NEW YORK--(BUSINESS WIRE)--
Morgan Stanley (NYSE: MS) today reported net revenues of $15.0 billion for the second quarter ended June 30, 2024 compared with $13.5 billion a year ago. Net income applicable to Morgan Stanley was $3.1 billion, or $1.82 per diluted share,1 compared with net income of $2.2 billion, or $1.24 per diluted share,1 for the same period a year ago.
Ted Pick, Chief Executive Officer, said, “The Firm delivered another strong quarter in an improving capital markets environment, resulting in first half 2024 revenues of $30.2 billion, EPS of $3.85 and an ROTCE of 18.6%. Total client assets grew to $7.2 trillion on our road to $10+ trillion. We announced an increase of our quarterly common stock dividend to $0.925 per share while maintaining robust capital levels with a CET1 ratio of 15.2%, reflecting the durability of our business model. We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.”
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Financial Summary2,3 |
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Firm ($ millions, except per share data) |
2Q 2024 |
2Q 2023 |
Highlights
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|||
Net revenues |
$15,019 |
$13,457 |
||||
Provision for credit losses |
$76 |
$161 |
||||
Compensation expense |
$6,460 |
$6,262 |
||||
Non-compensation expenses |
$4,409 |
$4,222 |
||||
Pre-tax income6 |
$4,074 |
$2,812 |
||||
Net income app. to MS |
$3,076 |
$2,182 |
||||
Expense efficiency ratio8 |
72% |
78% |
||||
Earnings per diluted share1 |
$1.82 |
$1.24 |
||||
Book value per share |
$56.80 |
$55.24 |
||||
Tangible book value per share4 |
$42.30 |
$40.79 |
||||
Return on equity |
13.0% |
8.9% |
||||
Return on tangible common equity4 |
17.5% |
12.1% |
||||
Institutional Securities |
|
|
|
|||
Net revenues |
$6,982 |
$5,654 |
||||
Investment Banking |
$1,619 |
$1,075 |
||||
Equity |
$3,018 |
$2,548 |
||||
Fixed Income |
$1,999 |
$1,716 |
||||
Wealth Management |
|
|
|
|||
Net revenues |
$6,792 |
$6,660 |
||||
Fee-based client assets ($ billions)9 |
$2,188 |
$1,856 |
||||
Fee-based asset flows ($ billions)10 |
$26.0 |
$22.7 |
||||
Net new assets ($ billions)11 |
$36.4 |
$89.5 |
||||
Loans ($ billions) |
$150.9 |
$144.7 |
||||
Investment Management |
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|
|
|||
Net revenues |
$1,386 |
$1,281 |
||||
AUM ($ billions)12 |
$1,518 |
$1,412 |
||||
Long-term net flows ($ billions)13 |
$(1.2) |
$1.1 |
Second Quarter Results
Institutional Securities
Institutional Securities reported net revenues for the current quarter of $7.0 billion compared with $5.7 billion a year ago. Pre-tax income was $2.0 billion compared with $1.0 billion a year ago.6
Investment Banking revenues up 51% from a year ago:
Equity net revenues up 18% from a year ago:
Fixed Income net revenues up 16% from a year ago:
Other:
|
($ millions) |
2Q 2024 |
2Q 2023 |
||||
Net Revenues |
$6,982 |
$5,654 |
|||||
Investment Banking |
$1,619 |
$1,075 |
|
||||
Advisory |
$592 |
$455 |
|||||
Equity underwriting |
$352 |
$225 |
|||||
Fixed income underwriting |
$675 |
$395 |
|||||
Equity |
$3,018 |
$2,548 |
|||||
Fixed Income |
$1,999 |
$1,716 |
|||||
Other |
$346 |
$315 |
|||||
|
|
||||||
Provision for credit losses |
$54 |
$97 |
|||||
Total Expenses |
$4,882 |
$4,580 |
|||||
Compensation |
$2,291 |
$2,215 |
|||||
Non-compensation |
$2,591 |
$2,365 |
|||||
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|
|
Provision for credit losses:
- Provision for credit losses decreased on lower provisions on corporate loans compared to the prior year quarter.
Total Expenses:
- Compensation expense increased from a year ago on higher revenues, partially offset by lower severance costs.
- Non-compensation expenses increased from a year ago on higher execution-related expenses.
