Morgan Stanley 2010 Annual Report Download - page 128

MORGAN STANLEY
Consolidated Statements of Income
(dollars in millions, except share and per share data)
2010 2009 Fiscal 2008
One Month
Ended
December 31,
2008
Revenues:
Investment banking .................................. $ 5,122 $ 5,020 $ 4,057 $ 196
Principal transactions:
Trading ................................... 9,406 7,722 6,170 (1,491)
Investments ................................ 1,825 (1,034) (3,888) (205)
Commissions ....................................... 4,947 4,233 4,443 213
Asset management, distribution and administration fees ..... 7,957 5,884 4,839 292
Other ............................................. 1,501 837 3,851 109
Total non-interest revenues .................... 30,758 22,662 19,472 (886)
Interest income ..................................... 7,278 7,477 38,931 1,089
Interest expense ..................................... 6,414 6,705 36,263 1,140
Net interest .................................... 864 772 2,668 (51)
Net revenues ............................... 31,622 23,434 22,140 (937)
Non-interest expenses:
Compensation and benefits ............................ 16,048 14,434 11,851 582
Occupancy and equipment ............................ 1,570 1,542 1,324 123
Brokerage, clearing and exchange fees ................... 1,431 1,190 1,483 91
Information processing and communications .............. 1,665 1,372 1,194 95
Marketing and business development .................... 582 501 714 34
Professional services ................................. 1,911 1,597 1,708 109
Other ............................................. 2,213 1,815 2,612 23
Total non-interest expenses ........................ 25,420 22,451 20,886 1,057
Income (loss) from continuing operations before income taxes .... 6,202 983 1,254 (1,994)
Provision for (benefit from) income taxes .................... 739 (341) 16 (725)
Income (loss) from continuing operations .................... 5,463 1,324 1,238 (1,269)
Discontinued operations:
Gain (loss) from discontinued operations ................. 606 33 1,004 (14)
Provision for (benefit from) income taxes ................ 367 (49) 464 2
Net gain (loss) from discontinued operations .......... 239 82 540 (16)
Net income (loss) ....................................... 5,702 1,406 1,778 (1,285)
Net income applicable to noncontrolling interests .......... 999 60 71 3
Net income (loss) applicable to Morgan Stanley ............... $ 4,703 $ 1,346 $ 1,707 $ (1,288)
Earnings (loss) applicable to Morgan Stanley common
shareholders ......................................... $ 3,594 $ (907) $ 1,495 $ (1,624)
Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations ................ $ 4,464 $ 1,280 $ 1,205 $ (1,269)
Net gain (loss) from discontinued operations .............. 239 66 502 (19)
Net income (loss) applicable to Morgan Stanley ....... $ 4,703 $ 1,346 $ 1,707 $ (1,288)
Earnings (loss) per basic common share:
Income (loss) from continuing operations ................ $ 2.48 $ (0.82) $ 1.00 $ (1.60)
Net gain (loss) from discontinued operations .............. 0.16 0.05 0.45 (0.02)
Earnings (loss) per basic common share .............. $ 2.64 $ (0.77) $ 1.45 $ (1.62)
Earnings (loss) per diluted common share:
Income (loss) from continuing operations ................ $ 2.44 $ (0.82) $ 0.95 $ (1.60)
Net gain (loss) from discontinued operations .............. 0.19 0.05 0.44 (0.02)
Earnings (loss) per diluted common share ............ $ 2.63 $ (0.77) $ 1.39 $ (1.62)
Average common shares outstanding:
Basic ............................................. 1,361,670,938 1,185,414,871 1,028,180,275 1,002,058,928
Diluted............................................ 1,411,268,971 1,185,414,871 1,073,496,349 1,002,058,928
See Notes to Consolidated Financial Statements.
122