false2021FYMORGAN STANLEY0000895421truefalsehttp://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrentP1YP3Y00008954212021-01-012021-12-310000895421us-gaap:CommonClassAMember2021-01-012021-12-310000895421us-gaap:SeriesAPreferredStockMember2021-01-012021-12-310000895421us-gaap:SeriesEPreferredStockMember2021-01-012021-12-310000895421us-gaap:SeriesFPreferredStockMember2021-01-012021-12-310000895421ms:SeriesIPreferredStockMember2021-01-012021-12-310000895421ms:SeriesKPreferredStockMember2021-01-012021-12-310000895421ms:SeriesLPreferredStockMember2021-01-012021-12-310000895421ms:SeriesOPreferredStockMember2021-01-012021-12-310000895421ms:GlobalMediumTermNotesSeriesAFixedRateStepUpSeniorNotesDue2026ofMorganStanleyFinanceLLCMember2021-01-012021-12-3100008954212021-06-30iso4217:USD00008954212022-01-31xbrli:shares00008954212020-01-012020-12-3100008954212019-01-012019-12-31iso4217:USDxbrli:shares00008954212021-12-3100008954212020-12-310000895421us-gaap:PreferredStockMember2020-12-310000895421us-gaap:PreferredStockMember2019-12-310000895421us-gaap:PreferredStockMember2018-12-310000895421us-gaap:PreferredStockMember2021-01-012021-12-310000895421us-gaap:PreferredStockMember2020-01-012020-12-310000895421us-gaap:PreferredStockMember2019-01-012019-12-310000895421us-gaap:PreferredStockMember2021-12-310000895421us-gaap:CommonStockMember2020-12-310000895421us-gaap:CommonStockMember2021-12-310000895421us-gaap:CommonStockMember2019-12-310000895421us-gaap:CommonStockMember2018-12-310000895421us-gaap:AdditionalPaidInCapitalMember2020-12-310000895421us-gaap:AdditionalPaidInCapitalMember2019-12-310000895421us-gaap:AdditionalPaidInCapitalMember2018-12-310000895421us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000895421us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000895421us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000895421ms:EatonVanceCorpMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000895421ms:EatonVanceCorpMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000895421ms:EatonVanceCorpMemberus-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000895421us-gaap:AdditionalPaidInCapitalMemberms:ETRADEFinancialCorporationMember2021-01-012021-12-310000895421us-gaap:AdditionalPaidInCapitalMemberms:ETRADEFinancialCorporationMember2020-01-012020-12-310000895421us-gaap:AdditionalPaidInCapitalMemberms:ETRADEFinancialCorporationMember2019-01-012019-12-310000895421us-gaap:AdditionalPaidInCapitalMember2021-12-310000895421us-gaap:RetainedEarningsMember2020-12-310000895421us-gaap:RetainedEarningsMember2019-12-310000895421us-gaap:RetainedEarningsMember2018-12-310000895421us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000895421us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000895421us-gaap:RetainedEarningsMember2021-01-012021-12-310000895421us-gaap:RetainedEarningsMember2020-01-012020-12-310000895421us-gaap:RetainedEarningsMember2019-01-012019-12-310000895421us-gaap:RetainedEarningsMember2021-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2020-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2019-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2018-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2021-01-012021-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2020-01-012020-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2019-01-012019-12-310000895421us-gaap:TrustForBenefitOfEmployeesMember2021-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000895421us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000895421us-gaap:TreasuryStockMember2020-12-310000895421us-gaap:TreasuryStockMember2019-12-310000895421us-gaap:TreasuryStockMember2018-12-310000895421us-gaap:TreasuryStockMember2021-01-012021-12-310000895421us-gaap:TreasuryStockMember2020-01-012020-12-310000895421us-gaap:TreasuryStockMember2019-01-012019-12-310000895421ms:EatonVanceCorpMemberus-gaap:TreasuryStockMember2021-01-012021-12-310000895421ms:EatonVanceCorpMemberus-gaap:TreasuryStockMember2020-01-012020-12-310000895421ms:EatonVanceCorpMemberus-gaap:TreasuryStockMember2019-01-012019-12-310000895421us-gaap:TreasuryStockMemberms:ETRADEFinancialCorporationMember2021-01-012021-12-310000895421us-gaap:TreasuryStockMemberms:ETRADEFinancialCorporationMember2020-01-012020-12-310000895421us-gaap:TreasuryStockMemberms:ETRADEFinancialCorporationMember2019-01-012019-12-310000895421us-gaap:TreasuryStockMember2021-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2020-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2019-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2018-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2021-01-012021-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2020-01-012020-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2019-01-012019-12-310000895421ms:CommonStockIssuedToEmployeeTrustMember2021-12-310000895421us-gaap:NoncontrollingInterestMember2020-12-310000895421us-gaap:NoncontrollingInterestMember2019-12-310000895421us-gaap:NoncontrollingInterestMember2018-12-310000895421us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:NoncontrollingInterestMember2021-12-3100008954212019-12-310000895421ms:EatonVanceCorpMember2021-01-012021-12-310000895421ms:EatonVanceCorpMember2020-01-012020-12-310000895421ms:EatonVanceCorpMember2019-01-012019-12-310000895421ms:ETRADEFinancialCorporationMember2021-01-012021-12-310000895421ms:ETRADEFinancialCorporationMember2020-01-012020-12-310000895421ms:ETRADEFinancialCorporationMember2019-01-012019-12-3100008954212018-12-310000895421srt:MinimumMember2021-01-012021-12-31xbrli:pure0000895421srt:MaximumMember2021-01-012021-12-310000895421us-gaap:BuildingMember2021-01-012021-12-310000895421ms:LeaseholdImprovementsBuildingMembersrt:MaximumMember2021-01-012021-12-310000895421ms:LeaseholdImprovementsOtherAssetsMembersrt:MaximumMember2021-01-012021-12-310000895421us-gaap:FurnitureAndFixturesMember2021-01-012021-12-310000895421us-gaap:EquipmentMembersrt:MinimumMember2021-01-012021-12-310000895421srt:MaximumMemberus-gaap:EquipmentMember2021-01-012021-12-310000895421us-gaap:ElectricityGenerationPlantNonNuclearMembersrt:MinimumMember2021-01-012021-12-310000895421us-gaap:ElectricityGenerationPlantNonNuclearMembersrt:MaximumMember2021-01-012021-12-310000895421srt:MinimumMemberus-gaap:ComputerSoftwareIntangibleAssetMember2021-01-012021-12-310000895421srt:MaximumMemberus-gaap:ComputerSoftwareIntangibleAssetMember2021-01-012021-12-310000895421srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberms:AllowanceforCreditLossesMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000895421us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000895421ms:AllowanceforCreditLossesonEmployeeLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000895421ms:EatonVanceCorpMember2021-03-010000895421ms:EatonVanceCorpMember2021-03-012021-03-010000895421ms:EatonVanceCorpMemberus-gaap:CommonClassAMember2021-03-012021-03-010000895421ms:EatonVanceCorpMemberms:ManagementContractsMember2021-03-010000895421ms:EatonVanceCorpMemberus-gaap:CustomerRelationshipsMember2021-03-012021-03-010000895421ms:EatonVanceCorpMemberus-gaap:CustomerRelationshipsMember2021-03-010000895421ms:EatonVanceCorpMemberus-gaap:TradeNamesMember2021-03-012021-03-010000895421ms:EatonVanceCorpMemberus-gaap:TradeNamesMember2021-03-010000895421ms:EatonVanceCorpMemberms:ManagementContractsMember2021-03-012021-03-010000895421ms:EatonVanceCorpMemberms:ManagementContractsMember2021-03-010000895421ms:EatonVanceCorpMember2021-03-012021-12-310000895421ms:ETRADEFinancialCorporationMember2020-10-020000895421ms:ETRADEFinancialCorporationMember2020-10-022020-10-020000895421us-gaap:CommonClassAMemberms:ETRADEFinancialCorporationMember2020-10-022020-10-020000895421ms:SeriesMPreferredStockandSeriesNPreferredStockMemberms:ETRADEFinancialCorporationMember2020-10-022020-10-020000895421us-gaap:CustomerRelationshipsMemberms:ETRADEFinancialCorporationMember2020-10-020000895421us-gaap:CustomerRelationshipsMemberms:ETRADEFinancialCorporationMember2020-10-022020-10-020000895421ms:ETRADEFinancialCorporationMember2020-10-022020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000895421ms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel12And3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421ms:SecuredLendingFacilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421ms:SecuredLendingFacilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberms:AccountsReceivableAndOtherReceivablesNetMember2021-12-310000895421us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberms:AccountsReceivableAndOtherReceivablesNetMember2020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CorporateEquitiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:DepositsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:NonderivativeTradingLiabilitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberms:OtherSecuredFinancingsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2018-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-01-012019-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2021-07-012021-09-300000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-01-012020-03-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMember2020-04-012020-06-300000895421us-gaap:FairValueInputsLevel3Memberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-04-012021-06-300000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-04-012021-06-300000895421us-gaap:FairValueInputsLevel3Memberus-gaap:BorrowingsMemberus-gaap:FairValueMeasurementsRecurringMember2021-04-012021-06-300000895421us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberus-gaap:ForeignGovernmentDebtSecuritiesMembersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberus-gaap:ForeignGovernmentDebtSecuritiesMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueMarginLoanMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputMarginLoanMemberus-gaap:SeniorDebtObligationsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorDebtObligationsMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:CorporateandOtherDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:CorporateandOtherDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:CorporateandOtherDebtSecuritiesMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:CorporateandOtherDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:CorporateandOtherDebtSecuritiesMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:CorporateandOtherDebtSecuritiesMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421ms:MeasurementInputLossGivenDefaultMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:CorporateandOtherDebtSecuritiesMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:CorporateandOtherDebtSecuritiesMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:CorporateandOtherDebtSecuritiesMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:CorporateandOtherDebtSecuritiesMembersrt:WeightedAverageMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberms:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputWeightedAverageCostOfCapitalMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberms:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputWeightedAverageCostOfCapitalMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputExitMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:MeasurementInputSharePriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:MeasurementInputSharePriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveCorrelationMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421ms:MeasurementInputBondVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421ms:MeasurementInputInflationVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:InterestRateContractMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421ms:MeasurementInputCashSyntheticBasisMemberus-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421ms:MeasurementInputCashSyntheticBasisMemberus-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CreditDefaultSwapModelMemberms:MeasurementInputFundingSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421ms:ValuationTechniqueCorrelationModelMemberus-gaap:FairValueInputsLevel3Memberms:MeasurementInputCreditCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:CreditRiskContractMember2020-12-310000895421ms:ValuationTechniqueCorrelationModelMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:MeasurementInputCreditCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421ms:ValuationTechniqueCorrelationModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:MeasurementInputCreditCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MedianMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MedianMemberms:MeasurementInputInterestRateVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCurveMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MedianMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MedianMemberms:MeasurementInputForeignExchangeVolatilitySkewMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputContingencyProbabilityMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2020-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputForeignExchangeCorrelationMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MedianMemberms:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForwardPowerPriceMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-31iso4217:USDms:MWh0000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputForwardPowerPriceMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForwardPowerPriceMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForwardPowerPriceMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputForwardPowerPriceMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputForwardPowerPriceMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputCommodityVolatilityMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputCommodityVolatilityMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputCommodityVolatilityMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputCommodityVolatilityMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputCommodityVolatilityMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputCommodityVolatilityMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputCrossCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2021-12-310000895421ms:CorporateEquitiesMemberus-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberms:MeasurementInputFundingSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputLoanPriceMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsRecurringMemberms:MeasurementInputLoanPriceMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberms:MeasurementInputEquityVolatilityMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:MeasurementInputEquityVolatilitySkewMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityForeignExchangeCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberms:MeasurementInputEquityForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputEquityForeignExchangeCorrelationMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:ArithmeticAverageMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberms:MeasurementInputInterestRateForeignExchangeCorrelationMembersrt:MedianMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueCorporateLoanModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:ValuationTechniqueWarehouseModelMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:MaximumMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:MeasurementInputBondPriceMembersrt:WeightedAverageMemberms:ValuationTechniqueComparablePricingMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:PrivateEquityFundsMember2021-12-310000895421us-gaap:PrivateEquityFundsMember2020-12-310000895421us-gaap:RealEstateFundsMember2021-12-310000895421us-gaap:RealEstateFundsMember2020-12-310000895421us-gaap:HedgeFundsMember2021-12-310000895421us-gaap:HedgeFundsMember2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:LendingCommitmentMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:LendingCommitmentMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:LendingCommitmentMember2019-01-012019-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:GoodwillMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:GoodwillMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:GoodwillMember2019-01-012019-12-310000895421ms:IntangibleAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-01-012021-12-310000895421ms:IntangibleAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-12-310000895421ms:IntangibleAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-01-012019-12-310000895421us-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-01-012021-12-310000895421us-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-12-310000895421us-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-01-012019-12-310000895421ms:PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-01-012021-12-310000895421ms:PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-12-310000895421ms:PropertyPlantAndEquipmentAndCapitalizedSoftwareCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-01-012019-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:RightOfUseAssetsMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:RightOfUseAssetsMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberms:RightOfUseAssetsMember2019-01-012019-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:AssetsMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:AssetsMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:AssetsMember2019-01-012019-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:OtherLiabilitiesMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:OtherLiabilitiesMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:OtherLiabilitiesMember2019-01-012019-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LiabilityMember2021-01-012021-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LiabilityMember2020-01-012020-12-310000895421us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LiabilityMember2019-01-012019-12-310000895421us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2021-12-310000895421us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895421us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895421us