Morgan Stanley 2014 Annual Report Download - page 61

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Executive Summary.
Financial Information and Statistical Data (dollars in millions, except where noted and per share amounts).
2014 2013 2012
Net revenues:
Institutional Securities ........................................... $16,871 $15,519 $11,101
Wealth Management(1) .......................................... 14,888 14,143 12,947
Investment Management(1) ....................................... 2,712 3,059 2,306
Intersegment Eliminations ........................................ (196) (228) (176)
Consolidated net revenues .................................... $34,275 $32,493 $26,178
Net income ........................................................ $ 3,667 $ 3,613 $ 716
Net income applicable to redeemable noncontrolling interests(2) ........... — 222 124
Net income applicable to nonredeemable noncontrolling interests(2) ....... 200 459 524
Net income applicable to Morgan Stanley .............................. $ 3,467 $ 2,932 $ 68
Income (loss) from continuing operations applicable to Morgan Stanley:
Institutional Securities ........................................... $ (77) $ 983 $ (797)
Wealth Management(1) .......................................... 3,192 1,473 772
Investment Management(1) ....................................... 366 519 167
Intersegment Eliminations ........................................ — — (4)
Income from continuing operations applicable to Morgan Stanley ......... $ 3,481 $ 2,975 $ 138
Income (loss) from discontinued operations applicable to Morgan
Stanley(3) ....................................................... (14) (43) (70)
Net income applicable to Morgan Stanley .............................. $ 3,467 $ 2,932 $ 68
Preferred stock dividend and other ................................... 315 277 98
Earnings (loss) applicable to Morgan Stanley common shareholders ....... $ 3,152 $ 2,655 $ (30)
Earnings (loss) per basic common share:
Income from continuing operations ................................. $ 1.65 $ 1.42 $ 0.02
Income (loss) from discontinued operations(3) ........................ (0.01) (0.03) (0.04)
Earnings (loss) per basic common share(4) ....................... $ 1.64 $ 1.39 $ (0.02)
Earnings (loss) per diluted common share:
Income from continuing operations ................................. $ 1.61 $ 1.38 $ 0.02
Income (loss) from discontinued operations(3) ........................ (0.01) (0.02) (0.04)
Earnings (loss) per diluted common share(4) ..................... $ 1.60 $ 1.36 $ (0.02)
Regional net revenues(5):
Americas ...................................................... $25,140 $23,358 $20,276
EMEA ........................................................ 4,772 4,542 3,078
Asia-Pacific ................................................... 4,363 4,593 2,824
Net revenues ............................................... $34,275 $32,493 $26,178
Pre-tax profit margin(6):
Institutional Securities ........................................... N/M 6% N/M
Wealth Management ............................................ 20% 18% 12%
Investment Management ......................................... 24% 33% 28%
Consolidated ................................................... 10% 14% 2%
Effective income tax rate from continuing operations(7) .................. (2.5)% 19.8% (27.0)%
57