Segment, Geographic and Revenue Information (Tables)

3 Months Ended

Mar. 31, 2021

Selected Financial Information by Business Segment


	Three Months Ended March 31, 2021
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	2,613	$	251	$	—	$	(24)	$	2,840
Trading	4,073		126		3		23		4,225
Investments	86		2		230		—		318
Commissions and fees1	870		851		—		(95)		1,626
Asset management1,2	139		3,191		1,103		(35)		4,398
Other	158		153		(24)		(3)		284
Total non-interest revenues	7,939		4,574		1,312		(134)		13,691
Interest income	970		1,486		8		(27)		2,437
Interest expense	332		101		6		(30)		409
Net interest	638		1,385		2		3		2,028
Net revenues	$	8,577	$	5,959	$	1,314	$	(131)	$	15,719
Provision for credit losses	$	(93)	$	(5)	$	—	$	—	$	(98)
Compensation and benefits	3,114		3,170		514		—		6,798
Non-compensation expenses	2,185		1,194		430		(134)		3,675
Total non-interest expenses	$	5,299	$	4,364	$	944	$	(134)	$	10,473
Income before provision for income taxes	$	3,371	$	1,600	$	370	$	3	$	5,344
Provision for income taxes	736		358		81		1		1,176


Net income	2,635		1,242		289		2		4,168
Net income applicable to noncontrolling interests	34		—		14		—		48
Net income applicable to Morgan Stanley	$	2,601	$	1,242	$	275	$	2	$	4,120


	Three Months Ended March 31, 2020
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,144	$	158	$	—	$	(31)	$	1,271
Trading3	3,161		(347)		(37)		24		2,801
Investments	(25)		—		63		—		38
Commissions and fees1	874		588		—		(102)		1,360
Asset management1,2	113		2,680		665		(41)		3,417
Other3	(551)		81		7		(1)		(464)
Total non-interest revenues	4,716		3,160		698		(151)		8,423
Interest income	2,423		1,193		8		(121)		3,503
Interest expense	1,961		297		14		(125)		2,147
Net interest	462		896		(6)		4		1,356
Net revenues3	$	5,178	$	4,056	$	692	$	(147)	$	9,779
Provision for credit losses3	$	388	$	19	$	—	$	—	$	407
Compensation and benefits	1,814		2,212		257		—		4,283
Non-compensation expenses3	2,026		770		292		(145)		2,943
Total non-interest expenses3	$	3,840	$	2,982	$	549	$	(145)	$	7,226
Income before provision for income taxes	$	950	$	1,055	$	143	$	(2)	$	2,146
Provision for income taxes	151		191		25		(1)		366


Net income	799		864		118		(1)		1,780
Net income applicable to noncontrolling interests	42		—		40		—		82
Net income applicable to Morgan Stanley	$	757	$	864	$	78	$	(1)	$	1,698

I/E–Intersegment Eliminations

1.Substantially all revenues are from contracts with customers.

2.Includes certain fees which may relate to services performed in prior periods.

3.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.

Detail of Investment Banking Revenues


	Three Months Ended March 31,
$ in millions		2021			2020
Institutional Securities Advisory		$	480		$	362
Institutional Securities Underwriting		2,133			782
Firm Investment banking revenues from contracts with customers		92		%	89		%

Trading Revenues by Product Type1

1.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.

2.Dividend income is included within equity security and index contracts.

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest


$ in millions	At March 31, 2021		At December 31, 2020
Net cumulative unrealized performance-based income at risk of reversing	$	708	$	735

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers

Other Expenses—Transaction Taxes

Net Revenues by Region1

1.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.

Revenues Recognized from Prior Services

Receivables from Contracts with Customers


$ in millions	At March 31, 2021		At December 31, 2020
Customer and other receivables	$	4,101	$	3,200

Assets by Business Segment

1. Parent assets have been fully allocated to the business segments.