Investor Presentaiton
Morgan Stanley EXTRADE
1 Accelerates Business Mix Towards Balance Sheet Light
and More Durable Sources of Revenue
2010-2014
Acquisition and Integration
of Smith Barney
Wealth Management
2015-2019
The Transformation Continues...
Acquisition of Solium, Enhancement
of Technology Offering, and
Meaningfully Improved Margins
Acquisition of E*TRADE:
Transform Direct and
Workplace Offering
(1)
Pre-Tax Margin
9%
26%
2010
74%
27%
Morgan Stanley Pre-Tax Profit by Segment (1)
30%
Pro Forma
51%
2019
O
Combined Wealth and Investment Management
49%
57%
Institutional Securities
The End Notes are an integral part of this Presentation. See slides 19-22 at the back of this presentation for information related to the financial metrics and defined terms in this presentation
Pro
Forma (1)
43%
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