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33	33	= Annual Performance Highlights =
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35		-For the year ended December 31, 2022, Morgan Stanley has reported full year net revenues of $53.7 billion and net income of $11.0 billion compared to $51.71 billion in net revenue and $15.12 billion in net revenue a year earlier.
	35	+For the year ended December 31, 2022, Morgan Stanley has reported full year net revenues of $53.7 billion and net income of $11.0 billion compared to $51.71 billion in net revenue and $15.12 billion in net income a year earlier.
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37		-Institutional Securities segment reported full year net revenues of $24.4 billion reflecting lower activity in Investment Banking driven by the uncertain macroeconomic environment, partially offset by strong performance in Fixed Income. Net revenues from this segment a year earlier was $29.8 billion. Reported Pre-tax income is $6.7 billion this year compared with $11.8 billion in the prior year. Investment banking revenues are down by 49% during the year; equity net revenues are down by 6%; fixed income net revenues are up by 20% compared to the previous year. Other revenues in the current year were driven by mark-to-market losses on corporate loans held for sale and loan hedges of $876 million. These losses were substantially offset by net interest income and fees of $701 million.
	37	+The Institutional Securities segment reported full year net revenues of $24.4 billion reflecting lower activity in Investment Banking driven by the uncertain macroeconomic environment, partially offset by strong performance in Fixed Income. Net revenues from this segment a year earlier was $29.8 billion. Reported Pre-tax income is $6.7 billion this year compared with $11.8 billion in the prior year. Investment banking revenues are down by 49% during the year; equity net revenues are down by 6%; fixed income net revenues are up by 20% compared to the previous year. Other revenues in the current year were driven by mark-to-market losses on corporate loans held for sale and loan hedges of $876 million. These losses were substantially offset by net interest income and fees of $701 million.
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39		-Wealth Management delivered record full year net revenues of $24.4 billion and a pre-tax margin of 27.0% or 28.4% excluding integration-related expenses.6,7 The business added net new assets of $311 billion, representing a full year 6% annualized growth rate from beginning period assets.
	39	+The Wealth Management segment reported net revenues of $24.4 billion compared with $24.2 billion in the prior year. Reported pre-tax income is $6.6 billion compared to $6.1 billion a year earlier. The business added net new assets of $311 billion, representing a full year 6% annualized growth rate from beginning period assets.
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41		-Investment Management reported full year net revenues of $5.4 billion and AUM of $1.3 trillion in a challenging market environment.
	41	+Investment Management reported net revenues of $5.4 billion compared with $6.2 billion in the prior year, a decrease of 14% over the year. Pre-tax income was $807 million compared with $1.7 billion in the prior year.
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	43	+The company has reported $6.23 in earnings per share (EPS) during the year ended December 31, 2022, which was $8.16 a year earlier. Return on average common equity is 11.2% this year, compared to 15.0% a year earlier.
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