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    Morgan Stanley (MS)

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    Business Description

    Morgan Stanley is a global financial services firm that holds significant market positions in three main business segments: Institutional Securities, Wealth Management, and Investment Management. The company provides a wide range of financial products and services, including investment banking, brokerage, and asset management, catering to corporations, governments, financial institutions, and individual investors . Morgan Stanley generates revenue primarily through contracts with customers across these segments, with Institutional Securities being a major contributor due to its extensive trading and market-making activities .

    1. Institutional Securities - Offers investment banking services such as capital raising and financial advisory, along with equity and fixed income sales, financing, and market-making activities for corporations, governments, financial institutions, and ultra-high net worth clients .
    2. Wealth Management - Provides financial services and solutions to individual investors and small to medium-sized businesses, including brokerage, investment advisory, banking, and retirement plan services .
    3. Investment Management - Delivers a broad range of investment strategies and products across geographies and asset classes, serving institutional and individual clients through various investment vehicles .

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDQ4 2013FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Institutional Securities4,9423,0607,0166,9826,8157,26728,0808,983
    - Investment Banking-454----6,170-38
    -- Advisory-------563
    -- Equity Underwriting-------319
    -- Fixed Income Underwriting-------677
    - Trading-823----15,96717
    -- Equity-------4,128
    -- Fixed Income-------2,604
    -- Other-------692
    - Investments-62----4060
    - Commissions and Fees-2,279----2,905-83
    - Asset Management-14,0193,8295,4245,747-14,354646-75
    - Other--7----607-5
    Wealth Management6,64526,2686,8806,7927,2707,47828,4207,327
    - Transactional--1,033-----
    - Net Interest--1,856----1,902
    Investment Management1,4645,3701,3771,3861,4551,6435,8611,602
    - Asset Management and Related-5,2311,346---5,6271,451
    - Performance-Based Income--31----187
    Intersegment Eliminations-153-555--141-157--600-173
    Total Revenue12,89654,14315,13615,01915,38316,22361,76117,739
    Revenue by Geography - in Millions of USDQ4 2013FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Americas10,19841,65111,56711,26811,55712,53746,92913,000
    EMEA1,3426,0581,8261,8711,8281,6727,1973,500
    Asia1,3566,4341,7431,8801,9982,0147,6351,239
    Asia-Pacific--------
    Total Revenue12,89654,14315,13615,01915,38316,22361,76117,739
    KPIs - Metric (Unit, Scale)Q4 2013FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Annualized weighted average cost of deposits (Period End) (percent)-2.92%2.96%3.11%2.99%---
    Annualized weighted average cost of deposits (Period Average for three months ended) (percent)-2.43%2.92%3.03%3.19%---
    Net new assets (billions of USD)-282.39536.463.9---
    Fee-based asset flows (billions of USD)-109.226.226.035.7---
    Daily average revenue trades (thousands)-759841781815---
    Self-directed households (millions)-8.18.18.28.2---
    Self-directed client assets (billions of USD)-1,1501,1941,2471,327---
    Stock plan participants (millions)--6.66.66.7---
    Stock plan unvested assets (billions of USD)--457452461---
    Fee-based client assets (billions of USD)-1,9832,1242,1882,302---

    Leadership

    NamePositionExternal RolesShort Bio

    Andrew M. Saperstein

    Executive

    Co-President and Head of Wealth and Investment Management

    None

    Andrew Saperstein is Co-President and Head of Wealth and Investment Management, effective January 1, 2024. He joined Morgan Stanley in 2006 and has held various leadership roles.

    Charles A. Smith

    Executive

    Executive Vice President and Chief Risk Officer

    None

    Charles Smith is the Chief Risk Officer since May 2023. He has held various roles at Morgan Stanley, including Head of Institutional Securities Business Development.

    Daniel A. Simkowitz

    Executive

    Co-President and Head of Institutional Securities

    None

    Daniel Simkowitz is Co-President and Head of Institutional Securities, effective January 1, 2024. He has been with Morgan Stanley since at least December 2000.

    Edward (Ted) Pick

    Executive

    Chief Executive Officer

    Trustee at the Metropolitan Museum of Art; Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health; Board Member of the Institute of International Finance

    Edward Pick is the CEO of Morgan Stanley since January 1, 2024. He joined Morgan Stanley in 1990 and has held various leadership roles, including Co-President and Head of Institutional Securities.

