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Morgan Stanley – ‘10-K’ for 12/31/20 – ‘EX-101.LAB’

On:  Friday, 2/26/21, at 4:23pm ET   ·   For:  12/31/20   ·   Accession #:  895421-21-286   ·   File #:  1-11758

Previous ‘10-K’:  ‘10-K’ on 2/27/20 for 12/31/19   ·   Next:  ‘10-K’ on 2/24/22 for 12/31/21   ·   Latest:  ‘10-K’ on 2/22/24 for 12/31/23   ·   61 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/26/21  Morgan Stanley                    10-K       12/31/20  225:50M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   5.50M 
 2: EX-4.1      Instrument Defining the Rights of Security Holders  HTML    208K 
 5: EX-10.19    Material Contract                                   HTML    112K 
 6: EX-10.24    Material Contract                                   HTML    107K 
 3: EX-10.3     Material Contract                                   HTML     73K 
 7: EX-10.31    Material Contract                                   HTML    201K 
 4: EX-10.6     Material Contract                                   HTML     75K 
 8: EX-21       Subsidiaries List                                   HTML     65K 
 9: EX-22       Published Report re: Matters Submitted to a Vote    HTML     62K 
                of Security Holders                                              
10: EX-23.1     Consent of Expert or Counsel                        HTML     68K 
11: EX-31.1     Certification -- §302 - SOA'02                      HTML     65K 
12: EX-31.2     Certification -- §302 - SOA'02                      HTML     65K 
13: EX-32.1     Certification -- §906 - SOA'02                      HTML     62K 
14: EX-32.2     Certification -- §906 - SOA'02                      HTML     62K 
21: R1          Cover Page                                          HTML    149K 
22: R2          Consolidated Income Statements                      HTML    173K 
23: R3          Consolidated Comprehensive Income Statements        HTML     99K 
24: R4          Consolidated Balance Sheets                         HTML    162K 
25: R5          Consolidated Balance Sheets (Parenthetical)         HTML     93K 
26: R6          Consolidated Statements of Changes in Total Equity  HTML    136K 
27: R7          Consolidated Cash Flow Statements                   HTML    162K 
28: R8          Introduction and Basis of Presentation              HTML     76K 
29: R9          Significant Accounting Policies                     HTML    170K 
30: R10         Acquisitions                                        HTML     85K 
31: R11         Cash and Cash Equivalents                           HTML     71K 
32: R12         Fair Values                                         HTML    806K 
33: R13         Fair Value Option                                   HTML    114K 
34: R14         Derivative Instruments and Hedging Activities       HTML    421K 
35: R15         Investment Securities                               HTML    307K 
36: R16         Collateralized Transactions                         HTML    186K 
37: R17         Loans, Lending Commitments and Related Allowance    HTML    354K 
                for Credit Losses                                                
38: R18         Goodwill and Intangible Assets                      HTML    123K 
39: R19         Other Assets - Equity Method Investments and        HTML    110K 
                Leases                                                           
40: R20         Deposits                                            HTML     78K 
41: R21         Borrowings and Other Secured Financings             HTML    174K 
42: R22         Commitments, Guarantees and Contingencies           HTML    176K 
43: R23         Variable Interest Entities and Securitization       HTML    287K 
                Activities                                                       
44: R24         Regulatory Requirements                             HTML    203K 
45: R25         Total Equity                                        HTML    328K 
46: R26         Interest Income and Interest Expense                HTML     90K 
47: R27         Deferred Compensation Plans and Carried Interest    HTML    140K 
                Compensation                                                     
48: R28         Employee Benefit Plans                              HTML    227K 
49: R29         Income Taxes                                        HTML    149K 
50: R30         Segment, Geographic and Revenue Information         HTML    275K 
51: R31         Parent Company                                      HTML    196K 
52: R32         Quarterly Results (Unaudited)                       HTML    136K 
53: R33         Significant Accounting Policies (Policies)          HTML    227K 
54: R34         Significant Accounting Policies (Tables)            HTML     67K 
55: R35         Acquisitions (Tables)                               HTML     85K 
56: R36         Cash and Cash Equivalents (Tables)                  HTML     69K 
57: R37         Fair Values (Tables)                                HTML    975K 
58: R38         Fair Value Option (Tables)                          HTML    108K 
59: R39         Derivative Instruments and Hedging Activities       HTML    425K 
                (Tables)                                                         
60: R40         Investment Securities (Tables)                      HTML    310K 
61: R41         Collateralized Transactions (Tables)                HTML    192K 
62: R42         Loans, Lending Commitments and Related Allowance    HTML    353K 
                for Credit Losses (Tables)                                       
63: R43         Goodwill and Intangible Assets (Tables)             HTML    127K 
64: R44         Other Assets - Equity Method Investments and        HTML    117K 
                Leases (Tables)                                                  
65: R45         Deposits (Tables)                                   HTML     79K 
66: R46         Borrowings and Other Secured Financings (Tables)    HTML    180K 
67: R47         Commitments, Guarantees and Contingencies (Tables)  HTML    141K 
68: R48         Variable Interest Entities and Securitization       HTML    277K 
                Activities (Tables)                                              
69: R49         Regulatory Requirements (Tables)                    HTML    199K 
70: R50         Total Equity (Tables)                               HTML    383K 
71: R51         Interest Income and Interest Expense (Tables)       HTML     91K 
72: R52         Deferred Compensation Plans and Carried Interest    HTML    157K 
                Compensation (Tables)                                            
73: R53         Employee Benefit Plans (Tables)                     HTML    232K 
74: R54         Income Taxes (Tables)                               HTML    155K 
75: R55         Segment, Geographic and Revenue Information         HTML    284K 
                (Tables)                                                         
76: R56         Parent Company (Tables)                             HTML    196K 
77: R57         Quarterly Results (Unaudited) (Tables)              HTML    136K 
78: R58         Significant Accounting Policies - Narrative         HTML    134K 
                (Details)                                                        
79: R59         Acquisitions - Narrative (Details)                  HTML     82K 
80: R60         Acquisitions - Purchase Price Allocation (Details)  HTML    110K 
81: R61         Acquisitions - Proforma Combined Financial          HTML     67K 
                Information (Details)                                            
82: R62         Cash and Cash Equivalents - Summary (Details)       HTML     72K 
83: R63         Fair Values - Assets and Liabilities Measured at    HTML    244K 
                Fair Value on a Recurring Basis (Details)                        
84: R64         Fair Values - Detail of Loans and Lending           HTML     82K 
                Commitments at Fair Value and Unsettled Fair Value               
                of Futures Contracts (Details)                                   
85: R65         Fair Values - Activity of Level 3 Assets and        HTML    204K 
                Liabilities Measured at Fair Value on a Recurring                
                Basis (Details)                                                  
86: R66         Fair Values - Valuation Techniques and Sensitivity  HTML    378K 
                of Unobservable Inputs Used in Level 3 Fair Value                
                Measurements (Details)                                           
87: R67         Fair Values - Fund Interests Measured Based on Net  HTML     84K 
                Asset Value (Details)                                            
88: R68         Fair Values - Assets and Liabilities Measured at    HTML    105K 
                Fair Value on a Nonrecurring Basis (Details)                     
89: R69         Fair Values - Financial Instruments Not Measured    HTML    133K 
                at Fair Value (Details)                                          
90: R70         Fair Value Option - Borrowings Measured at Fair     HTML     76K 
                Value on a Recurring Basis (Details)                             
91: R71         Fair Value Option - Net Revenues from Borrowings    HTML     69K 
                under the Fair Value Option (Details)                            
92: R72         Fair Value Option - Gains (Losses) Due to Changes   HTML     84K 
                in Instrument-Specific Credit Risk (Details)                     
93: R73         Fair Value Option - Difference Between Contractual  HTML     67K 
                Principal and Fair Value (Details)                               
94: R74         Fair Value Option - Fair Value Loans on Nonaccrual  HTML     65K 
                Status (Details)                                                 
95: R75         Derivative Instruments and Hedging Activities -     HTML    200K 
                Fair Values of Derivative Contracts (Details)                    
96: R76         Derivative Instruments and Hedging Activities -     HTML    131K 
                Notionals of Derivative Contracts (Details)                      
97: R77         Derivative Instruments and Hedging Activities -     HTML    102K 
                Gains (Losses) on Accounting Hedges and Fair Value               
                Hedges (Details)                                                 
98: R78         Derivative Instruments and Hedging Activities -     HTML     75K 
                Credit Risk-Related Contingencies (Details)                      
99: R79         Derivative Instruments and Hedging Activities -     HTML    124K 
                Maximum Potential Payout/Notional of Credit                      
                Protection Sold (Details)                                        
100: R80         Derivative Instruments and Hedging Activities -     HTML     79K  
                Fair Value Asset/(Liability) of Credit Protection                
                Sold (Details)                                                   
101: R81         Derivative Instruments and Hedging Activities -     HTML     75K  
                Protection Purchased with CDS (Details)                          
102: R82         Investment Securities - AFS and HTM Securities      HTML    135K  
                (Details)                                                        
103: R83         Investment Securities - Narrative (Details)         HTML     71K  
104: R84         Investment Securities - Investment Securities in    HTML    113K  
                an Unrealized Loss Position (Details)                            
105: R85         Investment Securities - Investment Securities by    HTML    223K  
                Contractual Maturity (Details)                                   
106: R86         Investment Securities - Gross Realized Gains and    HTML     67K  
                Losses on Sales of AFS Securities (Details)                      
107: R87         Collateralized Transactions - Offsetting of         HTML    130K  
                Certain Collateralized Transactions (Details)                    
108: R88         Collateralized Transactions - Gross Secured         HTML    106K  
                Financing Balances (Details)                                     
109: R89         Collateralized Transactions - Assets Loaned or      HTML     68K  
                Pledged (Details)                                                
110: R90         Collateralized Transactions - Collateral Received   HTML     65K  
                (Details)                                                        
111: R91         Collateralized Transactions - Securities            HTML     63K  
                Segregated for Regulatory Purposes (Details)                     
112: R92         Collateralized Transactions - Concentration Based   HTML     70K  
                on the Firm's Total Assets (Details)                             
113: R93         Collateralized Transactions - Customer Margin and   HTML     63K  
                Other Lending (Details)                                          
114: R94         Loans, Lending Commitments and Related Allowance    HTML    113K  
                for Credit Losses - Loans by Type (Details)                      
115: R95         Loans, Lending Commitments and Related Allowance    HTML    158K  
                for Credit Losses - Loans Held for Investment                    
                before Allowance by Origination Year (Details)                   
116: R96         Loans, Lending Commitments and Related Allowance    HTML     98K  
                for Credit Losses - Past Due Status of Loans Held                
                for Investment before Allowance (Details)                        
117: R97         Loans, Lending Commitments and Related Allowance    HTML     75K  
                for Credit Losses - Nonaccrual Loans Held for                    
                Investment before Allowance (Details)                            
118: R98         Loans, Lending Commitments and Related Allowance    HTML     67K  
                for Credit Losses - Troubled Debt Restructurings                 
                (Details)                                                        
119: R99         Loans, Lending Commitments and Related Allowance    HTML    126K  
                for Credit Losses - Allowance for Credit Losses                  
                Rollforward - Loans and Lending Commitments                      
                (Details)                                                        
120: R100        Loans, Lending Commitments and Related Allowance    HTML     89K  
                for Credit Losses - Employee Loans (Details)                     
121: R101        Goodwill and Intangible Assets - Goodwill           HTML     84K  
                Rollforward (Details)                                            
122: R102        Goodwill and Intangible Assets - Net Amortizable    HTML     84K  
                Intangible Assets Rollforward (Details)                          
123: R103        Goodwill and Intangible Assets - Gross Amortizable  HTML     78K  
                Intangible Assets by Type (Details)                              
124: R104        Other Assets - Equity Method Investments and        HTML     72K  
                Leases - Equity Method Investments (Details)                     
125: R105        Other Assets - Equity Method Investments and        HTML     67K  
                Leases - Investees (Details)                                     
126: R106        Other Assets - Equity Method Investments and        HTML     71K  
                Leases - Narrative (Details)                                     
127: R107        Other Assets - Equity Method Investments and        HTML     76K  
                Leases - Balance Sheet Amounts Related to Leases                 
                (Details)                                                        
128: R108        Other Assets - Equity Method Investments and        HTML     86K  
                Leases - Lease Liabilities (Details)                             
129: R109        Other Assets - Equity Method Investments and        HTML     70K  
                Leases - Lease Costs (Details)                                   
130: R110        Other Assets - Equity Method Investments and        HTML     66K  
                Leases - Cash Flows Statement Supplemental                       
                Information (Details)                                            
131: R111        Other Assets - Equity Method Investments and        HTML     63K  
                Leases - Rent Expense (Details)                                  
132: R112        Deposits - Summary (Details)                        HTML     71K  
133: R113        Deposits - Time Deposit Maturities (Details)        HTML     76K  
134: R114        Borrowings and Other Secured Financings -           HTML    116K  
                Maturities and Terms of Borrowings (Details)                     
135: R115        Borrowings and Other Secured Financings -           HTML     72K  
                Borrowings with Maturities Greater than One Year                 
                (Details)                                                        
136: R116        Borrowings and Other Secured Financings - Senior    HTML     66K  
                Debt Subject to Put Options or Liquidity                         
                Obligations (Details)                                            
137: R117        Borrowings and Other Secured Financings -           HTML     64K  
                Subordinated Debt (Details)                                      
138: R118        Borrowings and Other Secured Financings - Rates     HTML     64K  
                for Long-Term Borrowings (Details)                               
139: R119        Borrowings and Other Secured Financings - Other     HTML     69K  
                Secured Financings (Details)                                     
140: R120        Borrowings and Other Secured Financings -           HTML    103K  
                Maturities and Terms of Secured Financings                       
                (Details)                                                        
141: R121        Borrowings and Other Secured Financings - Failed    HTML     78K  
                Sales by Maturity (Details)                                      
142: R122        Commitments, Guarantees and Contingencies -         HTML    103K  
                Commitments (Details)                                            
143: R123        Commitments, Guarantees and Contingencies -         HTML    137K  
                Obligations under Guarantee Arrangements (Details)               
144: R124        Commitments, Guarantees and Contingencies - Legal   HTML     63K  
                Expenses (Details)                                               
145: R125        Commitments, Guarantees and Contingencies -         HTML     90K  
                Narrative (Details)                                              
146: R126        Variable Interest Entities and Securitization       HTML     80K  
                Activities - Assets and Liabilities by Type of                   
                Activity (Details)                                               
147: R127        Variable Interest Entities and Securitization       HTML     94K  
                Activities - Assets and Liabilities by Balance                   
                Sheet Caption (Details)                                          
148: R128        Variable Interest Entities and Securitization       HTML    135K  
                Activities - Non-Consolidated VIEs (Details)                     
149: R129        Variable Interest Entities and Securitization       HTML     85K  
                Activities - Mortgage and Asset Backed                           
                Securitization Assets (Details)                                  
150: R130        Variable Interest Entities and Securitization       HTML    104K  
                Activities - Transfers of Assets with Continuing                 
                Involvement (Details)                                            
151: R131        Variable Interest Entities and Securitization       HTML     90K  
                Activities - Fair Value of Transfers of Assets                   
                with Continuing Involvement (Details)                            
152: R132        Variable Interest Entities and Securitization       HTML     72K  
                Activities - Proceeds from New Securitization                    
                Transactions and Sales of Loans (Details)                        
153: R133        Variable Interest Entities and Securitization       HTML     77K  
                Activities - Assets Sold with Retained Exposure                  
                (Details)                                                        
154: R134        Regulatory Requirements - Risk-Based Regulatory     HTML    109K  
                Capital Ratio Requirements (Details)                             
155: R135        Regulatory Requirements - Narrative (Details)       HTML     64K  
156: R136        Regulatory Requirements - The Firm's Regulatory     HTML     98K  
                Capital and Capital Ratios (Details)                             
157: R137        Regulatory Requirements - U.S. Bank Subsidiaries'   HTML    124K  
                Regulatory Capital and Capital Ratios (Details)                  
158: R138        Regulatory Requirements - U.S. Broker-Dealer        HTML     66K  
                Regulatory Capital Requirements (Details)                        
159: R139        Regulatory Requirements - Restrictions on Payments  HTML     63K  
                (Details)                                                        
160: R140        Total Equity - Preferred Stock Outstanding          HTML     98K  
                (Details)                                                        
161: R141        Total Equity - Narrative (Details)                  HTML     76K  
162: R142        Total Equity - Preferred Stock Issuance             HTML    101K  
                Description (Details)                                            
163: R143        Total Equity - Rollforward of Common Stock          HTML     72K  
                Outstanding (Details)                                            
164: R144        Total Equity - Share Repurchases (Details)          HTML     64K  
165: R145        Total Equity - Reconciliation of Common Shares      HTML     71K  
                Outstanding for Basic and Diluted EPS (Details)                  
166: R146        Total Equity - Dividends (Details)                  HTML    117K  
167: R147        Total Equity - Cumulative Adjustments to Retained   HTML     94K  
                Earnings Related to the Adoption of Accounting                   
                Updates (Details)                                                
168: R148        Total Equity - Accumulated Other Comprehensive      HTML    101K  
                Income (Loss) (Details)                                          
169: R149        Total Equity - Components of Period Changes in OCI  HTML    143K  
                (Details)                                                        
170: R150        Total Equity - Cumulative Foreign Currency          HTML     70K  
                Translation Adjustments (Details)                                
171: R151        Interest Income and Interest Expense - Summary      HTML     94K  
                (Details)                                                        
172: R152        Interest Income and Interest Expense - Accrued      HTML     65K  
                Interest (Details)                                               
173: R153        Deferred Compensation Plans and Carried Interest    HTML     71K  
                Compensation - Stock-based Compensation Plans                    
                (Details)                                                        
174: R154        Deferred Compensation Plans and Carried Interest    HTML     63K  
                Compensation - Tax Benefit Related to Stock-Based                
                Compensation Expense (Details)                                   
175: R155        Deferred Compensation Plans and Carried Interest    HTML     70K  
                Compensation - Unrecognized Compensation Cost                    
                Related to Stock-Based Awards Granted (Details)                  
176: R156        Deferred Compensation Plans and Carried Interest    HTML     63K  
                Compensation - Common Shares Available for Future                
                Awards under Stock-Based Compensation Plans                      
                (Details)                                                        
177: R157        Deferred Compensation Plans and Carried Interest    HTML     98K  
                Compensation - Vested and Unvested RSU Activity                  
                (Details)                                                        
178: R158        Deferred Compensation Plans and Carried Interest    HTML     86K  
                Compensation - Unvested RSU Activity (Details)                   
179: R159        Deferred Compensation Plans and Carried Interest    HTML     67K  
                Compensation - Fair Value of RSU Activity                        
                (Details)                                                        
180: R160        Deferred Compensation Plans and Carried Interest    HTML     73K  
                Compensation - Narrative (Details)                               
181: R161        Deferred Compensation Plans and Carried Interest    HTML     69K  
                Compensation - PSU Fair Value on Award Date                      
                (Details)                                                        
182: R162        Deferred Compensation Plans and Carried Interest    HTML     75K  
                Compensation - Monte Carlo Simulation Assumptions                
                (Details)                                                        
183: R163        Deferred Compensation Plans and Carried Interest    HTML     70K  
                Compensation - Deferred Cash-Based Compensation                  
                Expense (Details)                                                
184: R164        Deferred Compensation Plans and Carried Interest    HTML     63K  
                Compensation - Carried Interest Compensation                     
                Expense (Details)                                                
185: R165        Employee Benefit Plans - Net Periodic Benefit       HTML     82K  
                Expense (Income) (Details)                                       
186: R166        Employee Benefit Plans - Rollforward of Pre-tax     HTML     82K  
                AOCI (Details)                                                   
187: R167        Employee Benefit Plans - Weighted Average           HTML     70K  
                Assumptions Used to Determine Net Periodic Benefit               
                Expense (Income) (Details)                                       
188: R168        Employee Benefit Plans - Rollforward of the         HTML    118K  
                Benefit Obligation and Fair Value of Plan Assets                 
                (Details)                                                        
189: R169        Employee Benefit Plans - Accumulated Benefit        HTML     65K  
                Obligation (Details)                                             
190: R170        Employee Benefit Plans - Pension Plans with         HTML     70K  
                Benefit Obligations in Excess of the Fair Value of               
                Plan Assets (Details)                                            
191: R171        Employee Benefit Plans - Weighted Average           HTML     67K  
                Assumptions Used to Determine Benefit Obligation                 
                (Details)                                                        
192: R172        Employee Benefit Plans - Fair Value of Plan Assets  HTML    143K  
                (Details)                                                        
193: R173        Employee Benefit Plans - Rollforward of Level 3     HTML     74K  
                Plan Assets (Details)                                            
194: R174        Employee Benefit Plans - Narrative (Details)        HTML     75K  
195: R175        Employee Benefit Plans - Expected Future Benefit    HTML     75K  
                Payments (Details)                                               
196: R176        Employee Benefit Plans - 401(k) and Defined         HTML     67K  
                Contribution Pension Plans (Details)                             
197: R177        Income Taxes - Components of Provision for          HTML    114K  
                (Benefit from) Income Taxes (Details)                            
198: R178        Income Taxes - Effective Income Tax Rate (Details)  HTML     79K  
199: R179        Income Taxes - Narrative (Details)                  HTML     63K  
200: R180        Income Taxes - Deferred Tax Assets and Liabilities  HTML     89K  
                (Details)                                                        
201: R181        Income Taxes - Rollforward of Unrecognized Tax      HTML     80K  
                Benefits (Details)                                               
202: R182        Income Taxes - Interest Expense (Benefit), Net of   HTML     65K  
                Federal and State Income Tax Benefits (Details)                  
203: R183        Segment, Geographic and Revenue Information -       HTML    200K  
                Selected Financial Information by Business Segment               
                (Details)                                                        
204: R184        Segment, Geographic and Revenue Information -       HTML     76K  
                Institutional Securities - Investment Banking                    
                Revenues (Details)                                               
205: R185        Segment, Geographic and Revenue Information -       HTML     75K  
                Trading Revenues by Product Type (Details)                       
206: R186        Segment, Geographic and Revenue Information -       HTML     63K  
                Investment Management Investments Revenues - Net                 
                Unrealized Carried Interest (Details)                            
207: R187        Segment, Geographic and Revenue Information -       HTML     63K  
                Investment Management Asset Management Revenues -                
                Reduction of Fees due to Fee Waivers (Details)                   
208: R188        Segment, Geographic and Revenue Information - Net   HTML     75K  
                Revenues by Region (Details)                                     
209: R189        Segment, Geographic and Revenue Information -       HTML     74K  
                Income from Continuing Operations before Income                  
                Tax Expense (Benefit) (Details)                                  
210: R190        Segment, Geographic and Revenue Information - Net   HTML     71K  
                Discrete Tax Provisions (Benefits) by Segment                    
                (Details)                                                        
211: R191        Segment, Geographic and Revenue Information -       HTML     63K  
                Revenue Recognized from Prior Services (Details)                 
212: R192        Segment, Geographic and Revenue Information -       HTML     63K  
                Receivables from Contracts with Customers                        
                (Details)                                                        
213: R193        Segment, Geographic and Revenue Information -       HTML     72K  
                Assets by Business Segment (Details)                             
214: R194        Segment, Geographic and Revenue Information -       HTML     72K  
                Assets by Region (Details)                                       
215: R195        Parent Company - Condensed Income Statements and    HTML    154K  
                Comprehensive Income Statements (Details)                        
216: R196        Parent Company - Condensed Balance Sheets           HTML    179K  
                (Details)                                                        
217: R197        Parent Company - Condensed Cash Flow Statements     HTML    138K  
                (Details)                                                        
218: R198        Parent Company - Narrative (Details)                HTML     64K  
219: R199        Parent Company - Parent Company's Borrowings with   HTML     72K  
                Original Maturities Greater than One Year                        
                (Details)                                                        
220: R200        Parent Company - Guarantees (Details)               HTML     68K  
221: R201        Quarterly Results (Unaudited) - Summary (Details)   HTML    151K  
223: XML         IDEA XML File -- Filing Summary                      XML    442K  
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225: ZIP         XBRL Zipped Folder -- 0000895421-21-000286-xbrl      Zip   1.83M  


‘EX-101.LAB’   —   XBRL Labels — ms-20201231_lab


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<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
<link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_86d15037-c73e-4468-9eb4-7c1cb17a6faf_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rollforward of benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_cf1d31ca-66e4-4737-b9b7-b1f664829214_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_0e2b7033-1aa8-43de-8386-8965f77bb3d1_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Guarantees and Contingencies </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanToValueDomain_785bfb77-675b-491a-8d93-f4f9d75af823_terseLabel_en-US" xlink:label="lab_us-gaap_LoanToValueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Domain] </link:label>
<link:label id="lab_us-gaap_LoanToValueDomain_label_en-US" xlink:label="lab_us-gaap_LoanToValueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanToValueDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoanToValueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanToValueDomain" xlink:to="lab_us-gaap_LoanToValueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_ddd8747c-716a-474a-919e-240723216050_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rollforward of fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueOptionAggregateDifferencesDebt_36b4d77f-d48f-437e-9c37-b2699465fbd1_terseLabel_en-US" xlink:label="lab_ms_FairValueOptionAggregateDifferencesDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_ms_FairValueOptionAggregateDifferencesDebt_label_en-US" xlink:label="lab_ms_FairValueOptionAggregateDifferencesDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option Aggregate Differences Debt </link:label>
<link:label id="lab_ms_FairValueOptionAggregateDifferencesDebt_documentation_en-US" xlink:label="lab_ms_FairValueOptionAggregateDifferencesDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of debt instruments that have contractual principal amounts and for which the fair value option has been elected. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueOptionAggregateDifferencesDebt" xlink:href="ms-20201231.xsd#ms_FairValueOptionAggregateDifferencesDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueOptionAggregateDifferencesDebt" xlink:to="lab_ms_FairValueOptionAggregateDifferencesDebt" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TradingAssetsFairValueDisclosure_8f8af491-b0fa-4e91-acf4-39f640b2359b_terseLabel_en-US" xlink:label="lab_ms_TradingAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets at fair value ($132,578 and $128,386 were pledged to various parties) </link:label>
<link:label id="lab_ms_TradingAssetsFairValueDisclosure_da1c079b-ca9e-4f2c-8e9f-faf1ab8a8118_totalLabel_en-US" xlink:label="lab_ms_TradingAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total trading assets </link:label>
<link:label id="lab_ms_TradingAssetsFairValueDisclosure_b557bfca-a62a-4518-9f8c-440d980a3680_verboseLabel_en-US" xlink:label="lab_ms_TradingAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets at fair value </link:label>
<link:label id="lab_ms_TradingAssetsFairValueDisclosure_label_en-US" xlink:label="lab_ms_TradingAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Assets, Fair Value Disclosure </link:label>
<link:label id="lab_ms_TradingAssetsFairValueDisclosure_documentation_en-US" xlink:label="lab_ms_TradingAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value portion of assets pertaining to principal and customer trading transactions, or which may be incurred with the objective of generating a profit from short- term fluctuations in price as part of an entity's market-making, hedging and proprietary trading. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TradingAssetsFairValueDisclosure" xlink:href="ms-20201231.xsd#ms_TradingAssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TradingAssetsFairValueDisclosure" xlink:to="lab_ms_TradingAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmployeeBenefitPlansParticipantsAxis_eab689a4-11e8-4e5b-93ef-544326754aa1_terseLabel_en-US" xlink:label="lab_ms_EmployeeBenefitPlansParticipantsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans Participants [Axis] </link:label>
<link:label id="lab_ms_EmployeeBenefitPlansParticipantsAxis_label_en-US" xlink:label="lab_ms_EmployeeBenefitPlansParticipantsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans Participants [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeBenefitPlansParticipantsAxis" xlink:href="ms-20201231.xsd#ms_EmployeeBenefitPlansParticipantsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmployeeBenefitPlansParticipantsAxis" xlink:to="lab_ms_EmployeeBenefitPlansParticipantsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonEquityTierOneCapitalRatio_b6b0a6a5-373d-4ace-aee3-358dd1d19c02_terseLabel_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier 1 capital (as a percent) </link:label>
<link:label id="lab_us-gaap_CommonEquityTierOneCapitalRatio_label_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonEquityTierOneCapitalRatio" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonEquityTierOneCapitalRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonEquityTierOneCapitalRatio" xlink:to="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock_ef552867-e956-4f4f-afd3-008eac7c785f_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Trading Revenues by Product Type </link:label>
<link:label id="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Trading Revenues by Product Type [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of trading revenues by product or group of similar products. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:to="lab_ms_ScheduleOfTradingRevenuesByProductTypeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingRevenueMember_ef8a1c1c-4c1d-4695-ad10-afe4db40f8aa_terseLabel_en-US" xlink:label="lab_us-gaap_TradingRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading revenues </link:label>
<link:label id="lab_us-gaap_TradingRevenueMember_label_en-US" xlink:label="lab_us-gaap_TradingRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Revenue [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingRevenueMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradingRevenueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingRevenueMember" xlink:to="lab_us-gaap_TradingRevenueMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember_727f1a38-1d0d-4f1b-9791-3d3d2e5cf47b_terseLabel_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One-notch downgrade </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember_label_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features, Triggering Circumstances, One-notch Credit Rating Downgrade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember" xlink:href="ms-20201231.xsd#ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember" xlink:to="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativesSellingProtectionMember_8132e0e4-71ef-45da-bb30-2621b0e31f33_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativesSellingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Protection Sold </link:label>
<link:label id="lab_ms_CreditDerivativesSellingProtectionMember_label_en-US" xlink:label="lab_ms_CreditDerivativesSellingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives, Selling Protection [Member] </link:label>
<link:label id="lab_ms_CreditDerivativesSellingProtectionMember_documentation_en-US" xlink:label="lab_ms_CreditDerivativesSellingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A credit derivative in which one party makes periodic payments to the other and receives the promise of a pay-off if a third party defaults. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativesSellingProtectionMember" xlink:href="ms-20201231.xsd#ms_CreditDerivativesSellingProtectionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativesSellingProtectionMember" xlink:to="lab_ms_CreditDerivativesSellingProtectionMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LoanCommitmentModifications_63922dc4-b72b-4617-be2f-6bd0618bd84e_terseLabel_en-US" xlink:label="lab_ms_LoanCommitmentModifications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitments </link:label>
<link:label id="lab_ms_LoanCommitmentModifications_label_en-US" xlink:label="lab_ms_LoanCommitmentModifications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Commitment, Modifications </link:label>
<link:label id="lab_ms_LoanCommitmentModifications_documentation_en-US" xlink:label="lab_ms_LoanCommitmentModifications" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount of legally binding loan origination and purchase agreements that have been modified by troubled debt restructurings. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LoanCommitmentModifications" xlink:href="ms-20201231.xsd#ms_LoanCommitmentModifications"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LoanCommitmentModifications" xlink:to="lab_ms_LoanCommitmentModifications" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_1711ea4b-82ac-47b8-a2dd-4ac1d8d62ba9_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan settlements </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Payment for Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanSettlementsPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2decd318-03fc-401e-a393-59163e33695e_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unvested RSUs at beginning of period (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_03af3a1d-7d67-4f71-9cc2-48ee78a14a11_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unvested RSUs at end of period (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_b9287bef-ab83-4976-9e0b-bad5cec3361b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive"/>
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<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_5d062c96-be7b-4e7f-8a92-3eeea5bc0fae_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross realized (losses) </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Realized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsAbstract_5acc4186-cd19-42b8-967c-8c0b7670af9b_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_1705fcbf-008b-41ba-838f-356819a45993_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_cad07ba4-6a94-4f5d-bba3-03049113a00d_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_4098f92c-5819-4d2e-8519-d85919e8a668_verboseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_74d39b96-929e-4ba5-87d1-defd4002434c_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:to="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDefaultSwapModelMember_21239758-c004-4e5f-bdbb-66ce2b4dda27_terseLabel_en-US" xlink:label="lab_ms_CreditDefaultSwapModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap Model </link:label>
<link:label id="lab_ms_CreditDefaultSwapModelMember_label_en-US" xlink:label="lab_ms_CreditDefaultSwapModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap Model [Member] </link:label>
<link:label id="lab_ms_CreditDefaultSwapModelMember_documentation_en-US" xlink:label="lab_ms_CreditDefaultSwapModelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap Model [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDefaultSwapModelMember" xlink:href="ms-20201231.xsd#ms_CreditDefaultSwapModelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDefaultSwapModelMember" xlink:to="lab_ms_CreditDefaultSwapModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock_b7fb4aea-d1ab-43ef-8e02-2b7c87d297bc_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Condensed Cash Flow Statements </link:label>
<link:label id="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfCondensedCashFlowStatementTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember_dd6237d4-501a-4e71-af38-0f14b7eb7a1c_verboseLabel_en-US" xlink:label="lab_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2018 </link:label>
<link:label id="lab_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember_label_en-US" xlink:label="lab_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior Prior Performance Year Deferred Compensation Awards [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember" xlink:href="ms-20201231.xsd#ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember" xlink:to="lab_ms_PriorPriorPerformanceYearDeferredCompensationAwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_163b1b2d-e08c-4580-81d3-b72f87fbe2d3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Captions </link:label>
<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput_d7d6594f-e8c0-45ff-8a74-ab70c178ca8d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities-AFS, measurement input value </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PreferredStockCarryingValue_b74297fb-e5ea-427b-96d1-24283161b863_terseLabel_en-US" xlink:label="lab_ms_PreferredStockCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock </link:label>
<link:label id="lab_ms_PreferredStockCarryingValue_label_en-US" xlink:label="lab_ms_PreferredStockCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Carrying Value </link:label>
<link:label id="lab_ms_PreferredStockCarryingValue_documentation_en-US" xlink:label="lab_ms_PreferredStockCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Call price of preferred stock plus any dividends in arrears times total number of preferred stock outstanding. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PreferredStockCarryingValue" xlink:href="ms-20201231.xsd#ms_PreferredStockCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PreferredStockCarryingValue" xlink:to="lab_ms_PreferredStockCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss_a158ebcc-44c5-4450-84fd-4304a9bb89ec_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Net carrying amount, due within 1 year </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingwithinOneYearAmortizedCostLessAllowanceforCreditLoss"/>
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<link:label id="lab_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_d292ee81-fadd-489b-a748-ca0b7a3ed862_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangibles, goodwill and other </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Goodwill and Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest_b00c4552-6338-4045-88f0-b37ec79a2486_negatedTerseLabel_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net discrete tax benefits related to remeasurement of reserves and related interest </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest_label_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Discrete Item, Remeasurement of Reserves and Related Interest </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest_documentation_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intermittent net discrete tax provision (benefit) associated with the remeasurement of reserves and related interest relating to the status of multi-year tax examinations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest" xlink:href="ms-20201231.xsd#ms_IncomeTaxExpenseBenefitDiscreteItemRemeasurementOfReservesAndRelatedInterest"/>
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<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_12d7b657-de34-4e7d-b715-5076da950039_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock purchases (shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares, Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockSharesAcquired"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient_a1adbd01-b69e-44d6-a770-38aacaf05e45_terseLabel_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Correlation coefficient </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient_label_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Valuation Method, Correlation Coefficient </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient_documentation_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The statistical relationship between the historical price data of the reporting entity and a market index during the expected term of a performance share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:href="ms-20201231.xsd#ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:to="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodCorrelationCoefficient" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_8b20da04-0c6f-44c1-a4c7-2731e7272d8f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year Four </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_fa974340-be6b-481f-973d-5d5a728a65ab_totalLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_32e655a3-49c1-4b60-84cb-bd38b35ee455_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsMaximumExposure_6a36534e-3343-49d3-bd89-951c20f209cf_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Potential Payout/Notional </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsMaximumExposure_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Maximum Exposure, Undiscounted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsMaximumExposure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsMaximumExposure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsMaximumExposure" xlink:to="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockValue_36b2e14d-1ede-4dfb-992e-7d42a590c9ed_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock issued </link:label>
<link:label id="lab_us-gaap_PreferredStockValue_label_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Value, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue" xlink:to="lab_us-gaap_PreferredStockValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther_7dba34b4-31ad-4c40-9261-7353dee08a13_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained interests </link:label>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther_label_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows Between Transferor and Transferee, Receipts on Transferor's Interest in Transferred Financial Assets, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther" xlink:to="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorReceiptsOnInterestsThatContinueToBeHeldOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialPortfolioSegmentMember_f3f8085d-969b-4ece-9e41-02fcf8775c4f_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential real estate </link:label>
<link:label id="lab_us-gaap_ResidentialPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialPortfolioSegmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ResidentialPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialPortfolioSegmentMember" xlink:to="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_471ef99f-81f7-4eb5-b505-f2e5d2b39174_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading liabilities at fair value </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Sold, Not yet Purchased, at Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:to="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedAbstract_7b4b459e-b1b9-4744-8150-ebb6e5c9beb9_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedAbstract_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedAbstract" xlink:to="lab_us-gaap_SecuritiesBorrowedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BuildingMember_3ff02a11-374e-46d4-84a3-24c4e4a2d598_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Buildings </link:label>
<link:label id="lab_us-gaap_BuildingMember_label_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Building [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BuildingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_66b468b4-9927-43b6-b592-2091039710ac_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss), net of tax: </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_51c8fb69-b522-419e-98a6-84a56cd82a06_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> After-tax Gain (Loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DueFromEmployeesNetOfAllowance_21f12a30-ec4f-40f0-9869-0be408e45411_totalLabel_en-US" xlink:label="lab_ms_DueFromEmployeesNetOfAllowance" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee loans, net of ACL </link:label>
<link:label id="lab_ms_DueFromEmployeesNetOfAllowance_label_en-US" xlink:label="lab_ms_DueFromEmployeesNetOfAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due from Employees, Net of Allowance </link:label>
<link:label id="lab_ms_DueFromEmployeesNetOfAllowance_documentation_en-US" xlink:label="lab_ms_DueFromEmployeesNetOfAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts due from an Entity employees, net of allowance. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DueFromEmployeesNetOfAllowance" xlink:href="ms-20201231.xsd#ms_DueFromEmployeesNetOfAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DueFromEmployeesNetOfAllowance" xlink:to="lab_ms_DueFromEmployeesNetOfAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FICOScoreGreaterthanorEqualto740Member_b8db17b2-9d6c-445e-ac40-51e310dc03e4_terseLabel_en-US" xlink:label="lab_ms_FICOScoreGreaterthanorEqualto740Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than or equal to 740 </link:label>
<link:label id="lab_ms_FICOScoreGreaterthanorEqualto740Member_label_en-US" xlink:label="lab_ms_FICOScoreGreaterthanorEqualto740Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Greater than or Equal to 740 [Member] </link:label>
<link:label id="lab_ms_FICOScoreGreaterthanorEqualto740Member_documentation_en-US" xlink:label="lab_ms_FICOScoreGreaterthanorEqualto740Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Greater than or Equal to 740 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FICOScoreGreaterthanorEqualto740Member" xlink:href="ms-20201231.xsd#ms_FICOScoreGreaterthanorEqualto740Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FICOScoreGreaterthanorEqualto740Member" xlink:to="lab_ms_FICOScoreGreaterthanorEqualto740Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_43120255-386d-4fb9-8e79-ebb279b4b756_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rollforward of Pre-tax AOCI </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AlternativeInvestment_293a3815-3080-4fec-9bd2-4bb0a81464ce_terseLabel_en-US" xlink:label="lab_us-gaap_AlternativeInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_AlternativeInvestment_label_en-US" xlink:label="lab_us-gaap_AlternativeInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AlternativeInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AlternativeInvestment" xlink:to="lab_us-gaap_AlternativeInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketingAndAdvertisingExpense_11cea23a-0443-4a3e-ac31-38ada097ab14_terseLabel_en-US" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketing and business development </link:label>
<link:label id="lab_us-gaap_MarketingAndAdvertisingExpense_label_en-US" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketing and Advertising Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketingAndAdvertisingExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketingAndAdvertisingExpense" xlink:to="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_3350cbc2-48a4-4f01-9b42-d0f75cbadf67_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards_89e37c7d-17c6-49e1-a937-562a198585b1_terseLabel_en-US" xlink:label="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net operating loss and tax credit carryforwards </link:label>
<link:label id="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards_label_en-US" xlink:label="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit and Operating Loss Carryforwards </link:label>
<link:label id="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards_documentation_en-US" xlink:label="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit and Operating Loss Carryforwards </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:href="ms-20201231.xsd#ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:to="lab_ms_DeferredTaxAssetsTaxCreditAndOperatingLossCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_9b1bfa1f-fef4-48e4-a334-0c29646dbc59_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputBondPriceMember_9a53a1cf-d502-4052-b938-a36d7e669ee7_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputBondPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bond Price </link:label>
<link:label id="lab_ms_MeasurementInputBondPriceMember_label_en-US" xlink:label="lab_ms_MeasurementInputBondPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Bond Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputBondPriceMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputBondPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputBondPriceMember" xlink:to="lab_ms_MeasurementInputBondPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember_78da43f5-eace-4eeb-8593-afe86d69882a_terseLabel_en-US" xlink:label="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Power generation assets </link:label>
<link:label id="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember_label_en-US" xlink:label="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electricity Generation Plant, Non-Nuclear [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ElectricityGenerationPlantNonNuclearMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:to="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentRelatedLiabilities_8fe16daf-b766-4118-92ed-0236b5b1ee1b_totalLabel_en-US" xlink:label="lab_us-gaap_InvestmentRelatedLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_InvestmentRelatedLiabilities_label_en-US" xlink:label="lab_us-gaap_InvestmentRelatedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment-related Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentRelatedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentRelatedLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentRelatedLiabilities" xlink:to="lab_us-gaap_InvestmentRelatedLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_2a03838f-9b8a-4618-bb83-746f84d8fe1b_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal in Next Twelve Months </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing in the next fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputEquityVolatilitySkewMember_6ca19d7a-21eb-4084-9012-9c5e32c65e65_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Volatility Skew </link:label>
<link:label id="lab_ms_MeasurementInputEquityVolatilitySkewMember_label_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Volatility Skew [Member] </link:label>
<link:label id="lab_ms_MeasurementInputEquityVolatilitySkewMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Volatility Skew </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputEquityVolatilitySkewMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputEquityVolatilitySkewMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputEquityVolatilitySkewMember" xlink:to="lab_ms_MeasurementInputEquityVolatilitySkewMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock_558cd6d6-92ae-4332-85f5-3764f81e9c0f_terseLabel_en-US" xlink:label="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Mortgage- and Asset-Backed Securitization Assets </link:label>
<link:label id="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Mortgage-Backed and Asset-Backed Securitization Assets [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Mortgage-Backed and Asset-Backed Securitization Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:to="lab_ms_ScheduleofMortgageBackedandAssetBackedSecuritizationAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_11318f7e-e925-4163-994b-38fbbab50735_verboseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average coupon at period end (as a percent) </link:label>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Weighted Average Interest Rate, at Point in Time </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearOne_2e31d9ce-08be-4a51-8549-96e2fe178463_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearOne_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearOne" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesYearOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearOne" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LiquidityFacilitiesGuaranteeMember_8c53e887-e204-494a-b07e-55f5d9394243_terseLabel_en-US" xlink:label="lab_ms_LiquidityFacilitiesGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidity facilities </link:label>
<link:label id="lab_ms_LiquidityFacilitiesGuaranteeMember_label_en-US" xlink:label="lab_ms_LiquidityFacilitiesGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidity Facilities Guarantee [Member] </link:label>
<link:label id="lab_ms_LiquidityFacilitiesGuaranteeMember_documentation_en-US" xlink:label="lab_ms_LiquidityFacilitiesGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidity Facilities Guarantee </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LiquidityFacilitiesGuaranteeMember" xlink:href="ms-20201231.xsd#ms_LiquidityFacilitiesGuaranteeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LiquidityFacilitiesGuaranteeMember" xlink:to="lab_ms_LiquidityFacilitiesGuaranteeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementTable_9277f3af-d226-419c-bb48-0cbc28fd4cdd_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_fd457d05-0f6f-4d7e-8440-5f3ab79fc8e4_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee compensation and benefit plans </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_076e7414-227f-4636-8309-8265b4536e2e_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset against cash collateral netting </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Collateral, Right to Reclaim Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:to="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract_e6b0e7d6-7cfe-4980-bdab-56e5d2dd3303_terseLabel_en-US" xlink:label="lab_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense (Benefit) Net of Federal and State Income Tax Benefits </link:label>
<link:label id="lab_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract_label_en-US" xlink:label="lab_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense (Benefit) Net of Federal and State Income Tax Benefits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract" xlink:href="ms-20201231.xsd#ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract" xlink:to="lab_ms_InterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeOther_66aef6c0-b09f-4921-8231-40124618dd08_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer receivables and Other </link:label>
<link:label id="lab_us-gaap_InterestIncomeOther_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOther" xlink:to="lab_us-gaap_InterestIncomeOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_3788b813-3531-483d-8962-e1de6589fe0b_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for loan losses rollforward </link:label>
<link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_label_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Loan and Lease Losses [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:to="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_ad8861e7-1ca4-431a-a8aa-cbec4c1bf76d_terseLabel_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities Accumulated Gross Unrealized Gain Before Tax </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_documentation_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="ms-20201231.xsd#ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_srt_WeightedAverageMember_640d46f5-6121-486f-94cb-1dff639fbbec_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average </link:label>
<link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_WeightedAverageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures_6d2aff4d-54aa-40bd-bfb5-54518678587a_periodStartLabel_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures_84c1c0dc-405f-44c3-b3d1-359864bd2843_periodEndLabel_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures_label_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-balance-sheet Loan Commitments, Allowance for Credit Exposures </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures_documentation_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A valuation allowance for credit exposures related to off-balance-sheet loan commitments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:href="ms-20201231.xsd#ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:to="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposures" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesPolicy_274acc7f-f534-4334-b03f-ab94b15708dd_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities - Available-for-Sale and Held-to-Maturity </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesPolicy_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketableSecuritiesPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesPolicy" xlink:to="lab_us-gaap_MarketableSecuritiesPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_92d0da24-64c8-42df-b7b8-927e3d83aea3_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation </link:label>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_65344610-e0ea-47f5-bdb8-52bc15494ce2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember_7e8b494d-d256-42df-8fac-2fc659ab039e_terseLabel_en-US" xlink:label="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Whole loan sales guarantees </link:label>
<link:label id="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember_label_en-US" xlink:label="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Whole Loan Sales Representations and Warranties [Member] </link:label>
<link:label id="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember_documentation_en-US" xlink:label="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Whole Loan Sales Representations and Warranties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:href="ms-20201231.xsd#ms_WholeLoanSalesRepresentationsAndWarrantiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:to="lab_ms_WholeLoanSalesRepresentationsAndWarrantiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AssetManagementFees_2ed91d4d-dac3-4de5-bd74-1686f4174b30_terseLabel_en-US" xlink:label="lab_ms_AssetManagementFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset management </link:label>
<link:label id="lab_ms_AssetManagementFees_label_en-US" xlink:label="lab_ms_AssetManagementFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Fees </link:label>
<link:label id="lab_ms_AssetManagementFees_documentation_en-US" xlink:label="lab_ms_AssetManagementFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of fee revenue for the management of an investment fund portfolio, including performance-based fees. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AssetManagementFees" xlink:href="ms-20201231.xsd#ms_AssetManagementFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AssetManagementFees" xlink:to="lab_ms_AssetManagementFees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtDisclosureTextBlock_158be72d-0773-4e2c-ac88-730a6704017c_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings and Other Secured Financings </link:label>
<link:label id="lab_us-gaap_DebtDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_2f77e780-0438-4db6-8285-968bd95cb7ca_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_e5adc5bc-f917-450e-9f76-5a8d4eb41288_totalLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Dividend Income, Operating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperating" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndDividendIncomeOperating"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperating" xlink:to="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_5c1ae41c-1b5b-40f5-b836-4825cc9ea5fb_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>
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<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_98852001-5335-417a-a3dc-07dc99f6690a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset </link:label>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_62a1680a-5c81-4743-bfd7-e2cb5aba8d0a_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares available for future awards (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant </link:label>
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<link:label id="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced_53699752-dd0b-46cb-b1f0-0e79089b5add_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
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<link:label id="lab_ms_MeasurementInputInterestRateCorrelationMember_b82aacc3-c971-4d10-9c7f-c9ca56622d55_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IR Correlation </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Correlation [Member] </link:label>
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<link:label id="lab_us-gaap_SecuritiesBorrowedNotSubjectToMasterNettingArrangement_33f47760-958a-43b9-9a2c-4c9beb88532d_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Not Subject to Master Netting Arrangement </link:label>
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<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_8a9afc75-7bb2-453a-b0f5-bfbb254e7d27_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Fair value, after 5 years through 10 years </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue"/>
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<link:label id="lab_ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock_3926171b-d887-4ecc-9315-39d6debea7f3_terseLabel_en-US" xlink:label="lab_ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income from Continuing Operations before Income Tax Expense (Benefit) </link:label>
<link:label id="lab_ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock_label_en-US" xlink:label="lab_ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Operating Profit (Loss) from Geographical Areas to Consolidated [Table Text Block] </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock" xlink:href="ms-20201231.xsd#ms_ReconciliationOfOperatingProfitLossFromGeographicalAreasToConsolidatedTableTextBlock"/>
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<link:label id="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock_e3192b93-d579-4510-813d-b69f8b6af510_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation </link:label>
<link:label id="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation Related Costs, Policy [Policy Text Block] </link:label>
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<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAbstract_ab3599ce-d6ee-4a20-af44-7d2f7da99b54_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAbstract_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell [Abstract] </link:label>
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<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_7970e497-1646-42d1-92c0-be53ba179506_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum exposure to loss </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
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<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_ef7d64a0-e164-480d-9cd5-e2869d20d96b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward points excluded from hedge effectiveness testing—Recognized in Interest income </link:label>
<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Gain (Loss) on Derivative, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
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<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_abf0645a-a9dd-4ef4-88e2-517bd701da4d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain"/>
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<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_e860f5c4-c466-4569-ab39-12afe1351567_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS: Fair Value, 12 Months or Longer </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger"/>
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<link:label id="lab_us-gaap_AccountingStandardsUpdate201802Member_f1a17147-f50e-4532-a4ba-cb36ac45432b_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201802Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification of certain tax effects from AOCI </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201802Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201802Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2018-02 [Member] </link:label>
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<link:label id="lab_ms_CommonStockBookValuePerShare_121c85ab-e9ff-431c-a4d0-47b7a8eeb053_terseLabel_en-US" xlink:label="lab_ms_CommonStockBookValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Book value per common share (USD per share) </link:label>
<link:label id="lab_ms_CommonStockBookValuePerShare_label_en-US" xlink:label="lab_ms_CommonStockBookValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Book Value per Share </link:label>
<link:label id="lab_ms_CommonStockBookValuePerShare_documentation_en-US" xlink:label="lab_ms_CommonStockBookValuePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount of money that a holder of a common share would get if a company were to liquidate. </link:label>
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<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember_1a4b7728-b616-4128-9626-309577475399_terseLabel_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Two-notch downgrade </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember_label_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Credit Risk Related Contingent FeaturesTriggering Circumstances Two Notch Credit Rating Downgrade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember" xlink:href="ms-20201231.xsd#ms_DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember"/>
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<link:label id="lab_us-gaap_StandbyLettersOfCreditMember_0fa574d5-5e81-4d45-8903-63abba03c876_terseLabel_en-US" xlink:label="lab_us-gaap_StandbyLettersOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standby letters of credit and other financial guarantees issued </link:label>
<link:label id="lab_us-gaap_StandbyLettersOfCreditMember_label_en-US" xlink:label="lab_us-gaap_StandbyLettersOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standby Letters of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StandbyLettersOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StandbyLettersOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StandbyLettersOfCreditMember" xlink:to="lab_us-gaap_StandbyLettersOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_47d54da5-a7c2-4e21-9d72-af986b484172_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:to="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_GlobalMediumTermNotesSeriesAFixedRateStepUpSeniorNotesDue2026ofMorganStanleyFinanceLLCMember_9f7d0753-6944-4283-9442-01a5f0060525_verboseLabel_en-US" xlink:label="lab_ms_GlobalMediumTermNotesSeriesAFixedRateStepUpSeniorNotesDue2026ofMorganStanleyFinanceLLCMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 </link:label>
<link:label id="lab_ms_GlobalMediumTermNotesSeriesAFixedRateStepUpSeniorNotesDue2026ofMorganStanleyFinanceLLCMember_label_en-US" xlink:label="lab_ms_GlobalMediumTermNotesSeriesAFixedRateStepUpSeniorNotesDue2026ofMorganStanleyFinanceLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 of Morgan Stanley Finance LLC [Member] </link:label>
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<link:label id="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock_db34dbe6-d94e-40f6-beca-b8389c8d6752_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits </link:label>
<link:label id="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Interest Expense (Benefit), Net of Federal and State Income Tax Benefits [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of interest expense (benefit), net of federal and state income tax benefits. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfInterestExpenseBenefitNetOfFederalAndStateIncomeTaxBenefitsTableTextBlock"/>
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<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_63a2445b-b9a4-440a-80d2-db5200d70038_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_label_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Fee Income, Loans and Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward_58731fe5-1125-41c6-be98-733ec248de93_terseLabel_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for lending commitments rollforward </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward_label_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-balance-sheet Loan Commitments, Allowance for Credit Exposures [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward" xlink:href="ms-20201231.xsd#ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward" xlink:to="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestBearingDepositsInBanks_44fbb0ba-c1fb-4be3-a665-41d9c67820eb_terseLabel_en-US" xlink:label="lab_us-gaap_InterestBearingDepositsInBanks" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest bearing deposits with banks </link:label>
<link:label id="lab_us-gaap_InterestBearingDepositsInBanks_label_en-US" xlink:label="lab_us-gaap_InterestBearingDepositsInBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing Deposits in Banks and Other Financial Institutions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestBearingDepositsInBanks" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestBearingDepositsInBanks"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestBearingDepositsInBanks" xlink:to="lab_us-gaap_InterestBearingDepositsInBanks" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EquityAndIndexContractMember_3726cb0a-dfd4-4bcc-96df-115021513bb5_terseLabel_en-US" xlink:label="lab_ms_EquityAndIndexContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity security and index </link:label>
<link:label id="lab_ms_EquityAndIndexContractMember_label_en-US" xlink:label="lab_ms_EquityAndIndexContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity and Index Contract [Member] </link:label>
<link:label id="lab_ms_EquityAndIndexContractMember_documentation_en-US" xlink:label="lab_ms_EquityAndIndexContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative instrument whose primary underlying risk is tied to share prices and share indices. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EquityAndIndexContractMember" xlink:href="ms-20201231.xsd#ms_EquityAndIndexContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EquityAndIndexContractMember" xlink:to="lab_ms_EquityAndIndexContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_fe3759be-d64a-44f2-9d37-d72a7a05c1b3_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of dilutive Stock options, RSUs and PSUs (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number Diluted Shares Outstanding Adjustment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment"/>
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<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty_2d2202ed-bd70-45b8-b849-72ba66677883_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned and Pledged as Collateral, Amount Not Eligible to be Repledged by Counterparty </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAmountNotEligibleToBeRepledgedByCounterparty"/>
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<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_8f987f45-21f4-4c78-a749-8a2ac2ad7b05_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Axis] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
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<link:label id="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_a7015a22-6078-49d8-8d69-898d1d95ba0b_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2018 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear"/>
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<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_6fb2dd6e-fb2d-454d-b363-363c38c07848_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of common stock for the acquisition of E*TRADE1 </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, Acquisitions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FutureMember_16c3a22c-c2c8-410c-af29-595af4441562_terseLabel_en-US" xlink:label="lab_us-gaap_FutureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Futures Contracts </link:label>
<link:label id="lab_us-gaap_FutureMember_label_en-US" xlink:label="lab_us-gaap_FutureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Future [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FutureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FutureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FutureMember" xlink:to="lab_us-gaap_FutureMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsLineItems_ba53a189-4076-4667-b78a-724d76b2ae74_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsLineItems_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsLineItems" xlink:to="lab_us-gaap_OtherCommitmentsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_9dee8cac-7e75-4cf5-9ca8-9010576cc30d_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows from financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_ec6a1ab8-d097-4ccf-9466-c62ea6408b4b_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Lease Costs and Rent Expense </link:label>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCostTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostTableTextBlock" xlink:to="lab_us-gaap_LeaseCostTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TotalIndexAndBasketCreditDefaultSwapsMember_90232422-4910-4c8b-b4da-1e53c0a45546_terseLabel_en-US" xlink:label="lab_ms_TotalIndexAndBasketCreditDefaultSwapsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Index and basket CDS </link:label>
<link:label id="lab_ms_TotalIndexAndBasketCreditDefaultSwapsMember_label_en-US" xlink:label="lab_ms_TotalIndexAndBasketCreditDefaultSwapsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Index and Basket Credit Default Swaps [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TotalIndexAndBasketCreditDefaultSwapsMember" xlink:href="ms-20201231.xsd#ms_TotalIndexAndBasketCreditDefaultSwapsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TotalIndexAndBasketCreditDefaultSwapsMember" xlink:to="lab_ms_TotalIndexAndBasketCreditDefaultSwapsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_2f8eb63b-e3de-459d-90ac-6580794f7dbf_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year Three </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure_89302b04-2b41-4b72-adf5-a4f1a6df6f37_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Fair Value Disclosure </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:to="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Assets_269152c8-f71f-445e-a4d2-78a00b3c6686_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_Assets_81e4168d-1137-4720-a279-b74e43a7f58e_netLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of variable interests—Assets </link:label>
<link:label id="lab_us-gaap_Assets_e3225ec8-3eff-4239-ae10-be3e4c56bee1_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_Assets_bfc5f2a4-9bd1-491e-8286-7347d4c8a800_verboseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_ea518a9a-9ff2-47ca-afa4-79933c2bdd38_verboseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other sovereign government obligations </link:label>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_f2ddbc88-9dfd-4aca-ada9-f09f827c5ae8_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other sovereign government obligations </link:label>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Security, Government, Non-US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignGovernmentDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:to="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_b8f4bcaf-5def-4d17-a109-0e40b27b2a97_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unvested RSUs at beginning of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_a09399a6-37d6-4d8e-afa5-62ba362869d4_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unvested RSUs at end of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfMarginLoansTableTextBlock_293c1a6c-1230-4f0d-ad2f-13760a096735_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfMarginLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Customer Margin and Other Lending </link:label>
<link:label id="lab_ms_ScheduleOfMarginLoansTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfMarginLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Margin Loans [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfMarginLoansTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfMarginLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclusure of customer margin loans, which are collaterized by customer-owned securities held by the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfMarginLoansTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfMarginLoansTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfMarginLoansTableTextBlock" xlink:to="lab_ms_ScheduleOfMarginLoansTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherSecuredFinancingsMember_d1372773-8f67-4bf9-9b78-9878f520353c_terseLabel_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsMember_label_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings [Member] </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsMember_documentation_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherSecuredFinancingsMember" xlink:href="ms-20201231.xsd#ms_OtherSecuredFinancingsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherSecuredFinancingsMember" xlink:to="lab_ms_OtherSecuredFinancingsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QualifiedPlanMember_0f57d656-7f9b-4758-8567-b823ff7e835b_terseLabel_en-US" xlink:label="lab_us-gaap_QualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Qualified Plan </link:label>
<link:label id="lab_us-gaap_QualifiedPlanMember_label_en-US" xlink:label="lab_us-gaap_QualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QualifiedPlanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_QualifiedPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QualifiedPlanMember" xlink:to="lab_us-gaap_QualifiedPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_594bbb38-1f1e-4dda-9871-fb98b751e546_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:to="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialRealEstatePortfolioSegmentMember_a8b34f6b-fc82-4a1e-90c1-f22e9bc505c0_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialRealEstatePortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial real estate </link:label>
<link:label id="lab_us-gaap_CommercialRealEstatePortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_CommercialRealEstatePortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Real Estate Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialRealEstatePortfolioSegmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialRealEstatePortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialRealEstatePortfolioSegmentMember" xlink:to="lab_us-gaap_CommercialRealEstatePortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain_e10d4d3b-6436-492b-9b08-60524af8c793_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Domain] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablePortfolioSegmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:to="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherIntangibleAssetsMember_688f4d82-9951-48a9-8813-23a27ae3718c_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherIntangibleAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Intangible Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIntangibleAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIntangibleAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIntangibleAssetsMember" xlink:to="lab_us-gaap_OtherIntangibleAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_WellCapitalizedRequirementRatioAbstract_dacfd956-72aa-4c68-9fb8-a290dea156df_terseLabel_en-US" xlink:label="lab_ms_WellCapitalizedRequirementRatioAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Well-Capitalized Requirement </link:label>
<link:label id="lab_ms_WellCapitalizedRequirementRatioAbstract_label_en-US" xlink:label="lab_ms_WellCapitalizedRequirementRatioAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Well-Capitalized Requirement Ratio [Abstract] </link:label>
