Segment, Geographic and Revenue Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Selected Financial Information by Business Segment

Selected Financial Information by Business Segment

	Three Months Ended September 30, 2019
$ in millions	IS			WM		IM			I/E			Total
Investment banking1	$	1,535		$	118	$	—		$	(18	)	$	1,635
Trading	2,533			61		2			12			2,608
Investments	(18		)	—		105			—			87
Commissions and fees1	643			416		1			(70		)	990
Asset management1	100			2,639		664			(40		)	3,363
Other	51			81		—			(1		)	131
Total non-interest revenues	4,844			3,315		772			(117		)	8,814
Interest income	3,112			1,378		4			(144		)	4,350
Interest expense	2,933			335		12			(148		)	3,132
Net interest	179			1,043		(8		)	4			1,218
Net revenues	$	5,023		$	4,358	$	764		$	(113	)	$	10,032
Income from continuing operations before income taxes	$	1,307		$	1,238	$	165		$	—		$	2,710
Provision for income taxes	189			276		27			—			492
Income from continuing operations	1,118			962		138			—			2,218
Net income	1,118			962		138			—			2,218
Net income applicable to noncontrolling interests	45			—		—			—			45
Net income applicable to Morgan Stanley	$	1,073		$	962	$	138		$	—		$	2,173

	Three Months Ended September 30, 2018
$ in millions	IS			WM		IM			I/E			Total
Investment banking1	$	1,459		$	129	$	—		$	(21	)	$	1,567
Trading	2,573			160		2			17			2,752
Investments	96			—		40			—			136
Commissions and fees1	589			409		—			(66		)	932
Asset management1	112			2,573		604			(38		)	3,251
Other	244			58		(3		)	(1		)	298
Total non-interest revenues	5,073			3,329		643			(109		)	8,936
Interest income	2,425			1,412		19			(229		)	3,627
Interest expense	2,569			342		9			(229		)	2,691
Net interest	(144		)	1,070		10			—			936
Net revenues	$	4,929		$	4,399	$	653		$	(109	)	$	9,872
Income from continuing operations before income taxes	$	1,556		$	1,194	$	102		$	(1	)	$	2,851
Provision for income taxes	397			281		18			—			696
Income from continuing operations	1,159			913		84			(1		)	2,155
Income (loss) from discontinued operations, net of income taxes	(3		)	—		2			—			(1		)
Net income	1,156			913		86			(1		)	2,154
Net income applicable to noncontrolling interests	36			—		6			—			42
Net income applicable to Morgan Stanley	$	1,120		$	913	$	80		$	(1	)	$	2,112

	Nine Months Ended September 30, 2019
$ in millions	IS		WM		IM			I/E			Total
Investment banking1	$	4,158	$	365	$	(1	)	$	(55	)	$	4,467
Trading	8,221		525		(2		)	37			8,781
Investments	257		1		543			—			801
Commissions and fees1	1,889		1,250		1			(205		)	2,935
Asset management1	310		7,544		1,893			(115		)	9,632
Other	416		281		(6		)	(6		)	685
Total non-interest revenues	15,251		9,966		2,428			(344		)	27,301
Interest income	9,457		4,139		14			(464		)	13,146
Interest expense	9,376		950		35			(476		)	9,885
Net interest	81		3,189		(21		)	12			3,261
Net revenues	$	15,332	$	13,155	$	2,407		$	(332	)	$	30,562
Income from continuing operations before income taxes	$	4,365	$	3,669	$	538		$	(4	)	$	8,568
Provision for income taxes	703		830		104			(1		)	1,636
Income from continuing operations	3,662		2,839		434			(3		)	6,932
Net income	3,662		2,839		434			(3		)	6,932
Net income applicable to noncontrolling interests	97		—		32			—			129
Net income applicable to Morgan Stanley	$	3,565	$	2,839	$	402		$	(3	)	$	6,803

