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 .
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| 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?
Research analysts who have asked questions during MORGAN STANLEY earnings calls.
Devin Ryan
Citizens JMP
4 questions for MS
Ebrahim Poonawala
Bank of America Securities
4 questions for MS
Glenn Schorr
Evercore ISI
4 questions for MS
Chinedu Bolu
Autonomous Research
3 questions for MS
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for MS
Gerard Cassidy
RBC Capital Markets
3 questions for MS
Michael Mayo
Wells Fargo
3 questions for MS
Steven Chubak
Wolfe Research
3 questions for MS
Brennan Hawken
UBS Group AG
2 questions for MS
Dan Fannon
Jefferies & Company Inc.
1 question for MS
Erika Najarian
UBS
1 question for MS
Mike Mayo
Wells Fargo
1 question for MS
Saul Martinez
HSBC
1 question for MS
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.
- Morgan Stanley cut Lam Research from Equal-Weight to Underweight, lowering its price target to $92 from $94
- The firm expects Lam’s 2026 shipments to grow just 3%, sharply down from 82% growth in 2025, driven by a slowdown in China logic demand
- MS pointed to challenges sustaining growth in the China market and NAND memory segments, which represent over 50% of Lam’s shipments
- Lam’s stock slid 4% in premarket trading following the downgrade, despite a 29% rally earlier this year
- China’s state-owned banks’ net interest margins have compressed to record lows around 1.3%, below the 1.8% sustainable threshold, driven by central bank rate cuts and mortgage repricing.
- ICBC’s net profit is estimated to fall 0.8% YoY in H1 2025, while Bank of China is expected to see a 0.9% decline, according to analysts.
- Mortgage prepayments surged and retail delinquencies have edged up, increasing credit risks in the consumer and mortgage sectors.
- Despite margin pressure, government support has stabilized NPL ratios, with ICBC’s NPL ratio improving to 1.33% in H1 2025.
- Policymakers favor slower easing and targeted tools over further broad-based rate cuts to avoid further bank profitability erosion.
- Morgan Stanley’s Mike Wilson identifies the April sell-off as a bear-market capitulation, marking the start of a new bull market after a 30–35% drop since July 2024.
- Retail investors remained buyers throughout April’s volatility; institutions and passive strategies were the main sellers.
- Wilson expects pullbacks under 10%, advising a buy-the-dip approach over market timing.
- Broader participation is likely once the Fed begins cutting rates, with small/mid-caps starting to bottom relative to the S&P 500.
- A rotation into smaller stocks may occur during an anticipated Q3 consolidation over the next six weeks.
- Apollo-managed funds to acquire a majority stake in Kelvion from Triton-advised funds, with Triton retaining a minority interest.
- Kelvion is a global leader in energy-efficient heat exchange and cooling solutions, notably its fastest-growing data center segment and key energy transition markets.
- The transaction, pending regulatory approvals, is expected to close between Q4 2025 and Q1 2026.
- Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion in climate and energy transition investments over the past five years.
- Apollo had $840 billion of assets under management as of June 30, 2025.
- Earnings revision breadth has staged a V-shaped recovery from Q1 lows, indicating a sustained rebound in corporate profits.
- The firm’s bull-case S&P 500 target is 7,200, implying over 12% upside in the next 12 months based on upgraded 2026 earnings expectations.
- Mega-cap companies—responsible for about 50% of the forecast—are expected to drive growth through AI-enabled cost efficiencies and revenue gains.
- Smaller companies face rate and tariff headwinds but may benefit from broader technology diffusion and a more dovish Fed in late 2025/early 2026.
- Moneta’s Aoifinn Devitt expects corporate earnings to beat lowered forecasts, driven by resilient consumer demand and a more robust outlook despite tariff uncertainties.
- Trade tariffs have yet to show up in consumer prices, with companies absorbing costs amid ongoing uncertainty rather than passing them on.
- AI investment remains a dominant theme as cash-rich tech firms continue heavy spending on capex and talent to secure first-mover advantages.
- Retail investors have maintained a buy-the-dip approach all quarter, supported by a $7 trillion wall of cash in money market funds and little evidence of market exits.
- Morgan Stanley delivered $16.8 billion in revenue, $2.13 EPS, and 18.2% ROTCE in Q2 2025.
- Wealth & Investment Management assets reached $8.2 trillion, with $59 billion of net new assets and $43 billion of fee-based flows in the quarter.
- Institutional Securities revenues were $7.6 billion, including $3.7 billion from equities markets and $1.5 billion from investment banking (up in equity underwriting despite slower debt markets).
- Investment Management achieved $1.6 billion in revenues, record $1.7 trillion AUM, and $11 billion of long-term net inflows in Q2 (YTD inflows of $16 billion).
- The firm’s CET1 ratio stood at 15%, the quarterly dividend was raised to $1.00 per share, and a $4 billion annual share buyback program continues.
- KBW initiated coverage on Morgan Stanley with an overweight rating, citing its strong valuation and growth prospects.
- Deregulation upside is increasingly assumed as the base case for large banks, boosting earnings estimates.
- Scale and consistency are key themes underpinning Morgan Stanley’s durable competitive moat.
- Large-cap banks like Morgan Stanley are positioned to outperform smaller and mid-cap peers as regulatory headwinds ease.
- Morgan Stanley will raise its quarterly common stock dividend by 7.5 cents to $1.00 per share, effective with the dividend declared in Q3 2025.
- The Board reauthorized a $20 billion multi-year common equity share repurchase program, with no set expiration, beginning in Q3 2025.
- In CCAR 2025, Morgan Stanley expects a 5.1% Stress Capital Buffer from October 1, 2025 to September 30, 2026, translating to an aggregate CET1 ratio of 12.6% under current regulations.
- As of March 31, 2025, the firm’s U.S. Basel III Standardized Approach CET1 ratio stood at 15.3%.
- May core PCE rose 2.7% year-over-year, with the three-month annualized rate below the Fed’s goal, but this data alone is unlikely to prompt a rate move at the July meeting.
- Morgan Stanley forecasts that the Fed will delay its first rate cut until March 2026 and execute seven cuts thereafter, driven by slowing growth and easing inflation pressures.
- While speculation mounts over potential Fed chair successors, any new appointee is expected to maintain a similar policy trajectory, minimizing market disruption.