<link:label id="lab_ms_WellCapitalizedRequirementRatioAbstract_documentation_en-US" xlink:label="lab_ms_WellCapitalizedRequirementRatioAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Well-Capitalized Requirement Ratio </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_WellCapitalizedRequirementRatioAbstract" xlink:href="ms-20201231.xsd#ms_WellCapitalizedRequirementRatioAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_WellCapitalizedRequirementRatioAbstract" xlink:to="lab_ms_WellCapitalizedRequirementRatioAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_57f68050-d065-412a-83eb-db241865bafd_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial mortgages </link:label>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_5057d495-73fd-45a8-b1a7-c1aced5ec9da_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CML </link:label>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Mortgage Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Liabilities_7c100602-9f8e-444f-8a83-d0697f4a9900_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_3b6eaebd-9fb3-48c2-a825-358eef36350b_terseLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of variable interests—Liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_80768ce6-3ac3-4a3a-94da-2a49e3a456a8_verboseLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_label_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized_6b86cf66-265e-4e51-b279-0f5e539e6e4b_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross cash proceeds from sale of assets </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales, Amount Derecognized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:to="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_05f2b4a2-d0b4-4ef5-a72e-f66fd29e0031_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InternalCreditAssessmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentDomain" xlink:to="lab_us-gaap_InternalCreditAssessmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_d2a56c24-9af9-43c8-b765-5b88fdcf1f9e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Imputed interest </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Undiscounted Excess Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract_3f5054a8-fb97-433c-9ace-6a0a38a547af_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities and Securitization Activities [Abstract] </link:label>
<link:label id="lab_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract_label_en-US" xlink:label="lab_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities and Securitization Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract" xlink:href="ms-20201231.xsd#ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract" xlink:to="lab_ms_VariableInterestEntitiesAndSecuritizationActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_4bcb6bdb-d49c-4757-8f74-12f115a05dd1_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS: Fair Value, Total </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Unrealized Loss Position </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SpecialPurposeEntitiesMember_c127f5dd-af18-45ce-a00c-c481e634f465_verboseLabel_en-US" xlink:label="lab_ms_SpecialPurposeEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SPE </link:label>
<link:label id="lab_ms_SpecialPurposeEntitiesMember_label_en-US" xlink:label="lab_ms_SpecialPurposeEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Purpose Entities [Member] </link:label>
<link:label id="lab_ms_SpecialPurposeEntitiesMember_documentation_en-US" xlink:label="lab_ms_SpecialPurposeEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Purpose Entities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SpecialPurposeEntitiesMember" xlink:href="ms-20201231.xsd#ms_SpecialPurposeEntitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SpecialPurposeEntitiesMember" xlink:to="lab_ms_SpecialPurposeEntitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFDICInsuredAmount_bbb079ee-f8c5-4241-8938-cc126d4385bb_terseLabel_en-US" xlink:label="lab_us-gaap_CashFDICInsuredAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits subject to FDIC insurance </link:label>
<link:label id="lab_us-gaap_CashFDICInsuredAmount_label_en-US" xlink:label="lab_us-gaap_CashFDICInsuredAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, FDIC Insured Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFDICInsuredAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFDICInsuredAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFDICInsuredAmount" xlink:to="lab_us-gaap_CashFDICInsuredAmount" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate_7bd5d608-bfc2-46bf-a013-e233f8acc965_terseLabel_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-free interest rate (as a percent) </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate_label_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Valuation Method, Risk Free Interest Rate </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate_documentation_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The risk-free interest rate assumption that is used in valuing a performance share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:href="ms-20201231.xsd#ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:to="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodRiskFreeInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_edffb2ac-4950-4d0c-9017-d5d072a7587a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 1 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_4a1fc2a8-e899-4437-b462-efb199f47c1e_terseLabel_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Notional Amount </link:label>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_label_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotionalAmountOfDerivativesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:to="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_43d194e2-26a5-4f47-849b-b49b6fa80ba2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Shares </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansReceivableHeldForSaleAmount_6a36d556-eba1-45d0-bae6-b451a2560581_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for sale, before allowance </link:label>
<link:label id="lab_us-gaap_LoansReceivableHeldForSaleAmount_label_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Held-for-Sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableHeldForSaleAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableHeldForSaleAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableHeldForSaleAmount" xlink:to="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseDeposits_acd27932-0545-43e4-9ebc-4adb61122264_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseDeposits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_InterestExpenseDeposits_label_en-US" xlink:label="lab_us-gaap_InterestExpenseDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseDeposits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseDeposits" xlink:to="lab_us-gaap_InterestExpenseDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccountingStandardsUpdateOthersMember_0a870ae1-2842-45d1-9f69-9631f8e8f2e2_terseLabel_en-US" xlink:label="lab_ms_AccountingStandardsUpdateOthersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_AccountingStandardsUpdateOthersMember_label_en-US" xlink:label="lab_ms_AccountingStandardsUpdateOthersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update, Others [Member] </link:label>
<link:label id="lab_ms_AccountingStandardsUpdateOthersMember_documentation_en-US" xlink:label="lab_ms_AccountingStandardsUpdateOthersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All other accounting standards update not individually identified and other than the provision around presenting unrealized DVA in OCI. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AccountingStandardsUpdateOthersMember" xlink:href="ms-20201231.xsd#ms_AccountingStandardsUpdateOthersMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AccountingStandardsUpdateOthersMember" xlink:to="lab_ms_AccountingStandardsUpdateOthersMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_67a92d43-51b6-4068-87dd-12686deffbfc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByAssetClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByAssetClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByAssetClassAxis" xlink:to="lab_us-gaap_FairValueByAssetClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced_8222d2d1-7782-483b-935a-faa101c492ae_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced_label_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement, Advanced </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced_documentation_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:href="ms-20201231.xsd#ms_BankingRegulationCapitalBufferRequirementAdvanced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:to="lab_ms_BankingRegulationCapitalBufferRequirementAdvanced" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestments_4efce17b-81d2-42b4-abef-263293392825_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments" xlink:to="lab_us-gaap_EquityMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNetAbstract_8a51e1b6-0b40-4d28-9de5-0c9896e1b0a6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNetAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNetAbstract" xlink:to="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign_9153a3a1-9a73-46b8-b523-404a198dc6f3_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to non-U.S. borrowers, net </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign_label_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, Net Amount, Foreign </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign_documentation_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, Net Amount, Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:href="ms-20201231.xsd#ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:to="lab_ms_FinancingReceivableIncludingHeldForSaleNetAmountForeign" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_3395d589-86ad-4471-852d-44cbc5b6702d_terseLabel_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market Approach </link:label>
<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_label_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Market Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketApproachValuationTechniqueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:to="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_ca816d7f-71eb-472f-869e-5df05f57aa51_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before provision for income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_42110145-3370-446e-8581-64641bdf28eb_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalAbstract_52014fbf-3afc-43e6-b40c-32dd81acbd0f_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital ratio </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneRiskBasedCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapitalAbstract" xlink:to="lab_us-gaap_TierOneRiskBasedCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced_bb177bf8-0c94-4095-8b6c-724407ebf7e0_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced_label_en-US" xlink:label="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge, Advanced </link:label>
<link:label id="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced_documentation_en-US" xlink:label="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:href="ms-20201231.xsd#ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:to="lab_ms_BankingRegulationGlobalSystemicallyImportantBankGSIBSurchargeAdvanced" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue_34300811-40f3-4cf7-ac0a-b8ad1e3b6b71_terseLabel_en-US" xlink:label="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets pledged to various parties </link:label>
<link:label id="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue_label_en-US" xlink:label="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Assets, Pledged as Collateral, at Fair Value </link:label>
<link:label id="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue_documentation_en-US" xlink:label="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The fair value as of the balance sheet date of trading assets pledged to counterparties as collateral. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:href="ms-20201231.xsd#ms_TradingAssetsPledgedAsCollateralAtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:to="lab_ms_TradingAssetsPledgedAsCollateralAtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_eb7412da-081a-4369-b727-f07971947149_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock authorized (shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_3a849b92-12da-45fa-801f-c9e0a745f47e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Vested and Unvested RSU Activity </link:label>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount_bedf061d-a5ab-4464-b856-2fbb433dfd52_terseLabel_en-US" xlink:label="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings (includes $73,701 and $64,461 at fair value) </link:label>
<link:label id="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount_7a99f7f0-18cf-4192-89ed-9207b3cdab86_totalLabel_en-US" xlink:label="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total borrowings </link:label>
<link:label id="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount_5d74265b-f0a5-4ca6-a97e-370ab94270b0_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount_label_en-US" xlink:label="lab_us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt, Long-term and Short-term, Combined Amount </link:label>
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<link:label id="lab_us-gaap_TrustForBenefitOfEmployeesMember_e3e82670-e15e-4149-8848-4eb5e7ce0e62_terseLabel_en-US" xlink:label="lab_us-gaap_TrustForBenefitOfEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Stock Trusts </link:label>
<link:label id="lab_us-gaap_TrustForBenefitOfEmployeesMember_label_en-US" xlink:label="lab_us-gaap_TrustForBenefitOfEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trust for Benefit of Employees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TrustForBenefitOfEmployeesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TrustForBenefitOfEmployeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TrustForBenefitOfEmployeesMember" xlink:to="lab_us-gaap_TrustForBenefitOfEmployeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_5eb13e3e-cc1f-4895-a0ac-ba5ba5ee6cda_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo"/>
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<link:label id="lab_us-gaap_CommonStockIssuedEmployeeStockTrust_584eca48-7ac3-40df-a847-83cada6c8fb0_negatedLabel_en-US" xlink:label="lab_us-gaap_CommonStockIssuedEmployeeStockTrust" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock issued to employee stock trusts </link:label>
<link:label id="lab_us-gaap_CommonStockIssuedEmployeeStockTrust_label_en-US" xlink:label="lab_us-gaap_CommonStockIssuedEmployeeStockTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Issued, Employee Stock Trust </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockIssuedEmployeeStockTrust" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockIssuedEmployeeStockTrust"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockIssuedEmployeeStockTrust" xlink:to="lab_us-gaap_CommonStockIssuedEmployeeStockTrust" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_f9710dc7-77e0-4735-96c6-d9a0457f1215_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Selected Financial Information by Business Segment </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract_31bfb80e-0cf2-4406-98ce-79e0569d5b00_terseLabel_en-US" xlink:label="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value </link:label>
<link:label id="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract_label_en-US" xlink:label="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer Of Financial Assets, Assets Sold With Retained Exposure [Abstract] </link:label>
<link:label id="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract_documentation_en-US" xlink:label="lab_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer Of Financial Assets, Assets Sold With Retained Exposure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract" xlink:href="ms-20201231.xsd#ms_TransferOfFinancialAssetsAssetsSoldWithRetainedExposureAbstract"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_42ccb0f1-932e-4981-9240-30bf16e39d75_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded (unfunded) status </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded (Unfunded) Status of Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:to="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_2c1a363a-d512-43fe-a9e6-f55ac9c91c85_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_6f373a36-3cff-4b04-ae99-26825ae35435_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss_d612ba98-4e7e-468e-bc72-3b337c65ef8c_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit loss related to held-to-maturity securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss" xlink:to="lab_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_9d2e249b-5231-47f9-9dba-c660507b7344_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Investment Securities by Contractual Maturity </link:label>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Classified by Contractual Maturity Date [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:to="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_1aee1645-6e74-46f8-b135-ad4727d42122_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_c0abfe83-c845-439f-b53d-4deda43e45c5_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Primary Beneficiary </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_966d5d52-6010-4e30-9d5e-8a1341c51608_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases"/>
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<link:label id="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent_adf7e39f-57b8-4dd2-b7d8-31a02f4e37e6_terseLabel_en-US" xlink:label="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee share-based awards </link:label>
<link:label id="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent_label_en-US" xlink:label="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Employee Share-based Awards, Percent </link:label>
<link:label id="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent_documentation_en-US" xlink:label="lab_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to employee share-based awards. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent" xlink:href="ms-20201231.xsd#ms_EffectiveIncomeTaxRateReconciliationEmployeeShareBasedAwardsPercent"/>
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<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue_0b8627b6-b1e8-47ae-b9ad-3955ba695613_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Fair value, after 10 years </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue"/>
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<link:label id="lab_ms_ValuationTechniqueCorporateLoanModelMember_76f37625-5330-4be7-84fb-3cb4e1f20ec8_terseLabel_en-US" xlink:label="lab_ms_ValuationTechniqueCorporateLoanModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Loan Model </link:label>
<link:label id="lab_ms_ValuationTechniqueCorporateLoanModelMember_label_en-US" xlink:label="lab_ms_ValuationTechniqueCorporateLoanModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Corporate Loan Model [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ValuationTechniqueCorporateLoanModelMember" xlink:to="lab_ms_ValuationTechniqueCorporateLoanModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_3e862631-d74c-42eb-a76a-bb07732bf66d_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesJPreferredStockMember_5a5dc9e4-a545-456b-a260-6963011cca22_terseLabel_en-US" xlink:label="lab_ms_SeriesJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series J </link:label>
<link:label id="lab_ms_SeriesJPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series J Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesJPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesJPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesJPreferredStockMember" xlink:to="lab_ms_SeriesJPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate_fba9708e-53fc-4b42-a2f9-4238abc64e9e_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective weighted average coupon after swaps (as a percent) </link:label>
<link:label id="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate_label_en-US" xlink:label="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Swaption, Effective Average Interest Rate </link:label>
<link:label id="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate_documentation_en-US" xlink:label="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective weighted average interest rate for long-term debt entered in swaption contracts. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:href="ms-20201231.xsd#ms_LongTermDebtSwaptionEffectiveAverageInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:to="lab_ms_LongTermDebtSwaptionEffectiveAverageInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfCapitalReturnPlansTable_71fa9600-2970-4385-b724-127e76f0f7c0_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfCapitalReturnPlansTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Capital Return Plans [Table] </link:label>
<link:label id="lab_ms_ScheduleOfCapitalReturnPlansTable_label_en-US" xlink:label="lab_ms_ScheduleOfCapitalReturnPlansTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Capital Return Plans [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfCapitalReturnPlansTable" xlink:href="ms-20201231.xsd#ms_ScheduleOfCapitalReturnPlansTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfCapitalReturnPlansTable" xlink:to="lab_ms_ScheduleOfCapitalReturnPlansTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock_dd8282dc-db92-4c10-be60-79da3ec59b77_terseLabel_en-US" xlink:label="lab_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Broker-Dealer Regulatory Capital Requirements </link:label>
<link:label id="lab_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock_label_en-US" xlink:label="lab_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Futures Commission Merchant, Minimum Financial Requirement [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock" xlink:to="lab_srt_MinimumFinancialRequirementsForFuturesCommissionMerchantsUnderCommodityExchangeActTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DueFromEmployeesAllowance_fb774505-6637-46b3-833f-f12cbcc1d234_negatedLabel_en-US" xlink:label="lab_ms_DueFromEmployeesAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_ms_DueFromEmployeesAllowance_label_en-US" xlink:label="lab_ms_DueFromEmployeesAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due From Employees, Allowance </link:label>
<link:label id="lab_ms_DueFromEmployeesAllowance_documentation_en-US" xlink:label="lab_ms_DueFromEmployeesAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due From Employees, Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DueFromEmployeesAllowance" xlink:href="ms-20201231.xsd#ms_DueFromEmployeesAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DueFromEmployeesAllowance" xlink:to="lab_ms_DueFromEmployeesAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferStandardized_d85a9521-1c36-4b5b-ab57-253852e84f6f_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferStandardized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferStandardized_label_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferStandardized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer, Standardized </link:label>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferStandardized_documentation_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferStandardized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer, Standardized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationStressCapitalBufferStandardized" xlink:href="ms-20201231.xsd#ms_BankingRegulationStressCapitalBufferStandardized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationStressCapitalBufferStandardized" xlink:to="lab_ms_BankingRegulationStressCapitalBufferStandardized" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebtandEquityInterestsMember_8e77f576-b8ba-42b1-b1bd-bcdce367bcbc_terseLabel_en-US" xlink:label="lab_ms_DebtandEquityInterestsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and equity interests </link:label>
<link:label id="lab_ms_DebtandEquityInterestsMember_label_en-US" xlink:label="lab_ms_DebtandEquityInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Equity Interests [Member] </link:label>
<link:label id="lab_ms_DebtandEquityInterestsMember_documentation_en-US" xlink:label="lab_ms_DebtandEquityInterestsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Equity Interests [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtandEquityInterestsMember" xlink:href="ms-20201231.xsd#ms_DebtandEquityInterestsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtandEquityInterestsMember" xlink:to="lab_ms_DebtandEquityInterestsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock_19223a45-281d-4f8c-8a4d-c71ddd27ac63_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivatives with Credit Risk-Related Contingencies </link:label>
<link:label id="lab_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Credit Risk Related Contingencies [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock" xlink:to="lab_ms_ScheduleOfCreditRiskRelatedContingenciesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_964e7a12-6f55-4479-8cb7-0ae06efa9497_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfCondensedFinancialStatementsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:to="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DepositsWithAffiliates_11587aeb-d729-45ec-a596-b5618eb4fb25_terseLabel_en-US" xlink:label="lab_ms_DepositsWithAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits with bank subsidiaries </link:label>
<link:label id="lab_ms_DepositsWithAffiliates_label_en-US" xlink:label="lab_ms_DepositsWithAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits with Affiliates </link:label>
<link:label id="lab_ms_DepositsWithAffiliates_documentation_en-US" xlink:label="lab_ms_DepositsWithAffiliates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount of deposits with banking subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DepositsWithAffiliates" xlink:href="ms-20201231.xsd#ms_DepositsWithAffiliates"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DepositsWithAffiliates" xlink:to="lab_ms_DepositsWithAffiliates" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ForeignMoneyMarketFundsMember_f39533d7-dded-4734-9ad8-7d129ab56afc_terseLabel_en-US" xlink:label="lab_ms_ForeignMoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Funds: Liquidity </link:label>
<link:label id="lab_ms_ForeignMoneyMarketFundsMember_label_en-US" xlink:label="lab_ms_ForeignMoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Money Market Funds [Member] </link:label>
<link:label id="lab_ms_ForeignMoneyMarketFundsMember_documentation_en-US" xlink:label="lab_ms_ForeignMoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fund that invests in short-term money-market instruments issued by foreign issuers, for example, but not limited to, commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit, and other highly liquid securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ForeignMoneyMarketFundsMember" xlink:href="ms-20201231.xsd#ms_ForeignMoneyMarketFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ForeignMoneyMarketFundsMember" xlink:to="lab_ms_ForeignMoneyMarketFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_5a900894-5659-4a4f-aac7-995287ba6375_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_413ff031-400b-4d83-841b-1a830777e339_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_50901a5c-f129-4ffc-b8e9-8f9b2ae7803f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:to="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_8e63779f-dc5f-4359-8884-c12a0c86a07f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI activity </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss) before Reclassifications, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_5fc4efa0-4841-49de-9ab5-6311e92ed428_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Statement of Financial Position [Extensible List] </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Statement of Financial Position [Extensible List] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesFvNi_12c2bfb3-d7a0-49c7-9efb-76a1bbff4cbd_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesFvNi_a7be770d-91bf-4592-9e94-c27d9e4f0ba4_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate equities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesFvNi_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, FV-NI </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquitySecuritiesFvNi"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi" xlink:to="lab_us-gaap_EquitySecuritiesFvNi" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityDomain_ef7bb824-7317-4c8e-9501-dc08a365ed4c_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputExitMultipleMember_c7ed8de4-4644-4627-88ef-869c100b78c8_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputExitMultipleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exit Multiple </link:label>
<link:label id="lab_ms_MeasurementInputExitMultipleMember_label_en-US" xlink:label="lab_ms_MeasurementInputExitMultipleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Exit Multiple [Member] </link:label>
<link:label id="lab_ms_MeasurementInputExitMultipleMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputExitMultipleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using the ratio of Enterprise Value to EBITDA, where Enterprise Value is the aggregate value of equity and debt minus cash and cash equivalents. The exit multiple reflects the value of the company in terms of its full-year expected EBITDA at exit. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputExitMultipleMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputExitMultipleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputExitMultipleMember" xlink:to="lab_ms_MeasurementInputExitMultipleMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAcquiredDuringPeriod_ed826efc-4c35-4736-929b-de678c416012_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAcquiredDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquired </link:label>
<link:label id="lab_us-gaap_GoodwillAcquiredDuringPeriod_label_en-US" xlink:label="lab_us-gaap_GoodwillAcquiredDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill, Acquired During Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAcquiredDuringPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAcquiredDuringPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAcquiredDuringPeriod" xlink:to="lab_us-gaap_GoodwillAcquiredDuringPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure_21c2d2b2-0ac9-4585-b076-fe9fce9b555d_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell at fair value </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:to="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral_f2122547-830f-4996-8163-a3249c030bf4_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract_afb64a73-b4f7-48af-a565-f9812387af4e_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment Hedges </link:label>
<link:label id="lab_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Net Investment Hedge on Results of Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract" xlink:to="lab_us-gaap_EffectOfNetInvestmentHedgeOnResultsOfOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentDueInFourthAndFifthYear_704a9f52-0390-4dd4-ac58-7dbea72d426f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInFourthAndFifthYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 3-5 (years) </link:label>
<link:label id="lab_us-gaap_OtherCommitmentDueInFourthAndFifthYear_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInFourthAndFifthYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, to be Paid, Year Four and Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentDueInFourthAndFifthYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentDueInFourthAndFifthYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInFourthAndFifthYear" xlink:to="lab_us-gaap_OtherCommitmentDueInFourthAndFifthYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_e00d27a1-6884-487b-b2b4-db7fe930d0ce_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated useful lives </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Useful Life </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SupplementalLeverageCapital_9578c812-5faa-4d20-a1be-27446ea09796_terseLabel_en-US" xlink:label="lab_ms_SupplementalLeverageCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SLR3 </link:label>
<link:label id="lab_ms_SupplementalLeverageCapital_label_en-US" xlink:label="lab_ms_SupplementalLeverageCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Leverage Capital </link:label>
<link:label id="lab_ms_SupplementalLeverageCapital_documentation_en-US" xlink:label="lab_ms_SupplementalLeverageCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The numerator of supplementary leverage ratio. It's a banking organization's tier 1 capital, which includes all on-balance-sheet assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SupplementalLeverageCapital" xlink:href="ms-20201231.xsd#ms_SupplementalLeverageCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SupplementalLeverageCapital" xlink:to="lab_ms_SupplementalLeverageCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_25cee020-95c9-45f9-8b08-117ceb3f77ae_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebttoValueRatioGreaterthan80PercentMember_18556dac-a6d0-485e-bf32-7284ad440322_terseLabel_en-US" xlink:label="lab_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 80% </link:label>
<link:label id="lab_ms_DebttoValueRatioGreaterthan80PercentMember_label_en-US" xlink:label="lab_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value Ratio, Greater than 80 Percent [Member] </link:label>
<link:label id="lab_ms_DebttoValueRatioGreaterthan80PercentMember_documentation_en-US" xlink:label="lab_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value Ratio, Greater than 80 Percent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:href="ms-20201231.xsd#ms_DebttoValueRatioGreaterthan80PercentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:to="lab_ms_DebttoValueRatioGreaterthan80PercentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalToRiskWeightedAssets_98c9d46f-8616-4f1c-8220-17df4e2ef7ac_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital (as a percent) </link:label>
<link:label id="lab_us-gaap_CapitalToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalToRiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalToRiskWeightedAssets" xlink:to="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_adbd6db3-db58-4420-8915-cc34de3733dc_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Annualized average yield, due within 1 year (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Next Twelve Months, Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of available-for-sale debt securities maturing in the next fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:to="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_8022ac63-c8e0-4c84-9a0b-6681267d4fba_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities at fair value </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_099826ab-fc84-4bd5-9f34-d89bc8d624b3_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities—AFS </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_7c831fea-dcf7-47b9-899b-c611057861dc_netLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_cec8e3a4-8a8f-41e7-bff8-a2b334d61da8_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Fair value, total </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield_818f06a5-b888-48f0-94ec-536015c1dd26_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Annualized average yield, after 10 years (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, after Ten Years, Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of available-for-sale debt securities maturing after the tenth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield"/>
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<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo_d6a1b388-6c3d-4456-9169-149bc0e36213_terseLabel_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo_label_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Will Be Recognized Absent Estimated or Actual Forfeitures or Cancellations, in Year Two </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo_documentation_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest will be recognized absent estimated or actual forfeitures or cancellations in year two. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo" xlink:href="ms-20201231.xsd#ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsInYearTwo"/>
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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_8598b619-7111-4f83-a618-fd2ba306ecfe_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems_dc80fb8e-cf52-4108-a764-609cb629c939_terseLabel_en-US" xlink:label="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from External Customer [Line Items] </link:label>
<link:label id="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems_label_en-US" xlink:label="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from External Customer [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:to="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_96c3ffee-e645-408f-a553-b66415d223c4_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net [Abstract] </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeExpenseNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:to="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputForwardPowerPriceMember_0c1204b6-0777-4823-9136-c86203a6b94e_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputForwardPowerPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Power Price </link:label>
<link:label id="lab_ms_MeasurementInputForwardPowerPriceMember_label_en-US" xlink:label="lab_ms_MeasurementInputForwardPowerPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Forward Power Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputForwardPowerPriceMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputForwardPowerPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputForwardPowerPriceMember" xlink:to="lab_ms_MeasurementInputForwardPowerPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax_67635368-a87a-4cff-b083-65feb6bcad04_terseLabel_en-US" xlink:label="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in net debt valuation adjustment </link:label>
<link:label id="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax_label_en-US" xlink:label="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Debt Valuation Adjustment, Net of Tax </link:label>
<link:label id="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax_documentation_en-US" xlink:label="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount after tax and reclassification adjustments, of debt valuation adjustment related to outstanding liabilities under the fair value option election. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:href="ms-20201231.xsd#ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:to="lab_ms_OtherComprehensiveIncomeLossDebtValuationAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CorporateBondSecuritiesMember_6fff3ca2-deb1-435d-b873-215e7f26e496_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateBondSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate bonds </link:label>
<link:label id="lab_us-gaap_CorporateBondSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CorporateBondSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Bond Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateBondSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CorporateBondSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateBondSecuritiesMember" xlink:to="lab_us-gaap_CorporateBondSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember_47e80a13-032d-4cfe-b190-34553223258d_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IR FX Correlation </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Foreign Exchange Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputInterestRateForeignExchangeCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember" xlink:to="lab_ms_MeasurementInputInterestRateForeignExchangeCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditScoreFicoAxis_c92b5f48-2ac5-4182-b499-35e9760bac81_terseLabel_en-US" xlink:label="lab_us-gaap_CreditScoreFicoAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Axis] </link:label>
<link:label id="lab_us-gaap_CreditScoreFicoAxis_label_en-US" xlink:label="lab_us-gaap_CreditScoreFicoAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditScoreFicoAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditScoreFicoAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditScoreFicoAxis" xlink:to="lab_us-gaap_CreditScoreFicoAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_fbb2ad19-6738-4f7f-bd1f-f17544bb615c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_e223cdcc-d47f-48ef-a6a9-7f022d6a0369_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock_2c6b5610-8f72-4c27-a0c8-a002ca89f4cd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Morgan Stanley 401(k) Plan and Non-U.S. Defined Contribution Pension Plans </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanDisclosuresTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock" xlink:to="lab_us-gaap_DefinedContributionPlanDisclosuresTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityRegistrantName_7d0c6da7-9170-4af0-b1cb-97014d357d41_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_6cdc7b8c-dbe7-40d4-9e7a-aff465dff61f_totalLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_15d6b217-3688-42f9-a7ea-3f428a9c9e3f_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets at fair value </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntersegmentEliminationMember_88e1cf2e-9ac8-4288-b558-b5112b5e60fa_verboseLabel_en-US" xlink:label="lab_us-gaap_IntersegmentEliminationMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> I/E </link:label>
<link:label id="lab_us-gaap_IntersegmentEliminationMember_label_en-US" xlink:label="lab_us-gaap_IntersegmentEliminationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intersegment Eliminations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntersegmentEliminationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntersegmentEliminationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntersegmentEliminationMember" xlink:to="lab_us-gaap_IntersegmentEliminationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_5d593cd4-dcfb-42f1-baa7-ee06d87fae19_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Values of Derivative Liability Contracts </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Liabilities at Fair Value [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost_4f7c217e-e162-48a4-887b-654df6f72984_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Amortized cost, due within 1 year </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirement_509f3592-a1f5-4898-891b-a9d8fe437925_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirement_label_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirement_documentation_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationCapitalBufferRequirement" xlink:href="ms-20201231.xsd#ms_BankingRegulationCapitalBufferRequirement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCapitalBufferRequirement" xlink:to="lab_ms_BankingRegulationCapitalBufferRequirement" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongTermDebtWeightedAverageCouponRate_509da4ec-cbca-4e1d-b379-ee33087d7e0b_verboseLabel_en-US" xlink:label="lab_ms_LongTermDebtWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average coupon at period end (as a percent) </link:label>
<link:label id="lab_ms_LongTermDebtWeightedAverageCouponRate_86c7d81a-1749-48ac-8f2c-59da12c2c685_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual weighted average coupon (as a percent) </link:label>
<link:label id="lab_ms_LongTermDebtWeightedAverageCouponRate_label_en-US" xlink:label="lab_ms_LongTermDebtWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Weighted Average Coupon Rate </link:label>
<link:label id="lab_ms_LongTermDebtWeightedAverageCouponRate_documentation_en-US" xlink:label="lab_ms_LongTermDebtWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average coupon rate of long-term debt outstanding. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongTermDebtWeightedAverageCouponRate" xlink:href="ms-20201231.xsd#ms_LongTermDebtWeightedAverageCouponRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongTermDebtWeightedAverageCouponRate" xlink:to="lab_ms_LongTermDebtWeightedAverageCouponRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_7dceab53-5c32-4bca-9a22-50a08f921192_terseLabel_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 30-90 Days </link:label>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_label_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity 30 to 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Maturity30To90DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Maturity30To90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Maturity30To90DaysMember" xlink:to="lab_us-gaap_Maturity30To90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativesByMaturityDomain_ed4ed6ce-d040-4d8a-9748-f4bb4ac68c90_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Domain] </link:label>
<link:label id="lab_ms_CreditDerivativesByMaturityDomain_label_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Domain] </link:label>
<link:label id="lab_ms_CreditDerivativesByMaturityDomain_documentation_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativesByMaturityDomain" xlink:href="ms-20201231.xsd#ms_CreditDerivativesByMaturityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativesByMaturityDomain" xlink:to="lab_ms_CreditDerivativesByMaturityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash_a5c6bae7-14c5-4b2c-ae32-643d8e26b862_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Not Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Collateral, Obligation to Return Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:to="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield_415ebc01-4f50-41fc-9ee2-a80bc91d6013_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Annualized average yield, total (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of debt securities categorized neither as held-to-maturity nor trading. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:to="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationAxis_61be51dc-bb50-4ff7-a843-c35d8bdd7383_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income Location [Axis] </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationAxis_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepreciationAndAmortization_25caed05-1607-41d5-855d-127bb5d24386_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_DepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, Depletion and Amortization, Nonproduction </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationAndAmortization" xlink:to="lab_us-gaap_DepreciationAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmploymentStatusDomain_46c9c715-767d-4ee8-9ce1-f7a8afb4a6f0_terseLabel_en-US" xlink:label="lab_ms_EmploymentStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Status [Domain] </link:label>
<link:label id="lab_ms_EmploymentStatusDomain_label_en-US" xlink:label="lab_ms_EmploymentStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Status [Domain] </link:label>
<link:label id="lab_ms_EmploymentStatusDomain_documentation_en-US" xlink:label="lab_ms_EmploymentStatusDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Employment Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmploymentStatusDomain" xlink:href="ms-20201231.xsd#ms_EmploymentStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmploymentStatusDomain" xlink:to="lab_ms_EmploymentStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions_736b8607-cd95-4a69-adc9-5f20bb5546ae_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of securities in an unrealized loss position with credit losses </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanOtherChanges_a7e7f1cf-fa0c-47cc-9daf-23d38d0fa06f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanOtherChanges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanOtherChanges_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanOtherChanges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanOtherChanges" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanOtherChanges"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanOtherChanges" xlink:to="lab_us-gaap_DefinedBenefitPlanOtherChanges" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock_e6c09d10-a494-4d67-bcd5-c974190769de_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash and Cash Equivalents </link:label>
<link:label id="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash and Cash Equivalents [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive_5e733a58-257b-4865-a714-eea9085dabbf_terseLabel_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated annual amortization expense for the next five years </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive_label_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year One through Year Five </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive_documentation_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsAmortizationExpenseYearOnethroughYearFive" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year One through Year Five </link:label>
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<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_5dd4f11e-2ec3-4718-999f-22089abd6834_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressPostalZipCode_e99da7fa-e434-4cbe-b9ba-a3fb8223faf4_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock_d8f52b8f-003e-46eb-a133-be7459ae3c26_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Transfers of Assets with Continuing Involvement </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock" xlink:to="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock_9bacb158-47a2-4be3-af25-b9f7619063ad_terseLabel_en-US" xlink:label="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Condensed Income Statements and Comprehensive Income Statements </link:label>
<link:label id="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock_label_en-US" xlink:label="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement and Comprehensive Income Statements [Table Text Block] </link:label>
<link:label id="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock_documentation_en-US" xlink:label="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of condensed income statement and condensed statement of comprehensive income (loss). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:href="ms-20201231.xsd#ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:to="lab_ms_CondensedIncomeStatementAndComprehensiveIncomeStatementsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LeasesWeightedAverageInformationAbstract_0f8339f9-d281-4cc0-b6d7-0a12df40e40c_terseLabel_en-US" xlink:label="lab_ms_LeasesWeightedAverageInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average: </link:label>
<link:label id="lab_ms_LeasesWeightedAverageInformationAbstract_label_en-US" xlink:label="lab_ms_LeasesWeightedAverageInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases, Weighted Average Information [Abstract] </link:label>
<link:label id="lab_ms_LeasesWeightedAverageInformationAbstract_documentation_en-US" xlink:label="lab_ms_LeasesWeightedAverageInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases, Weighted Average Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LeasesWeightedAverageInformationAbstract" xlink:href="ms-20201231.xsd#ms_LeasesWeightedAverageInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LeasesWeightedAverageInformationAbstract" xlink:to="lab_ms_LeasesWeightedAverageInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock_da037612-a742-4ea2-8918-1144a65e10a7_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Amortizable Intangible Assets Rollforward </link:label>
<link:label id="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-lived Intangible Assets, Net [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, bnet of accumulated amortization and impairment charges. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:to="lab_ms_ScheduleOfFiniteLivedIntangibleAssetsNetTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilityMember_a849a563-c5dd-4c22-a006-6d2d4f939c62_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_LiabilityMember_label_en-US" xlink:label="lab_us-gaap_LiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilityMember" xlink:to="lab_us-gaap_LiabilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue_6eeb4807-0549-4537-b4ed-9b6955c9c4c7_periodStartLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RSUs at beginning of period (USD per share) </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue_eb587183-331a-4cdf-938c-3bbf21b45525_periodEndLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RSUs at end of period (USD per share) </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The weighted average fair value of awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WarrantMember_679fced2-4058-4ef5-b5df-b827a8877a9a_terseLabel_en-US" xlink:label="lab_us-gaap_WarrantMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instuments and Warrants </link:label>
<link:label id="lab_us-gaap_WarrantMember_label_en-US" xlink:label="lab_us-gaap_WarrantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Warrant [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WarrantMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WarrantMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantMember" xlink:to="lab_us-gaap_WarrantMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_6cfe60fa-2486-401e-a032-bad864a0dd69_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock dividend declared (USD per share) </link:label>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_d8a3414c-ccf1-432d-ad25-73e023163447_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared per common share (USD per share) </link:label>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_a14e45e9-594e-4391-b13e-e184369e165c_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Face amount of debt instrument </link:label>
<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Face Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesLineItems_becbc5bb-a496-4be4-84d1-de9c35857301_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives </link:label>
<link:label id="lab_us-gaap_CreditDerivativesLineItems_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDerivativesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesLineItems" xlink:to="lab_us-gaap_CreditDerivativesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_147d2f18-60aa-442c-ba00-2e728d3c1f04_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain"/>
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<link:label id="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract_39e19940-7218-487a-a948-d5475b8eb6c4_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract_label_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Dividend Income, Operating [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndDividendIncomeOperatingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:to="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityAbstract_be70cd93-9ec4-4e15-bdc0-599721fe2c80_terseLabel_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_EquityAbstract_label_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityAbstract" xlink:to="lab_us-gaap_EquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeAssetFairValueUnsettled_602e5450-c67c-4df1-818c-c53897209cb8_terseLabel_en-US" xlink:label="lab_ms_DerivativeAssetFairValueUnsettled" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets, unsettled fair value </link:label>
<link:label id="lab_ms_DerivativeAssetFairValueUnsettled_label_en-US" xlink:label="lab_ms_DerivativeAssetFairValueUnsettled" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Unsettled </link:label>
<link:label id="lab_ms_DerivativeAssetFairValueUnsettled_documentation_en-US" xlink:label="lab_ms_DerivativeAssetFairValueUnsettled" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unsettled fair value of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeAssetFairValueUnsettled" xlink:href="ms-20201231.xsd#ms_DerivativeAssetFairValueUnsettled"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeAssetFairValueUnsettled" xlink:to="lab_ms_DerivativeAssetFairValueUnsettled" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtTerm_ce8395f2-d14f-4c96-aa2c-1fa30a1de3ab_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average stated maturity, in years </link:label>
<link:label id="lab_us-gaap_LongTermDebtTerm_label_en-US" xlink:label="lab_us-gaap_LongTermDebtTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtTerm" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtTerm" xlink:to="lab_us-gaap_LongTermDebtTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_ea43f527-9f4f-4e7b-8495-585f0cfc518f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_dc12f892-d68d-4a77-98a8-73d91bbf571a_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_c9bca89b-85f4-4f56-a610-4cd59fae1bd5_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average common shares outstanding and common stock equivalents (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock_a927908f-6264-4624-8b11-715577889abd_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value of Collateral Received with Right to Sell or Repledge </link:label>
<link:label id="lab_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Customer Securities for which Entity has Right to Sell or Repledge [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock" xlink:to="lab_us-gaap_ScheduleOfCustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubordinatedDebt_979f8a6a-198f-4dfe-b295-6fd812a06a88_terseLabel_en-US" xlink:label="lab_us-gaap_SubordinatedDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated </link:label>
<link:label id="lab_us-gaap_SubordinatedDebt_label_en-US" xlink:label="lab_us-gaap_SubordinatedDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubordinatedDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubordinatedDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubordinatedDebt" xlink:to="lab_us-gaap_SubordinatedDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_e83e85fd-ae04-43d9-8cdf-ffa44d702f40_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock_99b953a5-9fb3-4b7e-9ff9-c604f509f1b5_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Discrete Tax Provisions (Benefits) by Segment </link:label>
<link:label id="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Discrete Tax Expense (Benefit) by Segment [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of net discrete tax expense (benefit) by segment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:to="lab_ms_ScheduleOfNetDiscreteTaxExpenseBenefitBySegmentTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss_68be3e74-0fa7-44c8-a4bd-a2421bcaacae_terseLabel_en-US" xlink:label="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative pre-tax DVA gain (loss) recognized in AOCI </link:label>
<link:label id="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss_label_en-US" xlink:label="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized Gain (Loss) on Debt Valuation Adjustment, Pretax, Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss_documentation_en-US" xlink:label="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of unrealized gain (loss) related to debt valuation adjustment, which was recorded in accumulated other comprehensive income. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:href="ms-20201231.xsd#ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:to="lab_ms_UnrealizedGainLossOnDebtValuationAdjustmentPretaxAccumulatedOtherComprehensiveIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract_5640fb4e-f839-4f0b-bced-3b83bbd45cfc_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionQualitativeDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentCompanyRegulatoryFeeWaived_72c0054c-e302-4a90-ba48-83997f4fb196_terseLabel_en-US" xlink:label="lab_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fee waivers </link:label>
<link:label id="lab_ms_InvestmentCompanyRegulatoryFeeWaived_label_en-US" xlink:label="lab_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Company, Regulatory Fee Waived </link:label>
<link:label id="lab_ms_InvestmentCompanyRegulatoryFeeWaived_documentation_en-US" xlink:label="lab_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of fee waived by investment company to comply with regulatory requirements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:href="ms-20201231.xsd#ms_InvestmentCompanyRegulatoryFeeWaived"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:to="lab_ms_InvestmentCompanyRegulatoryFeeWaived" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_508fa189-951d-490e-adea-1afc1ce7b054_periodStartLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_61464a48-8924-4959-b983-df61ec407ae8_periodEndLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses_f4cb13b3-137f-4e1a-bcc5-163f81997cc3_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other liabilities and accrued expenses </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities and Accrued Expenses </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities and Accrued Expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilitiesAndAccruedExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockValue_eefff1ab-2696-4553-928c-a41aa101f502_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock </link:label>
<link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentFiscalYearFocus_6cae66cb-5de8-4a62-87d0-df43e7ec6946_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
<link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AssetManagementSegmentMember_e6f3c3d0-4873-482d-9e28-c2ed0a68559a_terseLabel_en-US" xlink:label="lab_ms_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IM </link:label>
<link:label id="lab_ms_AssetManagementSegmentMember_label_en-US" xlink:label="lab_ms_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Segment [Member] </link:label>
<link:label id="lab_ms_AssetManagementSegmentMember_documentation_en-US" xlink:label="lab_ms_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AssetManagementSegmentMember" xlink:href="ms-20201231.xsd#ms_AssetManagementSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AssetManagementSegmentMember" xlink:to="lab_ms_AssetManagementSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputBondVolatilityMember_ddc149d8-05ca-45d0-b7e3-306248ff4ea0_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputBondVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bond Volatility </link:label>
<link:label id="lab_ms_MeasurementInputBondVolatilityMember_label_en-US" xlink:label="lab_ms_MeasurementInputBondVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Bond Volatility [Member] </link:label>
<link:label id="lab_ms_MeasurementInputBondVolatilityMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputBondVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Bond Volatility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputBondVolatilityMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputBondVolatilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputBondVolatilityMember" xlink:to="lab_ms_MeasurementInputBondVolatilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_6255a49e-17ff-48a6-ad84-6a34af185af3_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incremental collateral or termination payments upon potential future ratings downgrade </link:label>
<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalCollateralAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalCollateralAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalCollateralAggregateFairValue" xlink:to="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_82ffae3a-7010-4baa-882d-1fbf4f1662a0_terseLabel_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities Accumulated Gross Unrealized loss Before Tax </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_documentation_en-US" xlink:label="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="ms-20201231.xsd#ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_ms_InvestmentSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_30823af0-d2f4-4735-9efd-750b571c12f0_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decreases related to settlements with taxing authorities </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_91d92e76-69ce-4234-b380-b10838f72179_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit obligation at beginning of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_e83c0cca-8017-4a82-8d8c-0f5022981b63_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit obligation at end of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCurrentReportingStatus_68296d03-954f-4aba-a48f-98264468552f_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_359d7a55-b4ab-481b-9e8d-6315ce38ab7f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized and unrealized losses (gains) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:type="arc" order="1"/>
<link:label id="lab_ms_GlobalWealthManagementGroupMember_67ab7b3a-afc2-4411-82ff-b4a26cb37ef2_terseLabel_en-US" xlink:label="lab_ms_GlobalWealthManagementGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WM </link:label>
<link:label id="lab_ms_GlobalWealthManagementGroupMember_label_en-US" xlink:label="lab_ms_GlobalWealthManagementGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Wealth Management Group [Member] </link:label>
<link:label id="lab_ms_GlobalWealthManagementGroupMember_documentation_en-US" xlink:label="lab_ms_GlobalWealthManagementGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Wealth Management Group [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_GlobalWealthManagementGroupMember" xlink:href="ms-20201231.xsd#ms_GlobalWealthManagementGroupMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_GlobalWealthManagementGroupMember" xlink:to="lab_ms_GlobalWealthManagementGroupMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCreditDerivativesTable_fd45bf79-d232-45eb-a181-6ec151d9df1b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Derivatives [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfCreditDerivativesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Derivatives [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCreditDerivativesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCreditDerivativesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCreditDerivativesTable" xlink:to="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanToValueAxis_a5eefc8e-9902-4186-8e24-7bbf8d29e8f4_terseLabel_en-US" xlink:label="lab_us-gaap_LoanToValueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Axis] </link:label>
<link:label id="lab_us-gaap_LoanToValueAxis_label_en-US" xlink:label="lab_us-gaap_LoanToValueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanToValueAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoanToValueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanToValueAxis" xlink:to="lab_us-gaap_LoanToValueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_f766d091-82c6-480f-9ff0-08b7a27ce99e_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per Common Share </link:label>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_c87c3aa0-e776-4e9e-af80-f376a44dcdc0_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_8b506610-a4b5-4c28-830f-ce332ed449ee_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
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<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss_f349cc1d-5b9a-4065-b821-125ba05958ed_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Net carrying amount, after 1 year through 5 years </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:to="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterOneThroughFiveYearsAmortizedCostLessAllowanceforCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorDebtObligationsMember_0c2de1cf-f56f-4280-8191-a30927e8fc8a_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and lending commitments </link:label>
<link:label id="lab_us-gaap_SeniorDebtObligationsMember_label_en-US" xlink:label="lab_us-gaap_SeniorDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorDebtObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeniorDebtObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorDebtObligationsMember" xlink:to="lab_us-gaap_SeniorDebtObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesIssued_41638b4f-94c3-4052-867e-4da83dfb2947_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock issued (shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TaxSettlementsReceivedfromSubsidiaries_3cd1a0ca-72ac-490c-bc44-bd25d06eee4d_terseLabel_en-US" xlink:label="lab_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements received from subsidiaries </link:label>
<link:label id="lab_ms_TaxSettlementsReceivedfromSubsidiaries_label_en-US" xlink:label="lab_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Settlements Received from Subsidiaries </link:label>
<link:label id="lab_ms_TaxSettlementsReceivedfromSubsidiaries_documentation_en-US" xlink:label="lab_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Settlements Received from Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:href="ms-20201231.xsd#ms_TaxSettlementsReceivedfromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:to="lab_ms_TaxSettlementsReceivedfromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_2acaaf64-5383-45cb-adfb-2cc5d3f1df3a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquity_3f4b7e18-c7e5-4126-a9a7-e2d32152e3b8_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Morgan Stanley shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BorrowingsMember_1f9cd74a-bfdb-4cda-bdf4-984e308e2f71_terseLabel_en-US" xlink:label="lab_us-gaap_BorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_BorrowingsMember_label_en-US" xlink:label="lab_us-gaap_BorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BorrowingsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BorrowingsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BorrowingsMember" xlink:to="lab_us-gaap_BorrowingsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedAwardsTermsOfAwardDomain_7e7b718a-2eac-4a69-89d5-518985bfdd71_terseLabel_en-US" xlink:label="lab_ms_ShareBasedAwardsTermsOfAwardDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Awards, Terms of Award [Domain] </link:label>
<link:label id="lab_ms_ShareBasedAwardsTermsOfAwardDomain_label_en-US" xlink:label="lab_ms_ShareBasedAwardsTermsOfAwardDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Awards, Terms of Award [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedAwardsTermsOfAwardDomain" xlink:href="ms-20201231.xsd#ms_ShareBasedAwardsTermsOfAwardDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedAwardsTermsOfAwardDomain" xlink:to="lab_ms_ShareBasedAwardsTermsOfAwardDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesAssetsMember_db22ccb2-6c35-4124-bdf4-eab8004ac69f_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesAssetsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Equity Interests </link:label>
<link:label id="lab_us-gaap_SecuritiesAssetsMember_label_en-US" xlink:label="lab_us-gaap_SecuritiesAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities (Assets) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesAssetsMember" xlink:to="lab_us-gaap_SecuritiesAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AlternativeInvestmentMeasurementInput_b2c8b95a-0a1f-4dd4-b412-f98b3937ea47_terseLabel_en-US" xlink:label="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, measurement input value </link:label>
<link:label id="lab_us-gaap_AlternativeInvestmentMeasurementInput_label_en-US" xlink:label="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Investment, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestmentMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AlternativeInvestmentMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AlternativeInvestmentMeasurementInput" xlink:to="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressCityOrTown_f5ee022a-35ef-4006-93ce-ede8b99286f9_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_92d4e887-1743-47fe-8c08-30f31f641867_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_f057a029-4b5b-4181-a6d2-420355e6d2f6_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RSUs </link:label>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDeposits_95d902b0-fda2-407c-aad4-413d7a5b9ee1_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits </link:label>
<link:label id="lab_us-gaap_TimeDeposits_dd85e4a1-c80b-481f-b853-1a30f59b8aa0_totalLabel_en-US" xlink:label="lab_us-gaap_TimeDeposits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_TimeDeposits_label_en-US" xlink:label="lab_us-gaap_TimeDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDeposits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDeposits" xlink:to="lab_us-gaap_TimeDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentGradeMember_5354bb7b-0c01-4bf2-a78d-4e627964f949_terseLabel_en-US" xlink:label="lab_ms_InvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Grade </link:label>
<link:label id="lab_ms_InvestmentGradeMember_17648ffd-539b-4c3b-a31b-e022d658cf61_verboseLabel_en-US" xlink:label="lab_ms_InvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment grade </link:label>
<link:label id="lab_ms_InvestmentGradeMember_label_en-US" xlink:label="lab_ms_InvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Grade [Member] </link:label>
<link:label id="lab_ms_InvestmentGradeMember_documentation_en-US" xlink:label="lab_ms_InvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment grade </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentGradeMember" xlink:href="ms-20201231.xsd#ms_InvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentGradeMember" xlink:to="lab_ms_InvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems_5668d47e-9dcf-4478-84c5-e3463da46b5f_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] </link:label>
<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems_label_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:to="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearThree_1b59ec29-d399-4259-ba22-d7c30ddd8f50_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearThree_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearThree" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod_7cd0ec08-1c0a-4fc6-b132-4a63bac1076c_terseLabel_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod_label_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Other Increase (Decrease) During the Period </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod_documentation_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of other increase (decrease) in carrying value of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:href="ms-20201231.xsd#ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:to="lab_ms_FiniteLivedIntangibleAssetsOtherIncreaseDecreaseDuringThePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputEbitdaMultipleMember_f071a144-95a3-430f-9640-038b05833f31_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EBITDA Multiple </link:label>
<link:label id="lab_us-gaap_MeasurementInputEbitdaMultipleMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, EBITDA Multiple [Member] </link:label>
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<link:label id="lab_us-gaap_LiabilitiesAbstract_89841d05-70fb-4215-91f8-35267ae67ddb_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAbstract"/>
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<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFour_314f1438-4769-4746-996f-d73e947ce9b0_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFour_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesYearFour"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss_8d8840bd-d176-4fe9-9dec-d9e168814fc8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss"/>
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<link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_92e9e190-1696-4ea6-8c63-d8299904e42d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Notionals of Derivative Contracts </link:label>
<link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock"/>
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<link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_01a17ca1-f24d-4aed-a530-1cea96360c6d_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income and Interest Expense </link:label>
<link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income and Interest Expense Disclosure [Text Block] </link:label>
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<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable_04a428ad-26c5-45cd-b0e6-c77c44918fa9_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales [Table] </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTable"/>
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<link:label id="lab_ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember_b4798fcf-3fa6-45f6-9e6b-c7ae6603c126_terseLabel_en-US" xlink:label="lab_ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit and other financial guarantees </link:label>
<link:label id="lab_ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember_label_en-US" xlink:label="lab_ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Letters of Credit and Other Financial Guarantees Obtained to Satisfy Collateral Requirements [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember" xlink:href="ms-20201231.xsd#ms_CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember"/>
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<link:label id="lab_ms_ScheduleOfRetainedEarningsAdjustments1TableTextBlock_060681c9-d299-446c-ae10-36df37067b66_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfRetainedEarningsAdjustments1TableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cumulative Adjustments to Retained Earnings Related to Adoption of Accounting Updates </link:label>
<link:label id="lab_ms_ScheduleOfRetainedEarningsAdjustments1TableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfRetainedEarningsAdjustments1TableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Retained Earnings Adjustments 1 [Table Text Block] </link:label>
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<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss_21a5b537-8fc8-496e-b42b-e0d4b368c7c5_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss_4fd0eec9-5e41-439a-aad1-bee285e08efe_totalLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Net carrying amount, total </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateAmortizedCostLessAllowanceforCreditLoss"/>
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<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_d31f50bf-ebc7-448f-8eb9-6e6b209b7b1d_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Amortized cost, after 1 year through 5 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost"/>
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<link:label id="lab_ms_VariableInterestEntityProductGroupDomain_ba65da9f-c3f7-4153-8a6c-c71cd8433ab9_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityProductGroupDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Product Group [Domain] </link:label>
<link:label id="lab_ms_VariableInterestEntityProductGroupDomain_label_en-US" xlink:label="lab_ms_VariableInterestEntityProductGroupDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Product Group [Domain] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityProductGroupDomain" xlink:to="lab_ms_VariableInterestEntityProductGroupDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_ec4291bd-6b03-4829-a66a-7ff3b64471d0_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
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<link:label id="lab_us-gaap_EarningsPerShareAbstract_f047abe7-a364-4c72-b130-192de5176297_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per common share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_31429471-fe3d-479a-bbfa-3fafe4a94eaa_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
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<link:label id="lab_ms_ProvisionForLoansAndLoanCommitments_3cdc6cc0-2138-48ba-b69b-cb4f799055c7_terseLabel_en-US" xlink:label="lab_ms_ProvisionForLoansAndLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for (Release of) credit losses on lending activities </link:label>
<link:label id="lab_ms_ProvisionForLoansAndLoanCommitments_label_en-US" xlink:label="lab_ms_ProvisionForLoansAndLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for Loans and Loan Commitments </link:label>
<link:label id="lab_ms_ProvisionForLoansAndLoanCommitments_documentation_en-US" xlink:label="lab_ms_ProvisionForLoansAndLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of expense related to credit loss from loan transactions and loan commitments. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ProvisionForLoansAndLoanCommitments" xlink:to="lab_ms_ProvisionForLoansAndLoanCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BorrowingsAbstract_121a1665-9334-44bd-aa2a-c75d257c7e94_terseLabel_en-US" xlink:label="lab_ms_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_ms_BorrowingsAbstract_label_en-US" xlink:label="lab_ms_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings [Abstract] </link:label>
<link:label id="lab_ms_BorrowingsAbstract_documentation_en-US" xlink:label="lab_ms_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BorrowingsAbstract" xlink:href="ms-20201231.xsd#ms_BorrowingsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BorrowingsAbstract" xlink:to="lab_ms_BorrowingsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax_988cf63b-3f17-4d7c-90a9-0cea6a665685_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of prior service cost (credit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherCommitmentDueInNextThreeDays_c7499cf3-d06f-4ee1-bf55-9214c8ecc2eb_terseLabel_en-US" xlink:label="lab_ms_OtherCommitmentDueInNextThreeDays" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward-starting secured financing receivables settled within three business days </link:label>
<link:label id="lab_ms_OtherCommitmentDueInNextThreeDays_label_en-US" xlink:label="lab_ms_OtherCommitmentDueInNextThreeDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Due in Next Three Days </link:label>
<link:label id="lab_ms_OtherCommitmentDueInNextThreeDays_documentation_en-US" xlink:label="lab_ms_OtherCommitmentDueInNextThreeDays" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum amount of other commitment maturing in the next three business days following the latest fiscal year for commitments not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in this taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherCommitmentDueInNextThreeDays" xlink:href="ms-20201231.xsd#ms_OtherCommitmentDueInNextThreeDays"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherCommitmentDueInNextThreeDays" xlink:to="lab_ms_OtherCommitmentDueInNextThreeDays" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup_b4765c96-c6f5-499a-8489-e38b26176abe_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held for sale </link:label>
<link:label id="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup_0e931c90-324b-4b52-8a7b-a89724bf30fd_totalLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for sale, net </link:label>
<link:label id="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup_label_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:to="lab_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeNetAbstract_ea689632-4aa5-4b2e-98a8-7476fc00b242_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Fair Value </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeNetAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Fair Value, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeNetAbstract" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_47eb40e0-7286-417a-a5b0-c2350ec43cfc_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pensions and Other </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_f128c0c3-abd5-4f1e-bf35-e0fc554b4fa2_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Attributable to Parent </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_028493ee-3f6d-45ce-bec5-53031a07e550_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2016 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent_ac7b19bb-67cd-4f1e-b53b-8d038bffac31_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Third party guarantees (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Third Party Guarantees, Percent </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percent of third party guarantees against loss of value in the underlying assets related to available-for-sale security. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:to="lab_ms_AvailableForSaleSecuritiesThirdPartyGuaranteesPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable_4a1ea590-eb2c-448e-9a48-d0d19101ea01_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable" xlink:to="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement_dad86fff-6cac-426e-a443-96d5d03e3635_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesLoanedNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingLiabilitiesFairValueDisclosure_565cc869-0227-4b89-81da-dd7df69e7f75_terseLabel_en-US" xlink:label="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading liabilities </link:label>
<link:label id="lab_us-gaap_TradingLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Liabilities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradingLiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions_9cb760ed-890a-4c36-935e-d7d527a68083_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Loaned Transactions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:to="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFilerCategory_c6607679-a145-48e9-a31b-b71dea014263_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockMember_c4512ad5-de31-4e5b-b197-871376ebd001_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock </link:label>
<link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductsAndServicesDomain_c4ed45ad-cb8f-4339-aaf8-a2076f06428a_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:label id="lab_srt_ProductsAndServicesDomain_label_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain" xlink:to="lab_srt_ProductsAndServicesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseDiscountRate_5f7c8440-e98b-491c-b514-576e4a83d271_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate (as a percent) </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseDiscountRate_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseDiscountRate" xlink:to="lab_us-gaap_LesseeOperatingLeaseDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedAwardsTermsOfAwardAxis_a712bd13-3c2c-4491-aa8a-fd1672f1924e_terseLabel_en-US" xlink:label="lab_ms_ShareBasedAwardsTermsOfAwardAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Awards, Terms of Award [Axis] </link:label>
<link:label id="lab_ms_ShareBasedAwardsTermsOfAwardAxis_label_en-US" xlink:label="lab_ms_ShareBasedAwardsTermsOfAwardAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Awards, Terms of Award [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedAwardsTermsOfAwardAxis" xlink:href="ms-20201231.xsd#ms_ShareBasedAwardsTermsOfAwardAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedAwardsTermsOfAwardAxis" xlink:to="lab_ms_ShareBasedAwardsTermsOfAwardAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable_393cf482-54f9-4415-92ef-ff3f96263476_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanleyMufgSecuritiesCoLtdMember_408226c8-d81c-44d2-b895-669b49d28562_terseLabel_en-US" xlink:label="lab_ms_MorganStanleyMufgSecuritiesCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley MUFG Securities Co., Ltd. </link:label>
<link:label id="lab_ms_MorganStanleyMufgSecuritiesCoLtdMember_label_en-US" xlink:label="lab_ms_MorganStanleyMufgSecuritiesCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley MUFG Securities Co., Ltd. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanleyMufgSecuritiesCoLtdMember" xlink:href="ms-20201231.xsd#ms_MorganStanleyMufgSecuritiesCoLtdMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MorganStanleyMufgSecuritiesCoLtdMember" xlink:to="lab_ms_MorganStanleyMufgSecuritiesCoLtdMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_1230cc7c-b71f-4be0-8db0-089215397458_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Physical commodities </link:label>
