Morgan Stanley is an American investment bank and financial services
company headquartered at 1585 Broadway in the
Morgan Stanley Building,
Midtown Manhattan, New York City. With offices in more than 42
countries and more than 55,000 employees, the firm's clients include
corporations, governments, institutions and individuals.
Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis
Morgan (grandson of J.P. Morgan),
Harold Stanley and others, came into
existence on September 16, 1935, in response to the Glass–Steagall
Act that required the splitting of commercial and investment banking
businesses. In its first year the company operated with a 24% market
share (US$1.1 billion) in public offerings and private
placements. The main areas of business for the firm today are
institutional securities, wealth management and investment management.
3.1 Institutional Securities Group
3.2 Wealth Management
3.3 Investment Management
4 Magazine and popularity rankings
5 Controversies and lawsuits
6 List of officers and directors
6.1 Operating committee
6.2 Board of directors
7 Global and other headquarters
8 Notable alumni
9 See also
12 Further reading
13 External links
Morgan Stanley Building
Morgan Stanley is a financial services corporation that, through its
subsidiaries and affiliates, advises, and originates, trades, manages
and distributes capital for governments, institutions and individuals.
The company operates in three business segments: Institutional
Securities, Wealth Management, and Investment Management.
Morgan Stanley's office on Times Square
JPMorgan Chase and J.P. Morgan & Co.
Morgan Stanley traces its roots in the history of J.P. Morgan &
Co. Following the Glass–Steagall Act, it was no longer possible for
a corporation to have investment banking and commercial banking
businesses under a single holding entity. J.P. Morgan & Co. chose
the commercial banking business over the investment banking business.
As a result, some of the employees of J.P. Morgan & Co., most
Henry S. Morgan and Harold Stanley, left J.P. Morgan & Co.
and joined some others from the Drexel partners to form Morgan
Stanley. The firm formally opened the doors for business on September
16, 1935, at Floor 19, 2 Wall Street, New York City. Within its first
year, it achieved 24% market share (US$1.1 billion) among public
offerings. The firm was involved with the distribution of 1938
US$100 million of debentures for the United States Steel
Corporation as the lead underwriter. The firm also obtained the
distinction of being the lead syndicate in the 1939 U.S. rail
financing. The firm went through a major reorganization in 1941 to
allow for more activity in its securities business.
The firm was led by Perry Hall, the last founder to lead Morgan
Stanley, from 1951 until 1961. During this period the firm co-managed
the World Bank's US$50 million triple-A-rated bonds offering of
1952, as well as coming up with General Motors' US$300 million
debt issue, US$231 million
IBM stock offering, and the
US$250 million AT&T's debt offering.
Morgan Stanley credits itself with having created the first viable
computer model for financial analysis in 1962, thereby starting a
new trend in the field of financial analysis. Future president and
chairman Dick Fisher contributed to the computer model as a young
employee, learning the FORTRAN and COBOL programming languages at
IBM. In 1967 it established the Morgan & Cie,
Paris in an attempt to enter the European securities market. It
acquired Brooks, Harvey & Co., Inc. in 1967 and established a
presence in the real estate business. By 1971 the firm had established
its Mergers & Acquisitions business along with Sales &
Trading. The sales and trading business is believed to be the
brainchild of Bob Baldwin.
Morgan Stanley Logo 2013
Historical logo used by
Morgan Stanley in the early 2000s
Morgan Stanley acquired Van Kampen American Capital. On
February 5, 1997 the company merged with
Dean Witter Reynolds
Dean Witter Reynolds and
Discover & Co., the spun-off financial services business of Sears
Roebuck. Dean Witter's
Chairman and CEO, Philip J. Purcell, held the
same roles in the newly merged "
Morgan Stanley Dean Witter Discover
& Co.". In 1998 the name was changed to "
Morgan Stanley Dean
Witter & Co.", and in late 2001 "Dean Witter" was dropped and the
firm became "Morgan Stanley".
