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70-561-VB exam Dumps Source : MS.NET Framework 3.5 ADO.NET Application Development
Test Code : 70-561-VB
Test Name : MS.NET Framework 3.5 ADO.NET Application Development
Vendor Name : Microsoft
Q&A : 99 Real Questions
Morgan Stanley (MS) these days reported net revenues of $9.5 billion for the fourth quarter ended December 31, 2017 in comparison with $9.0 billion a year ago. For the latest quarter, net profits relevant to Morgan Stanley turned into $686 million, or $0.29 per diluted share.2,6 results for the current quarter protected a internet discrete tax provision of $990 million or a lack of $0.fifty five per diluted share as described under.2 except for net discrete tax items, internet earnings relevant to Morgan Stanley turned into $1.7 billion, or $0.84 per diluted share in comparison with net revenue of $1.5 billion, or $0.seventy four per diluted share, for a similar period a yr in the past.2,6
within the present quarter, the enterprise recorded a web discrete tax provision of $990 million, constructed from an approximate $1.2 billion net discrete tax provision because of the enactment of the Tax Cuts and Jobs Act (“Tax Act”), basically from the remeasurement of certain net deferred tax belongings the usage of the decrease enacted company tax rate, partly offset through an approximate $168 million web discrete tax advantage essentially linked to the remeasurement of reserves and related pastime relating to the repute of multi-year interior earnings carrier tax examinations. 7
Compensation rate of $4.three billion increased from $four.1 billion a year ago on greater revenues. Non-compensation fees of $2.8 billion compared with $2.7 billion a 12 months ago. The enterprise’s price effectivity ratio for the current quarter became seventy four%.8
The annualized return on common commonplace fairness within the latest quarter turned into 2.9 %, or 8.6 p.c aside from the affect of the internet discrete tax provision.5
James P. Gorman, Chairman and Chief govt Officer, said, “Over the route of the complete yr we completed the strategic ambitions outlined two years ago. In 2017, pre-tax salary grew through 18%, pushed by a 10% enhance in revenues, with increase throughout all our company segments. This, coupled with powerful price self-discipline demonstrates the enterprise’s operating leverage. We enter 2018 with powerful momentum aided by way of rising pastime quotes, tax reform and an evolving regulatory framework.”
Institutional Securities stated pre-tax salary from continuing operations of $1.2 billion in comparison with pre-tax revenue of $1.three billion a year in the past. net revenues for the present quarter had been $4.5 billion in comparison with $four.6 billion a yr in the past.
Morgan Stanley’s average trading value-at-risk (VaR) measured at the 95% confidence stage became $38 million in comparison with $forty three million from the third quarter of 2017 and $39 million within the fourth quarter of the prior 12 months.12
Wealth administration said pre-tax earnings from carrying on with operations of $1.2 billion compared with $891 million in the fourth quarter of final 12 months. The quarter’s pre-tax margin was 26%.4 web revenues for the current quarter were $4.four billion compared with $4.0 billion a 12 months ago.
complete client belongings were $2.4 trillion and customer belongings in price-primarily based accounts had been $1.0 trillion at the end of the quarter. fee-based mostly asset flows for the quarter were $20.9 billion.
Wealth management representatives of 15,712 produced common annualized profits per consultant of $1.1 million within the present quarter.15
funding administration said pre-tax earnings from continuing operations of $eighty million in comparison with $28 million in the fourth quarter of last year. net revenues of $637 million expanded from $500 million within the prior yr.