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2020-12-310000895421us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895421us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895421us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421ms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421ms:CommodityAndOtherContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000895421us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DebtMember2021-01-012021-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DebtMember2020-01-012020-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DebtMember2019-01-012019-12-310000895421us-gaap:DebtMemberus-gaap:InterestExpenseMember2021-01-012021-12-310000895421us-gaap:DebtMemberus-gaap:InterestExpenseMember2020-01-012020-12-310000895421us-gaap:DebtMemberus-gaap:InterestExpenseMember2019-01-012019-12-310000895421us-gaap:DebtMember2021-01-012021-12-310000895421us-gaap:DebtMember2020-01-012020-12-310000895421us-gaap:DebtMember2019-01-012019-12-310000895421us-gaap:TradingRevenueMemberms:LoansAndOtherReceivablesMember2021-01-012021-12-310000895421us-gaap:OtherComprehensiveIncomeMemberms:LoansAndOtherReceivablesMember2021-01-012021-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:TradingRevenueMember2021-01-012021-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:OtherComprehensiveIncomeMember2021-01-012021-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DepositsMember2021-01-012021-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DepositsMember2021-01-012021-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DebtMember2021-01-012021-12-310000895421us-gaap:TradingRevenueMemberms:LoansAndOtherReceivablesMember2020-01-012020-12-310000895421us-gaap:OtherComprehensiveIncomeMemberms:LoansAndOtherReceivablesMember2020-01-012020-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:TradingRevenueMember2020-01-012020-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:OtherComprehensiveIncomeMember2020-01-012020-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DepositsMember2020-01-012020-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DepositsMember2020-01-012020-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DebtMember2020-01-012020-12-310000895421us-gaap:TradingRevenueMemberms:LoansAndOtherReceivablesMember2019-01-012019-12-310000895421us-gaap:OtherComprehensiveIncomeMemberms:LoansAndOtherReceivablesMember2019-01-012019-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:TradingRevenueMember2019-01-012019-12-310000895421us-gaap:WrittenLoanCommitmentFairValueOptionMemberus-gaap:OtherComprehensiveIncomeMember2019-01-012019-12-310000895421us-gaap:TradingRevenueMemberus-gaap:DepositsMember2019-01-012019-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DepositsMember2019-01-012019-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:DebtMember2019-01-012019-12-310000895421us-gaap:TradingRevenueMemberus-gaap:OtherDebtSecuritiesMember2019-01-012019-12-310000895421us-gaap:OtherComprehensiveIncomeMemberus-gaap:OtherDebtSecuritiesMember2019-01-012019-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberms:CommodityAndOtherContractsMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMember2021-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:NondesignatedMember2021-12-310000895421us-gaap:NondesignatedMemberus-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NondesignatedMember2021-12-310000895421us-gaap:NondesignatedMember2021-12-310000895421us-gaap:OverTheCounterMember2021-12-310000895421us-gaap:ExchangeClearedMember2021-12-310000895421us-gaap:ExchangeTradedMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:OverTheCounterMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000895421us-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000895421us-gaap:OverTheCounterMemberus-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CreditRiskContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:EquityContractMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OverTheCounterMemberms:CommodityAndOtherContractsMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMember2020-12-310000895421us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberms:CommodityAndOtherContractsMember2020-12-310000895421us-gaap:OverTheCounterMemberus-gaap:NondesignatedMember2020-12-310000895421us-gaap:NondesignatedMemberus-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMemberus-gaap:NondesignatedMember2020-12-310000895421us-gaap:NondesignatedMember2020-12-310000895421us-gaap:OverTheCounterMember2020-12-310000895421us-gaap:ExchangeClearedMember2020-12-310000895421us-gaap:ExchangeTradedMember2020-12-310000895421us-gaap:InterestIncomeMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895421us-gaap:InterestIncomeMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895421us-gaap:InterestIncomeMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2019-01-012019-12-310000895421us-gaap:InterestIncomeMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895421us-gaap:InterestIncomeMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895421us-gaap:InterestIncomeMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueHedgingMember2019-01-012019-12-310000895421us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895421us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895421us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMember2019-01-012019-12-310000895421us-gaap:InterestExpenseMemberus-gaap:DepositsMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895421us-gaap:InterestExpenseMemberus-gaap:DepositsMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895421us-gaap:InterestExpenseMemberus-gaap:DepositsMemberus-gaap:FairValueHedgingMember2019-01-012019-12-310000895421us-gaap:InterestExpenseMemberus-gaap:BorrowingsMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895421us-gaap:InterestExpenseMemberus-gaap:BorrowingsMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895421us-gaap:InterestExpenseMemberus-gaap:BorrowingsMemberus-gaap:FairValueHedgingMember2019-01-012019-12-310000895421us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895421us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895421us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895421us-gaap:AvailableforsaleSecuritiesMember2021-12-310000895421us-gaap:AvailableforsaleSecuritiesMember2020-12-310000895421us-gaap:DepositsMember2021-12-310000895421us-gaap:DepositsMember2020-12-310000895421us-gaap:BorrowingsMember2021-12-310000895421us-gaap:BorrowingsMember2020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2021-01-012021-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-01-012020-12-310000895421us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-01-012019-12-310000895421ms:DerivativeCreditRiskRelatedContingentFeaturesTriggeringCircumstancesOneNotchCreditRatingDowngradeMember2021-12-310000895421ms:DerivativeCreditRiskRelatedContingentFeaturestriggeringCircumstancesTwoNotchCreditRatingDowngradeMember2021-12-310000895421us-gaap:CollaborativeArrangementMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421us-gaap:InternalInvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalInvestmentGradeMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421ms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2021-12-310000895421ms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:CreditDerivativesSellingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:InternalInvestmentGradeMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:SingleNameCreditDefaultSwapMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421us-gaap:InternalInvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalInvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalInvestmentGradeMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421us-gaap:InternalNoninvestmentGradeMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:CreditDerivativesSellingProtectionMemberms:TotalIndexAndBasketCreditDefaultSwapsMember2020-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421ms:CreditDerivativesSellingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2020-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2020-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2020-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2020-12-310000895421ms:CreditDerivativesSellingProtectionMemberus-gaap:OtherCreditDerivativesMember2020-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:CreditDerivativesSellingProtectionMember2020-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:CreditDefaultSwapBuyingProtectionMember2021-12-310000895421ms:SingleNameCreditDefaultSwapMemberus-gaap:CreditDefaultSwapBuyingProtectionMember2020-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberms:IndexAndBasketCreditDefaultSwapMember2021-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberms:IndexAndBasketCreditDefaultSwapMember2020-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberms:TranchedIndexAndBasketCreditDefaultSwapMember2021-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberms:TranchedIndexAndBasketCreditDefaultSwapMember2020-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberus-gaap:CreditDefaultSwapMember2021-12-310000895421us-gaap:CreditDefaultSwapBuyingProtectionMemberus-gaap:CreditDefaultSwapMember2020-12-310000895421us-gaap:USTreasurySecuritiesMember2021-12-310000895421us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000895421ms:AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember2021-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-310000895421us-gaap:USTreasurySecuritiesMember2020-12-310000895421us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310000895421us-gaap:CorporateBondSecuritiesMember2020-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000895421ms:AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember2020-12-310000895421ms:AssetBackedSecuritiesOtherMember2020-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310000895421us-gaap:USTreasurySecuritiesMember2021-01-012021-12-310000895421us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-012021-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-01-012021-12-310000895421us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-12-310000895421ms:AssetBackedSecuritiesFederalFamilyEducationLoanProgramMember2021-01-012021-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-01-012021-12-310000895421us-gaap:MaturityOvernightMember2021-12-310000895421us-gaap:MaturityUpTo30DaysMember2021-12-310000895421us-gaap:Maturity30To90DaysMember2021-12-310000895421us-gaap:MaturityOver90DaysMember2021-12-310000895421us-gaap:MaturityOvernightMember2020-12-310000895421us-gaap:MaturityUpTo30DaysMember2020-12-310000895421us-gaap:Maturity30To90DaysMember2020-12-310000895421us-gaap:MaturityOver90DaysMember2020-12-310000895421us-gaap:USTreasuryAndGovernmentMember2021-12-310000895421us-gaap:USTreasuryAndGovernmentMember2020-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000895421us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000895421ms:CorporateEquitiesMember2021-12-310000895421ms:CorporateEquitiesMember2020-12-310000895421us-gaap:CollateralizedSecuritiesOtherMember2021-12-310000895421us-gaap:CollateralizedSecuritiesOtherMember2020-12-310000895421ms:TradingAssetsToTotalAssetsRatioMemberms:UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMemberus-gaap:ProductConcentrationRiskMember2021-01-012021-12-310000895421ms:TradingAssetsToTotalAssetsRatioMemberms:UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-12-310000895421ms:UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMemberms:CollateralReceivedToTotalAssetsRatioMemberus-gaap:ProductConcentrationRiskMember2021-01-012021-12-310000895421ms:UsTreasuryAndGovernmentAndForeignGovernmentDebtSecuritiesMemberms:CollateralReceivedToTotalAssetsRatioMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-12-310000895421us-gaap:CommercialPortfolioSegmentMember2021-12-310000895421ms:SecuredLendingFacilitiesMember2021-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2021-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2021-12-310000895421us-gaap:CommercialPortfolioSegmentMember2020-12-310000895421ms:SecuredLendingFacilitiesMember2020-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2020-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2020-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310000895421ms:InvestmentGradeMemberms:SecuredLendingFacilitiesMember2021-12-310000895421ms:NoninvestmentGradeMemberms:SecuredLendingFacilitiesMember2021-12-310000895421ms:InvestmentGradeMemberms:SecuredLendingFacilitiesMember2020-12-310000895421ms:NoninvestmentGradeMemberms:SecuredLendingFacilitiesMember2020-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreGreaterthanorEqualto740Member2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreBetween680and739Member2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreLessthan680Member2021-12-310000895421ms:DebttoValueRatioLessthanorEqualto80PercentMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000895421ms:DebttoValueRatioGreaterthan80PercentMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreGreaterthanorEqualto740Member2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreBetween680and739Member2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FICOScoreLessthan680Member2020-12-310000895421ms:DebttoValueRatioLessthanorEqualto80PercentMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000895421ms:DebttoValueRatioGreaterthan80PercentMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000895421ms:SecuritiesBasedLendingMember2021-12-310000895421ms:InvestmentGradeMemberms:OtherLoansMember2021-12-310000895421ms:NoninvestmentGradeMemberms:OtherLoansMember2021-12-310000895421ms:SecuritiesBasedLendingMember2020-12-310000895421ms:InvestmentGradeMemberms:OtherLoansMember2020-12-310000895421ms:NoninvestmentGradeMemberms:OtherLoansMember2020-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FinancialAssetPastDueMinusCurrentMember2021-12-310000895421us-gaap:ResidentialPortfolioSegmentMemberms:FinancialAssetPastDueMinusCurrentMember2020-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMemberms:FinancialAssetPastDueMinusCurrentMember2021-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMemberms:FinancialAssetPastDueMinusCurrentMember2020-12-310000895421ms:FinancialAssetPastDueMinusCurrentMember2021-12-310000895421ms:FinancialAssetPastDueMinusCurrentMember2020-12-310000895421us-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-310000895421ms:SecuredLendingFacilitiesMember2021-01-012021-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2021-01-012021-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2021-01-012021-12-310000895421us-gaap:CommercialPortfolioSegmentMember2019-12-310000895421ms:SecuredLendingFacilitiesMember2019-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2019-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2019-12-310000895421us-gaap:CommercialPortfolioSegmentMember2020-01-012020-12-310000895421ms:SecuredLendingFacilitiesMember2020-01-012020-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2020-01-012020-12-310000895421us-gaap:CommercialPortfolioSegmentMember2018-12-310000895421ms:SecuredLendingFacilitiesMember2018-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2018-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2018-12-310000895421us-gaap:CommercialPortfolioSegmentMember2019-01-012019-12-310000895421ms:SecuredLendingFacilitiesMember2019-01-012019-12-310000895421us-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-12-310000895421us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2019-01-012019-12-310000895421ms:CurrentlyEmployedbytheFirmMember2021-12-310000895421ms:CurrentlyEmployedbytheFirmMember2020-12-310000895421ms:NoLongerEmployedbytheFirmMember2021-12-310000895421ms:NoLongerEmployedbytheFirmMember2020-12-310000895421ms:InstitutionalSecuritiesSegmentMember2019-12-310000895421ms:GlobalWealthManagementGroupMember2019-12-310000895421ms:AssetManagementSegmentMember2019-12-310000895421ms:InstitutionalSecuritiesSegmentMember2020-01-012020-12-310000895421ms:GlobalWealthManagementGroupMember2020-01-012020-12-310000895421ms:AssetManagementSegmentMember2020-01-012020-12-310000895421ms:InstitutionalSecuritiesSegmentMember2020-12-310000895421ms:GlobalWealthManagementGroupMember2020-12-310000895421ms:AssetManagementSegmentMember2020-12-310000895421ms:InstitutionalSecuritiesSegmentMember2021-01-012021-12-310000895421ms:GlobalWealthManagementGroupMember2021-01-012021-12-310000895421ms:AssetManagementSegmentMember2021-01-012021-12-310000895421ms:InstitutionalSecuritiesSegmentMember2021-12-310000895421ms:GlobalWealthManagementGroupMember2021-12-310000895421ms:AssetManagementSegmentMember2021-12-310000895421ms:EatonVanceCorpMemberms:GlobalWealthManagementGroupAndAssetManagementSegmentMember2021-03-010000895421us-gaap:EmploymentContractsMember2021-12-310000895421us-gaap:CustomerRelationshipsMember2021-12-310000895421us-gaap:TradeNamesMember2021-12-310000895421us-gaap:OtherIntangibleAssetsMember2021-12-310000895421us-gaap:EmploymentContractsMember2020-12-310000895421us-gaap:CustomerRelationshipsMember2020-12-310000895421us-gaap:TradeNamesMember2020-12-310000895421us-gaap:OtherIntangibleAssetsMember2020-12-310000895421ms:InvestmentManagementSegmentMember2021-12-310000895421ms:InvestmentManagementSegmentMember2020-12-310000895421ms:InvestmentManagementSegmentMember2021-01-012021-12-310000895421ms:InvestmentManagementSegmentMember2020-01-012020-12-310000895421ms:InvestmentManagementSegmentMember2019-01-012019-12-310000895421ms:InvestmentManagementSegmentMember2019-10-012019-12-310000895421ms:MitsubishiUfjMorganStanleySecuritiesCoLtdMember2021-01-012021-12-310000895421ms:MitsubishiUfjMorganStanleySecuritiesCoLtdMember2020-01-012020-12-310000895421ms:MitsubishiUfjMorganStanleySecuritiesCoLtdMember2019-01-012019-12-310000895421ms:MorganStanleyMufgSecuritiesCoLtdMember2021-12-310000895421ms:MorganStanleyMufgSecuritiesCoLtdMemberms:MitsubishiUfjFinancialGroupIncMember2021-12-310000895421ms:MitsubishiUfjMorganStanleySecuritiesCoLtdMember2021-12-310000895421ms:MorganStanleyMufgSecuritiesCoLtdMemberms:InstitutionalSecuritiesSegmentMember2021-12-310000895421us-gaap:NonUsMember2021-12-310000895421srt:ParentCompanyMemberms:LongTermDebtFixedRateMember2021-12-310000895421srt:ParentCompanyMemberms:LongTermDebtVariableRateMember2021-12-310000895421srt:SubsidiariesMemberms:LongTermDebtFixedRateMember2021-12-310000895421srt:SubsidiariesMemberms:LongTermDebtVariableRateMember2021-12-310000895421us-gaap:SeniorNotesMember2021-12-310000895421us-gaap:SeniorNotesMember2020-12-310000895421us-gaap:SubordinatedDebtMember2021-01-012021-12-310000895421us-gaap:SubordinatedDebtMember2020-01-012020-12-310000895421ms:FixedRateDebtMemberus-gaap:SecuredDebtMember2021-12-310000895421ms:VariableRateMemberus-gaap:SecuredDebtMember2021-12-310000895421us-gaap:SecuredDebtMember2021-12-310000895421us-gaap:SecuredDebtMember2020-12-310000895421ms:LongTermDebtFixedRateMember2021-12-310000895421ms:LongTermDebtVariableRateMember2021-12-310000895421us-gaap:CommercialLoanMember2021-12-310000895421ms:SecuredLendingFacilitiesMember2021-12-310000895421us-gaap:RealEstateMember2021-12-310000895421ms:SecuritiesBasedLendingandOtherLoansMember2021-12-310000895421ms:CommitmentsForwardStartingReverseRepurchaseAgreementsMember2021-12-310000895421ms:CentralCounterpartyCommitmentMember2021-12-310000895421ms:CommitmentsInvestmentActivitiesMember2021-12-310000895421ms:CommitmentsLettersOfCreditAndOtherFinancialGuaranteesObtainedToSatisfyCollateralRequirementsMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberus-gaap:DerivativeMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberus-gaap:DerivativeMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberus-gaap:DerivativeMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberus-gaap:DerivativeMember2021-12-310000895421us-gaap:DerivativeMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberus-gaap:StandbyLettersOfCreditMember2021-12-310000895421us-gaap:StandbyLettersOfCreditMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember2021-12-310000895421us-gaap:StandbyLettersOfCreditMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember2021-12-310000895421us-gaap:StandbyLettersOfCreditMemberms:MoreThanFiveYearsFromBalanceSheetDateMember2021-12-310000895421us-gaap:StandbyLettersOfCreditMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberus-gaap:MarketValueGuaranteeMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberus-gaap:MarketValueGuaranteeMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberus-gaap:MarketValueGuaranteeMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberus-gaap:MarketValueGuaranteeMember2021-12-310000895421us-gaap:MarketValueGuaranteeMember2021-12-310000895421ms:LiquidityFacilitiesGuaranteeMemberms:LessThanTwelveMonthsFromBalanceSheetDateMember2021-12-310000895421ms:LiquidityFacilitiesGuaranteeMemberms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMember2021-12-310000895421ms:LiquidityFacilitiesGuaranteeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember2021-12-310000895421ms:LiquidityFacilitiesGuaranteeMemberms:MoreThanFiveYearsFromBalanceSheetDateMember2021-12-310000895421ms:LiquidityFacilitiesGuaranteeMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:WholeLoanSalesRepresentationsAndWarrantiesMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:WholeLoanSalesRepresentationsAndWarrantiesMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:WholeLoanSalesRepresentationsAndWarrantiesMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:WholeLoanSalesRepresentationsAndWarrantiesMember2021-12-310000895421ms:WholeLoanSalesRepresentationsAndWarrantiesMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:SecuritizationsRepresentationsAndGuaranteesMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:SecuritizationsRepresentationsAndGuaranteesMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:SecuritizationsRepresentationsAndGuaranteesMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:SecuritizationsRepresentationsAndGuaranteesMember2021-12-310000895421ms:SecuritizationsRepresentationsAndGuaranteesMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:GeneralPartnerGuaranteeMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:GeneralPartnerGuaranteeMember2021-12-310000895421ms:GeneralPartnerGuaranteeMemberms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMember2021-12-310000895421ms:GeneralPartnerGuaranteeMemberms:MoreThanFiveYearsFromBalanceSheetDateMember2021-12-310000895421ms:GeneralPartnerGuaranteeMember2021-12-310000895421ms:LessThanTwelveMonthsFromBalanceSheetDateMemberms:ClearingMemberGuaranteeMember2021-12-310000895421ms:MoreThanOneAndWithinThreeYearsFromBalanceSheetDateMemberms:ClearingMemberGuaranteeMember2021-12-310000895421ms:MoreThanThreeAndWithinFiveYearsFromBalanceSheetDateMemberms:ClearingMemberGuaranteeMember2021-12-310000895421ms:MoreThanFiveYearsFromBalanceSheetDateMemberms:ClearingMemberGuaranteeMember2021-12-310000895421ms:ClearingMemberGuaranteeMember2021-12-310000895421us-gaap:PendingLitigationMemberms:FinancialGuarantyInsuranceCompanyVMorganStanleyAbsCapitalIIncEtAlTrust2007Nc4Member2021-12-310000895421srt:MaximumMemberus-gaap:PendingLitigationMemberms:DeutscheBankNationalTrustCompany2007Nc4VMorganStanleyMortgageCapitalHoldingsLlcMember2021-12-310000895421us-gaap:PendingLitigationMemberms:UsBankNationalAssociation20072axVMorganStanleyMortgageCapitalHoldingsLlcMember2021-12-310000895421ms:CaseNumber153637AndCaseNumber154353Memberus-gaap:PendingLitigationMember2021-12-31iso4217:EUR0000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421ms:InvestmentVehiclesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000895421ms:InvestmentVehiclesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000895421ms:OperatingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000895421ms:OperatingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberms:OtherVariableInterestsMember2021-12-310000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberms:OtherVariableInterestsMember2020-12-310000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000895421us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000895421ms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421us-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMember2021-12-310000895421us-gaap:StructuredFinanceMember2021-12-310000895421ms:OtherVariableInterestsMember2021-12-310000895421ms:DebtandEquityInterestsMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421ms:DebtandEquityInterestsMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberms:DebtandEquityInterestsMember2021-12-310000895421ms:DebtandEquityInterestsMemberus-gaap:StructuredFinanceMember2021-12-310000895421ms:OtherVariableInterestsMemberms:DebtandEquityInterestsMember2021-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:StructuredFinanceMember2021-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberms:OtherVariableInterestsMember2021-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberms:CommitmentsGuaranteesAndOtherMember2021-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberus-gaap:StructuredFinanceMember2021-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberms:OtherVariableInterestsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberus-gaap:StructuredFinanceMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberms:DebtandEquityInterestsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberms:MortgageAndAssetBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:StructuredFinanceMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberms:OtherVariableInterestsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMemberus-gaap:StructuredFinanceMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CollateralizedDebtObligationsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:StructuredFinanceMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310000895421ms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421us-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMember2020-12-310000895421us-gaap:StructuredFinanceMember2020-12-310000895421ms:OtherVariableInterestsMember2020-12-310000895421ms:DebtandEquityInterestsMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421ms:DebtandEquityInterestsMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberms:DebtandEquityInterestsMember2020-12-310000895421ms:DebtandEquityInterestsMemberus-gaap:StructuredFinanceMember2020-12-310000895421ms:OtherVariableInterestsMemberms:DebtandEquityInterestsMember2020-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:StructuredFinanceMember2020-12-310000895421us-gaap:DerivativeFinancialInstrumentsAssetsMemberms:OtherVariableInterestsMember2020-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberms:CommitmentsGuaranteesAndOtherMember2020-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberus-gaap:StructuredFinanceMember2020-12-310000895421ms:CommitmentsGuaranteesAndOtherMemberms:OtherVariableInterestsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:DebtandEquityInterestsMemberus-gaap:StructuredFinanceMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberms:DebtandEquityInterestsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberms:MortgageAndAssetBackedSecuritiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:StructuredFinanceMