Morgan Stanley 2014 Annual Report Download - page 85

INVESTMENT MANAGEMENT
INCOME STATEMENT INFORMATION
2014 2013(1) 2012(1)
(dollars in millions)
Revenues:
Investment banking ................................................ $ 5 $ 11 $ 17
Trading .......................................................... (19) 41 (44)
Investments ....................................................... 587 1,056 513
Commissions and fees .............................................. — — (6)
Asset management, distribution and administration fees .................... 2,049 1,920 1,793
Other ............................................................ 106 32 51
Total non-interest revenues .................................. 2,728 3,060 2,324
Interest income .................................................... 2 9 10
Interest expense ................................................... 18 10 28
Net interest ................................................... (16) (1) (18)
Net revenues .............................................. 2,712 3,059 2,306
Compensation and benefits .............................................. 1,213 1,189 848
Non-compensation expenses ............................................. 835 862 818
Total non-interest expenses .................................. 2,048 2,051 1,666
Income from continuing operations before income taxes ....................... 664 1,008 640
Provision for income taxes ............................................... 207 307 286
Income from continuing operations ........................................ 457 701 354
Discontinued operations:
Income from discontinued operations before income taxes .................. 7 9 13
Provision for income taxes ........................................... 2 — 4
Income from discontinued operations ..........................599
Net income ........................................................... 462 710 363
Net income applicable to nonredeemable noncontrolling interests ............ 91 182 187
Net income applicable to Morgan Stanley ................................... $ 371 $ 528 $ 176
Amounts applicable to Morgan Stanley:
Income from continuing operations .................................... $ 366 $ 519 $ 167
Income from discontinued operations ..................................599
Net income applicable to Morgan Stanley ....................... $ 371 $ 528 $ 176
(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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