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14	14	Morgan Stanley (NYSE:MS) is a global financial services firm established in 1935 in the US by J.P. Morgan & Co. partners as a response to the Glass-Steagall Act, which required the splitting of American commercial and investment banking businesses. The firm advises, originates, trades, manages and distributes capital for governments, institutions and individuals. The company was originally incorporated as a Delaware corporation in 1981 and the predecessors of the company can be traced back to 1924.{{footnote}}See SEC Filing 10-K, https://www.morganstanley.com/content/dam/msdotcom/en/about-us-ir/shareholder/4q2022.pdf{{/footnote}} During the first year of its operation, Morgan Stanley grabs 24% of market share in underwriting business by handling $1.1 billion in public offerings and private placements.
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17	17	Morgan Stanley currently employs more than 75,000 employees around the globe in offices in 41 countries as of December 31, 2021. The company has its presence in the Americas, Asia-Pacific, Europe, Middle East & Africa, and Japan. The company has three reportable business segments - Institutional Securities, Wealth Management, and Investment Management.
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49	49	= Business Overview =
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51		-Morgan Stanley is an investment management and financial services firm with its presence all over the world. The company was established in 1935 as an effort to separate investment banking business from normal commercial banking business after the Glass-Steagall Act was enacted in 1933 followed by the great depression. The formation of the company was executed by the partners of then J.P. Morgan & Co. With the reputation and business dynamics of J.P. Morgan, Morgan Stanley was able to grab a 24% market share in the first year of its operation.
	53	+Morgan Stanley is an investment management and financial services firm with its presence all over the world. The company was established in 1935 as an effort to separate investment banking business from normal commercial banking business after the Glass-Steagall Act was enacted in 1933 followed by the great depression. The formation of the company was executed by the partners of then J.P. Morgan & Co. With the reputation and business dynamics of J.P. Morgan, Morgan Stanley was able to grab a 24% market share in the first year of its operation.
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53	53	The company has three reportable segments - Institutional Securities, Wealth Management, and Investment Management. Substantially all of the operating revenues and operating expenses of the company are directly attributable to those business segments.
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81	81	Morgan Stanley formally opens its doors for business at 2 Wall Street, New York City, on September 16, 1935. The foundation of the company can be found back in time around 1924. When the Congress forced banks to choose between serving institutional or commercial clients, Harold Stanley and Henry Morgan leave J.P. Morgan & Co. to open a new investment bank that bears their names. After the stock market crush in 1929, given the catalysts of the situation which includes easy credits during 1921 to 1929, Congress passes the Banking Act of 1933, otherwise known as the Glass-Steagall Act, forcing banks to choose between investment and commercial banking while adding new protections for consumer deposits. Some J.P. Morgan partners travel to the summer home of colleague Thomas Lamont to work out details for a new investment bank named Morgan Stanley in 1935. Morgan Stanley & Co. launches in 1935 with six officers and a staff of 13 employees. One week after its launch, Morgan Stanley debuts on the bond market with a $19 million offering for Consumers Power Company. In 1938, Morgan Stanley leads a group of 102 underwriters in managing a $100 million offering of debentures for U.S. Steel. During 1950s and 1960s, Morgan Stanley continues to be a leader in helping blue-chip clients tap public markets to finance growth and innovation. However, a suit was filed by the Justice Department in 1947 against Morgan Stanley and 16 other Wall Street firms, the case was known as "Investment Bankers Case". But in 1953, judge Harold R. Medina dismisses the government’s antitrust case against Morgan Stanley and 16 other firms. The 'Medina Trial' restores faith in the Wall Street. In 1953, Morgan Stanley manages record offerings for General Motors, starting with a $300 million bond offer that enabled the carmaker to finance more innovation and to ramp up production. The Morgan Stanley Foundation was established with a $25,000 donation from partners in 1961. In 1962, Morgan Stanley creates one of the first computer-modeling technology for financial analysis in collaboration with IBM. In 1967, the company goes into managing international stocks and bonds by establishing Morgan & Cie International in Paris. In 1969, Morgan Stanley acquires broker Brooks, Harvey & Co., substantially increasing its real estate financing and advisory business. Morgan Stanley returned to its roots by moving away from the shared ownership model and partially incorporated in 1970 and completed its incorporation by 1975. During the same year 1970, the company opens its business in Japan. In 1973, Morgan Stanley moves its headquarters from Wall Street to Midtown Manhattan. In 1975, Morgan Stanley buys the remaining stake in Morgan & Cie., renaming it Morgan Stanley International. The company co-manages the IPO of Apple Computers in 1980. Apple Computer goes public at $22 a share, raising more than $100 million and giving 25-year-old Steve Jobs a stake worth $217 million after its first trading day. In 1986, the company buys a seat on the Tokyo Stock Exchange for $5.00 million, the first U.S. investment bank to do so. To increase capital needed to meet growing demands from customers and capital requirements from the SEC, Morgan Stanley goes public in 1986 on the New York Stock Exchange at $56.50 a share, closing at $71.25 its first day.
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83	83	Morgan Stanley opens an office in Mumbai, becoming the first U.S. investment bank to purchase a seat on the Bombay Stock Exchange in 1995. Around the same time, the company also takes an early lead in China, South Africa, and Russia. In 1997, Morgan Stanley establishes its first permanent office in São Paulo, Brazil. In 1997, Morgan Stanley merges with Dean Witter to create Morgan Stanley Dean Witter & Co. The $10.2 billion merger created America's largest securities firm at that time. Morgan Stanley serves in 1999 as lead underwriter for UPS in a $5.47 billion public offering that was the largest IPO ever at the time. In 2008, the financial crisis happens and in that year Morgan Stanley changes its status to become a bank holding company. On September 21, 2008, Morgan Stanley announced that the U.S. Federal Reserve Board of Governors had approved its application to become a bank holding company. With that change in status, the firm was able to take deposits and access funding through the Federal Reserve Bank Discount Window. In the same year, Mitsubishi UFJ Financial Group agrees to invest $9 billion for a 21% stake in Morgan Stanley. Mitsubishi UFJ Financial Group is a Japanese bank formed in 2005 through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. In 2017, Morgan Stanley announces the acquisition of Mesa West Capital, one of the first major deals since James Gorman became CEO. In 2020, the company completes its acquisition of E*Trade and completes its acquisition of Eaton Vance Corp. in 2021.
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