<link:label id="lab_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Physical Commodities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:to="lab_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityNonBank_fa827da2-c562-49f5-a8fd-08dd1fca4b72_terseLabel_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-bank </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityNonBank_label_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment In Subsidiaries at Equity, Non-bank </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityNonBank_documentation_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in subsidiaries, at equity, non-bank. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:href="ms-20201231.xsd#ms_InvestmentInSubsidiariesAtEquityNonBank"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:to="lab_ms_InvestmentInSubsidiariesAtEquityNonBank" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsAxis_c7de0500-7f83-4586-8c32-3df34abe63a0_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Axis] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsAxis_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsAxis" xlink:to="lab_us-gaap_OtherCommitmentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ETRADEFinancialCorporationMember_70fd5927-0c45-44d5-a811-a5704fdd8d95_terseLabel_en-US" xlink:label="lab_ms_ETRADEFinancialCorporationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> E-TRADE </link:label>
<link:label id="lab_ms_ETRADEFinancialCorporationMember_label_en-US" xlink:label="lab_ms_ETRADEFinancialCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> E-TRADE Financial Corporation [Member] </link:label>
<link:label id="lab_ms_ETRADEFinancialCorporationMember_documentation_en-US" xlink:label="lab_ms_ETRADEFinancialCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> E-TRADE Financial Corporation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ETRADEFinancialCorporationMember" xlink:href="ms-20201231.xsd#ms_ETRADEFinancialCorporationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ETRADEFinancialCorporationMember" xlink:to="lab_ms_ETRADEFinancialCorporationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_d05b9f97-6657-4a13-98e4-4074f612491f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative and other contracts </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_1c2d9c90-1656-4caa-bcb1-a5757b084dbc_netLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative contracts </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Financial Instruments, Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:to="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_da95a511-c914-4a56-a796-a0be646fdc26_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativesProtectionAxis_bb017e2b-5ca8-49ad-adff-a67f6be6bff0_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativesProtectionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives, Protection [Axis] </link:label>
<link:label id="lab_ms_CreditDerivativesProtectionAxis_label_en-US" xlink:label="lab_ms_CreditDerivativesProtectionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives, Protection [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativesProtectionAxis" xlink:href="ms-20201231.xsd#ms_CreditDerivativesProtectionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativesProtectionAxis" xlink:to="lab_ms_CreditDerivativesProtectionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ForeignFixedIncomeFundsMember_68fb9d5e-6f0f-4638-82c0-a655b17a1499_terseLabel_en-US" xlink:label="lab_ms_ForeignFixedIncomeFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Funds: Fixed Income </link:label>
<link:label id="lab_ms_ForeignFixedIncomeFundsMember_label_en-US" xlink:label="lab_ms_ForeignFixedIncomeFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Fixed Income Funds [Member] </link:label>
<link:label id="lab_ms_ForeignFixedIncomeFundsMember_documentation_en-US" xlink:label="lab_ms_ForeignFixedIncomeFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income funds that invest in companies located outside of the investor's country of residence. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ForeignFixedIncomeFundsMember" xlink:href="ms-20201231.xsd#ms_ForeignFixedIncomeFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ForeignFixedIncomeFundsMember" xlink:to="lab_ms_ForeignFixedIncomeFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPreferredStock_2e8b5234-4409-468d-92aa-6ca486e2026b_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStock_026614b2-5b14-4628-a2cd-15c839c55ec6_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStock_label_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPreferredStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStock" xlink:to="lab_us-gaap_DividendsPreferredStock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember_7dc1b423-8f9b-4baa-939d-120ee9b4de6b_terseLabel_en-US" xlink:label="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mitsubishi UFJ Morgan Stanley Securities Co., Ltd </link:label>
<link:label id="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember_label_en-US" xlink:label="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mitsubishi UFJ Morgan Stanley Securities Co., Ltd [Member] </link:label>
<link:label id="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember_documentation_en-US" xlink:label="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mitsubishi UFJ Morgan Stanley Securities Co., Ltd </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:href="ms-20201231.xsd#ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:to="lab_ms_MitsubishiUfjMorganStanleySecuritiesCoLtdMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_d3ee1987-2c1e-4e41-84f1-dfa605d031c9_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Translation Adjustment Including Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAbstract_f15034a5-6b97-4ab1-975d-9714daede88b_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities—AFS and Deposits </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAbstract_5a55ec88-f036-461a-916d-c1313896c64a_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockShares_97f54d53-1cad-4a26-8028-0902a7395f01_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock (shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockShares_label_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockShares" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccountsReceivableAndOtherReceivablesNetMember_27aa5b4f-d3ed-4593-87e1-e94790a04fb4_terseLabel_en-US" xlink:label="lab_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable and Other Receivables, Net </link:label>
<link:label id="lab_ms_AccountsReceivableAndOtherReceivablesNetMember_label_en-US" xlink:label="lab_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable and Other Receivables, Net [Member] </link:label>
<link:label id="lab_ms_AccountsReceivableAndOtherReceivablesNetMember_documentation_en-US" xlink:label="lab_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Primary financial statement caption encompassing accounts receivable and other receivables, net of accounts payable and other payables. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:href="ms-20201231.xsd#ms_AccountsReceivableAndOtherReceivablesNetMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:to="lab_ms_AccountsReceivableAndOtherReceivablesNetMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_87298bb8-5980-44f6-a5ba-8fc99c034574_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LeaseholdImprovementsOtherAssetsMember_675aefe6-1cc8-46a8-b378-db6608030207_terseLabel_en-US" xlink:label="lab_ms_LeaseholdImprovementsOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leasehold improvements—Other </link:label>
<link:label id="lab_ms_LeaseholdImprovementsOtherAssetsMember_label_en-US" xlink:label="lab_ms_LeaseholdImprovementsOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leasehold Improvements, Other Assets [Member] </link:label>
<link:label id="lab_ms_LeaseholdImprovementsOtherAssetsMember_documentation_en-US" xlink:label="lab_ms_LeaseholdImprovementsOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions or improvements to assets, other than building, held under a lease arrangement. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LeaseholdImprovementsOtherAssetsMember" xlink:href="ms-20201231.xsd#ms_LeaseholdImprovementsOtherAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LeaseholdImprovementsOtherAssetsMember" xlink:to="lab_ms_LeaseholdImprovementsOtherAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_451beb0a-f445-43ef-a5e9-515cfb2b90c9_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Original maturities greater than one year: </link:label>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:to="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_98964b34-c266-46f7-9168-ffda4d961900_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Derivatives and Other Credit Contracts </link:label>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of Credit Derivatives [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCreditDerivativesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:to="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems_a1d759f6-4575-4bfe-a57f-accd812c8cdd_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Awards </link:label>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems_label_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems" xlink:to="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets_78f2a6c0-75a6-4c58-b3aa-126b61ac3884_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets sold </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales, Fair Value of Derecognized Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:to="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_1adb6100-453f-49eb-91b2-504038f087cc_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash payments for income taxes, net of refunds </link:label>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Paid, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxesPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_398b9900-bccf-4033-ac97-e7502d18a8a6_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Table] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialMortgageMember_28b8fe94-3842-47e8-91af-55c9b5e99a5c_verboseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RML </link:label>
<link:label id="lab_us-gaap_ResidentialMortgageMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ResidentialMortgageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageMember" xlink:to="lab_us-gaap_ResidentialMortgageMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_33b0a0ef-775b-44b7-8847-f0076d264277_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities at fair value </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_5ec769c7-609f-4f50-abae-b9c13960416d_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial and Nonfinancial Liabilities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember_04c83b22-ecbd-458f-b385-1e4a3388c14e_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:to="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_4277e767-21f3-4f27-b6ac-cb90a53f2fcb_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of preferred stock, net of issuance costs </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Preferred Stock and Preference Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_384e03f1-ee48-4852-93da-3d8ceb41b312_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per common share - diluted (USD per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareDiluted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MinimumSupplementaryLeverageRatio_ae61c0ae-71b2-4cfd-b9c0-7c7c1f586367_terseLabel_en-US" xlink:label="lab_ms_MinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SLR (as a percent) </link:label>
<link:label id="lab_ms_MinimumSupplementaryLeverageRatio_label_en-US" xlink:label="lab_ms_MinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Supplementary Leverage Ratio </link:label>
<link:label id="lab_ms_MinimumSupplementaryLeverageRatio_documentation_en-US" xlink:label="lab_ms_MinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The minimum percentage of tier one capital to total leverage exposure, as defined by regulatory framework. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MinimumSupplementaryLeverageRatio" xlink:href="ms-20201231.xsd#ms_MinimumSupplementaryLeverageRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MinimumSupplementaryLeverageRatio" xlink:to="lab_ms_MinimumSupplementaryLeverageRatio" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_e5c1db00-3ebd-4a20-8f07-07afa2306d9a_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_d79705a3-4531-48d3-a7de-c6f497947d90_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Unrecognized Tax Benefits </link:label>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock_b8f8c93a-a541-4887-817e-680f11fc88b2_terseLabel_en-US" xlink:label="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Total Assets by Region </link:label>
<link:label id="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock_label_en-US" xlink:label="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Geographic Areas to Consolidated [Table Text Block] </link:label>
<link:label id="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock_documentation_en-US" xlink:label="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of all significant reconciling items in the reconciliation of total assets from geographic areas to the entity's consolidated assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:href="ms-20201231.xsd#ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:to="lab_ms_ReconciliationOfAssetsFromGeographicAreasToConsolidatedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TypeOfArrangementAxis_fc51687c-63e5-4479-a8ab-00ec24f981bd_terseLabel_en-US" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collaborative Arrangement and Arrangement Other than Collaborative [Axis] </link:label>
<link:label id="lab_us-gaap_TypeOfArrangementAxis_label_en-US" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collaborative Arrangement and Arrangement Other than Collaborative [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TypeOfArrangementAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfArrangementAxis" xlink:to="lab_us-gaap_TypeOfArrangementAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_f3c1533c-3128-47e0-a642-1b2767b59931_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of shares transferred in acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Consideration Transferred, Equity Interests Issued and Issuable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableNonaccrualNoAllowance_3fc28196-efad-4f68-8931-0cb1d508c078_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableNonaccrualNoAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonaccrual loans without an ACL </link:label>
<link:label id="lab_us-gaap_FinancingReceivableNonaccrualNoAllowance_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableNonaccrualNoAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Nonaccrual, No Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableNonaccrualNoAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableNonaccrualNoAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableNonaccrualNoAllowance" xlink:to="lab_us-gaap_FinancingReceivableNonaccrualNoAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressAddressLine1_c431cbdb-850f-4df3-8545-c79d28cae7fc_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member_d2e3e744-31a8-4137-858a-a4b91e5b5684_verboseLabel_en-US" xlink:label="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031 </link:label>
<link:label id="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member_label_en-US" xlink:label="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Cushing MLP High Income Index ETNs due March 21, 2031 [Member] </link:label>
<link:label id="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member_documentation_en-US" xlink:label="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Cushing MLP High Income Index ETNs due March 21, 2031 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:href="ms-20201231.xsd#ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:to="lab_ms_MorganStanleyCushingMLPHighIncomeIndexETNsdueMarch212031Member" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputVolatilitySkewMember_c67f1e12-5fb3-4b03-b5a8-fc1654398105_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility Skew </link:label>
<link:label id="lab_ms_MeasurementInputVolatilitySkewMember_label_en-US" xlink:label="lab_ms_MeasurementInputVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Volatility Skew [Member] </link:label>
<link:label id="lab_ms_MeasurementInputVolatilitySkewMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using the difference in implied volatility for options with identical underliers and expiry dates but with different strikes. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputVolatilitySkewMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputVolatilitySkewMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputVolatilitySkewMember" xlink:to="lab_ms_MeasurementInputVolatilitySkewMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_22f14d72-6c7d-4f8e-9b20-70c853c643af_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets, accumulated amortization </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_6e472c7b-6419-42b1-8c84-f59ccc448094_verboseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Amortization </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Accumulated Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MaximumMember_3db621f1-7817-4d24-a688-e9829f89f0b3_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum </link:label>
<link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MaximumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoncontrollingInterestMember_9a008e7b-bbc7-4979-bb5d-97931cb160d5_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interests </link:label>
<link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock_00d5ab66-be74-4ed0-b00b-d4a45519df67_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Period Changes in OCI </link:label>
<link:label id="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Changes in Other Comprehensive Income (Loss) by Components [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of period changes in other comprehensive income (loss) components. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:to="lab_ms_ScheduleOfChangesInOtherComprehensiveIncomeLossByComponentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_8a7740b6-15cb-4b2e-a60a-990d80dca29b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock_1984121c-842b-4de9-8147-967a448b2160_terseLabel_en-US" xlink:label="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Carried Interest Compensation Expense </link:label>
<link:label id="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Carried Interest Compensation Expense [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Carried Interest Compensation Expense [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:to="lab_ms_ScheduleofCarriedInterestCompensationExpenseTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_26f2efb9-8c0f-437f-8356-6f092177e86a_verboseLabel_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_e25c72a2-01d4-4daf-88ae-9282b88bc164_terseLabel_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier 1 capital (as a percent) </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_label_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Common Capital Required for Capital Adequacy to Risk Weighted Assets </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_documentation_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The minimum common equity Tier One Capital Ratio (Common equity Tier one capital divided by risk-weighted assets) required for capital adequacy purposes under the regulatory framework for prompt corrective action. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:href="ms-20201231.xsd#ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssets"/>
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<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
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<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_fdcdb100-099d-43b2-a0ac-37cd30526cf6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_4314c407-8fc0-4c10-bd46-d85366b25139_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock_88baefc4-fc50-4324-8690-20da55316f8e_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Condensed Balance Sheets </link:label>
<link:label id="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfCondensedBalanceSheetTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_8bada901-a29b-4eaf-8668-3713960ee11e_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining term </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms"/>
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<link:label id="lab_ms_EmployeeLoansLineItems_a1f0040c-63cb-42fd-a241-d034971b825a_terseLabel_en-US" xlink:label="lab_ms_EmployeeLoansLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Loans [Line Items] </link:label>
<link:label id="lab_ms_EmployeeLoansLineItems_label_en-US" xlink:label="lab_ms_EmployeeLoansLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Loans [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeLoansLineItems" xlink:href="ms-20201231.xsd#ms_EmployeeLoansLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmployeeLoansLineItems" xlink:to="lab_ms_EmployeeLoansLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_d42ab39f-faa2-41e2-ac32-66bd9a9adb9f_terseLabel_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Annualized average yield, due within 1 year (as a percent) </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities Debt Maturities Next Twelve Months Annualized Average Yield </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of Held-to-maturity securities maturing in the next fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:to="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesNextTwelveMonthsAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_571c75bf-8c7d-46fc-a299-9fc42d76c029_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
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<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_1a63bad6-f899-4fd7-a2e4-945be53ea1d8_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized losses (gains) </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquipmentMember_b400e98f-f1f1-4950-bace-1b4828727622_terseLabel_en-US" xlink:label="lab_us-gaap_EquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Computer and communications equipment </link:label>
<link:label id="lab_us-gaap_EquipmentMember_label_en-US" xlink:label="lab_us-gaap_EquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquipmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquipmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquipmentMember" xlink:to="lab_us-gaap_EquipmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesTextBlock_9a140bec-fda3-441a-b9ef-f1652728ee22_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans, Lending Commitments and Related Allowance for Credit Losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesTextBlock_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesTextBlock" xlink:to="lab_us-gaap_FinancingReceivablesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetPaymentsForFinancingActivitiesAbstract_7616e611-72a3-4953-ad0b-90abbdfcde38_terseLabel_en-US" xlink:label="lab_ms_NetPaymentsForFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for: </link:label>
<link:label id="lab_ms_NetPaymentsForFinancingActivitiesAbstract_label_en-US" xlink:label="lab_ms_NetPaymentsForFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Payments For Financing Activities [Abstract] </link:label>
<link:label id="lab_ms_NetPaymentsForFinancingActivitiesAbstract_documentation_en-US" xlink:label="lab_ms_NetPaymentsForFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Payments for: [Abstract] </link:label>
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<link:label id="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember_923c67b9-d64a-4524-93f9-445d3917cbf7_terseLabel_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net DVA Including Noncontrolling Interest </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember_label_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Including Noncontrolling Interest [Member] </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember_documentation_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Including Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:href="ms-20201231.xsd#ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:to="lab_ms_AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue_8c5f5fb5-0dc3-4c65-9506-915e6cfc5b0d_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Conversions to common stock (USD per share) </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversions in Period, Weighted Average Grant Date Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Unvested, Conversions in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionsInPeriodWeightedAverageGrantDateFairValue"/>
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<link:label id="lab_dei_DocumentType_7e72e2ab-d8df-4d99-969f-87332dc70d81_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock_3cc13369-dfd0-45b1-952b-2dd9dcd20216_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Subordinated Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Subordinated Borrowing [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSubordinatedBorrowingTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:to="lab_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ProceedsFromSaleOfMarketableSecurities_309f5a9e-4001-4306-a651-155ae1812d5e_verboseLabel_en-US" xlink:label="lab_ms_ProceedsFromSaleOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales </link:label>
<link:label id="lab_ms_ProceedsFromSaleOfMarketableSecurities_b9dd31fc-46bc-4a51-9d38-cb1869ee4db6_terseLabel_en-US" xlink:label="lab_ms_ProceedsFromSaleOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of investment securities </link:label>
<link:label id="lab_ms_ProceedsFromSaleOfMarketableSecurities_label_en-US" xlink:label="lab_ms_ProceedsFromSaleOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Marketable Securities </link:label>
<link:label id="lab_ms_ProceedsFromSaleOfMarketableSecurities_documentation_en-US" xlink:label="lab_ms_ProceedsFromSaleOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The cash inflow associated with the aggregate amount received by the entity through sale of marketable securities (held-to-maturity or available-for-sale) during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ProceedsFromSaleOfMarketableSecurities" xlink:href="ms-20201231.xsd#ms_ProceedsFromSaleOfMarketableSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ProceedsFromSaleOfMarketableSecurities" xlink:to="lab_ms_ProceedsFromSaleOfMarketableSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_af51c7b0-33b8-4e87-a271-690ab14f426b_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_IcfrAuditorAttestationFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockMember_4052ff87-891a-4fe9-a23e-fce74a52f654_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Held in Treasury at Cost </link:label>
<link:label id="lab_us-gaap_TreasuryStockMember_label_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockMember" xlink:to="lab_us-gaap_TreasuryStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities_26df0a7e-0c47-4699-8710-84402440e9f5_terseLabel_en-US" xlink:label="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets, net of Trading liabilities </link:label>
<link:label id="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities_label_en-US" xlink:label="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Trading Assets Net of Trading Liabilities </link:label>
<link:label id="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities_documentation_en-US" xlink:label="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income earned on instruments and other positions owned by the entity that are for trading purposes, offset by interest expense incurred on trading liabilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:href="ms-20201231.xsd#ms_InterestIncomeTradingAssetsNetOfTradingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:to="lab_ms_InterestIncomeTradingAssetsNetOfTradingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_2e39ee45-9e54-44cf-a897-98295a728639_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_12b71bce-a6e4-4ed3-898c-3d56a38f14a1_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_33af2542-9138-4c37-ae92-2578c5018d98_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_195afc96-8465-40e5-b9e9-9726bcd669e4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced_c8780779-e369-428c-89c3-7243f1c32609_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced_label_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Countercyclical Capital Buffer, Advanced </link:label>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced_documentation_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Countercyclical Capital Buffer, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:href="ms-20201231.xsd#ms_BankingRegulationCountercyclicalCapitalBufferAdvanced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:to="lab_ms_BankingRegulationCountercyclicalCapitalBufferAdvanced" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CorporateandOtherDebtSecuritiesMember_c37459cd-d052-4342-9f89-d334d8e850e7_terseLabel_en-US" xlink:label="lab_ms_CorporateandOtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and other debt </link:label>
<link:label id="lab_ms_CorporateandOtherDebtSecuritiesMember_label_en-US" xlink:label="lab_ms_CorporateandOtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and Other Debt Securities [Member] </link:label>
<link:label id="lab_ms_CorporateandOtherDebtSecuritiesMember_documentation_en-US" xlink:label="lab_ms_CorporateandOtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and Other Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CorporateandOtherDebtSecuritiesMember" xlink:href="ms-20201231.xsd#ms_CorporateandOtherDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CorporateandOtherDebtSecuritiesMember" xlink:to="lab_ms_CorporateandOtherDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference_9683e7d6-3c2c-409f-8f7d-70b4fc5d02dd_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonaccrual loans </link:label>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference_label_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held as Assets, Aggregate Difference </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference" xlink:to="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateDifference" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MinimumTier1SLRRequirementPercent_5132ef97-b17d-45a9-aa97-a23a827d15a1_terseLabel_en-US" xlink:label="lab_ms_MinimumTier1SLRRequirementPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Tier 1 SLR requirement (as a percent) </link:label>
<link:label id="lab_ms_MinimumTier1SLRRequirementPercent_label_en-US" xlink:label="lab_ms_MinimumTier1SLRRequirementPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Tier 1 SLR Requirement, Percent </link:label>
<link:label id="lab_ms_MinimumTier1SLRRequirementPercent_documentation_en-US" xlink:label="lab_ms_MinimumTier1SLRRequirementPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Tier 1 SLR Requirement, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MinimumTier1SLRRequirementPercent" xlink:href="ms-20201231.xsd#ms_MinimumTier1SLRRequirementPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MinimumTier1SLRRequirementPercent" xlink:to="lab_ms_MinimumTier1SLRRequirementPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnderlyingAssetClassAxis_5f5ab7fe-af12-471e-a00d-f444771f2e68_terseLabel_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underlying Asset Class [Axis] </link:label>
<link:label id="lab_us-gaap_UnderlyingAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underlying Asset Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnderlyingAssetClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnderlyingAssetClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnderlyingAssetClassAxis" xlink:to="lab_us-gaap_UnderlyingAssetClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssets_2642cdb2-4ed7-466b-bde0-b1e10640b8c9_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative and other contracts </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_d34aa56d-5ccc-45bb-b555-88c92fc6040d_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_c0226e46-cd69-426e-aa90-ae49759a4eb8_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total in Trading assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_7069459a-3bec-4541-b52e-83a0a83fa129_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Fair value, after 1 year through 5 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue"/>
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<link:label id="lab_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit_0d3f8331-df33-49b4-b60a-d7e3d3938231_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits that equal or exceed the FDIC insurance limit </link:label>
<link:label id="lab_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit_label_en-US" xlink:label="lab_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits, at or Above FDIC Insurance Limit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit" xlink:to="lab_us-gaap_TimeDepositsAtOrAboveFDICInsuranceLimit" xlink:type="arc" order="1"/>
<link:label id="lab_ms_WealthManagementSegmentMember_212ec1ce-ef36-4ac8-96b3-c29e1304ebff_terseLabel_en-US" xlink:label="lab_ms_WealthManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WM </link:label>
<link:label id="lab_ms_WealthManagementSegmentMember_584a0e6a-7e28-4253-81f0-3bdf94f24940_verboseLabel_en-US" xlink:label="lab_ms_WealthManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wealth Management </link:label>
<link:label id="lab_ms_WealthManagementSegmentMember_label_en-US" xlink:label="lab_ms_WealthManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wealth Management Segment [Member] </link:label>
<link:label id="lab_ms_WealthManagementSegmentMember_documentation_en-US" xlink:label="lab_ms_WealthManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wealth Management business segment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_WealthManagementSegmentMember" xlink:href="ms-20201231.xsd#ms_WealthManagementSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_WealthManagementSegmentMember" xlink:to="lab_ms_WealthManagementSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_GeneralPartnerGuaranteeMember_526eeb12-9ead-4ae7-a3bd-b6319ce43dcb_terseLabel_en-US" xlink:label="lab_ms_GeneralPartnerGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General partner guarantees </link:label>
<link:label id="lab_ms_GeneralPartnerGuaranteeMember_label_en-US" xlink:label="lab_ms_GeneralPartnerGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General Partner Guarantee [Member] </link:label>
<link:label id="lab_ms_GeneralPartnerGuaranteeMember_documentation_en-US" xlink:label="lab_ms_GeneralPartnerGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General Partner Guarantee </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_GeneralPartnerGuaranteeMember" xlink:href="ms-20201231.xsd#ms_GeneralPartnerGuaranteeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_GeneralPartnerGuaranteeMember" xlink:to="lab_ms_GeneralPartnerGuaranteeMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount_0c1354ec-c356-4ed2-b1d8-728b7e4bbabc_terseLabel_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of equity margin loans from Level 3 to Level 2 </link:label>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount_label_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Equity Margin Loans, Level 3 to Level 2 Transfers, Amount </link:label>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount_documentation_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Equity Margin Loans, Level 3 to Level 2 Transfers, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:href="ms-20201231.xsd#ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:to="lab_ms_FairValueEquityMarginLoansLevel3toLevel2TransfersAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_dad921a1-fa49-4701-b9e0-acc79be66c80_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_552cfa9b-645d-4a9f-b00a-2e52f6ef853c_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from issuance of Borrowings </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_a1545306-5631-4b0a-bfcc-ebd7455c12da_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets (net of accumulated amortization of $3,265 and $3,204) </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_101f5b11-c7ef-4f2a-ad59-f63f6c62becf_verboseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net (Excluding Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccountingStandardsUpdate201712Abstract_c2abdc9e-40f9-4897-b197-8983c88a21f0_terseLabel_en-US" xlink:label="lab_ms_AccountingStandardsUpdate201712Abstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hedges - Hedged Items </link:label>
<link:label id="lab_ms_AccountingStandardsUpdate201712Abstract_label_en-US" xlink:label="lab_ms_AccountingStandardsUpdate201712Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2017-12 [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AccountingStandardsUpdate201712Abstract" xlink:href="ms-20201231.xsd#ms_AccountingStandardsUpdate201712Abstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AccountingStandardsUpdate201712Abstract" xlink:to="lab_ms_AccountingStandardsUpdate201712Abstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_43f71881-bec6-4eab-87ae-1e208253f381_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than 30 Days </link:label>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Less than 30 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityUpTo30DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityUpTo30DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityUpTo30DaysMember" xlink:to="lab_us-gaap_MaturityUpTo30DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock_df7bb73d-dea8-4d17-a0da-d63b97f43095_verboseLabel_en-US" xlink:label="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Non-Consolidated VIEs </link:label>
<link:label id="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Non-Consolidated Variable Interest Entities [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Non-Consolidated Variable Interest Entities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:to="lab_ms_ScheduleOfNonConsolidatedVariableInterestEntitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeveranceCosts1_43c59a53-a83d-42d9-a2f0-1653ab1b90cb_terseLabel_en-US" xlink:label="lab_us-gaap_SeveranceCosts1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Severance-related costs </link:label>
<link:label id="lab_us-gaap_SeveranceCosts1_label_en-US" xlink:label="lab_us-gaap_SeveranceCosts1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Severance Costs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeveranceCosts1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeveranceCosts1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeveranceCosts1" xlink:to="lab_us-gaap_SeveranceCosts1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_55ef149d-7335-4ea7-ac0b-030a08a24ba4_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Receivables from Contracts with Customers </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:to="lab_us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoaned_1b21f79b-34e4-47bf-871b-fd79834c2d7b_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoaned_f7a727aa-a52a-4cf5-8df1-172c0bd8d7f6_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesLoaned_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoaned" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoaned"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoaned" xlink:to="lab_us-gaap_SecuritiesLoaned" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LoansAndLendingCommitments_093fa084-4e91-477d-81e9-22fee6a755f9_terseLabel_en-US" xlink:label="lab_ms_LoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitments </link:label>
<link:label id="lab_ms_LoansAndLendingCommitments_label_en-US" xlink:label="lab_ms_LoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Lending Commitments </link:label>
<link:label id="lab_ms_LoansAndLendingCommitments_documentation_en-US" xlink:label="lab_ms_LoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and lending commitments are mainly related to relationship-based and event-driven lending to select corporate clients. Relationship-based loans and lending commitments are used for general corporate purposes, working capital and liquidity purposes by our investment banking clients and typically consist of revolving lines of credit, letter of credit facilities and term loans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LoansAndLendingCommitments" xlink:href="ms-20201231.xsd#ms_LoansAndLendingCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LoansAndLendingCommitments" xlink:to="lab_ms_LoansAndLendingCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowed_d17832db-6b2f-400c-b8db-6db4370f280f_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowed_b0ea88ff-df68-4e66-9646-ee207c742b0f_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowed_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowed" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowed" xlink:to="lab_us-gaap_SecuritiesBorrowed" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced_18b16a9e-0801-4b88-860d-d8292216e3ea_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced_label_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum, Advanced </link:label>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced_documentation_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced" xlink:href="ms-20201231.xsd#ms_BankingRegulationTotalRiskBasedCapitalRatioCapitalAdequacyMinimumAdvanced"/>
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<link:label id="lab_us-gaap_SecuritiesLoanedAsset_913a659d-ae5b-47bf-9b0e-7310b54ffc0a_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedAsset_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedAsset" xlink:to="lab_us-gaap_SecuritiesLoanedAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_e6636f33-38a1-4d68-9fab-0f8d0b146b4c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award vesting period </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
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<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments_3827deda-9d36-43a0-9760-ab25b2dbf0f4_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets at fair value: Loans and lending commitments </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Trading Assets, Loans and Lending Commitments </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Trading Assets, Loans and Lending Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsLoansAndLendingCommitments"/>
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<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_06df390e-8e48-4ce4-bb2e-41dfef3b3abc_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
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<link:label id="lab_us-gaap_FurnitureAndFixturesMember_d0fcdf67-2363-4598-8fec-8e5b1957a5cd_terseLabel_en-US" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Furniture and fixtures </link:label>
<link:label id="lab_us-gaap_FurnitureAndFixturesMember_label_en-US" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Furniture and Fixtures [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FurnitureAndFixturesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FurnitureAndFixturesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FurnitureAndFixturesMember" xlink:to="lab_us-gaap_FurnitureAndFixturesMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressStateOrProvince_59332471-830c-42e3-b745-b53430badf46_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_de43b016-1491-4f13-8788-a34d98a2b724_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTax_1667cc39-8089-433d-89ca-ec4f3241a19e_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubleaseIncome_c923bda6-f857-419b-9bdf-2d0ab55fd10e_negatedLabel_en-US" xlink:label="lab_us-gaap_SubleaseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Sublease income </link:label>
<link:label id="lab_us-gaap_SubleaseIncome_label_en-US" xlink:label="lab_us-gaap_SubleaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sublease Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubleaseIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubleaseIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubleaseIncome" xlink:to="lab_us-gaap_SubleaseIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_9a9b66b5-a064-411a-9a6b-a3471d769950_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract"/>
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<link:label id="lab_us-gaap_OtherCommitmentsTable_d711d000-924d-4e4e-b069-81df19a4c7a4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Table] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsTable_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsTable" xlink:to="lab_us-gaap_OtherCommitmentsTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate_4b60c393-ff99-41d9-8992-213e2f2b1f4b_terseLabel_en-US" xlink:label="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreement to resell to affiliates </link:label>
<link:label id="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate_label_en-US" xlink:label="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Purchased under Agreements to Resell with Affiliate </link:label>
<link:label id="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate_documentation_en-US" xlink:label="lab_ms_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellWithAffiliate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities purchased under agreements to resell with affiliate. </link:label>
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<link:label id="lab_us-gaap_OtherAssetsDisclosureTextBlock_ac9f919f-aab7-4e54-87f3-f841b7b9a216_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets - Equity Method Investments and Leases </link:label>
<link:label id="lab_us-gaap_OtherAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OtherAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_OtherAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember_7d079455-2e8e-4eb5-800c-d4988a588c7f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative and other contracts </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember_label_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Financial Instruments, Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFinancialInstrumentsAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:to="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_8bf4269e-421f-4056-8a2f-71fcf159a48d_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Property, Plant and Equipment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock_03c52390-7b21-448e-9745-bcde6ac1711a_terseLabel_en-US" xlink:label="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cumulative Foreign Currency Translation Adjustments </link:label>
<link:label id="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock_label_en-US" xlink:label="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Foreign Currency Translation Adjustments from Net Investment and Net Investment Hedges [Table Text Block] </link:label>
<link:label id="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock_documentation_en-US" xlink:label="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of cumulative foreign currency translation adjustments from translating foreign currency financial statements from their respective functional currencies to the entity's reporting currency, and from gains and losses from hedges of the entity's net investments in foreign functional currency subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:href="ms-20201231.xsd#ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:to="lab_ms_CumulativeForeignCurrencyTranslationAdjustmentsFromNetInvestmentAndNetInvestmentHedgesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock_5d47baee-be07-4f17-a3f5-6bd41182231e_terseLabel_en-US" xlink:label="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liabilities Disclosures [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepositLiabilitiesDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:to="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember_943c796e-d7d2-4170-97d1-080d2b8ed1c7_terseLabel_en-US" xlink:label="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than or equal to 80% </link:label>
<link:label id="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember_label_en-US" xlink:label="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value Ratio, Less than or Equal to 80 Percent [Member] </link:label>
<link:label id="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember_documentation_en-US" xlink:label="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value Ratio, Less than or Equal to 80 Percent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:href="ms-20201231.xsd#ms_DebttoValueRatioLessthanorEqualto80PercentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:to="lab_ms_DebttoValueRatioLessthanorEqualto80PercentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_71af9000-9695-4b41-b339-61acfba39de1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Level 3 Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Deposits_d534c6b2-b2b3-420e-945a-2a4806c25f55_terseLabel_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits (includes $3,521 and $2,099 at fair value) </link:label>
<link:label id="lab_us-gaap_Deposits_3c08d8a8-f19b-46c0-97ef-1cb130758ef6_verboseLabel_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_Deposits_0ecd20b8-f4e2-407e-9766-07dbb6495985_totalLabel_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_Deposits_label_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Deposits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Deposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Deposits" xlink:to="lab_us-gaap_Deposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_18dad95e-aff8-4b86-aef9-e6148d5d6e8f_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany_e03939c5-2846-4e77-a325-c2ab0d936a80_terseLabel_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank and BHC </link:label>
<link:label id="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany_label_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to Subsidiaries Bank and Bank Holding Company </link:label>
<link:label id="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany_documentation_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to subsidiaries, bank and bank holding company. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:href="ms-20201231.xsd#ms_AdvancesToSubsidiariesBankAndBankHoldingCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:to="lab_ms_AdvancesToSubsidiariesBankAndBankHoldingCompany" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativesByMaturityAxis_96cd8b4d-211a-49b4-87d4-8ce73e8eb753_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Axis] </link:label>
<link:label id="lab_ms_CreditDerivativesByMaturityAxis_label_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Axis] </link:label>
<link:label id="lab_ms_CreditDerivativesByMaturityAxis_documentation_en-US" xlink:label="lab_ms_CreditDerivativesByMaturityAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives by Maturity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativesByMaturityAxis" xlink:href="ms-20201231.xsd#ms_CreditDerivativesByMaturityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativesByMaturityAxis" xlink:to="lab_ms_CreditDerivativesByMaturityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AmericanDepositarySharesPerPreferredStockIssued_38694ab2-2c02-4312-bcd6-5b9dd4736220_terseLabel_en-US" xlink:label="lab_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary shares per share (shares) </link:label>
<link:label id="lab_ms_AmericanDepositarySharesPerPreferredStockIssued_label_en-US" xlink:label="lab_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> American Depositary Shares Per Preferred Stock Issued </link:label>
<link:label id="lab_ms_AmericanDepositarySharesPerPreferredStockIssued_documentation_en-US" xlink:label="lab_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of American Depositary Shares per preferred stock issued. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:href="ms-20201231.xsd#ms_AmericanDepositarySharesPerPreferredStockIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:to="lab_ms_AmericanDepositarySharesPerPreferredStockIssued" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_dc66ae37-c3db-4f3f-8606-dffaade128ac_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable </link:label>
<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_846f3916-cb6a-4f17-89d6-07a8399e6b56_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour_a352b0b5-a268-4796-a51f-7c84f88185a1_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal in Year Four </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing in the fourth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesFvNiMeasurementInput_9d6c729c-b876-472e-a9dc-ac293965686d_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate equities, measurement input value </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesFvNiMeasurementInput_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, FV-NI, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquitySecuritiesFvNiMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiMeasurementInput" xlink:to="lab_us-gaap_EquitySecuritiesFvNiMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_0fad4d00-fbb1-4e99-873d-5ddb3d966448_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StructuredFinanceMember_79e26795-d3d0-4b42-b126-3c3e8721d833_verboseLabel_en-US" xlink:label="lab_us-gaap_StructuredFinanceMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OSF </link:label>
<link:label id="lab_us-gaap_StructuredFinanceMember_label_en-US" xlink:label="lab_us-gaap_StructuredFinanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured Finance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StructuredFinanceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StructuredFinanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StructuredFinanceMember" xlink:to="lab_us-gaap_StructuredFinanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCost_f62dcde5-7c3d-4fa4-984e-8310f9002855_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease cost, net </link:label>
<link:label id="lab_us-gaap_LeaseCost_label_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCost" xlink:to="lab_us-gaap_LeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_296295b3-abcc-4027-8ee5-59e11800bf5b_terseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury and agency securities </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_00cab4c2-60b5-4558-b076-293d5888a431_verboseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and agency securities </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_c390561e-64aa-4c26-a677-ee3c4203c89d_netLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and agency securities </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_label_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury and Government [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USTreasuryAndGovernmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:to="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember_1835fe84-0755-4d1f-902a-5666754d1c19_terseLabel_en-US" xlink:label="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and agency securities and other sovereign government obligations </link:label>
<link:label id="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember_label_en-US" xlink:label="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury and Government, and Foreign Government Debt Securities [Member] </link:label>
<link:label id="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember_documentation_en-US" xlink:label="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities issued by the United States Department of the Treasury, US Government Agencies and US Government-sponsored Enterprises; and a national, local, or municipal government not within the country of domicile of the reporting entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:href="ms-20201231.xsd#ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:to="lab_ms_UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_b6a504d1-be8f-4466-9bda-6add4b4704db_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral posted </link:label>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Already Posted, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:to="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_dd836ad5-e3f2-4bac-9910-b24cfa1e681c_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDomain" xlink:to="lab_us-gaap_ValuationTechniqueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_f5ac6697-79a2-4659-900e-598ecea43959_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investing activities </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_fb3da603-9bc5-40e3-bff1-cdd3c0a7c20a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByLiabilityClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:to="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement_302dc908-e11e-44b0-91b5-5a31786e7745_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearTwo_a51139e1-dc3e-4930-9f3d-eab21b792437_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearTwo_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearTwo" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_805af103-f2f9-483f-829e-4d8f259308ab_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAxis" xlink:to="lab_us-gaap_BusinessAcquisitionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SegmentGeographicalDomain_cf00b6da-285a-4aca-ad1e-131ed12ab458_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SegmentGeographicalDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember_888eab85-4dae-4475-b1a4-0db58bd786c5_terseLabel_en-US" xlink:label="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M & N Preferred Shares </link:label>
<link:label id="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M Preferred Stock and Series N Preferred Stock [Member] </link:label>
<link:label id="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember_documentation_en-US" xlink:label="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M Preferred Stock and Series N Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesMPreferredStockandSeriesNPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:to="lab_ms_SeriesMPreferredStockandSeriesNPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_6663008f-7356-445f-be2b-f89b4be1ac6e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Plans </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_44a3675b-32c9-420a-bb83-acfe96313162_terseLabel_en-US" xlink:label="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Next 12 months </link:label>
<link:label id="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Maturities, Repayments of Principal in Next Twelve Months </link:label>
<link:label id="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_documentation_en-US" xlink:label="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of short-term debt payable maturing in the next fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="ms-20201231.xsd#ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_ms_ShortTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueOptionPricingModelMember_46bf5079-f52e-4ebc-8b70-b4e323701f83_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueOptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Option Model </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueOptionPricingModelMember_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueOptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Option Pricing Model [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueOptionPricingModelMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueOptionPricingModelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueOptionPricingModelMember" xlink:to="lab_us-gaap_ValuationTechniqueOptionPricingModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock_d2e82673-35e6-4761-b9ea-87a36e5a0701_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Restrictions on Payments </link:label>
<link:label id="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Restricted Net Assets [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of net assets that may be restricted as to the payment of cash dividends and advances to the reporting entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfRestrictedNetAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:to="lab_ms_ScheduleOfRestrictedNetAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_d5d35e2b-792b-48bc-b664-110c25a140f6_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance for the acquisition of E*TRADE (shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Acquisitions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree_225a55c3-22a1-4ab8-8a9c-a844178e4b6f_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal in Year Three </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing in the third fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_42c0cdf3-dcb6-4b62-b14b-feea35eb8afe_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Foreign Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityVoluntaryFilers_94a544e9-e729-45bb-93ec-3d33dc74c4ba_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:label id="lab_dei_EntityVoluntaryFilers_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativesProtectionDomain_a5aad339-8961-4cea-b486-910c9e27d85f_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativesProtectionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives, Protection [Domain] </link:label>
<link:label id="lab_ms_CreditDerivativesProtectionDomain_label_en-US" xlink:label="lab_ms_CreditDerivativesProtectionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives, Protection [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativesProtectionDomain" xlink:href="ms-20201231.xsd#ms_CreditDerivativesProtectionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativesProtectionDomain" xlink:to="lab_ms_CreditDerivativesProtectionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputInflationVolatilityMember_3c195b4b-2dc5-46df-b5df-c12c84361751_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInflationVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inflation Volatility </link:label>
<link:label id="lab_ms_MeasurementInputInflationVolatilityMember_label_en-US" xlink:label="lab_ms_MeasurementInputInflationVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Inflation Volatility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputInflationVolatilityMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputInflationVolatilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputInflationVolatilityMember" xlink:to="lab_ms_MeasurementInputInflationVolatilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_59a193d8-91a3-44fb-a665-f111ea815487_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained interests </link:label>
<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Interest, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedInterestFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedInterestFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedInterestFairValueDisclosure" xlink:to="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExchangeTradedMember_536a2423-29d6-441f-a251-0999e9e5c06f_terseLabel_en-US" xlink:label="lab_us-gaap_ExchangeTradedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange- Traded </link:label>
<link:label id="lab_us-gaap_ExchangeTradedMember_label_en-US" xlink:label="lab_us-gaap_ExchangeTradedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange Traded [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExchangeTradedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExchangeTradedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExchangeTradedMember" xlink:to="lab_us-gaap_ExchangeTradedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract_886e7c15-e3a0-4654-9d61-f93468eba62c_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_5a61d0fe-5b25-4a61-bcb9-1677d4fea67e_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Fair value, after 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesIssued_fac5f364-144f-40a3-8855-2e8b7f2dee43_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares issued (shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_db8b79b2-cff0-4364-a396-b01e42e088aa_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Assumptions Used to Determine Benefit Obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember_cbbdabd0-a773-49bc-bfe8-02e831e82ca5_terseLabel_en-US" xlink:label="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1 - 3 (Years) </link:label>
<link:label id="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember_label_en-US" xlink:label="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> More than One and within Three Years from Balance Sheet Date [Member] </link:label>
<link:label id="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember_documentation_en-US" xlink:label="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> More than One and within Three Years from Balance Sheet Date [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:href="ms-20201231.xsd#ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:to="lab_ms_MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusDomain_919cb616-4c3d-490c-ad8d-bd17445945d7_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTaxStatusDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTaxStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTaxStatusDomain" xlink:to="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced_e2594f9a-a4c5-414a-b64e-a1d018d25232_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced_label_en-US" xlink:label="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum, Advanced </link:label>
<link:label id="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced_documentation_en-US" xlink:label="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:href="ms-20201231.xsd#ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:to="lab_ms_BankingRegulationCapitalConservationBufferCapitalConservedMinimumAdvanced" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationsAbstract_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combinations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationsAbstract" xlink:to="lab_us-gaap_BusinessCombinationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock_01756656-1f51-43a6-be2d-9e61eb9c169d_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value Hedges - Hedged Items </link:label>
<link:label id="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Hedged Liability, Fair Value Hedge [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of carrying amount of heged liabilities recognized in the statement of financial position, including the cumulative amount of fair value hedging adjustments to hedged liabilities included in the carrying amount of the hedged liabilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:to="lab_ms_ScheduleOfHedgedLiabilityFairValueHedgeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement_d5fb5b98-abe1-4cac-a09c-1094c2f98b65_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement_0ef3162c-3fd3-460c-975c-166b21e6c118_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesLoanedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FixedRateDebtMember_461fb129-4e12-4534-88a1-0c8e86f0e3a1_terseLabel_en-US" xlink:label="lab_ms_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate </link:label>
<link:label id="lab_ms_FixedRateDebtMember_label_en-US" xlink:label="lab_ms_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate Debt [Member] </link:label>
<link:label id="lab_ms_FixedRateDebtMember_documentation_en-US" xlink:label="lab_ms_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed rate debt. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FixedRateDebtMember" xlink:href="ms-20201231.xsd#ms_FixedRateDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FixedRateDebtMember" xlink:to="lab_ms_FixedRateDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntityDisclosuresTextBlock_f7cf7e0e-0f3f-44f4-890a-75c87517ef7d_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities and Securitization Activities </link:label>
<link:label id="lab_ms_VariableInterestEntityDisclosuresTextBlock_label_en-US" xlink:label="lab_ms_VariableInterestEntityDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Disclosures [Text Block] </link:label>
<link:label id="lab_ms_VariableInterestEntityDisclosuresTextBlock_documentation_en-US" xlink:label="lab_ms_VariableInterestEntityDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Describes how the entity aggregates Variable Interest Entities (VIE) for disclosure purposes, distinguishing between (a) VIEs that are not consolidated because the enterprise is not the primary beneficiary but has a variable interest and (b) VIEs that are consolidated. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntityDisclosuresTextBlock" xlink:href="ms-20201231.xsd#ms_VariableInterestEntityDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityDisclosuresTextBlock" xlink:to="lab_ms_VariableInterestEntityDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsMember_a3356ce5-9d52-4146-8f50-136f8310c23a_terseLabel_en-US" xlink:label="lab_us-gaap_DepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_DepositsMember_label_en-US" xlink:label="lab_us-gaap_DepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepositsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsMember" xlink:to="lab_us-gaap_DepositsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommitmentsParticipatedToThirdParties_6f4ce145-5e81-4890-a21e-928058b4b36c_terseLabel_en-US" xlink:label="lab_ms_CommitmentsParticipatedToThirdParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitments participated to third parties </link:label>
<link:label id="lab_ms_CommitmentsParticipatedToThirdParties_label_en-US" xlink:label="lab_ms_CommitmentsParticipatedToThirdParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments participated to third parties </link:label>
<link:label id="lab_ms_CommitmentsParticipatedToThirdParties_documentation_en-US" xlink:label="lab_ms_CommitmentsParticipatedToThirdParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments participated to third parties. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommitmentsParticipatedToThirdParties" xlink:href="ms-20201231.xsd#ms_CommitmentsParticipatedToThirdParties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommitmentsParticipatedToThirdParties" xlink:to="lab_ms_CommitmentsParticipatedToThirdParties" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_8bc6cbea-716a-4e6c-8d1d-a6154bc65e57_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Domain] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_c599a71c-b181-478d-8cc4-93cb7404fb62_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Reconciliation of Common Shares Outstanding for Basic and Diluted EPS </link:label>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember_2dff6ae2-e8e1-4022-adeb-1c3da53589d9_terseLabel_en-US" xlink:label="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MS Adjusted ROE </link:label>
<link:label id="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember_label_en-US" xlink:label="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Average Return on Equity, Excluding Certain Adjustments [Member] </link:label>
<link:label id="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember_documentation_en-US" xlink:label="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley's average return on equity, excluding certain adjustments specified in the plan terms. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:href="ms-20201231.xsd#ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:to="lab_ms_MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LeaseholdImprovementsBuildingMember_2022709b-bb31-452f-880a-2940ffcc762b_terseLabel_en-US" xlink:label="lab_ms_LeaseholdImprovementsBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leasehold improvements—Building </link:label>
<link:label id="lab_ms_LeaseholdImprovementsBuildingMember_label_en-US" xlink:label="lab_ms_LeaseholdImprovementsBuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leasehold Improvements, Building [Member] </link:label>
<link:label id="lab_ms_LeaseholdImprovementsBuildingMember_documentation_en-US" xlink:label="lab_ms_LeaseholdImprovementsBuildingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions or improvements to building held under a lease arrangement. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LeaseholdImprovementsBuildingMember" xlink:href="ms-20201231.xsd#ms_LeaseholdImprovementsBuildingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LeaseholdImprovementsBuildingMember" xlink:to="lab_ms_LeaseholdImprovementsBuildingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_1b231c1d-a390-473d-941d-70e24cb11ab4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Preliminary E*TRADE Purchase Price Allocation </link:label>
<link:label id="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RealEstateMember_d48851df-6657-41e1-9153-fcda00eb0e6b_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial and Residential real estate </link:label>
<link:label id="lab_us-gaap_RealEstateMember_label_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateMember" xlink:to="lab_us-gaap_RealEstateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RepaymentsOfDebt_ac2c8d81-cd10-4c2d-b7de-9d8be45f2ddf_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_RepaymentsOfDebt_e98afe03-35db-422a-b4dd-22552b99b66f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for borrowings </link:label>
<link:label id="lab_us-gaap_RepaymentsOfDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfDebt" xlink:to="lab_us-gaap_RepaymentsOfDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_d5110bbc-064b-4a38-a6a6-d7da9a42576a_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:to="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_e17d6601-1523-4425-ac9f-6f519c34a304_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_422230a9-93a1-498d-ab6f-c3e091787bdf_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity_d135fc09-c667-4ee6-afed-6852dd81b7cd_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities (includes $110,383 and $62,223 at fair value) </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity_7348ee44-3e38-4d6c-9e8b-fc1cb59d525a_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale and Held-to-maturity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleAndHeldToMaturity" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCentralIndexKey_61f98e0b-d2ba-411b-86bc-3a6355b1bc2d_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_8482e22e-f223-4a69-be9e-83c1e55869bd_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_802a1544-3050-4d46-8840-15962723ca6c_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock_7cf248b6-d5d0-438b-a74d-146121ae5504_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unvested RSU Activity </link:label>
<link:label id="lab_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_3244b2b3-f82b-42d1-87ab-9c55764a1a0e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Gross Amortizable Intangible Assets by Type </link:label>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorNotesMember_d141baed-40a5-432b-9d5b-d9240b236228_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Debt </link:label>
<link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeniorNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorNotesMember" xlink:to="lab_us-gaap_SeniorNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_StatementGeographicalAxis_496039c5-6b28-4bae-b065-df355b51ea9b_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementGeographicalAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain_8fde4a49-c687-487f-855c-53a9b6efb0b8_terseLabel_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features, Triggering Event [Domain] </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain_label_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features, Triggering Event [Domain] </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain_documentation_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Circumstances in which credit-risk-related contingent features could be triggered in derivative instruments that are in a net liability position at the end of the reporting period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:href="ms-20201231.xsd#ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:to="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation_ef14459f-2023-4723-b367-54365af15973_negatedLabel_en-US" xlink:label="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchases of common stock and employee tax withholdings </link:label>
<link:label id="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation_bb285439-e65b-41f2-abb9-fc1814657eeb_negatedTerseLabel_en-US" xlink:label="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for repurchases of common stock and employee tax withholdings </link:label>
<link:label id="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation_label_en-US" xlink:label="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments Related to Common Stock Repurchase and Tax Withholding for Share-based Compensation </link:label>
<link:label id="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation_documentation_en-US" xlink:label="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of cash outflow to reacquire common stock and satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:href="ms-20201231.xsd#ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:to="lab_ms_PaymentsRelatedToCommonStockRepurchaseAndTaxWithholdingForShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PreferredStockIssued_dbeaf73c-91a9-41a4-83b5-751b053ddeb9_terseLabel_en-US" xlink:label="lab_ms_PreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of preferred stock </link:label>
<link:label id="lab_ms_PreferredStockIssued_label_en-US" xlink:label="lab_ms_PreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Issued </link:label>
<link:label id="lab_ms_PreferredStockIssued_documentation_en-US" xlink:label="lab_ms_PreferredStockIssued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Value of preferred stock issued during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PreferredStockIssued" xlink:href="ms-20201231.xsd#ms_PreferredStockIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PreferredStockIssued" xlink:to="lab_ms_PreferredStockIssued" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ValuationTechniqueMarginLoanMember_72e49504-cbd2-4a73-ab69-830c43077e63_terseLabel_en-US" xlink:label="lab_ms_ValuationTechniqueMarginLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Margin Loan Model </link:label>
<link:label id="lab_ms_ValuationTechniqueMarginLoanMember_label_en-US" xlink:label="lab_ms_ValuationTechniqueMarginLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Margin Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ValuationTechniqueMarginLoanMember" xlink:href="ms-20201231.xsd#ms_ValuationTechniqueMarginLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ValuationTechniqueMarginLoanMember" xlink:to="lab_ms_ValuationTechniqueMarginLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_68b7e592-30ea-4356-a224-b277563436f1_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_e2fc9e11-fd4e-4c85-9a67-10fba2228d13_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Amortized cost, total </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Amortized Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesTableTextBlock_f172bb09-05f0-4250-a022-c00afeac7de7_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Time Deposit Maturities </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:to="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent_2bccf288-2d4d-4fd0-99ce-85c1bc177820_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pensions and other </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent"/>
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<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_1ff22fa8-884b-4604-9324-5c54baff4a33_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Net Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss"/>
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<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_110f6475-44e6-4a2c-badd-0dcb26525d88_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OverTheCounterMember_1d982894-274e-4a6a-94dc-a8d17ee9123f_verboseLabel_en-US" xlink:label="lab_us-gaap_OverTheCounterMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bilateral OTC </link:label>
<link:label id="lab_us-gaap_OverTheCounterMember_label_en-US" xlink:label="lab_us-gaap_OverTheCounterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over the Counter [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OverTheCounterMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OverTheCounterMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OverTheCounterMember" xlink:to="lab_us-gaap_OverTheCounterMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_0eff5e21-6881-4bc9-8724-b679878877fc_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized and unrealized gains (losses) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItems_f04f8c8b-a8b5-44b9-880f-a25a429933f2_terseLabel_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net discrete tax provision (benefit) </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItems_label_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Discrete Items </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItems_documentation_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Discrete Items </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:href="ms-20201231.xsd#ms_IncomeTaxExpenseBenefitDiscreteItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:to="lab_ms_IncomeTaxExpenseBenefitDiscreteItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_f37cf429-a8c5-4f7e-a22c-85e24c9d9aa0_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Federal Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_75601fa5-894d-4c69-95f8-9085d72b5353_verboseLabel_en-US" xlink:label="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of assets accounted for as secured financings </link:label>
<link:label id="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_961d9af6-1449-4fd2-b87c-7598c80691b0_totalLabel_en-US" xlink:label="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_label_en-US" xlink:label="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:to="lab_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses_7f01e135-a68d-4949-8bb7-f50fca606835_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ACL on Loans and Lending commitments </link:label>
<link:label id="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses_label_en-US" xlink:label="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Allowance for Credit Losses </link:label>
<link:label id="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses_documentation_en-US" xlink:label="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of valuation allowance for financing receivables modified as troubled debt restructuring. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:href="ms-20201231.xsd#ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:to="lab_ms_FinancingReceivableTroubledDebtRestructuringAllowanceForCreditLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_1fba7ca7-0e5a-492d-a9b3-8ee14e55f5e2_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service credit (cost)  </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed_b961c959-79ae-4362-8a07-f94297aa2cea_terseLabel_en-US" xlink:label="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell and securities borrowed </link:label>
<link:label id="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed_label_en-US" xlink:label="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Securities Purchased under Agreements to Resell and Securities Borrowed </link:label>
<link:label id="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed_documentation_en-US" xlink:label="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income derived from securities purchased under agreements to resell. The difference in the price at which the institution buys the securities and resells the securities represents interest for the use of the funds by the other party. Most repurchase and sale agreements involve obligations of the federal government or its agencies, but other financial instruments, such as commercial paper, banker's acceptances and negotiable certificates of deposits are sometimes used in such transactions including fees paid on securities borrowed. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:href="ms-20201231.xsd#ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:to="lab_ms_InterestIncomeSecuritiesPurchasedUnderAgreementsToResellAndSecuritiesBorrowed" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_b219dad7-9933-4148-9d01-a1ec1568c7d5_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment, Geographic and Revenue Information </link:label>
<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits_58c20012-9fcf-4b42-bddf-9114c03d1803_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic tax credits and tax exempt income </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Credit, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommonStockOutstandingRollForward_8106ad9b-3a7e-4170-9ac1-b1025b1c4a8b_terseLabel_en-US" xlink:label="lab_ms_CommonStockOutstandingRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Outstanding [Roll Forward] </link:label>
<link:label id="lab_ms_CommonStockOutstandingRollForward_label_en-US" xlink:label="lab_ms_CommonStockOutstandingRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Outstanding [Roll Forward] </link:label>
<link:label id="lab_ms_CommonStockOutstandingRollForward_documentation_en-US" xlink:label="lab_ms_CommonStockOutstandingRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Outstanding [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommonStockOutstandingRollForward" xlink:href="ms-20201231.xsd#ms_CommonStockOutstandingRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommonStockOutstandingRollForward" xlink:to="lab_ms_CommonStockOutstandingRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansReceivable_49459afe-cf76-45fa-be23-a024fff30a4b_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales of corporate loans to CLO SPEs </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansReceivable_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Loans Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfLoansReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:to="lab_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapitalToAverageAssets_6b3609d2-a9b0-4e21-99ce-0503fe792921_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapitalToAverageAssets_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Leverage Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneLeverageCapitalToAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:to="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_dei_Security12bTitle_b3432b8a-9cfa-4a41-b860-96f5fe4f1b72_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
<link:label id="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods_b307739c-b104-4a29-b4bc-dacf73fff86a_terseLabel_en-US" xlink:label="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-interest revenues </link:label>
<link:label id="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods_label_en-US" xlink:label="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer, Performance Obligations Fully or Partially Satisfied in Prior Periods </link:label>
<link:label id="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods_documentation_en-US" xlink:label="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:href="ms-20201231.xsd#ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:to="lab_ms_RevenueFromContractWithCustomerPerformanceObligationsFullyOrPartiallySatisfiedInPriorPeriods" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced_5fa6b1d9-ab37-4843-bd13-5fa566ea10a1_terseLabel_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced (as a percent) </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced_label_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Common Capital Required for Capital Adequacy to Risk Weighted Assets, Advanced </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced_documentation_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Common Capital Required for Capital Adequacy to Risk Weighted Assets, Advanced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:href="ms-20201231.xsd#ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:to="lab_ms_TierOneRiskBasedCommonCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsAdvanced" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges_59d6e486-f572-4f45-99a6-e227a1387b34_terseLabel_en-US" xlink:label="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges </link:label>
