v3.10.0.1
Segment, Geographic and Revenue Information (Tables)
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12 Months Ended |
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Segment Reporting [Abstract] |
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Selected Financial Information by Business Segment |
Selected Financial Information by Business Segment | | 2018 | $ in millions | | IS | | WM | | IM | | I/E | | Total | Investment banking1, 2 | $ | 6,088 | $ | 475 | $ | — | $ | (81) | $ | 6,482 | Trading | | 11,191 | | 279 | | 25 | | 56 | | 11,551 | Investments | | 182 | | 1 | | 254 | | — | | 437 | Commissions and fees1 | | 2,671 | | 1,804 | | — | | (285) | | 4,190 | Asset management1 | | 421 | | 10,158 | | 2,468 | | (149) | | 12,898 | Other | | 535 | | 248 | | (30) | | (10) | | 743 | Total non-interest | | | | | | | | | | | revenues3, 4 | | 21,088 | | 12,965 | | 2,717 | | (469) | | 36,301 | Interest income | | 9,271 | | 5,498 | | 57 | | (934) | | 13,892 | Interest expense | | 9,777 | | 1,221 | | 28 | | (940) | | 10,086 | Net interest | | (506) | | 4,277 | | 29 | | 6 | | 3,806 | Net revenues | $ | 20,582 | $ | 17,242 | $ | 2,746 | $ | (463) | $ | 40,107 | Income from continuing | | | | | | | | | | | operations before | | | | | | | | | | | income taxes | $ | 6,260 | $ | 4,521 | $ | 464 | $ | (8) | $ | 11,237 | Provision for income taxes | 1,230 | | 1,049 | | 73 | | (2) | | 2,350 | Income from continuing | | | | | | | | | | | operations | | 5,030 | | 3,472 | | 391 | | (6) | | 8,887 | Income (loss) from | | | | | | | | | | | discontinued operations, | | | | | | | | | | net of income taxes | | (6) | | — | | 2 | | — | | (4) | Net income | | 5,024 | | 3,472 | | 393 | | (6) | | 8,883 | Net income applicable to | | | | | | | | | | noncontrolling interests | 118 | | — | | 17 | | — | | 135 | Net income applicable to | | | | | | | | | | Morgan Stanley | $ | 4,906 | $ | 3,472 | $ | 376 | $ | (6) | $ | 8,748 |
| 2017 | $ in millions | | IS | | WM | | IM | | I/E | | Total | Investment banking | $ | 5,537 | $ | 533 | $ | — | $ | (67) | $ | 6,003 | Trading | | 10,295 | | 848 | | (22) | | (5) | | 11,116 | Investments | | 368 | | 3 | | 449 | | — | | 820 | Commissions and fees | | 2,433 | | 1,737 | | — | | (109) | | 4,061 | Asset management | | 359 | | 9,342 | | 2,196 | | (100) | | 11,797 | Other | | 630 | | 268 | | (37) | | (13) | | 848 | Total non-interest | | | | | | | | | | | revenues | | 19,622 | | 12,731 | | 2,586 | | (294) | | 34,645 | Interest income | | 5,377 | | 4,591 | | 4 | | (975) | | 8,997 | Interest expense | | 6,186 | | 486 | | 4 | | (979) | | 5,697 | Net interest | | (809) | | 4,105 | | — | | 4 | | 3,300 | Net revenues | $ | 18,813 | $ | 16,836 | $ | 2,586 | $ | (290) | $ | 37,945 | Income from continuing | | | | | | | | | | | operations before | | | | | | | | | | | income taxes | $ | 5,644 | $ | 4,299 | $ | 456 | $ | 4 | $ | 10,403 | Provision for income taxes | 1,993 | | 1,974 | | 201 | | — | | 4,168 | Income from continuing | | | | | | | | | | | operations | | 3,651 | | 2,325 | | 255 | | 4 | | 6,235 | Income (loss) from | | | | | | | | | | | discontinued operations, | | | | | | | | | | net of income taxes | | (19) | | — | | — | | — | | (19) | Net income | | 3,632 | | 2,325 | | 255 | | 4 | | 6,216 | Net income applicable to | | | | | | | | | | | noncontrolling interests | 96 | | — | | 9 | | — | | 105 | Net income applicable to | | | | | | | | | | Morgan Stanley | $ | 3,536 | $ | 2,325 | $ | 246 | $ | 4 | $ | 6,111 |
