Morgan Stanley 2009 Annual Report Download - page 223

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Fiscal 2007
Institutional
Securities
Global Wealth
Management
Group
Asset
Management Discover
Intersegment
Eliminations(4) Total
(dollars in millions)
Total non-interest revenues ......... $13,670 $5,915 $4,393 $— $(286) $23,692
Net interest ...................... 2,060 710 (29) — 45 2,786
Net revenues ..................... $15,730 $6,625 $4,364 $— $(241) $26,478
Income from continuing operations
before income taxes ............. $ 650 $1,155 $1,055 $— $ (84) $ 2,776
(Benefit from) provision for income
taxes ......................... (233) 459 382 — (32) 576
Income from continuing operations . . . 883 696 673 — (52) 2,200
Discontinued operations(1):
Gain from discontinued
operations ................. 160 174 412 850 86 1,682
Provision for income taxes ...... 63 61 159 317 33 633
Gain on discontinued
operations(2) ........... 97 113 253 533 53 1,049
Net income ...................... $ 980 $ 809 $ 926 $533 $ 1 $ 3,249
Net income applicable to
non-controlling interests ...... 40 — — — — 40
Net income applicable to Morgan
Stanley ....................... $ 940 $ 809 $ 926 $533 $ 1 $ 3,209
One Month Ended December 31, 2008
Institutional
Securities
Global Wealth
Management
Group
Asset
Management
Intersegment
Eliminations Total
(dollars in millions)
Total non-interest revenues ..................... $(1,468) $358 $ (10) $ (21) $(1,141)
Net interest ................................. 115 51 1 6 173
Net revenues ................................ $(1,353) $409 $ (9) $ (15) $ (968)
(Loss) income from continuing operations
before income taxes ........................ $(2,030) $118 $(114) $ (1) $(2,027)
(Benefit from) provision for income taxes ......... (733) 45 (44) — (732)
(Loss) income from continuing operations ......... $(1,297) $ 73 $ (70) $ (1) $(1,295)
Discontinued operations(1):
Gain from discontinued operations ........... 12 — 4 2 18
Provision for income taxes ................. 5 — 2 1 8
Gain on discontinued operations(2) ...... 7 — 2 1 10
Net (loss) income ............................ $(1,290) $ 73 $ (68) $— $(1,285)
Net income applicable to non-controlling
interests .............................. 3 — — — 3
Net (loss) income applicable to Morgan Stanley .... $(1,293) $ 73 $ (68) $— $(1,288)
(1) See Note 23 for a discussion of discontinued operations.
(2) Amounts include net gains on discontinued operations applicable to Morgan Stanley of $265 million in 2009, $928 million in fiscal 2008,
$95 million in fiscal 2007 and $4 million in the one month ended December 31, 2008 primarily related to MSCI that are included in the
Institutional Securities business segment. Amounts also include net (loss) gain on discontinued operations applicable to Morgan Stanley
of $(82) million in 2009, $(262) million in fiscal 2008 and $2 million in the one month ended December 31, 2008 related to Retail Asset
Management and Crescent that are included in the Asset Management business segment and $253 million in fiscal 2007 related to Retail
Asset Management.
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