	Nine Months Ended September 30, 2018
$ in millions	IS			WM		IM		I/E			Total
Investment banking1	$	4,671		$	383	$	—	$	(60	)	$	4,994
Trading	9,344			404		23		44			9,815
Investments	234			3		172		—			409
Commissions and fees1	2,007			1,349		—		(212		)	3,144
Asset management1	324			7,582		1,840		(114		)	9,632
Other	548			195		10		(5		)	748
Total non-interest revenues	17,128			9,916		2,045		(347		)	28,742
Interest income	6,424			4,012		37		(692		)	9,781
Interest expense	6,809			830		20		(695		)	6,964
Net interest	(385		)	3,182		17		3			2,817
Net revenues	$	16,743		$	13,098	$	2,062	$	(344	)	$	31,559
Income from continuing operations before income taxes	$	5,480		$	3,511	$	390	$	(1	)	$	9,380
Provision for income taxes	1,169			808		73		—			2,050
Income from continuing operations	4,311			2,703		317		(1		)	7,330
Income (loss) from discontinued operations, net of income taxes	(7		)	—		2		—			(5		)
Net income	4,304			2,703		319		(1		)	7,325
Net income applicable to noncontrolling interests	100			—		8		—			108
Net income applicable to Morgan Stanley	$	4,204		$	2,703	$	311	$	(1	)	$	7,217

I/E–Intersegment Eliminations

1.

Approximately 85% of Investment Banking revenues in the current quarter, 90% in the current year period and approximately 85% of Investment banking revenues in the prior year periods were accounted for as Revenues from Contracts with Customers. In all periods presented, substantially all of Commissions and fees and Asset management revenues were accounted for under this guidance.

Schedule of Institutional Securities Revenues

Institutional Securities—Investment Banking Revenues

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2019		2018		2019		2018
Advisory	$	550	$	510	$	1,462	$	1,702
Underwriting	985		949		2,696		2,969

Schedule of Trading Revenues by Product Type

Trading Revenues by Product Type

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2019		2018		2019		2018
Interest rate	$	894	$	744	$	2,283	$	2,396
Foreign exchange	69		223		383		622
Equity security and index1	1,076		1,432		4,005		5,094
Commodity and other	300		254		986		1,047
Credit	269		99		1,124		656
Total	$	2,608	$	2,752	$	8,781	$	9,815

1.

Dividend income is included within equity security and index contracts.

Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers

Investment Management Investments Revenues—Net Unrealized Carried Interest

$ in millions	At September 30, 2019		At December 31, 2018
Net cumulative unrealized carried interest at risk of reversing	$	553	$	434

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

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2019		2018		2019		2018
Fee waivers	$	11	$	11	$	32	$	45

Schedule of Net Revenues by Region

Net Revenues by Region

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2019		2018		2019		2018
Americas	$	7,489	$	7,357	$	22,336	$	22,989
EMEA	1,409		1,355		4,687		4,892
Asia	1,134		1,160		3,539		3,678
Total	$	10,032	$	9,872	$	30,562	$	31,559

Schedule of Revenue Recognized from Prior Services

Revenue Recognized From Prior Services

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2019		2018		2019		2018
Non-interest revenues	$	841	$	804	$	1,995	$	2,192

The previous table includes revenue from contracts with customers recognized where some or all services were performed in prior periods and is primarily composed of investment banking advisory fees and distribution fees.

Schedule of Certain Future Expected Revenues

Certain Future Expected Revenues

	At September 30, 2019
$ in millions	2019		2020		2021 - 2025	thereafter
Non-interest revenues	$	57	$	132	$ 63 - $ 89	$	239

Schedule of Receivables from Contracts with Customers

Receivables related to Revenues from Contracts with Customers

$ in millions	At September 30, 2019		At December 31, 2018
Customer and other receivables	$	2,114	$	2,308

Schedule of Assets by Business Segment

Assets by Business Segment

$ in millions	At September 30, 2019		At December 31, 2018
Institutional Securities	$	703,868	$	646,427
Wealth Management1	193,213		202,392
Investment Management	5,523		4,712
Total2	$	902,604	$	853,531

1. The Firm acquired Solium Capital Inc. in the second quarter of 2019 and as a result recorded Goodwill of approximately $469 million and Intangible assets of approximately $268 million.

2.

Parent assets have been fully allocated to the business segments.