Morgan Stanley reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net revenues of $9,500 million compared to $9,021 million a year ago. Income from continuing operations before taxes were of $2,471 million compared to $2,246 million a year ago. Income from continuing operations were of $704 million compared to $1,680 million a year ago. Net income applicable to company was $686 million compared to $1,666 million a year ago. Net income applicable to the common shareholders was of $516 million compared to $1,509 million a year ago. Diluted earnings per share were $0.29 compared to $0.81 a year ago. Adjusted net income applicable to company was $1,676 million compared to $1,531 million a year ago. Adjusted diluted earnings per share were $0.84 compared to $0.74 a year ago. Return on average common equity was 2.9% compared to 8.7% a year ago.

For the year, the company reported net revenues of $37,945 million compared to $34,631 million a year ago. Income from continuing operations before taxes were of $10,403 million compared to $8,848 million a year ago. Income from continuing operations were of $6,278 million compared to $6,122 million a year ago. Net income applicable to company was $6,154 million compared to $5,979 million a year ago. Net income applicable to the common shareholders was of $5,631 million compared to $5,508 million a year ago. Diluted earnings per share were $3.09 compared to $2.92 a year ago. Adjusted net income applicable to company was $7,079 million compared to $5,911 million a year ago. Adjusted diluted earnings per share were $3.60 compared to $2.88 a year ago. Return on average common equity was 8.1% compared to 8.0% a year ago. At December 31, 2017, book value and tangible book value per common share were $38.54 and $33.48, respectively, based on approximately 1.8 billion shares outstanding.

In 2018, The company expects tax rate to be reduced to 22% to 25% for the full year while exhibiting quarter-to-quarter volatility.