Morgan Stanley 2015 Annual Report Download - page 47

Selected Financial Information.
In addition to the Selected Financial Data presented in Part II, Item 6, the following financial information is presented below:
Business Segment Financial Information and Other Statistical Data.
2015 2014 2013
(dollars in millions, except where noted)
Net revenues:
Institutional Securities ............................................ $ 17,953 $ 16,871 $ 15,519
Wealth Management .............................................. 15,100 14,888 14,143
Investment Management .......................................... 2,315 2,712 3,059
Intersegment Eliminations ......................................... (213) (196) (228)
Consolidated net revenues ....................................... $ 35,155 $ 34,275 $ 32,493
Income (loss) from continuing operations applicable to Morgan Stanley(1):
Institutional Securities ............................................ $ 3,713 $ (77) $ 983
Wealth Management .............................................. 2,085 3,192 1,473
Investment Management .......................................... 345 366 519
Income from continuing operations applicable to Morgan Stanley ........ $ 6,143 $ 3,481 $ 2,975
Pre-tax profit margin(2):
Institutional Securities ............................................ 26% N/M 6%
Wealth Management .............................................. 22% 20% 18%
Investment Management .......................................... 21% 24% 33%
Consolidated .................................................... 24% 10% 14%
Average common equity (dollars in billions)(3)(4):
Institutional Securities ............................................ $ 34.6 $ 32.2 $ 37.9
Wealth Management .............................................. 11.2 11.2 13.2
Investment Management .......................................... 2.2 2.9 2.8
Parent capital ................................................... 18.9 19.0 8.0
Consolidated average common equity .............................. $ 66.9 $ 65.3 $ 61.9
Return on average common equity(3)(4):
Institutional Securities ............................................ 10.0% N/M 2.3%
Wealth Management .............................................. 16.9% 27.5% 9.9%
Investment Management .......................................... 15.8% 12.8% 18.1%
Consolidated .................................................... 8.5% 4.8% 4.3%
Regional net revenues(5):
Americas ....................................................... $ 25,080 $ 25,140 $ 23,358
EMEA ......................................................... 5,353 4,772 4,542
Asia-Pacific .................................................... 4,722 4,363 4,593
Net revenues .................................................. $ 35,155 $ 34,275 $ 32,493
Effective income tax rate from continuing operations ...................... 25.9% (2.5)% 19.8%
41