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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 .
- 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 .
- 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 .
- 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 .
| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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. |
Recent press releases and 8-K filings for MS.
- Record Performance: Achieved record net revenues of $17.7 billion (consolidated net revenues: $17,888 million excluding mark-to-market adjustments) with EPS of $2.60 .
- Wealth & Capital Strength: Wealth division added $94 billion in net new assets, with total assets under management reaching $7.7 trillion .
- Institutional Excellence: Institutional Securities and Investment Banking delivered record revenues, with the Institutional Securities segment generating $9.0 billion in net revenues .
- Supplemental Disclosures: Clarified the treatment of mark-to-market gains/losses on deferred cash-based compensation to enhance period comparability .
- Shareholder Returns: Repurchased $1.0 billion of common stock and declared a $0.925 quarterly dividend per share .
- Compensation Metrics: Reported consolidated adjusted firm compensation expenses of $7,523 million .
- Raja Akram has announced his resignation from his roles as Deputy Chief Financial Officer, Chief Accounting Officer, and Controller on March 26, 2025.
- The resignation follows the fulfillment of the required notice period, with details confirmed in the 8-K filing.