Wealth Management
Wealth Management reported net revenues of $6.8 billion in the current quarter compared with $6.7 billion a year ago. Pre-tax income of $1.8 billion6 in the current quarter resulted in a pre-tax margin of 26.8%.7
Net revenues up 2% from a year ago:
Provision for credit losses:
Total Expenses:
|
|
($ millions) |
2Q 2024 |
2Q 2023 |
|
||
Net Revenues |
$6,792 |
$6,660 |
|
||||
|
Asset management |
$3,989 |
$3,452 |
|
|||
|
Transactional14 |
$782 |
$869 |
|
|||
|
Net interest |
$1,798 |
$2,156 |
|
|||
|
Other |
$223 |
$183 |
|
|||
|
Provision for credit losses |
$22 |
$64 |
|
|||
|
Total Expenses |
$4,949 |
$4,915 |
|
|||
|
Compensation |
$3,601 |
$3,503 |
|
|||
|
Non-compensation |
$1,348 |
$1,412 |
|
|||
|
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|
|||
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Investment Management
Investment Management net revenues were $1.4 billion compared with $1.3 billion a year ago. Pre-tax income was $222 million compared with $170 million a year ago.6
Net revenues up 8% from a year ago:
Total Expenses:
|
|
($ millions) |
2Q 2024 |
2Q 2023 |
|
||
|
Net Revenues |
$1,386 |
$1,281 |
|
|||
|
Asset management and related fees |
$1,342 |
$1,268 |
|
|||
|
Performance-based income and other |
$44 |
$13 |
|
|||
|
Total Expenses |
$1,164 |
$1,111 |
|
|||
|
Compensation |
$568 |
$544 |
|
|||
|
Non-compensation |
$596 |
$567 |
|
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Other Matters
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|
2Q 2024 |
2Q 2023 |
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Common Stock Repurchases |
|
|||||
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Repurchases ($MM) |
$750 |
$1,000 |
|
|||
|
Number of Shares (MM) |
8 |
12 |
|
|||
|
Average Price |
$95.96 |
$83.86 |
|
|||
|
Period End Shares (MM) |
1,619 |
1,659 |
|
|||
|
Tax Rate |
23.5% |
21.0% |
|
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Capital15 |
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Standardized Approach |
|
|
|
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CET1 capital16 |
15.2% |
15.5% |
|
|||
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Tier 1 capital16 |
17.0% |
17.4% |
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Advanced Approach |
|
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CET1 capital16 |
15.3% |
15.8% |
|
|||
|
Tier 1 capital16 |
17.1% |
17.8% |
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|
Leverage-based capital |
|
|
|
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Tier 1 leverage17 |
6.8% |
6.7% |
|
|||
|
SLR18 |
5.5% |
5.5% |
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Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit .
A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at .
NOTICE:
The information provided herein and in the financial supplement, including information provided on the Firm’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available on .
This earnings release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023 and other items throughout the Form 10-K, the Firm’s Quarterly Reports on Form 10-Q and the Firm’s Current Reports on Form 8-K, including any amendments thereto.
1 Includes preferred dividends related to the calculation of earnings per share for the second quarter of 2024 and 2023 of approximately $134 million and $133 million, respectively.
2 The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). From time to time, Morgan Stanley may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing our financial condition, operating results, or capital adequacy. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable U.S. GAAP financial measure.
3 Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.
4 Tangible common equity is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance and capital adequacy. Tangible common equity represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. The calculation of return on average tangible common equity, also a non-GAAP financial measure, represents full year or annualized net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. The calculation of tangible book value per common share, also a non-GAAP financial measure, represents tangible common shareholder’s equity divided by common shares outstanding.
5 “DCP” refers to certain employee deferred cash-based compensation programs. Please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Matters – Deferred Cash-Based Compensation” in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
6 Pre-tax income represents income before provision for income taxes.
7 Pre-tax margin represents income before provision for income taxes divided by net revenues.
8 The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
9 Wealth Management fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
10 Wealth Management fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management related activity.
11 Wealth Management net new assets represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions.
12 AUM is defined as assets under management or supervision.
13 Long-term net flows include the Equity, Fixed Income and Alternative and Solutions asset classes and excludes the Liquidity and Overlay Services asset class.
14 Transactional revenues include investment banking, trading, and commissions and fee revenues.
15 Capital ratios are estimates as of the press release date, July 16, 2024.
16 CET1 capital is defined as Common Equity Tier 1 capital. The Firm’s risk-based capital ratios are computed under each of the (i) standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) (the “Standardized Approach”) and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the “Advanced Approach”). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
17 The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firm’s leverage. Tier 1 leverage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.
18 The Firm’s supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately $80.5 billion and $78.4 billion, and supplementary leverage exposure denominator of approximately $1.47 trillion and $1.42 trillion, for the second quarter of 2024 and 2023, respectively.
