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Consolidated Income Statements - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Investment banking $ 1,635 $ 1,567 $ 4,467 $ 4,994
Trading 2,608 2,752 8,781 9,815
Investments 87 136 801 409
Commissions and fees 990 932 2,935 3,144
Asset management 3,363 3,251 9,632 9,632
Other 131 298 685 748
Total non-interest revenues 8,814 8,936 27,301 28,742
Interest income 4,350 3,627 13,146 9,781
Interest expense 3,132 2,691 9,885 6,964
Net interest 1,218 936 3,261 2,817
Net revenues 10,032 9,872 30,562 31,559
Non-interest expenses        
Compensation and benefits 4,427 4,310 13,609 13,845
Occupancy and equipment 353 351 1,053 1,033
Brokerage, clearing and exchange fees 637 559 1,860 1,795
Information processing and communications 557 513 1,627 1,487
Marketing and business development 157 152 460 471
Professional services 531 570 1,582 1,660
Other 660 566 1,803 1,888
Total non-interest expenses 7,322 7,021 21,994 22,179
Income from continuing operations before income taxes 2,710 2,851 8,568 9,380
Provision for income taxes 492 696 1,636 2,050
Income from continuing operations 2,218 2,155 6,932 7,330
Income (loss) from discontinued operations, net of income taxes 0 (1) 0 (5)
Net income 2,218 2,154 6,932 7,325
Net income applicable to noncontrolling interests 45 42 129 108
Net income applicable to Morgan Stanley 2,173 2,112 6,803 7,217
Preferred stock dividends 113 93 376 356
Earnings applicable to Morgan Stanley common shareholders $ 2,060 $ 2,019 $ 6,427 $ 6,861
Earnings per common share        
Basic (USD per share) $ 1.28 $ 1.19 $ 3.94 $ 3.99
Diluted (USD per share) $ 1.27 $ 1.17 $ 3.89 $ 3.92
Average common shares outstanding        
Basic (shares) 1,604 1,697 1,632 1,719
Diluted (shares) 1,627 1,727 1,653 1,749