Morgan Stanley's (MS) CEO James Gorman on Q4 2017 Results - Earnings Call Transcript

Jan. 18, 2018 1:38 PM ETMorgan Stanley (MS)
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Morgan Stanley (NYSE:MS) Q4 2017 Earnings Conference Call January 18, 2017 8:30 AM ET


Sharon Yeshaya - Head of IR

James Gorman - Chairman & CEO

Jonathan Pruzan - CFO & Executive VP


Glenn Schorr - Evercore ISI

James Mitchell - The Buckingham Research Group

Brennan Hawken - UBS Investment Bank

Gerard Cassidy - RBC Capital Markets

Matthew O'Connor - Deutsche Bank

Steven Chubak - Nomura Securities

Guy Moszkowski - Autonomous Research

Michael Mayo - Wells Fargo Securities

Fan Yang - HSBC

Devin Ryan - JMP Securities

Michael Carrier - Bank of America Merrill Lynch

Sharon Yeshaya

Good morning. This is Sharon Yeshaya, Head of Investor Relations. During today's presentation, we will refer to our earnings release, strategic update and financial supplement, copies of which are available at

Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.

Page 3 of the strategic update shows our reported results and our results adjusted to exclude the aggregate impact of net discrete tax provision in the fourth quarter that resulted from the enactment of the Tax Cut and Jobs Act and other intermittent net discrete tax benefits unrelated to the Tax Act. These adjusted operating performance metrics will be utilized throughout the remainder of this presentation in order to assess our strategic objective established in 2016.

I will now turn the call over to Chairman and Chief Executive Officer, James Gorman.

James Gorman

Good morning, everybody. Thank you, Sharon. Thank you, everyone, for joining us. I'm going to take you through a summary of last year's performance as well as our outlook and plan for 2018. Following my

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