Consolidated Income Statement Information |
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(unaudited, dollars in millions) |
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Quarter Ended |
|
Percentage Change From: |
|
Six Months Ended |
|
Percentage
|
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|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Jun 30, 2024 |
|
Jun 30, 2023 |
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|||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment banking |
$ |
1,735 |
|
$ |
1,589 |
|
|
$ |
1,155 |
|
9 |
% |
|
50 |
% |
|
$ |
3,324 |
|
$ |
2,485 |
|
34 |
% |
Trading |
|
4,131 |
|
|
4,852 |
|
|
|
3,802 |
|
(15 |
%) |
|
9 |
% |
|
|
8,983 |
|
|
8,279 |
|
9 |
% |
Investments |
|
157 |
|
|
137 |
|
|
|
95 |
|
15 |
% |
|
65 |
% |
|
|
294 |
|
|
240 |
|
23 |
% |
Commissions and fees |
|
1,183 |
|
|
1,227 |
|
|
|
1,090 |
|
(4 |
%) |
|
9 |
% |
|
|
2,410 |
|
|
2,329 |
|
3 |
% |
Asset management |
|
5,424 |
|
|
5,269 |
|
|
|
4,817 |
|
3 |
% |
|
13 |
% |
|
|
10,693 |
|
|
9,545 |
|
12 |
% |
Other |
|
322 |
|
|
266 |
|
|
|
488 |
|
21 |
% |
|
(34 |
%) |
|
|
588 |
|
|
740 |
|
(21 |
%) |
Total non-interest revenues |
|
12,952 |
|
|
13,340 |
|
|
|
11,447 |
|
(3 |
%) |
|
13 |
% |
|
|
26,292 |
|
|
23,618 |
|
11 |
% |
Interest income |
|
13,529 |
|
|
12,930 |
|
|
|
10,913 |
|
5 |
% |
|
24 |
% |
|
|
26,459 |
|
|
20,893 |
|
27 |
% |
Interest expense |
|
11,462 |
|
|
11,134 |
|
|
|
8,903 |
|
3 |
% |
|
29 |
% |
|
|
22,596 |
|
|
16,537 |
|
37 |
% |
Net interest |
|
2,067 |
|
|
1,796 |
|
|
|
2,010 |
|
15 |
% |
|
3 |
% |
|
|
3,863 |
|
|
4,356 |
|
(11 |
%) |
Net revenues |
|
15,019 |
|
|
15,136 |
|
|
|
13,457 |
|
(1 |
%) |
|
12 |
% |
|
|
30,155 |
|
|
27,974 |
|
8 |
% |
Provision for credit losses |
|
76 |
|
|
(6 |
) |
|
|
161 |
|
* |
|
(53 |
%) |
|
|
70 |
|
|
395 |
|
(82 |
%) |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
6,460 |
|
|
6,696 |
|
|
|
6,262 |
|
(4 |
%) |
|
3 |
% |
|
|
13,156 |
|
|
12,672 |
|
4 |
% |
Non-compensation expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brokerage, clearing and exchange fees |
|
995 |
|
|
921 |
|
|
|
875 |
|
8 |
% |
|
14 |
% |
|
|
1,916 |
|
|
1,756 |
|
9 |
% |
Information processing and communications |
|
1,011 |
|
|
976 |
|
|
|
926 |
|
4 |
% |
|
9 |
% |
|
|
1,987 |
|
|
1,841 |
|
8 |
% |
Professional services |
|
753 |
|
|
639 |
|
|
|
767 |
|
18 |
% |
|
(2 |
%) |
|
|
1,392 |
|
|
1,477 |
|
(6 |
%) |
Occupancy and equipment |
|
464 |
|
|
441 |
|
|
|
471 |
|
5 |
% |
|
(1 |
%) |
|
|
905 |
|
|
911 |
|
(1 |
%) |
Marketing and business development |
|
245 |
|
|
217 |
|
|
|
236 |
|
13 |
% |
|
4 |
% |
|
|
462 |
|
|
483 |
|
(4 |
%) |
Other |
|
941 |
|
|
857 |
|
|
|
947 |
|
10 |
% |
|
(1 |
%) |
|
|
1,798 |
|
|
1,867 |
|
(4 |
%) |
Total non-compensation expenses |
|
4,409 |
|
|
4,051 |
|
|
|
4,222 |
|
9 |
% |
|
4 |
% |
|
|
8,460 |
|
|
8,335 |
|
1 |
% |
Total non-interest expenses |
|
10,869 |
|
|
10,747 |
|
|
|
10,484 |
|
1 |
% |
|
4 |
% |
|
|
21,616 |
|
|
21,007 |
|
3 |
% |
Income before provision for income taxes |
|
4,074 |
|
|
4,395 |
|
|
|
2,812 |
|
(7 |
%) |
|
45 |
% |
|
|
8,469 |
|
|
6,572 |
|
29 |
% |
Provision for income taxes |
|
957 |
|
|
933 |
|
|
|
591 |
|
3 |
% |
|
62 |
% |
|
|
1,890 |
|
|
1,318 |
|
43 |
% |
Net income |
$ |
3,117 |
|
$ |
3,462 |
|
|
$ |
2,221 |
|
(10 |
%) |
|
40 |
% |
|
$ |
6,579 |
|
$ |
5,254 |
|
25 |
% |
Net income applicable to nonredeemable noncontrolling interests |
|
41 |
|
|
50 |
|
|
|
39 |
|
(18 |
%) |
|
5 |
% |
|
|
91 |
|
|
92 |
|
(1 |
%) |
Net income applicable to Morgan Stanley |
|
3,076 |
|
|
3,412 |
|
|
|
2,182 |
|
(10 |
%) |
|
41 |
% |
|
|
6,488 |
|
|
5,162 |
|
26 |
% |
Preferred stock dividend |
|
134 |
|
|
146 |
|
|
|
133 |
|
(8 |
%) |
|
1 |
% |
|
|
280 |
|
|
277 |
|
1 |
% |
Earnings applicable to Morgan Stanley common shareholders |
$ |
2,942 |
|
$ |
3,266 |
|
|
$ |
2,049 |
|
(10 |
%) |
|
44 |
% |
|
$ |
6,208 |
|
$ |
4,885 |
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Notes: |
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– |
In the first quarter of 2024, the Firm implemented certain presentation changes that impacted interest income and interest expense but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the income statement in 2023 and accordingly, prior period amounts were adjusted to conform with the current presentation. |
||
– |
Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP) were: 2Q24: $15,073 million, 1Q24: $14,949 million, 2Q23: $13,343 million, 2Q24 YTD: $30,022 million, 2Q23 YTD: $27,707 million. |
||
– |
Firm compensation expenses excluding DCP were: 2Q24: $6,405 million, 1Q24: $6,447 million, 2Q23: $6,084 million, 2Q24 YTD: $12,852 million, 2Q23 YTD: $12,301 million. |
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– |
The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |
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Consolidated Financial Metrics, Ratios and Statistical Data |
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(unaudited) |
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Quarter Ended |
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Percentage Change From: |
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Six Months Ended |
|
Percentage
|
|||||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
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Mar 31, 2024 |
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Jun 30, 2023 |
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Jun 30, 2024 |
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Jun 30, 2023 |
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Financial Metrics: |
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Earnings per basic share |
$ |
1.85 |
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$ |
2.04 |
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$ |
1.25 |
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(9 |
%) |
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48 |
% |
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$ |
3.89 |
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$ |
2.98 |
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31 |
% |
Earnings per diluted share |
