|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MORGAN J P & CO INC, 8-K, 2000-07-11 |
Next: MSI HOLDINGS INC/, 4, 2000-07-11 |
<PAGE> 1
Exhibit 99a.
SEGMENT RESULTS (Restated)
J.P. Morgan & Co. Incorporated
The following table presents our current management reporting structure.
Results have been restated for all periods, reflecting recent organization
changes. Principal changes include the combination of our Credit Markets and
Credit Portfolio segments into a single Credit Markets segment. In addition,
revenue and expense allocations between Investment Banking and the other
segments, primarily Equities and Credit Markets, have been changed to reflect
the new organization. Our consolidated results were not impacted.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------------
First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
2000 1999 1999 1999 1999 1998
REVENUES
Investment Banking $452 $381 $366 $409 $327 $328
Equities 584 372 252 385 255 143
Interest Rate and Currency Markets 489 479 321 560 649 474
Credit Markets 550 423 425 496 831 135
Asset Management Services 407 353 350 343 309 278
Equity Investments 153 313 341 6 (14) 42
Proprietary Positioning 188 (127) 6 23 127 203
Corporate 13 (5) (76) (31) 7 (99)
--------------------------------------------------------------------------------------------
CONSOLIDATED 2,836 2,189 1,985 2,191 2,491 1,504
--------------------------------------------------------------------------------------------
EXPENSES
Investment Banking 409 375 292 309 292 257
Equities 261 203 168 192 186 161
Interest Rate and Currency Markets 334 264 288 321 359 311
Credit Markets 262 219 153 215 265 194
Asset Management Services 303 320 276 268 257 267
Equity Investments 45 66 52 13 14 9
Proprietary Positioning 56 40 37 43 32 42
Corporate Items 185 (70) 75 56 162 150
--------------------------------------------------------------------------------------------
CONSOLIDATED 1,855 1,417 1,341 1,417 1,567 1,391
--------------------------------------------------------------------------------------------
PRETAX INCOME
Investment Banking 43 6 74 100 35 71
Equities 323 169 84 193 69 (18)
Interest Rate and Currency Markets 155 215 33 239 290 163
Credit Markets 288 204 272 281 566 (59)
Asset Management Services 104 33 74 75 52 11
Equity Investments 108 247 289 (7) (28) 33
Proprietary Positioning 132 (167) (31) (20) 95 161
Corporate Items (172) 65 (151) (87) (155) (249)
------------------------------------------------------------------------------------------------
CONSOLIDATED 981 772 644 774 924 113
------------------------------------------------------------------------------------------------
PRETAX EVA
Investment Banking 16 (18) 50 75 13 49
Equities 281 130 51 152 38 (50)
Interest Rate and Currency Markets 32 90 (65) 135 185 49
Credit Markets 160 59 135 94 380 (266)
Asset Management Services 83 14 56 56 35 (3)
Equity Investments 78 192 164 (1) (59) 19
Proprietary Positioning 150 (61) (193) (96) (93) (283)
Corporate Items (240) 47 (97) (108) (53) 130
------------------------------------------------------------------------------------------------
CONSOLIDATED 560 453 101 307 446 (355)
------------------------------------------------------------------------------------------------
AVERAGE REQUIRED ECONOMIC CAPITAL
Investment Banking 639 581 517 563 483 489
Equities 732 766 524 740 528 566
Interest Rate and Currency Markets 1,732 1,979 2,012 2,017 2,098 2,245
Credit Markets 3,701 3,402 3,716 4,225 4,733 6,317
Asset Management Services 530 545 565 556 539 551
Equity Investments 1,882 1,783 1,488 1,365 1,278 1,178
Proprietary Positioning 496 952 1,503 1,234 3,595 6,293
Corporate Items (1,198) (1,020) (1,122) (1,239) (1,586) (1,691)
------------------------------------------------------------------------------------------------
CONSOLIDATED 8,514 8,988 9,203 9,461 11,668 15,948
------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
Third Quarter Second Quarter First Quarter Full Year Full Year Full Year
1998 1998 1998 1999 1998 1997
REVENUES
Investment Banking $267 $312 $311 $1,483 $1,218 $958
Equities 119 204 102 1,264 568 331
Interest Rate and Currency Markets 353 620 617 2,009 2,064 1,770
