摩根士丹利 Morgan Stanley (MS) 2008年10-K年度报告「NYSE」.pdf

1、To our ShareholderS:2007 was a challenging year for Morgan Stanley and the entire financial services industry,as the unprecedented disruptions and illiquidity in the credit markets severely impacted some parts of our business.While we suffered significant losses in our mortgage-related business,we s

2、till achieved our second highest revenues in Firm history and delivered record financial performance across most of our businesses.We also made significant progress in executing our long-term strategic plan and further strengthened our client franchise in key areas.and,thanks to the hard work and de

3、dication of our talented people,we have begun 2008 with renewed momentum,increased discipline and an intense focus on performance.The writedown that Morgan Stanley announced at year end in our mortgage-related business was the result of an error in judgment made by a small team in one area of fixed

4、income and a failure to manage that risk appropriately.It was deeply disappointing to meas I know it was to all of our shareholders.We moved aggressively to address these issues and to make necessary changes:holding people accountable;putting a new senior management team in place led by Co-President

5、s Walid Chammah and James Gorman;enhancing our risk management function;and being as transparent as possible with investors about our mortgage-related exposure.These writedowns should not overshadow the strong performance and positive momentum we saw across business more than doubled pre-tax income.

6、and our international business increased revenues by 44%.even with our mortgage-related writedown,we delivered net revenues of$28.0 billion.The fact is:our core business remains strong.and we also unlocked significant shareholder value in non-core businesses through the spin-off of discover in June