Full yr net revenues have been $37.9 billion in comparison with $34.6 billion a yr ago. net profits relevant to Morgan Stanley for the existing year changed into $6.2 billion, or $three.09 per diluted share.2,6 consequences for the latest yr included a web discrete tax provision of $925 million or a loss of $0.fifty one per diluted share as described under.2 with the exception of internet discrete tax gadgets, net earnings applicable to Morgan Stanley changed into $7.1 billion, or $three.60 per diluted share compared with web income of $5.9 billion, or $2.88 per diluted share, a yr in the past.2,6
For the existing yr, the firm recorded a net discrete tax provision of approximately $925 million, constituted of an approximate $1.2 billion web discrete tax provision on account of the enactment of the Tax Act, primarily from the remeasurement of certain internet deferred tax assets the use of the lower enacted corporate tax cost, partially offset via an approximate $233 million web discrete tax advantage primarily linked to the remeasurement of reserves and connected interest relating to the status of multi-year inside profits carrier tax examinations.7
The enterprise’s compensation price of $17.2 billion for the latest year expanded from $15.9 billion a yr in the past. Non-compensation charges of $10.four billion in comparison with $9.9 billion a year in the past. The company’s expense effectivity ratio for the whole 12 months changed into 73%.eight
The return on normal common fairness within the present 12 months turned into 8.1 p.c or 9.four p.c except the have an impact on of the web discrete tax provision for the full year ended 2017.5
Full 12 months summary of phase effects(dollars in millions)web Revenues
Pre-Tax Income11FY 2017 FY 2016 FY 2017 FY 2016 Institutional Securities $18,813 $17,459 $5,644 $5,123 Wealth administration $16,836 $15,350 $four,299 $3,437 funding management $2,586 $2,112 $456 $287 enterprise $37,945 $34,631 $10,403 $8,848
Institutional Securities suggested pre-tax salary from continuing operations of $5.6 billion compared with $5.1 billion a yr ago. internet revenues for the current yr had been $18.8 billion in comparison with $17.5 billion a 12 months in the past. Compensation expense of $6.6 billion expanded from $6.three billion a year in the past on greater revenues. The compensation to internet revenue ratio for the present 12 months turned into 35%. Non-compensation expenses of $6.5 billion in comparison with $6.1 billion a yr in the past.
Wealth management suggested pre-tax salary from continuing operations of $four.3 billion compared with $three.four billion a yr ago. internet revenues for the existing 12 months were $16.8 billion in comparison with $15.four billion a 12 months ago. The existing 12 months’s pre-tax margin changed into 25.5%.4 Compensation expense was $9.4 billion compared with $eight.7 billion a year in the past. The compensation to net earnings ratio for the existing year turned into 56%. Non-compensation costs of $3.2 billion for the existing 12 months have been incredibly unchanged from a year in the past.
funding management pronounced pre-tax revenue from carrying on with operations of $456 million in comparison with $287 million a 12 months in the past. web revenues of $2.6 billion accelerated from $2.1 billion a 12 months in the past. Compensation rate became $1.2 billion in comparison with $937 million a yr ago. Non-compensation costs of $949 million compared with $888 million a year in the past.
As of December 31, 2017, the firm’s usual equity Tier 1 and Tier 1 possibility-based mostly capital ratios beneath Standardized approach transitional provisions were approximately 16.5% and 18.9%, respectively.sixteen
As of December 31, 2017, the company estimates its pro forma fully phased-in typical equity Tier 1 chance-based capital ratio beneath the Standardized strategy and pro forma completely phased-in Supplementary Leverage Ratio to be about 16.0% and 6.four%, respectively.16,17,18
At December 31, 2017, e-book price and tangible book value per regular share had been $38.54 and $33.48,19 respectively, in accordance with approximately 1.8 billion shares wonderful.
The constructive tax fee from carrying on with operations for the quarter turned into seventy one.5%, or 31.4% apart from the have an effect on of the internet discrete tax provision.10,20 The advantageous tax rate from carrying on with operations for the total year changed into 39.7%, or 30.eight% aside from the have an effect on of the web discrete tax provision.10,20
all through the quarter ended December 31, 2017, the enterprise repurchased approximately $1.25 billion of its normal stock or about 25 million shares. right through the year ended December 31, 2017, the firm repurchased $three.75 billion of its common inventory or about 80 million shares.
The Board of administrators declared a $0.25 quarterly dividend per share, payable on February 15, 2018 to normal shareholders of listing on January 31, 2018.
Morgan Stanley is a leading global fiscal services company offering a big range of funding banking, securities, wealth management and funding management capabilities. With workplaces in more than 42 nations, the company’s personnel serve consumers international including corporations, governments, associations and people. For extra assistance about Morgan Stanley, please talk over with www.morganstanley.com.
A fiscal summary follows. economic, statistical and enterprise-related tips, as well as assistance regarding business and phase developments, is protected in the fiscal complement. both the profits liberate and the fiscal complement can be found online in the Investor family members part at www.morganstanley.com.
The information offered herein and within the fiscal supplement may additionally consist of definite non-GAAP financial measures. The definition of such measures or reconciliation of such metrics to the comparable U.S. GAAP figures are blanketed during this salary unlock and the economic complement, both of which are available on www.morganstanley.com.
