Morgan Stanley is a global financial services firm that advises, originates, trades, manages, and distributes capital for individuals, institutions, and governments. The firm operates through three business segments: Institutional Securities, Wealth Management, and Investment Management. Morgan Stanley's predecessor companies date back to 1924, and the company was incorporated in Delaware in 1981. It is a financial holding company regulated by the Federal Reserve. Headquartered in New York City, Morgan Stanley has offices and branches throughout the U.S. and globally.

The firm faces intense competition from various financial institutions, including commercial banks, investment banks, brokerage firms, insurance companies, exchanges, and financial technology companies. Morgan Stanley differentiates itself through its reputation, client experience, long-term investment performance, innovation, and pricing.

• Employees: 80,000 (as of December 31, 2023)
• Geographic Footprint: 42 countries
• Headquarters: New York, NY
• Founded: 1924 (predecessor companies), 1981 (incorporated)
• Revenue: $54.1 billion (FY2023)
• Market Cap: $136.3 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC, Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association, Morgan Stanley Europe SE, Morgan Stanley & Co. International plc, Morgan Stanley Capital Services LLC, Morgan Stanley Capital Group Inc., Morgan Stanley MUFG Securities Co., Ltd

• CEO: Edward Pick (since January 2024)
• CFO: Sharon Yeshaya (since June 2021)
• Board Chairman: James P. Gorman (since January 2012)
• Other Key Executives: Mandell L. Crawley (Executive Vice President and Chief Human Resources Officer), Andrew M. Saperstein (Co-President), Daniel A. Simkowitz (Co-President and Head of Investment Management), Charles A. Smith (Executive Vice President and Chief Risk Officer)

• Annual Revenue: $54.1 billion (FY2023)
• Net Income: $9.1 billion (FY2023)
• Market Cap: $136.3 billion (as of June 30, 2023)
• Total Assets: $1.2 trillion (FY2023)
• Number of Employees: 80,000 (as of December 31, 2023)
• Key Financial Highlights: ROE of 9.4%, ROTCE of 12.8%, expense efficiency ratio of 77%

Morgan Stanley offers a wide range of financial products and services through its three business segments:

• Institutional Securities: Investment banking (capital raising and financial advisory services, including underwriting and M&A advisory), Equity and Fixed Income sales and trading, prime brokerage, research, and lending (corporate loans, commercial real estate loans, and securities-based financing).
• Wealth Management: Brokerage, custody, investment advisory services, financial and wealth planning, workplace services, securities-based lending, residential real estate loans, banking, and retirement plan services.
• Investment Management: Investment strategies and products across various asset classes, including equity, fixed income, alternatives, solutions, liquidity, and overlay services. These are offered through various investment vehicles.

Morgan Stanley operates through three main business segments:

• Institutional Securities: Net revenues of $23.1 billion (FY2023).
• Wealth Management: Net revenues of $26.3 billion (FY2023).
• Investment Management: Net revenues of $5.4 billion (FY2023).

Morgan Stanley aims to achieve risk-adjusted returns through prudent risk-taking and protect its capital base and franchise. The firm emphasizes attracting and retaining qualified employees, managing compensation costs, and delivering innovative products and services. Key strategic initiatives include acquisitions and strategic alliances, such as the joint venture with MUFG.

Morgan Stanley operates within the highly competitive global financial services industry. Key competitors include commercial banks, investment banks, brokerage firms, insurance companies, and financial technology firms. The industry is subject to extensive regulation, including capital requirements, liquidity standards, and derivatives regulation.

• Market Risk: Fluctuations in global markets, interest rates, and economic conditions can significantly impact results.
• Credit Risk: Risk of loss from borrowers or counterparties failing to meet their obligations.
• Liquidity Risk: Risk of being unable to meet funding needs due to market conditions or difficulty in liquidating assets.
• Operational Risk: Risk of loss from inadequate or failed processes, systems, human error, or external events, including cybersecurity threats.
• Legal and Regulatory Risk: Risk of financial loss, sanctions, or reputational damage from failure to comply with laws and regulations.