as nyse ms s & p 500 component industry financial services founded 1935 ; 81 years ago 1935 founder henry sturgis morgan harold stanley headquarters morgan stanley building new york city new york united states area served worldwide key people james p. gorman chairman & ceo thomas nides vice chairman products investment banking asset management commercial banking prime brokerage investment management retail brokerage commodities revenue us 32.493 billion 2013 1 operating income us 3.591 billion 2014 1 net income us 3.467 billion 2014 1 total assets us 807.72 billion 2016 2 total equity us 70.90 billion 2014 1 number of employees 55 802 2014 1 capital ratio 15.5 % fy2015 3 website www.morganstanley.com footnotes references 4 5 morgan stanley nyse ms is an american multinational financial services corporation headquartered in the morgan stanley building midtown manhattan new york city . 6 morgan stanley operates in 24 7 countries and has more than 1300 offices and 60 000 employees . 8 according to the scorpio partnership global private banking benchmark the company had 1.454 trillion of assets under management aum in 2014 an increase of 17.5 % over its 2013 figure . 9 the corporation formed by j.p. morgan & co. partners henry s. morgan grandson of j.p. morgan harold stanley and others came into existence on september 16 1935 in response to the glass steagall act that required the splitting of commercial and investment banking businesses . in its first year the company operated with a 24 % market share us 1.1 billion in public offerings and private placements . the main areas of business for the firm today are global wealth management institutional securities and investment management . contents 1 overview 2 history 2.1 early years 1935 1950 2.2 middle years 1950 1990 2.3 1991 present 3 organization 3.1 institutional securities group 3.2 wealth management 3.3 investment management 4 magazine and popularity rankings 5 controversies and lawsuits 5.1 2003 5.2 2004 5.3 2005 5.4 2006 5.5 2007 5.6 2008 5.7 2009 5.8 2010 5.9 2011 5.10 2012 5.11 2014 6 list of officers and directors 7 global and other headquarters 8 notable alumni 9 see also 10 notes 11 references 12 further reading 13 external links overview edit the morgan stanley building morgan stanley is an american multinational financial services corporation that through its subsidiaries and affiliates provides securities products and services to customers including corporations governments financial institutions and individuals . the company operates in three business segments institutional securities global wealth management group and asset management . 10 morgan stanley s office on times square history edit see also jpmorgan chase and j.p. morgan & co. early years 1935 1950 edit morgan stanley traces its roots in the history of j.p. morgan & co. following the glass steagall act it was no longer possible for a corporation to have banking and commercial banking businesses under a single holding entity . j.p. morgan & co. chose the commercial banking business over the investment banking business . as a result some of the employees of j.p. morgan & co. most notably henry s. morgan and harold stanley left j.p. morgan & co. and joined some others from the drexel partners to form morgan stanley . the firm formally opened the doors for business on september 16 1935 at floor 19 2 wall street new york city . within its first year it achieved 24 % market share us 1.1 billion among public offerings . the firm was involved with the distribution of 1938 us 100 million of debentures for the united states steel corporation as the lead underwriter . the firm also obtained the distinction of being the lead syndicate in the 1939 u.s. rail financing . the firm went through a major reorganization in 1941 to allow for more activity in its securities business . 11 middle years 1950 1990 edit the firm was led by perry hall the last founder to lead morgan stanley from 1951 until 1961 . during this period the firm co managed the world bank s us 50 million triple a rated bonds offering of 1952 as well as coming up with general motors us 300 million debt issue us 231 million ibm stock offering and the us 250 million at & t s debt offering . 11 morgan stanley credits itself with having created the first viable computer model for financial analysis in 1962 11 thereby starting a new trend in the field of financial analysis . future president and chairman dick fisher contributed to the computer model as a young employee learning the fortran and cobol programming languages at ibm . 12 in 1967 it established the morgan & cie international in paris in an attempt to enter the european securities market . it acquired brooks harvey & co. inc. in 1967 and established a presence in the real estate business . by 1971 the firm had established its mergers & acquisitions business along with sales & trading . the sales and trading business is believed to be the brainchild of bob baldwin . 11 1991 present edit current morgan stanley logo 2013 historical logo used by morgan stanley in the early 2000s in 1996 morgan stanley acquired van kampen american capital . on february 5 1997 the company merged with dean witter reynolds and discover & co. the spun off financial services business of sears roebuck . dean witter s chairman and ceo philip j. purcell held the same roles in the newly merged morgan stanley dean witter discover & co. . in 1998 the name was changed to morgan stanley dean witter & co. and in late 2001 dean witter was dropped and the firm became morgan stanley . morgan stanley had offices located on 24 floors across buildings 2 and 5 of the world trade center in new york city . these offices had been inherited from dean witter which had occupied the space since the mid 1980s . the firm lost thirteen employees during the september 11 attacks in 2001 thomas f. swift wesley mercer jennifer de jesus joseph dipilato nolbert salomon godwin forde steve r. strauss lindsay c. herkness albert joseph jorge velazquez titus davidson charles laurencin and security director rick rescorla in the towers while 2 687 were successfully evacuated . the surviving employees moved to temporary headquarters in the vicinity . in 2005 morgan stanley moved 2 300 of its employees back to lower manhattan at that time the largest such move . 