    		View Report →

    Eric F. Grossman

    Executive

    Executive Vice President, Chief Legal Officer, and Chief Administrative Officer

    None

    Eric Grossman has been the Chief Legal Officer since January 2012 and Chief Administrative Officer since July 2022. He joined Morgan Stanley in September 2010.

    Mandell L. Crawley

    Executive

    Executive Vice President and Chief Human Resources Officer

    None

    Mandell Crawley has been with Morgan Stanley for nearly three decades and is currently the Chief Human Resources Officer, a role he has held since February 2021.

    Sharon Yeshaya

    Executive

    Executive Vice President and Chief Financial Officer

    None

    Sharon Yeshaya has been the CFO since June 2021. She previously served as Head of Investor Relations and Chief of Staff in the Office of the Chairman and CEO.

    Dennis M. Nally

    Board

    Independent Director

    Board Member at Cencora, Inc. (formerly AmerisourceBergen Corporation)

    Dennis M. Nally has been an Independent Director at Morgan Stanley since 2016. He is a former Chair of PricewaterhouseCoopers International Ltd..

    Erika H. James

    Board

    Independent Director

    Dean of the Wharton School at the University of Pennsylvania

    Erika H. James joined the Morgan Stanley Board of Directors in 2022. She is an expert in crisis leadership and workplace diversity.

    Jami Miscik

    Board

    Independent Director

    Board Member at General Motors Company; Board Member at HP Inc.

    Jami Miscik has been an Independent Director at Morgan Stanley since 2014. She is the CEO of Global Strategic Insights and has extensive experience in geopolitical risk.

    Mary L. Schapiro

    Board

    Independent Director

    Board Member at CVS Health Corporation

    Mary L. Schapiro has been an Independent Director at Morgan Stanley since 2018. She is a former Chair of the U.S. Securities and Exchange Commission (SEC).

    Masato Miyachi

    Board

    Non-Management Director

    Advisor at MUFG Bank, Ltd. and Mitsubishi UFJ Securities Holdings Co., Ltd.

    Masato Miyachi joined the Morgan Stanley Board of Directors in 2022. He has over 35 years of international banking experience.

    Perry M. Traquina

    Board

    Independent Director

    Board Member at The Allstate Corporation; Board Member at eBay Inc.

    Perry M. Traquina has been an Independent Director at Morgan Stanley since 2015. He is a former Chair, CEO, and Managing Partner of Wellington Management Company LLP.

    Rayford Wilkins, Jr.

    Board

    Independent Director

    Board Member at Caterpillar Inc.; Board Member at Valero Energy Corporation

    Rayford Wilkins, Jr. has been an Independent Director at Morgan Stanley since 2013. He has extensive experience in telecommunications, having served as CEO of Diversified Businesses at AT&T.

    Robert H. Herz

    Board

    Independent Director

    Director at Federal National Mortgage Association (Fannie Mae); Director at Workiva Inc.

    Robert Herz has been an Independent Director at Morgan Stanley since 2012. He is a former Chair of the Financial Accounting Standards Board (FASB).

    Shelley B. Leibowitz

    Board

    Independent Director

    Board Member at Elastic NV (Elastic)

    Shelley B. Leibowitz has been an Independent Director at Morgan Stanley since 2020. She is the President of SL Advisory and has expertise in technology and digital transformation.

    Thomas H. Glocer

    Board

    Independent Lead Director

    Board Member at Merck & Co., Inc.

    Thomas Glocer has been an Independent Lead Director at Morgan Stanley since 2013. He is the founder of Angelic Ventures, LP, and a former CEO of Thomson Reuters Corporation.

    Questions to Ask Management

    1. With the Fed's recent rate cuts and shifting expectations around future monetary policy, how do you plan to sustain or grow Net Interest Income in Wealth Management next year given pressures on deposit betas and uncertainty in the rate environment?

    2. Given the strong fee-based asset flows into fixed income and alternative products, how sustainable are these trends if interest rates rise or markets become less constructive, and what impact could that have on your fee rates and overall asset flows?

    3. With potential changes from upcoming Basel III regulations and the associated capital uncertainties, how are you balancing capital allocation between maintaining strong capital ratios, investing in global growth opportunities, and returning capital to shareholders through buybacks, especially considering possible capital constraints?

