摩根士丹利 Morgan Stanley (MS) 2003年年度报告「NYSE」.pdf

1、Morgan Stanley Annual Report 2003For a more complete discussion of our 2003 results,please refer to our Annual Report on Form 10-K and visit us online at .client focus“Client focus has become the foundation of everything we do engraved in our culture throughout the firm.”Philip J.PurcellChairman&Chi

2、ef Executive Officer,Morgan StanleyrecognitionEuromoney Magazine Best Global Investment Bank Best Global Equity-Linked House Best Overall Bank in Electronic Equities BusinessWeek Magazine Top 100 Brands Nikkei Japan Annual Fixed Income Research Poll Top-Ranked Credit AnalystsInternational Financing

3、Review U.S.Equity House of the Year U.S.Dollar Investment-Grade Corporate Bond House of the Year U.S.Securitization House of the Year Greenwich Associates Best Overall Equity Sales,Research and Trading Services Wall Street Journal#1“Best on the Street”Analyst SurveyRisk Magazine Derivatives House of

4、 the Year Reuters Institutional Investor Report#1 Pan-European Trading&Execution1letter to shareholders from Philip J.PurcellIn 2003,as the securities markets ended a three-year slide,your company delivered strong business results and established positive momentum for the future.I believe we perform

5、ed very well in each of the key areas set out as priorities in last years annual report:profitability,market share,brand and the quality of our people.Net income increased 27%to$3.8 billion,and return on equity increased from 14.1%to 16.5%both excellent given the weak first-half business environment

6、.Your stock price increased 45%,and dividends were raised 9%to an annual rate of$1.00 per share.Our market share performance was very strong in our securities business,with rankings higher or equal to last years in almost every major category.I believe this performance indicates our client-focused s