Credit Markets (83) 397 483 2,175 932 1,486
Asset Management Services 295 305 286 1,355 1,164 1,107
Equity Investments 167 109 28 646 346 413
Proprietary Positioning 129 88 243 29 663 894
Corporate 54 118 (73) (105) - 261
------------------------------------------------------------------------------------------------
CONSOLIDATED 1,301 2,153 1,997 8,856 6,955 7,220
------------------------------------------------------------------------------------------------
EXPENSES
Investment Banking 231 239 255 1,268 982 946
Equities 126 188 156 749 631 553
Interest Rate and Currency Markets 280 340 352 1,232 1,283 1,277
Credit Markets 87 215 251 852 747 720
Asset Management Services 273 288 272 1,121 1,100 1,043
Equity Investments 15 15 10 145 49 48
Proprietary Positioning 35 40 40 152 157 154
Corporate Items 52 91 296 223 589 325
------------------------------------------------------------------------------------------------
CONSOLIDATED 1,099 1,416 1,632 5,742 5,538 5,066
------------------------------------------------------------------------------------------------
PRETAX INCOME
Investment Banking 36 73 56 215 236 12
Equities (7) 16 (54) 515 (63) (222)
Interest Rate and Currency Markets 73 280 265 777 781 493
Credit Markets (170) 182 232 1,323 185 766
Asset Management Services 22 17 14 234 64 64
Equity Investments 152 94 18 501 297 365
Proprietary Positioning 94 48 203 (123) 506 740
Corporate Items 2 27 (369) (328) (589) (64)
------------------------------------------------------------------------------------------------
CONSOLIDATED 202 737 365 3,114 1,417 2,154
------------------------------------------------------------------------------------------------
PRETAX EVA
Investment Banking 11 49 30 120 139 (88)
Equities (42) (19) (87) 371 (198) (344)
Interest Rate and Currency Markets (33) 169 145 345 330 138
Credit Markets (435) (96) (83) 668 (880) (124)
Asset Management Services 6 - - 161 3 (7)
Equity Investments 78 60 (14) 296 143 194
Proprietary Positioning 31 (31) 97 (443) (186) 308
Corporate Items 144 3 (35) (211) 242 (67)
------------------------------------------------------------------------------------------------
CONSOLIDATED (240) 135 53 1,307 (407) 10
------------------------------------------------------------------------------------------------
AVERAGE REQUIRED ECONOMIC CAPITAL
Investment Banking 550 524 577 535 535 511
Equities 517 597 515 640 549 469
Interest Rate and Currency Markets 1,976 2,067 2,263 2,027 2,138 1,484
Credit Markets 6,283 6,750 7,334 4,019 6,629 6,989
Asset Management Services 562 556 552 544 555 549
Equity Investments 1,116 1,256 1,253 1,479 1,201 1,353
Proprietary Positioning 1,710 1,120 986 1,821 2,527 876
Corporate Items (1,357) (1,422) (1,626) (1,235) (1,798) (2,846)
------------------------------------------------------------------------------------------------
CONSOLIDATED 11,357 11,448 11,854 9,830 12,336 9,385
------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
Full Year
1996
REVENUES
Investment Banking $777
Equities 337
Interest Rate and Currency Markets 1,495
Credit Markets 1,587
Asset Management Services 969
Equity Investments 270
Proprietary Positioning 934
Corporate 486
----------
CONSOLIDATED 6,855
----------
EXPENSES
Investment Banking 804
Equities 404
Interest Rate and Currency Markets 1,134
Credit Markets 627
Asset Management Services 821
Equity Investments 38
Proprietary Positioning 137
Corporate Items 558
----------
CONSOLIDATED 4,523
----------
PRETAX INCOME
Investment Banking (27)
Equities (67)
Interest Rate and Currency Markets 361
Credit Markets 960
Asset Management Services 148
Equity Investments 232
Proprietary Positioning 797
Corporate Items (72)
----------
CONSOLIDATED 2,332
----------
PRETAX EVA
Investment Banking *
Equities *
Interest Rate and Currency Markets *
Credit Markets *
Asset Management Services *
Equity Investments *
Proprietary Positioning *
Corporate Items *
----------
CONSOLIDATED *
----------
AVERAGE REQUIRED ECONOMIC CAPITAL
Investment Banking *
Equities *
Interest Rate and Currency Markets *
Credit Markets *
Asset Management Services *
Equity Investments *
Proprietary Positioning *
Corporate Items *
----------
CONSOLIDATED *
----------
</TABLE>
* Amount not calculated.
|
|