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25	25	Morgan Stanley has reported net revenues of $12.7 billion for the fourth quarter ended December 31, 2022 compared with $14.5 billion a year ago. Net income applicable to Morgan Stanley was $2.2 billion, or $1.26 per diluted share, compared with $3.7 billion, or $2.01 per diluted share, for the same period a year ago. The fourth quarter of 2022 was impacted by severance costs of $133 million associated with a December employee action, partially offset by a net discrete tax benefit of $89 million.
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	27	+In the institutional Securities segment, the company has reported net revenue of $4.8 billion in the fourth quarter of 2022, down from $6.7 billion a year earlier. Pre-tax income was $748 million compared with $3.0 billion a year ago. Investment banking revenues, under this segment, has went down by 49% Quarter-to-Quarter in the past year; equity net revenues down by 24%; and fixed income net revenues up by 15%.
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