Morgan Stanley 2015 Annual Report Download - page 55

INSTITUTIONAL SECURITIES
INCOME STATEMENT INFORMATION
% Change
from Prior Year:
2015 2014 2013 2015 2014
(dollars in millions)
Revenues:
Investment banking .................................... $ 5,008 $ 5,203 $ 4,377 (4)% 19%
Trading .............................................. 9,400 8,445 8,147 11% 4%
Investments ........................................... 274 240 707 14% (66)%
Commissions and fees .................................. 2,616 2,610 2,425 — 8%
Asset management, distribution and administration fees ........ 281 281 280 — —
Other ................................................ 221 684 684 (68)% —
Total non-interest revenues ............................ 17,800 17,463 16,620 2% 5%
Interest income ........................................ 3,190 3,389 3,572 (6)% (5)%
Interest expense ....................................... 3,037 3,981 4,673 (24)% (15)%
Net interest ......................................... 153 (592) (1,101) N/M 46%
Net revenues ...................................... 17,953 16,871 15,519 6% 9%
Compensation and benefits ................................ 6,467 7,786 6,823 (17)% 14%
Non-compensation expenses ............................... 6,815 9,143 7,750 (25)% 18%
Total non-interest expenses ............................ 13,282 16,929 14,573 (22)% 16%
Income (loss) from continuing operations before income taxes .... 4,671 (58) 946 N/M N/M
Provision for (benefit from) income taxes ..................... 825 (90) (315) N/M 71%
Income from continuing operations .......................... 3,846 32 1,261 N/M (97)%
Discontinued operations:
Income (loss) from discontinued operations before income
taxes .............................................. (24) (26) (81) 8% 68%
Provision for (benefit from) income taxes ................... (7) (7) (29) — 76%
Income (losses) from discontinued operations .............. (17) (19) (52) 11% 63%
Net income ............................................. 3,829 13 1,209 N/M (99)%
Net income applicable to redeemable noncontrolling interests . . . — — 1 N/M (100)%
Net income applicable to nonredeemable noncontrolling
interests ............................................ 133 109 277 22% (61)%
Net income (loss) applicable to Morgan Stanley ................ $ 3,696 $ (96) $ 931 N/M N/M
Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations ................... $ 3,713 $ (77) $ 983 N/M N/M
Income (loss) from discontinued operations ................. (17) (19) (52) 11% 63%
Net income (loss) applicable to Morgan Stanley ............ $ 3,696 $ (96) $ 931 N/M N/M
N/M—Not Meaningful.
49