$ |
1.82 |
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$ |
2.02 |
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$ |
1.24 |
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(10 |
%) |
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47 |
% |
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$ |
3.85 |
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$ |
2.95 |
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31 |
% |
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Return on average common equity |
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13.0 |
% |
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14.5 |
% |
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8.9 |
% |
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13.8 |
% |
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10.7 |
% |
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Return on average tangible common equity |
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17.5 |
% |
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19.7 |
% |
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12.1 |
% |
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18.6 |
% |
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14.5 |
% |
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Book value per common share |
$ |
56.80 |
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$ |
55.60 |
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$ |
55.24 |
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$ |
56.80 |
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$ |
55.24 |
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Tangible book value per common share |
$ |
42.30 |
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$ |
41.07 |
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$ |
40.79 |
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$ |
42.30 |
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$ |
40.79 |
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Financial Ratios: |
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Pre-tax margin |
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27 |
% |
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29 |
% |
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21 |
% |
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28 |
% |
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23 |
% |
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Compensation and benefits as a % of net revenues |
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43 |
% |
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44 |
% |
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47 |
% |
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44 |
% |
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45 |
% |
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Non-compensation expenses as a % of net revenues |
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29 |
% |
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27 |
% |
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31 |
% |
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28 |
% |
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30 |
% |
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Firm expense efficiency ratio |
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72 |
% |
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71 |
% |
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78 |
% |
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72 |
% |
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75 |
% |
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Effective tax rate |
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23.5 |
% |
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21.2 |
% |
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21.0 |
% |
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22.3 |
% |
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20.1 |
% |
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Statistical Data: |
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Period end common shares outstanding (millions) |
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1,619 |
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1,627 |
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1,659 |
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— |
% |
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(2 |
%) |
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Average common shares outstanding (millions) |
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Basic |
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1,594 |
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1,601 |
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1,635 |
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— |
% |
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(3 |
%) |
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|
1,597 |
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1,640 |
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(3 |
%) |
Diluted |
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1,611 |
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1,616 |
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1,651 |
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— |
% |
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(2 |
%) |
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1,614 |
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1,657 |
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(3 |
%) |
Worldwide employees |
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79,066 |
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79,610 |
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82,006 |
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(1 |
%) |
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(4 |
%) |
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The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |
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