Morgan Stanley

Morgan Stanley is a premier global financial services firm headquartered in New York City, providing a comprehensive range of investment banking, securities, wealth management, and investment management services to corporations, governments, financial institutions, and individuals worldwide. Founded in 1935 as a partnership with a staff of just 13 employees, Morgan Stanley has evolved into a financial powerhouse operating in more than 40 countries with over 80,000 employees and $7.9 trillion in total client assets across its Wealth Management and Investment Management divisions as of 2024.

The firm's creation resulted directly from the passage of the Glass-Steagall Act of 1933, which required the separation of commercial banking and investment banking operations. On September 16, 1935, Henry S. Morgan and Harold Stanley, along with other partners from J.P. Morgan & Co., formally opened Morgan Stanley's doors for business at 2 Wall Street in New York City, establishing a new independent investment banking firm built on the foundational values of integrity, excellence, and client service. The founding partnership brought together two leaders with complementary strengths: Henry Morgan's vision and strategic thinking combined with Harold Stanley's operational excellence and disciplined approach, united in their conviction that strong values would form the bedrock of Morgan Stanley's long-term success.

Morgan Stanley operates through three primary business segments that serve distinct client constituencies while generating complementary revenue streams. The Institutional Securities segment provides investment banking services including mergers and acquisitions advisory, restructurings, initial public offerings, convertible offerings, share repurchases, debt offerings, and derivatives structuring for corporations, institutions, and governments. This segment also encompasses sales and trading operations in equity and fixed income products, delivering market-making services and liquidity provision to global institutional clients including hedge funds, asset managers, pension funds, and sovereign wealth funds. The Wealth Management segment helps individuals, businesses, and institutions build, preserve, and manage wealth through comprehensive financial planning, investment products, lending services, and banking solutions, enhanced by the integration of E*TRADE to offer both self-directed and advised investing capabilities. The Investment Management segment provides specialized investment strategies across a range of asset classes in both public and private markets, serving institutional investors, financial intermediaries, and individual clients seeking professional portfolio management.

The firm achieved exceptional financial performance in 2024, producing full-year net revenues of $61.8 billion compared with $54.1 billion in 2023, reflecting strong results across all business segments. Net income reached $13.4 billion, or $7.95 per diluted share, with return on tangible common equity (ROTCE) of 18.8%. Fourth quarter 2024 results were particularly strong with net revenues of $16.2 billion and earnings per share of $2.22, demonstrating momentum entering 2025. Investment Banking revenues surged to $6.7 billion in 2024, representing 36% growth driven by robust underwriting activity, while the firm's equities trading business generated 51% revenue growth in Q4 2024 and fixed income operations grew 35%, reflecting strong client activity and favorable market conditions.

Morgan Stanley's market position as a global leader in financial services is reinforced by its comprehensive capabilities spanning advisory, capital raising, trading, wealth management, and asset management. The firm advises on some of the world's most significant corporate transactions, consistently ranking among the top investment banks globally for M&A advisory and equity and debt underwriting volumes. In wealth management, the firm serves high-net-worth individuals, entrepreneurs, business executives, multigenerational families, and family offices with sophisticated strategies to protect and grow assets, simplify personal finances, and create enduring legacies. The integration of E*TRADE has expanded Morgan Stanley's wealth management reach to include self-directed investors seeking digital investing platforms alongside traditional advised relationships.

CEO Ted Pick, who assumed the chief executive role in January 2024 and the chairman position in January 2025, has emphasized that 2024 represented "one of the strongest years in the Firm's history," setting a foundation for continued growth and market share gains. Under Pick's leadership, Morgan Stanley continues to invest in technology infrastructure, digital capabilities, and talent acquisition to maintain competitive advantages in increasingly technology-driven financial markets. The firm's Morgan Stanley at Work platform received significant technology enhancements in 2025 to deliver automation and intuitive user experiences across workplace benefits platforms, reflecting the company's commitment to innovation in employee financial wellness solutions.

Morgan Stanley's global footprint extends across the Americas, Asia, Europe, Middle East, and Africa, with significant operations in financial centers including New York, London, Hong Kong, Tokyo, Singapore, Mumbai, and Frankfurt. This international presence enables the firm to serve multinational corporations, sovereign entities, and global institutional investors with coordinated cross-border capabilities and local market expertise. The firm maintains a strong commitment to corporate social responsibility, diversity and inclusion initiatives, and environmental sustainability, including a notable October 2024 agreement to purchase 40,000 tonnes of carbon dioxide removal from Climeworks, a direct air capture startup, demonstrating leadership in climate-focused investment and carbon neutrality efforts.