Morgan Stanley 2014 Annual Report Download - page 80

WEALTH MANAGEMENT
INCOME STATEMENT INFORMATION
2014 2013(1) 2012(1)
(dollars in millions)
Revenues:
Investment banking ............................................. $ 791 $ 923 $ 835
Trading ....................................................... 957 1,161 1,041
Investments .................................................... 9 14 10
Commissions and fees ........................................... 2,127 2,209 2,087
Asset management, distribution and administration fees ................. 8,345 7,571 7,101
Other ......................................................... 320 390 313
Total non-interest revenues ............................... 12,549 12,268 11,387
Interest income ................................................. 2,516 2,100 1,886
Interest expense ................................................ 177 225 326
Net interest ................................................ 2,339 1,875 1,560
Net revenues ........................................... 14,888 14,143 12,947
Compensation and benefits ........................................... 8,825 8,265 7,788
Non-compensation expenses .......................................... 3,078 3,274 3,587
Total non-interest expenses ............................... 11,903 11,539 11,375
Income from continuing operations before income taxes .................... 2,985 2,604 1,572
Provision for (benefit from) income taxes ................................ (207) 910 538
Income from continuing operations ..................................... 3,192 1,694 1,034
Discontinued operations:
Income (loss) from discontinued operations before income taxes .......... — (1) 94
Provision for income taxes ........................................ — — 26
Income (loss) from discontinued operations .................. — (1) 68
Net income ........................................................ 3,192 1,693 1,102
Net income applicable to redeemable noncontrolling interests .... — 221 120
Net income applicable to nonredeemable noncontrolling
interests ............................................. — — 167
Net income applicable to Morgan Stanley ................................ $ 3,192 $ 1,472 $ 815
Amounts applicable to Morgan Stanley:
Income from continuing operations ................................. $ 3,192 $ 1,473 $ 772
Income (loss) from discontinued operations .......................... — (1) 43
Net income applicable to Morgan Stanley .................... $ 3,192 $ 1,472 $ 815
(1) On October 1, 2014, the Managed Futures business was transferred from the Company’s Wealth Management business segment to the
Company’s Investment Management business segment. All prior-period amounts have been recast to conform to the current year’s
presentation.
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