This profits free up may also include forward-looking statements including the attainment of certain monetary and other goals, aims and desires. Readers are recommended no longer to location undue reliance on forward-looking statements, which talk best as of the date on which they're made, which mirror management’s present estimates, projections, expectations, assumptions, interpretations or beliefs and that are discipline to dangers and uncertainties that can cause specific results to differ materially. For a discussion of dangers and uncertainties that can also affect the future effects of the company, please see “forward-searching Statements” automatically preceding part I, merchandise 1, “competitors” and “Supervision and law” in part I, item 1, “possibility elements” partly I, merchandise 1A, “legal complaints” in part I, merchandise 3, “administration’s dialogue and evaluation of monetary circumstance and outcomes of Operations” partly II, merchandise 7 and “Quantitative and Qualitative Disclosures about Market chance” in part II, item 7A in the company’s Annual document on form 10-okay for the yr ended December 31, 2016 and different gadgets all the way through the form 10-ok, the firm’s Quarterly stories on form 10-Q and the enterprise’s present reports on kind eight-ok, together with any amendments thereto.
1 The firm prepares its Consolidated monetary Statements the use of accounting ideas commonly authorised within the u.s. (U.S. GAAP). every now and then, Morgan Stanley can also reveal certain “non-GAAP economic measures” at some point of its earnings releases, income convention calls, financial displays and in any other case. The Securities and alternate fee defines a “non-GAAP fiscal measure” as a numerical measure of historical or future financial performance, fiscal positions, or money flows it's discipline to adjustments that with ease exclude, or include quantities from essentially the most without delay comparable measure calculated and presented in response to U.S. GAAP. Non-GAAP monetary measures disclosed by way of Morgan Stanley are supplied as additional information to investors and analysts with the intention to give them with better transparency about, or an alternative method for assessing, our monetary situation, operating results, or prospective regulatory capital requirements. These measures don't seem to be in response to, or an alternative to, U.S. GAAP and can be distinct from or inconsistent with non-GAAP financial measures used by way of different groups. every time we check with a non-GAAP fiscal measure, we will additionally frequently outline it or existing probably the most directly similar financial measure calculated and offered according to U.S. GAAP, along with a reconciliation of the modifications between the non-GAAP economic measure we reference and such similar U.S. GAAP monetary measure.
2 net revenue (loss) applicable to Morgan Stanley and income (loss) per diluted share, except intermittent internet discrete tax gadgets are non-GAAP fiscal measures that the firm considers advantageous for investors to allow greater comparability of operating performance. The 2017 intermittent net discrete tax provision adjustment is constituted of an approximate $1.2 billion internet discrete tax provision on account of the enactment of the Tax Act, in part offset via a web discrete tax advantage of $168 million for the quarter and $233 million for the entire year, primarily associated with the remeasurement of reserves and connected pastime relating to the popularity of multi-yr internal earnings provider (IRS) tax examinations. The 2017 intermittent web discrete tax provision adjustment does not encompass the habitual-class discrete tax improvement associated with the accounting assistance concerning worker share-based mostly funds (check with footnote 10). The fourth quarter and whole year of 2016 reflected a net discrete tax benefit of $one hundred thirty five million and $sixty eight million, respectively, additionally regarding the remeasurement of reserves and connected activity because of new assistance related to the status of a multi-12 months IRS tax examination. The reconciliation of those monetary measures from a mentioned to adjusted basis are as follows (web income and variety of shares are offered in tens of millions):
FY 2016net earnings (loss) applicable to MS $686 $1,666 $6,154 $5,979 impact of internet Discrete Tax gadgets $(990) $one hundred thirty five $(925) $sixty eight net income (loss) applicable to MS - Adjusted $1,676 $1,531 $7,079 $5,911 profits (loss) per diluted share $0.29 $0.81 $three.09 $2.ninety two impact of internet Discrete Tax items $(0.55) $0.07 $(0.fifty one) $0.04 revenue (loss) per diluted share - Adjusted $0.84 $0.74 $three.60 $2.88 general diluted shares 1,796 1,853 1,821 1,887
3 supply: Thomson Reuters – for the duration of January 1, 2017 to December 31, 2017 as of January 2, 2018.
4 Pre-tax margin is a non-GAAP monetary measure that the enterprise considers useful for traders and analysts to assess working performance. Pre-tax margin represents revenue (loss) from carrying on with operations earlier than taxes divided by means of net revenues.