    4. You have achieved significant operating leverage through disciplined expense management, but as you continue to invest in growth and infrastructure, how realistic is it to maintain or improve your efficiency ratio, and where do you see further opportunities for cost savings without compromising growth?

    5. Considering your significant investments in Europe and Asia and the benefits you've cited from your global integrated investment bank model, how do you assess the risks and rewards of these international expansions, particularly in regions with economic or political volatility, and how does this impact your overall growth strategy?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJune 28, 2024
    End Date/DurationNo set expiration date
    Total additional amount$20 billion
    Remaining authorization amount$19,250 million
    DetailsMulti-year repurchase program for capital management, considering business segment capital needs, stock-based compensation, and benefit plan requirements. Repurchases may be through open market purchases or privately negotiated transactions and can be suspended at any time.

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1997 PresentCurrent auditor

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Cook Street Consulting, Inc.

    2022

    Morgan Stanley acquired Cook Street Consulting, Inc. on March 10, 2022. As part of the deal, Morgan Stanley assumed sponsorship of the CSCI 401(k) Plan with approximately $10 million in assets as of December 31, 2021, and enabled employees to participate in the plan until its merger with Morgan Stanley's plan at the end of December 31, 2022.

    Latest news

    Recent press releases and 8-K filings for MS.

    Morgan Stanley Outlines Global Strategic Focus at US Financials Conference 2025
    •MS
    M&A
    New Projects/Investments
    • Global strategy and scale remain central, with emphasis on raising, managing, and allocating capital for clients across wealth management and investment banking amid evolving market complexities such as AI and energy transitions.
    • The firm highlighted a recovery in investment banking activity, noting a mid-quarter pause followed by renewed deal flow with multiple transactions around $5 billion each.
    • Wealth management growth was underscored by detailed discussions of the firm's substantial market position and ongoing efforts to enhance client acquisition through its integrated funnel strategy.
    • There was a focus on deregulation and technological adaptation, with leaders suggesting that evolving regulatory frameworks will drive future strategic repositioning.
    5 days ago
    Transcript
    Morgan Stanley seeks $5B debt buyers for xAI
    •MS
    Debt Issuance
    New Projects/Investments
    • Morgan Stanley is managing a $5 billion debt raise for Elon Musk’s AI startup xAI via floating‐rate and fixed‐rate loans plus senior secured notes yielding around 12%.
    • The package features a floating‐rate term loan priced at 97 cents on the dollar with a 700 bps spread over SOFR, alongside a fixed‐rate loan and senior secured notes.
    • MS is taking a cautious “best efforts” approach—not committing its own capital—reflecting wariness after the $13 billion debt tied to Musk’s 2022 Twitter acquisition.
    • Investor orders reached $3.5 billion soon after launch and grew to about $5 billion, leading MS to expand outreach to smaller lenders before the June 17 final investor list.
    6 days ago
    Bloomberg
    Morgan Stanley: OPEC+ quota hikes have yet to boost oil production
    •MS
    • OPEC+ raised its production quotas by 1 million barrels per day from March to June, but actual output growth remains minimal, particularly from Saudi Arabia.
    • Morgan Stanley projects a 420,000 bpd increase from core OPEC+ members between June and September—half of which may come from Saudi Arabia—yet actual production is likely to fall short of quotas.
    • Non-OPEC+ countries are expected to raise output by 1.1 million bpd, outpacing demand growth and creating a surplus that is pressuring Brent crude toward the mid-$50s per barrel.
    • Compliance challenges and geopolitical tensions—some members like Kazakhstan and Iraq exceeding quotas, and friction between Saudi Arabia and Russia—are undermining the intended production gains.
    7 days ago
    Bloomberg
    Morgan Stanley Arranges $5 B Debt Package for xAI Amid Musk–Trump Fallout
    •MS
    Debt Issuance
    New Projects/Investments
    • xAI is seeking $5 billion in debt financing arranged by Morgan Stanley to fund new data centers and advanced AI chips and support a targeted $113 billion valuation in a secondary stock sale.
