Morgan Stanley 2009 Annual Report Download - page 63
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ASSET MANAGEMENT
INCOME STATEMENT INFORMATION
2009
Fiscal
2008
Fiscal
2007
One Month
Ended
December 31,
2008
(dollars in millions)
Revenues:
Investment banking .................................... $ 10 $ 26 $ 212 $ 1
Principal transactions:
Trading .......................................... (68) (331) (128) (82)
Investments ....................................... (182) (1,393) 1,760 (45)
Commissions ......................................... — — 1 1
Asset management, distribution and administration fees ........ 1,604 2,139 2,490 111
Other ................................................ 47 160 58 4
Total non-interest revenues .......................... 1,411 601 4,393 (10)
Interest and dividends ....................................... 27 153 65 11
Interest expense ........................................... 101 206 94 10
Net interest ....................................... (74) (53) (29) 1
Net revenues .................................. 1,337 548 4,364 (9)
Compensation and benefits .............................. 1,104 947 2,228 54
Non-compensation expenses ............................. 906 1,024 1,081 51
Total non-interest expenses .................................. 2,010 1,971 3,309 105
(Loss) income from continuing operations before
income taxes ................................ (673) (1,423) 1,055 (114)
(Benefit from) provision for income taxes ....................... (218) (568) 382 (44)
(Loss) income from continuing operations .......... (455) (855) 673 (70)
Discontinued operations:
(Loss) gain from discontinued operations ................... (357) (384) 412 4
(Benefit from) provision for income taxes ................... (275) (122) 159 2
(Loss) gain from discontinued operations ........... (82) (262) 253 2
Net income (loss) .......................................... (537) (1,117) 926 (68)
Net loss applicable to non-controlling interests ............... (50) — — —
Net (loss) income applicable to Morgan Stanley .......... $ (487) $(1,117) $ 926 $ (68)
Amounts attributable to Morgan Stanley common shareholders:
(Loss) income from continuing operations, net of tax .......... $ (405) $ (855) $ 673 $ (70)
(Loss) gain from discontinued operations, net of tax ........... (82) (262) 253 2
Net (loss) income applicable to Morgan Stanley .......... $ (487) $(1,117) $ 926 $ (68)
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