5 Annualized return on usual normal fairness and return on average regular equity are non-GAAP financial measures that the enterprise considers advantageous for investors and analysts to allow improved comparability of duration-to-period working performance. The calculation of return on general commonplace fairness uses annualized web profits for the quarter or full 12 months internet earnings applicable to Morgan Stanley less favorite dividends as a percentage of average regular equity. To examine the ROE, with the exception of the influence of the web discrete tax provision, both the numerator and denominator have been adjusted to exclude the affect of those items:
FY 2017ROE 2.9% eight.1% have an effect on of web Discrete Tax Provision (5.7%) (1.three%) ROE - Adjusted 8.6% 9.4%
6 includes favored dividends and different adjustments involving the calculation of income per share for the fourth quarter of 2017 and 2016 of approximately $one hundred seventy million and $157 million, respectively. contains favored dividends and different changes regarding the calculation of salary per share for the years ended 2017 and 2016 of approximately $523 million and $471 million, respectively.
7 On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) turned into enacted that tremendously revises U.S. company revenue tax law through, amongst different issues, decreasing the corporate profits tax price to 21% and implementing a modified territorial tax equipment, that includes a one-time transition tax on deemed repatriated revenue of overseas subsidiaries. The estimated enactment internet discrete tax provision contains assumptions made primarily based upon the company’s current interpretation of the Tax Act, and may alternate because it receives further clarification and implementation suggestions and because the interpretation of the Tax Act evolves over time.
eight The enterprise rate efficiency Ratio is a non-GAAP monetary measure that the company considers positive for buyers and analysts to investigate operating performance. The enterprise cost effectivity Ratio represents complete non-pastime prices as a percentage of web revenues.
9 Morgan Stanley internet income represents net income (loss) applicable to Morgan Stanley adjusted for internet revenue (loss) applicable to noncontrolling hobbies.
10 constructive January 1, 2017, the firm adopted new accounting advice regarding employee share-based mostly funds whereby the earnings tax penalties related to share-based payments are required to be identified in Provision for salary taxes in the consolidated income commentary as an alternative of additional paid-in capital. The affect of the salary tax consequences may be either a improvement or a provision. Conversion of worker share-based mostly awards to firm shares will essentially turn up within the first quarter of each and every yr. The influence of recognizing excess tax merits upon conversion of awards became a improvement of $16 million in the fourth quarter of 2017 and a improvement of $a hundred and fifty five million within the full year 2017 recorded to the provision for profits taxes. outcomes for 2016 haven't been restated pursuant to the assistance.
eleven Pre-tax revenue represents earnings (loss) from continuing operations before taxes.
12 VaR represents the loss volume that one would now not predict to exceed, on commonplace, more than five times every a hundred trading days in the company’s buying and selling positions if the portfolio had been held consistent for a one-day duration. further dialogue of the calculation of VaR and the obstacles of the company’s VaR methodology is disclosed partially II, merchandise 7A “Quantitative and Qualitative Disclosures about Market risk” blanketed in the Annual document on kind 10-k for the yr ended December 31, 2016 (“2016 form 10-k”). refer to page 7 of Morgan Stanley’s economic supplement accompanying this free up for the VaR disclosure.
13 Transactional revenues encompass investment banking, buying and selling, and commissions and payment revenues.
14 Wealth management client liabilities mirror U.S. financial institution Subsidiaries’ lending and broker broker margin activity.
15 Annualized income per Wealth administration consultant is defined as annualized profits divided via usual consultant headcount.
16 The firm’s chance-primarily based capital ratios for purposes of determining regulatory compliance are the reduce of the capital ratios computed below the (i) standardized tactics for calculating credit score chance possibility-weighted belongings (RWAs) and market risk RWAs (the “Standardized strategy”); and (ii) applicable superior methods for calculating credit score chance, market risk and operational possibility RWAs (the “superior strategy”). At December 31, 2017, the company’s ratio is in response to the Standardized approach transitional suggestions. For suggestions on the calculation of regulatory capital and ratios for prior durations, please check with half II, merchandise 7 “Liquidity and Capital substances – Regulatory necessities” within the enterprise’s 2016 10-ok and half I, item 2 “Liquidity and Capital elements – Regulatory requirements” within the company’s 10-Q for the quarter ended September 30, 2017.
17 The pro forma fully phased-in standard fairness Tier 1 risk-based capital ratio and pro forma completely phased-in Supplementary Leverage Ratio are non-GAAP monetary measures that the firm considers to be advantageous measures for investors and analysts to evaluate compliance with new regulatory capital requirements that have not yet become constructive.
