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Consolidated Income Statement - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Investment banking $ 1,590 $ 1,048 $ 4,914 $ 3,533
Trading 4,002 3,679 12,985 11,958
Investments 315 144 609 384
Commissions and fees 1,294 1,098 3,704 3,427
Asset management 5,747 5,031 16,440 14,576
Other 239 296 827 1,036
Total non-interest revenues 13,187 11,296 39,479 34,914
Interest income [1] 14,185 12,126 40,644 33,019
Interest expense [1] 11,989 10,149 34,585 26,686
Net interest 2,196 1,977 6,059 6,333
Net revenues 15,383 13,273 45,538 41,247
Provision for credit losses 79 134 149 529
Non-interest expenses        
Compensation and benefits 6,733 5,935 19,889 18,607
Brokerage, clearing and exchange fees 1,044 855 2,960 2,611
Information processing and communications 1,042 947 3,029 2,788
Professional services 711 759 2,103 2,236
Occupancy and equipment 473 456 1,378 1,367
Marketing and business development 224 191 686 674
Other 856 851 2,654 2,718
Total non-interest expenses 11,083 9,994 32,699 31,001
Income before provision for income taxes 4,221 3,145 12,690 9,717
Provision for income taxes 995 710 2,885 2,028
Net income 3,226 2,435 9,805 7,689
Net income applicable to noncontrolling interests 38 27 129 119
Net income applicable to Morgan Stanley 3,188 2,408 9,676 7,570
Preferred stock dividends 160 146 440 423
Earnings applicable to Morgan Stanley common shareholders $ 3,028 $ 2,262 $ 9,236 $ 7,147
Earnings per common share        
Basic (USD per share) $ 1.91 $ 1.39 $ 5.79 $ 4.37
Diluted (USD per share) $ 1.88 $ 1.38 $ 5.73 $ 4.33
Average common shares outstanding        
Basic (shares) 1,588 1,624 1,594 1,635
Diluted (shares) 1,609 1,643 1,612 1,653
[1] Prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.