Segment, Geographic and Revenue Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Selected Financial Information by Business Segment

Selected Financial Information by Business Segment



	Three Months Ended June 30, 2024
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,619	$	150	$	—	$	(34)	$	1,735
Trading	4,047		76		(3)		11		4,131
Investments	54		24		79		—		157
Commissions and fees1	684		556		—		(57)		1,183
Asset management1,2	160		3,989		1,342		(67)		5,424
Other	120		199		4		(1)		322
Total non-interest revenues	6,684		4,994		1,422		(148)		12,952
Interest income	9,911		4,026		27		(435)		13,529
Interest expense	9,613		2,228		63		(442)		11,462
Net interest	298		1,798		(36)		7		2,067
Net revenues	$	6,982	$	6,792	$	1,386	$	(141)	$	15,019
Provision for credit losses	$	54	$	22	$	—	$	—	$	76
Compensation and benefits	2,291		3,601		568		—		6,460
Non-compensation expenses	2,591		1,348		596		(126)		4,409
Total non-interest expenses	$	4,882	$	4,949	$	1,164	$	(126)	$	10,869
Income before provision for income taxes	$	2,046	$	1,821	$	222	$	(15)	$	4,074
Provision for income taxes	486		418		56		(3)		957


Net income	1,560		1,403		166		(12)		3,117
Net income applicable to noncontrolling interests	40		—		1		—		41
Net income applicable to Morgan Stanley	$	1,520	$	1,403	$	165	$	(12)	$	3,076



	Three Months Ended June 30, 2023
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,075	$	109	$	—	$	(29)	$	1,155
Trading	3,594		208		(10)		10		3,802
Investments	23		22		50		—		95
Commissions and fees1	605		552		—		(67)		1,090
Asset management1,2	150		3,452		1,268		(53)		4,817
Other	325		161		5		(3)		488
Total non-interest revenues	5,772		4,504		1,313		(142)		11,447
Interest income	7,681		3,700		29		(497)		10,913
Interest expense	7,799		1,544		61		(501)		8,903
Net interest	(118)		2,156		(32)		4		2,010
Net revenues	$	5,654	$	6,660	$	1,281	$	(138)	$	13,457
Provision for credit losses	$	97	$	64	$	—	$	—	$	161
Compensation and benefits	2,215		3,503		544		—		6,262
Non-compensation expenses	2,365		1,412		567		(122)		4,222
Total non-interest expenses	$	4,580	$	4,915	$	1,111	$	(122)	$	10,484
Income before provision for income taxes	$	977	$	1,681	$	170	$	(16)	$	2,812
Provision for income taxes	176		373		46		(4)		591


Net income	801		1,308		124		(12)		2,221
Net income applicable to noncontrolling interests	42		—		(3)		—		39
Net income applicable to Morgan Stanley	$	759	$	1,308	$	127	$	(12)	$	2,182


	Six Months Ended June 30, 2024
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	3,066	$	316	$	—	$	(58)	$	3,324
Trading	8,630		338		(10)		25		8,983
Investments	103		43		148		—		294
Commissions and fees1	1,375		1,161		—		(126)		2,410
Asset management1,2	317		7,818		2,688		(130)		10,693
Other	244		342		7		(5)		588
Total non-interest revenues	13,735		10,018		2,833		(294)		26,292
Interest income	19,219		7,999		53		(812)		26,459
Interest expense	18,956		4,345		123		(828)		22,596
Net interest	263		3,654		(70)		16		3,863
Net revenues	$	13,998	$	13,672	$	2,763	$	(278)	$	30,155
Provision for credit losses	$	56	$	14	$	—	$	—	$	70
Compensation and benefits	4,634		7,389		1,133		—		13,156
Non-compensation expenses	4,911		2,642		1,167		(260)		8,460
Total non-interest expenses	$	9,545	$	10,031	$	2,300	$	(260)	$	21,616
Income before provision for income taxes	$	4,397	$	3,627	$	463	$	(18)	$	8,469
Provision for income taxes	968		821		105		(4)		1,890


