Morgan Stanley 2009 Annual Report Download - page 120

MORGAN STANLEY
Consolidated Statements of Income
(dollars in millions, except share and per share data)
2009
Fiscal Year
2008
Fiscal Year
2007
One Month
Ended
December 31,
2008
Revenues:
Investment banking .................................. $ 5,019 $ 4,057 $ 6,316 $ 196
Principal transactions:
Trading ................................... 7,447 5,472 3,208 (1,743)
Investments ................................ (1,054) (3,925) 3,247 (207)
Commissions ....................................... 4,234 4,449 4,659 214
Asset management, distribution and administration fees ..... 5,884 4,839 5,486 292
Other ............................................. 838 3,852 776 107
Total non-interest revenues .................... 22,368 18,744 23,692 (1,141)
Interest and dividends ................................ 7,702 39,679 60,069 1,297
Interest expense ..................................... 6,712 36,312 57,283 1,124
Net interest .................................... 990 3,367 2,786 173
Net revenues ............................... 23,358 22,111 26,478 (968)
Non-interest expenses:
Compensation and benefits ............................ 14,438 11,887 16,122 585
Occupancy and equipment ............................ 1,551 1,332 1,112 123
Brokerage, clearing and exchange fees ................... 1,190 1,483 1,493 91
Information processing and communications .............. 1,372 1,194 1,155 95
Marketing and business development .................... 503 719 752 34
Professional services ................................. 1,603 1,715 2,039 109
Other ............................................. 1,844 2,644 1,029 22
Total non-interest expenses .................... 22,501 20,974 23,702 1,059
Income (loss) from continuing operations before income taxes .... 857 1,137 2,776 (2,027)
(Benefit from) provision for income taxes .................... (336) (21) 576 (732)
Income (loss) from continuing operations .................... 1,193 1,158 2,200 (1,295)
Discontinued operations:
Gain from discontinued operations ...................... 160 1,121 1,682 18
(Benefit from) provision for income taxes ................ (53) 501 633 8
Net gain from discontinued operations ........... 213 620 1,049 10
Net income (loss) ....................................... $ 1,406 $ 1,778 $ 3,249 $ (1,285)
Net income applicable to non-controlling interests ......... 60 71 40 3
Net income (loss) applicable to Morgan Stanley ............... $ 1,346 $ 1,707 $ 3,209 $ (1,288)
(Loss) earnings applicable to Morgan Stanley common
shareholders ......................................... $ (907) $ 1,495 $ 2,976 $ (1,624)
Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations ................ $ 1,149 $ 1,125 $ 2,162 $ (1,295)
Net gain from discontinued operations ................... 197 582 1,047 7
Net income (loss) applicable to Morgan Stanley . . . $ 1,346 $ 1,707 $ 3,209 $ (1,288)
(Loss) earnings per basic common share:
(Loss) income from continuing operations ................ $ (0.93) $ 0.92 $ 1.98 $ (1.63)
Net gain from discontinued operations ................... 0.16 0.53 0.99 0.01
(Loss) earnings per basic common share ......... $ (0.77) $ 1.45 $ 2.97 $ (1.62)
(Loss) earnings per diluted common share:
Income (loss) from continuing operations ................ $ (0.93) $ 0.88 $ 1.94 $ (1.63)
Net gain from discontinued operations ................... 0.16 0.51 0.96 0.01
(Loss) earnings per diluted common share ........ $ (0.77) $ 1.39 $ 2.90 $ (1.62)
Average common shares outstanding:
Basic ............................................. 1,185,414,871 1,028,180,275 1,001,878,651 1,002,058,928
Diluted............................................ 1,185,414,871 1,073,496,349 1,024,836,645 1,002,058,928
See Notes to Consolidated Financial Statements.
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