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberms:OtherVariableInterestsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetsMemberus-gaap:StructuredFinanceMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:MortgageAndAssetBackedSecuritiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CollateralizedDebtObligationsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-12-310000895421ms:MunicipalTenderOptionBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:StructuredFinanceMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherVariableInterestsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SecuritiesAssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SecuritiesAssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:SecuritiesAssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:SecuritiesAssetsMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherConsumerAndCommercialLoansMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMemberms:OtherConsumerAndCommercialLoansMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberms:OtherConsumerAndCommercialLoansMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMemberms:OtherConsumerAndCommercialLoansMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMember2021-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310000895421us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SecuritiesAssetsMember2020-12-310000895421us-gaap:ResidentialMortgageMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:CreditLinkedNotesAndOtherMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:ResidentialMortgageMemberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:InvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:CreditLinkedNotesAndOtherMemberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:ResidentialMortgageMemberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:NoninvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:NoninvestmentGradeMemberms:CreditLinkedNotesAndOtherMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:ResidentialMortgageMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:CreditLinkedNotesAndOtherMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:ResidentialMortgageMemberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:InvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:InvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:CreditLinkedNotesAndOtherMemberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:ResidentialMortgageMemberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:NoninvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:NoninvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:NoninvestmentGradeMemberms:CreditLinkedNotesAndOtherMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:SpecialPurposeEntitiesMember2021-12-310000895421ms:SpecialPurposeEntitiesMember2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:InvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:NoninvestmentGradeMemberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:SpecialPurposeEntitiesMember2020-12-310000895421ms:SpecialPurposeEntitiesMember2020-12-310000895421us-gaap:CommercialLoanMemberms:CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember2021-01-012021-12-310000895421us-gaap:CommercialLoanMemberms:CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember2020-01-012020-12-310000895421us-gaap:CommercialLoanMemberms:CollateralizedLoanObligationsEntitiesSponsoredByNonAffiliatesMember2019-01-012019-12-310000895421us-gaap:OverTheCounterMemberus-gaap:EquityContractMember2021-12-310000895421us-gaap:OverTheCounterMemberus-gaap:EquityContractMember2020-12-310000895421srt:MaximumMember2021-12-310000895421ms:MorganStanleyBankNationalAssociationMember2021-01-012021-12-310000895421ms:MorganStanleyBankNationalAssociationMember2021-12-310000895421ms:MorganStanleyBankNationalAssociationMember2020-12-310000895421ms:MorganStanleyPrivateBankNationalAssociationMember2021-01-012021-12-310000895421ms:MorganStanleyPrivateBankNationalAssociationMember2021-12-310000895421ms:MorganStanleyPrivateBankNationalAssociationMember2020-12-310000895421ms:MSAndCoMember2021-01-012021-12-310000895421ms:MSAndCoMember2021-12-310000895421ms:MSAndCoMember2020-12-310000895421us-gaap:SeriesAPreferredStockMember2021-12-310000895421us-gaap:SeriesAPreferredStockMember2020-12-310000895421us-gaap:SeriesCPreferredStockMember2021-12-310000895421us-gaap:SeriesCPreferredStockMember2020-12-310000895421us-gaap:SeriesEPreferredStockMember2021-12-310000895421us-gaap:SeriesEPreferredStockMember2020-12-310000895421us-gaap:SeriesFPreferredStockMember2021-12-310000895421us-gaap:SeriesFPreferredStockMember2020-12-310000895421us-gaap:SeriesHPreferredStockMember2021-12-310000895421us-gaap:SeriesHPreferredStockMember2020-12-310000895421ms:SeriesIPreferredStockMember2021-12-310000895421ms:SeriesIPreferredStockMember2020-12-310000895421ms:SeriesJPreferredStockMember2021-12-310000895421ms:SeriesJPreferredStockMember2020-12-310000895421ms:SeriesKPreferredStockMember2021-12-310000895421ms:SeriesKPreferredStockMember2020-12-310000895421ms:SeriesLPreferredStockMember2021-12-310000895421ms:SeriesLPreferredStockMember2020-12-310000895421ms:SeriesMPreferredStockMember2021-12-310000895421ms:SeriesMPreferredStockMember2020-12-310000895421ms:SeriesNPreferredStockMember2021-12-310000895421ms:SeriesNPreferredStockMember2020-12-310000895421ms:SeriesOPreferredStockMember2021-12-310000895421ms:SeriesOPreferredStockMember2020-12-310000895421us-gaap:SeriesHPreferredStockMember2021-11-192021-11-190000895421ms:SeriesJPreferredStockMember2021-03-152021-03-150000895421us-gaap:SeriesGPreferredStockMember2020-01-1500008954212021-06-280000895421us-gaap:SeriesAPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesAPreferredStockMember2019-01-012019-12-310000895421us-gaap:SeriesCPreferredStockMember2021-01-012021-12-310000895421us-gaap:SeriesCPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesCPreferredStockMember2019-01-012019-12-310000895421us-gaap:SeriesEPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesEPreferredStockMember2019-01-012019-12-310000895421us-gaap:SeriesFPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesFPreferredStockMember2019-01-012019-12-310000895421us-gaap:SeriesGPreferredStockMember2021-01-012021-12-310000895421us-gaap:SeriesGPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesGPreferredStockMember2019-01-012019-12-310000895421us-gaap:SeriesHPreferredStockMember2021-01-012021-12-310000895421us-gaap:SeriesHPreferredStockMember2020-01-012020-12-310000895421us-gaap:SeriesHPreferredStockMember2019-01-012019-12-310000895421ms:SeriesIPreferredStockMember2020-01-012020-12-310000895421ms:SeriesIPreferredStockMember2019-01-012019-12-310000895421ms:SeriesJPreferredStockMember2021-01-012021-12-310000895421ms:SeriesJPreferredStockMember2020-01-012020-12-310000895421ms:SeriesJPreferredStockMember2019-01-012019-12-310000895421ms:SeriesKPreferredStockMember2020-01-012020-12-310000895421ms:SeriesKPreferredStockMember2019-01-012019-12-310000895421ms:SeriesLPreferredStockMember2020-01-012020-12-310000895421ms:SeriesLPreferredStockMember2019-01-012019-12-310000895421ms:SeriesMPreferredStockMember2021-01-012021-12-310000895421ms:SeriesMPreferredStockMember2020-01-012020-12-310000895421ms:SeriesMPreferredStockMember2019-01-012019-12-310000895421ms:SeriesNPreferredStockMember2021-01-012021-12-310000895421ms:SeriesNPreferredStockMember2020-01-012020-12-310000895421ms:SeriesNPreferredStockMember2019-01-012019-12-310000895421ms:SeriesOPreferredStockMember2020-01-012020-12-310000895421ms:SeriesOPreferredStockMember2019-01-012019-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2018-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2019-01-012019-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2019-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2020-01-012020-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2020-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2021-01-012021-12-310000895421us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000895421us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000895421ms:AOCIDebtValuationAdjustmentParentMember2021-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895421ms:AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember2021-01-012021-12-310000895421ms:AOCIDebtValuationAdjustmentNoncontrollingInterestMember2021-01-012021-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895421ms:AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember2020-01-012020-12-310000895421ms:AOCIDebtValuationAdjustmentNoncontrollingInterestMember2020-01-012020-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:AccumulatedDefinedBenefitPlansAdjustmentAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895421ms:AOCIDebtValuationAdjustmentIncludingNoncontrollingInterestMember2019-01-012019-12-310000895421ms:AOCIDebtValuationAdjustmentNoncontrollingInterestMember2019-01-012019-12-310000895421us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000895421us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000895421us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