The remaining comes from its institutional businesses like its investment banking business.

FORBES: Cross-Selling Won't Be Easy At Morgan Stanley

One of the most powerful women in the business world, Cruz oversaw Morgan Stanley's institutional securities businesses, including investment banking and sales and trading, as well as the firm's global wealth management business.

FORBES: Magazine Article

Particularly disappointing was the institutional-securities (ie, investment banking and trading) division, the engine of the group.

ECONOMIST: Morgan Stanley

Barclays Capital is the investment banking division of Barclays that provides large corporate, institutional and government clients with solutions to their financing and risk management needs.

FORBES: Barclays Needs To Trade Better To Budge Stock Higher

The report also compares the U.S. perspective with that of other countries that have adopted or are in the process of adopting IFRS. For example, a previous ACCA study of IFRS adoption in Europe found that the benefits of adoption were greatest in countries with high institutional quality and where stock markets are more important to finance than bond markets or banking.

FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint

She told the Senate Banking Committee last month that she would aggressively pursue enforcement and hold accountable "all wrongdoers, individual and institutional, of whatever position or size".

BBC: Mary Jo White gets SEC job after Senate confirmation

Merrill's individual investors business, the Private Client Services division, won't hold back its stock price when investment banking firms like Goldman Sachs (nyse: GS - news - people ) and other institutional broker-dealers snapback amid a pickup in capital markets and merger and acquisition activity.

FORBES: Be Bullish On Merrill