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Merrill Lynch 2002 Annual Report  
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 Financial Management
 Letter to Shareholders
 and Clients from CEO
 E. Stanley O'Neal
 A Message from
 David H. Komansky,
 Chairman
 Business Unit Overviews
 Excellence & Integrity
 Financial Management
 Board of Directors
 Executive Management
 Corporate Information
(a)   Net earnings less preferred stock dividends.
(b)   Consists of Payables under repurchase agreements and securities loaned transactions, Commercial paper and other short-term borrowings, and Deposits.
(c)   All share and per share data have been restated for the two-for-one common stock split paid in August 2000 (see Note 13 to the Consolidated Financial Statements).
(d)   Does not include 3,911; 4,195; 4,654; 8,019; and 9,012 shares exchangeable into common stock (see Note 13 to the Consolidated Financial Statements) at year-end 2002, 2001, 2000, 1999, and 1998, respectively.
(e)   Earnings before income taxes and dividends on Preferred securities issued by subsidiaries to Net revenues.
(f)   Average total assets to average total stockholders' equity and Preferred securities issued by subsidiaries.
(g)   Average total assets less average (i) Receivables under resale agreements (ii) Receivables under securities borrowed transactions, and (iii) Securities received as collateral to average total stockholders' equity and Preferred securities issued by subsidiaries.
(h)   Excludes 1,500 and 3,500 full-time employees on salary continuation severance at year-end 2002 and 2001, respectively.

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