18 The company is required to reveal advice related to its supplementary leverage ratio, which through the conclusion of 2017 protected the consequences of transitional provisions. The supplementary leverage ratio will develop into advantageous as a capital standard on January 1, 2018. chiefly, beginning on January 1, 2018, the firm must keep a Tier 1 supplementary leverage capital buffer of as a minimum 2% in addition to the 3% minimal supplementary leverage ratio (for a total of at least 5%), with a purpose to prevent obstacles on capital distributions, together with dividends and inventory repurchases, and discretionary bonus payments to government officers. The company’s seasoned forma Supplementary Leverage Ratio estimate utilizes a totally phased-in Tier 1 capital numerator of about $69.0 billion and a fully phased-in supplementary leverage exposure denominator of approximately $1.08 trillion. The company’s estimates are field to risks and uncertainties that may cause precise consequences to differ materially from estimates based on these laws. further, these expectations may still now not be taken as projections of what the firm’s supplementary leverage ratios or salary, assets or exposures will definitely be at future dates. See “possibility components” partly I, merchandise 1A in the 2016 form 10-okay for a discussion of hazards and uncertainties that may affect the long run consequences of the enterprise.
19 Tangible commonplace fairness and tangible ebook price per typical share are non-GAAP fiscal measures that the enterprise considers to be useful measures of capital adequacy for traders and analysts. Tangible usual equity equals general fairness less goodwill and intangible assets web of allowable mortgage servicing rights deduction. Tangible ebook price per general share equals tangible general equity divided by using duration end average shares surprising.
20 The reconciliation of the helpful tax rate from continuing operations with the exception of the intermittent web discrete tax provision is as follows:
FY 2017useful Tax cost 71.5% 39.7% affect of web Discrete Tax Provision (forty.1%) (eight.9%) effective Tax expense - Adjusted 31.four% 30.eight%
Morgan StanleyConsolidated financial abstract (unaudited, dollars in hundreds of thousands, except for per share statistics) Quarter Ended percentage exchange From: Twelve Months Ended percentage Dec 31, 2017 Sept 30, 2017 Dec 31, 2016 Sept 30, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 changeNet revenues Institutional Securities $ four,523 $ 4,376 $ four,614 three % (2 %) $ 18,813 $ 17,459 eight % Wealth administration 4,407 four,220 three,990 4 % 10 % 16,836 15,350 10 % funding management 637 675 500 (6 %) 27 % 2,586 2,112 22 % Intersegment Eliminations (67 ) (74 ) (eighty three ) 9 % 19 % (290 ) (290 ) -- web revenues $ 9,500 $ 9,197 $ 9,021 3 % 5 % $ 37,945 $ 34,631 10 % salary (loss) from continuing operations before tax Institutional Securities $ 1,235 $ 1,236 $ 1,326 -- (7 %) $ 5,644 $ 5,123 10 % Wealth management 1,150 1,119 891 3 % 29 % four,299 three,437 25 % investment administration eighty 131 28 (39 %) 186 % 456 287 59 % Intersegment Eliminations 6 (four ) 1 * * 4 1 * income (loss) from continuing operations before tax $ 2,471 $ 2,482 $ 2,246 -- 10 % $ 10,403 $ eight,848 18 % web earnings (loss) relevant to Morgan Stanley Institutional Securities $ 312 $ 973 $ 1,104 (68 %) (seventy two %) $ three,491 $ three,649 (four %) Wealth administration 404 698 531 (forty two %) (24 %) 2,414 2,104 15 % funding management (36 ) 114 30 * * 245 225 9 % Intersegment Eliminations 6 (four ) 1 * * 4 1 * web profits (loss) relevant to Morgan Stanley $ 686 $ 1,781 $ 1,666 (61 %) (fifty nine %) $ 6,154 $ 5,979 three % income (loss) applicable to Morgan Stanley commonplace shareholders $ 516 $ 1,688 $ 1,509 (sixty nine %) (sixty six %) $ 5,631 $ 5,508 2 % monetary Metrics: salary per simple share $ 0.29 $ 0.ninety five $ 0.eighty four (69 %) (65 %) $ 3.sixteen $ 2.98 6 % profits per diluted share $ 0.29 $ 0.93 $ 0.eighty one (sixty nine %) (64 %) $ 3.09 $ 2.92 6 % profits per diluted share with the exception of internet discrete tax provision / benefit $ 0.eighty four $ 0.88 $ 0.seventy four (5 %) 14 % $ 3.60 $ 2.88 25 % Return on commonplace standard equity 2.9 % 9.6 % 8.7 % eight.1 % 8.0 % Return on average regular fairness apart from net discrete tax provision / improvement eight.6 % 9.1 % eight.0 % 9.four % 7.9 % publication price per general share $ 38.54 $ 38.87 $ 36.99 $ 38.54 $ 36.ninety nine Tangible e-book value per commonplace share $ 33.forty eight $ 33.86 $ 31.98 $ 33.forty eight $ 31.ninety eight
confer with end Notes, Definition of U.S. GAAP to Non-GAAP Measures and Definition of performance Metrics on pages 13 - sixteen from the financial supplement for more information involving the calculation of the fiscal metrics.