Morgan Stanley had offices located on 24 floors across buildings 2 and
5 of the World Trade Center in New York City. These offices had been
inherited from Dean Witter which had occupied the space since the
mid-1980s. The firm lost thirteen employees during the September 11
attacks in 2001 (Thomas F. Swift, Wesley Mercer, Jennifer de Jesus,
Joseph DiPilato, Nolbert Salomon, Godwin Forde, Steve R. Strauss,
Lindsay C. Herkness, Albert Joseph, Jorge Velazquez, Titus Davidson,
Charles Laurencin and Security Director Rick Rescorla) in the towers,
while 2,687 were successfully evacuated by Rick Rescorla. The
surviving employees moved to temporary headquarters in the vicinity.
Morgan Stanley moved 2,300 of its employees back to lower
Manhattan, at that time the largest such move.
Morgan Stanley has long had a dominant role in technology investment
banking and, in addition to Apple and Facebook, served as lead
underwriter for many of the largest global tech IPOs, including:
Netscape, Cisco, Compaq, Broadcast.com, Broadcom Corp, VeriSign, Inc.,
Cogent, Inc., Dolby Laboratories, Priceline, Salesforce, Brocade,
Google and Groupon. In 2004, the firm led the
Google IPO, the largest
Internet IPO in U.S. history. In the same year
Morgan Stanley acquired
the Canary Wharf Group.
The company found itself in the midst of a management crisis starting
in March 2005 that resulted in a loss of a number of the firm's
staff. Purcell resigned as CEO of
Morgan Stanley in June 2005 when
a highly public campaign against him by former Morgan Stanley
partners threatened to disrupt and damage the firm and
challenged his refusal to aggressively increase leverage, increase
risk, enter the sub-prime mortgage business and make expensive
acquisitions, the same strategies that forced
Morgan Stanley into
massive write-downs, related to the subprime mortgage crisis, by
On December 19, 2006, after reporting 4th quarter earnings, Morgan
Stanley announced the spin-off of its
Discover Card unit. The bank
completed the spinoff of
Discover Financial on June 30, 2007.
In order to cope with the write-downs during the subprime mortgage
Morgan Stanley announced on December 19, 2007 that it would
receive a US$5 billion capital infusion from the China Investment
Corporation in exchange for securities that would be convertible to
9.9% of its shares in 2010.
The bank's Process Driven Trading unit was amongst several on Wall
Street caught in a short squeeze, reportedly losing nearly
$300 million in one day. One of the stocks involved in this
squeeze, Beazer Homes USA, was a component of the then-bulging real
estate bubble. The bubble's subsequent collapse was considered to be a
central feature of the financial crisis of 2007–2010.
The bank was contracted by the
United States Treasury
United States Treasury in August 2008
to advise the government on potential rescue strategies for Fannie Mae
and Freddie Mac.
Morgan Stanley is said to have lost over 80% of its market value
between 2007 and 2008 during the financial crisis.
On September 17, 2008, the British evening-news analysis program
Newsnight reported that
Morgan Stanley was facing difficulties after a
42% slide in its share price. CEO
John J. Mack wrote in a memo to
staff "we're in the midst of a market controlled by fear and rumours
and short-sellers are driving our stock down." The company was said to
have explored merger possibilities with CITIC, Wachovia, HSBC,
Banco Santander and Nomura. At one point, Hank
Morgan Stanley to
JPMorgan Chase at no cost, but Jamie
Dimon refused the offer.
