Segment, Geographic and Revenue Information (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Selected Financial Information by Business Segment

Selected Financial Information by Business Segment



	Three Months Ended September 30, 2024
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,463	$	167	$	—	$	(40)	$	1,590
Trading	3,708		300		(24)		18		4,002
Investments	179		13		123		—		315
Commissions and fees1	760		609		—		(75)		1,294
Asset management1,2	167		4,266		1,384		(70)		5,747
Other	99		141		3		(4)		239
Total non-interest revenues	6,376		5,496		1,486		(171)		13,187
Interest income	10,423		4,148		33		(419)		14,185
Interest expense	9,984		2,374		64		(433)		11,989
Net interest	439		1,774		(31)		14		2,196
Net revenues	$	6,815	$	7,270	$	1,455	$	(157)	$	15,383
Provision for credit losses	$	68	$	11	$	—	$	—	$	79
Compensation and benefits	2,271		3,868		594		—		6,733
Non-compensation expenses	2,565		1,331		601		(147)		4,350
Total non-interest expenses	$	4,836	$	5,199	$	1,195	$	(147)	$	11,083
Income before provision for income taxes	$	1,911	$	2,060	$	260	$	(10)	$	4,221
Provision for income taxes	438		492		67		(2)		995


Net income	1,473		1,568		193		(8)		3,226
Net income applicable to noncontrolling interests	37		—		1		—		38
Net income applicable to Morgan Stanley	$	1,436	$	1,568	$	192	$	(8)	$	3,188



	Three Months Ended September 30, 2023
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	938	$	126	$	—	$	(16)	$	1,048
Trading	3,660		(10)		24		5		3,679
Investments	100		22		22		—		144
Commissions and fees1	606		562		—		(70)		1,098
Asset management1,2	150		3,629		1,312		(60)		5,031
Other	164		123		10		(1)		296
Total non-interest revenues	5,618		4,452		1,368		(142)		11,296
Interest income	8,611		3,797		37		(319)		12,126
Interest expense	8,560		1,845		69		(325)		10,149
Net interest	51		1,952		(32)		6		1,977
Net revenues	$	5,669	$	6,404	$	1,336	$	(136)	$	13,273
Provision for credit losses	$	93	$	41	$	—	$	—	$	134
Compensation and benefits	2,057		3,352		526		—		5,935
Non-compensation expenses	2,320		1,302		569		(132)		4,059
Total non-interest expenses	$	4,377	$	4,654	$	1,095	$	(132)	$	9,994
Income before provision for income taxes	$	1,199	$	1,709	$	241	$	(4)	$	3,145
Provision for income taxes	263		389		59		(1)		710


Net income	936		1,320		182		(3)		2,435
Net income applicable to noncontrolling interests	24		—		3		—		27
Net income applicable to Morgan Stanley	$	912	$	1,320	$	179	$	(3)	$	2,408


	Nine Months Ended September 30, 2024
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	4,529	$	483	$	—	$	(98)	$	4,914
Trading	12,338		638		(34)		43		12,985
Investments	282		56		271		—		609
Commissions and fees1	2,135		1,770		—		(201)		3,704
Asset management1,2	484		12,084		4,072		(200)		16,440
Other	343		483		10		(9)		827
Total non-interest revenues	20,111		15,514		4,319		(465)		39,479
Interest income	29,642		12,147		86		(1,231)		40,644
Interest expense	28,940		6,719		187		(1,261)		34,585
Net interest	702		5,428		(101)		30		6,059
Net revenues	$	20,813	$	20,942	$	4,218	$	(435)	$	45,538
Provision for credit losses	$	124	$	25	$	—	$	—	$	149
Compensation and benefits	6,905		11,257		1,727		—		19,889
Non-compensation expenses	7,476		3,973		1,768		(407)		12,810
Total non-interest expenses	$	14,381	$	15,230	$	3,495	$	(407)	$	32,699
Income before provision for income taxes	$	6,308	$	5,687	$	723	$	(28)	$	12,690
Provision for income taxes	1,406		1,313		172		(6)		2,885