Net income	3,429		2,806		358		(14)		6,579
Net income applicable to noncontrolling interests	90		—		1		—		91
Net income applicable to Morgan Stanley	$	3,339	$	2,806	$	357	$	(14)	$	6,488


	Six Months Ended June 30, 2023
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	2,322	$	213	$	—	$	(50)	$	2,485
Trading	7,851		435		(26)		19		8,279
Investments	51		38		151		—		240
Commissions and fees1	1,319		1,142		—		(132)		2,329
Asset management1,2	298		6,834		2,516		(103)		9,545
Other	505		243		(1)		(7)		740
Total non-interest revenues	12,346		8,905		2,640		(273)		23,618
Interest income3	14,549		7,327		58		(1,041)		20,893
Interest expense3	14,444		3,013		128		(1,048)		16,537
Net interest	105		4,314		(70)		7		4,356
Net revenues	$	12,451	$	13,219	$	2,570	$	(266)	$	27,974
Provision for credit losses	$	286	$	109	$	—	$	—	$	395
Compensation and benefits	4,580		6,980		1,112		—		12,672
Non-compensation expenses	4,716		2,737		1,122		(240)		8,335
Total non-interest expenses	$	9,296	$	9,717	$	2,234	$	(240)	$	21,007
Income before provision for income taxes	$	2,869	$	3,393	$	336	$	(26)	$	6,572
Provision for income taxes	539		709		76		(6)		1,318


Net income	2,330		2,684		260		(20)		5,254
Net income applicable to noncontrolling interests	93		—		(1)		—		92
Net income applicable to Morgan Stanley	$	2,237	$	2,684	$	261	$	(20)	$	5,162

1.Substantially all revenues are from contracts with customers.

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

3.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,135 million and $2,025 million for the three months and six months ended, June 30, 2023, respectively. There was no change to net interest income for Institutional Securities segment. See Note 2 for additional information.

Schedule of Investment Banking Revenues

Detail of Investment Banking Revenues


	Three Months Ended June 30,						Six Months Ended June 30,
$ in millions	2024			2023			2024			2023
Institutional Securities Advisory	$	592		$	455		$	1,053		$	1,093
Institutional Securities Underwriting	1,027			620			2,013			1,229
Firm Investment banking revenues from contracts with customers	87		%	92		%	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 millions	2024		2023		2024		2023
Interest rate	$	1,495	$	1,209	$	3,321	$	2,577
Foreign exchange	269		126		541		388
Equity1	2,323		2,403		4,627		4,615
Commodity and other	481		335		1,076		874
Credit	(437)		(271)		(582)		(175)
Total	$	4,131	$	3,802	$	8,983	$	8,279

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 millions	At June 30, 2024		At December 31, 2023
Net cumulative unrealized performance-based fees at risk of reversing	$	799	$	787

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


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Fee waivers	$	25	$	28	$	46	$	46

Schedule of Other Expenses - Transaction Taxes

Other Expenses—Transaction Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Transaction taxes	$	235	$	247	$	441	$	461

Schedule of Net Revenues by Region

Net Revenues by Region


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Americas	$	11,268	$	10,394	$	22,835	$	21,185
EMEA	1,871		1,500		3,697		3,237
Asia	1,880		1,563		3,623		3,552
Total	$	15,019	$	13,457	$	30,155	$	27,974

Schedule of Revenue Recognized from Prior Services

Revenues Recognized from Prior Services


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Non-interest revenues	$	549	$	469	$	984	$	1,060

Schedule of Receivables from Contracts with Customers

Receivables from Contracts with Customers


$ in millions	At June 30, 2024		At December 31, 2023
Customer and other receivables	$	2,569	$	2,339

Schedule of Assets by Business Segment

Assets by Business Segment


$ in millions	At June 30, 2024		At December 31, 2023
Institutional Securities	$	824,972	$	810,506
Wealth Management	369,735		365,168
Investment Management	17,740		18,019
Total1	$	1,212,447	$	1,193,693

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