Morgan Stanley and Goldman Sachs, the last two major investment banks
in the US, both announced on September 22, 2008 that they would become
traditional bank holding companies regulated by the Federal
Reserve. The Federal Reserve's approval of their bid to become
banks ended the ascendancy of securities firms, 75 years after
Congress separated them from deposit-taking lenders, and capped weeks
of chaos that sent
Lehman Brothers Holdings Inc. into bankruptcy and
led to the rushed sale of
Merrill Lynch & Co. to
Bank of America
Mitsubishi UFJ Financial Group, Japan's largest bank, invested
$9 billion in
Morgan Stanley on September 29, 2008. This
represented the single largest physical check signed, delivered and
cashed. Concerns over the completion of the Mitsubishi deal during
the October 2008 stock market volatility caused a dramatic fall in
Morgan Stanley's stock price to levels last seen in 1994. It recovered
once Mitsubishi UFJ's 21% stake in
Morgan Stanley was completed on
October 14, 2008.
Morgan Stanley borrowed $107.3 billion from the Fed during the 2008
crisis, the most of any bank, according to data compiled by Bloomberg
News Service and published August 22, 2011.
Morgan Stanley purchased
Smith Barney from
Citigroup and the
new broker-dealer operates under the name
Morgan Stanley Smith Barney,
the largest wealth management business in the world.
In November 2013,
Morgan Stanley announced that it would invest $1
billion to help improve affordable housing as part of a wider push to
encourage investment in efforts that aid economic, social and
In July 2014, Morgan Stanley’s Asian private equity arm announced it
had raised around $1.7 billion for its fourth fund in the area.
In December 2015, it was reported that
Morgan Stanley will cut around
25 percent of its fixed income jobs. In January 2016, the company
reported that it had offices in more than 43 countries.
Morgan Stanley splits its businesses into three business units. As
Institutional Securities Group
Morgan Stanley's Institutional Securities has been the most profitable
business segment for
Morgan Stanley in recent times. This business
segment provides institutions with services such as capital raising
and financial advisory services including mergers and acquisitions
advisory, restructurings, real estate and project finance, and
corporate lending. The segment also encompasses the Equities and the
Fixed Income divisions of the firm; trading is anticipated to maintain
its position as the "engine room" of the company. Among the major
Morgan Stanley sources the highest portion of revenues
from fixed income underwriting which was reported at 6.0% of total
revenue in FY12.
The Global Wealth Management Group provides brokerage and investment
advisory services. As of 2014 Q2 this segment has reported an annual
increase of 21 percent in the pre-tax income. This segment
provides financial and wealth planning services to its clients who are
primarily high-net-worth individuals.
On January 13, 2009, the Global Wealth Management Group was merged
Smith Barney to form the joint venture Morgan Stanley
Morgan Stanley holds 51% of the entity, and Citi holds
49%. As of May 31, 2012,
Morgan Stanley planned to purchase an
additional 14% of the joint venture from Citi. In June 2013,
Morgan Stanley stated it had secured all regulatory approvals to buy
Citigroup's remaining 35% stake in
Smith Barney and would proceed to
finalize the deal.
Investment Management provides asset management products and services
in equity, fixed income, alternative investments, real estate
investment, and private equity to institutional and retail clients
through third-party retail distribution channels, intermediaries and
Morgan Stanley's institutional distribution channel. Morgan Stanley's
asset management activities were principally conducted under the
Morgan Stanley and Van Kampen brands until 2009.
On October 19, 2009,
Morgan Stanley announced that it would sell Van
Invesco for $1.5 billion, but would retain the Morgan
Stanley brand. It provides asset management products and services
to institutional investors worldwide, including pension plans,
corporations, private funds, non-profit organizations, foundations,
endowments, governmental agencies, insurance companies and banks.
On September 29, 2013,
Morgan Stanley announced a partnership with
Asset Management, a French-based asset manager that
specialises in the distribution of UCITS hedge funds, and La
Française AM, a multi-specialist asset manager with a 10-year track
record in alternative investments.
Magazine and popularity rankings
Morgan Stanley was named one of the 100 Best Companies for Working
Mothers in 2004 by Working Mothers magazine.