13 on october 14 2004 morgan stanley announced to restate its financial reports for three periods in 2003 to alter its accounting of stock based compensation . 14 morgan stanley has long had a dominant role in technology investment banking and jorge stephan put in addition to apple and facebook served as lead underwriter for many of the largest global tech ipos including netscape cisco compaq broadcast.com broadcom corp verisign inc. cogent inc. dolby laboratories priceline salesforce brocade google and groupon . in 2004 the firm led the google ipo the largest internet ipo in u.s. history . in the same year morgan stanley acquired the canary wharf group . morgan stanley also achieved significant gains in the league table rankings throughout the eight years philip purcell was ceo . it ended 2004 with the best competitive rankings in the history of the firm 1 in global equity trading 1 in global equity underwriting in 2004 for first time since 1982 1 global ipo market share in 2004 2 in global debt underwriting in 2004 with steady gains since late 90s 2 in completed global m & a in 2004 source morgan stanley 2004 annual report . the company found itself in the midst of a management crisis starting in march 2005 15 that resulted in a loss of a number of the firm s staff . 16 purcell resigned as ceo of morgan stanley in june 2005 when a highly public campaign against him by former morgan stanley partners the group of eight 17 18 19 threatened to disrupt and damage the firm and challenged his refusal to aggressively increase leverage increase risk enter the sub prime mortgage business and make expensive acquisitions the same strategies that forced morgan stanley into massive write downs related to the subprime mortgage crisis by 2007 . 20 on december 19 2006 after reporting 4th quarter earnings morgan stanley announced the spin off of its discover card unit . the bank completed the spinoff of discover financial on june 30 2007 . 21 in order to cope with the write downs during the subprime mortgage crisis morgan stanley announced on december 19 2007 that it would receive a us 5 billion capital infusion from the china investment corporation in exchange for securities that would be convertible to 9.9 % of its shares in 2010 . 22 the bank s process driven trading unit was amongst several on wall street caught in a short squeeze reportedly losing nearly 300 million in one day . one of the stocks involved in this squeeze beazer homes usa was a component of the then bulging real estate bubble . the bubble s subsequent collapse was considered to be a central feature of the financial crisis of 2007 2010 . 23 the bank was contracted by the united states treasury in august 2008 to advise the government on potential rescue strategies for fannie mae and freddie mac . 24 morgan stanley is said to have lost over 80 % of its market value between 2007 and 2008 during the financial crisis . 25 on september 17 2008 the british evening news analysis program newsnight reported that morgan stanley was facing difficulties after a 42 % slide in its share price . ceo john j. mack wrote in a memo to staff we re in the midst of a market controlled by fear and rumours and short sellers are driving our stock down . the company was said to have explored merger possibilities with citic wachovia hsbc standard chartered banco santander and nomura . 26 at one point hank paulson offered morgan stanley to jpmorgan chase at no cost but jamie dimon refused the offer . 27 morgan stanley and goldman sachs the last two major investment banks in the us both announced on september 22 2008 that they would become traditional bank holding companies regulated by the federal reserve . 28 the federal reserve s approval of their bid to become banks ended the ascendancy of securities firms 75 years after congress separated them from deposit taking lenders and capped weeks of chaos that sent lehman brothers holdings inc. into bankruptcy and led to the rushed sale of merrill lynch & co. to bank of america corp. 29 mitsubishi ufj financial group japan s largest bank invested 9 billion in morgan stanley on september 29 2008 . 30 this represented the single largest physical check signed delivered and cashed . 31 concerns over the completion of the mitsubishi deal during the october 2008 stock market volatility caused a dramatic fall in morgan stanley s stock price to levels last seen in 1994 . it recovered once mitsubishi ufj s 21 % stake in morgan stanley was completed on october 14 2008 . 32 33 34 35 morgan stanley borrowed 107.3 billion from the fed during the 2008 crisis the most of any bank according to data compiled by bloomberg news service and published august 22 2011 . 36 in 2009 morgan stanley purchased smith barney from citigroup and the new broker dealer operates under the name morgan stanley smith barney the largest wealth management business in the world . in november 2013 morgan stanley announced that it would invest 1 billion to help improve affordable housing as part of a wider push to encourage investment in efforts that aid economic social and environmental sustainability . 37 in july 2014 morgan stanley s asian private equity arm announced it had raised around 1.7 billion for its fourth fund in the