...

  • Page 9
    Morgan฀Stanley฀Annual฀Report฀2004 7... have฀ eschewed฀ a฀ number฀ ฀ of฀opportunities฀in฀financial฀services฀sectors฀where฀ we฀ did... 45 35 2003 2004 25 2003 2004 Non-sales Sales Representatives (excludes trainees) Source: Morgan Stanley Retail National Client ...

  • Page 10
    ...฀is฀increasingly฀the฀source฀of฀important฀services฀for฀our฀retail฀securities฀clients฀in฀...Dollars฀in฀Millions) ฀ ฀ ฀ 2003฀ $฀2,276฀ 1,794฀ 482฀ 21%฀ ฀ %฀ 2004฀ CHANGE $฀2,738฀ 1,911฀ 827฀฀ 30%฀ 20% 7% 72% N/A NET฀REVENUE฀ NON-...

  • Page 11
    ...฀exchangeable฀transaction฀ worth฀an฀additional฀$1.6฀billion.฀ Genworth฀฀In฀2004,฀GE฀entered฀the฀equity฀markets฀ for฀the฀first฀time฀since฀1961.฀In฀the฀space฀of฀three฀ months,฀Morgan฀Stanley฀assisted฀GE฀in฀two฀major฀ transactions...

  • Page 12
    ...Asia) ฀฀ • Growing฀Non-card฀ Financial฀Services Mortgage฀originations฀ (primarily฀through฀Morgan฀ Stanley's฀Individual฀Investor฀ Group,฀or฀IIG)฀have฀grown฀ rapidly฀in฀recent฀years,฀ totaling฀$4.6฀billion฀in฀2004.฀ There฀is฀room฀to฀go...

  • Page 13
    Morgan฀Stanley฀Annual฀Report฀2004 11 introduction฀ of฀ enhanced฀ index฀ funds,฀ expanded฀ hedge฀fund฀products฀and฀further฀global฀expansion. We฀have฀made฀sizeable฀investments฀in฀a฀number฀of฀ areas฀in฀the฀world฀-฀in฀China,฀India฀and...

  • Page 14
    ...in฀the฀wider฀community." Philip฀J.฀Purcell฀฀Chairman฀&฀Chief฀Executive฀Officer,฀Morgan฀Stanley Industry฀Recognition The฀Banker฀-฀Bank...100฀Brands฀Survey ~฀27th฀Best฀Brand฀in฀the฀World Family฀Digest฀Magazine฀ ~฀Best฀Companies฀for฀African...

  • Page 15
    Morgan฀Stanley฀Annual฀Report฀2004 13 ... that฀ potential฀ conï¬,icts฀ are฀ inevitable฀ for....฀ It฀is฀due฀to฀his฀vision฀and฀his฀energy,฀along฀with฀his...sponsorships.฀ Even฀with฀the฀challenges฀facing฀the฀reputation฀of฀our฀ Philip฀J.฀Purcell...

  • Page 16
    ...) $464 $371 $2,655 $120 $41 2001 2002 2003 2004 2001 2002 2003 2004 Institutional฀Securities Morgan฀Stanley฀is฀a฀leading฀global฀provider฀of฀investment฀banking,฀ sales฀and฀trading฀services฀to฀domestic฀and฀international฀corporate,฀ government฀and฀other...

  • Page 17
    Morgan฀Stanley฀Annual฀Report฀2004 15 Investment฀Management฀Income฀before฀Taxes (Dollars฀in฀Millions) $827 $748 $656 Credit฀Services฀Income฀before฀Taxes (Dollars฀in฀Millions) $1,178 $1,272 $1,093 $1,127 $482 2001 2002 2003 2004 2001 2002 2003 2004 ...

  • Page 18
    ...administration฀ ฀ Merchant฀and฀cardmember฀ ฀ Servicing฀ Interest฀and฀dividends฀ Other฀฀ ฀...on฀sale฀of฀business฀ (Dollars฀in฀Millions,฀Except฀Share฀and฀per฀Share฀Data)฀ 2004฀ 2003฀ 2002฀ 2001฀ 2000 3,341฀ 5,525฀ 512฀ 3,264฀ $฀...

  • Page 19
    Morgan฀Stanley฀Annual฀Report฀2004 17 officers฀and฀directors Board฀of฀Directors Management฀Committee Other฀Officers Alexander฀C.฀Frank Philip฀J.฀Purcell Philip฀J.฀Purcell...฀Accounting฀Officer Treasurer Tarek฀F.฀Abdel-Meguid ...C.฀Robert฀Kidder Fixed฀...

  • Page 20
    ...,฀D.F.฀ Phone฀(525)฀282-6700฀ Fax฀(525)฀282-9200 Milan Palazzo฀Serbelloni฀ Corso฀Venezia,฀16฀ 20121฀Milan฀ Italy฀ Phone฀(39฀02)฀763฀31฀ Fax฀(39฀02)฀783-057 Montreal Morgan฀Stanley฀Canada฀Limited฀฀ 1000,฀de฀la฀Gauchetiere฀West฀ Suite...

  • Page 21
    ...฀of฀the฀ company's฀Annual฀Report฀on฀Form฀10-K฀and฀other฀filings฀can฀ be฀obtained฀online฀at:฀www.morganstanley.com฀or฀by฀calling:฀ 800-622-2393. Customer฀Service฀Phone฀Numbers Individual฀Investor฀Group Branch฀Office฀Locator฀and฀฀ General...

  • Page 22
    Morgan฀Stanley 1585฀Broadway New฀York,฀NY฀10036-8293 212-761-4000 morganstanley.com