摩根士丹利 2024年度报告

Annual Letterto Shareholders Ted PickChairman and Chief Executive Officer Dear Fellow Shareholders: Throughout the year, I witnessed the extraordinary depthand talent of our leadership team. I met with clients andour management teams across all three of our businesses,discussing opportunities for deeper engagement with ourglobal Integrated Firm. Their appreciation of and respectfor Morgan Stanley is tremendous. Consistent executionacross four pillars — strategy, culture, financial strengthand growth — will lay the foundation for the Firm’scontinued success. 2024 was one of the best years in Morgan Stanley’s history.The Firm reported record net revenues of $61.8 billion and areturn on average tangible common equity of 18.8%. Wedelivered growth across businesses and regions withconsistent performance — sequential quarterly revenues were$15 billion, $15 billion, $15 billion and $16 billion. Throughoutthe year, the Firm continued to execute on its strategy ofhelping clients raise, manage and allocate capital. Ourbusiness accomplishments and financial results were strongrelative to our goals, and, encouragingly, the Firm’s momentumaccelerated into year end. We continue to invest in our talent and in our culture. A keydriver of success in delivering the Integrated Firm will bethe breadth and depth of our talent, alongside a strongculture and a set of values that guide our employees.Underpinned by Morgan Stanley’s culture of “First-ClassBusiness In A First-Class Way” as defined by the tenets ofRigor, Humility and Partnership, we will drive durable andconsistent long-term results in the years to come. Over the last 15 years we have formulated a clear strategy andare now executing on it. James Gorman’s visionary leadershiptransformed Morgan Stanley into a leading diversified financialinstitution. At the end of last year, James officially steppeddown from his role as Executive Chairman. On behalf of theFirm, I would like to thank James for his many contributions. Itis not only what James achieved, but also the way in which heachieved it that will define his Morgan Stanley legacy. We wishhim great success in his next chapters knowing that he willalways be part of the Morgan Stanley family. Rigor, Humility and Partnership are best understood throughthe prism of Morgan Stanley’s history, our journey throughour best, and our less shining, moments. Our partnership isat its best when we understand the lessons of our history without being confined by them — when we understand howand why our culture sets our Firm apart. Rigor, Humility andPartnership are a guiding philosophy for our interactions withour people, our clients, our shareholders and our regulators.Whether in the way we conduct our annual Managing Directorpromotion roll call and dinner or celebrate the anniversarydates of our employees, we prize these traditions. They are acontinuous reinvestment in our culture and a recognition ofour 90-year history and our journey to institutional success.Our culture is the competitive advantage that will enable usto achieve our potential. we supported our clients with strategic advice, globalmarket access and differentiated risk managementcapabilities. We incrementally invested across ourbusinesses. We continued to execute on our strategy — toraise, manage and allocate capital — serving as a trustedadvisor to clients. The year as a whole was characterized byconsistent and durable earnings, strong capital accretionand improved momentum across all our businesses. Morgan Stanley reported one of its best years, producing areturn on average tangible common equity (ROTCE) of 18.8%and diluted earnings per share of $7.95. The Firm deliveredrecord annual net revenues of $61.8 billion and net incomeof $13.4 billion. These results mark significant progresstoward our objectives. 2024 Financial Performanceand Business Review 2024 was marked by renewed investor and corporateconfidence as inflation moderated and global economiesdemonstrated steady growth. Credit conditions improved andcapital markets continued to recover. Against this backdrop, Wealth Management delivered record revenues of$28.4 billion and a pre-tax margin of 27.2%. Our businessmodel encompasses three channels: advisor-led, Expanding Returns on Average Tangible Common Equity(%) self-directed and workplace. We have leadership positionsin each of these channels reflecting the power of combiningbest-in-class advice with best-in-class technology. CLI E NT ACQ U ISITION FU N N E L DRIVESDEEPER ADVICE REL ATIONSH IPS We continue to grow new client relationships and attractclient assets. Today, we reach more than 19 million clientswith our Wealth offering. The investments we made in ourself-directed, workplace and advice channels have enabledus to add net new assets averaging over $250 billion inthe last two years. As a result of this growth and improving markets, WealthManagement client assets increased to $6.2 trillion at yearend. We remain an industry standard