<link:label id="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges_label_en-US" xlink:label="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Non-U.S. Dollar Functional Currency Subsidiaries Subject to Hedges </link:label>
<link:label id="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges_documentation_en-US" xlink:label="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Non-U.S. dollar functional currency subsidiaries subject to hedges. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:href="ms-20201231.xsd#ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:to="lab_ms_InvestmentsInNonUsDollarFunctionalCurrencySubsidiariesSubjectToHedges" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_c8d1aaac-ea80-4d84-b408-ecbe300019b5_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New transactions </link:label>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_label_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows Between Transferor and Transferee, Proceeds from New Transfers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:to="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralizedDebtObligationsMember_e8db3f6d-e538-4020-b103-ebd095fbbaa4_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CDO </link:label>
<link:label id="lab_us-gaap_CollateralizedDebtObligationsMember_22c383ac-7f2c-4b26-8885-e34f5cb0767e_verboseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and other debt—CDO </link:label>
<link:label id="lab_us-gaap_CollateralizedDebtObligationsMember_label_en-US" xlink:label="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralizedDebtObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralizedDebtObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralizedDebtObligationsMember" xlink:to="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_4e28123b-4f1f-4bc0-ab13-9383837c8f5b_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision (release) </link:label>
<link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_label_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for Loan and Lease Losses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForLoanAndLeaseLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:to="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockLiquidationPreference_0b320fb0-47ca-4862-b4a6-5795a7a52bb6_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidation preference per share (USD per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockLiquidationPreference_label_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Liquidation Preference Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockLiquidationPreference" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockLiquidationPreference"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockLiquidationPreference" xlink:to="lab_us-gaap_PreferredStockLiquidationPreference" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeAxis_8ae1c820-7075-4364-9f34-52a41126bf57_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeAxis_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeAxis" xlink:to="lab_us-gaap_InvestmentTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusAxis_4531576e-1e96-41de-abf4-4abb699e83f5_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTaxStatusAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTaxStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTaxStatusAxis" xlink:to="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_5840034a-3e1f-46c5-a40f-05ba4ebdfeca_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalAbstract_be8285fb-67cc-495d-b0d3-7bc41cac7aa1_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital ratio </link:label>
<link:label id="lab_us-gaap_CapitalAbstract_label_en-US" xlink:label="lab_us-gaap_CapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalAbstract" xlink:to="lab_us-gaap_CapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2d8ffb66-d8ba-4b94-a00c-ef5fb1212fa2_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings applicable to Morgan Stanley common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_381deb44-cd40-4e30-8f21-cab1ca7a32a1_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings applicable to Morgan Stanley common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease_4e1a6f80-01a9-45ef-a0d8-e82c4b0bbe29_negatedTerseLabel_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease_label_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-balance-sheet Loan Commitments, Allowance for Credit Exposures, Other Increase (Decrease) </link:label>
<link:label id="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease_documentation_en-US" xlink:label="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other increase (decrease) in the allowance for credit exposures on off-balance-sheet loan commitments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:href="ms-20201231.xsd#ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:to="lab_ms_OffBalanceSheetLoanCommitmentsAllowanceForCreditExposuresOtherIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount_778d25ac-3004-4773-b1e5-dcb2969413b1_terseLabel_en-US" xlink:label="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CDS protection sold with identical protection purchased </link:label>
<link:label id="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount_label_en-US" xlink:label="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Purchased Credit Protection, Notional Amount </link:label>
<link:label id="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount_documentation_en-US" xlink:label="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional amount of purchased credit protection expected to cover future payments under the credit risk derivative. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:href="ms-20201231.xsd#ms_CreditDerivativePurchasedCreditProtectionNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:to="lab_ms_CreditDerivativePurchasedCreditProtectionNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputContingencyProbabilityMember_a47166fc-7fdc-4884-8e97-a3a958bb0a88_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputContingencyProbabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contingency Probability </link:label>
<link:label id="lab_ms_MeasurementInputContingencyProbabilityMember_label_en-US" xlink:label="lab_ms_MeasurementInputContingencyProbabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Contingency Probability [Member] </link:label>
<link:label id="lab_ms_MeasurementInputContingencyProbabilityMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputContingencyProbabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using probability associated with the realization of an underlying event upon which the value of an asset is contingent. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputContingencyProbabilityMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputContingencyProbabilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputContingencyProbabilityMember" xlink:to="lab_ms_MeasurementInputContingencyProbabilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_10317942-1cb0-47c8-9410-86ff12664940_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_09354703-311e-4b33-b6e3-95021227b6fd_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for investment, allowance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_b2de3a2c-fd8f-473d-b046-636bd9ef5cbb_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_100f40ff-fbda-42cf-81cc-914fb9333127_negatedLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_2c016ad5-7883-483d-aa30-ff73f692b00b_periodStartLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_8f5311b3-6670-42ae-9e2c-861a9c887746_periodEndLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_9351dc3e-a57f-4294-b1bd-3413600e7ee0_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate intrinsic value of RSUs </link:label>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_923e04f7-1a7d-41e0-b1b9-3dda0664d410_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross realized gains </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Realized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralizedSecuritiesOtherMember_d158564c-a436-417f-8e6e-dbd16493c8ce_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedSecuritiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_CollateralizedSecuritiesOtherMember_label_en-US" xlink:label="lab_us-gaap_CollateralizedSecuritiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Securities, Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralizedSecuritiesOtherMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralizedSecuritiesOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralizedSecuritiesOtherMember" xlink:to="lab_us-gaap_CollateralizedSecuritiesOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_567802ec-e351-4b37-94a1-d964145017e2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Quarterly Results (Unaudited) </link:label>
<link:label id="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccruedPerformanceFees_2c0b2563-cb29-4af1-bba1-c7c195ba1c07_terseLabel_en-US" xlink:label="lab_ms_AccruedPerformanceFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cumulative unrealized performance-based fees at risk of reversing </link:label>
<link:label id="lab_ms_AccruedPerformanceFees_label_en-US" xlink:label="lab_ms_AccruedPerformanceFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Performance Fees </link:label>
<link:label id="lab_ms_AccruedPerformanceFees_documentation_en-US" xlink:label="lab_ms_AccruedPerformanceFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of accrued revenue earned by the entity based on the investment results achieved, net of any reversals. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AccruedPerformanceFees" xlink:href="ms-20201231.xsd#ms_AccruedPerformanceFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AccruedPerformanceFees" xlink:to="lab_ms_AccruedPerformanceFees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_61ef4fd4-2003-4ed4-a668-b21dbc7ebb8f_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:to="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsMember_eebcaf0c-d571-4866-9f69-c9e3b918020f_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsMember_label_en-US" xlink:label="lab_us-gaap_AssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsMember" xlink:to="lab_us-gaap_AssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_cce1ac6f-1a9a-457f-bda7-4dd5cf5bfd38_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to reconcile net income to net cash provided by (used for) operating activities: </link:label>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherInvestmentsFairValueDisclosure_f1e66035-1e83-4c7b-aa7b-0103774a7201_terseLabel_en-US" xlink:label="lab_ms_OtherInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets—Other investments </link:label>
<link:label id="lab_ms_OtherInvestmentsFairValueDisclosure_label_en-US" xlink:label="lab_ms_OtherInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments, Fair Value Disclosure </link:label>
<link:label id="lab_ms_OtherInvestmentsFairValueDisclosure_documentation_en-US" xlink:label="lab_ms_OtherInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value portion of investments classified as other. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherInvestmentsFairValueDisclosure" xlink:href="ms-20201231.xsd#ms_OtherInvestmentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherInvestmentsFairValueDisclosure" xlink:to="lab_ms_OtherInvestmentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember_b3d28016-bad9-4161-800a-d14186e76bd2_terseLabel_en-US" xlink:label="lab_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets—Premises, equipment and software </link:label>
<link:label id="lab_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember_label_en-US" xlink:label="lab_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, and Equipment, and Capitalized Software Costs [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember" xlink:href="ms-20201231.xsd#ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember" xlink:to="lab_ms_PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract_68695327-5594-4e1d-a30d-56bb5df04e1c_terseLabel_en-US" xlink:label="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> G-SIB capital surcharge </link:label>
<link:label id="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract_label_en-US" xlink:label="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract" xlink:to="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurchargeAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_RetainedInterest_a383910a-f32b-4e24-8b03-f28d5c33d628_terseLabel_en-US" xlink:label="lab_ms_RetainedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained interests </link:label>
<link:label id="lab_ms_RetainedInterest_label_en-US" xlink:label="lab_ms_RetainedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Interest </link:label>
<link:label id="lab_ms_RetainedInterest_documentation_en-US" xlink:label="lab_ms_RetainedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The carrying value of an interest continued to be held by the transferor in a securitized financial instrument. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RetainedInterest" xlink:href="ms-20201231.xsd#ms_RetainedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_RetainedInterest" xlink:to="lab_ms_RetainedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuritiesBasedLendingMember_c73286b4-842c-4dfd-9f6e-ec3096b323e9_terseLabel_en-US" xlink:label="lab_ms_SecuritiesBasedLendingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-based lending </link:label>
<link:label id="lab_ms_SecuritiesBasedLendingMember_label_en-US" xlink:label="lab_ms_SecuritiesBasedLendingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-Based Lending [Member] </link:label>
<link:label id="lab_ms_SecuritiesBasedLendingMember_documentation_en-US" xlink:label="lab_ms_SecuritiesBasedLendingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-Based Lending [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuritiesBasedLendingMember" xlink:href="ms-20201231.xsd#ms_SecuritiesBasedLendingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuritiesBasedLendingMember" xlink:to="lab_ms_SecuritiesBasedLendingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation_1462dab6-8bc9-41f2-8eeb-85511c93c592_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_a576b91a-23a6-471a-8eb7-3861a95e00d1_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Not Primary Beneficiary </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Not Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MoreThanFiveYearsFromBalanceSheetDateMember_e5830825-fadc-4dbc-b8a4-74307979bb03_terseLabel_en-US" xlink:label="lab_ms_MoreThanFiveYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over 5 (Years) </link:label>
<link:label id="lab_ms_MoreThanFiveYearsFromBalanceSheetDateMember_label_en-US" xlink:label="lab_ms_MoreThanFiveYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> More than Five Years from Balance Sheet Date [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MoreThanFiveYearsFromBalanceSheetDateMember" xlink:href="ms-20201231.xsd#ms_MoreThanFiveYearsFromBalanceSheetDateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MoreThanFiveYearsFromBalanceSheetDateMember" xlink:to="lab_ms_MoreThanFiveYearsFromBalanceSheetDateMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommonStockIssuedToEmployeeTrustMember_9a8a51c7-3299-43d2-9e51-73551dcf666e_terseLabel_en-US" xlink:label="lab_ms_CommonStockIssuedToEmployeeTrustMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Issued to Employee Stock Trusts </link:label>
<link:label id="lab_ms_CommonStockIssuedToEmployeeTrustMember_label_en-US" xlink:label="lab_ms_CommonStockIssuedToEmployeeTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Issued to Employee Trust [Member] </link:label>
<link:label id="lab_ms_CommonStockIssuedToEmployeeTrustMember_documentation_en-US" xlink:label="lab_ms_CommonStockIssuedToEmployeeTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Issued to Employee Trust. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommonStockIssuedToEmployeeTrustMember" xlink:href="ms-20201231.xsd#ms_CommonStockIssuedToEmployeeTrustMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommonStockIssuedToEmployeeTrustMember" xlink:to="lab_ms_CommonStockIssuedToEmployeeTrustMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets_d26bcd09-9eec-4140-babd-15cfcb5e8943_verboseLabel_en-US" xlink:label="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets_48c0bc74-a888-4ca4-b1c0-e42aaf789f67_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital (as a percent) </link:label>
<link:label id="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:to="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesReserveDepositRequiredAndMade_b50b35c5-8b29-4b5c-9d7e-695768b56b0e_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesReserveDepositRequiredAndMade" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segregated securities </link:label>
<link:label id="lab_us-gaap_SecuritiesReserveDepositRequiredAndMade_label_en-US" xlink:label="lab_us-gaap_SecuritiesReserveDepositRequiredAndMade" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Reserve Deposit Required and Made </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesReserveDepositRequiredAndMade" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesReserveDepositRequiredAndMade"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesReserveDepositRequiredAndMade" xlink:to="lab_us-gaap_SecuritiesReserveDepositRequiredAndMade" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable_7e6e78d3-59cb-4956-bdb9-e31bcf615dbb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table] </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge_07072804-2e11-4cb5-89ba-406915c6646a_terseLabel_en-US" xlink:label="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge_label_en-US" xlink:label="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge" xlink:to="lab_us-gaap_BankingRegulationGlobalSystemicallyImportantBankGsibSurcharge" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongTermDebtFixedRateMember_1acaa6ff-84d4-4e3f-a238-7bf088240cd9_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate1 </link:label>
<link:label id="lab_ms_LongTermDebtFixedRateMember_label_en-US" xlink:label="lab_ms_LongTermDebtFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fixed Rate [Member] </link:label>
<link:label id="lab_ms_LongTermDebtFixedRateMember_documentation_en-US" xlink:label="lab_ms_LongTermDebtFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt with fixed interest rate. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongTermDebtFixedRateMember" xlink:href="ms-20201231.xsd#ms_LongTermDebtFixedRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongTermDebtFixedRateMember" xlink:to="lab_ms_LongTermDebtFixedRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeOperating_95d3a4c5-0ee8-4975-9067-e25295403550_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities </link:label>
<link:label id="lab_us-gaap_InterestIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Operating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOperating" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeOperating"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating" xlink:to="lab_us-gaap_InterestIncomeOperating" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_ca41f98a-6b13-4a56-9509-5f94b3a17731_verboseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NoLongerEmployedbytheFirmMember_8ea7da69-ebcb-4501-85d3-2355951a6771_verboseLabel_en-US" xlink:label="lab_ms_NoLongerEmployedbytheFirmMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> No longer employed by the Firm </link:label>
<link:label id="lab_ms_NoLongerEmployedbytheFirmMember_label_en-US" xlink:label="lab_ms_NoLongerEmployedbytheFirmMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> No Longer Employed by the Firm [Member] </link:label>
<link:label id="lab_ms_NoLongerEmployedbytheFirmMember_documentation_en-US" xlink:label="lab_ms_NoLongerEmployedbytheFirmMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> No Longer Employed by the Firm [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NoLongerEmployedbytheFirmMember" xlink:href="ms-20201231.xsd#ms_NoLongerEmployedbytheFirmMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NoLongerEmployedbytheFirmMember" xlink:to="lab_ms_NoLongerEmployedbytheFirmMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock_6e42b68d-c0bc-4cc8-b267-93a7d2195fe2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Obligations under Guarantee Arrangements </link:label>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:to="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis_cf4c38f5-9d7d-4cc0-910e-adbcaebafdcf_terseLabel_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features, Triggering Event [Axis] </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis_label_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features, Triggering Event [Axis] </link:label>
<link:label id="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis_documentation_en-US" xlink:label="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Circumstances in which credit-risk-related contingent features could be triggered in derivative instruments that are in a net liability position at the end of the reporting period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:href="ms-20201231.xsd#ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:to="lab_ms_DerivativeCreditRiskRelatedContingentFeaturesTriggeringEventAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum_3480e52c-1e40-4be0-875e-bdf30bc3e638_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Minimum (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum_label_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Regulatory Minimum </link:label>
<link:label id="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum_documentation_en-US" xlink:label="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Regulatory Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:href="ms-20201231.xsd#ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:to="lab_ms_BankingRegulationTotalRiskBasedCapitalRatioRegulatoryMinimum" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_a58673c0-c4a4-4ee9-aa6a-d6e3ca775383_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option Quantitative Disclosures </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Quantitative Disclosures [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_107a61e7-30c0-4785-82ab-c4ee3c25f3fa_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable and Allowance for Credit Losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CapitalReturnPlansAxis_38f7ecd7-e282-4705-ba98-0540ac8e367c_terseLabel_en-US" xlink:label="lab_ms_CapitalReturnPlansAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Return Plans [Axis] </link:label>
<link:label id="lab_ms_CapitalReturnPlansAxis_label_en-US" xlink:label="lab_ms_CapitalReturnPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Return Plans [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CapitalReturnPlansAxis" xlink:href="ms-20201231.xsd#ms_CapitalReturnPlansAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CapitalReturnPlansAxis" xlink:to="lab_ms_CapitalReturnPlansAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_5b6dce6a-9508-46c5-8d01-2428ef6c358a_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income applicable to Morgan Stanley </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_46a2dcee-ee5f-4d9e-807d-dce38df86b28_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, par value (USD per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Par or Stated Value Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_9d547ba2-f58c-4c79-b419-b3b3fca0a47b_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralAxis_cc3581ff-35be-4793-8213-532e5b72efdc_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral [Axis] </link:label>
<link:label id="lab_us-gaap_CollateralAxis_label_en-US" xlink:label="lab_us-gaap_CollateralAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Held [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralAxis" xlink:to="lab_us-gaap_CollateralAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAbstract_579beed3-0edf-420b-861d-d30d56ade698_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CityAreaCode_58fc05e2-4f56-4a42-81f9-8b959716c970_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsRollForward_f60bf73f-886f-4c8d-9815-cf16de847265_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-lived Intangible Assets [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-lived Intangible Assets [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsRollForward" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_6c9c853d-2a21-4374-b87f-4d7b7ff80b2d_terseLabel_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment Hedges </link:label>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_label_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment Hedging [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentHedgingMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetInvestmentHedgingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetInvestmentHedgingMember" xlink:to="lab_us-gaap_NetInvestmentHedgingMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputInterestRateCurveCorrelationMember_20bbc34e-0442-4857-9283-0c670fb79b83_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IR Curve Correlation </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateCurveCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Curve Correlation [Member] </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateCurveCorrelationMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Curve Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputInterestRateCurveCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:to="lab_ms_MeasurementInputInterestRateCurveCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_9906f263-5791-4dfd-b766-5c4e4c426441_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Authorized repurchase amount of outstanding common stock </link:label>
<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Authorized Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProfitLoss_eb72f085-371f-4462-8c7e-d80c9b2950f4_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_b399dd70-9e1c-486d-b934-2bc20cecac51_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets_562b954b-d23a-4566-80c5-a7170b85e847_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:to="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LossContingencyDamagesSoughtObligationtoPay_74b254b6-f1fe-4951-a222-5a8539aab10f_terseLabel_en-US" xlink:label="lab_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Damages sought for obligation to pay </link:label>
<link:label id="lab_ms_LossContingencyDamagesSoughtObligationtoPay_label_en-US" xlink:label="lab_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Damages Sought, Obligation to Pay </link:label>
<link:label id="lab_ms_LossContingencyDamagesSoughtObligationtoPay_documentation_en-US" xlink:label="lab_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Damages Sought, Obligation to Pay </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:href="ms-20201231.xsd#ms_LossContingencyDamagesSoughtObligationtoPay"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:to="lab_ms_LossContingencyDamagesSoughtObligationtoPay" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_289babd6-bf9a-4b6f-9701-20ae4f14163b_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other financing activities </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Other Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CoverAbstract_d0e1eca9-8eae-4354-99f1-2d797ddb66eb_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingSecuritiesDebt_d191bc43-93ed-4e22-9fe1-65b48449236e_terseLabel_en-US" xlink:label="lab_us-gaap_TradingSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets </link:label>
<link:label id="lab_us-gaap_TradingSecuritiesDebt_dfcfe214-fa47-494e-9fc2-2a8dca190924_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities, trading assets </link:label>
<link:label id="lab_us-gaap_TradingSecuritiesDebt_label_en-US" xlink:label="lab_us-gaap_TradingSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Trading </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecuritiesDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradingSecuritiesDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingSecuritiesDebt" xlink:to="lab_us-gaap_TradingSecuritiesDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent_57196251-80d5-4eec-b347-068104840e15_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proportion of employer matching contribution of eligible pay (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:to="lab_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_c56570e5-0ff1-46bc-ab0c-6af7484e58d9_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other payables </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue_0281633a-9204-41c3-8bb7-171b6f252d5f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonaccrual loans 90 or more days past due </link:label>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue_label_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:to="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesLPreferredStockMember_7c786f48-6466-4f92-91b5-e171c5a08753_verboseLabel_en-US" xlink:label="lab_ms_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series L, $0.01 par value </link:label>
<link:label id="lab_ms_SeriesLPreferredStockMember_8211b686-35ab-4a73-a116-2bd794c5e775_terseLabel_en-US" xlink:label="lab_ms_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L </link:label>
<link:label id="lab_ms_SeriesLPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock [Member] </link:label>
<link:label id="lab_ms_SeriesLPreferredStockMember_documentation_en-US" xlink:label="lab_ms_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesLPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesLPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesLPreferredStockMember" xlink:to="lab_ms_SeriesLPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_51b22f3a-30ca-4474-935f-111f9cf04997_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over 90 Days </link:label>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Greater than 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOver90DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityOver90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOver90DaysMember" xlink:to="lab_us-gaap_MaturityOver90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_73abd7c0-972c-49f8-9860-48a37ce63d5e_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost, benefits earned during the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_47514670-a351-4f2c-b103-436be8b394b9_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Service Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanServiceCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:to="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_c2fdf54c-8799-46a1-aad0-0454a00035be_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_2eb3af26-cc34-4a9d-824c-3ed6ad55260a_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_60fb781f-acfa-49ff-8a83-08ffb37c4b63_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember_dde117c4-e211-46f8-8375-7676993c87ff_terseLabel_en-US" xlink:label="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 3 - 5 (Years) </link:label>
<link:label id="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember_label_en-US" xlink:label="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> More than Three and within Five Years from Balance Sheet Date [Member] </link:label>
<link:label id="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember_documentation_en-US" xlink:label="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> More than Three and within Five Years from Balance Sheet Date [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:href="ms-20201231.xsd#ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:to="lab_ms_MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_bf7fd028-2abd-4b9d-91b6-2820bd386d7e_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock_8425f05f-529c-4e48-87b6-59478981d2c5_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Financial Instruments Not Measured at Fair Value </link:label>
<link:label id="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Financial Instruments Not Measured at Fair Value [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of carrying value, estimated fair value and hierarchy classification of certain financial instruments that are not carried at fair value on a recurring basis. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:to="lab_ms_ScheduleOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_2e760957-ade5-489a-8da4-8d7678940bbf_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsGross"/>
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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_5a902c4d-ede1-477c-b501-c0a52aac521c_totalLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets"/>
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<link:label id="lab_ms_RightOfUseAssetsFairValueDisclosure_f5cc843a-4ee2-417f-8942-2ce63de8627a_terseLabel_en-US" xlink:label="lab_ms_RightOfUseAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets—ROU assets </link:label>
<link:label id="lab_ms_RightOfUseAssetsFairValueDisclosure_label_en-US" xlink:label="lab_ms_RightOfUseAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Assets, Fair Value Disclosure </link:label>
<link:label id="lab_ms_RightOfUseAssetsFairValueDisclosure_documentation_en-US" xlink:label="lab_ms_RightOfUseAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Assets, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RightOfUseAssetsFairValueDisclosure" xlink:href="ms-20201231.xsd#ms_RightOfUseAssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_RightOfUseAssetsFairValueDisclosure" xlink:to="lab_ms_RightOfUseAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive_a26836dc-829a-4abd-bf21-29ca827bb62f_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal after Year Five </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing after the fifth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_87e6548e-198e-45d4-84ff-1f56c993a5e4_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_5b0be167-c298-4c5a-a492-c220ebecebb6_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation"/>
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<link:label id="lab_us-gaap_MaturitiesOfTimeDepositsAbstract_e841ee96-0c17-4d88-aee3-dd15bfe5a730_terseLabel_en-US" xlink:label="lab_us-gaap_MaturitiesOfTimeDepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities </link:label>
<link:label id="lab_us-gaap_MaturitiesOfTimeDepositsAbstract_label_en-US" xlink:label="lab_us-gaap_MaturitiesOfTimeDepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturities of Time Deposits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturitiesOfTimeDepositsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturitiesOfTimeDepositsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturitiesOfTimeDepositsAbstract" xlink:to="lab_us-gaap_MaturitiesOfTimeDepositsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_eea81d7e-cce9-4575-8ab8-3cdc7a9e604d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash Flows Statement Supplemental Information </link:label>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputCashSyntheticBasisMember_359c53ee-bc75-4ff4-8424-f55b82d80b08_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputCashSyntheticBasisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash-Synthetic Basis </link:label>
<link:label id="lab_ms_MeasurementInputCashSyntheticBasisMember_label_en-US" xlink:label="lab_ms_MeasurementInputCashSyntheticBasisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Cash-Synthetic Basis [Member] </link:label>
<link:label id="lab_ms_MeasurementInputCashSyntheticBasisMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputCashSyntheticBasisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using the price differential between cash financial instruments and their synthetic derivative-based equivalents. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputCashSyntheticBasisMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputCashSyntheticBasisMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputCashSyntheticBasisMember" xlink:to="lab_ms_MeasurementInputCashSyntheticBasisMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_97df6085-2e91-46b4-a717-9093bbb750c7_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ABS </link:label>
<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetBackedSecuritiesMember" xlink:to="lab_us-gaap_AssetBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput_7528244e-7d51-4e06-a294-3cad91be4a87_terseLabel_en-US" xlink:label="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreement to repurchase, measurement input value </link:label>
<link:label id="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput_label_en-US" xlink:label="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreement to Repurchase, Measurement Input </link:label>
<link:label id="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput_documentation_en-US" xlink:label="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreement to Repurchase, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:href="ms-20201231.xsd#ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:to="lab_ms_SecuritiesSoldunderAgreementtoRepurchaseMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_275eb46a-f686-44b1-ac54-77f22a29e6b2_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows from operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_8c0263af-64a9-4607-9960-48ff4d359cdf_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Note Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_6e14c089-660c-4c5d-a5df-9b7fca044140_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Deferred Tax Assets and Liabilities </link:label>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Deferred Tax Assets and Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_1eddc71c-02cd-493e-bd66-52d0acaa2fec_verboseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_30865616-1a10-4b09-957d-89974c75b662_totalLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Fair value, total </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_84ad771c-ad62-47aa-8105-23f5434b75bf_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Foreign Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentForeignTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract_55120740-39f2-4da8-9883-73076351f0fe_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> To be recognized in: </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedAbstract"/>
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<link:label id="lab_us-gaap_DerivativeTable_2190d0da-95e1-4e5c-82d2-10025c73326e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_0743a849-ee89-412b-9967-7f939fb4d9a8_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net transfers </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet"/>
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<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo_608f59c1-10a2-4b72-a5fa-8d362ae26d79_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal in Year Two </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing in the second fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRevolving_371a67fe-6ffe-4a6a-8217-6116363b349c_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRevolving" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRevolving_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRevolving" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Revolving </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRevolving" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableRevolving"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRevolving" xlink:to="lab_us-gaap_FinancingReceivableRevolving" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward_ac4df22c-6294-49b0-aa9f-9c013e2b42ad_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Shares </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestExpense_b6fdfa2d-849f-407e-9957-b369f8dc5127_totalLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total non-interest expenses </link:label>
<link:label id="lab_us-gaap_NoninterestExpense_1b4eac53-fa81-4ebb-903c-a51deb7c7f74_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total non-interest expenses </link:label>
<link:label id="lab_us-gaap_NoninterestExpense_label_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoninterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpense" xlink:to="lab_us-gaap_NoninterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_1e519cd1-7f60-4957-8937-3c26520e1d37_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_JointVenturesTableTextBlock_acf665e7-7c59-4107-90ed-800e7dd4e176_terseLabel_en-US" xlink:label="lab_ms_JointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Japanese Securities Joint Venture </link:label>
<link:label id="lab_ms_JointVenturesTableTextBlock_label_en-US" xlink:label="lab_ms_JointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Ventures [Table Text Block] </link:label>
<link:label id="lab_ms_JointVenturesTableTextBlock_documentation_en-US" xlink:label="lab_ms_JointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Ventures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_JointVenturesTableTextBlock" xlink:href="ms-20201231.xsd#ms_JointVenturesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_JointVenturesTableTextBlock" xlink:to="lab_ms_JointVenturesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidationItemsAxis_078f1b79-5e4a-4414-a6b9-017668a31a91_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationItemsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_de385967-415b-410c-8853-1ceb378118e5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gain (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DueFromEmployees_94de1d04-d1f7-498d-84aa-9836836700ef_terseLabel_en-US" xlink:label="lab_us-gaap_DueFromEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee loans </link:label>
<link:label id="lab_us-gaap_DueFromEmployees_label_en-US" xlink:label="lab_us-gaap_DueFromEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due from Employees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DueFromEmployees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromEmployees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueFromEmployees" xlink:to="lab_us-gaap_DueFromEmployees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_77e84d19-e89e-4e6e-acde-9d3ca5a6e505_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total undiscounted cash flows </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignPlanMember_22db8e6e-81d8-4b67-ae74-00b0ca3a4305_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. Defined Contribution Pension Plans </link:label>
<link:label id="lab_us-gaap_ForeignPlanMember_label_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignPlanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignPlanMember" xlink:to="lab_us-gaap_ForeignPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_8730e49e-7d90-43a8-82c1-9a29355493da_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotesReceivableNetAbstract_460fe903-9fe9-4984-9447-6bd10bae2641_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held for Investment </link:label>
<link:label id="lab_us-gaap_NotesReceivableNetAbstract_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, after Allowance for Credit Loss [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNetAbstract" xlink:to="lab_us-gaap_NotesReceivableNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_JointVenturesByPartnerAxis_3adc79de-a700-419a-982e-1110abd0f58e_terseLabel_en-US" xlink:label="lab_ms_JointVenturesByPartnerAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Ventures, by Partner [Axis] </link:label>
<link:label id="lab_ms_JointVenturesByPartnerAxis_label_en-US" xlink:label="lab_ms_JointVenturesByPartnerAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Ventures, by Partner [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_JointVenturesByPartnerAxis" xlink:href="ms-20201231.xsd#ms_JointVenturesByPartnerAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_JointVenturesByPartnerAxis" xlink:to="lab_ms_JointVenturesByPartnerAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeMember_9e428b48-8468-4b63-afea-7d93b6a316b8_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_OtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_d9dcd8ff-7232-44cd-a3d7-d76a5cd9373f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash_d266e0f4-7e63-4b03-86a7-db90448c5875_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Not Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Collateral, Right to Reclaim Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedCollateralRightToReclaimCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:to="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentTransitionReport_65e915ae-a50d-4ec8-ad7f-bbe9777edcf9_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AdjustedAverageAssets_a45d93ea-0481-415a-99e6-44ede4b45ff4_terseLabel_en-US" xlink:label="lab_ms_AdjustedAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted average assets </link:label>
<link:label id="lab_ms_AdjustedAverageAssets_label_en-US" xlink:label="lab_ms_AdjustedAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted Average Assets </link:label>
<link:label id="lab_ms_AdjustedAverageAssets_documentation_en-US" xlink:label="lab_ms_AdjustedAverageAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted average assets represent the denominator of the Tier 1 leverage ratio and are composed of the average daily balance of consolidated on-balance-sheet assets, adjusted for disallowed goodwill, intangible assets, certain deferred tax assets, certain investments in the capital instruments of unconsolidated financial institutions and other adjustments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AdjustedAverageAssets" xlink:href="ms-20201231.xsd#ms_AdjustedAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AdjustedAverageAssets" xlink:to="lab_ms_AdjustedAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_0b92af01-27ac-44d6-8dd9-4f00dde20462_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS: Gross Unrealized Losses, 12 Months or Longer </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_a9e14e5e-9601-47b4-b040-5dbf5c97287e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized and unrealized gains (losses) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember_291716e2-c77f-4e47-9163-15569006b4d7_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Volatility Skew </link:label>
<link:label id="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember_label_en-US" xlink:label="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Foreign Exchange Volatility Skew [Member] </link:label>
<link:label id="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Foreign Exchange Volatility Skew [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputForeignExchangeVolatilitySkewMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:to="lab_ms_MeasurementInputForeignExchangeVolatilitySkewMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_483fd1bb-7aeb-46d9-95f1-f1f7aba0aa56_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets recognized in the balance sheets </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity_63873755-57a4-4fc5-9b35-1bb938f30e88_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional VIE assets owned </link:label>
<link:label id="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity_label_en-US" xlink:label="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Assets Issued by Securitization Special Purpose Entity </link:label>
<link:label id="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity_documentation_en-US" xlink:label="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of total exposure to non-consolidated variable interest entities that does not meet the criteria for detailed breakout, primarily interests issued by securitization special purpose entities for which the maximum exposure to loss is less than specific thresholds. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:href="ms-20201231.xsd#ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:to="lab_ms_VariableInterestEntityAssetsIssuedBySecuritizationSpecialPurposeEntity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_87fc72ea-a1ee-498c-ad4d-adbde3c0cdee_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Nonrecurring Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements, Nonrecurring [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputInterestRateCurveMember_856daf59-d938-47d2-ba1a-960cd74e5502_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IR Curve </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateCurveMember_label_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Curve [Member] </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateCurveMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputInterestRateCurveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using the term structure of interest rates (relationship between interest rates and the time to maturity) and a market's measure of future interest rates at the time of observation. An interest rate curve is used to set interest rate and foreign exchange derivative cash flows and is a pricing input used in the discounting of any OTC derivative cash flow. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputInterestRateCurveMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputInterestRateCurveMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputInterestRateCurveMember" xlink:to="lab_ms_MeasurementInputInterestRateCurveMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_37b2e254-2431-446e-bbcd-20537457fe25_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Net Periodic Benefit Expense (Income) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInReceivables_633d299a-069a-44f0-a791-f9d1e96a0e0c_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables and other assets </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInReceivables_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables"/>
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<link:label id="lab_us-gaap_AccountingStandardsUpdate201613Member_28a6837e-4114-4d8e-bfc7-df615b519431_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201613Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2016-13 </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201613Member_8f4c302c-5542-4fdf-89da-8a3e1ba63408_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201613Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments-Credit Losses </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201613Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201613Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2016-13 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201613Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdate201613Member"/>
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<link:label id="lab_us-gaap_OtherLiabilitiesMember_fa1bbcc2-a835-452a-a147-0f54cce6307c_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other liabilities and accrued expenses—Lending commitments </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesMember" xlink:to="lab_us-gaap_OtherLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_d6c7f9f7-7181-4131-89c3-d01760da52d8_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
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<link:label id="lab_srt_LitigationCaseTypeDomain_d29f4519-5f79-4035-91f9-2f8cf445dc2e_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:label id="lab_srt_LitigationCaseTypeDomain_label_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseTypeDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseTypeDomain" xlink:to="lab_srt_LitigationCaseTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasic_0b8b7678-f46a-4648-bc31-4f26cbf14285_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per common share - basic (USD per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
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<link:label id="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue_dd708fd3-3b73-4869-9346-c9fb9d77360a_terseLabel_en-US" xlink:label="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value </link:label>
<link:label id="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue_label_en-US" xlink:label="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value, at Carrying Value </link:label>
<link:label id="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue_documentation_en-US" xlink:label="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue" xlink:href="ms-20201231.xsd#ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValueAtCarryingValue"/>
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<link:label id="lab_dei_EntityFileNumber_7f252fe9-d716-40a3-8933-96584031de07_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_8332e4bf-9c72-41d9-8794-c885f10b505b_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining lease term, in years </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
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<link:label id="lab_us-gaap_CollateralDomain_677d0c98-ef95-4a09-837b-449de38d1e39_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral [Domain] </link:label>
<link:label id="lab_us-gaap_CollateralDomain_label_en-US" xlink:label="lab_us-gaap_CollateralDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Held [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralDomain" xlink:to="lab_us-gaap_CollateralDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract_c576dbdb-f08a-4e48-8aee-62d083d60893_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract"/>
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<link:label id="lab_us-gaap_FinitelivedIntangibleAssetsAcquired1_82afa774-20f6-46a4-927e-4f9cefafcd4f_terseLabel_en-US" xlink:label="lab_us-gaap_FinitelivedIntangibleAssetsAcquired1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquired </link:label>
<link:label id="lab_us-gaap_FinitelivedIntangibleAssetsAcquired1_label_en-US" xlink:label="lab_us-gaap_FinitelivedIntangibleAssetsAcquired1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-lived Intangible Assets Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinitelivedIntangibleAssetsAcquired1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinitelivedIntangibleAssetsAcquired1"/>
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<link:label id="lab_us-gaap_PreferredStockRedemptionAmount_f6cefb61-3c21-4c0d-a03e-59e11646925c_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock redemption amount </link:label>
<link:label id="lab_us-gaap_PreferredStockRedemptionAmount_label_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redemption Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockRedemptionAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockRedemptionAmount"/>
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<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_ef3ffb6f-87b4-455c-a704-e2bdad460987_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from discontinued operations, net of income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
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<link:label id="lab_us-gaap_CreditDefaultSwapMember_a2155e64-aabe-4582-b3ab-85b0c048ebbd_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CDS </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDefaultSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapMember" xlink:to="lab_us-gaap_CreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InstitutionalSecuritiesSegmentMember_d08b55d9-6c39-432c-852f-d158e258639f_terseLabel_en-US" xlink:label="lab_ms_InstitutionalSecuritiesSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IS </link:label>
<link:label id="lab_ms_InstitutionalSecuritiesSegmentMember_90d28be4-bcd8-426c-9f1e-7de058812a21_verboseLabel_en-US" xlink:label="lab_ms_InstitutionalSecuritiesSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Institutional Securities </link:label>
<link:label id="lab_ms_InstitutionalSecuritiesSegmentMember_label_en-US" xlink:label="lab_ms_InstitutionalSecuritiesSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Institutional Securities Segment [Member] </link:label>
<link:label id="lab_ms_InstitutionalSecuritiesSegmentMember_documentation_en-US" xlink:label="lab_ms_InstitutionalSecuritiesSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Institutional Securities Segment [Member] </link:label>
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<link:label id="lab_us-gaap_HedgedAssetFairValueHedge_a2e2bcea-09ab-4402-be8b-a818503f02f5_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized cost basis currently/ carrying amount currently or previously hedged </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedge_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedge" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgedAssetFairValueHedge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetFairValueHedge" xlink:to="lab_us-gaap_HedgedAssetFairValueHedge" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_9060700e-aae3-4510-bcb1-3ba172e54ef3_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell_f8e97a93-270f-482b-909c-c5e2b4894cb6_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell with affiliates </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentAnnualReport_c0f85b78-f837-40ba-af97-4fccfeef46b3_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:label id="lab_dei_DocumentAnnualReport_label_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_b94df67a-8c0a-4e76-bc1e-96851f03801a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Loans by Type </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherSecuredFinancingsMeasurementInput_cef421f3-d332-4c5a-9477-af110b904cac_terseLabel_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings, measurement input value </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsMeasurementInput_label_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings, Measurement Input </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsMeasurementInput_documentation_en-US" xlink:label="lab_ms_OtherSecuredFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Value of input used to measure other secured financings. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherSecuredFinancingsMeasurementInput" xlink:href="ms-20201231.xsd#ms_OtherSecuredFinancingsMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherSecuredFinancingsMeasurementInput" xlink:to="lab_ms_OtherSecuredFinancingsMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_26427a89-716d-4cfe-a06b-c7e6c09787c7_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProfessionalFees_7fcb3dc3-6520-48ed-8de4-5ac1206c28d7_terseLabel_en-US" xlink:label="lab_us-gaap_ProfessionalFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Professional services </link:label>
<link:label id="lab_us-gaap_ProfessionalFees_label_en-US" xlink:label="lab_us-gaap_ProfessionalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Professional Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfessionalFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfessionalFees" xlink:to="lab_us-gaap_ProfessionalFees" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount_224fcc08-e71f-4b13-8c17-01065f874369_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> VIE assets (UPB) </link:label>
<link:label id="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount_d8613245-c948-4669-8243-b02a6b2026b5_verboseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UPB </link:label>
<link:label id="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount_label_en-US" xlink:label="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Reporting Entity Involvement, Unpaid Principal Balance, Amount </link:label>
<link:label id="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount_documentation_en-US" xlink:label="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The unpaid principal balance of Variable Interest Entity (VIE) assets, where the reporting entity is not the VIE’s primary beneficiary. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:href="ms-20201231.xsd#ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:to="lab_ms_VariableInterestEntityReportingEntityInvolvementUnpaidPrincipalBalanceAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_30f674b9-bdcd-4574-a3c2-a3c1b93e3a86_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other (shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_27c85127-d24d-4b9b-86c3-6cb5f0b3a189_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Awarded (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_b0cae7c6-d9a4-4303-b66d-978c9c27071e_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value per PSU on award date (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_c2567024-49ab-4ea4-a989-b6465936e45b_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows from investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AdvancesToSubsidiariesAbstract_2f6c3afa-1762-4334-abdf-d371b661e885_terseLabel_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to subsidiaries: </link:label>
<link:label id="lab_ms_AdvancesToSubsidiariesAbstract_label_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances To Subsidiaries [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AdvancesToSubsidiariesAbstract" xlink:href="ms-20201231.xsd#ms_AdvancesToSubsidiariesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AdvancesToSubsidiariesAbstract" xlink:to="lab_ms_AdvancesToSubsidiariesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BrokerageCommissionsRevenue_8e63ff32-0e07-47b4-b33a-209b6bd417d0_terseLabel_en-US" xlink:label="lab_us-gaap_BrokerageCommissionsRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commissions and fees </link:label>
<link:label id="lab_us-gaap_BrokerageCommissionsRevenue_label_en-US" xlink:label="lab_us-gaap_BrokerageCommissionsRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage Commissions Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BrokerageCommissionsRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BrokerageCommissionsRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BrokerageCommissionsRevenue" xlink:to="lab_us-gaap_BrokerageCommissionsRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MortgageAndAssetBackedSecuritiesMember_14ad171c-3bee-49a9-b1ca-fe5c0c7237f8_terseLabel_en-US" xlink:label="lab_ms_MortgageAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MABS </link:label>
<link:label id="lab_ms_MortgageAndAssetBackedSecuritiesMember_label_en-US" xlink:label="lab_ms_MortgageAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage and Asset-Backed Securities [Member] </link:label>
<link:label id="lab_ms_MortgageAndAssetBackedSecuritiesMember_documentation_en-US" xlink:label="lab_ms_MortgageAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage and Asset-Backed Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MortgageAndAssetBackedSecuritiesMember" xlink:href="ms-20201231.xsd#ms_MortgageAndAssetBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MortgageAndAssetBackedSecuritiesMember" xlink:to="lab_ms_MortgageAndAssetBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_d900e288-f0ba-45ec-9e4b-eb4f6a154229_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock_cecd1608-6496-4925-9607-af51222b2aa0_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions </link:label>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Examinations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SummaryOfIncomeTaxExaminationsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:to="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationStatusAxis_c00c517b-0305-4162-9473-d49f264b3cbb_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Axis] </link:label>
<link:label id="lab_us-gaap_LitigationStatusAxis_label_en-US" xlink:label="lab_us-gaap_LitigationStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationStatusAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationStatusAxis" xlink:to="lab_us-gaap_LitigationStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CapitalReturnPlansLineItems_7fe3f372-f34f-4a47-9cca-007e004437a8_terseLabel_en-US" xlink:label="lab_ms_CapitalReturnPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Plans </link:label>
<link:label id="lab_ms_CapitalReturnPlansLineItems_label_en-US" xlink:label="lab_ms_CapitalReturnPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Return Plans [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CapitalReturnPlansLineItems" xlink:href="ms-20201231.xsd#ms_CapitalReturnPlansLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CapitalReturnPlansLineItems" xlink:to="lab_ms_CapitalReturnPlansLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_34acf55e-7ab8-4895-a717-8a658fac6286_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset against counterparty netting </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IndexAndBasketCreditDefaultSwapMember_bdb2acec-5162-466f-8e66-64967aafa08a_verboseLabel_en-US" xlink:label="lab_ms_IndexAndBasketCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Index and basket </link:label>
<link:label id="lab_ms_IndexAndBasketCreditDefaultSwapMember_label_en-US" xlink:label="lab_ms_IndexAndBasketCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Index and Basket Credit Default Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IndexAndBasketCreditDefaultSwapMember" xlink:href="ms-20201231.xsd#ms_IndexAndBasketCreditDefaultSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IndexAndBasketCreditDefaultSwapMember" xlink:to="lab_ms_IndexAndBasketCreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_912bb1ea-a221-4c9b-a1a3-ec596fdd00c3_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock_d54bd173-edbf-40a3-ad9a-463ea45fd177_terseLabel_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Compensation Cost Related to Stock-Based Awards Granted </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock_label_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized [Table Text Block] </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock_documentation_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of unrecognized cost of unvested share-based compensation awards. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:href="ms-20201231.xsd#ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:to="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_2a20a199-2c29-461d-a5b5-54bd2e029b45_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) recognized in Interest Income / Expense </link:label>
<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_label_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Fair Value Hedges Recognized in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:to="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_1e170d58-758e-46cd-814e-dfb444778f5f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan amendments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAmendments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesLineItems_923b7d2c-0dfd-460a-b65d-3e79e655ba09_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies </link:label>
<link:label id="lab_us-gaap_LossContingenciesLineItems_label_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesLineItems" xlink:to="lab_us-gaap_LossContingenciesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_65ce17ea-2005-4971-bfac-11514f63f20d_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_b877b143-7467-4750-88a9-1f1356f2b1ac_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_0939fae4-af01-4888-a48f-da343a7d4c6d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_8cf8c790-4826-4a8e-8ba8-d6346af4c03e_terseLabel_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Concentration Based on the Firm's Total Assets </link:label>
<link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_label_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedules of Concentration of Risk, by Risk Factor [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure_84567b00-13b6-44cd-bb11-137b5ae9a222_terseLabel_en-US" xlink:label="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other liabilities and accrued expenses—Lending commitments </link:label>
<link:label id="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure_label_en-US" xlink:label="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities and accrued expenses, Fair Value Disclosure </link:label>
<link:label id="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure_documentation_en-US" xlink:label="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value portion of other liabilities and accrued expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:href="ms-20201231.xsd#ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:to="lab_ms_OtherLiabilitiesAndAccruedExpensesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseCost_bf52d0fc-5c09-48d5-b4ae-0c76b27c6f4c_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed costs </link:label>
<link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_3c8d4122-5f94-4654-b2bc-f9af4109c1cf_totalLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_6e52fb5b-bc6e-4f78-9cdf-8c666849655c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross deferred tax liabilities </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesCPreferredStockMember_beef9845-dd36-4a5e-b78d-042966df5fca_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesCPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series C </link:label>
<link:label id="lab_us-gaap_SeriesCPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesCPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series C Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesCPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesCPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesCPreferredStockMember" xlink:to="lab_us-gaap_SeriesCPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesTextBlock_f6cbd7bc-99bd-4da4-b581-3acfe7e0a02c_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of AFS and HTM Securities </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesTextBlock_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketableSecuritiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesTextBlock" xlink:to="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNoncashIncomeExpense_ed1ffde8-31f8-41b3-b25e-7eab72fbe4b0_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other operating adjustments </link:label>
<link:label id="lab_us-gaap_OtherNoncashIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Noncash Income (Expense) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNoncashIncomeExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashIncomeExpense" xlink:to="lab_us-gaap_OtherNoncashIncomeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_84a3437d-f51b-43a9-9204-1d938b5a6a7e_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase based on tax positions related to prior periods </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions"/>
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<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_1b7951cb-05bc-4eed-9aa7-030727bf06b6_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase based on tax positions related to the current period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_9ef1bb5d-d5fe-49e7-b875-5eea17263dea_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in net unrealized gains (losses) on available-for-sale securities </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityTaxIdentificationNumber_1d991560-60af-401b-b2b7-62a6a17e1678_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_ee00a5a1-89a9-4f54-aa00-abae4ea7c595_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Plans and Carried Interest Compensation </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgeFundsMember_2981de49-3736-447f-b58e-da9770b03707_terseLabel_en-US" xlink:label="lab_us-gaap_HedgeFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedge </link:label>
<link:label id="lab_us-gaap_HedgeFundsMember_label_en-US" xlink:label="lab_us-gaap_HedgeFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedge Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgeFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgeFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgeFundsMember" xlink:to="lab_us-gaap_HedgeFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_e0cf8d5f-d53d-4128-a580-ff9fee4f3545_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in assets and liabilities: </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Operating Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditLinkedNotesAndOtherMember_d2279884-8ab4-4871-8119-070ed8ac329b_verboseLabel_en-US" xlink:label="lab_ms_CreditLinkedNotesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CLN and Other </link:label>
<link:label id="lab_ms_CreditLinkedNotesAndOtherMember_label_en-US" xlink:label="lab_ms_CreditLinkedNotesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit-Linked Notes and Other [Member] </link:label>
<link:label id="lab_ms_CreditLinkedNotesAndOtherMember_documentation_en-US" xlink:label="lab_ms_CreditLinkedNotesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit-Linked Notes and Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditLinkedNotesAndOtherMember" xlink:href="ms-20201231.xsd#ms_CreditLinkedNotesAndOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditLinkedNotesAndOtherMember" xlink:to="lab_ms_CreditLinkedNotesAndOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradeNamesMember_e0281319-4745-469f-8f48-f49167d210ce_terseLabel_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tradenames </link:label>
<link:label id="lab_us-gaap_TradeNamesMember_label_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade Names [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeNamesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeNamesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeNamesMember" xlink:to="lab_us-gaap_TradeNamesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss_f1c2458e-be80-446a-92ce-59471753eabc_totalLabel_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total loans, net </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss_label_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, after Allowance for Credit Loss </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss_documentation_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:href="ms-20201231.xsd#ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:to="lab_ms_FinancingReceivableIncludingHeldForSaleAfterAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CurrentFiscalYearEndDate_950b30c4-0863-4556-bbc4-0ba5abc0f6f4_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_8f7969f5-56a1-4402-9ffa-bc24f7056bd2_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Year Two Through Five, Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of available-for-sale debt securities maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:to="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_cdb96d90-2af3-472f-a1b6-49b865dcb707_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanSponsorLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_cdea96f4-e057-4d71-8c5b-f816798cb3ad_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityContractMember_23dba79c-b24f-408b-8ce0-bf8958756938_terseLabel_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity </link:label>
<link:label id="lab_us-gaap_EquityContractMember_90ba353e-08df-41e5-b4dd-c85d4baee9ee_verboseLabel_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Derivatives </link:label>
<link:label id="lab_us-gaap_EquityContractMember_label_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityContractMember" xlink:to="lab_us-gaap_EquityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherLoansMember_2c0f130d-6f6a-44be-992d-ccbc46fabb17_terseLabel_en-US" xlink:label="lab_ms_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_OtherLoansMember_label_en-US" xlink:label="lab_ms_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Loans [Member] </link:label>
<link:label id="lab_ms_OtherLoansMember_documentation_en-US" xlink:label="lab_ms_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherLoansMember" xlink:href="ms-20201231.xsd#ms_OtherLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherLoansMember" xlink:to="lab_ms_OtherLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_524f429c-de86-474f-ac56-748e6ee5ed6a_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_235c5bb0-32c3-44cb-ae26-059a1a2f0cab_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems_d54a1263-69e5-4dec-bcda-2c93b0b417ba_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measured Based on Net Asset Value </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ParentCompanyMember_a54c73aa-2287-4b81-bb41-769ae35ef235_terseLabel_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company </link:label>
<link:label id="lab_srt_ParentCompanyMember_label_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ParentCompanyMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ParentCompanyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ParentCompanyMember" xlink:to="lab_srt_ParentCompanyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_3c06cfc7-19fb-41bc-bebb-8734b0a63bcd_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Liabilities </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalInvestmentGradeMember_926cfacb-4d6b-4607-93e4-d345066eae3f_terseLabel_en-US" xlink:label="lab_us-gaap_InternalInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment grade </link:label>
<link:label id="lab_us-gaap_InternalInvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_InternalInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Investment Grade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalInvestmentGradeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InternalInvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalInvestmentGradeMember" xlink:to="lab_us-gaap_InternalInvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputCommodityVolatilityMember_ceb43741-0ab4-4336-a8ad-aabc352a6911_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputCommodityVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Volatility </link:label>
<link:label id="lab_ms_MeasurementInputCommodityVolatilityMember_label_en-US" xlink:label="lab_ms_MeasurementInputCommodityVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Commodity Volatility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputCommodityVolatilityMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputCommodityVolatilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputCommodityVolatilityMember" xlink:to="lab_ms_MeasurementInputCommodityVolatilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_d4b7d8d6-493e-4d71-92d8-428fae8a8e7a_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent [Abstract] </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets_b4a0f1f9-b8ac-46a5-abaf-12b288cb6926_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Leverage Capital Ratio, Well Capitalized, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets" xlink:to="lab_us-gaap_TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_cb445de1-5b85-4084-81e3-981e09dbf9a2_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises, Equipment and Capitalized Software Costs </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_932ab253-445f-47a3-a4ad-8d66b3345436_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain_a2f6168c-3d4d-4f77-8194-d34ac627b109_terseLabel_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entities, Classification [Domain] </link:label>
<link:label id="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain_label_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entities, Classification [Domain] </link:label>
<link:label id="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain_documentation_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entity, Classification </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:href="ms-20201231.xsd#ms_QualifyingSpecialPurposeEntitiesClassificationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:to="lab_ms_QualifyingSpecialPurposeEntitiesClassificationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix_a7e800e0-2dc4-42d1-821f-62fe67c4d68d_terseLabel_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year Six </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix_label_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Six </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix_documentation_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Six </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:href="ms-20201231.xsd#ms_LesseeOperatingLeaseLiabilityToBePaidYearSix"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:to="lab_ms_LesseeOperatingLeaseLiabilityToBePaidYearSix" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_1c1078ec-5ed0-432e-b7c2-4e5fa491c605_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestExpenseCustomerPayablesAndOther_135b9637-4c8b-4a42-ac51-598fb4a207d2_terseLabel_en-US" xlink:label="lab_ms_InterestExpenseCustomerPayablesAndOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer payables and Other </link:label>
<link:label id="lab_ms_InterestExpenseCustomerPayablesAndOther_label_en-US" xlink:label="lab_ms_InterestExpenseCustomerPayablesAndOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Customer Payables and Other </link:label>
<link:label id="lab_ms_InterestExpenseCustomerPayablesAndOther_documentation_en-US" xlink:label="lab_ms_InterestExpenseCustomerPayablesAndOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The interest expense recognized during the period on customer payables and fees received from prime brokerage customers for stock loan transactions incurred to cover customers' short positions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestExpenseCustomerPayablesAndOther" xlink:href="ms-20201231.xsd#ms_InterestExpenseCustomerPayablesAndOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestExpenseCustomerPayablesAndOther" xlink:to="lab_ms_InterestExpenseCustomerPayablesAndOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets_f47c2295-599a-482d-8433-bec11747b8f1_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage (as a percent) </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:to="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_173b8827-d63d-46c0-b2f4-16340a737c54_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Pre-tax AOCI </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock_c9720653-f26e-4fc3-ba66-3873d3c256a6_terseLabel_en-US" xlink:label="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Details of Loans and Lending Commitments at Fair Value </link:label>
<link:label id="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock_label_en-US" xlink:label="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Loans and Loan Commitments [Table Text Block] </link:label>
<link:label id="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock_documentation_en-US" xlink:label="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of loans and loan commitments held at fair value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:href="ms-20201231.xsd#ms_FairValueLoansAndLoanCommitmentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:to="lab_ms_FairValueLoansAndLoanCommitmentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_e47ab496-0bc0-477a-a171-aba434f32131_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend rate of preferred stock per annum (as a percent) </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividend Rate, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:to="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsDomain_a263b37d-ab9e-4c8b-8a75-2f26f0b01716_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Domain] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsDomain_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsDomain" xlink:to="lab_us-gaap_OtherCommitmentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix_d855deee-5938-4a13-8a5c-9e64d3353da0_terseLabel_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix_label_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Six </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix_documentation_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Six </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:href="ms-20201231.xsd#ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:to="lab_ms_LesseeOperatingLeaseLiabilityToBePaidAfterYearSix" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_934629d6-0759-4641-aa17-69892e7ef16c_terseLabel_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury securities </link:label>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasurySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USTreasurySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasurySecuritiesMember" xlink:to="lab_us-gaap_USTreasurySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTax_ba2402b2-fbe9-4d6d-a0a2-718b18c3025e_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTax" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_7a399066-5ef1-4743-adf2-4cc63b4a9b0c_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Carrying Amount </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield_bc836b4d-27d7-4771-ba2f-51338babdcef_terseLabel_en-US" xlink:label="lab_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities: Annualized average yield, total (as a percent) </link:label>
<link:label id="lab_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities Debt Maturities Annualized Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:to="lab_ms_InvestmentSecuritiesDebtMaturitiesAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_406772b2-f9d7-4278-934e-27595c01af62_negatedPeriodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_c6bed4a3-9e7d-4746-92ea-cf3a3105a599_negatedPeriodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MoneyMarketFundsMember_e6da8591-2b56-41ab-b9eb-513dfcea101f_terseLabel_en-US" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commingled Trust Funds: Money Market </link:label>
<link:label id="lab_us-gaap_MoneyMarketFundsMember_label_en-US" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Money Market Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MoneyMarketFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MoneyMarketFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MoneyMarketFundsMember" xlink:to="lab_us-gaap_MoneyMarketFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock_5190aec3-a696-4da3-8396-52d99db5cc7c_terseLabel_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Monte Carlo Simulation Assumptions </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock_label_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Valuation Assumptions [Table Text Block] </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the significant assumptions used during the year to estimate the fair value of performance shares, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:to="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationAssumptionsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestsPurchasedInSecondaryMarketFairValue_e097baac-5b56-4114-99e5-9721a1bac58d_terseLabel_en-US" xlink:label="lab_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interests purchased in the secondary market </link:label>
<link:label id="lab_ms_InterestsPurchasedInSecondaryMarketFairValue_label_en-US" xlink:label="lab_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interests Purchased in Secondary Market, Fair Value </link:label>
<link:label id="lab_ms_InterestsPurchasedInSecondaryMarketFairValue_documentation_en-US" xlink:label="lab_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of interests purchased in the secondary market </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:href="ms-20201231.xsd#ms_InterestsPurchasedInSecondaryMarketFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:to="lab_ms_InterestsPurchasedInSecondaryMarketFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime_20c027c0-539d-4b50-b13a-f2902a2b9f72_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual weighted average coupon (as a percent) </link:label>
