Morgan Stanley 1998 Annual Report Download - page 82

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GEOGRAPHIC AREA DATA
Total revenues, net revenues, income before taxes and identifiable
assets of the Company’s operations by geographic area are as follows:
15
enterprise as a whole, and, as such, profitability by geographic area
is not necessarily meaningful.
*EIGHTY
-SIX *
MORGAN STANLEY DEAN WITTER *1998 ANNUAL REPORT
TOTAL REVENUES NET REVENUES
FISCAL fiscal fiscal FISCAL fiscal fiscal
(dollars in millions) 1998 1997 1996 1998 1997 1996
International:
Europe $ 7,541 $ 6,468 $ 5,616 $ 2,786 $ 1,757 $ 1,429
Asia 1,176 952 768 1,023 866 700
Total 8,717 7,420 6,384 3,809 2,623 2,129
North America 28,001 28,711 24,235 12,933 12,519 10,193
Eliminations (5,587) (8,999) (8,448) (298) (309) (299)
Total $31,131 $27,132 $22,171 $ 16,444 $ 14,833 $ 12,023
INCOME BEFORE TAXES IDENTIFIABLE ASSETS
FISCAL fiscal fiscal FISCAL fiscal fiscal
(dollars in millions) 1998 1997 1996 1998 1997 1996
International:
Europe $ 1,088 $ 399 $ 328 $ 139,923 $ 126,138 $ 113,734
Asia 287 240 161 25,712 30,656 21,561
Total 1,375 639 489 165,635 156,794 135,295
North America 4,010 3,635 2,628 337,588 307,728 242,510
Eliminations — — — (185,633) (162,235) (138,945)
Total $ 5,385 $ 4,274 $ 3,117 $ 317,590 $ 302,287 $ 238,860
Because of the international nature of the financial markets and the
resulting geographic integration of the Company’s business, the
Company manages its business with a view to the profitability of the