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Segment, Geographic and Revenue Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment, Geographic and Revenue Information Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 
Three Months Ended September 30, 2022
$ in millions
IS
WM
IM
I/E
Total
Investment banking$1,277 $114 $— $(18)$1,373 
Trading3,330 (41)32 10 3,331 
Investments(73)18 (113)— (168)
Commissions and fees1
648 543 — (58)1,133 
Asset management1,2
140 3,389 1,269 (54)4,744 
Other(25)93 (1)(4)63 
Total non-interest revenues5,297 4,116 1,187 (124)10,476 
Interest income3,889 2,626 18 (432)6,101 
Interest expense3,369 622 37 (437)3,591 
Net interest520 2,004 (19)5 2,510 
Net revenues$5,817 $6,120 $1,168 $(119)$12,986 
Provision for credit losses$24 $11 $— $— $35 
Compensation and benefits1,948 3,171 495 — 5,614 
Non-compensation expenses2,219 1,289 557 (116)3,949 
Total non-interest expenses$4,167 $4,460 $1,052 $(116)$9,563 
Income before provision for income taxes$1,626 $1,649 $116 $(3)$3,388 
Provision for income taxes305 396 26 (1)726 
Net income1,321 1,253 90 (2)2,662 
Net income applicable to noncontrolling interests47 — (17)— 30 
Net income applicable to Morgan Stanley$1,274 $1,253 $107 $(2)$2,632 
 
Three Months Ended September 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking$2,849 $186 $— $(22)$3,013 
Trading2,897 (58)1 21 2,861 
Investments52 8 (15)— 45 
Commissions and fees1
664 704 — (88)1,280 
Asset management1,2
145 3,628 1,470 (42)5,201 
Other172 119 — (1)290 
Total non-interest revenues6,779 4,587 1,456 (132)12,690 
Interest income948 1,464 8 (69)2,351 
Interest expense232 116 11 (71)288 
Net interest716 1,348 (3)2 2,063 
Net revenues$7,495 $5,935 $1,453 $(130)$14,753 
Provision for credit losses$24 $— $— $— $24 
Compensation and benefits2,248 3,159 513 — 5,920 
Non-compensation expenses2,250 1,246 570 (131)3,935 
Total non-interest expenses$4,498 $4,405 $1,083 $(131)$9,855 
Income before provision for income taxes$2,973 $1,530 $370 $1 $4,874 
Provision for income taxes713 373 64 — 1,150 
Net income2,260 1,157 306 1 3,724 
Net income applicable to noncontrolling interests31 — (14)— 17 
Net income applicable to Morgan Stanley$2,229 $1,157 $320 $1 $3,707 
 
Nine Months Ended September 30, 2022
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$3,983 $354 $— $(56)$4,281 
Trading11,511 (681)38 43 10,911 
Investments
(69)45 (46)— (70)
Commissions and fees1
2,110 1,869 — (210)3,769 
Asset management1,2
442 10,525 3,961 (153)14,775 
Other(131)388 (2)(10)245 
Total non-interest revenues17,846 12,500 3,951 (386)33,911 
Interest income
6,797 6,208 34 (676)12,363 
Interest expense
5,050 917 71 (683)5,355 
Net interest
1,747 5,291 (37)7 7,008 
Net revenues
$19,593 $17,791 $3,914 $(379)$40,919 
Provision for credit losses$150 $43 $— $— $193 
Compensation and benefits6,602 9,191 1,645 — 17,438 
Non-compensation expenses6,874 3,814 1,676 (371)11,993 
Total non-interest expenses$13,476 $13,005 $3,321 $(371)$29,431 
Income before provision for income taxes$5,967 $4,743 $593 $(8)$11,295 
Provision for income taxes1,235 1,028 121 (2)2,382 
Net income
4,732 3,715 472 (6)8,913 
Net income applicable to noncontrolling interests146 — (26)— 120 
Net income applicable to Morgan Stanley$4,586 $3,715 $498 $(6)$8,793 
 
Nine Months Ended September 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$7,838 $640 $— $(65)$8,413 
Trading10,048 323 (18)63 10,416 
Investments
199 24 521 — 744 
Commissions and fees1
2,216 2,269 1 (272)4,214 
Asset management1,2
432 10,266 3,991 (117)14,572 
Other467 479 (23)(7)916 
Total non-interest revenues21,200 14,001 4,472 (398)39,275 
Interest income2,791 4,316 26 (133)7,000 
Interest expense827 328 29 (140)1,044 
Net interest1,964 3,988 (3)7 5,956 
Net revenues$23,164 $17,989 $4,469 $(391)$45,231 
Provision for credit losses$1 $(2)$— $— $(1)
Compensation and benefits7,795 9,604 1,742 — 19,141 
Non-compensation expenses6,526 3,621 1,557 (397)11,307 
Total non-interest expenses$14,321 $13,225 $3,299 $(397)$30,448 
Income before provision for income taxes$8,842 $4,766 $1,170 $6 $14,784 
Provision for income taxes2,023 1,103 253 1 3,380 
Net income
6,819 3,663 917 5 11,404 
Net income applicable to noncontrolling interests85 — (19)— 66 
Net income applicable to Morgan Stanley$6,734 $3,663 $936 $5 $11,338 
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
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Institutional Securities Advisory$693 $1,272 $2,235 $2,416 
Institutional Securities Underwriting584 1,577 1,748 5,422 
Firm Investment banking revenues from contracts with customers89 %91 %89 %91 %
Trading Revenues by Product Type
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Interest rate$1,070 $(32)$1,930 $844 
Foreign exchange31 253 1,154 841 
Equity1
1,872 1,903 5,869 5,631 
Commodity and other279 538 1,288 2,079 
Credit79 199 670 1,021 
Total$3,331 $2,861 $10,911 $10,416 
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
September 30,
2022 		At
December 31,
2021
Net cumulative unrealized performance-based fees at risk of reversing$837 $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
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Fee waivers$28 $139 $193 $364 
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
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Transaction taxes$215 $262 $701 $717 
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
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Americas$10,094 $11,255 $30,220 $33,331 
EMEA1,392 1,752 5,381 6,004 
Asia1,500 1,746 5,318 5,896 
Total$12,986 $14,753 $40,919 $45,231 
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
September 30,		Nine Months Ended
September 30,
$ in millions2022202120222021
Non-interest revenues$788 $1,308 $2,036 $1,862 
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 millionsAt
September 30,
2022 		At
December 31,
2021
Customer and other receivables$2,483 $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 millionsAt
September 30,
2022 		At
December 31,
2021
Institutional Securities$786,384 $792,135 
Wealth Management356,467 378,438 
Investment Management17,178 17,567 
Total1
$1,160,029 $1,188,140 
1. Parent assets have been fully allocated to the business segments.