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Segment, Geographic and Revenue Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment, Geographic and Revenue Information Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 
Three Months Ended March 31, 2022
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$1,634 $143 $— $(19)$1,758 
Trading4,205 (231)(9)18 3,983 
Investments
99 12 (36)— 75 
Commissions and fees1
774 723 — (81)1,416 
Asset management1,2
147 3,626 1,388 (42)5,119 
Other117 122 (2)(3)234 
Total non-interest revenues6,976 4,395 1,341 (127)12,585 
Interest income
1,062 1,637 7 (56)2,650 
Interest expense
381 97 13 (57)434 
Net interest
681 1,540 (6)1 2,216 
Net revenues
$7,657 $5,935 $1,335 $(126)$14,801 
Provision for credit losses$44 $13 $— $— $57 
Compensation and benefits2,604 3,125 545 — 6,274 
Non-compensation expenses2,222 1,224 562 (126)3,882 
Total non-interest expenses$4,826 $4,349 $1,107 $(126)$10,156 
Income before provision for income taxes$2,787 $1,573 $228 $— $4,588 
Provision for income taxes535 301 37 — 873 
Net income
2,252 1,272 191 — 3,715 
Net income applicable to noncontrolling interests61 — (12)— 49 
Net income applicable to Morgan Stanley$2,191 $1,272 $203 $— $3,666 
 
Three Months Ended March 31, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$2,613 $251 $— $(24)$2,840 
Trading4,073 126 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 
Other158 153 (24)(3)284 
Total non-interest revenues7,939 4,574 1,312 (134)13,691 
Interest income970 1,486 8 (27)2,437 
Interest expense332 101 6 (30)409 
Net interest638 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 benefits3,114 3,170 514 — 6,798 
Non-compensation expenses2,185 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 taxes736 358 81 1 1,176 
Net income
2,635 1,242 289 2 4,168 
Net income applicable to noncontrolling interests34 — 14 — 48 
Net income applicable to Morgan Stanley$2,601 $1,242 $275 $2 $4,120 
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2021 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20222021
Institutional Securities Advisory$944 $480 
Institutional Securities Underwriting690 2,133 
Firm Investment banking revenues from contracts with customers90 %92 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20222021
Interest rate$391 $859 
Foreign exchange648 274 
Equity1
2,007 1,695 
Commodity and other525 861 
Credit412 536 
Total$3,983 $4,225 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
March 31,
2022 		At
December 31,
2021
Net cumulative unrealized performance-based fees at risk of reversing$824 $802 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 
Three Months Ended
March 31,
$ in millions20222021
Fee waivers$124 $94 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money
market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
March 31,
$ in millions20222021
Transaction taxes$258 $238 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 
Three Months Ended
March 31,
$ in millions20222021
Americas$10,464 $11,191 
EMEA2,311 2,159 
Asia2,026 2,369 
Total$14,801 $15,719 
For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2021 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20222021
Non-interest revenues$1,005 $541 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millions
At
March 31,
2022 		At
December 31,
2021
Customer and other receivables$3,445 $3,591 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance
sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millions
At
March 31,
2022 		At
December 31,
2021
Institutional Securities
$826,242 $792,135 
Wealth Management
378,501 378,438 
Investment Management17,490 17,567 
Total1
$1,222,233 $1,188,140 
1. Parent assets have been fully allocated to the business segments.