摩根士丹利 Morgan Stanley (MS) 2002年年度报告「NYSE」.pdf

1、ANNUAL REPORT 2002For a more complete discussion of our 2002 results,please refer to ourAnnual Report on Form 10-K and visit us online at .As we look back at 2002,it was a most difficult year.We began the year with the memory of 9/11 still fresh in our minds.In the months that followed,we had to con

2、tend with the continued decline in equity markets and a highly publicized investigation of Wall Street research and investment bankingpractices.Given the year we have just been through,I wanted to lay out for each of you,in greaterlength and detail than usual,my thoughts on the year,your companys po

3、sition today and where we are going in the future.We were not satisfied with our results in 2002.In my view,the best way to measure our performance is in the context of the four principal goals we have set for ourselves.In each of our businesses,we strive for:1 Profitability greater than our competi

4、tors.Through earnings,we reward our owners and invest for future growth.2 Market share gains in each of our major businesses.Market share is a measure of how clients reward us for the value we provide them.3 A brand and reputation that reflect an unshakable commitment to clients and the highest stan

5、dards of integrity.4 A positive differential in the quality of our people compared with competitors,demonstrated by intellectual leadership in each business.Over the years,we have found that strict adherence to these four fundamental goals has served ourowners very well.We have invariably come to re

6、gret it whenever we deviated from or lost sight of these goals in the pursuit of what seemed fashionable at the time.In 2002,we performed well on allexcept market share.When we look back on the five years since the merger of Morgan Stanley and Dean Witter in 1997,this time period can be divided into