<link:label id="lab_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime_label_en-US" xlink:label="lab_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Weighted Average Interest Rate, over Time </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtWeightedAverageInterestRateOverTime"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime" xlink:to="lab_us-gaap_LongTermDebtWeightedAverageInterestRateOverTime" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentParentMember_dbd48e0f-130d-4f79-9c8d-e0442794b359_terseLabel_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DVA </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentParentMember_de580481-3de9-43a3-94eb-c6744c6cd9e2_verboseLabel_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentParentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net DVA Attributable to Parent </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentParentMember_label_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Parent [Member] </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentParentMember_documentation_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentParentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AOCIDebtValuationAdjustmentParentMember" xlink:href="ms-20201231.xsd#ms_AOCIDebtValuationAdjustmentParentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AOCIDebtValuationAdjustmentParentMember" xlink:to="lab_ms_AOCIDebtValuationAdjustmentParentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_89a0d362-be60-405d-b45e-04fbd579a5a3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_label_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:to="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LoansAndOtherDebtMember_df5fb688-3c97-4b05-98d7-55fbbded791c_terseLabel_en-US" xlink:label="lab_ms_LoansAndOtherDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other debt </link:label>
<link:label id="lab_ms_LoansAndOtherDebtMember_label_en-US" xlink:label="lab_ms_LoansAndOtherDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Other Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LoansAndOtherDebtMember" xlink:href="ms-20201231.xsd#ms_LoansAndOtherDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LoansAndOtherDebtMember" xlink:to="lab_ms_LoansAndOtherDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_NetCapital_553d001d-4b47-4329-9625-5f8de11cc8c7_terseLabel_en-US" xlink:label="lab_srt_NetCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net capital </link:label>
<link:label id="lab_srt_NetCapital_label_en-US" xlink:label="lab_srt_NetCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Broker-Dealer, Net Capital </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_NetCapital" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NetCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_NetCapital" xlink:to="lab_srt_NetCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_5ee4d3b1-73a9-4e34-8c4b-da6c71371ef6_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Financial Information </link:label>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Accounting, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss_d0337371-13a7-4549-abc8-c0567f583b2c_terseLabel_en-US" xlink:label="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognized in OCI </link:label>
<link:label id="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss_label_en-US" xlink:label="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss_documentation_en-US" xlink:label="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:href="ms-20201231.xsd#ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:to="lab_ms_DerivativeInstrumentsGainLossRecognizedinOtherComprehensiveIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_3f8611b2-31da-452c-bad1-8c5825b36a52_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_f64fb194-597c-4c69-ac99-b6188278c164_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average common shares outstanding (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SupplementalLeverageExposure_e02a9a28-577f-4546-aa05-979afbf49912_terseLabel_en-US" xlink:label="lab_ms_SupplementalLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary leverage exposure </link:label>
<link:label id="lab_ms_SupplementalLeverageExposure_label_en-US" xlink:label="lab_ms_SupplementalLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Leverage Exposure </link:label>
<link:label id="lab_ms_SupplementalLeverageExposure_documentation_en-US" xlink:label="lab_ms_SupplementalLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The denominator of supplementary leverage ratio. It's a banking organization's total leverage exposure, which includes many off-balance-sheet exposures. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SupplementalLeverageExposure" xlink:href="ms-20201231.xsd#ms_SupplementalLeverageExposure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SupplementalLeverageExposure" xlink:to="lab_ms_SupplementalLeverageExposure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesTable_acd7100b-7031-4a6e-993a-4e1161dd79e0_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:label id="lab_us-gaap_LossContingenciesTable_label_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesTable" xlink:to="lab_us-gaap_LossContingenciesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetMeasurementInput_24d66e80-2952-4a75-80d0-2ce2733718a2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets, measurement input value </link:label>
<link:label id="lab_us-gaap_DerivativeAssetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetMeasurementInput" xlink:to="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_ed898770-40d0-4f8c-91d2-afb43cb517df_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PrincipalInvestmentGainsLosses_4b2512b5-e8c6-4864-98ad-02f274da89b2_terseLabel_en-US" xlink:label="lab_us-gaap_PrincipalInvestmentGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_PrincipalInvestmentGainsLosses_label_en-US" xlink:label="lab_us-gaap_PrincipalInvestmentGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal Investment Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalInvestmentGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrincipalInvestmentGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrincipalInvestmentGainsLosses" xlink:to="lab_us-gaap_PrincipalInvestmentGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeMember_33710b05-28cb-4f4c-ba30-e0983f94e354_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income </link:label>
<link:label id="lab_us-gaap_InterestIncomeMember_label_en-US" xlink:label="lab_us-gaap_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeMember" xlink:to="lab_us-gaap_InterestIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendsPerShareDeclared_27e8e034-0b45-43d6-b50e-f42795152489_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividend declared (USD per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividends Per Share, Declared </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsPerShareDeclared"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_acae57d4-37ea-4979-a6ef-2fe81f17fdc0_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash—ROU assets recorded for new and modified leases </link:label>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Asset Obtained in Exchange for Operating Lease Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract_84d5ddb8-e17a-43cb-980e-6f86f04d7f67_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] </link:label>
<link:label id="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract_label_en-US" xlink:label="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract" xlink:to="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_RegulatoryCapitalRequirementsAmountAbstract_468f240e-bb8f-44dd-ab3d-f8958faf4671_terseLabel_en-US" xlink:label="lab_ms_RegulatoryCapitalRequirementsAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount </link:label>
<link:label id="lab_ms_RegulatoryCapitalRequirementsAmountAbstract_label_en-US" xlink:label="lab_ms_RegulatoryCapitalRequirementsAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements, Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RegulatoryCapitalRequirementsAmountAbstract" xlink:href="ms-20201231.xsd#ms_RegulatoryCapitalRequirementsAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_RegulatoryCapitalRequirementsAmountAbstract" xlink:to="lab_ms_RegulatoryCapitalRequirementsAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries_87f8929c-11c7-4fb4-a324-93a329401652_negatedTotalLabel_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (charge-offs) recoveries </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries_label_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Losses, Write-downs, Net of Recoveries </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries_documentation_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount, after recoveries, of financing receivables that have been written-off. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:href="ms-20201231.xsd#ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:to="lab_ms_FinancingReceivableAllowanceForCreditLossesWriteDownsNetOfRecoveries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_e9082083-1ae8-45c7-aabe-8952113bd9f9_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for income taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_a48f7172-3cb0-418a-8349-688987d1c6de_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for income taxes from continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_6147845b-2930-4e28-bd7b-ec9ac197bef3_netLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for (benefit from) income taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities_a7c909cb-097a-451e-a038-17a112e9fcb5_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Current Maturities </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings due within one year or the normal operating cycle, if longer. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCurrentMaturities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_6eca5865-f493-4e1a-a3f7-3a459ffa3c3a_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents, at beginning of period </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_1a2f2f6a-619c-47d8-9f74-c8fac29c64ad_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents, at end of period </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputCreditSpreadMember_d2386f1f-f62d-4406-b595-523a3a100c68_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Spread </link:label>
<link:label id="lab_us-gaap_MeasurementInputCreditSpreadMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Spread [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputCreditSpreadMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputCreditSpreadMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputCreditSpreadMember" xlink:to="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_6d44a2fd-68a2-40a4-b2f9-f050a85a34d2_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises, Equipment and Capitalized Software Costs </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_c0ca4b60-0dd0-4bf5-bc37-eb51b3282aa5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Table] </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax_d7e198b1-33c6-43db-9c40-066967a401e3_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassified to earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_64d6f587-5085-4ac9-8928-f8d9fb5b6a6d_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Morgan Stanley and E*TRADE Proforma Combined Financial Information (Unaudited) </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Information [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaInformationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionProFormaInformationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionProFormaInformationTextBlock" xlink:to="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DividendIncomeSubsidiaries_1ea2cae8-6d92-4b85-85fe-5f128b6055eb_totalLabel_en-US" xlink:label="lab_ms_DividendIncomeSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total dividends from subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeSubsidiaries_label_en-US" xlink:label="lab_ms_DividendIncomeSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Income, Subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeSubsidiaries_documentation_en-US" xlink:label="lab_ms_DividendIncomeSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of dividends from subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DividendIncomeSubsidiaries" xlink:href="ms-20201231.xsd#ms_DividendIncomeSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DividendIncomeSubsidiaries" xlink:to="lab_ms_DividendIncomeSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AmericasMember_ff48d2e6-d8ed-4087-af19-53a943977f7b_terseLabel_en-US" xlink:label="lab_srt_AmericasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Americas </link:label>
<link:label id="lab_srt_AmericasMember_label_en-US" xlink:label="lab_srt_AmericasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Americas [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AmericasMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AmericasMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AmericasMember" xlink:to="lab_srt_AmericasMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_ec38a2a6-20d8-418a-b956-afb6a028b3ff_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_8ab5cf2b-b577-4134-aa3e-f410a8b2cf13_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other liabilities and accrued expenses </link:label>
<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_label_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Liabilities and Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditRiskDerivativesAtFairValueNet_88889625-c1fd-4f78-890e-38dcf650a267_terseLabel_en-US" xlink:label="lab_us-gaap_CreditRiskDerivativesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Asset (Liability) </link:label>
<link:label id="lab_us-gaap_CreditRiskDerivativesAtFairValueNet_label_en-US" xlink:label="lab_us-gaap_CreditRiskDerivativesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk Derivatives, at Fair Value, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskDerivativesAtFairValueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditRiskDerivativesAtFairValueNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditRiskDerivativesAtFairValueNet" xlink:to="lab_us-gaap_CreditRiskDerivativesAtFairValueNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_b1148a87-21fb-4db7-87ee-cdaa4e32a302_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues of acquiree since acquisition date </link:label>
<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:to="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmployeeBenefitPlansParticipantsDomain_37169148-617e-4f16-a9ed-da327bace406_terseLabel_en-US" xlink:label="lab_ms_EmployeeBenefitPlansParticipantsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans Participants [Domain] </link:label>
<link:label id="lab_ms_EmployeeBenefitPlansParticipantsDomain_label_en-US" xlink:label="lab_ms_EmployeeBenefitPlansParticipantsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans Participants [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeBenefitPlansParticipantsDomain" xlink:href="ms-20201231.xsd#ms_EmployeeBenefitPlansParticipantsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmployeeBenefitPlansParticipantsDomain" xlink:to="lab_ms_EmployeeBenefitPlansParticipantsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders_81b975bb-12f1-47f3-acf2-64c81006a317_terseLabel_en-US" xlink:label="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Put options embedded in debt agreements </link:label>
<link:label id="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders_label_en-US" xlink:label="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Amount Puttable or Extendible at Option of Holders </link:label>
<link:label id="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders_documentation_en-US" xlink:label="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt containing provisions that effectively allow the holders to put or extend the notes. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:href="ms-20201231.xsd#ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:to="lab_ms_DebtAmountPuttableOrExtendibleAtOptionOfHolders" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_67259232-2c83-44ec-8747-90c8390da017_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease based on tax positions related to prior periods </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseBorrowings_f9065140-ff6c-4e0d-8eaf-c7eebd9b9338_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_InterestExpenseBorrowings_label_en-US" xlink:label="lab_us-gaap_InterestExpenseBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseBorrowings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseBorrowings" xlink:to="lab_us-gaap_InterestExpenseBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments_258331b6-0258-4928-beb1-a8a3d1740b84_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets at fair value: Investments </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Trading Assets, Investments </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Trading Assets, Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradingAssetsInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_c019060f-5187-4714-9d07-659972114238_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputEquityCorrelationMember_8a541026-326d-4661-8353-663c151af324_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputEquityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Correlation </link:label>
<link:label id="lab_ms_MeasurementInputEquityCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputEquityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputEquityCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputEquityCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputEquityCorrelationMember" xlink:to="lab_ms_MeasurementInputEquityCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedCash_5769764d-df32-41e8-9b13-ca99bb24bc0e_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash </link:label>
<link:label id="lab_us-gaap_RestrictedCash_label_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCash" xlink:to="lab_us-gaap_RestrictedCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxAbstract_bce0bc61-829d-4cec-a344-b5d35caeb702_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Benefit (Provision) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossTaxAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossTaxAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossTaxAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsMember_281f836d-9278-4119-a81f-5e8d644cf12b_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_7c3d5c53-cd65-4591-a16d-34f40c32ac0a_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock shares outstanding (shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_a085bfa5-d56b-4f28-b012-d5c23c7c1ff6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_00ff088c-1faa-4397-91fb-f661ef825c3e_negatedLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss, Writeoff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_e6321768-0574-4017-81bd-1107daa1efb7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Net Periodic Benefit Expense (Income) </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNetBenefitCostsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_b8da0495-c0af-412f-9181-69f22a7f9cb8_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_75420621-fbfa-4f62-b868-ef62b69af86a_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SupplementaryLeverageRatio_550b58dc-1a4c-4b27-aa8e-ea1706fed513_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SLR (as a percent) </link:label>
<link:label id="lab_us-gaap_SupplementaryLeverageRatio_label_en-US" xlink:label="lab_us-gaap_SupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Supplementary Leverage Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementaryLeverageRatio" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementaryLeverageRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementaryLeverageRatio" xlink:to="lab_us-gaap_SupplementaryLeverageRatio" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue_491bf104-ddf5-487c-a6cd-60bab164719a_negatedLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount: liability </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue_d078a887-0fac-4c8e-8da1-c91801ddf10a_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate balance </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Current Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsCurrentCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:to="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtAbstract_60edee95-35c3-4d10-92ae-5b2f3b590bb9_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Original maturities greater than one year </link:label>
<link:label id="lab_us-gaap_LongTermDebtAbstract_label_en-US" xlink:label="lab_us-gaap_LongTermDebtAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Unclassified [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtAbstract" xlink:to="lab_us-gaap_LongTermDebtAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_9c9403e5-0485-4c30-bc88-151c577f075e_verboseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments </link:label>
<link:label id="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesKPreferredStockMember_ff8ef093-ed94-4bb4-85f7-cbcf68c0f0b8_verboseLabel_en-US" xlink:label="lab_ms_SeriesKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series K, $0.01 par value </link:label>
<link:label id="lab_ms_SeriesKPreferredStockMember_cd2de376-6f51-4753-9d0e-77585ef35496_terseLabel_en-US" xlink:label="lab_ms_SeriesKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series K </link:label>
<link:label id="lab_ms_SeriesKPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series K Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesKPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesKPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesKPreferredStockMember" xlink:to="lab_ms_SeriesKPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommitmentsTableTextBlock_b48923ac-ad39-42a5-a63c-6f227a88dc5c_terseLabel_en-US" xlink:label="lab_ms_CommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Commitments </link:label>
<link:label id="lab_ms_CommitmentsTableTextBlock_label_en-US" xlink:label="lab_ms_CommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments [Table Text Block] </link:label>
<link:label id="lab_ms_CommitmentsTableTextBlock_documentation_en-US" xlink:label="lab_ms_CommitmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommitmentsTableTextBlock" xlink:href="ms-20201231.xsd#ms_CommitmentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommitmentsTableTextBlock" xlink:to="lab_ms_CommitmentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitment_e26161ae-3919-496e-852a-ea6ba46bfbda_totalLabel_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_OtherCommitment_label_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="lab_us-gaap_OtherCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationStatusDomain_7c4ef77f-c60a-4be8-bd58-ea832e371b5e_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Domain] </link:label>
<link:label id="lab_us-gaap_LitigationStatusDomain_label_en-US" xlink:label="lab_us-gaap_LitigationStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationStatusDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationStatusDomain" xlink:to="lab_us-gaap_LitigationStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FirmCommitmentContractMember_aa65e732-df4f-459e-9858-416ce863896e_verboseLabel_en-US" xlink:label="lab_ms_FirmCommitmentContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting </link:label>
<link:label id="lab_ms_FirmCommitmentContractMember_label_en-US" xlink:label="lab_ms_FirmCommitmentContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Firm Commitment Contract [Member] </link:label>
<link:label id="lab_ms_FirmCommitmentContractMember_documentation_en-US" xlink:label="lab_ms_FirmCommitmentContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> In the firm commitment contract the underwriter guarantees the sale of the issued stock at the agreed-upon price. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FirmCommitmentContractMember" xlink:href="ms-20201231.xsd#ms_FirmCommitmentContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FirmCommitmentContractMember" xlink:to="lab_ms_FirmCommitmentContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockValue_b4430a70-49db-49a5-9c27-1e20f5052d82_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock held in treasury at cost, $0.01 par value (229,269,835 and 444,920,299 shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockValue_1cdccf20-20df-491b-af13-83400c95af06_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock held in treasury at cost </link:label>
<link:label id="lab_us-gaap_TreasuryStockValue_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValue" xlink:to="lab_us-gaap_TreasuryStockValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_4896433c-68ff-43d6-937b-bf995aec16b9_terseLabel_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plans </link:label>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:to="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseAbstract_51bf9574-e373-4b07-8cfa-50c80169bb4f_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseAbstract" xlink:to="lab_us-gaap_InterestExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_75a29001-382d-40dd-86e3-0b0caf41c3da_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsLineItems" xlink:to="lab_us-gaap_GuaranteeObligationsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_1e122aac-13eb-4550-8bbe-c46295f18058_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount Rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Discount Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputDiscountRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:to="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_a7320db0-626f-46d6-a22b-a39be2a09d21_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Awarded (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock_5d99854d-6e5d-4bad-b5ab-4af249fe2a3c_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Assets Sold with Retained Exposure </link:label>
<link:label id="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Bilateral Equity Derivatives [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of bilateral equity derivatives, which the entity retains to the exposure to the underlying securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfBilateralEquityDerivativesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:to="lab_ms_ScheduleOfBilateralEquityDerivativesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_c3f9427a-b3a1-4552-b801-b585f63775c6_terseLabel_en-US" xlink:label="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Troubled Debt Restructurings </link:label>
<link:label id="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueDisclosureLineItems_5c50b818-b5af-4b73-a27c-cab96e4ead83_terseLabel_en-US" xlink:label="lab_ms_FairValueDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value disclosure </link:label>
<link:label id="lab_ms_FairValueDisclosureLineItems_label_en-US" xlink:label="lab_ms_FairValueDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueDisclosureLineItems" xlink:href="ms-20201231.xsd#ms_FairValueDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueDisclosureLineItems" xlink:to="lab_ms_FairValueDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember_01b203c6-88b9-4f9a-9bf0-4c3dbca36446_terseLabel_en-US" xlink:label="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and municipal securities </link:label>
<link:label id="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember_label_en-US" xlink:label="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US States and Political Subdivisions Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USStatesAndPoliticalSubdivisionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:to="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_5c271273-0982-4eaa-8d27-ec87ef85d525_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected contributions by employer in 2021 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries_f3409ceb-008b-43c2-a2d0-15a15f5250cf_terseLabel_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Associated with net investments in subsidiaries with a non-U.S. dollar functional currency </link:label>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries_label_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Investment in Non-U.S. Dollar Functional Currency Subsidiaries </link:label>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries_documentation_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Investment in Non-US Dollar Functional Currency Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:href="ms-20201231.xsd#ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:to="lab_ms_AccumulatedOtherComprehensiveIncomeLossInvestmentInNonUSDollarFunctionalCurrencySubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubordinatedDebtMember_7e1dea6d-c624-4a70-9d0c-5f568c27a658_terseLabel_en-US" xlink:label="lab_us-gaap_SubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated Debt </link:label>
<link:label id="lab_us-gaap_SubordinatedDebtMember_label_en-US" xlink:label="lab_us-gaap_SubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubordinatedDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubordinatedDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubordinatedDebtMember" xlink:to="lab_us-gaap_SubordinatedDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesAPreferredStockMember_f99ad553-3c91-436a-84b1-18153a46770e_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series A, $0.01 par value </link:label>
<link:label id="lab_us-gaap_SeriesAPreferredStockMember_cafc0cd0-a3de-423c-90cd-71791e1a8ca2_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series A </link:label>
<link:label id="lab_us-gaap_SeriesAPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series A Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesAPreferredStockMember" xlink:to="lab_us-gaap_SeriesAPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain_3eb54cae-30bc-4384-9515-0c17ed262e46_terseLabel_en-US" xlink:label="lab_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Domain] </link:label>
<link:label id="lab_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain_label_en-US" xlink:label="lab_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:to="lab_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_3cf4a90a-61e5-4a76-9352-95ab970d9c3b_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities </link:label>
<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesOther_a93ee391-4c22-4d80-acae-089f31457366_negatedTerseLabel_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesOther_label_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Losses, Other </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceForCreditLossesOther_documentation_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of other addition (reduction) in allowance reserve for credit loss. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:href="ms-20201231.xsd#ms_FinancingReceivableAllowanceForCreditLossesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:to="lab_ms_FinancingReceivableAllowanceForCreditLossesOther" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TradingAssetsToTotalAssetsRatioMember_4922f1e5-687a-49a8-b500-294530c94466_terseLabel_en-US" xlink:label="lab_ms_TradingAssetsToTotalAssetsRatioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets </link:label>
<link:label id="lab_ms_TradingAssetsToTotalAssetsRatioMember_label_en-US" xlink:label="lab_ms_TradingAssetsToTotalAssetsRatioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Assets to Total Assets Ratio [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TradingAssetsToTotalAssetsRatioMember" xlink:href="ms-20201231.xsd#ms_TradingAssetsToTotalAssetsRatioMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TradingAssetsToTotalAssetsRatioMember" xlink:to="lab_ms_TradingAssetsToTotalAssetsRatioMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DueFromEmployeesRepaymentTerms_57ca7fe6-10b6-457b-b2c8-e7405abb0676_terseLabel_en-US" xlink:label="lab_ms_DueFromEmployeesRepaymentTerms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayment term range, in years </link:label>
<link:label id="lab_ms_DueFromEmployeesRepaymentTerms_label_en-US" xlink:label="lab_ms_DueFromEmployeesRepaymentTerms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due from Employees, Repayment Terms </link:label>
<link:label id="lab_ms_DueFromEmployeesRepaymentTerms_documentation_en-US" xlink:label="lab_ms_DueFromEmployeesRepaymentTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The repayment terms for dues from employees. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DueFromEmployeesRepaymentTerms" xlink:href="ms-20201231.xsd#ms_DueFromEmployeesRepaymentTerms"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DueFromEmployeesRepaymentTerms" xlink:to="lab_ms_DueFromEmployeesRepaymentTerms" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeMember_ea4ccf79-6134-42b1-a9f7-37ed7807a04c_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_a8e8d7d5-1bde-475a-9580-f94a9362c85d_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Awards </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LaborAndRelatedExpense_2805fc66-a8d4-4862-a616-47157e128bb6_terseLabel_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits </link:label>
<link:label id="lab_us-gaap_LaborAndRelatedExpense_label_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Labor and Related Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LaborAndRelatedExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockMember_9c221e09-c1c8-4520-bd8b-547a7408c14a_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock </link:label>
<link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_SecurityExchangeName_27f9073f-3bd6-4737-97e7-3b544c8d4498_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AdvancesToSubsidiariesNonbank_2d7b0dcc-8c78-4714-aff1-3771cd82ff35_terseLabel_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesNonbank" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-bank </link:label>
<link:label id="lab_ms_AdvancesToSubsidiariesNonbank_label_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesNonbank" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to Subsidiaries Non-bank </link:label>
<link:label id="lab_ms_AdvancesToSubsidiariesNonbank_documentation_en-US" xlink:label="lab_ms_AdvancesToSubsidiariesNonbank" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to non-bank subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AdvancesToSubsidiariesNonbank" xlink:href="ms-20201231.xsd#ms_AdvancesToSubsidiariesNonbank"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AdvancesToSubsidiariesNonbank" xlink:to="lab_ms_AdvancesToSubsidiariesNonbank" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum_7847a9b7-8ca7-4881-b14c-a5725beb1267_terseLabel_en-US" xlink:label="lab_us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Minimum (as a percent) </link:label>
<link:label id="lab_us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum_label_en-US" xlink:label="lab_us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioCapitalAdequacyMinimum"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_79a3eda8-b196-4523-b85e-aed8300a629f_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_ced237cc-087b-4cb2-9485-8b48a401fdfe_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_70e0febc-2fa7-4a4a-a2e6-b66ba8ec7f3c_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock_00a0ccbd-fb11-4ab7-890a-7f51f3b75e4e_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Other Secured Financings </link:label>
<link:label id="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Other Secured Financing [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosures of other secured financings including their types and maturities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfOtherSecuredFinancingTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:to="lab_ms_ScheduleOfOtherSecuredFinancingTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOvernightMember_b6cc18e7-ba55-41e0-9bde-d78a2b46d877_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Overnight and Open </link:label>
<link:label id="lab_us-gaap_MaturityOvernightMember_label_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Overnight [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOvernightMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityOvernightMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOvernightMember" xlink:to="lab_us-gaap_MaturityOvernightMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditRiskContractMember_10371ff1-2751-41b3-a3eb-c9fdd0d4510a_verboseLabel_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit </link:label>
<link:label id="lab_us-gaap_CreditRiskContractMember_e10e76e0-d125-4c9d-b5e5-bcdfeec2313c_terseLabel_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit derivatives </link:label>
<link:label id="lab_us-gaap_CreditRiskContractMember_label_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditRiskContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditRiskContractMember" xlink:to="lab_us-gaap_CreditRiskContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetChangeInPayablesToSubsidiaries_da23c659-fbe9-4e9e-9ef4-6b850b3cbe6f_terseLabel_en-US" xlink:label="lab_ms_NetChangeInPayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in advances from subsidiaries </link:label>
<link:label id="lab_ms_NetChangeInPayablesToSubsidiaries_label_en-US" xlink:label="lab_ms_NetChangeInPayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Change in Payables to Subsidiaries </link:label>
<link:label id="lab_ms_NetChangeInPayablesToSubsidiaries_documentation_en-US" xlink:label="lab_ms_NetChangeInPayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of cash inflow (outflow) from net change in payables to subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NetChangeInPayablesToSubsidiaries" xlink:href="ms-20201231.xsd#ms_NetChangeInPayablesToSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NetChangeInPayablesToSubsidiaries" xlink:to="lab_ms_NetChangeInPayablesToSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock_c37c98e4-88f2-4ef2-8f51-137895a820ca_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Gains (Losses) on Accounting Hedges </link:label>
<link:label id="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounting Hedges, Statements of Financial Performance, Location [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure for accounting hedges of the location and amount of gains and losses reported in the statement of financial performance. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:to="lab_ms_ScheduleOfAccountingHedgesStatementsOfFinancialPerformanceLocationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInDeposits_11ccbe30-cd78-4c86-bac2-a54e13fb4202_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInDeposits_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDeposits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeposits" xlink:to="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths_4cba8b70-2993-44ab-b0c5-a8b999077139_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than 1 (year) </link:label>
<link:label id="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentDueInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:to="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate_706a248d-063b-4269-b6c3-0fc481353ef7_terseLabel_en-US" xlink:label="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effectiveness to benchmark interest rate (as a percent) </link:label>
<link:label id="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate_label_en-US" xlink:label="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Effectiveness to Benchmark Interest Rate </link:label>
<link:label id="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate_documentation_en-US" xlink:label="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Effectiveness to Benchmark Interest Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:href="ms-20201231.xsd#ms_DerivativeEffectivenesstoBenchmarkInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:to="lab_ms_DerivativeEffectivenesstoBenchmarkInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PerformanceSharesMember_bb422b9b-aa5f-4714-8ea2-fcb269463196_terseLabel_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSUs </link:label>
<link:label id="lab_us-gaap_PerformanceSharesMember_label_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Shares [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PerformanceSharesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PerformanceSharesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PerformanceSharesMember" xlink:to="lab_us-gaap_PerformanceSharesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferAbstract_e5a9b354-7c80-414c-81f9-841eb65f8c59_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stress capital buffer (“SCB”) </link:label>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferAbstract_label_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer [Abstract] </link:label>
<link:label id="lab_ms_BankingRegulationStressCapitalBufferAbstract_documentation_en-US" xlink:label="lab_ms_BankingRegulationStressCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationStressCapitalBufferAbstract" xlink:href="ms-20201231.xsd#ms_BankingRegulationStressCapitalBufferAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationStressCapitalBufferAbstract" xlink:to="lab_ms_BankingRegulationStressCapitalBufferAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax_f58ad2a4-99b8-4c83-9eff-69df0c369d90_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Subsidiaries, Net of Tax </link:label>
<link:label id="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Subsidiaries, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:to="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedLiability_8673bcd1-edfc-4f2f-a8ad-805510fb5384_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedLiability_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedLiability" xlink:to="lab_us-gaap_SecuritiesBorrowedLiability" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_a49abb67-6628-40ff-b5c5-d979f3f0c2cf_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>
<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAcquiredFromAcquisition_a47118ed-3a0d-42ae-b068-19f8f7149c6a_terseLabel_en-US" xlink:label="lab_us-gaap_CashAcquiredFromAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash acquired as part of the E*TRADE acquisition </link:label>
<link:label id="lab_us-gaap_CashAcquiredFromAcquisition_label_en-US" xlink:label="lab_us-gaap_CashAcquiredFromAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Acquired from Acquisition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAcquiredFromAcquisition" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAcquiredFromAcquisition"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAcquiredFromAcquisition" xlink:to="lab_us-gaap_CashAcquiredFromAcquisition" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SubsidiariesMember_a2eee0c8-37ee-4a7a-8712-5f624da1fa3c_terseLabel_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries </link:label>
<link:label id="lab_srt_SubsidiariesMember_label_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SubsidiariesMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_bfa34cfc-b348-45b6-8fbb-adfde878fe3a_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based award activity </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasePayments_91656b46-e9ce-4974-bf86-f2e7e448bc88_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash outflows—Lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasePayments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasePayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasePayments" xlink:to="lab_us-gaap_OperatingLeasePayments" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CorporateEquitiesMember_8ec54672-7955-4a9a-a3e4-e95e84821f5e_terseLabel_en-US" xlink:label="lab_ms_CorporateEquitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate equities </link:label>
<link:label id="lab_ms_CorporateEquitiesMember_label_en-US" xlink:label="lab_ms_CorporateEquitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Equities [Member] </link:label>
<link:label id="lab_ms_CorporateEquitiesMember_documentation_en-US" xlink:label="lab_ms_CorporateEquitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Equities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CorporateEquitiesMember" xlink:href="ms-20201231.xsd#ms_CorporateEquitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CorporateEquitiesMember" xlink:to="lab_ms_CorporateEquitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_bc7b6e91-58d4-47ab-9f6d-ee19e5605b64_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield_56b57656-9c7c-46e4-8e87-439b02b5a762_terseLabel_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Annualized average yield, after 10 year (as a percent) </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities Debt Maturities After Ten Years Annualized Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:to="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees_b141b71b-9c6d-48b2-9c82-3b08018f6875_terseLabel_en-US" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage, clearing and exchange fees </link:label>
<link:label id="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees_label_en-US" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floor Brokerage, Exchange and Clearance Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FloorBrokerageExchangeAndClearanceFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:to="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock_658971d6-fcbf-45d1-a7dd-93115dd68b62_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers and Servicing of Financial Assets, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_edbbe57e-2cea-48a1-ab19-60547a658d99_terseLabel_en-US" xlink:label="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average intangible life </link:label>
<link:label id="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_label_en-US" xlink:label="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquired Finite-lived Intangible Assets, Weighted Average Useful Life </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:to="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_a92663df-09a0-412e-ae02-dfd480730cd4_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year One </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherPayablesMember_8a7f23cb-3a5e-48b9-9aa5-4d9b4d0df85e_netLabel_en-US" xlink:label="lab_ms_OtherPayablesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other payables </link:label>
<link:label id="lab_ms_OtherPayablesMember_label_en-US" xlink:label="lab_ms_OtherPayablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Payables [Member] </link:label>
<link:label id="lab_ms_OtherPayablesMember_documentation_en-US" xlink:label="lab_ms_OtherPayablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Payables [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherPayablesMember" xlink:href="ms-20201231.xsd#ms_OtherPayablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherPayablesMember" xlink:to="lab_ms_OtherPayablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuritiesBasedLendingandOtherLoansMember_d9fbe2a1-d5c2-4bab-b114-2bf8b58ee170_terseLabel_en-US" xlink:label="lab_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-based lending and Other </link:label>
<link:label id="lab_ms_SecuritiesBasedLendingandOtherLoansMember_710b5584-12f9-461c-832e-0e2647084210_netLabel_en-US" xlink:label="lab_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SBL and Other </link:label>
<link:label id="lab_ms_SecuritiesBasedLendingandOtherLoansMember_label_en-US" xlink:label="lab_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-Based Lending and Other Loans [Member] </link:label>
<link:label id="lab_ms_SecuritiesBasedLendingandOtherLoansMember_documentation_en-US" xlink:label="lab_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities-Based Lending and Other Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:href="ms-20201231.xsd#ms_SecuritiesBasedLendingandOtherLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:to="lab_ms_SecuritiesBasedLendingandOtherLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward_a442dc42-cb3c-404c-a06d-22aa78d94f94_terseLabel_en-US" xlink:label="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent, Net of Tax [Roll Forward] </link:label>
<link:label id="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward_label_en-US" xlink:label="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent, Net of Tax [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AOCIAttributableToParentNetOfTaxRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:to="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_696df750-cefa-4b6f-a796-9301808790d2_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current State and Local Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_0f357099-c1a2-4a9d-a8f5-8bffd8815fd6_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, par value (USD per share) </link:label>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Par or Stated Value Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_ead75fdd-01b2-48f8-8fca-766517fcb692_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable_20f97e5c-5a9c-4cd7-bc28-074f66f3caf8_terseLabel_en-US" xlink:label="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:label id="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable_label_en-US" xlink:label="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:label id="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable_documentation_en-US" xlink:label="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:href="ms-20201231.xsd#ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="lab_ms_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DepositsMeasurementInputValue_5d700b8e-bb1e-46e2-837a-ecfaddd0ff57_terseLabel_en-US" xlink:label="lab_ms_DepositsMeasurementInputValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, measurement input value </link:label>
<link:label id="lab_ms_DepositsMeasurementInputValue_label_en-US" xlink:label="lab_ms_DepositsMeasurementInputValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, Measurement Input Value </link:label>
<link:label id="lab_ms_DepositsMeasurementInputValue_documentation_en-US" xlink:label="lab_ms_DepositsMeasurementInputValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Value of input used to measure deposits. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DepositsMeasurementInputValue" xlink:href="ms-20201231.xsd#ms_DepositsMeasurementInputValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DepositsMeasurementInputValue" xlink:to="lab_ms_DepositsMeasurementInputValue" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentInformationTable_11a75727-0aea-4cbd-b62b-583cd0857b4e_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Table] </link:label>
<link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentInformationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_f56f8024-7c79-4a02-be9e-1b9cf6b23df9_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset against cash collateral netting </link:label>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Collateral, Obligation to Return Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MarginAndOtherLendingReceivables_3bc37165-ddae-4882-b87b-59e0e69dd1ea_terseLabel_en-US" xlink:label="lab_ms_MarginAndOtherLendingReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Margin and other lending </link:label>
<link:label id="lab_ms_MarginAndOtherLendingReceivables_label_en-US" xlink:label="lab_ms_MarginAndOtherLendingReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Margin and Other Lending Receivables </link:label>
<link:label id="lab_ms_MarginAndOtherLendingReceivables_documentation_en-US" xlink:label="lab_ms_MarginAndOtherLendingReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables generated from margin lending activities that are collateralized by customer-owned securities held by the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MarginAndOtherLendingReceivables" xlink:href="ms-20201231.xsd#ms_MarginAndOtherLendingReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MarginAndOtherLendingReceivables" xlink:to="lab_ms_MarginAndOtherLendingReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_8be89823-54c4-4147-9b1e-6caedc5fa817_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of exchange rate changes on cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_a36e161a-350b-4224-9dfb-60bb030a6f31_verboseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of exchange rate changes on cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeMember_4530859a-1674-4c78-9412-3c5bd72429bb_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-credit derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeMember_2f173601-cd79-434f-8213-9000d93a8f06_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative contracts </link:label>
<link:label id="lab_us-gaap_DerivativeMember_label_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeMember" xlink:to="lab_us-gaap_DerivativeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_a1ca2d0f-a869-46a6-866c-77ad61854930_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntityByProductGroupAxis_39462259-fdbf-41dd-9971-f049c8d9aaa8_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityByProductGroupAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, by Product Group [Axis] </link:label>
<link:label id="lab_ms_VariableInterestEntityByProductGroupAxis_label_en-US" xlink:label="lab_ms_VariableInterestEntityByProductGroupAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, by Product Group [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntityByProductGroupAxis" xlink:href="ms-20201231.xsd#ms_VariableInterestEntityByProductGroupAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityByProductGroupAxis" xlink:to="lab_ms_VariableInterestEntityByProductGroupAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition_2b21346e-1377-44e7-acde-d698d6f4cd5b_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase based on the acquisition of E*TRADE </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Acquisition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" xlink:type="arc" order="1"/>
<link:label id="lab_country_HK_e1abae61-f0d5-4fa4-8ac8-a8d8a033139f_terseLabel_en-US" xlink:label="lab_country_HK" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hong Kong </link:label>
<link:label id="lab_country_HK_label_en-US" xlink:label="lab_country_HK" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HONG KONG </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_HK" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_HK"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_HK" xlink:to="lab_country_HK" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_0cf33b0d-847e-48bc-9b91-ab902587e1e4_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration risk (as a percent) </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_dc4d5aa8-8df2-4496-a63e-7174595e3485_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Fair value, after 5 years through 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementLineItems_abb02bd7-cded-4dbc-8903-edda43099cc8_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock_615b188b-3ad5-4308-9f08-2f7b439e0fb4_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unsettled Fair Value of Futures Contracts </link:label>
<link:label id="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unsettled Fair Value of Future Contracts [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of unsettled fair value of future contracts that are primarily classified as Level 1 in the fair value hierarchy, actively traded, and valued based on quoted prices from the exchange. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:to="lab_ms_ScheduleOfUnsettledFairValueOfFutureContractsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ClassOfStockDomain_eaa613a6-2e4d-45d0-ad93-963e52b4f9cd_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_2a91cd6f-ce83-4d64-a623-d503bd70db04_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeDomain" xlink:to="lab_us-gaap_MeasurementInputTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral_ce8f9232-e464-432b-a577-b263bda07846_verboseLabel_en-US" xlink:label="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading liabilities— Obligation to return securities received as collateral </link:label>
<link:label id="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral_label_en-US" xlink:label="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation to Return Securities Received as Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:to="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_23f701c9-38e5-4f6c-b201-280d95457bf4_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost on projected benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_b440755d-f643-41c0-b7f2-b1c95fdda127_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Interest Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:to="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeAxis_1dcf3d74-9595-4113-acc8-98daf116266b_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LegalFees_f93da1aa-717c-4e67-9619-774f0012e25c_terseLabel_en-US" xlink:label="lab_us-gaap_LegalFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal expenses </link:label>
<link:label id="lab_us-gaap_LegalFees_label_en-US" xlink:label="lab_us-gaap_LegalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LegalFees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LegalFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LegalFees" xlink:to="lab_us-gaap_LegalFees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RiskWeightedAssets_858e81f1-d106-446c-989e-352cdb87a7f9_terseLabel_en-US" xlink:label="lab_us-gaap_RiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total RWA </link:label>
<link:label id="lab_us-gaap_RiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_RiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Weighted Assets, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskWeightedAssets" xlink:to="lab_us-gaap_RiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits_713d5bf3-7604-43d3-8e26-0fbb6f52088e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Taxes and Tax Credits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:to="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_895f1c8f-bc89-4c5f-bce7-84444e550e99_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Requirements </link:label>
<link:label id="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_label_en-US" xlink:label="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements under Banking Regulations [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:to="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_598b2bd3-3e0a-4302-a4ca-49a3000f9e33_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecurring </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Nonrecurring [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedge_e4e93453-1a09-4d28-941c-c19eb7436b10_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount currently or previously hedged </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedge_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Fair Value Hedge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityFairValueHedge" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgedLiabilityFairValueHedge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedLiabilityFairValueHedge" xlink:to="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards_e8265fe1-5317-4564-a7d1-4d53cd5da29b_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement eligible awards </link:label>
<link:label id="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards_label_en-US" xlink:label="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense, Retirement Eligible Awards </link:label>
<link:label id="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the expense recognized during the period arising from equity-based awards to employees who satisfied retirement-eligible requirements under award terms that do not contain a service period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationExpenseRetirementEligibleAwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:to="lab_ms_ShareBasedCompensationExpenseRetirementEligibleAwards" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ClearingMemberGuaranteeMember_425a132c-bfcd-4c71-b9bb-fcd5da8c3686_terseLabel_en-US" xlink:label="lab_ms_ClearingMemberGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Client clearing guarantees </link:label>
<link:label id="lab_ms_ClearingMemberGuaranteeMember_label_en-US" xlink:label="lab_ms_ClearingMemberGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clearing Member Guarantee [Member] </link:label>
<link:label id="lab_ms_ClearingMemberGuaranteeMember_documentation_en-US" xlink:label="lab_ms_ClearingMemberGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clearing Member Guarantee [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ClearingMemberGuaranteeMember" xlink:href="ms-20201231.xsd#ms_ClearingMemberGuaranteeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ClearingMemberGuaranteeMember" xlink:to="lab_ms_ClearingMemberGuaranteeMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntitySmallBusiness_51974885-b3d5-4956-a91b-13e76532f11f_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_dfa543ad-ecb8-4a92-99bd-e0fa787dcaa7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentFiscalYearMaturityAbstract_df011c52-9a0d-4482-9198-a793a48d00a3_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment, Fiscal Year Maturity </link:label>
<link:label id="lab_us-gaap_OtherCommitmentFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentFiscalYearMaturityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentFiscalYearMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentFiscalYearMaturityAbstract" xlink:to="lab_us-gaap_OtherCommitmentFiscalYearMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollaborativeArrangementMember_51306dcc-a1b4-40c2-89a0-de52742c99bb_terseLabel_en-US" xlink:label="lab_us-gaap_CollaborativeArrangementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bilateral Downgrade Agreement </link:label>
<link:label id="lab_us-gaap_CollaborativeArrangementMember_label_en-US" xlink:label="lab_us-gaap_CollaborativeArrangementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collaborative Arrangement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollaborativeArrangementMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollaborativeArrangementMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollaborativeArrangementMember" xlink:to="lab_us-gaap_CollaborativeArrangementMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AmendmentFlag_a58ff8d7-cc8f-45ec-98a4-3a019522bcc1_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_fb4d66f3-019a-4c38-a7eb-e0caa13f385d_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average common shares outstanding </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPreferredStockAbstract_c00e46cc-f210-4b98-b359-3266c302baaa_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividends </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStockAbstract_label_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Preferred Stock [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPreferredStockAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPreferredStockAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStockAbstract" xlink:to="lab_us-gaap_DividendsPreferredStockAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest_4d536bb7-0c9b-4d44-baca-14a44a4786c3_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating or adjustable rate loans, net </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest_label_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale with Variable Rates of Interest </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest_documentation_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale with Variable Rates of Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:href="ms-20201231.xsd#ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:to="lab_ms_FinancingReceivableIncludingHeldForSaleWithVariableRatesOfInterest" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_76eb01b1-c18a-4cc1-a41d-2a754f4fe6e1_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of available-for-sale debt securities maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:to="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_ms_JointVenturePartnerNameDomain_56274024-2881-4b19-a00a-f2a4cc5de44c_terseLabel_en-US" xlink:label="lab_ms_JointVenturePartnerNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Venture Partner, Name [Domain] </link:label>
<link:label id="lab_ms_JointVenturePartnerNameDomain_label_en-US" xlink:label="lab_ms_JointVenturePartnerNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Joint Venture Partner, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_JointVenturePartnerNameDomain" xlink:href="ms-20201231.xsd#ms_JointVenturePartnerNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_JointVenturePartnerNameDomain" xlink:to="lab_ms_JointVenturePartnerNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransactionTypeAxis_6375d52e-16ac-46b8-991b-cd279de4139a_terseLabel_en-US" xlink:label="lab_us-gaap_TransactionTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction Type [Axis] </link:label>
<link:label id="lab_us-gaap_TransactionTypeAxis_label_en-US" xlink:label="lab_us-gaap_TransactionTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransactionTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransactionTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransactionTypeAxis" xlink:to="lab_us-gaap_TransactionTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract_7b6661a3-2ad4-41b1-ad0b-688e37186184_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill, Impaired, Accumulated Impairment Loss </link:label>
<link:label id="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill, Impaired, Accumulated Impairment Loss [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract" xlink:to="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLossAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_bd5261a4-0478-4961-abb4-c61b7f859cbc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_country_GB_d4e962a0-bcb6-479b-b111-2bb6ca16f34c_terseLabel_en-US" xlink:label="lab_country_GB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.K. </link:label>
<link:label id="lab_country_GB_label_en-US" xlink:label="lab_country_GB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED KINGDOM </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_GB" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_GB"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_GB" xlink:to="lab_country_GB" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_935d3b8c-9fe5-48b1-b063-5128efad1086_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_bbf43876-014e-4485-8997-0912e535c320_terseLabel_en-US" xlink:label="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses </link:label>
<link:label id="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Loss, Financial Instrument [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditLossFinancialInstrumentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:to="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_62f2033a-1bef-42b6-a448-738cabf53cc9_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Return (Loss) on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_4d423458-972b-4172-ac74-cc4cc968354b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedge Accounting </link:label>
<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PriorPerformanceYearDeferredCompensationAwardsMember_e0197f25-bbae-4b5f-ab81-365484e4161c_verboseLabel_en-US" xlink:label="lab_ms_PriorPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 </link:label>
<link:label id="lab_ms_PriorPerformanceYearDeferredCompensationAwardsMember_label_en-US" xlink:label="lab_ms_PriorPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior Performance Year Deferred Compensation Awards [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PriorPerformanceYearDeferredCompensationAwardsMember" xlink:href="ms-20201231.xsd#ms_PriorPerformanceYearDeferredCompensationAwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PriorPerformanceYearDeferredCompensationAwardsMember" xlink:to="lab_ms_PriorPerformanceYearDeferredCompensationAwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue_6179e941-6efd-4a06-872d-f7b54799d926_terseLabel_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than 5 years </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue_label_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonredeemable Funds, Maturity, within Next Five Years, at Carrying Value </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue_documentation_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of nonredeemable funds maturing in next five fiscal years following latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:href="ms-20201231.xsd#ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:to="lab_ms_NonredeemableFundsMaturityWithinNextFiveYearsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankingRegulationCountercyclicalCapitalBuffer_86718458-de66-4944-94b5-e939d3baa6e3_terseLabel_en-US" xlink:label="lab_us-gaap_BankingRegulationCountercyclicalCapitalBuffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized (as a percent) </link:label>
<link:label id="lab_us-gaap_BankingRegulationCountercyclicalCapitalBuffer_label_en-US" xlink:label="lab_us-gaap_BankingRegulationCountercyclicalCapitalBuffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Countercyclical Capital Buffer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingRegulationCountercyclicalCapitalBuffer" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankingRegulationCountercyclicalCapitalBuffer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingRegulationCountercyclicalCapitalBuffer" xlink:to="lab_us-gaap_BankingRegulationCountercyclicalCapitalBuffer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_6c38139d-2ba5-4765-9572-000168887a79_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_220f70c5-7fc8-4aa4-a858-d3ab29352b03_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year Two </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_ccf660ad-2e4c-4dc7-a260-82bb8de46a6d_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDebtSecuritiesMember" xlink:to="lab_us-gaap_OtherDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AllowanceforCreditLossesMember_2fc3c6d1-1af8-4c28-b45c-76984f568c43_terseLabel_en-US" xlink:label="lab_ms_AllowanceforCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses </link:label>
<link:label id="lab_ms_AllowanceforCreditLossesMember_label_en-US" xlink:label="lab_ms_AllowanceforCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses [Member] </link:label>
<link:label id="lab_ms_AllowanceforCreditLossesMember_documentation_en-US" xlink:label="lab_ms_AllowanceforCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AllowanceforCreditLossesMember" xlink:href="ms-20201231.xsd#ms_AllowanceforCreditLossesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AllowanceforCreditLossesMember" xlink:to="lab_ms_AllowanceforCreditLossesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_89a1e2b9-5302-4148-bf94-dd08e12c2378_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange </link:label>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignExchangeContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeContractMember" xlink:to="lab_us-gaap_ForeignExchangeContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DepositLiabilitiesTableTextBlock_b52ecebc-4935-4065-96de-3a0f6322efc9_terseLabel_en-US" xlink:label="lab_ms_DepositLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deposits </link:label>
<link:label id="lab_ms_DepositLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_ms_DepositLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liabilities [Table Text Block] </link:label>
<link:label id="lab_ms_DepositLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_ms_DepositLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of deposit liability. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DepositLiabilitiesTableTextBlock" xlink:href="ms-20201231.xsd#ms_DepositLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DepositLiabilitiesTableTextBlock" xlink:to="lab_ms_DepositLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestInVariableInterestEntityDomain_acc595fa-b592-4d0c-be96-a12138ecb58c_terseLabel_en-US" xlink:label="lab_ms_InterestInVariableInterestEntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest in Variable Interest Entity [Domain] </link:label>
<link:label id="lab_ms_InterestInVariableInterestEntityDomain_label_en-US" xlink:label="lab_ms_InterestInVariableInterestEntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest in Variable Interest Entity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestInVariableInterestEntityDomain" xlink:href="ms-20201231.xsd#ms_InterestInVariableInterestEntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestInVariableInterestEntityDomain" xlink:to="lab_ms_InterestInVariableInterestEntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapital_54e00702-ef43-48f8-a0a5-791b2a7c21ce_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapital_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneRiskBasedCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapital" xlink:to="lab_us-gaap_TierOneRiskBasedCapital" xlink:type="arc" order="1"/>
<link:label id="lab_srt_BrokersAndDealersAbstract_0b8832b9-eced-451b-873b-e9a9dbc27690_terseLabel_en-US" xlink:label="lab_srt_BrokersAndDealersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokers and Dealers [Abstract] </link:label>
<link:label id="lab_srt_BrokersAndDealersAbstract_label_en-US" xlink:label="lab_srt_BrokersAndDealersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokers and Dealers [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_BrokersAndDealersAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_BrokersAndDealersAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_BrokersAndDealersAbstract" xlink:to="lab_srt_BrokersAndDealersAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_ab840e1d-f2a2-4b79-8850-741ddf4970cb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_634553c1-84c3-4f10-a311-89991108e91a_terseLabel_en-US" xlink:label="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted net assets </link:label>
<link:label id="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_label_en-US" xlink:label="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:to="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DividendIncomeBankSubsidiaries_4bdf2a00-3b78-4a13-80d3-cf58d2e0048d_terseLabel_en-US" xlink:label="lab_ms_DividendIncomeBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends from bank subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeBankSubsidiaries_label_en-US" xlink:label="lab_ms_DividendIncomeBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Income, Bank Subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeBankSubsidiaries_documentation_en-US" xlink:label="lab_ms_DividendIncomeBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of dividends from bank subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DividendIncomeBankSubsidiaries" xlink:href="ms-20201231.xsd#ms_DividendIncomeBankSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DividendIncomeBankSubsidiaries" xlink:to="lab_ms_DividendIncomeBankSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_272751be-529f-4d64-be88-bbfd0e52ee9e_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanSponsorLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount_deba4f1e-94cc-4783-8e98-b186f6bf3a21_terseLabel_en-US" xlink:label="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of assets from Level 3 to Level 2 </link:label>
<link:label id="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount_label_en-US" xlink:label="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets, Level 3 to Level 2 Transfers, Amount </link:label>
<link:label id="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount_documentation_en-US" xlink:label="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of transfers of assets measured on a recurring basis out of Level 3 of the fair value hierarchy into Level 2. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:href="ms-20201231.xsd#ms_FairValueAssetsLevel3ToLevel2TransfersAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:to="lab_ms_FairValueAssetsLevel3ToLevel2TransfersAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_ba871c9d-5c7b-4733-beca-0b6a230e57fc_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amortization of prior service cost (credit) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Prior Service Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CurrentPerformanceYearDeferredCompensationAwardsMember_10b6c40c-ec80-4a85-b829-01d4a5323e55_verboseLabel_en-US" xlink:label="lab_ms_CurrentPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 </link:label>
<link:label id="lab_ms_CurrentPerformanceYearDeferredCompensationAwardsMember_label_en-US" xlink:label="lab_ms_CurrentPerformanceYearDeferredCompensationAwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Performance Year Deferred Compensation Awards [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CurrentPerformanceYearDeferredCompensationAwardsMember" xlink:href="ms-20201231.xsd#ms_CurrentPerformanceYearDeferredCompensationAwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CurrentPerformanceYearDeferredCompensationAwardsMember" xlink:to="lab_ms_CurrentPerformanceYearDeferredCompensationAwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment_d1bd1d68-8f8c-4124-800e-dca9454edd23_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities pledged to various parties </link:label>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment_label_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment" xlink:to="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter_accd38b4-0081-4fd4-a655-b5ef3898f720_terseLabel_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter_label_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Will Be Recognized Absent Estimated or Actual Forfeitures or Cancellations, Thereafter </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter_documentation_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest will be recognized absent estimated or actual forfeitures or cancellations thereafter. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:href="ms-20201231.xsd#ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:to="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_bfaa4f48-2600-4955-a746-687cd341e399_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred cash-based awards </link:label>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_label_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Compensation Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense"/>
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<link:label id="lab_us-gaap_MeasurementInputSharePriceMember_6d27ec39-6ced-4ef2-b785-4de20e942caa_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputSharePriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Price </link:label>
<link:label id="lab_us-gaap_MeasurementInputSharePriceMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputSharePriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Share Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputSharePriceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputSharePriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputSharePriceMember" xlink:to="lab_us-gaap_MeasurementInputSharePriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_b1fd5bd3-bc31-4c8f-a162-9fb0f2b806db_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Common Stock Outstanding </link:label>
<link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Common Stock Outstanding Roll Forward [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables_dd94cbb8-5b9a-475e-82c0-86f89e4b85d3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other debt </link:label>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables_label_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:to="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_0a01c69d-af54-4f39-a466-fe225dd27d26_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell (includes $15 and $4 at fair value) </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_0d80218d-67fe-402b-9604-499414bbc223_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther_abec6ea2-a7aa-4c76-a86d-fa77336129d4_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReceivablesHeldForSaleAbstract_190ddd95-34fd-49e5-8661-9e1ebd53dd6e_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held for Sale </link:label>
<link:label id="lab_us-gaap_ReceivablesHeldForSaleAbstract_label_en-US" xlink:label="lab_us-gaap_ReceivablesHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables Held-for-sale [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesHeldForSaleAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReceivablesHeldForSaleAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesHeldForSaleAbstract" xlink:to="lab_us-gaap_ReceivablesHeldForSaleAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_badde01d-5167-49fe-b6d5-e3e0fac7cf0b_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents"/>
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<link:label id="lab_us-gaap_RetirementPlanTypeAxis_a0e0ad18-e939-49a3-becc-b4f7cd29206b_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeAxis" xlink:to="lab_us-gaap_RetirementPlanTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyDamagesSoughtValue_e192064d-0ed1-4c67-bfdb-52ae09172b6b_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Damages sought </link:label>
<link:label id="lab_us-gaap_LossContingencyDamagesSoughtValue_label_en-US" xlink:label="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Damages Sought, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyDamagesSoughtValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyDamagesSoughtValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesSoughtValue" xlink:to="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_cc9026ab-b315-4969-a528-5272c0dec39d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock_fa99bbc6-e876-47c7-9d0e-1db4d3cb61c0_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value of RSU Activity </link:label>
<link:label id="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Fair Value of Restricted Stock Units Activity [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of weighted average fair value of restricted stock units that are converted to stock and vested during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_ms_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditRatingInternalAxis_57031a7c-8a23-4e96-9ae0-561fcdb10021_terseLabel_en-US" xlink:label="lab_ms_CreditRatingInternalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Rating, Internal [Axis] </link:label>
<link:label id="lab_ms_CreditRatingInternalAxis_label_en-US" xlink:label="lab_ms_CreditRatingInternalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Rating, Internal [Axis] </link:label>
<link:label id="lab_ms_CreditRatingInternalAxis_documentation_en-US" xlink:label="lab_ms_CreditRatingInternalAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Rating, Internal [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditRatingInternalAxis" xlink:href="ms-20201231.xsd#ms_CreditRatingInternalAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditRatingInternalAxis" xlink:to="lab_ms_CreditRatingInternalAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NonderivativeTradingLiabilitiesMember_ad921912-a1d1-4303-b0ac-23c49064b9d0_terseLabel_en-US" xlink:label="lab_ms_NonderivativeTradingLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonderivative trading liabilities </link:label>
<link:label id="lab_ms_NonderivativeTradingLiabilitiesMember_label_en-US" xlink:label="lab_ms_NonderivativeTradingLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonderivative Trading Liabilities [Member] </link:label>
<link:label id="lab_ms_NonderivativeTradingLiabilitiesMember_documentation_en-US" xlink:label="lab_ms_NonderivativeTradingLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonderivative Trading Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NonderivativeTradingLiabilitiesMember" xlink:href="ms-20201231.xsd#ms_NonderivativeTradingLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NonderivativeTradingLiabilitiesMember" xlink:to="lab_ms_NonderivativeTradingLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_5251f937-c5f8-475d-a393-aa96c285eadd_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_c494f3b2-0f56-4909-b8b5-dda8571b8728_terseLabel_en-US" xlink:label="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital (as a percent) </link:label>
<link:label id="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_label_en-US" xlink:label="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Well-Capitalized Required for Capital Adequacy to Risk Weighted Assets </link:label>
<link:label id="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_documentation_en-US" xlink:label="lab_ms_TierOneRiskBasedWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Well-Capitalized Required for Capital Adequacy to Risk Weighted Assets </link:label>
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<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_ccee9f55-d564-47d1-bc64-b97541ac6165_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table] </link:label>
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<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_ec0160bc-ee43-4635-8006-802d97ae6cb3_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset against counterparty netting </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset </link:label>
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<link:label id="lab_us-gaap_InternalNoninvestmentGradeMember_1fd2ada7-9130-41d3-998a-d31a355c0221_terseLabel_en-US" xlink:label="lab_us-gaap_InternalNoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-investment grade </link:label>
<link:label id="lab_us-gaap_InternalNoninvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_InternalNoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Noninvestment Grade [Member] </link:label>
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<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarningsAbstract_5de9ec22-592b-4c8f-b41f-c2cb5acbfec6_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarningsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense </link:label>
<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarningsAbstract_label_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarningsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract] </link:label>
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<link:label id="lab_ms_AdditionalDisclosuresAbstract_label_en-US" xlink:label="lab_ms_AdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Disclosures [Abstract] </link:label>
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<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_1303df4d-bebc-4d3c-9394-676e5fdedfd0_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
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<link:label id="lab_us-gaap_InterestIncomeExpenseNet_a59ceea8-e4b7-4e6e-880d-5e0bacb6bbc9_totalLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNet_06dce0af-800f-46b8-85b6-4a236d38a723_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNet_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeExpenseNet"/>
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<link:label id="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_106ec93c-87c3-4124-874a-a07f3c91ca25_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Assets </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] </link:label>
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<link:label id="lab_us-gaap_OtherAssets_1f13ed98-280e-4709-b658-141bc7505682_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets </link:label>
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<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_1df55e42-4532-45b3-bef0-8962e205bb6b_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statement </link:label>
<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialStatementsCaptionsLineItems"/>
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<link:label id="lab_country_JP_839d431a-c772-415e-b41e-d8ac6f377aa2_terseLabel_en-US" xlink:label="lab_country_JP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Japan </link:label>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_cef88b84-428a-48f5-96a6-53dcf5f87626_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Awarded (shares) </link:label>
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<link:label id="lab_ms_ScheduleOfPerformanceBasedFeesTableTextBlock_14c38a60-d3d7-4233-9122-07fd3e6fb1eb_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfPerformanceBasedFeesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Cumulative Unrealized Carried Interest and Reduction of Fees due to Fee Waivers </link:label>
<link:label id="lab_ms_ScheduleOfPerformanceBasedFeesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfPerformanceBasedFeesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Performance-based Fees [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_2daa1c7f-908d-472c-9a54-86de67fca924_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