| 2016 | $ in millions | | IS | | WM | | IM | | I/E | | Total | Investment banking | $ | 4,476 | $ | 484 | $ | — | $ | (27) | $ | 4,933 | Trading | | 9,387 | | 861 | | (2) | | (37) | | 10,209 | Investments | | 147 | | — | | 13 | | — | | 160 | Commissions and fees | | 2,456 | | 1,745 | | 3 | | (95) | | 4,109 | Asset management | | 293 | | 8,454 | | 2,063 | | (113) | | 10,697 | Other | | 535 | | 277 | | 31 | | (18) | | 825 | Total non-interest | | | | | | | | | | | revenues | | 17,294 | | 11,821 | | 2,108 | | (290) | | 30,933 | Interest income | | 4,005 | | 3,888 | | 5 | | (882) | | 7,016 | Interest expense | | 3,840 | | 359 | | 1 | | (882) | | 3,318 | Net interest | | 165 | | 3,529 | | 4 | | — | | 3,698 | Net revenues | $ | 17,459 | $ | 15,350 | $ | 2,112 | $ | (290) | $ | 34,631 | Income from continuing | | | | | | | | | | | operations before | | | | | | | | | | | income taxes | $ | 5,123 | $ | 3,437 | $ | 287 | $ | 1 | $ | 8,848 | Provision for income taxes | 1,318 | | 1,333 | | 75 | | — | | 2,726 | Income from continuing | | | | | | | | | | | operations | | 3,805 | | 2,104 | | 212 | | 1 | | 6,122 | Income (loss) from | | | | | | | | | | | discontinued operations, | | | | | | | | | | net of income taxes | | (1) | | — | | 2 | | — | | 1 | Net income | | 3,804 | | 2,104 | | 214 | | 1 | | 6,123 | Net income applicable to | | | | | | | | | | | noncontrolling interests | 155 | | — | | (11) | | — | | 144 | Net income applicable to | | | | | | | | | | Morgan Stanley | $ | 3,649 | $ | 2,104 | $ | 225 | $ | 1 | $ | 5,979 |
I/E–Intersegment Eliminations 86% - Approximately 86% of Investment banking revenues and substantially all of Commissions and fees and Asset management revenues in 2018 were determined under the Revenues from Contracts with Customers accounting update.
- Institutional Securities Investment banking revenues in 2018 are composed of $2,436 million of Advisory and $3,652 million of Underwriting revenues. Institutional Securities Investment banking revenues in 2017 are composed of $2,077 million of Advisory and $3,460 million of Underwriting revenues. Institutional Securities Investment banking revenues in 2016 are composed of $2,220 million of Advisory and $2,256 million of Underwriting revenues.
- The Firm enters into certain contracts that contain a current obligation to perform services in the future. Excluding contracts where billing is commensurate with the value of the services performed at each stage of the contract, contracts with variable consideration that is subject to reversal, and contracts with less than one year duration, we expect to record the following approximate revenues in the future: $100 million per year in 2019 and 2020; between $40 million and $60 million per year in 2021 through 2025; and $10 million per year in 2026 through 2035. These revenues are primarily related to certain commodities contracts with customers.
- Includes $2,821 million in revenues recognized in 2018 where some or all services were performed in prior periods. This amount is primarily composed of investment banking advisory fees and distribution fees.
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Net Discrete Tax Provision (Benefit) by Segment |
Net Discrete Tax Provision (Benefit) by Segment | | | | | | | | | | | | $ in millions | | IS | | WM | | IM | | Total | 2018 | | | | | | | | | Intermittent net discrete | | | | | | | | | tax provision (benefit) | $ | (182) | $ | — | $ | (21) | $ | (203) | Recurring: | | | | | | | | | Employee share-based awards1 | (104) | | (50) | | (11) | | (165) | Total | $ | (286) | $ | (50) | $ | (32) | $ | (368) | 2017 | | | | | | | | | Intermittent: | | | | | | | | | Tax Act enactment2 | $ | 705 | $ | 402 | $ | 94 | $ | 1,201 | Remeasurement of reserves | | | | | | | | and related interest | | (168) | | — | | — | | (168) | Other | | (66) | | 9 | | (8) | | (65) | Total intermittent net discrete | | | | | | | | | tax provision (benefit) | $ | 471 | $ | 411 | $ | 86 | $ | 968 | Recurring: | | | | | | | | | Employee share-based awards1 | (93) | | (54) | | (8) | | (155) | Total | $ | 378 | $ | 357 | $ | 78 | $ | 813 | 20163 | | | | | | | $ | (68) |
- Beginning in 2017, with the adoption of the accounting update, Improvements to Employee Share-Based Payment Accounting, the income tax consequences associated with employee share-based awards are recognized in Provision for income taxes in the income statements. The Firm considers these employee share-based award related provisions (benefits) to be recurring-type (“Recurring”) discrete tax items, as we anticipate some level of conversion activity each year.
