The Preferred Securities issued by Capital Trust III are no longer included in the Company’s Consolidated Statements of Financial Condition. ![]() The $262.5 million of Preferred Securities issued by Capital Trust III is still outstanding, providing the funding for such Debentures. As a result, the Debentures issued by the Company to Bear Stearns Capital Trust III are included within long-term borrowings. 46 (R), the Company has deconsolidated Bear Stearns Capital Trust III effective beginning with the quarter ended February 29, 2004. The Consolidated Statements of Financial Condition as of November 30, 2005, 2004, 2003, and 2002 have been adjusted to conform to the current year’s presentation. 39, “Offsetting Amounts Related to Certain Contracts,” to net cash collateral received or paid against its derivatives inventory, on a counterparty basis, provided that the legal right of offset exists. ![]() RESULTS Revenues, net of interest expense Employee compensation and benefits Non-compensation expenses Total expenses Net income Net income applicable to common sharesįINANCIAL POSITION (1) Total assets Long-term borrowings Guaranteed Preferred Beneficial Interests in Company Subordinated (2) Debt Securities Stockholders’ equityĬOMMON SHARE DATA Basic earnings per share Diluted earnings per share Cash dividends declared per common share Book value per common share Common shares outstanding(4)ħ,410,794 3,553,216 1,650,519 5,203,735 $ 1,462,177 $ 1,437,856 (in thousands, except common share data, financial ratios and other data) To our employees, to our stockholders, to our clients, Bear Stearns has – and always will have – A FIRM COMMITMENT.įinancial Highlights Fiscal years ended November 30, From these actions, we strive to foster an environment of CARING within the corporation. We believe our policies on PHILANTHROPY support both our employees’ wishes and our ability to nurture a well-rounded workforce. ![]() Hand-in-hand with our profitability is the desire to give back to our communities and to those in need. Our stockholders have benefited from this approach year after PROFITABLE year. At a time when change and speed seem to be prized for their own sake, we contend that continuity and consistent INNOVATION create a balanced foundation for a lasting organization. Their WISDOM, dedication and their tremendous contribution to the firm over time, just as we welcome the new TALENT who will grow and guide us through the next TWENTY YEARS. them pictured and highlighted annual report. Understanding we seek to attract and keep the More than 800 of these the firm for 20 years or more. The whole, not pre-judged based race or religion. individuals have been with You will see a number of throughout this 20th anniversary Work and their contribution to on their socioeconomic class, that our people are the firm, most talented individuals. ![]() For us, it is the code of conduct we live by. In this day and age, treating others with RESPECT and operating with the highest degree of INTEGRITY may seem commonplace. These core VALUES ring as true today as they did the day we first opened our doors on Wall Street and 20 years ago when we moved from a partnership to a public entity. Although Bear Stearns has grown and changed dramatically in the 83 years we have been in existence, these FUNDAMENTAL beliefs still serve as the foundation of our success: Respect, Integrity, Meritocracy, Innovation and Philanthropy. More than words on paper, they are the CORNERSTONES of our culture. Our commitment is backed by our guiding principles. A FIRM COMMITMENT to provide superior service to our clients, best-in-class returns to our stockholders and a superior workplace for our people.
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