Family Digest magazine named
Morgan Stanley one of the "Best Companies
for African Americans" in June 2004
Essence magazine named
Morgan Stanley as one of the "30 Great Places
to Work" in May 2004
Asian Enterprise magazine named
Morgan Stanley as one of the "Top
Companies for Asian Americans" in April 2004
Hispanic magazine selected
Morgan Stanley as one of the "100 Companies
Providing the Most Opportunities to Hispanics" in February 2004
Morgan Stanley is listed in
The Times Top 100 Graduate Employers, only
recently dropping out of the top 40
The Times listed
Morgan Stanley 5th in its 20 Best Big Companies to
Work For 2006 list
Great Place to Work Institute Japan in 2007 ranked
Morgan Stanley as
the second best corporation to work in Japan, based on the opinions of
the employees and the corporate culture
Controversies and lawsuits
Morgan Stanley agreed to pay $125 million in order to settle
its portion of a $1.4 billion settlement brought by Eliot Spitzer, the
Attorney General of New York, the National Association of Securities
Dealers (now the
Financial Industry Regulatory Authority
Financial Industry Regulatory Authority (FINRA), the
United States Securities and Exchange Commission, (SEC) and a number
of state securities regulators, relating to intentionally misleading
research motivated by a desire to win investment banking business with
the companies covered.
In June 2004, the
New York Stock Exchange
New York Stock Exchange (NYSE) imposed a penalty of
a censure and $140,000 fine for incorrectly using customers’
margined securities as collateral for cash management loans.
Morgan Stanley settled a sex discrimination suit brought by the Equal
Employment Opportunity Commission for $54 million on July 12,
2004. In 2007, the firm agreed to pay $46 million to settle a
class action lawsuit brought by eight female brokers.
In July 2004, the firm paid NASD a $2.2 million fine for more than
1,800 late disclosures of reportable information about its
In September 2004, the firm paid a $19 million fine imposed by NYSE
for failure to deliver prospectuses to customers in registered
offerings, inaccurate reporting of certain program trading
information, short sale violations, failures to fingerprint new
employees and failure to timely file exchange forms.
In December 2004, the firm paid a $100,000 to NASD and paid $211,510
in restitution to customers for failure to make proper disclosures to
municipal bond investors. In the course of NASD's investigation,
Morgan Stanley' failure make a timely response to requests for
information resulted in censure and an additional $25,000 fine.
New York Stock Exchange
New York Stock Exchange imposed a $19 million fine on January
12, 2005 for alleged regulatory and supervisory lapses. At the time,
it was the largest fine ever imposed by the New York Stock
On May 16, 2005, a Florida jury found that
Morgan Stanley failed to
give adequate information to
Ronald Perelman about Sunbeam thereby
defrauding him and causing damages to him of $604 million. In
addition, punitive damages were added for total damages of
$1.450 billion. This verdict was directed by the judge as a
Morgan Stanley after the firm's attorneys infuriated
the court by failing and refusing to produce documents, and falsely
telling the court that certain documents did not exist. The ruling
was overturned on March 21, 2007 and
Morgan Stanley was no longer
required to pay the $1.57 billion verdict.
Morgan Stanley settled a class action lawsuit on March 2, 2006. It had
been filed in California by both current and former Morgan Stanley
employees for unfair labor practices instituted to those in the
financial advisor training program. Employees of the program had
claimed the firm expected trainees to clock overtime hours without
additional pay and handle various administrative expenses as a result
of their expected duties. A $42.5 million settlement was reached
Morgan Stanley admitted no fault.
In May the firm agreed to pay a $15 million fine. The Securities and
Exchange Commission accused the firm of deleting emails and failing to
cooperate with SEC investigators.