    • The package comprises a term loan B, a fixed-rate term loan and senior secured notes, with investor commitments due by June 17, 2025.
    • A public feud between Elon Musk and President Trump has unsettled markets—Tesla shares fell 14 percent and loan prices dropped—though initial buyers have not withdrawn.
    • Separately, xAI’s $300 million secondary stock sale allows early employees to cash out, underscoring sustained investor appetite.
    Jun 6, 2025, 12:21 AM
    WSJ
    DocuSign reports Q1 results; shares tumble on billings guidance cut
    •MS
    Earnings
    Guidance Update
    Share Buyback
    • Q1 revenue of $763.7 million and non-GAAP EPS of $0.90 beat estimates, but shares fell about 18% on a missed billings outlook.
    • Billings grew 4% YoY, below forecasts, due to fewer early renewals and a faster shift to the AI-driven Intelligent Agreement Management platform.
    • Customer adds accelerated to 50,000 (from 30,000), and IAM adoption hit 10,000 direct plus 1,000 SMB customers since its April launch.
    • DocuSign boosted its share buyback authorization by $1 billion and lifted fiscal 2026 revenue growth guidance midpoint to 6.1% from 5.3%.
    • Analysts flagged decelerating billings growth; Piper Sandler cut its price target to $85 while maintaining a Neutral rating.
    Jun 5, 2025, 10:39 PM
    CNBC
    Lululemon shares plunge after lowered 2025 outlook
    •MS
    Earnings
    Guidance Update
    Demand Weakening
    • Shares fell up to 22%, marking their largest drop since 2020, after the company reported disappointing results and cut its full-year profit outlook.
    • Although Q1 revenue and EPS beat expectations, Q2 revenue guidance and full-year earnings targets were set below Wall Street estimates.
    • Comparable sales in the Americas declined 2%, while international markets like China and Europe posted growth.
    • Executives cited tariff uncertainty—including 30% duties on imports from China and 10% on other countries—as a headwind impacting consumer pricing and demand.
    Jun 5, 2025, 10:33 PM
    Bloomberg
    Morgan Stanley forecasts 9% drop in US dollar by mid-2026
    •MS
    Guidance Update
    • 9% decline in the US Dollar Index by mid-2026, driven by slowing US growth and 175 bps of Fed rate cuts
    • Euro rising to 1.25 USD, pound to 1.45 USD, and yen strengthening to 130 per USD on dollar weakness
    • 10-year Treasury yields expected to hit 4% by end-2025 before falling as rate cuts take effect
    • Risks include potential dollar resilience capping euro gains at 1.14 and FX-hedging pressures boosting US risk premium
    May 30, 2025, 7:37 AM
    Bloomberg
    Morgan Stanley warns of Section 899 risks to U.S. Treasuries
    •MS
    Demand Weakening
    • Section 899 of the “Big Beautiful Bill” would raise U.S. withholding tax on interest and dividends to 20%, potentially reducing effective yields by ~100 bps and diminishing foreign demand for Treasuries.
    • The provision permits the Treasury Secretary to list countries with discriminatory digital services taxes, triggering phased-in tax hikes of 5 percentage points per year.
    • Institutional investors—sovereign wealth and pension funds among them—may reassess dollar assets, threatening U.S. twin deficits and investor confidence.
    May 29, 2025, 8:07 PM
    Bloomberg
    Morgan Stanley denies Dutch tax evasion allegations
    •MS
    Legal Proceedings
    • The Dutch Public Prosecution Service alleges that MS’s Amsterdam subsidiary unlawfully offset €124 million in withholding tax against €825 million in dividends between 2009 and 2013.
    • Morgan Stanley strongly denied the charges, vowing to vigorously contest the case and criticizing the probe as incomplete and based on unclear tax legislation.
    • MS shares fell 1.1% following the announcement of the investigation.
    • The bank’s Amsterdam arm, in operation since 1997, filed five corporate tax returns over the 2009–2013 period related to Dutch-listed shares.
    May 28, 2025, 5:47 PM
    Bloomberg
    Morgan Stanley Approves Compensation Plan Amendments and Board Vote Outcomes
    •MS
    Executive Compensation
    Proxy Vote Outcomes
    • At the 2025 Annual Meeting, shareholders approved the amended and restated Equity Incentive Compensation Plan, increasing available common stock by 50 million shares and extending the plan by 3 years.
    • The meeting resulted in the election of new directors, ratification of Deloitte & Touche LLP as the independent auditor, advisory approval of executive compensation, and rejection of the shareholder proposal on the annual disclosure of the Energy Supply Ratio.
    May 16, 2025, 12:00 AM
    8-K