XML 69 R43.htm IDEA: XBRL DOCUMENT v3.22.2
Segment, Geographic and Revenue Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Schedule of Selected Financial Information by Business Segment
Selected Financial Information by Business Segment
 
Three Months Ended June 30, 2022
$ in millions
IS
WM
IM
I/E
Total
Investment banking$1,072 $97 $— $(19)$1,150 
Trading3,976 (409)15 15 3,597 
Investments(95)15 103 — 23 
Commissions and fees1
688 603 — (71)1,220 
Asset management1,2
155 3,510 1,304 (57)4,912 
Other(223)173 1 (3)(52)
Total non-interest revenues5,573 3,989 1,423 (135)10,850 
Interest income1,846 1,945 9 (188)3,612 
Interest expense1,300 198 21 (189)1,330 
Net interest546 1,747 (12)1 2,282 
Net revenues$6,119 $5,736 $1,411 $(134)$13,132 
Provision for credit losses$82 $19 $— $— $101 
Compensation and benefits2,050 2,895 605 — 5,550 
Non-compensation expenses2,433 1,301 557 (129)4,162 
Total non-interest expenses$4,483 $4,196 $1,162 $(129)$9,712 
Income before provision for income taxes$1,554 $1,521 $249 $(5)$3,319 
Provision for income taxes395 331 58 (1)783 
Net income1,159 1,190 191 (4)2,536 
Net income applicable to noncontrolling interests38 — 3 — 41 
Net income applicable to Morgan Stanley$1,121 $1,190 $188 $(4)$2,495 
 
Three Months Ended June 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking$2,376 $203 $— $(19)$2,560 
Trading3
3,078 255 (22)19 3,330 
Investments61 14 306 — 381 
Commissions and fees1
682 714 1 (89)1,308 
Asset management1,2
148 3,447 1,418 (40)4,973 
Other137 207 1 (3)342 
Total non-interest revenues6,482 4,840 1,704 (132)12,894 
Interest income873 1,366 10 (37)2,212 
Interest expense263 111 12 (39)347 
Net interest610 1,255 (2)2 1,865 
Net revenues$7,092 $6,095 $1,702 $(130)$14,759 
Provision for credit losses$70 $3 $— $— $73 
Compensation and benefits2,433 3,275 715 — 6,423 
Non-compensation expenses2,091 1,181 557 (132)3,697 
Total non-interest expenses$4,524 $4,456 $1,272 $(132)$10,120 
Income before provision for income taxes$2,498 $1,636 $430 $2 $4,566 
Provision for income taxes574 372 108 — 1,054 
Net income1,924 1,264 322 2 3,512 
Net income applicable to noncontrolling interests20 — (19)— 1 
Net income applicable to Morgan Stanley$1,904 $1,264 $341 $2 $3,511 
 
Six Months Ended June 30, 2022
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$2,706 $240 $— $(38)$2,908 
Trading8,181 (640)6 33 7,580 
Investments
4 27 67 — 98 
Commissions and fees1
1,462 1,326 — (152)2,636 
Asset management1,2
302 7,136 2,692 (99)10,031 
Other(106)295 (1)(6)182 
Total non-interest revenues12,549 8,384 2,764 (262)23,435 
Interest income
2,908 3,582 16 (244)6,262 
Interest expense
1,681 295 34 (246)1,764 
Net interest
1,227 3,287 (18)2 4,498 
Net revenues
$13,776 $11,671 $2,746 $(260)$27,933 
Provision for credit losses$126 $32 $— $— $158 
Compensation and benefits4,654 6,020 1,150 — 11,824 
Non-compensation expenses4,655 2,525 1,119 (255)8,044 
Total non-interest expenses$9,309 $8,545 $2,269 $(255)$19,868 
Income before provision for income taxes$4,341 $3,094 $477 $(5)$7,907 
Provision for income taxes930 632 95 (1)1,656 
Net income
3,411 2,462 382 (4)6,251 
Net income applicable to noncontrolling interests99 — (9)— 90 
Net income applicable to Morgan Stanley$3,312 $2,462 $391 $(4)$6,161 
 
Six Months Ended June 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$4,989 $454 $— $(43)$5,400 
Trading7,151 381 (19)42 7,555 
Investments
147 16 536 — 699 
Commissions and fees1
1,552 1,565 1 (184)2,934 
Asset management1,2
287 6,638 2,521 (75)9,371 
Other295 360 (23)(6)626 
Total non-interest revenues14,421 9,414 3,016 (266)26,585 
Interest income1,843 2,852 18 (64)4,649 
Interest expense595 212 18 (69)756 
Net interest1,248 2,640 — 5 3,893 
Net revenues$15,669 $12,054 $3,016 $(261)$30,478 
Provision for credit losses$(23)$(2)$— $— $(25)
Compensation and benefits5,547 6,445 1,229 — 13,221 
Non-compensation expenses4,276 2,375 987 (266)7,372 
Total non-interest expenses$9,823 $8,820 $2,216 $(266)$20,593 
Income before provision for income taxes$5,869 $3,236 $800 $5 $9,910 
Provision for income taxes1,310 730 189 1 2,230 
Net income
4,559 2,506 611 4 7,680 
Net income applicable to noncontrolling interests54 — (5)— 49 
Net income applicable to Morgan Stanley$4,505 $2,506 $616 $4 $7,631 
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
Schedule of Investment Banking Revenues
Detail of Investment Banking Revenues
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Institutional Securities Advisory$598 $664 $1,542 $1,144 
Institutional Securities Underwriting474 1,712 1,164 3,845 
Firm Investment banking revenues from contracts with customers88 %90 %89 %91 %
Schedule of Trading Revenues by Product Type
Trading Revenues by Product Type
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Interest rate$469 $17 $860 $876 
Foreign exchange475 314 1,123 588 
Equity1
1,990 2,033 3,997 3,728 
Commodity and other484 680 1,009 1,541 
Credit179 286 591 822 
Total$3,597 $3,330 $7,580 $7,555 
1.Dividend income is included within equity contracts.
Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
June 30,
2022 		At
December 31,
2021
Net cumulative unrealized performance-based fees at risk of reversing$867 $802 
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Fee waivers$41 $131 $165 $225 
Schedule of Other Expenses - Transaction Taxes
Other Expenses—Transaction Taxes
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Transaction taxes$228 $217 $486 $455 
Schedule of Net Revenues by Region
Net Revenues by Region
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Americas$9,662 $10,885 $20,126 $22,076 
EMEA1,678 2,093 3,989 4,252 
Asia1,792 1,781 3,818 4,150 
Total$13,132 $14,759 $27,933 $30,478 
Schedule of Revenue Recognized from Prior Services
Revenues Recognized from Prior Services
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2022202120222021
Non-interest revenues$613 $677 $1,551 $1,066 
Schedule of Receivables from Contracts with Customers
Receivables from Contracts with Customers
$ in millionsAt
June 30,
2022 		At
December 31,
2021
Customer and other receivables$3,321 $3,591 
Schedule of Assets by Business Segment
Assets by Business Segment
$ in millionsAt
June 30,
2022 		At
December 31,
2021
Institutional Securities$790,857 $792,135 
Wealth Management364,952 378,438 
Investment Management17,967 17,567 
Total1
$1,173,776 $1,188,140 
1. Parent assets have been fully allocated to the business segments.