On September 25, 2009,
Citigroup Inc. filed a federal lawsuit against
Morgan Stanley, claiming its rival failed to pay $245 million due
under a credit default swap agreement. The breach-of-contract lawsuit
was filed in Manhattan federal court and seeks unspecified
Financial Industry Regulatory Authority
Financial Industry Regulatory Authority (FINRA) announced a
$12.5 million settlement with
Morgan Stanley on September 27,
2007. This resolved charges that the firm's former affiliate, Morgan
Stanley DW, Inc. (MSDW), failed on numerous occasions to provide
emails to claimants in arbitration proceedings as well as to
regulators. The company had claimed that the destruction of the firm's
email servers in the September 11, 2001 terrorist attacks on New
York's World Trade Center resulted in the loss of all email before
that date. In fact, the firm had millions of earlier emails that had
been retrieved from backup copies stored in another location that was
not destroyed in the attacks. Customers who had lost their
arbitration cases against
Morgan Stanley DW Inc. because of their
inability to obtain these emails to demonstrate Morgan Stanley's
misconduct received a token amount of money as a result of the
In July 2007,
Morgan Stanley agreed to pay $4.4 million to settle a
class-action lawsuit. The firm was accused of incorrectly charging
clients for storage of precious metals.
In August 2007,
Morgan Stanley was fined $1.5 million and paid $4.6
million in restitution to customers related to excessive mark-ups in
2,800 transactions. An employee was charged $40,000 and suspended for
Under a settlement with New York Attorney General Andrew M. Cuomo, the
firm agreed to repurchase approximately $4.5 billion worth of auction
rate securities. The firm was accused of misrepresenting auction rate
securities in their sales and marketing.
In March 2009, FINRA announced
Morgan Stanley was to pay more than $7
million for misconduct in the handling the accounts of 90 Rochester,
NY-area retirees. 
In May 2009, a trader at the firm was suspended by the FSA for a
series of unauthorized commodities trades entered after becoming
intoxicated during a three and half hour lunch. A week later
another trader at the firm was banned for deliberately disadvantaging
clients by 'pre-hedging' trades without their consent.
The Financial Services Authority fined the firm £1.4m for failing to
use controls properly relating to the actions of a rogue trader on one
of its trading desks.
Morgan Stanley admitted on June 18, 2008 this
resulted in a $120m loss for the firm.
Morgan Stanley managing director Du Jun was convicted of insider
trading after a criminal trial in Hong Kong. Mr. Du was accused of
buying 26.7 million shares of Citic Resource Holdings while in
possession of confidential information about the company. He gained
this information as part of a
Morgan Stanley team working with the
company on a bond issuance and the purchase of an oil field in
Kazakhstan. Morgan Stanley's compliance department was criticized for
failing to detect Mr. Du's illegal trades.
In April, the
Commodity Futures Trading Commission announced the firm
agreed to pay $14 million related to an attempt to hide prohibited
trading activity in oil futures.
Morgan Stanley trader was barred from the brokerage industry and
fined for entering fake trades to fool firm risk management systems
causing millions in losses.
The Department of Justice sought a $4.8 million fine from Morgan
Stanley for its part in an electricity price-fixing scandal. Con
Edison estimated that the crime cost New York state consumers about
Morgan Stanley earned revenues of $21.6 million from the
On April 3, the
Federal Reserve announced Consent Order against the
firm "a pattern of misconduct and negligence in residential mortgage
loan servicing and foreclosure processing." The consent order requires
the firm to review foreclosure proceedings conducted by the firm. The
firm will also be responsible for monetary sanctions. 
Garth R. Peterson, one of Morgan Stanley’s highest-ranking real
estate executives in China pleaded guilty on April 25 to violating
U.S. federal anticorruption laws. He was charged with secretly
acquiring millions of dollars’ worth of property investments for
himself and a Chinese government official. The official steered
business to Morgan Stanley.
Morgan Stanley was fined $55,000 by Nasdaq OMX for three separate
violations of exchange rules. A
Morgan Stanley client algorithm
started buying and selling enormous volumes by mistake. Furthermore,
after the exchange detected the error, they were unable to contact the
Morgan Stanley settled a claim from FINRA
and paid restitution together totaling almost $2.4 million. Morgan
Stanley was accused of improperly supervising and training financial
advisors in the use of non-traditional ETF products. This resulted in
inappropriate recommendations to several of its retail brokerage
Morgan Stanley is facing lawsuits and government investigation
Facebook IPO. It is claimed that Morgan Stanley
downgraded their earnings forecasts for the company while conducting
the IPO roadshow. Allegedly, they passed this information to only a
handful of institutional investors. "The allegations, if true, are a
matter of regulatory concern" to FINRA and SEC according to FINRA
Chairman Richard Ketchum.