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<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_66e941ca-ed26-4244-9e70-3acb876b7c0c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments </link:label>
<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_label_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments, Policy [Policy Text Block] </link:label>
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<link:label id="lab_us-gaap_OtherReceivables_3e482054-5f60-4de9-aaec-313438df16cc_terseLabel_en-US" xlink:label="lab_us-gaap_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_OtherReceivables_label_en-US" xlink:label="lab_us-gaap_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivables" xlink:to="lab_us-gaap_OtherReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_c19a9c84-e02f-4c29-b8e5-cbc50e20dc42_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock outstanding (shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_ccb2af0a-e14b-4e2c-a04e-3cb162434c82_periodStartLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period (shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_d7b717e1-dace-43f1-9f0a-b50701e1eb5b_periodEndLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period (shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_a9737e74-9864-4455-849d-782a2189efb0_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock_021f13e5-ec5a-43e5-8cc3-62447f392e2d_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Common Shares Available for Future Awards under Stock-Based Compensation Plans </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Grant [Table Text Block] </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of number of shares authorized for issuance under the plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTable_34126992-7ed2-404a-9d68-ac6fa2fb6a6c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGoodwillTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGoodwillTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGoodwillTable" xlink:to="lab_us-gaap_ScheduleOfGoodwillTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfLegalExpenseTableTextBlock_4e352613-3b87-4eaa-8be8-b881c3632b86_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Legal Expenses </link:label>
<link:label id="lab_ms_ScheduleOfLegalExpenseTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Legal Expense [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfLegalExpenseTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of legal costs incurred on or before the balance sheet date pertaining to resolved, pending or threatened litigation, including arbitration and mediation proceedings. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfLegalExpenseTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:to="lab_ms_ScheduleOfLegalExpenseTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_fbbd535a-f53f-4f45-b7d5-8668e3e9dc07_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Axis] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash_e0db9d3a-3d5e-4d1c-a5f1-7cee8fe0a8dc_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Not Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_e4b2094f-3b7f-4941-b00e-9f51aa93aac3_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases, sales and settlements, net </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:to="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum_6a976703-e538-42bc-90c0-f09cd09a79ae_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Minimum (as a percent) </link:label>
<link:label id="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum_label_en-US" xlink:label="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital Ratio, Regulatory Minimum </link:label>
<link:label id="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum_documentation_en-US" xlink:label="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Risk-Based Capital Ratio, Regulatory Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:href="ms-20201231.xsd#ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:to="lab_ms_BankingRegulationTierOneRiskBasedCapitalRatioRegulatoryMinimum" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_22354648-10ae-41f1-ae43-49465aec2331_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Adjustments, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_cb81059c-230b-416b-8707-09fff254911d_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voting interests acquired (as a percent) </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Percentage of Voting Interests Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_1bbd16c4-196e-4b3f-953a-bacb0a28a028_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Capital and Capital Ratios </link:label>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock"/>
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<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus_a2a5cf20-25ef-4a53-875c-dc497a481dc2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonaccrual loans </link:label>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus_label_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus" xlink:to="lab_us-gaap_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue_350533dd-0f35-4f07-9ec9-ec267692885e_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of RSUs converted to common stock </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion in Period, Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of share-based awards other than options converted to common stock. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConversionInPeriodFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TranchedIndexAndBasketCreditDefaultSwapMember_0e07d0cb-d64b-4cf8-b9c2-6e67aa4d8501_terseLabel_en-US" xlink:label="lab_ms_TranchedIndexAndBasketCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tranched index and basket </link:label>
<link:label id="lab_ms_TranchedIndexAndBasketCreditDefaultSwapMember_label_en-US" xlink:label="lab_ms_TranchedIndexAndBasketCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tranched Index and Basket Credit Default Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TranchedIndexAndBasketCreditDefaultSwapMember" xlink:href="ms-20201231.xsd#ms_TranchedIndexAndBasketCreditDefaultSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TranchedIndexAndBasketCreditDefaultSwapMember" xlink:to="lab_ms_TranchedIndexAndBasketCreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_c6544e9f-2cee-45ad-9eff-77d22ed39e11_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Federal Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract_1b28013e-24b8-4b1c-aa05-36e14be05ff1_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Loans </link:label>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases Receivable, Net Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract" xlink:to="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy_751bdf88-a35b-4071-bbfe-a100154b8b13_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease_60b8f3cf-849d-4a79-bb73-3196ef76dfce_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to and investments in subsidiaries </link:label>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease" xlink:to="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementAbstract_fe35e7e4-d303-4e18-b1cd-7b3a1936e1d2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestReceivable_8f11d6b1-b508-425b-a4e9-7d823063b40c_terseLabel_en-US" xlink:label="lab_us-gaap_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_InterestReceivable_label_en-US" xlink:label="lab_us-gaap_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivable" xlink:to="lab_us-gaap_InterestReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputCrossCommodityCorrelationMember_9ae3b05f-a00d-4e10-a959-027fe3ac4adc_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputCrossCommodityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross-Commodity Correlation </link:label>
<link:label id="lab_ms_MeasurementInputCrossCommodityCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputCrossCommodityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Cross-Commodity Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputCrossCommodityCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputCrossCommodityCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputCrossCommodityCorrelationMember" xlink:to="lab_ms_MeasurementInputCrossCommodityCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_30e3be21-2ab5-4db9-b7aa-5b925ae2018a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleofEmployeeLoansTable_77a7888c-a927-4bd6-8301-3f1cd7c672b8_terseLabel_en-US" xlink:label="lab_ms_ScheduleofEmployeeLoansTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Employee Loans [Table] </link:label>
<link:label id="lab_ms_ScheduleofEmployeeLoansTable_label_en-US" xlink:label="lab_ms_ScheduleofEmployeeLoansTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Employee Loans [Table] </link:label>
<link:label id="lab_ms_ScheduleofEmployeeLoansTable_documentation_en-US" xlink:label="lab_ms_ScheduleofEmployeeLoansTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Employee Loans [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleofEmployeeLoansTable" xlink:href="ms-20201231.xsd#ms_ScheduleofEmployeeLoansTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleofEmployeeLoansTable" xlink:to="lab_ms_ScheduleofEmployeeLoansTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable_abcf0c2f-2859-4d2d-a740-c629cea19e5c_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned and Pledged as Collateral [Table] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned and Pledged as Collateral [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:to="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuredLendingFacilitiesMember_dd8fb2f6-65f2-403b-99d8-dd9a54693d77_terseLabel_en-US" xlink:label="lab_ms_SecuredLendingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured lending facilities </link:label>
<link:label id="lab_ms_SecuredLendingFacilitiesMember_label_en-US" xlink:label="lab_ms_SecuredLendingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Lending Facilities [Member] </link:label>
<link:label id="lab_ms_SecuredLendingFacilitiesMember_documentation_en-US" xlink:label="lab_ms_SecuredLendingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Lending Facilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuredLendingFacilitiesMember" xlink:href="ms-20201231.xsd#ms_SecuredLendingFacilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuredLendingFacilitiesMember" xlink:to="lab_ms_SecuredLendingFacilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_7a7b2d6a-9795-4190-8daa-795e0cd1f5f8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation </link:label>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAssumptionsUsedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock_653c8213-ffcb-4c14-b92b-763241908a81_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Benefit Obligation </link:label>
<link:label id="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plan, Accumulated Benefit Obligation [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of amount of actuarial present value of benefits attributed to employee service rendered. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:to="lab_ms_ScheduleOfDefinedBenefitPlanAccumulatedBenefitObligationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_fcc8a8c2-42cb-4dea-8ecf-1c55334fab0a_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfAccruedInterestTableTextBlock_3a6921f6-6157-48f6-93ed-3436f3161e57_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accrued Interest </link:label>
<link:label id="lab_ms_ScheduleOfAccruedInterestTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accrued Interest [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfAccruedInterestTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfAccruedInterestTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:to="lab_ms_ScheduleOfAccruedInterestTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax_594ae2e8-233b-4be1-a9de-fc80f8a3b0b9_terseLabel_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedges, net of tax </link:label>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax_label_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment Resulting from Realized or Unrealized Gains (Losses) on Hedges, Net of Tax </link:label>
<link:label id="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax_documentation_en-US" xlink:label="lab_ms_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentResultingFromRealizedOrUnrealizedGainsLossesOnhedgesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment Resulting from Realized or Unrealized Gains (Losses) on Hedges, Net of Tax </link:label>
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<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember_31dd0cb4-89e5-4606-8c87-b15eb459f972_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] </link:label>
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<link:label id="lab_srt_ConsolidationItemsDomain_f79038de-7d4e-46cd-b211-b1fc27641148_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:label id="lab_srt_ConsolidationItemsDomain_label_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationItemsDomain"/>
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<link:label id="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock_1d431a36-b6c2-4518-89da-d99693c7261a_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Employee Loans </link:label>
<link:label id="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Due from Employees [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfDueFromEmployeesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of due from Entity employees. </link:label>
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<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_1f6f81ba-034e-4527-83e2-b9d39d22df54_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod_8c77a197-929f-4142-baa5-185ffc085271_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance period </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPerformancePeriod"/>
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<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_9dc53a08-4281-4004-a705-d8d0271e9e99_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS: Gross Unrealized Losses, Total </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss"/>
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<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract_faeab4e8-5840-4cfb-a716-b944eac80b39_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_db995869-5292-43f0-b830-7ed4a49450a4_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) </link:label>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_1d61086c-0922-442d-8fbb-841d69b0e5d1_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from investment in MUMSS </link:label>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
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<link:label id="lab_us-gaap_HedgingDesignationAxis_bb797ebb-5721-461b-a0d8-9bd75a82b89e_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_040beba9-fc94-4a2c-82cf-16a92ddb7b99_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTable"/>
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<link:label id="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_800cef0d-fc6a-4ef0-bb07-0a01670e3172_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated impairments </link:label>
<link:label id="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_label_en-US" xlink:label="lab_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill, Impaired, Accumulated Impairment Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillImpairedAccumulatedImpairmentLoss"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_741fdf55-617e-4747-83aa-27beaa556b69_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026-2030 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter"/>
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<link:label id="lab_us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock_50ab010b-cd6a-4a63-acce-ea7e0e972b43_terseLabel_en-US" xlink:label="lab_us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Tax Benefit Related to Stock-Based Compensation Expense </link:label>
<link:label id="lab_us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock"/>
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<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_a2903a98-04a6-4bab-b4f9-b012a0ee411d_terseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as accounting hedges </link:label>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_label_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DesignatedAsHedgingInstrumentMember"/>
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<link:label id="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities_03c0c9de-af61-418a-9231-dbea0d39cf69_verboseLabel_en-US" xlink:label="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from paydowns and maturities </link:label>
<link:label id="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities_eaf4c244-80f7-4fab-9263-ee5dfececa28_terseLabel_en-US" xlink:label="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from paydowns and maturities of investment securities </link:label>
<link:label id="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities_label_en-US" xlink:label="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Maturities of Marketable Securities </link:label>
<link:label id="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities_documentation_en-US" xlink:label="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The cash inflow associated with the aggregate amount received by the entity through maturity of marketable securities (held-to-maturity or available-for-sale) during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:href="ms-20201231.xsd#ms_ProceedsFromMaturitiesOfMarketableSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:to="lab_ms_ProceedsFromMaturitiesOfMarketableSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther_6ca3e7d7-90d3-4b4b-9986-d39390bc8669_terseLabel_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return on referenced investments </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther_label_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Return on Referenced Investments, Other </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther_documentation_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Return on Referenced Investments, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:href="ms-20201231.xsd#ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:to="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_0d26749e-d327-45d2-9fd8-9cb7e1499a31_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss) applicable to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_44f4d2df-2523-41fc-a56a-dcf3d3f961ce_terseLabel_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Results (Unaudited) </link:label>
<link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_label_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock_cd519b18-56d9-4a26-8b17-ebc0405cdc41_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Balance Sheet Amounts Related to Leases </link:label>
<link:label id="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Leases, Statement of Financial Position [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the presentation of operating leases on the statement of financial position. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:to="lab_ms_ScheduleOfOperatingLeasesStatementOfFinancialPositionTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillLineItems_1af55248-1c3c-4066-a263-fa6a27e3c03d_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill </link:label>
<link:label id="lab_us-gaap_GoodwillLineItems_label_en-US" xlink:label="lab_us-gaap_GoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillLineItems" xlink:to="lab_us-gaap_GoodwillLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MitsubishiUfjFinancialGroupIncMember_6850028c-27e0-49d9-89ba-b481271361fe_terseLabel_en-US" xlink:label="lab_ms_MitsubishiUfjFinancialGroupIncMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MUFG </link:label>
<link:label id="lab_ms_MitsubishiUfjFinancialGroupIncMember_label_en-US" xlink:label="lab_ms_MitsubishiUfjFinancialGroupIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mitsubishi UFJ Financial Group Inc [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MitsubishiUfjFinancialGroupIncMember" xlink:href="ms-20201231.xsd#ms_MitsubishiUfjFinancialGroupIncMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MitsubishiUfjFinancialGroupIncMember" xlink:to="lab_ms_MitsubishiUfjFinancialGroupIncMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedCashAndCashEquivalents_80fe790b-c2ab-4087-9f0a-59946d86aea0_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_RestrictedCashAndCashEquivalents_label_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash and Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalents" xlink:to="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FICOScoreBetween680and739Member_f2b59206-ce1b-48a1-b6b3-8c72cd50e2dc_terseLabel_en-US" xlink:label="lab_ms_FICOScoreBetween680and739Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 680-739 </link:label>
<link:label id="lab_ms_FICOScoreBetween680and739Member_label_en-US" xlink:label="lab_ms_FICOScoreBetween680and739Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Between 680 and 739 [Member] </link:label>
<link:label id="lab_ms_FICOScoreBetween680and739Member_documentation_en-US" xlink:label="lab_ms_FICOScoreBetween680and739Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Between 680 and 739 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FICOScoreBetween680and739Member" xlink:href="ms-20201231.xsd#ms_FICOScoreBetween680and739Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FICOScoreBetween680and739Member" xlink:to="lab_ms_FICOScoreBetween680and739Member" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ValuationTechniqueWarehouseModelMember_66d12326-d65a-4269-b27b-ffd2cda83bef_terseLabel_en-US" xlink:label="lab_ms_ValuationTechniqueWarehouseModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Warehouse Model </link:label>
<link:label id="lab_ms_ValuationTechniqueWarehouseModelMember_label_en-US" xlink:label="lab_ms_ValuationTechniqueWarehouseModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Warehouse Model [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ValuationTechniqueWarehouseModelMember" xlink:href="ms-20201231.xsd#ms_ValuationTechniqueWarehouseModelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ValuationTechniqueWarehouseModelMember" xlink:to="lab_ms_ValuationTechniqueWarehouseModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_d4d8b0f0-1331-4012-9614-a0a749760c0a_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IntangibleAssetsMember_00d69969-f8dd-49b5-9a86-1bcd52c59aaf_terseLabel_en-US" xlink:label="lab_ms_IntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangibles </link:label>
<link:label id="lab_ms_IntangibleAssetsMember_label_en-US" xlink:label="lab_ms_IntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets [Member] </link:label>
<link:label id="lab_ms_IntangibleAssetsMember_documentation_en-US" xlink:label="lab_ms_IntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IntangibleAssetsMember" xlink:href="ms-20201231.xsd#ms_IntangibleAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IntangibleAssetsMember" xlink:to="lab_ms_IntangibleAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets_7f46eed6-b4e4-41ab-b762-d1f06204dfd9_terseLabel_en-US" xlink:label="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proportion of assets as to total pension plan assets (as a percent) </link:label>
<link:label id="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets_label_en-US" xlink:label="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Percentage of Assets Included in Total Plan Assets </link:label>
<link:label id="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets_documentation_en-US" xlink:label="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of assets as to total pension plan assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:href="ms-20201231.xsd#ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:to="lab_ms_DefinedBenefitPlanPercentageOfAssetsIncludedInTotalPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_61e5e543-a76e-49e3-99c7-ea972f1e4ec9_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_2a4bb940-316b-4e29-95e4-9e092577c74c_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency CMBS </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_6dee25de-6a85-496d-b2ec-72fd6e52c44c_netLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. agency collateralized mortgage obligations </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:to="lab_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced_6a174357-8270-4a17-bfa6-7eca305ed461_terseLabel_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Committed leases not yet commenced </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced_label_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Lease Not yet Commenced </link:label>
<link:label id="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced_documentation_en-US" xlink:label="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Lease Not yet Commenced </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:href="ms-20201231.xsd#ms_LesseeOperatingLeaseLeaseNotyetCommenced"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:to="lab_ms_LesseeOperatingLeaseLeaseNotyetCommenced" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_2368de55-1ff9-45d0-9d4e-ef5d63fcb015_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RSUs at beginning of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_e1626d0e-bf44-49f9-ab38-541a0bbd3e41_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RSUs at end of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_b185cd46-5294-4e2e-9f5c-4c15c3b0dab2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSUs outstanding (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_b380dc8d-63e2-4b79-a97f-40a8959dad2f_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_ca207df9-6dd4-4a4a-ad16-d9d543450d8e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement_399ac8ca-df52-408a-a659-f591608ced7a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gross derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_8da8e4be-aa79-4f17-8cd4-6b6c5b8e38b9_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_d094c7bf-b1d8-4df7-9c16-53ee1780ef26_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>
<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsNotesAndLoansReceivableLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:to="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesFairValueLineItems_1b292804-e2f9-497a-95e5-007a99c93553_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets and Liabilities </link:label>
<link:label id="lab_us-gaap_DerivativesFairValueLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Fair Value [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesFairValueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesFairValueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesFairValueLineItems" xlink:to="lab_us-gaap_DerivativesFairValueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_5b5dadc8-922a-4f95-9c97-1c6bdcf9af26_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase (includes $1,115 and $733 at fair value) </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_9580ab25-b6da-4ec1-a9c0-567abfe376b2_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase from affiliates </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_ee00f541-9135-41af-9af2-b51f7501fb72_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_304b5b70-33be-4d00-8393-2acdf8a2250c_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustment </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_Payables_d6930048-084f-42f7-8f87-ecd6c7c80c29_terseLabel_en-US" xlink:label="lab_ms_Payables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other payables </link:label>
<link:label id="lab_ms_Payables_label_en-US" xlink:label="lab_ms_Payables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables </link:label>
<link:label id="lab_ms_Payables_documentation_en-US" xlink:label="lab_ms_Payables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables are amounts due to various parties arising from transactions between the entity and these parties: customers; brokers, dealers and clearing organizations; and interest and dividends. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_Payables" xlink:href="ms-20201231.xsd#ms_Payables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_Payables" xlink:to="lab_ms_Payables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionTextBlock_b0cf606e-fd9b-4985-8370-e6fdd164ad09_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueOptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionTextBlock" xlink:to="lab_us-gaap_FairValueOptionTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_37e7577f-b655-4831-80f4-f63903e88d34_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Line Items] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionLineItems" xlink:to="lab_us-gaap_BusinessAcquisitionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesAbstract_50e678cc-72c7-4d88-b01f-7c8ee10905e1_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities: </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketableSecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesAbstract" xlink:to="lab_us-gaap_MarketableSecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed_3243dff3-461f-4b26-b65e-bc346789eeac_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Borrowed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInSecuritiesBorrowed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:to="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward_f9524781-fa2d-4b68-ab71-14105aca9c49_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Award Date Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MinimumEnhancedSLRCapitalBufferPercent_374b0c1b-2ed5-48f6-a091-909e3d308b10_terseLabel_en-US" xlink:label="lab_ms_MinimumEnhancedSLRCapitalBufferPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum enhanced SLR capital buffer (as a percent) </link:label>
<link:label id="lab_ms_MinimumEnhancedSLRCapitalBufferPercent_label_en-US" xlink:label="lab_ms_MinimumEnhancedSLRCapitalBufferPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Enhanced SLR Capital Buffer, Percent </link:label>
<link:label id="lab_ms_MinimumEnhancedSLRCapitalBufferPercent_documentation_en-US" xlink:label="lab_ms_MinimumEnhancedSLRCapitalBufferPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Enhanced SLR Capital Buffer, Percent </link:label>
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<link:label id="lab_dei_EntityIncorporationStateCountryCode_66bc86e5-874b-4474-bf37-a521aa4d758b_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock_dcf5a4bd-7da1-4131-a649-4476df06f922_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock"/>
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<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_3d7bf4b6-e38a-4c64-a74c-613438500712_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends and other </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_769b5d52-d8c8-4eab-8394-3a87c70e1202_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends and other </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividends, Income Statement Impact </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShortTermDebtFiscalYearMaturityAbstract_f720663d-714b-4b70-97c9-3d5c19bacff1_terseLabel_en-US" xlink:label="lab_ms_ShortTermDebtFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Original maturities of one year or less: </link:label>
<link:label id="lab_ms_ShortTermDebtFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_ms_ShortTermDebtFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShortTermDebtFiscalYearMaturityAbstract" xlink:href="ms-20201231.xsd#ms_ShortTermDebtFiscalYearMaturityAbstract"/>
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<link:label id="lab_us-gaap_CashReserveDepositRequiredAndMade_bd6e9770-f791-47ea-98af-9d03278c4a40_verboseLabel_en-US" xlink:label="lab_us-gaap_CashReserveDepositRequiredAndMade" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_CashReserveDepositRequiredAndMade_label_en-US" xlink:label="lab_us-gaap_CashReserveDepositRequiredAndMade" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Reserve Deposit Required and Made </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashReserveDepositRequiredAndMade" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashReserveDepositRequiredAndMade"/>
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<link:label id="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_32cc6665-0274-4252-b6d9-69059154ae6d_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments for New Accounting Pronouncements [Axis] </link:label>
<link:label id="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_label_en-US" xlink:label="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201712Member_d39c95d8-628a-48d9-a383-68ecbed766a4_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201712Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives and hedging—targeted improvements to accounting for hedging activities </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201712Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201712Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2017-12 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201712Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdate201712Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdate201712Member" xlink:to="lab_us-gaap_AccountingStandardsUpdate201712Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201602Member_46526bbc-f1da-4733-b18a-5ca1e4d41e0e_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201602Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201602Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201602Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2016-02 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201602Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdate201602Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdate201602Member" xlink:to="lab_us-gaap_AccountingStandardsUpdate201602Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_a2cccd46-ca05-49a4-83ef-830f786de09a_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets after valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss_efaa2809-d4dd-471b-9be6-9d1fe8e72895_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total loans </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, before Allowance for Credit Loss </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss_documentation_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:href="ms-20201231.xsd#ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:to="lab_ms_FinancingReceivableIncludingHeldForSaleBeforeAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsAbstract_c4d71efd-71b5-4ca8-98d9-3080e75ef5ce_terseLabel_en-US" xlink:label="lab_us-gaap_DepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits [Abstract] </link:label>
<link:label id="lab_us-gaap_DepositsAbstract_label_en-US" xlink:label="lab_us-gaap_DepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepositsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsAbstract" xlink:to="lab_us-gaap_DepositsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Goodwill_8066442a-9133-4400-beb5-36cb85d0b4bd_terseLabel_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill </link:label>
<link:label id="lab_us-gaap_Goodwill_0eae36a4-0c2a-485d-8b1a-3214eb96817b_periodStartLabel_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>
<link:label id="lab_us-gaap_Goodwill_a4d2dc22-0438-4ae3-a9ac-e12de6175923_periodEndLabel_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>
<link:label id="lab_us-gaap_Goodwill_label_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Goodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Goodwill" xlink:to="lab_us-gaap_Goodwill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesHPreferredStockMember_15c9e525-851a-48cb-ad78-abea3c1f677d_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series H </link:label>
<link:label id="lab_us-gaap_SeriesHPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series H Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesHPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesHPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesHPreferredStockMember" xlink:to="lab_us-gaap_SeriesHPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_50bd4d50-5731-4dc3-a15f-d1a90f598f6b_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities [Line Items] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_74b2f6e4-c382-4574-8d2f-31a014ca2544_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Line Items] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
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<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_e4d26821-80ae-4f45-b9e5-66b34754ac00_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Valuation Techniques and Unobservable Inputs </link:label>
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<link:label id="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember_ed44a7a9-87fe-4fb0-9a34-e165c4e396e7_terseLabel_en-US" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collaborative Arrangement and Arrangement Other than Collaborative [Domain] </link:label>
<link:label id="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember_label_en-US" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collaborative Arrangement and Arrangement Other than Collaborative [Domain] </link:label>
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<link:label id="lab_ms_LongTermDebtRateTypeDomain_48b7d5ba-a0a7-4b09-a1b4-e5b7644381fa_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtRateTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Rate Type [Domain] </link:label>
<link:label id="lab_ms_LongTermDebtRateTypeDomain_label_en-US" xlink:label="lab_ms_LongTermDebtRateTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Rate Type [Domain] </link:label>
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<link:label id="lab_ms_FinancialAssetPastDueMinusCurrentMember_57567c90-348a-4939-a148-2beff398f4b5_terseLabel_en-US" xlink:label="lab_ms_FinancialAssetPastDueMinusCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Past due </link:label>
<link:label id="lab_ms_FinancialAssetPastDueMinusCurrentMember_label_en-US" xlink:label="lab_ms_FinancialAssetPastDueMinusCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Past Due Minus Current [Member] </link:label>
<link:label id="lab_ms_FinancialAssetPastDueMinusCurrentMember_documentation_en-US" xlink:label="lab_ms_FinancialAssetPastDueMinusCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Past Due Minus Current [Member] </link:label>
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<link:label id="lab_us-gaap_ScheduleOfGoodwillTextBlock_39731ec5-b444-403a-9244-86062019aa4d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill Rollforward </link:label>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_UnderlyingAssetClassDomain_9beabf24-c472-4ab2-9d0e-a48aa1aad2e9_terseLabel_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underlying Asset Class [Domain] </link:label>
<link:label id="lab_us-gaap_UnderlyingAssetClassDomain_label_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underlying Asset Class [Domain] </link:label>
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<link:label id="lab_us-gaap_AssetsFairValueDisclosure_43658463-920f-4043-83b2-a8768928b44b_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets at fair value </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_2b9f36c6-40a1-4f18-aef1-91d3aa7fe30a_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure </link:label>
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<link:label id="lab_us-gaap_EMEAMember_a7e138ef-2939-4297-a5f3-37448e94fd10_terseLabel_en-US" xlink:label="lab_us-gaap_EMEAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EMEA </link:label>
<link:label id="lab_us-gaap_EMEAMember_label_en-US" xlink:label="lab_us-gaap_EMEAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EMEA [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EMEAMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EMEAMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EMEAMember" xlink:to="lab_us-gaap_EMEAMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock_5714c467-be2b-457a-83e6-8b2d0e274e38_terseLabel_en-US" xlink:label="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Detail of Investment Banking Revenues </link:label>
<link:label id="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Institutional Securities Revenues [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleofInstitutionalSecuritiesRevenuesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Institutional Securities Revenues [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_2b420688-e36b-4cee-9d5d-bead312570c7_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Transactions </link:label>
<link:label id="lab_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] </link:label>
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<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_7dbb957c-bfb2-45dd-abf9-a60192dd3f33_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses and other reserves </link:label>
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<link:label id="lab_us-gaap_DefinedContributionPlanTable_3dfd11bf-b17d-48eb-bde0-a463d62068eb_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan [Table] </link:label>
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<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_f3537890-89b3-472e-bd6d-bd114c0ecac6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis </link:label>
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<link:label id="lab_ms_CurrentlyEmployedbytheFirmMember_f93a26a3-c40e-4661-b4f1-a301d7ca077d_verboseLabel_en-US" xlink:label="lab_ms_CurrentlyEmployedbytheFirmMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Currently employed by the Firm </link:label>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_db50a0fc-67b9-41f4-b42b-87d99d4c6d55_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_ad4d24bf-2aa1-4b2f-bdfa-2b53a92c6c72_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember_8336411d-8a26-49bf-9c92-8c60054e0ef2_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value </link:label>
<link:label id="lab_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Other than Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_PortionAtOtherThanFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_bca61db8-c036-4732-94ff-0783546f38cf_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_7e4eab67-df08-4d98-95eb-75a89877c7d9_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanley401kPlanMember_1380311e-4931-4199-9675-e6c299503910_terseLabel_en-US" xlink:label="lab_ms_MorganStanley401kPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley 401(k) Plan </link:label>
<link:label id="lab_ms_MorganStanley401kPlanMember_label_en-US" xlink:label="lab_ms_MorganStanley401kPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley 401k Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanley401kPlanMember" xlink:href="ms-20201231.xsd#ms_MorganStanley401kPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MorganStanley401kPlanMember" xlink:to="lab_ms_MorganStanley401kPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ValuationTechniqueCorrelationModelMember_71b09fad-3096-45ee-b485-8873df3d5817_terseLabel_en-US" xlink:label="lab_ms_ValuationTechniqueCorrelationModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Correlation Model </link:label>
<link:label id="lab_ms_ValuationTechniqueCorrelationModelMember_label_en-US" xlink:label="lab_ms_ValuationTechniqueCorrelationModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Correlation Model [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ValuationTechniqueCorrelationModelMember" xlink:href="ms-20201231.xsd#ms_ValuationTechniqueCorrelationModelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ValuationTechniqueCorrelationModelMember" xlink:to="lab_ms_ValuationTechniqueCorrelationModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_77c86364-58fd-492f-ad4b-e35984f2d1e0_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_650688c9-48c7-4e42-9d0e-1c0d50ed0f35_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortizable Intangible Assets </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_6f32ae0c-ebba-4725-833a-472b830e44d7_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total included in the offsetting disclosure </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_0d2aee0d-99e3-4b5f-b892-44bfb1c048fb_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income applicable to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CapitalReturnPlansDomain_5cc90023-7897-40fb-afcf-ceee56647d38_terseLabel_en-US" xlink:label="lab_ms_CapitalReturnPlansDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Return Plans [Domain] </link:label>
<link:label id="lab_ms_CapitalReturnPlansDomain_label_en-US" xlink:label="lab_ms_CapitalReturnPlansDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Return Plans [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CapitalReturnPlansDomain" xlink:href="ms-20201231.xsd#ms_CapitalReturnPlansDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CapitalReturnPlansDomain" xlink:to="lab_ms_CapitalReturnPlansDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany_0c9597bc-73be-4504-95a8-9a1c72c2d1f0_terseLabel_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank and BHC </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany_label_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Subsidiaries at Equity, Bank and Bank Holding Company </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany_documentation_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in subsidiaries at equity, bank and bank holding company. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:href="ms-20201231.xsd#ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:to="lab_ms_InvestmentInSubsidiariesAtEquityBankAndBankHoldingCompany" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent_514c6a72-e436-49b2-8aff-5b2fdc33a857_terseLabel_en-US" xlink:label="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership proportion maximum (as a percent) </link:label>
<link:label id="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent_label_en-US" xlink:label="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program, Ownership Proportion Maximum, Percent </link:label>
<link:label id="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent_documentation_en-US" xlink:label="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program, Ownership Proportion Maximum, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:href="ms-20201231.xsd#ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:to="lab_ms_ShareRepurchaseProgramOwnershipProportionMaximumPercent" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_25a661d9-60ae-4df6-a6ec-1b3946fa5d2e_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Estimated Useful Lives of Assets </link:label>
<link:label id="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the periods of time over which an entity anticipates to receive utility from its property, plant and equipment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:to="lab_ms_ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtCurrent_185b3059-aff2-4892-8f07-66552040df6a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 </link:label>
<link:label id="lab_us-gaap_LongTermDebtCurrent_label_en-US" xlink:label="lab_us-gaap_LongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Current Maturities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent" xlink:to="lab_us-gaap_LongTermDebtCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract_d44e5f1c-6d28-4007-9cc0-8d13d8fa5bae_terseLabel_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized Average Yield </link:label>
<link:label id="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Annualized Average Yield, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract" xlink:href="ms-20201231.xsd#ms_AvailableForSaleSecuritiesDebtMaturitiesAnnualizedAverageYieldFiscalYearMaturityAbstract"/>
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<link:label id="lab_us-gaap_AvailableforsaleSecuritiesMember_3e28afd0-2078-418b-936b-c3593296f7a0_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities —AFS </link:label>
<link:label id="lab_us-gaap_AvailableforsaleSecuritiesMember_1acd5e05-96e7-4dde-a18e-2433d9d6281c_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities—AFS </link:label>
<link:label id="lab_us-gaap_AvailableforsaleSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableforsaleSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableforsaleSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableforsaleSecuritiesMember" xlink:to="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetsAbstract_c1e2fbee-0f8d-4680-98ed-2d2671d8a9d2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsAbstract" xlink:to="lab_us-gaap_DerivativeAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_0ec680d7-166f-40d7-a513-1ab98c825e4c_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis adjustments included in carrying amount—Terminated hedges </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:to="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_c3d58d69-6748-4d24-a997-89190b585a16_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proportion of PSUs that will vest (as a percent) </link:label>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_46c4fc1c-6108-4a37-8304-0c0a9ca7b09a_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_10316be7-3dfb-4416-86b9-a57c6999c889_totalLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate_8fac0a4e-ddb9-4f33-831b-897ec447fcb9_terseLabel_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected stock price volatility (as a percent) </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate_label_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Valuation Method, Expected Volatility Rate </link:label>
<link:label id="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate_documentation_en-US" xlink:label="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The estimated measure of the percentage amount by which a share price is expected to fluctuate during the expected term of a performance share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:href="ms-20201231.xsd#ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:to="lab_ms_ShareBasedPaymentArrangementPerformanceSharesValuationMethodExpectedVolatilityRate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract_6f2b77e7-004c-4a6c-97f6-7b272697fd2d_terseLabel_en-US" xlink:label="lab_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts for which master netting agreements are not in place or may not be legally enforceable </link:label>
<link:label id="lab_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract_label_en-US" xlink:label="lab_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Transactions Not Subject to Legally Enforceable Master Netting Agreements [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract" xlink:href="ms-20201231.xsd#ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract" xlink:to="lab_ms_CollateralizedTransactionsNotSubjectToLegallyEnforceableMasterNettingAgreementsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiability_e7d3ac50-1690-4325-89b6-d04cec38bf81_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other liabilities and accrued expenses—Lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_0f5ee505-6791-4e14-8901-b80ea1ed8aed_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount on balance sheet </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilities_5d49f1d2-a2dc-45b9-adff-0399a669ac7d_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax liabilities </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingAbstract_86981cec-adf4-46ad-b2dd-3fe4cd60ca6f_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AsiaMember_8d5ca08b-5d2d-48b1-85ea-d78a4eb5c11d_terseLabel_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia </link:label>
<link:label id="lab_srt_AsiaMember_label_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AsiaMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AsiaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AsiaMember" xlink:to="lab_srt_AsiaMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable_cae5e59f-6682-4d20-8dc3-28c43443fc7a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:to="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_61139be6-1d66-4539-bc3d-af3f4ebba757_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_9f04fc4d-db3d-445f-9ff4-bb46b98c0528_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consideration transferred in business acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Consideration Transferred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_f6ae793e-0e8a-465c-81ee-3012a7f707c2_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted Cash Flow </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueDiscountedCashFlowMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:to="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_b9d74ba1-e55a-421c-8e9c-ebb0f356e10f_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock issued in acquisition (shares) </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Equity Interest Issued or Issuable, Number of Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:to="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:type="arc" order="1"/>
<link:label id="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio_792d3a37-e6da-4cd3-ad22-36be461316fb_terseLabel_en-US" xlink:label="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SLR (as a percent) </link:label>
<link:label id="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio_label_en-US" xlink:label="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Well-Capitalized Minimum Supplementary Leverage Ratio </link:label>
<link:label id="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio_documentation_en-US" xlink:label="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Well-Capitalized Minimum Supplementary Leverage Ratio </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:href="ms-20201231.xsd#ms_WellCapitalizedMinimumSupplementaryLeverageRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:to="lab_ms_WellCapitalizedMinimumSupplementaryLeverageRatio" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_5e3710d8-3f93-4877-a69d-e23afd1a4fde_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year Five </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_1096f6b7-a745-46c2-8634-3f2cdf66fd74_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TypeOfAdoptionMember_da976818-3e78-4636-9158-84502afc45c7_terseLabel_en-US" xlink:label="lab_us-gaap_TypeOfAdoptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Type of Adoption [Domain] </link:label>
<link:label id="lab_us-gaap_TypeOfAdoptionMember_label_en-US" xlink:label="lab_us-gaap_TypeOfAdoptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TypeOfAdoptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfAdoptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfAdoptionMember" xlink:to="lab_us-gaap_TypeOfAdoptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare_54e8fc28-809b-4ecb-b2cd-8ba9c1a17b3c_terseLabel_en-US" xlink:label="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock issued per acquiree share (shares) </link:label>
<link:label id="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare_label_en-US" xlink:label="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued per Acquiree Share </link:label>
<link:label id="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare_documentation_en-US" xlink:label="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued per Acquiree Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:href="ms-20201231.xsd#ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:to="lab_ms_BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuedperAcquireeShare" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings_48d8a0af-143b-4fa1-9809-8a7359e1d7e4_verboseLabel_en-US" xlink:label="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings_label_en-US" xlink:label="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Other Secured Financings </link:label>
<link:label id="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings_documentation_en-US" xlink:label="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The net cash inflow (outflow) associated with other secured financing. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:href="ms-20201231.xsd#ms_ProceedsFromRepaymentsOfOtherSecuredFinancings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:to="lab_ms_ProceedsFromRepaymentsOfOtherSecuredFinancings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract_3693ccaa-6115-4dd1-b940-6ee055b681a9_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax Gain (Loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember_b93b21df-1aa8-48ab-9173-4c1aae4bf3e5_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WACC </link:label>
<link:label id="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember_label_en-US" xlink:label="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Weighted Average Cost of Capital [Member] </link:label>
<link:label id="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using weighted average cost of capital (WACC), which theoretically represents the required rate of return to debt and equity investors. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputWeightedAverageCostOfCapitalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:to="lab_ms_MeasurementInputWeightedAverageCostOfCapitalMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonEquityTierOneCapital_4ca468e7-47ea-40c8-9789-8b82b1b3cd04_terseLabel_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier 1 capital </link:label>
<link:label id="lab_us-gaap_CommonEquityTierOneCapital_label_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonEquityTierOneCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonEquityTierOneCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonEquityTierOneCapital" xlink:to="lab_us-gaap_CommonEquityTierOneCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsOfDividends_9dd10579-1299-465f-a462-5d89868d2181_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash dividends </link:label>
<link:label id="lab_us-gaap_PaymentsOfDividends_aec728da-ef56-4eb1-9e03-b019ae774362_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for cash dividends </link:label>
<link:label id="lab_us-gaap_PaymentsOfDividends_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments of Dividends </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividends" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividends"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividends" xlink:to="lab_us-gaap_PaymentsOfDividends" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_a00fc881-b68c-4e66-9db0-436cb8a9bf6f_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue_2cbc8a26-974d-45d1-9b47-9b27c8e80be2_terseLabel_en-US" xlink:label="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral received with right to sell or repledge </link:label>
<link:label id="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue_label_en-US" xlink:label="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Securities for which Entity has Right to Sell or Repledge, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue" xlink:to="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransactionDomain_0835e383-6282-42c9-a213-0ab04edcec20_terseLabel_en-US" xlink:label="lab_us-gaap_TransactionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction [Domain] </link:label>
<link:label id="lab_us-gaap_TransactionDomain_label_en-US" xlink:label="lab_us-gaap_TransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransactionDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransactionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransactionDomain" xlink:to="lab_us-gaap_TransactionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember_3accade8-08b9-4759-ad38-e35572c609cd_terseLabel_en-US" xlink:label="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward-starting secured financing receivables </link:label>
<link:label id="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember_label_en-US" xlink:label="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Forward Starting Reverse Repurchase Agreements [Member] </link:label>
<link:label id="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember_documentation_en-US" xlink:label="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This is an agreement to resell that primarily secured by collateral from U.S. government agency securities and other sovereign government obligations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:href="ms-20201231.xsd#ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:to="lab_ms_CommitmentsForwardStartingReverseRepurchaseAgreementsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries_312d9f45-d312-4024-81e0-6bcc02f04321_terseLabel_en-US" xlink:label="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends from BHC and non-bank subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries_label_en-US" xlink:label="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Income, Holding and Non-Bank Subsidiaries </link:label>
<link:label id="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries_documentation_en-US" xlink:label="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Income, Holding and Non-Bank Subsidiaries </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DividendIncomeHoldingAndNonBankSubsidiaries" xlink:to="lab_ms_DividendIncomeHoldingAndNonBankSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_srt_EquityMethodInvesteeNameDomain_c3bdbf87-5b64-4473-947d-8df2e2e94eae_terseLabel_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Domain] </link:label>
<link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_EquityMethodInvesteeNameDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_EquityMethodInvesteeNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EquityMethodInvesteeNameDomain" xlink:to="lab_srt_EquityMethodInvesteeNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_d809c3b4-1497-4bbe-99ca-a890712885b3_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_8f92ab4c-13f1-442c-abdf-93c529297969_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock_53773faf-fcb1-443f-902f-8c5c11d793f2_terseLabel_en-US" xlink:label="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) </link:label>
<link:label id="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock_label_en-US" xlink:label="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Benefits, Net Periodic Benefit Costs Weighted Average Assumptions [Table Text Block] </link:label>
<link:label id="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock_documentation_en-US" xlink:label="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Benefits, Net Periodic Benefit Costs Weighted Average Assumptions Disclosure. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:href="ms-20201231.xsd#ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:to="lab_ms_PensionAndOtherPostretirementBenefitsNetPeriodicBenefitCostsWeightedAverageAssumptionsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_e31a7d5d-67e2-4259-9e65-fd2be4d1e82d_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Domain] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_81cf9001-c560-4b6c-a705-601eb9fe71d2_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Amortized cost, after 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract_51587f07-3f34-410d-b1cc-458d24d284cb_terseLabel_en-US" xlink:label="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Nonredeemable Funds by Contractual Maturity </link:label>
<link:label id="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract_label_en-US" xlink:label="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Period [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract" xlink:href="ms-20201231.xsd#ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract" xlink:to="lab_ms_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionPeriodAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentManagementSegmentMember_90bef9e7-d772-4d2c-a3fc-4ea10bd4aa52_terseLabel_en-US" xlink:label="lab_ms_InvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IM </link:label>
<link:label id="lab_ms_InvestmentManagementSegmentMember_27923303-f1e6-4715-870e-b9c8ed04c701_verboseLabel_en-US" xlink:label="lab_ms_InvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Management </link:label>
<link:label id="lab_ms_InvestmentManagementSegmentMember_label_en-US" xlink:label="lab_ms_InvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Management Segment [Member] </link:label>
<link:label id="lab_ms_InvestmentManagementSegmentMember_documentation_en-US" xlink:label="lab_ms_InvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Management business segment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentManagementSegmentMember" xlink:href="ms-20201231.xsd#ms_InvestmentManagementSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentManagementSegmentMember" xlink:to="lab_ms_InvestmentManagementSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNoninterestExpense_ab29ce3c-3612-45ca-9676-cca11d1bea69_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherNoninterestExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Noninterest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoninterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNoninterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoninterestExpense" xlink:to="lab_us-gaap_OtherNoninterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract_6ad508da-3342-4fd3-bb0e-3ec7f0de9133_terseLabel_en-US" xlink:label="lab_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position Parenthetical Disclosures [Abstract] </link:label>
<link:label id="lab_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract_label_en-US" xlink:label="lab_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position Parenthetical Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract" xlink:href="ms-20201231.xsd#ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract" xlink:to="lab_ms_StatementOfFinancialPositionParentheticalDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_1b0d8680-292d-468c-9c85-7537cb3c107c_terseLabel_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company </link:label>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information of Parent Company Only Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_1e2660c6-5d83-47ce-b67c-21d475c59f28_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_5fc32dea-2ead-45f2-92fa-df8b6ade3ec3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measured at NAV </link:label>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:to="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_081dcc2d-e21c-4995-b74b-bf29f31de744_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local income taxes, net of U.S. federal income tax benefits </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
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<link:label id="lab_us-gaap_StockholdersEquityAbstract_52970850-c67f-40aa-ac8c-53a11027fc11_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
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<link:label id="lab_dei_DocumentFiscalPeriodFocus_dfe4de88-628b-4ca4-b36a-4d8e56c200a2_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy_16d915f7-ce9e-4b41-974d-166b866ef590_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting of Derivative Instruments </link:label>
<link:label id="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy_label_en-US" xlink:label="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesOffsettingFairValueAmountsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:to="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember_56d63f75-ad89-4a0e-b2c9-ff974f0b07c5_terseLabel_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net DVA Attributable to Noncontrolling Interest </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember_label_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Noncontrolling Interest [Member] </link:label>
<link:label id="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember_documentation_en-US" xlink:label="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Valuation Adjustment, Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:href="ms-20201231.xsd#ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:to="lab_ms_AOCIDebtValuationAdjustmentNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock_2a9b907e-3539-4343-a365-4bb2d4710f0d_terseLabel_en-US" xlink:label="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenue Recognized from Prior Services </link:label>
<link:label id="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock_label_en-US" xlink:label="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Remaining Performance Obligation [Table Text Block] </link:label>
<link:label id="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock_documentation_en-US" xlink:label="lab_ms_RevenueRemainingPerformanceObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Remaining Performance Obligation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RevenueRemainingPerformanceObligationTableTextBlock" xlink:href="ms-20201231.xsd#ms_RevenueRemainingPerformanceObligationTableTextBlock"/>
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<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_023d64f8-a99f-4a7f-bc34-0774b023714a_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_label_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLoansAndLeasesReceivablePolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:to="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_a7f68978-9e56-41a1-8fb2-90967a20ed59_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employer contributions </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Employer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansHeldForSaleMeasurementInput_86835f05-bb4f-43f2-84a5-b1d671fb77fa_terseLabel_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans, measurement input value </link:label>
<link:label id="lab_us-gaap_LoansHeldForSaleMeasurementInput_label_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-sale, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansHeldForSaleMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansHeldForSaleMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansHeldForSaleMeasurementInput" xlink:to="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_b37bfebb-679b-427e-a5d8-b0d940c34826_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_314bb278-0b93-4951-8590-d9ca659c63cf_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel12And3Member_bcb6e065-815b-46b3-8469-7636ad422a52_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel12And3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1, 2 and 3 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel12And3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel12And3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel12And3Member" xlink:to="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_ef1bb2f5-c53f-402d-933f-b4a348945dbc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock-Based Compensation Expense </link:label>
<link:label id="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:to="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_7329348f-8d5c-42ad-8149-d9c01d92504d_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CTA </link:label>
<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_366396d3-9f8e-415e-bf7d-e282e2a6dfc8_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Translation Adjustment Attributable to Parent </link:label>
<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedTranslationAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_9509d0a8-9ff2-4ab7-9f85-5d1a4e8cc95f_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. earnings </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential"/>
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<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_f6e8df7a-6589-447d-ae77-513894cdc243_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_c7afad81-99ad-459b-ab61-f79173449c20_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expense </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanCostRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:to="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAbstract_67d4e527-fc5d-4f5c-b868-ed706cfe2ee2_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital buffer requirement </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAbstract_label_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement [Abstract] </link:label>
<link:label id="lab_ms_BankingRegulationCapitalBufferRequirementAbstract_documentation_en-US" xlink:label="lab_ms_BankingRegulationCapitalBufferRequirementAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Buffer Requirement </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCapitalBufferRequirementAbstract" xlink:to="lab_ms_BankingRegulationCapitalBufferRequirementAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuredDebtMember_0970eb8c-56b0-469e-8ac6-eecc98c69076_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Financings </link:label>
<link:label id="lab_us-gaap_SecuredDebtMember_label_en-US" xlink:label="lab_us-gaap_SecuredDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuredDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebtMember" xlink:to="lab_us-gaap_SecuredDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems_78926402-6e40-4c2f-ad1c-201f425b816d_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesLineItems"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_6e194dcb-9906-4c63-b08f-ed691fd4f3d7_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized in the balance sheets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract"/>
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<link:label id="lab_us-gaap_SeniorNotes_70be22a9-6506-495f-9981-b4e7cdb27ed0_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior </link:label>
<link:label id="lab_us-gaap_SeniorNotes_label_en-US" xlink:label="lab_us-gaap_SeniorNotes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes </link:label>
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<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_6f17d16a-c2bc-4c2f-84c3-0986a1aca2d7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>
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<link:label id="lab_us-gaap_NotesReceivableGross_b328cbea-9b0d-4810-b19a-7ef44fba9a54_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for investment, before allowance </link:label>
<link:label id="lab_us-gaap_NotesReceivableGross_119c0917-db47-45b0-ba22-b146066f7e1b_totalLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_NotesReceivableGross_bb5b9abc-7ac9-4f85-89c6-f1d685f1be36_verboseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableGross" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for investment, gross </link:label>
<link:label id="lab_us-gaap_NotesReceivableGross_label_en-US" xlink:label="lab_us-gaap_NotesReceivableGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableGross"/>
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<link:label id="lab_us-gaap_CommonClassAMember_25e2c235-f357-4cea-a49c-3a52b410501c_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, $0.01 par value </link:label>
<link:label id="lab_us-gaap_CommonClassAMember_label_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Class A [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonClassAMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonClassAMember"/>
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<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_a88e737f-14fa-4541-8920-75a98298752e_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
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<link:label id="lab_us-gaap_BusinessCombinationDisclosureTextBlock_0ec266dc-7912-41f9-b1f9-31d1f595ab39_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisitions </link:label>
<link:label id="lab_us-gaap_BusinessCombinationDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketValueGuaranteeMember_0bc77acb-17e7-4161-bc03-d04e8d0fdc11_terseLabel_en-US" xlink:label="lab_us-gaap_MarketValueGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market value guarantees </link:label>
<link:label id="lab_us-gaap_MarketValueGuaranteeMember_label_en-US" xlink:label="lab_us-gaap_MarketValueGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Guarantee [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketValueGuaranteeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketValueGuaranteeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketValueGuaranteeMember" xlink:to="lab_us-gaap_MarketValueGuaranteeMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesIPreferredStockMember_388e1154-b429-4f3f-855f-68fb9d5b611f_verboseLabel_en-US" xlink:label="lab_ms_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series I, $0.01 par value </link:label>
<link:label id="lab_ms_SeriesIPreferredStockMember_7922113e-d06c-4a20-b4c5-3680e866e3f2_terseLabel_en-US" xlink:label="lab_ms_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series I </link:label>
<link:label id="lab_ms_SeriesIPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series I Preferred Stock [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesIPreferredStockMember" xlink:to="lab_ms_SeriesIPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_b1963418-70b8-412b-805b-61c0c2470f2e_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_label_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:to="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_29cdf28e-80d4-44b3-87f3-60788d1156b6_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gross derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_75640a5a-7cd7-4cdc-894a-cb08aef7cb33_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency translation adjustments </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember_a26b7870-d63d-4d81-af88-f062ff221e9d_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember"/>
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<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_03726515-f46c-48a8-91c2-7d99bff5dde8_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred State and Local Income Tax Expense (Benefit) </link:label>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_d2cbd0b1-9d47-4e72-8c28-51702b635267_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term rate of return on plan assets (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets"/>
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<link:label id="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue_01755b87-1eff-4e1d-b04a-369272c92127_terseLabel_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5-10 years </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue_label_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonredeemable Funds, Maturity, after Five Through Ten Years, at Carrying Value </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue_documentation_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of nonredeemable funds maturing in sixth through tenth fiscal year following latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:href="ms-20201231.xsd#ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:to="lab_ms_NonredeemableFundsMaturityAfterFiveThroughTenYearsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPaidNet_5d23217a-7c7e-4272-a8e9-8cc2081ce98a_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash payments for interest </link:label>
<link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Paid, Excluding Capitalized Interest, Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount_25fc0152-dd7c-4a88-ba6b-9681efdf6e92_terseLabel_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of equity margin loans from Level 2 to Level 3 </link:label>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount_label_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Equity Margin Loans, Level 2 to Level 3 Transfers, Amount </link:label>
<link:label id="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount_documentation_en-US" xlink:label="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Equity Margin Loans, Level 2 to Level 3 Transfers, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:href="ms-20201231.xsd#ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:to="lab_ms_FairValueEquityMarginLoansLevel2toLevel3TransfersAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_5ad3a08a-ac8f-4d24-ab3b-119ae08765a3_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_082bfcee-6b2a-4ab0-80e1-2546d4cb2f69_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_051d5f24-f841-4d63-8cfb-de53f06d98a5_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4634d5f5-79bd-4e93-9cb0-e98361deae03_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shareholders' equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_d6dee104-6979-4980-8bcc-a25326b699b7_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingGainsLosses_0275b9ba-39fe-4dc4-b72b-f2f5003c6092_terseLabel_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading </link:label>
<link:label id="lab_us-gaap_TradingGainsLosses_dec68103-63b6-47ef-9b33-bb6282c9edec_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading revenues </link:label>
<link:label id="lab_us-gaap_TradingGainsLosses_label_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradingGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingGainsLosses" xlink:to="lab_us-gaap_TradingGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_b631a7eb-4382-4af7-847f-44c956b3cc16_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Introduction and Basis of Presentation </link:label>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherConsumerAndCommercialLoansMember_a60ba507-8e39-44b7-aa6b-762545d2dc8c_verboseLabel_en-US" xlink:label="lab_ms_OtherConsumerAndCommercialLoansMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other consumer or commercial loans </link:label>
<link:label id="lab_ms_OtherConsumerAndCommercialLoansMember_label_en-US" xlink:label="lab_ms_OtherConsumerAndCommercialLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Consumer and Commercial Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherConsumerAndCommercialLoansMember" xlink:href="ms-20201231.xsd#ms_OtherConsumerAndCommercialLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherConsumerAndCommercialLoansMember" xlink:to="lab_ms_OtherConsumerAndCommercialLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalPaidInCapital_41a756b1-64d8-4dde-9bca-46d24570c4b6_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional paid-in capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapital_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid in Capital </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital" xlink:to="lab_us-gaap_AdditionalPaidInCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementClassOfStockAxis_5448e7bd-41c5-42a2-bf23-6167c29ee0a3_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock_da139c78-050c-4b11-b70e-27ee5e016c88_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of PSU Fair Value on Award Date </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock" xlink:to="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock_4ed36495-c45a-4801-af48-c795354109ae_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Values of Derivative Asset Contracts </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Assets at Fair Value [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QuarterlyFinancialDataAbstract_6a91eef8-2684-4a83-8240-656f9f832bb7_terseLabel_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialDataAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Data [Abstract] </link:label>
<link:label id="lab_us-gaap_QuarterlyFinancialDataAbstract_label_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialDataAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Data [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QuarterlyFinancialDataAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_QuarterlyFinancialDataAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialDataAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialDataAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_d0d197d7-f38c-4e38-8a53-8014d2200f5d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfStockByClassTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_155e93b7-13c8-4506-9f19-01189d5a052b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Borrowings with Original Maturities Greater than One Year </link:label>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityEmergingGrowthCompany_625e77a4-ecf0-4550-836d-0796fe624b62_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapital_c8feadb8-af74-4cd0-a86b-4cad21754718_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage ratio </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapital_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier One Leverage Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TierOneLeverageCapital"/>
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<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_e9c513f6-6629-4e73-859b-1e155dbd2875_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income tax expense (benefit) </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaRevenue_26c8b7d1-56ce-4f4f-9edc-84d38053d99c_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaRevenue_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionsProFormaRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionsProFormaRevenue"/>
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<link:label id="lab_us-gaap_Capital_e208bbd2-b213-43e9-9da2-ca1347390758_terseLabel_en-US" xlink:label="lab_us-gaap_Capital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital </link:label>
<link:label id="lab_us-gaap_Capital_label_en-US" xlink:label="lab_us-gaap_Capital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Capital" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Capital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Capital" xlink:to="lab_us-gaap_Capital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_ab66d53a-06b8-4cb8-8a68-a4586c30feef_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities recognized in the balance sheets </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_9c0d4581-a25f-45d2-98c9-b512e9d0c997_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_763b2009-965d-4564-ba37-82210a59841f_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Conversions to common stock (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_105e7b4a-0eb1-4fdb-b404-41823943809f_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock authorized (shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansHeldForSaleFairValueDisclosure_657bd78e-cb3c-4334-8c97-5782284981ca_terseLabel_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_us-gaap_LoansHeldForSaleFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-sale, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansHeldForSaleFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:to="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding_544144a5-93ce-4d1f-842e-ac4d4240b349_terseLabel_en-US" xlink:label="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SPE assets (UPB) </link:label>
<link:label id="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding_label_en-US" xlink:label="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:to="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading_d33c0e36-46c9-48f9-8b1d-0d9d6a96419f_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers from trading assets to available-for-sale </link:label>
<link:label id="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading_label_en-US" xlink:label="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Transfer from Trading </link:label>
<link:label id="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Transfer from Trading </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesAvailableforsaleTransferfromTrading"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:to="lab_ms_DebtSecuritiesAvailableforsaleTransferfromTrading" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_e3fff167-5d55-4e28-b541-f01babd64fb8_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Details of Interest Income and Interest Expense </link:label>
<link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income and Interest Expense Disclosure [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:to="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_359d4a55-8e4d-4afc-987f-d75ad1ae1513_totalLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective income tax rate </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MSAndCoMember_47401485-6e7b-42ae-aec4-a7f945607252_terseLabel_en-US" xlink:label="lab_ms_MSAndCoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MS&Co. </link:label>