- For further discussion on the Tax Act, see Note 20.
- The intermittent net discrete tax benefit for 2016 was principally within the Institutional Securities business segment.
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Total Assets by Business Segment |
Total Assets by Business Segment | | | | | | | At | At | | December 31, | December 31, | $ in millions | 2018 | 2017 | Institutional Securities | $ | 646,427 | $ | 664,974 | Wealth Management | | 202,392 | | 182,009 | Investment Management | | 4,712 | | 4,750 | Total1 | $ | 853,531 | $ | 851,733 |
1. Parent assets have been fully allocated to the business segments.
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Net Unrealized Performance-based Fees and Fee Waivers |
Net Unrealized Performance-Based Fees | | | | | | | At | At | | December 31, | December 31, | $ in millions | 2018 | 2017 | Net cumulative unrealized performance- | | | | based fees at risk of reversing | $ | 434 | $ | 442 |
Reduction of Fees due to Fee Waivers | | | | | | $ in millions | 2018 | 2017 | 2016 | Fee waivers | $ | 56 | $ | 86 | $ | 91 |
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Net Revenues by Region |
Net Revenues by Region | | | | | | | | | | $ in millions | 2018 | 2017 | 2016 | Americas | $ | 29,301 | $ | 27,817 | $ | 25,487 | EMEA | | 6,092 | | 5,714 | | 4,994 | Asia | | 4,714 | | 4,414 | | 4,150 | Total | $ | 40,107 | $ | 37,945 | $ | 34,631 |
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Income from Continuing Operations before Income Tax Expense (Benefit) |
Income from Continuing Operations before Income Tax Expense (Benefit) | | | | | | | | $ in millions | | 2018 | | 2017 | | 2016 | U.S. | $ | 7,804 | $ | 5,686 | $ | 5,694 | Non-U.S.1 | | 3,433 | | 4,717 | | 3,154 | Total | $ | 11,237 | $ | 10,403 | $ | 8,848 |
1. Non-U.S. income is defined as income generated from operations located outside the U.S.
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Total Assets by Region |
Total Assets by Region | | At | At | | December 31, | December 31, | $ in millions | 2018 | 2017 | Americas | $ | 576,532 | $ | 570,489 | EMEA | | 200,194 | | 191,398 | Asia | | 76,805 | | 89,846 | Total | $ | 853,531 | $ | 851,733 |
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Trading Revenues by Product Type |
Trading Revenues by Product Type $ in millions | 2018 | 2017 | 2016 | Interest rate | $ | 2,696 | $ | 2,091 | $ | 1,522 | Foreign exchange | | 914 | | 647 | | 1,156 | Equity security and index1 | 6,157 | | 6,291 | | 5,690 | Commodity and other | | 1,174 | | 740 | | 56 | Credit | | 610 | | 1,347 | | 1,785 | Total | $ | 11,551 | $ | 11,116 | $ | 10,209 |
1. Dividend income is included within equity security and index contracts.
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Change in Revenue and Expense as a Result of Application of the New Revenue Recognition Standard |
Change in Revenues and Expenses as a Result of Application | of the New Revenue Recognition Standard | | | | $ in millions | | 2018 | Gross presentation impact—Revenues | | Investment banking—Advisory | $ | 75 | Investment banking—Underwriting | 193 | Asset management1 | | 30 | Other | | 52 | Subtotal | | 350 | Gross presentation impact—Expenses | | Brokerage, clearing and exchange fees1 | $ | 30 | Marketing and business development | | 31 | Professional services | | 102 | Other2 | | 187 | Subtotal | | 350 | Timing impact—Revenues | | | Investment banking—Advisory | $ | 15 | Asset management | | (4) | Other | | 19 | Subtotal | | 30 | Net change in revenues and expenses | $ | 30 |
- Intersegment transactions of $48 million have been eliminated.
- Primarily composed of Investment banking transaction-related costs.
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Receivables from Contracts with Customers |
Receivables from Contracts with Customers | | | | | | | At | At | | December 31, | January 1, | $ in millions | 2018 | 2018 | Customer and other receivables | $ | 2,308 | $ | 2,805 |
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