Morgan Stanley agreed to pay a $5 million fine to the Commodity
Futures Trading Commission and an additional $1.75 million to CME and
the Chicago Board of Trade.
Morgan Stanley employees improperly
executed fictitious sales in Eurodollar and Treasury Note futures
On August 7, 2012, it was announced that
Morgan Stanley would have to
pay $4.8 million in fines in order to settle a price fixing scandal,
which has been estimated to have cost New Yorkers $300 million to
Morgan Stanley has currently made no admission of any
wrongdoing; however, the Justice department commented that they hoped
this would "send a message to the banking industry".
Morgan Stanley agreed to pay $1.25 billion to the US
government, as a penalty for concealing the full risk associated with
mortgage securities with the Federal Housing Finance Agency. 
In September 2014,
Morgan Stanley agreed to pay $95 million to resolve
a lawsuit pursued by the Public Employees' Retirement System of
Mississippi (MissPERS) and the West Virginia Investment Management
Morgan Stanley was accused of misleading investors in
In May 2015,
Morgan Stanley was fined $2 million for short-interest
reporting and rule violations for more than six years, by the
Financial Industry Regulatory Authority. 
In June 2015, the
Financial Industry Regulatory Authority
Financial Industry Regulatory Authority announced
that it fined
Morgan Stanley Smith Barney, LLC (Morgan Stanley)
$650,000 for failing to implement reasonable supervisory systems to
monitor the transmittal of customer funds to third-party accounts.
Morgan Stanley will pay $3.2 billion to strike a
settlement with state and federal authorities over Morgan Stanley’s
creation of mortgage-backed bonds before the financial crisis. 
Morgan Stanley Hong Kong Securities Ltd., was fined
HK$18.5 million ($2.4 million) by Hong Kong’s securities regulator,
Securities and Futures Commission, for violations of Hong Kong’s
Code of Conduct. Included was Morgan Stanley’s failure to avoid
conflict of interest between principal and agency trading. 
December 2016, another unit of
Morgan Stanley paid $7.5 million to
settle customer protection rule violations. 
In January 2017, the corporation was fined $13 million due to
overbilling and violating investor asset safeguarding custody rules.
Morgan Stanley agreed to pay the fine without commenting on the
List of officers and directors
James P. Gorman:
Chairman and Chief Executive Officer
Jeff Brodsky: Chief Human Resources Officer
Mark Eichorn: Global Co-Head of Investment Banking
Eric Grossman: Chief Legal Officer
Keishi Hotsuki: Chief Risk Officer
Colm Kelleher: President
Sam Kellie-Smith: Global Head of Fixed Income
Thomas Nides: Vice Chairman
Shelley O'Connor: Co-Head of Wealth Management
Franck Petitgas: Global Co-Head of Investment Banking
Ted Pick: Global Head of Sales and Trading
Jonathan Pruzan: Chief Financial Officer
Robert Rooney: CEO of
International and Head of Europe,
the Middle East and Africa
Andy Saperstein: Co-Head of Wealth Management
Dan Simkowitz: Head of Investment Management
Clare Woodman: Global Chief Operating Officer of Institutional
Board of directors
James P. Gorman
Erskine B. Bowles
Thomas H. Glocer
Robert H. Herz
Dennis M. Nally
Hutham S. Olayan
James W. Owens
Perry M. Traquina
Rayford Wilkins, Jr.
Global and other headquarters
Morgan Stanley world headquarters are located in New York City,
the European headquarters are in London and Asia Pacific headquarters
are in both Hong Kong and Tokyo. 
