Morgan Stanley
About Morgan Stanley
Formed in 1935 when J P Morgan partners Henry Morgan and Harold Stanley left to create a separate securities firm after the Glass Steagall Act forced separation of commercial and investment banking. Morgan Stanley underwrote securities for major US corporations. The firm went public in 1986. Morgan Stanley merged with retail brokerage Dean Witter in 1997 but the merger was troubled. The firm acquired Discover Bank and Smith Barney. Morgan Stanley survived the 2008 crisis with TARP funds, which it repaid in 2009. Under James Gorman from 2010 to 2023, Morgan Stanley shifted toward wealth management for stability. The bank manages over 5 trillion in client assets.
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