Morgan Stanley 2015 Annual Report Download - page 68

INVESTMENT MANAGEMENT
INCOME STATEMENT INFORMATION
% Change
from Prior Year:
2015 2014 2013 2015 2014
(dollars in millions)
Revenues:
Investment banking ................................... $ 1 $ 5 $ 11 (80)% (55)%
Trading ............................................. (1) (19) 41 95% N/M
Investments .......................................... 249 587 1,056 (58)% (44)%
Commissions and fees ................................. 1 — — N/M N/M
Asset management, distribution and administration fees ....... 2,049 2,049 1,920 — 7%
Other ............................................... 32 106 32 (70)% N/M
Total non-interest revenues ........................ 2,331 2,728 3,060 (15)% (11)%
Interest income ....................................... 2 2 9 — (78)%
Interest expense ...................................... 18 18 10 — 80%
Net interest ........................................ (16) (16) (1) — N/M
Net revenues .................................... 2,315 2,712 3,059 (15)% (11)%
Compensation and benefits ............................... 954 1,213 1,189 (21)% 2%
Non-compensation expenses .............................. 869 835 862 4% (3)%
Total non-interest expenses ........................ 1,823 2,048 2,051 (11)% —
Income from continuing operations before income taxes ........ 492 664 1,008 (26)% (34)%
Provision for income taxes ................................ 128 207 307 (38)% (33)%
Income from continuing operations ......................... 364 457 701 (20)% (35)%
Discontinued operations:
Income from discontinued operations before income taxes ..... 1 7 9 (86)% (22)%
Provision for (benefit from) income taxes .................. — 2 — (100)% N/M
Income from discontinued operations ................ 1 5 9 (80)% (44)%
Net income ............................................ 365 462 710 (21)% (35)%
Net income applicable to nonredeemable noncontrolling
interests ........................................... 19 91 182 (79)% (50)%
Net income applicable to Morgan Stanley .................... $ 346 $ 371 $ 528 (7)% (30)%
Amounts applicable to Morgan Stanley:
Income from continuing operations ....................... $ 345 $ 366 $ 519 (6)% (29)%
Income from discontinued operations ..................... 1 5 9 (80)% (44)%
Net income applicable to Morgan Stanley ............. $ 346 $ 371 $ 528 (7)% (30)%
N/M—Not Meaningful.
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