<link:label id="lab_ms_MSAndCoMember_label_en-US" xlink:label="lab_ms_MSAndCoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> M S and Co. [Member] </link:label>
<link:label id="lab_ms_MSAndCoMember_documentation_en-US" xlink:label="lab_ms_MSAndCoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley & Co. LLC </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MSAndCoMember" xlink:to="lab_ms_MSAndCoMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuarantyAssets_f1cf0768-67ca-4e28-9f59-846749c1d20d_terseLabel_en-US" xlink:label="lab_us-gaap_GuarantyAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount: asset </link:label>
<link:label id="lab_us-gaap_GuarantyAssets_label_en-US" xlink:label="lab_us-gaap_GuarantyAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guaranty Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuarantyAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuarantyAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuarantyAssets" xlink:to="lab_us-gaap_GuarantyAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_745fbb62-b6d2-4c29-94af-83bf90dd5fc3_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_f1f7bae7-4082-44d8-8fef-2bd49be4863a_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_dei_TradingSymbol_293a9d98-ac11-4093-b877-a52d0b8c8e54_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesMPreferredStockMember_860e2af4-cc26-4099-a734-43cf67b3a564_terseLabel_en-US" xlink:label="lab_ms_SeriesMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M </link:label>
<link:label id="lab_ms_SeriesMPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M Preferred Stock [Member] </link:label>
<link:label id="lab_ms_SeriesMPreferredStockMember_documentation_en-US" xlink:label="lab_ms_SeriesMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series M Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesMPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesMPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesMPreferredStockMember" xlink:to="lab_ms_SeriesMPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_36617efc-7e96-4556-bdd5-b595d888cc0d_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption_8b994fd2-e3c3-4290-b481-efaf3555bb46_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of CECL adoption </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption_label_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss, Effect of Accounting Update Adoption </link:label>
<link:label id="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption_documentation_en-US" xlink:label="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss, Effect of Accounting Update Adoption </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:href="ms-20201231.xsd#ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:to="lab_ms_FinancingReceivableAllowanceforCreditLossEffectofAccountingUpdateAdoption" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNet_126988da-4a3d-4fe5-9d9e-1c9556968825_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNet_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Asset, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerAssetNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerAssetNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerAssetNet" xlink:to="lab_us-gaap_ContractWithCustomerAssetNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_f04ac8a3-a507-412b-adad-f731541b6213_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts not offset against other cash collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Right to Reclaim Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCollateralRightToReclaimCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:to="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities_ada0eb20-421d-4a15-a68b-c3f415232ee1_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts not offset against financial instruments collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Right to Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCollateralRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:to="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AssetBackedSecuritiesOtherMember_56bd0721-2cfa-45ff-b936-dea1bd691407_terseLabel_en-US" xlink:label="lab_ms_AssetBackedSecuritiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other ABS </link:label>
<link:label id="lab_ms_AssetBackedSecuritiesOtherMember_label_en-US" xlink:label="lab_ms_AssetBackedSecuritiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed Securities, Other [Member] </link:label>
<link:label id="lab_ms_AssetBackedSecuritiesOtherMember_documentation_en-US" xlink:label="lab_ms_AssetBackedSecuritiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed Securities, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AssetBackedSecuritiesOtherMember" xlink:href="ms-20201231.xsd#ms_AssetBackedSecuritiesOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AssetBackedSecuritiesOtherMember" xlink:to="lab_ms_AssetBackedSecuritiesOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityShellCompany_ae281d1a-fb4f-47e4-b8a0-df9a1d8ecbab_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_58678f0c-e780-4dec-8cb3-24e0d2aa893c_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information </link:label>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingInformationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommitmentsInvestmentActivitiesMember_c5c2e702-f301-478e-a920-fce632783d26_terseLabel_en-US" xlink:label="lab_ms_CommitmentsInvestmentActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment activities </link:label>
<link:label id="lab_ms_CommitmentsInvestmentActivitiesMember_label_en-US" xlink:label="lab_ms_CommitmentsInvestmentActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Investment Activities [Member] </link:label>
<link:label id="lab_ms_CommitmentsInvestmentActivitiesMember_documentation_en-US" xlink:label="lab_ms_CommitmentsInvestmentActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment associated with its real estate, private equity and principal investment activities, which include alternative products. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommitmentsInvestmentActivitiesMember" xlink:href="ms-20201231.xsd#ms_CommitmentsInvestmentActivitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommitmentsInvestmentActivitiesMember" xlink:to="lab_ms_CommitmentsInvestmentActivitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CentralCounterpartyCommitmentMember_3d5c4b14-924f-462f-b813-16300a3e5743_terseLabel_en-US" xlink:label="lab_ms_CentralCounterpartyCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Central counterparty </link:label>
<link:label id="lab_ms_CentralCounterpartyCommitmentMember_label_en-US" xlink:label="lab_ms_CentralCounterpartyCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Central Counterparty Commitment [Member] </link:label>
<link:label id="lab_ms_CentralCounterpartyCommitmentMember_documentation_en-US" xlink:label="lab_ms_CentralCounterpartyCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Central Counterparty Commitment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CentralCounterpartyCommitmentMember" xlink:href="ms-20201231.xsd#ms_CentralCounterpartyCommitmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CentralCounterpartyCommitmentMember" xlink:to="lab_ms_CentralCounterpartyCommitmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_c3face30-95ab-42c6-b897-0eda06563017_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_db90cc51-8f13-4c53-b007-3018a4cdec87_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recurring </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock_9f323034-04c6-40e1-9238-ec095af123c7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Investment Securities in an Unrealized Loss Position </link:label>
<link:label id="lab_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrealized Loss on Investments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityPublicFloat_7ca6d2fe-f33c-4520-bf4e-a46366e1187e_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityPublicFloat" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesTradingMeasurementInput_73c6bfa4-f1bc-4dba-80f9-391e5b980c4a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities, trading assets, measurement input value </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesTradingMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Trading, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesTradingMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesTradingMeasurementInput" xlink:to="lab_us-gaap_DebtSecuritiesTradingMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_d1b93787-42e9-4c9d-bafe-24449cdea77b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Consolidated VIEs </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SeriesNPreferredStockMember_50dc928d-7f2d-4e53-af3f-4ad991179a50_terseLabel_en-US" xlink:label="lab_ms_SeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series N </link:label>
<link:label id="lab_ms_SeriesNPreferredStockMember_label_en-US" xlink:label="lab_ms_SeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series N Preferred Stock [Member] </link:label>
<link:label id="lab_ms_SeriesNPreferredStockMember_documentation_en-US" xlink:label="lab_ms_SeriesNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series N Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SeriesNPreferredStockMember" xlink:href="ms-20201231.xsd#ms_SeriesNPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SeriesNPreferredStockMember" xlink:to="lab_ms_SeriesNPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableRateMember_ce0b5844-8331-4f5b-89a8-aedf20cae42f_terseLabel_en-US" xlink:label="lab_ms_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate </link:label>
<link:label id="lab_ms_VariableRateMember_label_en-US" xlink:label="lab_ms_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Member] </link:label>
<link:label id="lab_ms_VariableRateMember_documentation_en-US" xlink:label="lab_ms_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable interest rate. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableRateMember" xlink:href="ms-20201231.xsd#ms_VariableRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableRateMember" xlink:to="lab_ms_VariableRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_ec79b569-3f06-462d-b97e-c9e75f59102e_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputMarginLoanMember_70da8ecf-07f1-4f4c-954c-2e54698972bc_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputMarginLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Margin Loan Rate </link:label>
<link:label id="lab_ms_MeasurementInputMarginLoanMember_label_en-US" xlink:label="lab_ms_MeasurementInputMarginLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Margin Loan [Member] </link:label>
<link:label id="lab_ms_MeasurementInputMarginLoanMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputMarginLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Margin Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputMarginLoanMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputMarginLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputMarginLoanMember" xlink:to="lab_ms_MeasurementInputMarginLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_72067058-2462-4f93-9d7e-e8f8689d6196_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 3 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherReceivablesMember_9ffc9a9d-cb70-4374-b742-585ed13f7b8f_terseLabel_en-US" xlink:label="lab_ms_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other receivables </link:label>
<link:label id="lab_ms_OtherReceivablesMember_label_en-US" xlink:label="lab_ms_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables [Member] </link:label>
<link:label id="lab_ms_OtherReceivablesMember_documentation_en-US" xlink:label="lab_ms_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherReceivablesMember" xlink:href="ms-20201231.xsd#ms_OtherReceivablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherReceivablesMember" xlink:to="lab_ms_OtherReceivablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LoansHeldforInvestment_c7ea6cc3-ae5c-478c-be01-2dfe100f0373_terseLabel_en-US" xlink:label="lab_ms_LoansHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held for investment (net of allowance of $835 and $349) </link:label>
<link:label id="lab_ms_LoansHeldforInvestment_label_en-US" xlink:label="lab_ms_LoansHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held for Investment </link:label>
<link:label id="lab_ms_LoansHeldforInvestment_documentation_en-US" xlink:label="lab_ms_LoansHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held for Investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LoansHeldforInvestment" xlink:href="ms-20201231.xsd#ms_LoansHeldforInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LoansHeldforInvestment" xlink:to="lab_ms_LoansHeldforInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements_3eb441c4-e793-46e8-a460-6ead89c2dace_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Payables under Repurchase Agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:to="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_995e2d38-9ef7-4ed5-97b2-db7da6a0b788_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsCommonStockAbstract_31cac54f-2cbf-4245-9d84-c2bef5734e86_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStockAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Dividends </link:label>
<link:label id="lab_us-gaap_DividendsCommonStockAbstract_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStockAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStockAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsCommonStockAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockAbstract" xlink:to="lab_us-gaap_DividendsCommonStockAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WrittenLoanCommitmentFairValueOptionMember_51aa2f0a-f751-40db-8784-697f5c794a16_terseLabel_en-US" xlink:label="lab_us-gaap_WrittenLoanCommitmentFairValueOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitments </link:label>
<link:label id="lab_us-gaap_WrittenLoanCommitmentFairValueOptionMember_label_en-US" xlink:label="lab_us-gaap_WrittenLoanCommitmentFairValueOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Written Loan Commitment, Fair Value Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WrittenLoanCommitmentFairValueOptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WrittenLoanCommitmentFairValueOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WrittenLoanCommitmentFairValueOptionMember" xlink:to="lab_us-gaap_WrittenLoanCommitmentFairValueOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue_7a5733e3-0d3f-43dc-b91f-e3224876da7f_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (USD per share) </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Unvested, Forfeited in Period, Weighted Average Grant Date Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue_documentation_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Unvested, Forfeited in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnvestedForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral_7d018464-6ee9-4076-8cb9-ec00f06dba69_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_SecuritiesBorrowedAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember_f4cb513a-7aa5-4a9e-9819-dee2c19a0bcc_terseLabel_en-US" xlink:label="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses on Employee Loans </link:label>
<link:label id="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember_label_en-US" xlink:label="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses on Employee Loans [Member] </link:label>
<link:label id="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember_documentation_en-US" xlink:label="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Credit Losses on Employee Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:href="ms-20201231.xsd#ms_AllowanceforCreditLossesonEmployeeLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:to="lab_ms_AllowanceforCreditLossesonEmployeeLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnCash_f1b9a2ce-ed4a-4901-af8a-0fe7a9961984_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts not offset against other cash collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Obligation to Return Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCollateralObligationToReturnCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:to="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanDisclosureLineItems_8dc9f05b-e31a-4439-9090-9699cf740d69_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plans </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanDisclosureLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedContributionPlanDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_dafa8b56-dc07-412b-811f-84298b2f7c95_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_f6a6a36b-ff4b-4af9-9764-d9745924d449_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and contingent liabilities (see Note 15) </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_704ab4f2-98af-41b0-839e-8e79b20c3ffe_verboseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and contingent liabilities (see Note 15) </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_b39d4fcc-cea3-4870-bd6a-ee9be8fd82f9_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum proportion of employer matching contributions (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:to="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_54f43445-d2c4-47f1-8d89-e686719eaf9b_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_39462254-8d7f-4237-83d1-1b5d620fc653_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonredeemableNoncontrollingInterest_f64d4247-3833-42c5-b9a7-fdffd3ce902b_terseLabel_en-US" xlink:label="lab_us-gaap_NonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NonredeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonredeemable Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonredeemableNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonredeemableNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonredeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NonredeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_59b26f1e-03f5-496d-82fe-d2ee0db2ad9e_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets—ROU assets </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember_97c78277-aa91-4927-b986-4a96771dbbcb_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Attributable to Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RiskBasedRatiosAbstract_e7a17fca-d1c0-4404-9d45-32239d2afa52_terseLabel_en-US" xlink:label="lab_us-gaap_RiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ratio </link:label>
<link:label id="lab_us-gaap_RiskBasedRatiosAbstract_label_en-US" xlink:label="lab_us-gaap_RiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Based Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskBasedRatiosAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RiskBasedRatiosAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskBasedRatiosAbstract" xlink:to="lab_us-gaap_RiskBasedRatiosAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_UnderwritingMember_75cac74e-2cc8-4e35-a430-153d8571576c_terseLabel_en-US" xlink:label="lab_ms_UnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting </link:label>
<link:label id="lab_ms_UnderwritingMember_label_en-US" xlink:label="lab_ms_UnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting [Member] </link:label>
<link:label id="lab_ms_UnderwritingMember_documentation_en-US" xlink:label="lab_ms_UnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting is the process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing either equity or debt securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_UnderwritingMember" xlink:href="ms-20201231.xsd#ms_UnderwritingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_UnderwritingMember" xlink:to="lab_ms_UnderwritingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_da39fab1-c86e-498f-9b0b-9dfcccf62c4d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityNotionalAmount_84458dd6-c8d0-4f91-8485-769145e1e674_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNotionalAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNotionalAmount" xlink:to="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_1183d4bb-5f3a-4c21-94fe-2944aeaf64d2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputEquityForeignExchangeCorrelationMember_e0d511fc-ef72-4ffd-acb2-f65375cff30f_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputEquityForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity - FX Correlation </link:label>
<link:label id="lab_ms_MeasurementInputEquityForeignExchangeCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputEquityForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity - Foreign Exchange Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputEquityForeignExchangeCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputEquityForeignExchangeCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputEquityForeignExchangeCorrelationMember" xlink:to="lab_ms_MeasurementInputEquityForeignExchangeCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MedianMember_a1d42a0b-4af7-4a84-8732-11183615b1db_terseLabel_en-US" xlink:label="lab_srt_MedianMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Median </link:label>
<link:label id="lab_srt_MedianMember_label_en-US" xlink:label="lab_srt_MedianMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Median [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MedianMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MedianMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MedianMember" xlink:to="lab_srt_MedianMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent_c5bd1fed-d55a-4d64-844c-e30e9c5df2af_terseLabel_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intermittent net discrete tax provision (benefit) </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent_label_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Discrete Item, Intermittent </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent_documentation_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intermittent net discrete tax provision (benefit) due to dicrete events, such as changes in tax rate or tax law. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:href="ms-20201231.xsd#ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:to="lab_ms_IncomeTaxExpenseBenefitDiscreteItemIntermittent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationDomain_41f17f1f-d11e-4cfa-b80e-6bd917b348ce_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetProceedsFromFinancingActivitiesAbstract_0913af16-cf63-4dcc-8525-63ad0d2cceb2_terseLabel_en-US" xlink:label="lab_ms_NetProceedsFromFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net proceeds from (payments for): </link:label>
<link:label id="lab_ms_NetProceedsFromFinancingActivitiesAbstract_label_en-US" xlink:label="lab_ms_NetProceedsFromFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Proceeds From Financing Activities [Abstract] </link:label>
<link:label id="lab_ms_NetProceedsFromFinancingActivitiesAbstract_documentation_en-US" xlink:label="lab_ms_NetProceedsFromFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net proceeds from: [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NetProceedsFromFinancingActivitiesAbstract" xlink:href="ms-20201231.xsd#ms_NetProceedsFromFinancingActivitiesAbstract"/>
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<link:label id="lab_us-gaap_FinancingReceivables1To29DaysPastDueMember_f5a4283b-0fed-48dd-a718-14af77023911_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivables1To29DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current </link:label>
<link:label id="lab_us-gaap_FinancingReceivables1To29DaysPastDueMember_label_en-US" xlink:label="lab_us-gaap_FinancingReceivables1To29DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, 1 to 29 Days Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivables1To29DaysPastDueMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivables1To29DaysPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivables1To29DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivables1To29DaysPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet_2fa370c0-1c74-4fda-9126-315992aa96b4_terseLabel_en-US" xlink:label="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued at end of period </link:label>
<link:label id="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet_label_en-US" xlink:label="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest Expense on Income Taxes Accrued, Net </link:label>
<link:label id="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet_documentation_en-US" xlink:label="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense accrued net of federal and state income tax benefits. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:href="ms-20201231.xsd#ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:to="lab_ms_UnrecognizedTaxBenefitsInterestExpenseOnIncomeTaxesAccruedNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesFPreferredStockMember_790867f1-c88e-44c6-8bb2-b885cc922237_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series F, $0.01 par value </link:label>
<link:label id="lab_us-gaap_SeriesFPreferredStockMember_90819090-a0d0-482a-8d78-30b0b4e81ef8_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series F </link:label>
<link:label id="lab_us-gaap_SeriesFPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series F Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesFPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesFPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesFPreferredStockMember" xlink:to="lab_us-gaap_SeriesFPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_db6ab81f-8e09-46f1-9e9b-f05c3ff0aa5e_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentDueAfterFifthYear_2508f5d7-8805-4fd6-9411-4abaa2ac7e8c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueAfterFifthYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over 5 (years) </link:label>
<link:label id="lab_us-gaap_OtherCommitmentDueAfterFifthYear_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueAfterFifthYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentDueAfterFifthYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentDueAfterFifthYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueAfterFifthYear" xlink:to="lab_us-gaap_OtherCommitmentDueAfterFifthYear" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member_1ad62de6-2a28-4dbc-a4f7-22db32003782_terseLabel_en-US" xlink:label="lab_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) </link:label>
<link:label id="lab_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member_label_en-US" xlink:label="lab_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. Trust 2007-NC4 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member" xlink:href="ms-20201231.xsd#ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member" xlink:to="lab_ms_FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation_890702ba-59d1-40b4-89a4-d14ce9570d7a_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan settlements </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanSettlementsBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FICOScoreLessthan680Member_94e70b24-6a74-4654-a9c1-f895cd4b10e8_terseLabel_en-US" xlink:label="lab_ms_FICOScoreLessthan680Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than or equal to 679 </link:label>
<link:label id="lab_ms_FICOScoreLessthan680Member_label_en-US" xlink:label="lab_ms_FICOScoreLessthan680Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Less than 680 [Member] </link:label>
<link:label id="lab_ms_FICOScoreLessthan680Member_documentation_en-US" xlink:label="lab_ms_FICOScoreLessthan680Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICO Score, Less than 680 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FICOScoreLessthan680Member" xlink:href="ms-20201231.xsd#ms_FICOScoreLessthan680Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FICOScoreLessthan680Member" xlink:to="lab_ms_FICOScoreLessthan680Member" xlink:type="arc" order="1"/>
<link:label id="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis_9a76875f-6f5e-438e-a63b-2e412506a7c7_terseLabel_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entity, Classification [Axis] </link:label>
<link:label id="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis_label_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entity, Classification [Axis] </link:label>
<link:label id="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis_documentation_en-US" xlink:label="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Special Purpose Entity by Classification </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:href="ms-20201231.xsd#ms_QualifyingSpecialPurposeEntityClassificationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:to="lab_ms_QualifyingSpecialPurposeEntityClassificationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract_b18c2efa-740d-4521-978e-fc5e973a033e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract" xlink:to="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_543348b8-04be-42e5-ae32-b0ff55be2182_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_f7480cea-4510-4030-b914-9d1055e0f42d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_db1965a8-e5df-4c49-8665-1c686c6707cc_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss"/>
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<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis_a941d640-159e-44d1-889f-027b122c8037_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablePortfolioSegmentAxis"/>
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<link:label id="lab_ms_SavingsAndDemandDeposits_b09a4303-22f1-4456-98ee-8b10e76341be_terseLabel_en-US" xlink:label="lab_ms_SavingsAndDemandDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Savings and demand deposits </link:label>
<link:label id="lab_ms_SavingsAndDemandDeposits_label_en-US" xlink:label="lab_ms_SavingsAndDemandDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Savings and Demand Deposits </link:label>
<link:label id="lab_ms_SavingsAndDemandDeposits_documentation_en-US" xlink:label="lab_ms_SavingsAndDemandDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate of amount of money in accounts that may bear interest and that the depositor is entitled to withdraw at any time without prior notice; and amount of interest bearing deposits with no stated maturity, which may include passbook and statement savings accounts and money-market deposit accounts (MMDAs). </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SavingsAndDemandDeposits" xlink:to="lab_ms_SavingsAndDemandDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_323abe89-9f05-4a29-a76b-e8c444e87c12_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in loans, net </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Loans Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForProceedsFromLoansReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:to="lab_us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_dd8c753f-f12f-496f-90d9-d0a6daccf963_terseLabel_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier 1 capital (as a percent) </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_label_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Common Capital Well-Capitalized Required for Capital Adequacy to Risk Weighted Assets </link:label>
<link:label id="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets_documentation_en-US" xlink:label="lab_ms_TierOneRiskBasedCommonCapitalWellCapitalizedRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Risk Based Common Capital Well-Capitalized Required for Capital Adequacy to Risk Weighted Assets </link:label>
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<link:label id="lab_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets_c3cb0c57-ad2b-4275-b9a9-420c1c5ed745_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital (as a percent) </link:label>
<link:label id="lab_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets" xlink:to="lab_us-gaap_CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentFairValue_67cbf903-9960-4538-9a1c-6e6a4b8da853_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings at fair value </link:label>
<link:label id="lab_us-gaap_DebtInstrumentFairValue_ec7a07f0-1086-4def-8ff3-88b2aef86c97_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_DebtInstrumentFairValue_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue" xlink:to="lab_us-gaap_DebtInstrumentFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems_e2b5846b-f50a-4ea1-bdc7-46aa620118e6_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned and Pledged as Collateral [Line Items] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned and Pledged as Collateral [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems"/>
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<link:label id="lab_us-gaap_USGovernmentAgenciesDebtSecuritiesMember_f288caca-f94a-4d8e-8140-0f8bcf672a7c_terseLabel_en-US" xlink:label="lab_us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. agency securities </link:label>
<link:label id="lab_us-gaap_USGovernmentAgenciesDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Agencies Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USGovernmentAgenciesDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:to="lab_us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_767fe637-52cb-4e27-b602-02dc04ccd381_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Loans Held for Investment </link:label>
<link:label id="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Credit Quality Indicators [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:to="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanNameDomain_01ef5cc3-17f6-4527-9274-873f98577229_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanNameDomain" xlink:to="lab_us-gaap_RetirementPlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_d002266c-f9b3-4dec-89eb-95e1eaa66e74_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income of acquiree since acquisition date </link:label>
<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:to="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialPortfolioSegmentMember_56ded683-48ef-48d7-9dbc-069c11a4cb61_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate </link:label>
<link:label id="lab_us-gaap_CommercialPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPortfolioSegmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPortfolioSegmentMember" xlink:to="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_8875be98-d3f5-4ce1-996b-88cb03016156_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cumulative Preferred Stock, Series E, $0.01 par value </link:label>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_d08e0bfe-900f-425c-a71d-5daa3a5eb3b4_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series E </link:label>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series E Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesEPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesEPreferredStockMember"/>
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<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_d62c24d3-e0a4-4b75-bc15-5d5b17cb24b8_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
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<link:label id="lab_us-gaap_CommonEquityTierOneCapitalAbstract_d56835d6-8fbe-43b5-9cf4-bf7911969817_terseLabel_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier 1 capital ratio </link:label>
<link:label id="lab_us-gaap_CommonEquityTierOneCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier One Risk-Based Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonEquityTierOneCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonEquityTierOneCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonEquityTierOneCapitalAbstract" xlink:to="lab_us-gaap_CommonEquityTierOneCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits_7da9c670-a9ef-47f1-9ed1-949be4a78e25_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deposits </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillRollForward_478ab798-5045-411b-9c87-aa0d91fee451_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill Roll Forward </link:label>
<link:label id="lab_us-gaap_GoodwillRollForward_label_en-US" xlink:label="lab_us-gaap_GoodwillRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillRollForward" xlink:to="lab_us-gaap_GoodwillRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_36f60309-a871-470c-b508-3292e0f50e18_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets at Fair value </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue_775a733d-00a4-4b48-aabf-79f48296b4c7_terseLabel_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over 10 years </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue_label_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonredeemable Funds, Maturity, after Ten Years, at Carrying Value </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue_documentation_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of nonredeemable funds maturing after tenth fiscal year following latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:href="ms-20201231.xsd#ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:to="lab_ms_NonredeemableFundsMaturityAfterTenYearsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCredit_1b2f1e65-2b8c-4d3e-8032-623251288a56_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standby letters of credit </link:label>
<link:label id="lab_us-gaap_LineOfCredit_label_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Line of Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit" xlink:to="lab_us-gaap_LineOfCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalLeaseObligationsMember_7e4f5e2e-0697-4045-a7a9-9dea8f947c3c_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalLeaseObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiary Lease Obligations </link:label>
<link:label id="lab_us-gaap_CapitalLeaseObligationsMember_label_en-US" xlink:label="lab_us-gaap_CapitalLeaseObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Lease Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalLeaseObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalLeaseObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalLeaseObligationsMember" xlink:to="lab_us-gaap_CapitalLeaseObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherInvestmentsMember_11563505-9b12-4e92-a57c-1bde7d8a6163_terseLabel_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investments </link:label>
<link:label id="lab_us-gaap_OtherInvestmentsMember_label_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherInvestmentsMember" xlink:to="lab_us-gaap_OtherInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember_dfcaa81c-a520-4883-b27a-f639814c741a_terseLabel_en-US" xlink:label="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FFELP student loan ABS </link:label>
<link:label id="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember_label_en-US" xlink:label="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed Securities, Federal Family Education Loan Program [Member] </link:label>
<link:label id="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember_documentation_en-US" xlink:label="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed securities that are repaid with cash flows derived from student loans that are guaranteed under the Federal Family Education Loan Program (FFELP). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:href="ms-20201231.xsd#ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:to="lab_ms_AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus_5b1b05a5-c754-4d9d-ad4c-c0499ceac03d_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonaccrual loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Nonaccrual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_39823a3a-7100-49d5-8150-04369fd1f842_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputRecoveryRateMember_2ddf1a6c-a516-4727-834f-a854eae3266f_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputRecoveryRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recovery Rate </link:label>
<link:label id="lab_ms_MeasurementInputRecoveryRateMember_label_en-US" xlink:label="lab_ms_MeasurementInputRecoveryRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Recovery Rate [Member] </link:label>
<link:label id="lab_ms_MeasurementInputRecoveryRateMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputRecoveryRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using amount expressed as a percentage of par that is expected to be received when a credit event occurs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputRecoveryRateMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputRecoveryRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputRecoveryRateMember" xlink:to="lab_ms_MeasurementInputRecoveryRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComputerSoftwareIntangibleAssetMember_5cf90693-704d-45b6-aa25-b52e92a831cb_terseLabel_en-US" xlink:label="lab_us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized software costs </link:label>
<link:label id="lab_us-gaap_ComputerSoftwareIntangibleAssetMember_label_en-US" xlink:label="lab_us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Computer Software, Intangible Asset [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComputerSoftwareIntangibleAssetMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:to="lab_us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NonredeemableFundsMaturityAtCarryingValue_6eb059ba-813e-427e-80a9-294c6923b6ed_totalLabel_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAtCarryingValue_label_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonredeemable Funds, Maturity, at Carrying Value </link:label>
<link:label id="lab_ms_NonredeemableFundsMaturityAtCarryingValue_documentation_en-US" xlink:label="lab_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of nonredeemable funds. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:href="ms-20201231.xsd#ms_NonredeemableFundsMaturityAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:to="lab_ms_NonredeemableFundsMaturityAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock_fce9989c-2ac0-4941-a2ce-98e746ee846b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Cash-Based Compensation Plans </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_b3e2d3b4-628c-4c62-9824-dd0e75a00842_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets, net of Trading liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Financial Instruments Used in Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:to="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedGrossIncludingNotSubjectToMasterNettingArrangement_7aac04d0-0c38-40e0-9cfe-f127bef35614_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Gross Including Not Subject to Master Netting Arrangement </link:label>
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<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_6c9c4634-dd95-4f2a-9fb5-f1358542366c_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan </link:label>
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<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember_c3fee7dd-c104-470f-ac02-a7de35cb098c_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember"/>
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<link:label id="lab_ms_ScheduleOfIncomeTaxExpenseBenefitContinuingOperationsByJurisdictionTable_d26898ff-2e41-47a2-9987-bd7207f77dab_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfIncomeTaxExpenseBenefitContinuingOperationsByJurisdictionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Table] </link:label>
<link:label id="lab_ms_ScheduleOfIncomeTaxExpenseBenefitContinuingOperationsByJurisdictionTable_label_en-US" xlink:label="lab_ms_ScheduleOfIncomeTaxExpenseBenefitContinuingOperationsByJurisdictionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Table] </link:label>
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<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_6d500f2f-f54e-40c7-8383-5435791533bf_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassified to earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from AOCI, Current Period, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAociCurrentPeriodTax"/>
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<link:label id="lab_us-gaap_SegmentDomain_09150c8d-89da-4812-b256-8b9b6f12f35d_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_27171caa-ee70-4d3f-a75c-53dab0604789_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
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<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral_364133fe-b8e7-44d7-bd55-f51224042971_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans, before ACL </link:label>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral_label_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedLoansReceivablePledgedAsCollateral"/>
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<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_24242a33-23f6-4f1a-8e32-3d54d04ee424_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
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<link:label id="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared_7156ef8e-6a4a-48af-b888-79b7c4713a64_terseLabel_en-US" xlink:label="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum quarterly common stock dividends per share (USD per share) </link:label>
<link:label id="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Maximum Quarterly Common Stock Dividends per Share Declared </link:label>
<link:label id="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared_documentation_en-US" xlink:label="lab_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum dividends declared during a quarter period for each share of common stock outstanding under a stock repurchase plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared" xlink:href="ms-20201231.xsd#ms_StockRepurchaseProgramMaximumQuarterlyCommonStockDividendsPerShareDeclared"/>
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<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_5df7be1c-ae3f-4a7f-a0c6-8a595901eacc_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis adjustments included in carrying amount—Outstanding hedges </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease"/>
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<link:label id="lab_us-gaap_IncomeStatementLocationAxis_a8b51af4-e4e9-4da4-b06d-196b02f6a0bc_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationAxis_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationAxis"/>
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<link:label id="lab_dei_EntityCommonStockSharesOutstanding_0e04f6b3-1e50-4d6c-94c8-a269c954b848_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
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<link:label id="lab_us-gaap_CollateralizedAgreementsAbstract_694276e6-e42c-4e91-93d0-87c43c127936_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Agreements [Abstract] </link:label>
<link:label id="lab_us-gaap_CollateralizedAgreementsAbstract_label_en-US" xlink:label="lab_us-gaap_CollateralizedAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Agreements [Abstract] </link:label>
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<link:label id="lab_ms_CommitmentsGuaranteesAndOtherMember_60943c82-3ed1-42cd-aaa9-a9c45e6897ff_terseLabel_en-US" xlink:label="lab_ms_CommitmentsGuaranteesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, guarantees and other </link:label>
<link:label id="lab_ms_CommitmentsGuaranteesAndOtherMember_label_en-US" xlink:label="lab_ms_CommitmentsGuaranteesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Guarantees and Other </link:label>
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<link:label id="lab_ms_ScheduleOfSeniorDebtSubjectToPutOptionsOrLiquidityArrangementsTableTextBlock_2585f71b-8554-4d6e-91d2-68682545f3c1_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfSeniorDebtSubjectToPutOptionsOrLiquidityArrangementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Senior Debt Subject to Put Options or Liquidity Obligations </link:label>
<link:label id="lab_ms_ScheduleOfSeniorDebtSubjectToPutOptionsOrLiquidityArrangementsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfSeniorDebtSubjectToPutOptionsOrLiquidityArrangementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Senior Debt Subject to Put Options or Liquidity Arrangements [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_5a011acf-f3b3-42d7-a3d0-ba646fec5d40_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes recognized in OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_03236cfd-a768-4c31-9705-023030040990_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum potential payout/notional </link:label>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_6154d04d-5726-438a-8581-fe5deaad2417_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional </link:label>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Notional Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNotionalAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount" xlink:to="lab_us-gaap_DerivativeNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_579740c4-046e-4c34-91be-f7e8c7785018_negatedLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization expense </link:label>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsMember_41aee106-85f0-49d4-ba05-b705dbfa5b51_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_InvestmentsMember_label_en-US" xlink:label="lab_us-gaap_InvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsMember" xlink:to="lab_us-gaap_InvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PreferredStockDisclosureTableTextBlock_f645c733-e07e-4c63-bf9d-bd2995f3beb2_terseLabel_en-US" xlink:label="lab_ms_PreferredStockDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Preferred Stock, Issuance Description and Dividends </link:label>
<link:label id="lab_ms_PreferredStockDisclosureTableTextBlock_label_en-US" xlink:label="lab_ms_PreferredStockDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Disclosure [Table Text Block] </link:label>
<link:label id="lab_ms_PreferredStockDisclosureTableTextBlock_documentation_en-US" xlink:label="lab_ms_PreferredStockDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PreferredStockDisclosureTableTextBlock" xlink:href="ms-20201231.xsd#ms_PreferredStockDisclosureTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PreferredStockDisclosureTableTextBlock" xlink:to="lab_ms_PreferredStockDisclosureTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCreditDerivativesMember_1c228bbd-99ea-4f81-85b1-ea57f9cb66c9_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCreditDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other credit contracts </link:label>
<link:label id="lab_us-gaap_OtherCreditDerivativesMember_label_en-US" xlink:label="lab_us-gaap_OtherCreditDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Credit Derivatives [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCreditDerivativesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCreditDerivativesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCreditDerivativesMember" xlink:to="lab_us-gaap_OtherCreditDerivativesMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ProvisionforReleaseofLendingCommitments_0d7b5c98-5cb9-45ad-b286-44d7af4a71dc_terseLabel_en-US" xlink:label="lab_ms_ProvisionforReleaseofLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision (release) </link:label>
<link:label id="lab_ms_ProvisionforReleaseofLendingCommitments_label_en-US" xlink:label="lab_ms_ProvisionforReleaseofLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for (Release of) Lending Commitments </link:label>
<link:label id="lab_ms_ProvisionforReleaseofLendingCommitments_documentation_en-US" xlink:label="lab_ms_ProvisionforReleaseofLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for (Release of) Lending Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ProvisionforReleaseofLendingCommitments" xlink:href="ms-20201231.xsd#ms_ProvisionforReleaseofLendingCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ProvisionforReleaseofLendingCommitments" xlink:to="lab_ms_ProvisionforReleaseofLendingCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities_0274f7ce-b810-4c8a-8973-e098d48008aa_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investment Securities </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investment Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_222e95f1-d1f4-4038-8de1-1215cc8fe76a_periodStartLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_121dcd39-cb59-4c93-b25a-51a4994e3c10_periodEndLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromProductiveAssets_2c760b39-01dc-4802-9bb1-9c37a917603f_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets—Premises, equipment and software, net </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromProductiveAssets_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Productive Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForProceedsFromProductiveAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:to="lab_us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_09ee39fa-f480-44e9-8f99-3553d067ae57_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets for Plan Benefits, Defined Benefit Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_af12a4cd-003d-4b0c-81ac-b1c6dc4a9306_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other payables </link:label>
<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpense_d61f53d5-f464-48ab-b271-5081785616a7_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpense_4a541bc4-2489-4093-b8b2-ed15bb9b85cb_totalLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_a6256d27-519e-4992-b6de-af1423566756_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rollforward of Unrecognized Tax Benefits </link:label>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LessThanTwelveMonthsFromBalanceSheetDateMember_b5c9fef0-f91c-4269-b3e3-9e98d69efdc3_terseLabel_en-US" xlink:label="lab_ms_LessThanTwelveMonthsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less Than 1 (Year) </link:label>
<link:label id="lab_ms_LessThanTwelveMonthsFromBalanceSheetDateMember_label_en-US" xlink:label="lab_ms_LessThanTwelveMonthsFromBalanceSheetDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than Twelve Months from Balance Sheet Date [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LessThanTwelveMonthsFromBalanceSheetDateMember" xlink:href="ms-20201231.xsd#ms_LessThanTwelveMonthsFromBalanceSheetDateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LessThanTwelveMonthsFromBalanceSheetDateMember" xlink:to="lab_ms_LessThanTwelveMonthsFromBalanceSheetDateMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems_4c9d12ab-03c8-4b7b-9e8a-7032919f4b43_terseLabel_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Income Tax Expense (Benefit) from Continuing Operations, by Jurisdiction </link:label>
<link:label id="lab_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems_label_en-US" xlink:label="lab_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems" xlink:href="ms-20201231.xsd#ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems" xlink:to="lab_ms_IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityOther_d7adb5cc-a5b7-43fd-8787-d3329e195941_negatedLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityOther" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other net increases (decreases) </link:label>
<link:label id="lab_us-gaap_StockholdersEquityOther_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityOther" xlink:to="lab_us-gaap_StockholdersEquityOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_ef88326f-cfc6-4c9e-8719-d53d09773ced_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Provision for (Benefit from) Income Taxes </link:label>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductOrServiceAxis_eeb5680b-edb4-47c0-8f9e-b1d3d899f5f5_terseLabel_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:label id="lab_srt_ProductOrServiceAxis_label_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductOrServiceAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis" xlink:to="lab_srt_ProductOrServiceAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestIncomeOtherOperatingIncome_c23502af-d593-4c4e-8b32-bea44d96400a_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_NoninterestIncomeOtherOperatingIncome_label_en-US" xlink:label="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income, Other Operating Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoninterestIncomeOtherOperatingIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:to="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_3af4ef55-795d-4628-93a7-420f65b11195_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Not Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueAxis_28c84222-c1a5-4750-9f69-50d3fffc0907_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueAxis_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueAxis" xlink:to="lab_us-gaap_ValuationTechniqueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonUsMember_de74432e-1bbb-4626-9299-ab5eb6afc3d6_terseLabel_en-US" xlink:label="lab_us-gaap_NonUsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_NonUsMember_label_en-US" xlink:label="lab_us-gaap_NonUsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonUsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonUsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonUsMember" xlink:to="lab_us-gaap_NonUsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards_b4cd8ff9-fc9a-4691-9046-375cd20c887b_terseLabel_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement eligible awards </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards_label_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Compensation Expense, Retirement-eligible Awards </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards_documentation_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The compensation expense recognized during the period pertaining to the deferred compensation arrangement with employees who satisfied retirement-eligible requirements under award terms that do not contain a service period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:href="ms-20201231.xsd#ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:to="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseRetirementEligibleAwards" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss_21699ba2-cca9-4272-bb1f-b3ada6008e50_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Net carrying amount, after 5 year through 10 years </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:to="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafterFiveThroughTenYearsAmortizedCostLessAllowanceforCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember_2154ed15-16e5-487e-a1f2-d07f28486b8f_terseLabel_en-US" xlink:label="lab_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. </link:label>
<link:label id="lab_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember_label_en-US" xlink:label="lab_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> China Development Industrial Bank versus Morgan Stanley & Co. Incorporated et alii [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember" xlink:href="ms-20201231.xsd#ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember" xlink:to="lab_ms_ChinaDevelopmentIndustrialBankVersusMorganStanleyCoIncorporatedEtAliiMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExchangeClearedMember_3e17158f-c63e-4a39-9a13-7082ab070c95_terseLabel_en-US" xlink:label="lab_us-gaap_ExchangeClearedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cleared OTC </link:label>
<link:label id="lab_us-gaap_ExchangeClearedMember_label_en-US" xlink:label="lab_us-gaap_ExchangeClearedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange Cleared [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExchangeClearedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExchangeClearedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExchangeClearedMember" xlink:to="lab_us-gaap_ExchangeClearedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationDomain_4b4155c0-a9ac-4f25-bb9f-5868254f9567_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income Location [Domain] </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationDomain_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments_77a08462-d274-4cef-80e7-d42f694cb487_totalLabel_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments_label_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Compensation Expense and Return on Referenced Investments </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments_documentation_en-US" xlink:label="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate amount of the compensation expense recognized during the period pertaining to the deferred compensation arrangement. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:href="ms-20201231.xsd#ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:to="lab_ms_DeferredCompensationArrangementWithIndividualCompensationExpenseAndReturnOnReferencedInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_a3ccafa4-de43-45e9-9206-3bb7d3f60eed_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Including Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentDueInSecondAndThirdYear_aa0a375a-9f58-41ef-86e1-082b58338895_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInSecondAndThirdYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1-3 (years) </link:label>
<link:label id="lab_us-gaap_OtherCommitmentDueInSecondAndThirdYear_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentDueInSecondAndThirdYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, to be Paid, Year Two and Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentDueInSecondAndThirdYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentDueInSecondAndThirdYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInSecondAndThirdYear" xlink:to="lab_us-gaap_OtherCommitmentDueInSecondAndThirdYear" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember_088a00dc-d48b-4f63-b076-22b3d5fdb74f_terseLabel_en-US" xlink:label="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization representations and warranties </link:label>
<link:label id="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember_label_en-US" xlink:label="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations Representations and Guarantees [Member] </link:label>
<link:label id="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember_documentation_en-US" xlink:label="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations Representations and Guarantees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:href="ms-20201231.xsd#ms_SecuritizationsRepresentationsAndGuaranteesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:to="lab_ms_SecuritizationsRepresentationsAndGuaranteesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayable_9a9193cc-8e7f-4eed-b77b-e834e0759516_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other payables and other liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accounts Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherSecuredFinancingsFairValueDisclosure_08c2704a-4263-4dd4-b803-cf4f852c2e32_verboseLabel_en-US" xlink:label="lab_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings at fair value </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsFairValueDisclosure_e4df4f46-73a8-4195-b238-ecbd5acd9026_terseLabel_en-US" xlink:label="lab_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsFairValueDisclosure_label_en-US" xlink:label="lab_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings, Fair Value Disclosure </link:label>
<link:label id="lab_ms_OtherSecuredFinancingsFairValueDisclosure_documentation_en-US" xlink:label="lab_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value portion of secured financings other than securities sold under agreements to repurchase and securities loaned. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:href="ms-20201231.xsd#ms_OtherSecuredFinancingsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:to="lab_ms_OtherSecuredFinancingsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesGPreferredStockMember_dbc3c2a1-e587-448d-9439-143dfd588ca0_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series G </link:label>
<link:label id="lab_us-gaap_SeriesGPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series G Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesGPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesGPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesGPreferredStockMember" xlink:to="lab_us-gaap_SeriesGPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MunicipalTenderOptionBondsMember_e0de9a81-1dd1-4b3c-8d1d-c16846326ee0_verboseLabel_en-US" xlink:label="lab_ms_MunicipalTenderOptionBondsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MTOB </link:label>
<link:label id="lab_ms_MunicipalTenderOptionBondsMember_label_en-US" xlink:label="lab_ms_MunicipalTenderOptionBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal Tender Option Bonds [Member] </link:label>
<link:label id="lab_ms_MunicipalTenderOptionBondsMember_documentation_en-US" xlink:label="lab_ms_MunicipalTenderOptionBondsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal Tender Option Bonds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MunicipalTenderOptionBondsMember" xlink:href="ms-20201231.xsd#ms_MunicipalTenderOptionBondsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MunicipalTenderOptionBondsMember" xlink:to="lab_ms_MunicipalTenderOptionBondsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueHedgingMember_3804bc64-e650-4e0f-9031-57c597f54c6d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hedges </link:label>
<link:label id="lab_us-gaap_FairValueHedgingMember_label_en-US" xlink:label="lab_us-gaap_FairValueHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hedging [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueHedgingMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueHedgingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueHedgingMember" xlink:to="lab_us-gaap_FairValueHedgingMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LendingCommitmentMember_1c8c928a-02d1-49e0-8575-65528655f87b_verboseLabel_en-US" xlink:label="lab_ms_LendingCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_ms_LendingCommitmentMember_label_en-US" xlink:label="lab_ms_LendingCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitment [Member] </link:label>
<link:label id="lab_ms_LendingCommitmentMember_documentation_en-US" xlink:label="lab_ms_LendingCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> It represents the notitonal amount of legally binding obligations to provide funding to clients for different types of loan transactions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LendingCommitmentMember" xlink:href="ms-20201231.xsd#ms_LendingCommitmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LendingCommitmentMember" xlink:to="lab_ms_LendingCommitmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_f87c8271-bc58-43fe-8f14-cc1dfb3aa627_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesContractTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDerivativesContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesContractTypeDomain" xlink:to="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingSegmentsMember_3b83d304-77cc-416d-833e-95bccd948f75_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Segments </link:label>
<link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Segments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingSegmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentSecuritiesAmortizedCost_f8c7de29-5ca9-4f79-a7ce-2c3d9a79b51b_terseLabel_en-US" xlink:label="lab_ms_InvestmentSecuritiesAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAmortizedCost_8448415b-75a0-42e6-8384-196fce53647e_totalLabel_en-US" xlink:label="lab_ms_InvestmentSecuritiesAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities: Amortized cost, total </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAmortizedCost_label_en-US" xlink:label="lab_ms_InvestmentSecuritiesAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Securities Amortized Cost </link:label>
<link:label id="lab_ms_InvestmentSecuritiesAmortizedCost_documentation_en-US" xlink:label="lab_ms_InvestmentSecuritiesAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This item represents the investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method, which are net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentSecuritiesAmortizedCost" xlink:href="ms-20201231.xsd#ms_InvestmentSecuritiesAmortizedCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentSecuritiesAmortizedCost" xlink:to="lab_ms_InvestmentSecuritiesAmortizedCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ClassOfStockLineItems_6c9d6861-e6b9-4dcb-ad01-821469837f69_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock </link:label>
<link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilities_95a31d69-b5b8-414e-bc0c-afeaaaf843c1_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative and other contracts </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_fd04da23-6c08-4dab-8a75-0e59a6e1e1eb_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total in Trading liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_6b94bca7-cf5a-4c61-8b2a-dc913db0c737_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_srt_LitigationCaseAxis_4d299115-4cb1-42e9-ad4e-8f911b299aca_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:label id="lab_srt_LitigationCaseAxis_label_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseAxis" xlink:to="lab_srt_LitigationCaseAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock_40d177cf-38d2-41dc-99f6-96b1c80f821c_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Proceeds from New Securitization Transactions and Sales of Loans </link:label>
<link:label id="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Proceeds From Securitization Transactions [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the proceeds received from securitization activities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:to="lab_ms_ScheduleOfProceedsFromSecuritizationTransactionsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableLeaseCost_e95d11cb-6534-40cb-92d1-dba2adbe8616_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable costs </link:label>
<link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputForeignExchangeCorrelationMember_f7e0e361-8a9c-4754-ad1c-313a635ee390_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FX Correlation </link:label>
<link:label id="lab_ms_MeasurementInputForeignExchangeCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputForeignExchangeCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Foreign Exchange Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputForeignExchangeCorrelationMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputForeignExchangeCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputForeignExchangeCorrelationMember" xlink:to="lab_ms_MeasurementInputForeignExchangeCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestExpenseAbstract_534b9f2e-2185-4283-afd6-1fea47bcd356_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-interest expenses </link:label>
<link:label id="lab_us-gaap_NoninterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_NoninterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoninterestExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpenseAbstract" xlink:to="lab_us-gaap_NoninterestExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_ee10e739-5e68-4a1a-9cb5-18e55feecb4d_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:to="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned_e9ac5702-717d-40f2-bd04-587cc59c3c3c_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Loaned </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Loaned </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSecuritiesLoaned" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract_2fbf5a2d-5585-4dca-88fe-0cf4b619671d_terseLabel_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Award Date Fair Value </link:label>
<link:label id="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract_label_en-US" xlink:label="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract" xlink:href="ms-20201231.xsd#ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract" xlink:to="lab_ms_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_7e60bdc8-209a-4288-a94d-394f4dfa96b1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Gross Realized Gains and Losses on Sales of AFS Securities </link:label>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Realized Gain (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRealizedGainLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption_93c41867-606d-4e9b-9b23-07fc1a72b0c3_terseLabel_en-US" xlink:label="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption period following regulatory capital treatment event </link:label>
<link:label id="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption_label_en-US" xlink:label="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Preferred Stock, Period Following Regulatory Capital Treatment Event for Redemption </link:label>
<link:label id="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption_documentation_en-US" xlink:label="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Preferred Stock, Period Following Regulatory Capital Treatment Event for Redemption </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:href="ms-20201231.xsd#ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:to="lab_ms_RedeemablePreferredStockPeriodFollowingRegulatoryCapitalTreatmentEventforRedemption" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_ade74139-65fc-483e-8bcc-9134c2d95b9d_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition </link:label>
<link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFive_bb7f3b71-c662-4045-938f-bf52c8d5db5b_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFive_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearFive" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_f4912742-1e60-4be4-84a4-3601124dfa15_terseLabel_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities Debt Maturities, Year Six Through Ten, Annualized Average Yield </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of Held-to-maturity securities maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:to="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearSixThroughTenAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ValuationTechniqueComparablePricingMember_0d6c39eb-0127-4d47-8166-b52d76d92121_terseLabel_en-US" xlink:label="lab_ms_ValuationTechniqueComparablePricingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comparable Pricing </link:label>
<link:label id="lab_ms_ValuationTechniqueComparablePricingMember_label_en-US" xlink:label="lab_ms_ValuationTechniqueComparablePricingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Comparable Pricing [Member] </link:label>
<link:label id="lab_ms_ValuationTechniqueComparablePricingMember_documentation_en-US" xlink:label="lab_ms_ValuationTechniqueComparablePricingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation approach when prices for the identical instrument are not available. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ValuationTechniqueComparablePricingMember" xlink:href="ms-20201231.xsd#ms_ValuationTechniqueComparablePricingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ValuationTechniqueComparablePricingMember" xlink:to="lab_ms_ValuationTechniqueComparablePricingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseAndRentalExpense_e5a88371-e7ce-47c7-9459-b2ac7a0a0624_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rent expense </link:label>
<link:label id="lab_us-gaap_LeaseAndRentalExpense_label_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Rent Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseAndRentalExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseAndRentalExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseAndRentalExpense" xlink:to="lab_us-gaap_LeaseAndRentalExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OccupancyNet_85241302-3920-437e-9e25-4ad85373097f_terseLabel_en-US" xlink:label="lab_us-gaap_OccupancyNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Occupancy and equipment </link:label>
<link:label id="lab_us-gaap_OccupancyNet_label_en-US" xlink:label="lab_us-gaap_OccupancyNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Occupancy, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OccupancyNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OccupancyNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OccupancyNet" xlink:to="lab_us-gaap_OccupancyNet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputLoanPriceMember_a2a9d585-8031-428d-a4ac-d5a15eebfd8b_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputLoanPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Price </link:label>
<link:label id="lab_ms_MeasurementInputLoanPriceMember_label_en-US" xlink:label="lab_ms_MeasurementInputLoanPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Loan Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputLoanPriceMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputLoanPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputLoanPriceMember" xlink:to="lab_ms_MeasurementInputLoanPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_bb0997d7-9809-4845-8e7e-9e575a3b1d83_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and other </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableModificationsRecordedInvestment_edfb9a5f-112b-4f06-a138-1af5ba8dff2c_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsRecordedInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans, before ACL </link:label>
<link:label id="lab_us-gaap_FinancingReceivableModificationsRecordedInvestment_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsRecordedInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableModificationsRecordedInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableModificationsRecordedInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableModificationsRecordedInvestment" xlink:to="lab_us-gaap_FinancingReceivableModificationsRecordedInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditScoreFicoDomain_afbc237b-4bfd-45ca-a66b-39637e5ea405_terseLabel_en-US" xlink:label="lab_us-gaap_CreditScoreFicoDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Domain] </link:label>
<link:label id="lab_us-gaap_CreditScoreFicoDomain_label_en-US" xlink:label="lab_us-gaap_CreditScoreFicoDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditScoreFicoDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditScoreFicoDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditScoreFicoDomain" xlink:to="lab_us-gaap_CreditScoreFicoDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsFairValueDisclosure_42ba96af-b4cc-4ed6-bb0d-9482faefcc24_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_InvestmentsFairValueDisclosure_797484b7-318b-444d-8f30-4321b1f967ca_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_InvestmentsFairValueDisclosure_11bed19a-39e4-4415-951c-ec325fcf5a45_totalLabel_en-US" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities: Fair value, total </link:label>
<link:label id="lab_us-gaap_InvestmentsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure" xlink:to="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_0291b0fb-5865-4b5b-a3ef-05f8b699cf5a_verboseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential mortgages </link:label>
<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease_93551741-1ee6-4356-8647-3a7f374596f1_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis adjustments included in amortized cost/ carrying amount </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease"/>
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<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_497f8026-793f-406f-af2f-62149d61e057_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate </link:label>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_67d922a1-20ce-40d4-8309-1a7ba5bc711f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of future compensation increase (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease"/>
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<link:label id="lab_us-gaap_BankingRegulationCapitalConservationBufferAbstract_ce74f3d1-d2c2-4736-b5de-92556c6fbe0e_terseLabel_en-US" xlink:label="lab_us-gaap_BankingRegulationCapitalConservationBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital conservation buffer </link:label>
<link:label id="lab_us-gaap_BankingRegulationCapitalConservationBufferAbstract_label_en-US" xlink:label="lab_us-gaap_BankingRegulationCapitalConservationBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Capital Conservation Buffer [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingRegulationCapitalConservationBufferAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankingRegulationCapitalConservationBufferAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingRegulationCapitalConservationBufferAbstract" xlink:to="lab_us-gaap_BankingRegulationCapitalConservationBufferAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_LegalEntityAxis_f3583734-81f5-4b8c-bc05-1e9074081d86_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentPeriodEndDate_0bcfb679-64a1-45bf-a175-0e7274fbecb3_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember_61dc21da-db3d-4140-9958-780e9b946289_terseLabel_en-US" xlink:label="lab_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CLO SPEs </link:label>
<link:label id="lab_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember_label_en-US" xlink:label="lab_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Loan Obligations Entities Sponsored by Non-Affiliates [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember" xlink:href="ms-20201231.xsd#ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember" xlink:to="lab_ms_CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockRedemptionPricePerShare_f746c829-e391-4a8f-9613-949bf48eab62_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price per share (USD per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockRedemptionPricePerShare_label_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redemption Price Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockRedemptionPricePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockRedemptionPricePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockRedemptionPricePerShare" xlink:to="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsDeclaredTableTextBlock_d220bd4d-d9c1-4783-bfd7-329699dfb856_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Common Stock Dividends Per Share </link:label>
<link:label id="lab_us-gaap_DividendsDeclaredTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Declared [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsDeclaredTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsDeclaredTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsDeclaredTableTextBlock" xlink:to="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_1c4be597-4fa1-453e-8580-7bc8a2ef44d1_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassified to earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_61dc6566-af02-4710-8172-e49ed4372409_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CollateralReceivedToTotalAssetsRatioMember_99dff9aa-fa65-4cdd-a853-81b4d1b22c7a_terseLabel_en-US" xlink:label="lab_ms_CollateralReceivedToTotalAssetsRatioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off balance sheet—Collateral received </link:label>
<link:label id="lab_ms_CollateralReceivedToTotalAssetsRatioMember_label_en-US" xlink:label="lab_ms_CollateralReceivedToTotalAssetsRatioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Received to Total Assets Ratio [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CollateralReceivedToTotalAssetsRatioMember" xlink:href="ms-20201231.xsd#ms_CollateralReceivedToTotalAssetsRatioMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CollateralReceivedToTotalAssetsRatioMember" xlink:to="lab_ms_CollateralReceivedToTotalAssetsRatioMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_349218d9-8e50-4054-9cbc-6d91bc844a03_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) due to changes in instrument-specific credit risk </link:label>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_label_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets"/>
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<link:label id="lab_us-gaap_DebtMember_f79e2ee8-5618-4366-9a23-59f03fcc089a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings </link:label>
<link:label id="lab_us-gaap_DebtMember_label_en-US" xlink:label="lab_us-gaap_DebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtMember" xlink:to="lab_us-gaap_DebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock_b537d1a5-e5ce-4b2c-9ee8-6afad3bf49a6_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Borrowings with Original Maturities Greater than One Year </link:label>
<link:label id="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt, by Type [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of long-term debt by type. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfLongTermDebtByTypeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:to="lab_ms_ScheduleOfLongTermDebtByTypeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract_4ef06628-3d02-4460-8e75-d2aa56fcbc56_terseLabel_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax_bd56e24b-b9c4-4440-89f6-50c1c790381c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI activity </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Reclassifications, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodValue_f2250731-1768-4b75-8f3b-d260cba2fb13_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchases of common stock under the Firm’s Share Repurchase Program </link:label>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased During Period, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_13beb39c-39a4-4268-a937-30593e5522ae_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensation_37f62203-810b-469c-8593-836a04c2d862_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-based compensation expense </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Noncash Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialLoanMember_2f7b91b1-1ae8-406a-a914-7daec8b02676_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate </link:label>
<link:label id="lab_us-gaap_CommercialLoanMember_665e7c86-fd7f-4f54-9dd6-f419f01e0339_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialLoanMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Loans </link:label>
<link:label id="lab_us-gaap_CommercialLoanMember_label_en-US" xlink:label="lab_us-gaap_CommercialLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialLoanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialLoanMember" xlink:to="lab_us-gaap_CommercialLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod_0287763c-8c59-4651-a3d4-f46e3862cd1a_negatedTerseLabel_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposals </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod_label_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite Lived Intangible Assets Disposed During Period </link:label>
<link:label id="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod_documentation_en-US" xlink:label="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-lived Intangible Assets, Disposed During Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:href="ms-20201231.xsd#ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:to="lab_ms_FiniteLivedIntangibleAssetsDisposedDuringPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged_c6b157e4-f8da-4b8a-aa6d-dc099f035b51_terseLabel_en-US" xlink:label="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral that was sold or repledged1 </link:label>
<link:label id="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged_label_en-US" xlink:label="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged" xlink:to="lab_us-gaap_CustomerSecuritiesForWhichEntityHasRightToSellOrRepledgeFairValueOfSecuritiesSoldOrRepledged" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock_197e45a7-719c-47b0-9130-10d9a09a0ee3_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Gross Secured Financing Balances </link:label>
<link:label id="lab_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Securities Financing Transactions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock" xlink:to="lab_us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanleyBankNationalAssociationMember_920cbc8b-a93e-4977-bd50-db286cdba9ed_terseLabel_en-US" xlink:label="lab_ms_MorganStanleyBankNationalAssociationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MSBNA </link:label>
<link:label id="lab_ms_MorganStanleyBankNationalAssociationMember_label_en-US" xlink:label="lab_ms_MorganStanleyBankNationalAssociationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Bank, National Association [Member] </link:label>