Net income	4,902		4,374		551		(22)		9,805
Net income applicable to noncontrolling interests	127		—		2		—		129
Net income applicable to Morgan Stanley	$	4,775	$	4,374	$	549	$	(22)	$	9,676


	Nine Months Ended September 30, 2023
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	3,260	$	339	$	—	$	(66)	$	3,533
Trading	11,511		425		(2)		24		11,958
Investments	151		60		173		—		384
Commissions and fees1	1,925		1,704		—		(202)		3,427
Asset management1,2	448		10,463		3,828		(163)		14,576
Other	669		366		9		(8)		1,036
Total non-interest revenues	17,964		13,357		4,008		(415)		34,914
Interest income3	23,160		11,124		95		(1,360)		33,019
Interest expense3	23,004		4,858		197		(1,373)		26,686
Net interest	156		6,266		(102)		13		6,333
Net revenues	$	18,120	$	19,623	$	3,906	$	(402)	$	41,247
Provision for credit losses	$	379	$	150	$	—	$	—	$	529
Compensation and benefits	6,637		10,332		1,638		—		18,607
Non-compensation expenses	7,036		4,039		1,691		(372)		12,394
Total non-interest expenses	$	13,673	$	14,371	$	3,329	$	(372)	$	31,001
Income before provision for income taxes	$	4,068	$	5,102	$	577	$	(30)	$	9,717
Provision for income taxes	802		1,098		135		(7)		2,028


Net income	3,266		4,004		442		(23)		7,689
Net income applicable to noncontrolling interests	117		—		2		—		119
Net income applicable to Morgan Stanley	$	3,149	$	4,004	$	440	$	(23)	$	7,570

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 $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information.

Schedule of Investment Banking Revenues

Detail of Investment Banking Revenues


	Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions	2024			2023			2024			2023
Institutional Securities Advisory	$	546		$	449		$	1,599		$	1,542
Institutional Securities Underwriting	917			489			2,930			1,718
Firm Investment banking revenues from contracts with customers	91		%	94		%	90		%	91		%

Schedule of Trading Revenues by Product Type

Trading Revenues by Product Type


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Interest rate	$	1,450	$	1,124	$	4,771	$	3,701
Foreign exchange	352		284		893		672
Equity1	2,100		2,167		6,726		6,782
Commodity and other	451		447		1,528		1,321
Credit	(351)		(343)		(933)		(518)
Total	$	4,002	$	3,679	$	12,985	$	11,958

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 September 30, 2024		At December 31, 2023
Net cumulative unrealized performance-based fees at risk of reversing	$	812	$	787

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


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Fee waivers	$	25	$	27	$	70	$	73

Schedule of Other Expenses - Transaction Taxes

Other Expenses—Transaction Taxes


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Transaction taxes	$	217	$	222	$	658	$	683

Schedule of Net Revenues by Region

Net Revenues by Region


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Americas	$	11,557	$	10,268	$	34,392	$	31,453
EMEA	1,828		1,479		5,525		4,716
Asia	1,998		1,526		5,621		5,078
Total	$	15,383	$	13,273	$	45,538	$	41,247

Schedule of Revenue Recognized from Prior Services

Revenues Recognized from Prior Services


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Non-interest revenues	$	566	$	468	$	1,416	$	1,350

Schedule of Receivables from Contracts with Customers

Receivables from Contracts with Customers


$ in millions	At September 30, 2024		At December 31, 2023
Customer and other receivables	$	2,635	$	2,339

Schedule of Assets by Business Segment

Assets by Business Segment


$ in millions	At September 30, 2024		At December 31, 2023
Institutional Securities	$	852,035	$	810,506
Wealth Management	388,263		365,168
Investment Management	17,729		18,019
Total1	$	1,258,027	$	1,193,693

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