000895421us-gaap:PerformanceSharesMember2021-01-012021-12-310000895421us-gaap:PerformanceSharesMember2020-01-012020-12-310000895421us-gaap:PerformanceSharesMember2019-01-012019-12-310000895421us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2021-01-012021-12-310000895421srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000895421us-gaap:RestrictedStockUnitsRSUMember2020-12-310000895421us-gaap:RestrictedStockUnitsRSUMember2021-12-310000895421us-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-12-310000895421us-gaap:PerformanceSharesMembersrt:MaximumMember2021-01-012021-12-310000895421us-gaap:PerformanceSharesMember2021-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember2021-01-012021-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember2020-01-012020-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyAverageReturnOnEquityExcludingCertainAdjustmentsMember2019-01-012019-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember2021-01-012021-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember2020-01-012020-12-310000895421us-gaap:PerformanceSharesMemberms:MorganStanleyTotalShareholderReturnRelativeToTotalShareholderReturnOfStandardPoors500FinancialsSectorIndexMember2019-01-012019-12-310000895421ms:CurrentPerformanceYearDeferredCompensationAwardsMember2021-01-012021-12-310000895421ms:PriorPerformanceYearDeferredCompensationAwardsMember2021-01-012021-12-310000895421ms:PriorPriorPerformanceYearDeferredCompensationAwardsMember2021-01-012021-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2019-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2018-12-310000895421us-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:MoneyMarketFundsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberms:ForeignFixedIncomeFundsMember2021-12-310000895421ms:ForeignMoneyMarketFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberms:ForeignTargetedCashFlowFundsMember2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000895421ms:OtherPayablesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Memberms:OtherPayablesMember2021-12-310000895421us-gaap:FairValueInputsLevel3Memberms:OtherPayablesMember2021-12-310000895421ms:OtherPayablesMember2021-12-310000895421us-gaap:FairValueInputsLevel1Member2021-12-310000895421us-gaap:FairValueInputsLevel2Member2021-12-310000895421us-gaap:FairValueInputsLevel3Member2021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CashAndCashEquivalentsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:CollateralizedDebtObligationsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:DerivativeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberms:OtherReceivablesMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:MoneyMarketFundsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberms:ForeignFixedIncomeFundsMember2020-12-310000895421ms:ForeignMoneyMarketFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberms:ForeignTargetedCashFlowFundsMember2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000895421ms:OtherPayablesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Memberms:OtherPayablesMember2020-12-310000895421us-gaap:FairValueInputsLevel3Memberms:OtherPayablesMember2020-12-310000895421ms:OtherPayablesMember2020-12-310000895421us-gaap:FairValueInputsLevel1Member2020-12-310000895421us-gaap:FairValueInputsLevel2Member2020-12-310000895421us-gaap:FairValueInputsLevel3Member2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000895421us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895421us-gaap:QualifiedPlanMember2021-12-310000895421ms:MorganStanley401kPlanMember2021-01-012021-12-310000895421ms:MorganStanley401kPlanMember2020-01-012020-12-310000895421ms:MorganStanley401kPlanMember2019-01-012019-12-310000895421ms:ParticipantsOfACertainCompensationLevelMemberms:MorganStanley401kPlanMember2021-01-012021-12-310000895421ms:MorganStanley401kPlanMemberms:EligibleUsEmployeesWithEligiblePayLessThanOrEqualToOneHundredThousandsDollarsMember2021-01-012021-12-310000895421us-gaap:ForeignPlanMember2021-01-012021-12-310000895421us-gaap:ForeignPlanMember2020-01-012020-12-310000895421us-gaap:ForeignPlanMember2019-01-012019-12-310000895421country:GB2021-01-012021-12-310000895421country:GB2020-01-012020-12-310000895421country:GB2019-01-012019-12-310000895421country:JP2021-01-012021-12-310000895421country:JP2020-01-012020-12-310000895421country:JP2019-01-012019-12-310000895421country:HK2021-01-012021-12-310000895421country:HK2020-01-012020-12-310000895421country:HK2019-01-012019-12-310000895421ms:OtherCountriesMember2021-01-012021-12-310000895421ms:OtherCountriesMember2020-01-012020-12-310000895421ms:OtherCountriesMember2019-01-012019-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895421us-gaap:OperatingSegmentsMemberms:WealthManagementSegmentMember2021-01-012021-12-310000895421us-gaap:OperatingSegmentsMemberms:InvestmentManagementSegmentMember2021-01-012021-12-310000895421us-gaap:IntersegmentEliminationMember2021-01-012021-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895421us-gaap:OperatingSegmentsMemberms:WealthManagementSegmentMember2020-01-012020-12-310000895421us-gaap:OperatingSegmentsMemberms:InvestmentManagementSegmentMember2020-01-012020-12-310000895421us-gaap:IntersegmentEliminationMember2020-01-012020-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895421us-gaap:OperatingSegmentsMemberms:WealthManagementSegmentMember2019-01-012019-12-310000895421us-gaap:OperatingSegmentsMemberms:InvestmentManagementSegmentMember2019-01-012019-12-310000895421us-gaap:IntersegmentEliminationMember2019-01-012019-12-3100008954212019-10-012019-12-310000895421ms:InstitutionalSecuritiesSegmentMember2019-10-012019-12-310000895421ms:WealthManagementSegmentMember2019-10-012019-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:InvestmentAdviceMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:InvestmentAdviceMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:InvestmentAdviceMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMemberms:UnderwritingMember2021-01-012021-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMemberms:UnderwritingMember2020-01-012020-12-310000895421ms:InstitutionalSecuritiesSegmentMemberus-gaap:OperatingSegmentsMemberms:UnderwritingMember2019-01-012019-12-310000895421us-gaap:InterestRateContractMember2021-01-012021-12-310000895421us-gaap:InterestRateContractMember2020-01-012020-12-310000895421us-gaap:InterestRateContractMember2019-01-012019-12-310000895421us-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895421us-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895421us-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895421ms:EquityAndIndexContractMember2021-01-012021-12-310000895421ms:EquityAndIndexContractMember2020-01-012020-12-310000895421ms:EquityAndIndexContractMember2019-01-012019-12-310000895421ms:CommodityAndOtherContractsMember2021-01-012021-12-310000895421ms:CommodityAndOtherContractsMember2020-01-012020-12-310000895421ms:CommodityAndOtherContractsMember2019-01-012019-12-310000895421us-gaap:CreditRiskContractMember2021-01-012021-12-310000895421us-gaap:CreditRiskContractMember2020-01-012020-12-310000895421us-gaap:CreditRiskContractMember2019-01-012019-12-310000895421srt:AmericasMember2021-01-012021-12-310000895421srt:AmericasMember2020-01-012020-12-310000895421srt:AmericasMember2019-01-012019-12-310000895421us-gaap:EMEAMember2021-01-012021-12-310000895421us-gaap:EMEAMember2020-01-012020-12-310000895421us-gaap:EMEAMember2019-01-012019-12-310000895421srt:AsiaMember2021-01-012021-12-310000895421srt:AsiaMember2020-01-012020-12-310000895421srt:AsiaMember2019-01-012019-12-310000895421country:US2021-01-012021-12-310000895421country:US2020-01-012020-12-310000895421country:US2019-01-012019-12-310000895421us-gaap:NonUsMember2021-01-012021-12-310000895421us-gaap:NonUsMember2020-01-012020-12-310000895421us-gaap:NonUsMember2019-01-012019-12-310000895421ms:WealthManagementSegmentMember2021-12-310000895421ms:WealthManagementSegmentMember2020-12-310000895421srt:AmericasMember2021-12-310000895421srt:AmericasMember2020-12-310000895421us-gaap:EMEAMember2021-12-310000895421us-gaap:EMEAMember2020-12-310000895421srt:AsiaMember2021-12-310000895421srt:AsiaMember2020-12-310000895421srt:ParentCompanyMember2021-01-012021-12-310000895421srt:ParentCompanyMember2020-01-012020-12-310000895421srt:ParentCompanyMember2019-01-012019-12-310000895421srt:ParentCompanyMember2021-12-310000895421srt:ParentCompanyMember2020-12-310000895421srt:ParentCompanyMember2019-12-310000895421srt:ParentCompanyMember2018-12-310000895421us-gaap:WarrantMembersrt:ParentCompanyMember2021-12-310000895421us-gaap:WarrantMembersrt:ParentCompanyMember2020-12-310000895421srt:ParentCompanyMemberus-gaap:CapitalLeaseObligationsMember2021-12-310000895421srt:ParentCompanyMemberus-gaap:CapitalLeaseObligationsMember2020-12-31
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 2021
Commission File Number 1-11758
ms-20211231_g1.jpg
(Exact name of Registrant as specified in its charter)
Delaware1585 Broadway36-3145972(212)761-4000
(State or other jurisdiction of incorporation or organization)New York,NY10036
(I.R.S. Employer Identification No.)