<link:label id="lab_ms_MorganStanleyBankNationalAssociationMember_documentation_en-US" xlink:label="lab_ms_MorganStanleyBankNationalAssociationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Bank, National Association </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanleyBankNationalAssociationMember" xlink:href="ms-20201231.xsd#ms_MorganStanleyBankNationalAssociationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MorganStanleyBankNationalAssociationMember" xlink:to="lab_ms_MorganStanleyBankNationalAssociationMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputInterestRateVolatilitySkewMember_a5a4a07a-9f5a-4a03-a1f3-d8dfcf6cdce3_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputInterestRateVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> IR Volatility Skew </link:label>
<link:label id="lab_ms_MeasurementInputInterestRateVolatilitySkewMember_label_en-US" xlink:label="lab_ms_MeasurementInputInterestRateVolatilitySkewMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Volatility Skew [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputInterestRateVolatilitySkewMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputInterestRateVolatilitySkewMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputInterestRateVolatilitySkewMember" xlink:to="lab_ms_MeasurementInputInterestRateVolatilitySkewMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_b2f38206-2e62-4106-862c-aa6423517152_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeAxis" xlink:to="lab_us-gaap_MeasurementInputTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment_4034d429-faa2-4b0b-b12c-bbc911d65f66_terseLabel_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans: Held for investment </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment_label_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Held for Investment </link:label>
<link:label id="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment_documentation_en-US" xlink:label="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Held for Investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:href="ms-20201231.xsd#ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:to="lab_ms_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoansHeldForInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_f75374a8-0d9f-4ebc-b7ee-7dc218ac5ed8_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI activity </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Reclassifications, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancialAssetPastDueMember_147802e9-823e-4cad-b2ca-6a571b68f351_terseLabel_en-US" xlink:label="lab_ms_FinancialAssetPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_ms_FinancialAssetPastDueMember_label_en-US" xlink:label="lab_ms_FinancialAssetPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Past Due [Member] </link:label>
<link:label id="lab_ms_FinancialAssetPastDueMember_documentation_en-US" xlink:label="lab_ms_FinancialAssetPastDueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancialAssetPastDueMember" xlink:href="ms-20201231.xsd#ms_FinancialAssetPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancialAssetPastDueMember" xlink:to="lab_ms_FinancialAssetPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CommodityAndOtherContractsMember_2eb964bb-fc69-4002-bde1-b56bfdf6ba18_terseLabel_en-US" xlink:label="lab_ms_CommodityAndOtherContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity and other </link:label>
<link:label id="lab_ms_CommodityAndOtherContractsMember_1ff65e5d-93da-4e0e-b9b1-d9a0d1bef91f_verboseLabel_en-US" xlink:label="lab_ms_CommodityAndOtherContractsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodities </link:label>
<link:label id="lab_ms_CommodityAndOtherContractsMember_label_en-US" xlink:label="lab_ms_CommodityAndOtherContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity and Other Contracts [Member] </link:label>
<link:label id="lab_ms_CommodityAndOtherContractsMember_documentation_en-US" xlink:label="lab_ms_CommodityAndOtherContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative instrument whose primary underlying risk is tied to commodity contracts and other contracts that are not reported as interest rate, foreign exchange, equity security and index or credit contracts. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CommodityAndOtherContractsMember" xlink:href="ms-20201231.xsd#ms_CommodityAndOtherContractsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CommodityAndOtherContractsMember" xlink:to="lab_ms_CommodityAndOtherContractsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebt_799eda04-7652-4910-90f2-abd53b33c023_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_LongTermDebt_5af813a5-f442-49e7-b562-dad954990959_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmploymentContractsMember_4fde7605-35b2-47c0-abe2-fdc75580902b_terseLabel_en-US" xlink:label="lab_us-gaap_EmploymentContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Management contracts </link:label>
<link:label id="lab_us-gaap_EmploymentContractsMember_label_en-US" xlink:label="lab_us-gaap_EmploymentContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Contracts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmploymentContractsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmploymentContractsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmploymentContractsMember" xlink:to="lab_us-gaap_EmploymentContractsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentAdviceMember_286b0968-bd01-45c7-874c-cac20e5fd59b_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentAdviceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advisory </link:label>
<link:label id="lab_us-gaap_InvestmentAdviceMember_label_en-US" xlink:label="lab_us-gaap_InvestmentAdviceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Advice [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentAdviceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentAdviceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentAdviceMember" xlink:to="lab_us-gaap_InvestmentAdviceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanNameAxis_099d5b76-4d67-4ed2-9acb-fffc4fca7041_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanNameAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanNameAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanNameAxis" xlink:to="lab_us-gaap_RetirementPlanNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_b2c7d019-8251-4bbe-aff8-52ce8c1c768d_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase at fair value </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_dcc2cd1f-ed74-4ec5-9f70-3c72b70b925e_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:to="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CustomerRelationshipsMember_01fc9056-a965-4f89-a2b0-de0345b292e6_terseLabel_en-US" xlink:label="lab_us-gaap_CustomerRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer relationships </link:label>
<link:label id="lab_us-gaap_CustomerRelationshipsMember_label_en-US" xlink:label="lab_us-gaap_CustomerRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Relationships [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CustomerRelationshipsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CustomerRelationshipsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustomerRelationshipsMember" xlink:to="lab_us-gaap_CustomerRelationshipsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CreditRatingInternalDomain_b3943c4f-a8f0-4190-bd29-3d4c0120b683_terseLabel_en-US" xlink:label="lab_ms_CreditRatingInternalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Rating, Internal [Domain] </link:label>
<link:label id="lab_ms_CreditRatingInternalDomain_label_en-US" xlink:label="lab_ms_CreditRatingInternalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Rating, Internal [Domain] </link:label>
<link:label id="lab_ms_CreditRatingInternalDomain_documentation_en-US" xlink:label="lab_ms_CreditRatingInternalDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Credit Rating, Internal [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CreditRatingInternalDomain" xlink:href="ms-20201231.xsd#ms_CreditRatingInternalDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CreditRatingInternalDomain" xlink:to="lab_ms_CreditRatingInternalDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestIncome_e2990957-5da7-486b-9355-fa6209c56128_totalLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total non-interest revenues </link:label>
<link:label id="lab_us-gaap_NoninterestIncome_2e2cf246-5dd1-4259-a64f-ad73d933df61_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total non-interest revenues </link:label>
<link:label id="lab_us-gaap_NoninterestIncome_label_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoninterestIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncome" xlink:to="lab_us-gaap_NoninterestIncome" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MinimumMember_f8cb667a-674c-46c3-829c-d2ca0b9a15ea_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum </link:label>
<link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MinimumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_6a60f7dd-0fb4-4608-8254-d0709cd97009_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_abce6483-2442-4558-a897-4c62e0718c74_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of equity method investment </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Other than Temporary Impairment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:type="arc" order="1"/>
<link:label id="lab_ms_EmploymentStatusAxis_6b3194f6-f70f-421c-bd79-26b3a219f382_terseLabel_en-US" xlink:label="lab_ms_EmploymentStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Status [Axis] </link:label>
<link:label id="lab_ms_EmploymentStatusAxis_label_en-US" xlink:label="lab_ms_EmploymentStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Status [Axis] </link:label>
<link:label id="lab_ms_EmploymentStatusAxis_documentation_en-US" xlink:label="lab_ms_EmploymentStatusAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employment Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EmploymentStatusAxis" xlink:href="ms-20201231.xsd#ms_EmploymentStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_EmploymentStatusAxis" xlink:to="lab_ms_EmploymentStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock_6b26ca8b-a270-4b39-b046-80e437f83d93_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share Repurchases </link:label>
<link:label id="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Repurchase of Common Stock [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of repurchase of common stock. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:to="lab_ms_ScheduleOfRepurchaseOfCommonStockTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_dadeeea1-cc75-4cb9-9329-c90ae9063349_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amortization of actuarial loss </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityInteractiveDataCurrent_11fe6f0f-2e1b-4d5b-8572-b3c3214afce5_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_country_US_9c2e2fa6-dfbd-453c-8977-6bdcb28e79ed_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>
<link:label id="lab_country_US_label_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED STATES </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_US" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_US"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_ddf8cd71-d6bf-4288-89ac-deefc37b2ab8_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit expense </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_132931b1-b548-4af6-9294-ae13eb51e071_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allocation of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock_da523485-c52d-40db-a4d0-be2f6172477d_terseLabel_en-US" xlink:label="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Offsetting of Certain Collaterized Transactions </link:label>
<link:label id="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets and Liabilities [Table Text Block] </link:label>
<link:label id="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:href="ms-20201231.xsd#ms_OffsettingAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_ms_OffsettingAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesAbstract_82c9b0b0-8aac-4ccf-9629-71d36b2adab4_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>
<link:label id="lab_us-gaap_RevenuesAbstract_label_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherSecuredFinancings_7b16056e-fa45-46b4-abc9-ff6b983b6af9_terseLabel_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings (includes $11,701 and $7,809 at fair value) </link:label>
<link:label id="lab_us-gaap_OtherSecuredFinancings_3e479e89-fa91-45a6-85b7-7f3781015a9b_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_us-gaap_OtherSecuredFinancings_61f82d91-bcd0-4cea-8377-9861f8f6160e_totalLabel_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other secured financings </link:label>
<link:label id="lab_us-gaap_OtherSecuredFinancings_label_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherSecuredFinancings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherSecuredFinancings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSecuredFinancings" xlink:to="lab_us-gaap_OtherSecuredFinancings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery_4dc7fe30-2b38-4559-b263-2a450dbaf335_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recoveries </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss, Recovery </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_ms_PreferredStockRedeemedDuringPeriod_7c6b672c-74cf-46c9-9ca6-b82756aa7329_negatedTerseLabel_en-US" xlink:label="lab_ms_PreferredStockRedeemedDuringPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption of preferred stock </link:label>
<link:label id="lab_ms_PreferredStockRedeemedDuringPeriod_label_en-US" xlink:label="lab_ms_PreferredStockRedeemedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemed During Period </link:label>
<link:label id="lab_ms_PreferredStockRedeemedDuringPeriod_documentation_en-US" xlink:label="lab_ms_PreferredStockRedeemedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of preferred stock redeemed during the reporting period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_PreferredStockRedeemedDuringPeriod" xlink:href="ms-20201231.xsd#ms_PreferredStockRedeemedDuringPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_PreferredStockRedeemedDuringPeriod" xlink:to="lab_ms_PreferredStockRedeemedDuringPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherVariableInterestsMember_466452ee-df56-46c8-996d-6b7a56626d9f_terseLabel_en-US" xlink:label="lab_ms_OtherVariableInterestsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_OtherVariableInterestsMember_label_en-US" xlink:label="lab_ms_OtherVariableInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interests [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_OtherVariableInterestsMember" xlink:href="ms-20201231.xsd#ms_OtherVariableInterestsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherVariableInterestsMember" xlink:to="lab_ms_OtherVariableInterestsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract_e699de8c-83dd-4133-acd8-6a56a991a877_terseLabel_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CCyB </link:label>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract_label_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Countercyclical Capital Buffer [Abstract] </link:label>
<link:label id="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract_documentation_en-US" xlink:label="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Countercyclical Capital Buffer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:href="ms-20201231.xsd#ms_BankingRegulationCountercyclicalCapitalBufferAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:to="lab_ms_BankingRegulationCountercyclicalCapitalBufferAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_f73cd4b7-173b-44f0-95f8-11cc81a97249_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalAccumulationPlans_618527a7-32ec-450e-9fc0-d4ff279be125_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalAccumulationPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee stock trusts </link:label>
<link:label id="lab_us-gaap_CapitalAccumulationPlans_label_en-US" xlink:label="lab_us-gaap_CapitalAccumulationPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Accumulation Plans </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalAccumulationPlans" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalAccumulationPlans"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalAccumulationPlans" xlink:to="lab_us-gaap_CapitalAccumulationPlans" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_c7e04f06-6193-4651-83e0-dba441a8de77_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201811Member_0e666792-08c7-466a-a0fb-21d8707b15c1_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201811Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2018-11 </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201811Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201811Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2018-11 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201811Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdate201811Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdate201811Member" xlink:to="lab_us-gaap_AccountingStandardsUpdate201811Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement_bd874212-d9ea-4461-816f-aea918631973_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_9ee8cc73-20dd-4a3f-a707-ec55036a8c67_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeDomain" xlink:to="lab_us-gaap_RetirementPlanTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_829b7d61-c83b-4770-b2ea-2c272eec55bb_terseLabel_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_label_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities Debt Maturities Year Two Through Five Annualized Average Yield </link:label>
<link:label id="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield_documentation_en-US" xlink:label="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annualized average yield of Held-to-maturity securities maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:href="ms-20201231.xsd#ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:to="lab_ms_HeldToMaturitySecuritiesDebtMaturitiesYearTwoThroughFiveAnnualizedAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems_cd82b3a8-9755-4eca-a30f-7c26092e08b1_terseLabel_en-US" xlink:label="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Requirements </link:label>
<link:label id="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems_label_en-US" xlink:label="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems"/>
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<link:label id="lab_us-gaap_NondesignatedMember_67cf6241-f4ad-4112-b2f6-6286f4838417_terseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not designated as accounting hedges </link:label>
<link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NondesignatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged_65fde617-8faa-4118-a558-ad8e2773bd22_totalLabel_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged_label_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Financial Instruments, Not Separately Reported, Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged"/>
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<link:label id="lab_us-gaap_CashAndDueFromBanksAbstract_72fa3eb1-5213-49a2-8fab-c33f42184332_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanksAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents: </link:label>
<link:label id="lab_us-gaap_CashAndDueFromBanksAbstract_label_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanksAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Due from Banks [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndDueFromBanksAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndDueFromBanksAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndDueFromBanksAbstract" xlink:to="lab_us-gaap_CashAndDueFromBanksAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_6fd9d2b6-26c0-4ddc-899a-ee1c0d6dd32b_totalLabel_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_0544cd0e-15fe-4750-b44b-ebe04e513599_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_8932692a-d574-4458-b489-12c4ddd2a767_verboseLabel_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_label_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues, Net of Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:to="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_ms_CaseNumber153637AndCaseNumber154353Member_9aa9763c-4593-4402-90cd-89d48f6e7e6b_terseLabel_en-US" xlink:label="lab_ms_CaseNumber153637AndCaseNumber154353Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Case Number 15/3637 and Case Number 15/4353 </link:label>
<link:label id="lab_ms_CaseNumber153637AndCaseNumber154353Member_label_en-US" xlink:label="lab_ms_CaseNumber153637AndCaseNumber154353Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Case Number 153637 and Case Number 154353 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_CaseNumber153637AndCaseNumber154353Member" xlink:href="ms-20201231.xsd#ms_CaseNumber153637AndCaseNumber154353Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_CaseNumber153637AndCaseNumber154353Member" xlink:to="lab_ms_CaseNumber153637AndCaseNumber154353Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1ca7ea36-ba04-4073-ad0e-7e7e7bf55acd_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currencies </link:label>
<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Transactions and Translations Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss_1183e1da-870c-4ceb-bc10-c621d3d45a78_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Realized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommunicationsAndInformationTechnology_9da71561-ce3c-49d7-b129-4bccfcdb0b8c_terseLabel_en-US" xlink:label="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Information processing and communications </link:label>
<link:label id="lab_us-gaap_CommunicationsAndInformationTechnology_label_en-US" xlink:label="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Communications and Information Technology </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommunicationsAndInformationTechnology" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommunicationsAndInformationTechnology"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommunicationsAndInformationTechnology" xlink:to="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct_f390d352-99f8-438f-a4a9-dc923e55fd32_terseLabel_en-US" xlink:label="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess net capital </link:label>
<link:label id="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct_label_en-US" xlink:label="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Excess (Shortage) under Securities and Exchange Commission Regulation and Commodity Exchange Act </link:label>
<link:label id="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct_documentation_en-US" xlink:label="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount by which actual net capital exceeds (does not exceed) the greater required net capital under Securities and Exchange Commission and CFTC regulations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:href="ms-20201231.xsd#ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:to="lab_ms_NetCapitalExcessShortageUnderSecuritiesAndExchangeCommissionRegulationAndCommodityExchangeAct" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_5724226a-d41a-4fad-88e6-30c941c12093_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Fair value, due within 1 year </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue"/>
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<link:label id="lab_us-gaap_InvestmentBankingRevenue_8ebe620b-8249-4b4c-b939-7e3ed0a1108c_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment banking </link:label>
<link:label id="lab_us-gaap_InvestmentBankingRevenue_label_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBankingRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentBankingRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentBankingRevenue" xlink:to="lab_us-gaap_InvestmentBankingRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_1278aae6-dbe9-46c2-abd0-3105b520db70_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
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<link:label id="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders_ca71c23b-e7ed-4d61-9790-ba8233875057_terseLabel_en-US" xlink:label="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidity obligations </link:label>
<link:label id="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders_label_en-US" xlink:label="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Amount Callable or Extendible at Option of Holders </link:label>
<link:label id="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders_documentation_en-US" xlink:label="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt, amount that is callable or extendible at the option of holders. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:href="ms-20201231.xsd#ms_DebtAmountCallableOrExtendibleAtOptionOfHolders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:to="lab_ms_DebtAmountCallableOrExtendibleAtOptionOfHolders" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_25acfcd0-b89c-4f7f-82d4-18ea9a6826fa_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities: Amortized cost, after 5 years through 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost"/>
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<link:label id="lab_us-gaap_FairValueInputsLevel2Member_d5a090d3-fde3-42d2-b875-a54f55a38aae_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest_f6c8ee8b-e307-44c3-8e10-78948027dc99_terseLabel_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carried interest compensation expense </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest_label_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Return on Referenced Investments, Carried Interest </link:label>
<link:label id="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest_documentation_en-US" xlink:label="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Return on Referenced Investments, Carried Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:href="ms-20201231.xsd#ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:to="lab_ms_DeferredCompensationArrangementwithIndividualReturnonReferencedInvestmentsCarriedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_a878a1d7-6995-4bf3-892a-0cf2b3027bc3_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Originated, More than Five Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_8a55fc58-428a-462b-bce2-4619aa492f69_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities at fair value </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_b80d0425-9ba8-4687-943b-5ed91a2fd815_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis_891841de-d157-4721-b4d5-323ec7f59d16_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Axis] </link:label>
<link:label id="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis_label_en-US" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:to="lab_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_aa3cafa4-99be-4331-ac47-cfc1f9971c27_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_ms_WithholdingTaxCreditSetOff_b47150d7-e1b2-4273-9694-0342ca97691b_terseLabel_en-US" xlink:label="lab_ms_WithholdingTaxCreditSetOff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Withholding tax credit set-off </link:label>
<link:label id="lab_ms_WithholdingTaxCreditSetOff_label_en-US" xlink:label="lab_ms_WithholdingTaxCreditSetOff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Withholding Tax Credit Set-Off </link:label>
<link:label id="lab_ms_WithholdingTaxCreditSetOff_documentation_en-US" xlink:label="lab_ms_WithholdingTaxCreditSetOff" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Withholding Tax Credit Set-Off </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_WithholdingTaxCreditSetOff" xlink:href="ms-20201231.xsd#ms_WithholdingTaxCreditSetOff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_WithholdingTaxCreditSetOff" xlink:to="lab_ms_WithholdingTaxCreditSetOff" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetNotionalAmount_cf547a4b-5696-4341-b6f0-80a100cea2bb_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Notional Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNotionalAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNotionalAmount" xlink:to="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_112d0fe6-6a68-45db-8bf5-324080c14b5b_negatedLabel_en-US" xlink:label="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Purchased under Agreements to Resell </link:label>
<link:label id="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_documentation_en-US" xlink:label="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The net change in the beginning and end of period for investments purchased under the agreement to resell such investment balances. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:href="ms-20201231.xsd#ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_ms_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_2f1dba0e-470a-4a34-8ccc-5c10fd07e277_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrecognized tax benefits </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits that Would Impact Effective Tax Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_ms_VariableInterestEntityByInterestAxis_c7ed6123-7057-478e-a9a2-5da586966566_terseLabel_en-US" xlink:label="lab_ms_VariableInterestEntityByInterestAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, by Interest [Axis] </link:label>
<link:label id="lab_ms_VariableInterestEntityByInterestAxis_label_en-US" xlink:label="lab_ms_VariableInterestEntityByInterestAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, by Interest [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_VariableInterestEntityByInterestAxis" xlink:href="ms-20201231.xsd#ms_VariableInterestEntityByInterestAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_VariableInterestEntityByInterestAxis" xlink:to="lab_ms_VariableInterestEntityByInterestAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned_a64a1c6a-3065-44b0-92cf-65d35af35ef0_terseLabel_en-US" xlink:label="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase and securities loaned </link:label>
<link:label id="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned_label_en-US" xlink:label="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Securities Sold under Agreements to Repurchase and Securities Loaned </link:label>
<link:label id="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned_documentation_en-US" xlink:label="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense on securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period, and interest expense from securities loaned. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:href="ms-20201231.xsd#ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:to="lab_ms_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchaseAndSecuritiesLoaned" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_ee529501-4105-4947-bb62-bc125db50321_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of future compensation increases (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_cb7d5c92-8caa-4841-a31e-54f670eafa85_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount recognized </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongtermLineofCreditAllowanceforCreditLoss_405d86d2-8832-4ecd-9450-1c046b737e1f_terseLabel_en-US" xlink:label="lab_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit loss </link:label>
<link:label id="lab_ms_LongtermLineofCreditAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Line of Credit, Allowance for Credit Loss </link:label>
<link:label id="lab_ms_LongtermLineofCreditAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Line of Credit, Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_LongtermLineofCreditAllowanceforCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:to="lab_ms_LongtermLineofCreditAllowanceforCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NoninvestmentGradeMember_c4faedba-5cac-4ed7-9c56-9cb9a2f595fd_terseLabel_en-US" xlink:label="lab_ms_NoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Investment Grade </link:label>
<link:label id="lab_ms_NoninvestmentGradeMember_d47f79f3-e1ca-4b86-8c50-145b03538401_verboseLabel_en-US" xlink:label="lab_ms_NoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-investment grade </link:label>
<link:label id="lab_ms_NoninvestmentGradeMember_label_en-US" xlink:label="lab_ms_NoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninvestment Grade [Member] </link:label>
<link:label id="lab_ms_NoninvestmentGradeMember_documentation_en-US" xlink:label="lab_ms_NoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninvestment grade </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NoninvestmentGradeMember" xlink:href="ms-20201231.xsd#ms_NoninvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NoninvestmentGradeMember" xlink:to="lab_ms_NoninvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsCommonStock_40900d06-878b-49b0-932d-73f2f143d209_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock dividends </link:label>
<link:label id="lab_us-gaap_DividendsCommonStock_ecc945b9-75f4-4fc0-9afa-01508a65e464_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock dividends </link:label>
<link:label id="lab_us-gaap_DividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStock" xlink:to="lab_us-gaap_DividendsCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_158e056f-b076-45c2-9eb1-10fce04db0d3_terseLabel_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-based compensation expense </link:label>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_label_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember_5ead49c4-8304-4ef0-af48-f91cd70ebf96_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS  Securities </link:label>
<link:label id="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember_d4efd928-32b0-4b6d-919c-a9d0f61ca2e1_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent </link:label>
<link:label id="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:to="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_3b0e2e80-7702-4a65-a349-f8af378eecc0_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_9fd2629f-d0da-4dff-8f4e-6eed8487e4cf_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax benefit </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense, Tax Benefit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesAfterYearFive_6cc0e48b-896a-4925-ac60-ca612ee3e616_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesAfterYearFive_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimeDepositMaturitiesAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:to="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongTermDebtVariableRateMember_35d069bb-6a45-4937-8677-cf4fd65d8ecc_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate </link:label>
<link:label id="lab_ms_LongTermDebtVariableRateMember_label_en-US" xlink:label="lab_ms_LongTermDebtVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Variable Rate [Member] </link:label>
<link:label id="lab_ms_LongTermDebtVariableRateMember_documentation_en-US" xlink:label="lab_ms_LongTermDebtVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt with variable interest rate. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongTermDebtVariableRateMember" xlink:href="ms-20201231.xsd#ms_LongTermDebtVariableRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongTermDebtVariableRateMember" xlink:to="lab_ms_LongTermDebtVariableRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsFairValueDisclosure_e596f5a0-ec1e-4de1-b224-3a07d7856fef_verboseLabel_en-US" xlink:label="lab_us-gaap_DepositsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits at fair value </link:label>
<link:label id="lab_us-gaap_DepositsFairValueDisclosure_fbe4afab-a05a-4099-8222-38cd8bdb3a48_terseLabel_en-US" xlink:label="lab_us-gaap_DepositsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_DepositsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_DepositsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepositsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsFairValueDisclosure" xlink:to="lab_us-gaap_DepositsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables_a5004828-9dc7-4c0b-9761-25db7ca75943_terseLabel_en-US" xlink:label="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation of inventory, investments and receivables </link:label>
<link:label id="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables_label_en-US" xlink:label="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Inventory, Investments and Receivables </link:label>
<link:label id="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables_documentation_en-US" xlink:label="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from inventory, investments and receivables. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:href="ms-20201231.xsd#ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:to="lab_ms_DeferredTaxAssetsInventoryInvestmentsAndReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentTable_c5f9d0f4-fd23-4910-aee1-4e96979733d1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable" xlink:to="lab_us-gaap_DebtInstrumentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_3cf7a968-5432-4a08-9115-c5a58681ba50_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency CMBS </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed Securities, Issued by Private Enterprises [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:to="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable_75f3c89b-5607-4361-a155-b9a0c36c2134_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from External Customers by Products and Services [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from External Customers by Products and Services [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable" xlink:to="lab_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock_9f6122eb-d0c8-4d4f-a581-917c22d6bf1b_terseLabel_en-US" xlink:label="lab_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Revenues by Region </link:label>
<link:label id="lab_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock_label_en-US" xlink:label="lab_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Revenue from External Customers by Geographic Areas [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:href="ms-20201231.xsd#ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:to="lab_ms_NetRevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_7c254b32-a392-4f31-a64a-4d9f9459a767_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember_b1faf1bf-5877-433a-9dcd-c41719ca4633_terseLabel_en-US" xlink:label="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Relative MS TSR </link:label>
<link:label id="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember_label_en-US" xlink:label="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Total Shareholder Return, Relative to Total Shareholder Return of Standard & Poor's 500 Financials Sector Index [Member] </link:label>
<link:label id="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember_documentation_en-US" xlink:label="lab_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley's total shareholder return, relative to the total shareholder return of Standard & Poor's 500 Financials Sector Index. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember" xlink:href="ms-20201231.xsd#ms_MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember"/>
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<link:label id="lab_ms_ForeignTargetedCashFlowFundsMember_c11e37d0-840a-4044-9718-1812301535da_terseLabel_en-US" xlink:label="lab_ms_ForeignTargetedCashFlowFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Funds: Targeted Cash Flow </link:label>
<link:label id="lab_ms_ForeignTargetedCashFlowFundsMember_label_en-US" xlink:label="lab_ms_ForeignTargetedCashFlowFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Targeted Cash Flow Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ForeignTargetedCashFlowFundsMember" xlink:href="ms-20201231.xsd#ms_ForeignTargetedCashFlowFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ForeignTargetedCashFlowFundsMember" xlink:to="lab_ms_ForeignTargetedCashFlowFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseMember_83af54f9-4f2b-4223-9eff-b7b8e166bc01_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseMember_label_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseMember" xlink:to="lab_us-gaap_InterestExpenseMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndDueFromBanks_1d990662-968b-443a-8085-a7b018bd6d0a_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanks" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and due from banks </link:label>
<link:label id="lab_us-gaap_CashAndDueFromBanks_label_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Due from Banks </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndDueFromBanks" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndDueFromBanks"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndDueFromBanks" xlink:to="lab_us-gaap_CashAndDueFromBanks" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive_5fb5438b-f769-451a-acf1-03896e13d5db_terseLabel_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Accounted for as Secured Borrowings, Associated Liabilities, Maturities, Repayments of Principal in Year Five </link:label>
<link:label id="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive_documentation_en-US" xlink:label="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of liabilities associated with financial assets accounted for as secured borrowings maturing in the fifth fiscal year following the latest fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:href="ms-20201231.xsd#ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="lab_ms_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMaturitiesRepaymentsOfPrincipalInYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess_e910e9d2-148b-4dbf-b49b-8817f122cbdc_terseLabel_en-US" xlink:label="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured financings with original maturities one year or less </link:label>
<link:label id="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess_label_en-US" xlink:label="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Financings, Original Maturities One Year or Less </link:label>
<link:label id="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess_documentation_en-US" xlink:label="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured financings with original maturities one year or less. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:href="ms-20201231.xsd#ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:to="lab_ms_SecuredFinancingsOriginalMaturitiesOneYearOrLess" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_9e55cc6d-c27f-4bb2-b814-876ef2b4772f_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_f90b1966-c53a-476b-bd40-6cace9a32fe1_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities and equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_c6ddd2f2-a165-457b-ab85-bc61f3452605_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities and equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_24bb1232-f333-4884-aec0-6973fa16b17e_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) from fair value remeasurements </link:label>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_23c5133e-2daf-4842-ace0-13438b6fe145_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings impact </link:label>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_label_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Changes in Fair Value, Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionChangesInFairValueGainLoss1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:to="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201409Member_95c8f20d-a3bb-44f4-a43f-bab694618c1e_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201409Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from contracts with customers </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201409Member_78c1b38c-d8bc-4190-98ec-9655d97675fb_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201409Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2014-09 </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdate201409Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201409Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2014-09 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201409Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdate201409Member" xlink:to="lab_us-gaap_AccountingStandardsUpdate201409Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_317cd967-9d92-41ea-ac3f-95dcb9a13a86_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement </link:label>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_950eba65-58d6-4ca1-b3e2-6ae3ae06c413_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decreases related to lapse of statute of limitations </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_e53cef1d-5a26-488b-ac4c-ad8981d18c78_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotesReceivableNet_b80be1ef-d210-4a33-bcd3-3e7ed18d0def_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, after Allowance for Credit Loss </link:label>
<link:label id="lab_us-gaap_NotesReceivableNet_599d2fec-539b-4035-bd29-f9a4859ae980_totalLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for investment, net </link:label>
<link:label id="lab_us-gaap_NotesReceivableNet_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet" xlink:to="lab_us-gaap_NotesReceivableNet" xlink:type="arc" order="1"/>
<link:label id="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings_2bb7ecab-1cfc-47b7-9c26-e41127bd6c1e_negatedTerseLabel_en-US" xlink:label="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchases of common stock and employee tax withholdings </link:label>
<link:label id="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings_label_en-US" xlink:label="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value, Acquired, Cost Method and Employee Tax Withholdings </link:label>
<link:label id="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings_documentation_en-US" xlink:label="lab_ms_TreasuryStockValueAcquiredCostMethodAndEmployeeTaxWithholdings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity impact of the cost of common and preferred stock that were repurchased during the period recorded using the cost method, and employee tax withholdings. </link:label>
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<link:label id="lab_ms_OffbalancesheetLoanCommitmentsAllowanceforCreditExposuresEffectofAccountingUpdateAdoption_5d1acc4b-ca48-408d-89f6-b2467682f5e8_terseLabel_en-US" xlink:label="lab_ms_OffbalancesheetLoanCommitmentsAllowanceforCreditExposuresEffectofAccountingUpdateAdoption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of CECL adoption </link:label>
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<link:label id="lab_ms_OffbalancesheetLoanCommitmentsAllowanceforCreditExposuresEffectofAccountingUpdateAdoption_documentation_en-US" xlink:label="lab_ms_OffbalancesheetLoanCommitmentsAllowanceforCreditExposuresEffectofAccountingUpdateAdoption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-balance-sheet Loan Commitments, Allowance for Credit Exposures, Effect of Accounting Update Adoption </link:label>
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<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_91ca09d9-e934-4534-ab07-930cd15b4bdb_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS) (shares) </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
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<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_90c04950-9fef-4fbd-a418-f58900152d11_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current income tax expense (benefit) </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
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<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement_e5c0a6b5-57c5-4e11-9f99-b1fff0eccc97_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellNotSubjectToMasterNettingArrangement"/>
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<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss_cd2f7d35-6179-406a-84c4-df8eceb1a8f8_terseLabel_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Net carrying amount, after 10 years </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss_label_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:label id="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss_documentation_en-US" xlink:label="lab_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost Less Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss" xlink:href="ms-20201231.xsd#ms_DebtSecuritiesHeldtomaturityMaturityAllocatedandSingleMaturityDateRollingafter10YearsAmortizedCostLessAllowanceforCreditLoss"/>
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<link:label id="lab_us-gaap_EquityComponentDomain_17185b66-2aec-495a-86f9-afa449726765_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_8cd5742a-0e55-40ff-bf75-a19b69a8662d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Future Benefit Payments </link:label>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock_e0828e07-4928-44c7-8af6-73f05ffa3b54_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Asset Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock"/>
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<link:label id="lab_us-gaap_InterestIncomeExpenseNonoperatingNet_359d1cb4-09f7-47ca-8a13-0d016c8fc8b1_negatedLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNonoperatingNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognized in income statements </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNonoperatingNet_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNonoperatingNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Nonoperating, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNonoperatingNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeExpenseNonoperatingNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNonoperatingNet" xlink:to="lab_us-gaap_InterestIncomeExpenseNonoperatingNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestRateContractMember_abd4660a-8b6d-4f98-9319-433e7509d902_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate </link:label>
<link:label id="lab_us-gaap_InterestRateContractMember_50930a30-51a5-4bfb-9540-36050762095d_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rates </link:label>
<link:label id="lab_us-gaap_InterestRateContractMember_label_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateContractMember" xlink:to="lab_us-gaap_InterestRateContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLoss_f29bc9e5-1bcf-452b-96c7-114c85880c0b_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income applicable to Morgan Stanley </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_6b305fab-1741-4bf4-97f6-671a2f16f4a6_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income applicable to Morgan Stanley </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
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<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_4ab7bfa3-8a19-407c-87f4-e36e82098688_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems_846f194b-185d-4259-b3ab-1c7b552850ea_terseLabel_en-US" xlink:label="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:label id="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems_label_en-US" xlink:label="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:label id="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems_documentation_en-US" xlink:label="lab_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems" xlink:href="ms-20201231.xsd#ms_FairValueAssetsandLiabilitiesMeasuredonRecurringBasisUnobservableInputReconciliationLineItems"/>
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<link:label id="lab_ms_SecuredFinancingsOriginalMaturitiesGreaterThanOneYear_5a70129a-34ba-4aae-851a-8846294fb619_terseLabel_en-US" xlink:label="lab_ms_SecuredFinancingsOriginalMaturitiesGreaterThanOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured financings with original maturities greater than one year </link:label>
<link:label id="lab_ms_SecuredFinancingsOriginalMaturitiesGreaterThanOneYear_label_en-US" xlink:label="lab_ms_SecuredFinancingsOriginalMaturitiesGreaterThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Financings, Original Maturities Greater than One Year </link:label>
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<link:label id="lab_srt_ArithmeticAverageMember_b19ae7a1-e704-471e-b682-b62f381061ca_terseLabel_en-US" xlink:label="lab_srt_ArithmeticAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average </link:label>
<link:label id="lab_srt_ArithmeticAverageMember_label_en-US" xlink:label="lab_srt_ArithmeticAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arithmetic Average [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ArithmeticAverageMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ArithmeticAverageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ArithmeticAverageMember" xlink:to="lab_srt_ArithmeticAverageMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedAbstract_879d1f3a-f0ec-4e7b-85ea-283dbb69e4e6_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedAbstract_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedAbstract" xlink:to="lab_us-gaap_SecuritiesLoanedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PrivateEquityFundsMember_4be1b1b4-ccb5-4c3a-ae39-b5bc4352b174_terseLabel_en-US" xlink:label="lab_us-gaap_PrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private equity </link:label>
<link:label id="lab_us-gaap_PrivateEquityFundsMember_label_en-US" xlink:label="lab_us-gaap_PrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrivateEquityFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrivateEquityFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrivateEquityFundsMember" xlink:to="lab_us-gaap_PrivateEquityFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityAbstract_dc983620-eedb-4a05-aeac-3f0219093b3c_terseLabel_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity investments in subsidiaries: </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityAbstract_label_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Subsidiaries at Equity [Abstract] </link:label>
<link:label id="lab_ms_InvestmentInSubsidiariesAtEquityAbstract_documentation_en-US" xlink:label="lab_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in subsidiaries, at equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:href="ms-20201231.xsd#ms_InvestmentInSubsidiariesAtEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:to="lab_ms_InvestmentInSubsidiariesAtEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputFundingSpreadMember_170d83fe-647c-49d5-bef0-8d0ae749d787_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputFundingSpreadMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funding Spread </link:label>
<link:label id="lab_ms_MeasurementInputFundingSpreadMember_label_en-US" xlink:label="lab_ms_MeasurementInputFundingSpreadMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Funding Spread [Member] </link:label>
<link:label id="lab_ms_MeasurementInputFundingSpreadMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputFundingSpreadMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input using the cost of borrowing defined as the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputFundingSpreadMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputFundingSpreadMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputFundingSpreadMember" xlink:to="lab_ms_MeasurementInputFundingSpreadMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CompensationRelatedCostsAbstract_6e6e4ba6-c843-498b-aa1d-761054b7406f_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation Related Costs [Abstract] </link:label>
<link:label id="lab_us-gaap_CompensationRelatedCostsAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation Related Costs [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationRelatedCostsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationRelatedCostsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationRelatedCostsAbstract" xlink:to="lab_us-gaap_CompensationRelatedCostsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest_cd0b77ab-56ce-4bf5-93ba-382382ff5b8c_terseLabel_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed rate loans, net </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest_label_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale with Fixed Rates of Interest </link:label>
<link:label id="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest_documentation_en-US" xlink:label="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable including Held-for-Sale with Fixed Rates of Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:href="ms-20201231.xsd#ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:to="lab_ms_FinancingReceivableIncludingHeldForSaleWithFixedRatesOfInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecurities_62351e68-737a-4745-927e-72eb12ce4d17_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment securities - HTM </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecurities_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecurities" xlink:to="lab_us-gaap_HeldToMaturitySecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral_6ae6800a-8221-493c-9d8b-ad4af913a398_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_SecuritiesLoanedAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember_9d77ce0d-de8a-4383-b379-946e3847acf8_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Protection Purchased </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap, Buying Protection [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDefaultSwapBuyingProtectionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:to="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock_515b27e5-bd99-4e53-ae94-627b7ce45c98_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Obligations under Guarantee Arrangements </link:label>
<link:label id="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Parent Guarantor Obligations [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations by parent company. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfParentGuarantorObligationsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:to="lab_ms_ScheduleOfParentGuarantorObligationsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAbstract_d40572bd-0a55-499d-a57d-9aef549ab188_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents [Abstract] </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAbstract_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAbstract" xlink:to="lab_us-gaap_CashAndCashEquivalentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_1dcd6fa2-a932-4bb9-86c6-d0e0269ed425_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HTM securities: Fair value, after 1 year through 5 years </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_729a94e8-f457-419c-b0d3-244fc989024d_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDerivativesByContractTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:to="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock_7f3655ba-b18b-4d74-8a69-a5694af31182_terseLabel_en-US" xlink:label="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Restricted Cash and Segregated Securities </link:label>
<link:label id="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock_label_en-US" xlink:label="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash and Securities Segregated under Federal and Other Regulations [Table Text Block] </link:label>
<link:label id="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock_documentation_en-US" xlink:label="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of cash subject to withdrawal restrictions, restricted deposits held as compensating balances, and cash and securities segregated in compliance with regulations (such as cash deposited in a special reserve account for the exclusive benefit of customers). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:href="ms-20201231.xsd#ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:to="lab_ms_ScheduleOfCashAndSecuritiesSegregatedUnderFederalAndOtherRegulationsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_656c91ab-b073-4d4e-917a-db2b5980af0f_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Year One, Originated, Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MeasurementInputEquityVolatilityMember_329e7059-6ea0-4530-826e-ce99fa88767a_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Volatility </link:label>
<link:label id="lab_ms_MeasurementInputEquityVolatilityMember_label_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Volatility [Member] </link:label>
<link:label id="lab_ms_MeasurementInputEquityVolatilityMember_documentation_en-US" xlink:label="lab_ms_MeasurementInputEquityVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Volatility </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MeasurementInputEquityVolatilityMember" xlink:href="ms-20201231.xsd#ms_MeasurementInputEquityVolatilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MeasurementInputEquityVolatilityMember" xlink:to="lab_ms_MeasurementInputEquityVolatilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_cec8de54-7416-49f8-8257-66122ac56cc8_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Disclosure of Cash Flow Information </link:label>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Cash Flow Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
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<link:label id="lab_ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember_429e465d-c1f0-47e4-8e29-05a5df949354_terseLabel_en-US" xlink:label="lab_ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Eligible U.S. Employees with Eligible Pay Less than or Equal to $100,000 </link:label>
<link:label id="lab_ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember_label_en-US" xlink:label="lab_ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Eligible U.S. Employees with Eligible Pay Less than or Equal to One Hundred Thousands Dollars [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember" xlink:href="ms-20201231.xsd#ms_EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember"/>
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<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_92d318e6-5c22-4491-a904-02d9e8b90b40_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyEstimateOfPossibleLoss_67b00adf-dad9-4418-a213-8b4657b8c2a2_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of possible loss </link:label>
<link:label id="lab_us-gaap_LossContingencyEstimateOfPossibleLoss_label_en-US" xlink:label="lab_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Estimate of Possible Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyEstimateOfPossibleLoss"/>
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<link:label id="lab_ms_SingleNameCreditDefaultSwapMember_c5a299b1-5398-4b87-92fc-568cd11b879d_terseLabel_en-US" xlink:label="lab_ms_SingleNameCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Single-name CDS </link:label>
<link:label id="lab_ms_SingleNameCreditDefaultSwapMember_7d95f51d-1866-49d3-b438-c67e28badf1f_verboseLabel_en-US" xlink:label="lab_ms_SingleNameCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Single name </link:label>
<link:label id="lab_ms_SingleNameCreditDefaultSwapMember_label_en-US" xlink:label="lab_ms_SingleNameCreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Single Name Credit Default Swap [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_SingleNameCreditDefaultSwapMember" xlink:to="lab_ms_SingleNameCreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome_a7e12ba9-0d2b-4f27-a058-43eae1b0f218_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome"/>
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<link:label id="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_2c66d2f5-64f6-40a2-852c-a07f62ed7b41_terseLabel_en-US" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to and advances from subsidiaries </link:label>
<link:label id="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due to Related Parties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentMeasurementInput_a5b0c72a-ec67-4a53-a33d-890964ad7b07_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Borrowings, measurement input value </link:label>
<link:label id="lab_us-gaap_DebtInstrumentMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentMeasurementInput" xlink:to="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_badf9175-e3fd-49c2-931c-c032caccbe2d_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:type="arc" order="1"/>
<link:label id="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries_2e169c87-7cff-43ad-9248-d3d791d9415e_totalLabel_en-US" xlink:label="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income before undistributed gain of subsidiaries </link:label>
<link:label id="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries_label_en-US" xlink:label="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) before Undistributied Earnings from Subsidiaries </link:label>
<link:label id="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries_documentation_en-US" xlink:label="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (loss) before undistributied earnings from subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:href="ms-20201231.xsd#ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:to="lab_ms_NetIncomeLossBeforeUndistributiedEarningsFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_ms_LongTermDebtRateTypeAxis_e2caa355-1f9f-4c3c-b842-5695e08029c1_terseLabel_en-US" xlink:label="lab_ms_LongTermDebtRateTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Rate Type [Axis] </link:label>
<link:label id="lab_ms_LongTermDebtRateTypeAxis_label_en-US" xlink:label="lab_ms_LongTermDebtRateTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Rate Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_LongTermDebtRateTypeAxis" xlink:href="ms-20201231.xsd#ms_LongTermDebtRateTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_LongTermDebtRateTypeAxis" xlink:to="lab_ms_LongTermDebtRateTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets_344424fb-b049-4e90-87f6-c18e10758623_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_f319992a-784c-439b-9677-c284b1791d97_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS: Gross Unrealized Losses, Less than 12 Months </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_f64c7659-5e1c-4ba4-8698-b9f57d9a0975_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" xlink:type="arc" order="1"/>
<link:label id="lab_ms_MinimumRegulatoryCapitalRatioAbstract_25547130-9f42-4432-8e3f-84a364b3bb23_terseLabel_en-US" xlink:label="lab_ms_MinimumRegulatoryCapitalRatioAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Required Ratio </link:label>
<link:label id="lab_ms_MinimumRegulatoryCapitalRatioAbstract_label_en-US" xlink:label="lab_ms_MinimumRegulatoryCapitalRatioAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Regulatory Capital Ratio [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_ms_MinimumRegulatoryCapitalRatioAbstract" xlink:href="ms-20201231.xsd#ms_MinimumRegulatoryCapitalRatioAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_MinimumRegulatoryCapitalRatioAbstract" xlink:to="lab_ms_MinimumRegulatoryCapitalRatioAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract_5735ce37-8d2b-48fb-be03-69af40467142_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] </link:label>
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<link:label id="lab_us-gaap_HedgingRelationshipDomain_45f06099-389c-443b-beb8-b2fe57df31d7_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingRelationshipDomain_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
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<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_a36110b4-ca90-4452-a734-8728ec39e167_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Lease Liabilities </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity [Table Text Block] </link:label>
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<link:label id="lab_ms_RightOfUseAssetsMember_86653e1d-2126-40d2-9e78-9f57582d5855_terseLabel_en-US" xlink:label="lab_ms_RightOfUseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets - ROU assets </link:label>
<link:label id="lab_ms_RightOfUseAssetsMember_label_en-US" xlink:label="lab_ms_RightOfUseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Assets [Member] </link:label>
<link:label id="lab_ms_RightOfUseAssetsMember_documentation_en-US" xlink:label="lab_ms_RightOfUseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Assets </link:label>
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<link:label id="lab_us-gaap_RealEstateFundsMember_1acda5d6-ab88-4578-838b-ee6445db0a1d_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate </link:label>
<link:label id="lab_us-gaap_RealEstateFundsMember_label_en-US" xlink:label="lab_us-gaap_RealEstateFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateFundsMember"/>
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<link:label id="lab_ms_CapitalPlan2019Member_0399d94b-a1b4-4e27-b95f-afaf90059a1d_terseLabel_en-US" xlink:label="lab_ms_CapitalPlan2019Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Capital Plan </link:label>
<link:label id="lab_ms_CapitalPlan2019Member_label_en-US" xlink:label="lab_ms_CapitalPlan2019Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Plan 2019 [Member] </link:label>
<link:label id="lab_ms_CapitalPlan2019Member_documentation_en-US" xlink:label="lab_ms_CapitalPlan2019Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Plan 2019 </link:label>
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<link:label id="lab_ms_MeasurementInputCreditCorrelationMember_4ff65441-ed5e-4e72-8e6b-640ee935a0ea_terseLabel_en-US" xlink:label="lab_ms_MeasurementInputCreditCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Correlation </link:label>
<link:label id="lab_ms_MeasurementInputCreditCorrelationMember_label_en-US" xlink:label="lab_ms_MeasurementInputCreditCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Correlation [Member] </link:label>
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<link:label id="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_491ca23f-9692-499e-956a-a6d385f2b5fd_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear"/>
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<link:label id="lab_dei_DocumentInformationLineItems_88c6e145-d6e2-496c-98ef-095f9ffd73a0_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Line Items] </link:label>
<link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Line Items] </link:label>
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<link:label id="lab_us-gaap_CashAndCashEquivalentsMember_78235cc3-abb5-4609-b33e-6f7f943947df_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsMember_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents [Member] </link:label>
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<link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMember_9c8b4e02-497d-4aa7-b874-75448281bb32_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMember_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned or Sold under Agreements to Repurchase [Member] </link:label>
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<link:label id="lab_us-gaap_SecuritiesFinancingTransactionTable_6615df01-eade-42dc-a8c1-1ada9cd00cfd_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesFinancingTransactionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Transaction [Table] </link:label>
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<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_dc19e3bb-878f-48b8-8859-97e9c2926ae2_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voting/ economic interest (as a percent) </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Ownership Percentage </link:label>
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<link:label id="lab_us-gaap_SecuritiesFinancingTransactionLineItems_1264390a-9cf9-4501-afd6-49b36ff29820_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesFinancingTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Secured Financing Balances </link:label>
<link:label id="lab_us-gaap_SecuritiesFinancingTransactionLineItems_label_en-US" xlink:label="lab_us-gaap_SecuritiesFinancingTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Transaction [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesFinancingTransactionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesFinancingTransactionLineItems"/>
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<link:label id="lab_us-gaap_FairValueAdjustmentDisclosureAbstract_d1239df5-8fac-4fd3-9fac-7f8a1ed72c2f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAdjustmentDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Adjustment Disclosure </link:label>
<link:label id="lab_us-gaap_FairValueAdjustmentDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueAdjustmentDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Adjustment Disclosure [Abstract] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_63435a75-0abe-49a6-ac37-9223c3e8a4f5_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of net loss  </link:label>
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<link:label id="lab_us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments_23999ee0-f8a6-485e-b7eb-1c6fa3c0d325_verboseLabel_en-US" xlink:label="lab_us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency and other </link:label>
<link:label id="lab_us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments_label_en-US" xlink:label="lab_us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill, Translation and Purchase Accounting Adjustments </link:label>
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<link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
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<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_5401a281-6ca4-42e7-99cc-f189304b0d01_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Assets by Business Segment </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock"/>
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<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_1cdd049a-8198-44b3-8e3b-0fc7b42e9125_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for income taxes from discontinued operations </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Tax Effect of Discontinued Operation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation"/>
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<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_3d5582a7-0150-4ce1-b047-4acab3ada0a1_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_CashAndCashEquivalentsDisclosureTextBlock_8cb899bb-539a-4f0a-96b6-960be06f8827_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents </link:label>
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<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
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<link:label id="lab_us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_428205d7-7e6c-4ff9-a7bd-40ade401e741_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase with affiliates </link:label>
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<link:label id="lab_ms_TroubledDebtRestructuringAbstract_2cc5136a-5e87-48e7-bd72-0e1f6d8a6a9e_terseLabel_en-US" xlink:label="lab_ms_TroubledDebtRestructuringAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Troubled Debt Restructurings </link:label>
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<link:label id="lab_ms_MorganStanleyPrivateBankNationalAssociationMember_f5ed581a-9a8e-4e1d-a04e-079ea0c0206e_terseLabel_en-US" xlink:label="lab_ms_MorganStanleyPrivateBankNationalAssociationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MSPBNA </link:label>
<link:label id="lab_ms_MorganStanleyPrivateBankNationalAssociationMember_label_en-US" xlink:label="lab_ms_MorganStanleyPrivateBankNationalAssociationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Stanley Private Bank, National Association [Member] </link:label>
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<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_51f4895f-2854-47d2-8fb3-34a6af4b0e3e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) </link:label>
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<link:label id="lab_us-gaap_AwardTypeAxis_e35c03cd-a1e4-4015-87d8-7e39032919c9_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
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<link:label id="lab_ms_UsBankNationalAssociation20072axVMorganStanleyMortgageCapitalHoldingsLlcMember_bdc4bf49-96cb-44f0-a5b8-968d2ca841af_terseLabel_en-US" xlink:label="lab_ms_UsBankNationalAssociation20072axVMorganStanleyMortgageCapitalHoldingsLlcMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. </link:label>
<link:label id="lab_ms_UsBankNationalAssociation20072axVMorganStanleyMortgageCapitalHoldingsLlcMember_label_en-US" xlink:label="lab_ms_UsBankNationalAssociation20072axVMorganStanleyMortgageCapitalHoldingsLlcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Bank National Association 2007-2AX v. Morgan Stanley Mortgage Capital Holdings LLC [Member] </link:label>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_3717c290-99e2-4e55-87e3-fb8bde0467b3_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of RSUs vested </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue"/>
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<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_0b39bea2-b08b-4012-adaf-b245785dbdb3_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts not offset against financial instruments collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Obligation to Return Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCollateralObligationToReturnSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:to="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_b9d3df35-43fb-46b2-a77c-b3681ea21153_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets"/>
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<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability_496c6b72-cab0-4def-9e3e-47e35bb0fb51_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_5345c881-ac6d-4825-b2c6-886196699f06_terseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies </link:label>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock_50ba58d6-17ba-4902-a89f-607dedc87913_terseLabel_en-US" xlink:label="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Rollforward of the Benefit Obligation and Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock"/>
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<link:label id="lab_us-gaap_PendingLitigationMember_082d8fa6-9b4e-4a1b-8069-5ed476f2e25b_terseLabel_en-US" xlink:label="lab_us-gaap_PendingLitigationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pending Litigation </link:label>
<link:label id="lab_us-gaap_PendingLitigationMember_label_en-US" xlink:label="lab_us-gaap_PendingLitigationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pending Litigation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PendingLitigationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PendingLitigationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PendingLitigationMember" xlink:to="lab_us-gaap_PendingLitigationMember" xlink:type="arc" order="1"/>
<link:label id="lab_ms_OtherCountriesMember_81dc94b6-0811-4d17-ab87-0676300442ba_terseLabel_en-US" xlink:label="lab_ms_OtherCountriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_ms_OtherCountriesMember_label_en-US" xlink:label="lab_ms_OtherCountriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Countries [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ms_OtherCountriesMember" xlink:to="lab_ms_OtherCountriesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_23ef13ba-56bf-47f9-b387-8505b4828e38_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
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<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsWithinNextTwelveMonths_58f81556-8ff9-4770-b1c8-49f180131974_terseLabel_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsWithinNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsWithinNextTwelveMonths_label_en-US" xlink:label="lab_ms_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostWillBeRecognizedAbsentEstimatedOrActualForfeituresOrCancellationsWithinNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Will Be Recognized Absent Estimated or Actual Forfeitures or Cancellations, within Next Twelve Months </link:label>
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<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_cfd96622-7b33-4388-8cd4-14183a7b511b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net derivative liabilities with credit risk- related contingent features </link:label>
<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNetLiabilityPositionAggregateFairValue"/>
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<link:label id="lab_ms_ProportionOfInvestmentBankingRevenueRecognizedUnderNewAccountingPronouncement_cb5d781f-21e3-4b09-8072-e1eb21d1bdbd_terseLabel_en-US" xlink:label="lab_ms_ProportionOfInvestmentBankingRevenueRecognizedUnderNewAccountingPronouncement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Firm Investment banking revenues from contracts with customers (as a percent) </link:label>
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5 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/24  Morgan Stanley                    10-K       12/31/23  224:45M
 2/24/23  Morgan Stanley                    10-K       12/31/22  227:50M
 8/05/22  Morgan Stanley                    S-8         8/05/22    6:90K                                    Shearman & Sterling LLP
 2/24/22  Morgan Stanley                    10-K       12/31/21  225:51M
 7/09/21  Mitsubishi Ufj Fin’l Group Inc.   20-F        3/31/21  214:63M                                    Donnelley … Solutions/FA


56 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/03/20  Morgan Stanley                    10-Q        9/30/20  144:41M
10/08/20  Morgan Stanley                    8-K:1,7,9  10/08/20   14:8.3M                                   Davis Polk & … LLP 01/FA
10/02/20  Morgan Stanley                    8-K:2,3,5,710/02/20   17:818K                                   Davis Polk & … LLP 01/FA
 2/27/20  Morgan Stanley                    10-K       12/31/19  214:53M
11/22/19  Morgan Stanley                    8-A12B                 4:257K                                   Davis Polk & … LLP 01/FA
 2/26/19  Morgan Stanley                    10-K       12/31/18  188:49M                                    Donnelley … Solutions/FA
 5/04/18  Morgan Stanley                    10-Q        3/31/18  131:34M                                    Donnelley … Solutions/FA
 2/27/18  Morgan Stanley                    10-K       12/31/17  189:50M                                    Donnelley … Solutions/FA
 2/27/17  Morgan Stanley                    10-K       12/31/16  174:51M                                    Donnelley … Solutions/FA
 1/30/17  Morgan Stanley                    8-A12B                 4:313K                                   Davis Polk & … LLP 01/FA
 1/11/17  Morgan Stanley                    8-K:8,9     1/11/17   13:2.6M                                   Davis Polk & … LLP 01/FA
 5/04/16  Morgan Stanley                    10-Q        3/31/16  123:34M                                    Donnelley … Solutions/FA
 2/23/16  Morgan Stanley                    10-K       12/31/15  182:50M                                    Donnelley … Solutions/FA
10/29/15  Morgan Stanley                    8-K:5,9    10/29/15    3:165K                                   Davis Polk & … LLP 01/FA
 5/04/15  Morgan Stanley                    10-Q        3/31/15  123:45M                                    Donnelley … Solutions/FA
 3/19/15  Morgan Stanley                    8-K:3,5,8,9 3/18/15    5:457K                                   Davis Polk & … LLP 01/FA
 3/02/15  Morgan Stanley                    10-K       12/31/14  178:65M                                    Donnelley … Solutions/FA
11/04/14  Morgan Stanley                    10-Q        9/30/14  122:46M                                    Donnelley … Solutions/FA
 9/17/14  Morgan Stanley                    8-A12B                 4:420K                                   Davis Polk & … LLP 01/FA
 5/06/14  Morgan Stanley                    10-Q        3/31/14  126:40M                                    Donnelley … Solutions/FA
 4/29/14  Morgan Stanley                    8-K:3,5,8,9 4/28/14    6:442K                                   Davis Polk & … LLP 01/FA
 2/25/14  Morgan Stanley                    10-K       12/31/13  174:59M                                    Donnelley … Solutions/FA
12/09/13  Morgan Stanley                    8-A12B                 4:406K                                   Davis Polk & … LLP 01/FA
11/04/13  Morgan Stanley                    10-Q        9/30/13  127:48M                                    Donnelley … Solutions/FA
 9/27/13  Morgan Stanley                    8-A12B                 4:422K                                   Davis Polk & … LLP 01/FA
 5/07/13  Morgan Stanley                    10-Q        3/31/13  131:38M                                    Donnelley … Solutions/FA
 2/26/13  Morgan Stanley                    10-K       12/31/12  186:53M                                    Donnelley … Solutions/FA
 8/06/12  Morgan Stanley                    10-Q        6/30/12  120:39M                                    Donnelley … Solutions/FA
 2/27/12  Morgan Stanley                    10-K       12/31/11  194:48M                                    Donnelley … Solutions/FA
11/07/11  Morgan Stanley                    10-Q        9/30/11  121:32M                                    Donnelley … Solutions/FA
 8/08/11  Morgan Stanley                    10-Q        6/30/11  124:32M                                    Donnelley … Solutions/FA
 6/30/11  Morgan Stanley                    8-K:1,9     6/30/11    2:230K                                   Davis Polk & … LLP 01/FA
 2/28/11  Morgan Stanley                    10-K       12/31/10  194:59M                                    Donnelley … Solutions/FA
 5/07/10  Morgan Stanley                    10-Q        3/31/10   51:8.5M                                   Donnelley … Solutions/FA
 2/26/10  Morgan Stanley                    10-K       12/31/09   60:14M                                    Donnelley … Solutions/FA
 8/07/09  Morgan Stanley                    10-Q        6/30/09   33:9.1M                                   Donnelley … Solutions/FA
 5/07/09  Morgan Stanley                    10-Q        3/31/09   17:3.3M                                   Donnelley … Solutions/FA
 1/29/09  Morgan Stanley                    10-K       11/30/08   16:4.4M                                   Donnelley … Solutions/FA
12/05/08  Morgan Stanley                    8-K:8,9    12/01/08    4:310K                                   Davis Polk & … LLP 01/FA
10/09/08  Morgan Stanley                    10-Q        8/31/08   11:2.2M                                   Donnelley … Solutions/FA
 9/02/08  Morgan Stanley                    8-K:8,9     8/29/08    2:368K                                   Davis Polk & … LLP 01/FA
 4/09/08  Morgan Stanley                    10-Q        2/29/08   17:2.3M                                   Donnelley … Solutions/FA
 1/29/08  Morgan Stanley                    10-K       11/30/07   20:4.1M                                   Donnelley … Solutions/FA
 1/10/08  Morgan Stanley                    8-K:8,9     1/04/08    8:1.5M                                   Davis Polk & … LLP 01/FA
10/26/07  Morgan Stanley                    S-8        10/26/07    4:385K                                   Shearman & Sterling LLP
 2/13/07  Morgan Stanley                    10-K       11/30/06   19:4.9M                                   Donnelley … Solutions/FA
10/12/06  Morgan Stanley                    8-K:8,9    10/12/06    6:1M                                     Davis Polk & … LLP 01/FA
 7/07/06  Morgan Stanley                    10-Q        5/31/06   12:2.2M                                   Donnelley … Solutions/FA
 7/05/06  Morgan Stanley                    8-A12B                 4:240K                                   Davis Polk & … LLP 01/FA
 4/07/06  Morgan Stanley                    10-Q        2/28/06   14:2.5M                                   Donnelley … Solutions/FA
11/22/05  Morgan Stanley                    8-K:1,9    11/22/05    2:18K                                    Sidley Austin LLP/FA
10/07/05  Morgan Stanley                    10-Q        8/31/05   13:1.9M                                   Donnelley … Solutions/FA
11/10/04  Morgan Stanley Capital Trust VI   S-3/A                 40:3.4M                                   Davis Polk & … LLP 01/FA
 2/16/01  Morgan Stanley                    10-K       11/30/00   12:1M                                     Donnelley … Solutions/FA
 5/04/99  Morgan Stanley                    S-3/A                 39:2.7M                                   Davis Polk & … LLP 01/FA
 2/27/97  Morgan Stanley Group Inc./DE      10-K405    11/30/96   14:484K                                   Donnelley … Solutions/FA
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