Dan Ammann, President of
General Motors Company
Barton Biggs, Author and Hedge Fund Manager
Erskine Bowles, Clinton White House Chief of Staff
Richard A. Debs,
Chairman of Carnegie Hall; Middle East power-broker
Bob Diamond, former Chief Executive Officer, Barclays
Richard B. Fisher,
Chairman of the Board, Rockefeller University and
Bard College; member, Trilateral Commission
Eric Gleacher, Founder of Gleacher & Co.
Nina Godiwalla, Author of Suits: A Woman on Wall Street
David Grimaldi, Chief Administrative Officer, New Castle County
John Havens, former President, Citigroup, Inc.
John J. Mack,
Chairman of the Board of New York-Presbyterian Hospital
Mary Meeker, Author and Venture Capitalist
Eileen Murray, Co-President, Bridgewater Associates
Stephen A. Oxman, Assistant Secretary of State; Chair, Princeton
University Board of Trustees
Vikram Pandit, former Chief Executive Officer, Citigroup
Joseph R. Perella, philanthropist; Founder of Perella Weinberg
Charles E. Phillips, former President of Oracle, Inc.; C.E.O. of Infor
Ruth Porat, Chief Financial Officer; Alphabet Inc.
Frank Quattrone, Founder, Qatalyst Group
Steven Rattner, Private Equity Manager and Commentator
Stephen S. Roach, Yale University Professor
Benjamin M. Rosen, Technology Investor; Founder, Compaq
David E. Shaw, Hedge Fund Manager
John J. Studzinski, CBE, American-British investment banker and
Andrew Toy, CEO and Co-founder of Divide 
Alexander Trewby, COO and Co-founder of Divide 
Sir David Walker, Chairman,
Kevin Warsh, G.W. Bush economic advisor; Member,
Federal Reserve Board
New York City
New York City portal
Dean Witter Reynolds
Van Kampen Funds
Metalmark Capital, formerly
Morgan Stanley Capital Partners
Morgan Stanley Smith Barney, a joint venture with Citigroup
^ a b c d e f g h i
Morgan Stanley 2016 Form 10-K Annual Report
Basel III Pillar 3 Disclosures Report For the Quarterly Period
Ended December 31, 2016
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Business data for Morgan Stanley:
50 largest banks and bank holding companies in the United States
Bank of America
Bank of New York Mellon
M&T* Morgan Stanley
MUFG Union Bank*
Mutual of Omaha
New York Community
* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this
list is based on U.S. assets only, and is current as of March 31,
Bank of America
Bank of America Merrill Lynch
Citi Institutional Clients Group
Deutsche Bank Corporate and Investment Bank
J.P. Morgan & Co. (J.P. Morgan Cazenove)
UBS Investment Bank
BMO Capital Markets
BNP Paribas Corporate & Institutional Banking
CIBC World Markets
CITIC Securities (CLSA)
Commerzbank Corporate Clients
Crédit Agricole Corporate and Investment Bank
Daiwa Securities Capital Markets
Bank World Markets
Harris Williams & Co.
HSBC Global Banking and Markets
ING Commercial Banking
Bank (Daewoo Securities)
Bank Corporate Markets
Mitsubishi UFJ Securities
Mizuho Corporate Bank
RBC Capital Markets
RBS Markets &
Société Générale Corporate & Investment Bank
UniCredit Corporate & Investment Banking
Wells Fargo Securities
Allen & Company
International Capital Corporation
Close Brothers Group
China Everbright Group
China Everbright Limited
FBR Capital Markets
Focus Investment Banking
Greenhill & Co.
Keefe, Bruyette & Woods
Moelis & Company
N M Rothschild & Sons
Oppenheimer & Co.
Perella Weinberg Partners
Raymond James Financial
ROTH Capital Partners
Salam Investment Ltd.
Sandler O'Neill and Partners
Stone Key Partners
William Blair & Company