Morgan StanleyConsolidated earnings statement information (unaudited, dollars in hundreds of thousands) Quarter Ended percentage exchange From: Twelve Months Ended percent Dec 31, 2017 Sept 30, 2017 Dec 31, 2016 Sept 30, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 trade Revenues: funding banking $ 1,548 $ 1,380 $ 1,377 12 % 12 % $ 6,003 $ 4,933 22 % buying and selling 2,246 2,704 2,789 (17 %) (19 %) eleven,116 10,209 9 % Investments 325 167 (19 ) 95 % * 820 one hundred sixty * Commissions and costs 1,064 937 1,043 14 % 2 % four,061 four,109 (1 %) Asset administration 3,102 3,026 2,754 three % 13 % 11,797 10,697 10 % different 220 200 194 10 % 13 % 848 825 three % total non-interest revenues 8,505 eight,414 8,138 1 % 5 % 34,645 30,933 12 % hobby earnings 2,586 2,340 1,868 11 % 38 % 8,997 7,016 28 % hobby price 1,591 1,557 985 2 % 62 % 5,697 3,318 72 % web activity 995 783 883 27 % 13 % three,300 three,698 (eleven %) net revenues 9,500 9,197 9,021 3 % 5 % 37,945 34,631 10 % Non-interest costs: Compensation and benefits 4,279 four,169 four,083 three % 5 % 17,166 15,878 8 % Non-compensation prices: Occupancy and device 339 330 311 3 % 9 % 1,329 1,308 2 % Brokerage, clearing and exchange charges 537 522 480 3 % 12 % 2,093 1,920 9 % suggestions processing and communications 471 459 460 3 % 2 % 1,791 1,787 -- advertising and business building a hundred ninety 128 169 48 % 12 % 609 587 four % professional features 547 534 578 2 % (5 %) 2,169 2,128 2 % different 666 573 694 16 % (4 %) 2,385 2,a hundred seventy five 10 % complete non-compensation costs 2,750 2,546 2,692 8 % 2 % 10,376 9,905 5 % total non-pastime expenses 7,029 6,715 6,775 5 % 4 % 27,542 25,783 7 % earnings (loss) from carrying on with operations earlier than taxes 2,471 2,482 2,246 -- 10 % 10,403 8,848 18 % profits tax provision / (benefit) from continuing operations 1,767 697 566 154 % * four,one hundred twenty five 2,726 51 % income (loss) from carrying on with operations 704 1,785 1,680 (61 %) (fifty eight %) 6,278 6,122 3 % profit (loss) from discontinued operations after tax 2 6 0 (67 %) * (19 ) 1 * web earnings (loss) $ 706 $ 1,791 $ 1,680 (61 %) (fifty eight %) $ 6,259 $ 6,123 2 % internet income applicable to nonredeemable noncontrolling pastimes 20 10 14 one hundred % forty three % one zero five a hundred and forty four (27 %) internet salary (loss) applicable to Morgan Stanley 686 1,781 1,666 (61 %) (fifty nine %) 6,154 5,979 three % preferred inventory dividend / different 170 ninety three 157 83 % eight % 523 471 eleven % salary (loss) relevant to Morgan Stanley general shareholders $ 516 $ 1,688 $ 1,509 (sixty nine %) (sixty six %) $ 5,631 $ 5,508 2 % Pre-tax earnings margin 26 % 27 % 25 % 27 % 26 % Compensation and benefits as a % of internet revenues 45 % forty five % 45 % 45 % forty six % Non-compensation fees as a % of internet revenues 29 % 28 % 30 % 27 % 29 % enterprise rate effectivity ratio 74 % 73 % seventy five % 73 % seventy four % constructive tax cost from carrying on with operations seventy one.5 % 28.1 % 25.2 % 39.7 % 30.8 %
consult with end Notes, Definition of U.S. GAAP to Non-GAAP Measures and Definition of performance Metrics on pages 13 - 16 from the financial supplement for additional information.
View source edition on businesswire.com: http://www.businesswire.com/information/home/20180118005653/en/
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