(Registrant’s telephone number,
including area code)

(Address of principal executive offices, including zip code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of exchange on
which registered
Common Stock, $0.01 par value
MS
New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate
MS/PA
New York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PE
New York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PF
New York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PI
New York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PK
New York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%
MS/PL
New York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026
MS/26C
New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Indicate by check mark if Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   No 
Indicate by check mark if Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes    No
Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes    No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                
Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    
Indicate by check mark whether Registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes    No  
As of June 30, 2021, the aggregate market value of the common stock of Registrant held by non-affiliates of Registrant was approximately $162,040,978,089. This calculation does not reflect a determination that persons are affiliates for any other purposes.
As of January 31, 2022, there were 1,781,299,489 shares of Registrant’s common stock, $0.01 par value, outstanding.
Documents Incorporated by Reference: Portions of Registrant’s definitive proxy statement for its 2022 annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K.


 
ANNUAL REPORT ON FORM 10-K
ms-20211231_g1.jpg
For the year ended December 31, 2021
Table of ContentsPartItemPage
I1
  
  
  
  
  
 1A
II7
  
  
  
  
  
  
  
  
  
 7A
  
  
  
  
 8
  
  
  
  
 
  
  
  
  
  
Table of ContentsPartItemPage
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
9
 9A
 9B
9C
I1B
 2
 3
 4
II5
III10
 11
 12
 13
 14
IV15
 16
  
i

 
ms-20211231_g1.jpg
Forward-Looking Statements
We have included in or incorporated by reference into this report, and from time to time may make in our public filings, press releases or other public statements, certain statements, including (without limitation) those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Risk” and “Legal Proceedings” that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts and represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control.
The nature of our business makes predicting the future trends of our revenues, expenses, and net income difficult. The risks and uncertainties involved in our businesses could affect the matters referred to in such statements, and it is possible that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Important factors that could cause actual results to differ from those in the forward-looking statements include (without limitation):
the effect of market conditions, particularly in the global equity, fixed income, currency, credit and commodities markets, including corporate and mortgage (commercial and residential) lending and real estate and energy markets;
the level of individual investor participation in the global markets, as well as the level of client assets;
the flow of investment capital into or from assets under management or supervision;
the level and volatility of equity, fixed income and commodity prices, interest rates, inflation and currency values, other market indices or other market factors, such as market liquidity;
the availability and cost of both credit and capital as well as the credit ratings assigned to our unsecured short-term and long-term debt;
technological changes instituted by us, our competitors or counterparties and technological risks, business continuity and related operational risks, including breaches or other disruptions of our or a third party’s (or third parties thereof) operations or systems;
risk associated with cybersecurity threats, including data protection and cybersecurity risk management;
our ability to effectively manage our capital and liquidity, including under stress tests designed by our banking regulators;
the impact of current, pending and future legislation or changes thereto, regulation (including capital, leverage, funding, liquidity, consumer protection, and recovery and resolution requirements) and our ability to address such requirements;
uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, government shutdowns, debt ceilings or funding;
changes to global trade policies, tariffs, interest rates, replacements of LIBOR and replacement or reform of other interest rate benchmarks;
legal and regulatory actions, including litigation and enforcement, in the U.S. and worldwide;
changes in tax laws and regulations globally;
the effectiveness of our risk management processes and related controls, including climate risk;
our ability to effectively respond to an economic downturn, or other market disruptions;
the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress, and sovereign risk;
the actions and initiatives of current and potential competitors, as well as governments, central banks, regulators and self-regulatory organizations;
our ability to provide innovative products and services and execute our strategic initiatives, and costs related thereto, including with respect to the operational or technological integration related to such innovative and strategic initiatives;
the performance and results of our acquisitions, divestitures, joint ventures, partnerships, strategic alliances, or other strategic arrangements and related integrations;
investor, consumer and business sentiment and confidence in the financial markets;
our reputation and the general perception of the financial services industry;
our ability to retain and attract qualified employees;
the effects of the coronavirus disease (“COVID-19”) pandemic, including the rate of distribution and administration of vaccines globally, the severity and duration of any resurgence of COVID-19 variants, future actions taken by governmental authorities, and the effects on our employees, customers and counterparties;
climate-related incidents, other pandemics and acts of war, aggression or terrorism; and
other risks and uncertainties detailed under “Business—Competition,” “Business—Supervision and Regulation,” “Risk Factors” and elsewhere throughout this report.
Accordingly, you are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made, whether as a result of new information, future events or otherwise except as required by applicable law. You should, however, consult further disclosures we may make in future filings of our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and any amendments thereto or in future press releases or other public statements.
ii

 
ms-20211231_g1.jpg
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.
Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.
You can access information about our corporate governance at www.morganstanley.com/about-us-governance, our sustainability initiatives at www.morganstanley.com/about-us/sustainability-at-morgan-stanley and our commitment to diversity and inclusion at www.morganstanley.com/about-us/diversity. Our webpages include:
Amended and Restated Certificate of Incorporation;
Amended and Restated Bylaws;
Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Nominating and Governance Committee, Operations and Technology Committee, and Risk Committee;
Corporate Governance Policies;
Policy Regarding Corporate Political Activities;
Policy Regarding Shareholder Rights Plan;
Equity Ownership Commitment;
Code of Ethics and Business Conduct;
Code of Conduct;
Integrity Hotline Information;
Environmental and Social Policies;
Sustainability Report;
Task Force on Climate-related Financial Disclosures Report; and
Diversity and Inclusion Report.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Deputy Chief Financial Officer. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC (“NYSE”) on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.

iii

 
ms-20211231_g1.jpg
Business
Overview
We are a global financial services firm that, through our subsidiaries and affiliates, advises, and originates, trades, manages and distributes capital for, governments, institutions and individuals. We were originally incorporated under the laws of the State of Delaware in 1981, and our predecessor companies date back to 1924. We are a financial holding company (“FHC”) regulated by the Board of Governors of the Federal Reserve System (“Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (“BHC Act”). We conduct our business from our headquarters in and around New York City, our regional offices and branches throughout the U.S. and our principal offices in London, Tokyo, Hong Kong and other world financial centers. Unless the context otherwise requires, the terms “Morgan Stanley,” the “Firm,” “us,” “we” and “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout the 2021 Form 10-K.
Financial information concerning us, our business segments and geographic regions for each of the years ended December 31, 2021, December 31, 2020 and December 31, 2019 is included in “Financial Statements and Supplementary Data.”
On March 1, 2021, we completed the acquisition of Eaton Vance Corp. (“Eaton Vance”), and on October 2, 2020, we completed the acquisition of E*TRADE Financial Corporation (E*TRADE). For further information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management” and Note 3 to the financial statements.
Business Segments
We are a global financial services firm that maintains significant market positions in each of our business segments: Institutional Securities, Wealth Management and Investment Management. Through our subsidiaries and affiliates, we provide a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Additional information related to our business segments, respective clients, and products and services provided is included under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Competition
All aspects of our businesses are highly competitive, and we expect them to remain so. We compete in the U.S. and globally for clients, market share and human talent. Operating
within the financial services industry on a global basis presents, among other things, technological, risk management, regulatory and other infrastructure challenges that require effective resource allocation in order for us to remain competitive. Our competitive position depends on a number of factors, including our reputation, the quality and consistency of our long-term investment performance, innovation, execution, relative pricing or other factors including entering into new, or expanding current, businesses as a result of acquisitions and other strategic initiatives. Our ability to sustain or improve our competitive position also depends substantially on our ability to continue to attract and retain highly qualified employees while managing compensation and other costs. We compete with commercial banks, brokerage firms, insurance companies, exchanges, electronic trading and clearing platforms, financial data repositories, sponsors of mutual funds, hedge funds and private equity funds, energy companies, financial technology firms and other companies offering financial or ancillary services in the U.S. and globally, as well as digitally, including through the internet. In addition, restrictive laws and regulations applicable to certain financial services institutions, which may prohibit us from engaging in certain transactions and impose more stringent capital and liquidity requirements, can put us at a competitive disadvantage to competitors in certain businesses not subject to these same requirements. See also “Supervision and Regulation” herein and “Risk Factors.”
We compete directly in the U.S. and globally with other securities and financial services firms and broker-dealers and with others on a regional or product basis. Additionally, there is increased competition driven by established firms and asset managers, as well as the emergence of new firms and business models (including innovative uses of technology) competing for the same clients and assets or offering similar products and services to retail and institutional customers. We also compete with companies that provide online trading and banking services, investment advisor services, robo-advice capabilities, access to digital asset capabilities and services, and other financial products and services.
Our ability to access capital at competitive rates (which is generally impacted by our credit ratings), to commit and to deploy capital efficiently, particularly in our capital-intensive underwriting and sales, trading, financing and market-making activities, also affects our competitive position. We expect corporate clients to continue to request that we provide loans or lending commitments in connection with certain investment banking activities.
It is possible that competition may become even more intense as we continue to compete with financial or other institutions that may be larger, or better capitalized, or may have a stronger local presence and longer operating history in certain geographies or products. Many of these firms have the ability to offer a wide range of products and services, and on different platforms, that may enhance their competitive
1
December 2021 Form 10-K

 
ms-20211231_g1.jpg
position and could result in pricing pressure on our businesses.
We continue to experience price competition in some of our businesses. In particular, the ability to execute securities, derivatives and other financial instrument trades electronically on exchanges, swap execution facilities and other automated trading platforms, and the introduction and application of new technologies will likely continue the pressure on revenues. The trend toward direct access to automated, electronic markets will likely continue as additional markets move to more automated trading platforms. We have experienced and will likely continue to experience competitive pressures in these and other areas in the future.
Our ability to compete successfully in the investment management industry is affected by several factors, including our reputation, investment objectives, quality of investment professionals, performance of investment strategies or product offerings relative to peers and appropriate benchmark indices, advertising and sales promotion efforts, fee levels, the effectiveness of and access to distribution channels and investment pipelines, and the types and quality of products offered. Our investment products, including alternative investment products, may compete with investments offered by other investment managers with passive investment products or who may be subject to less stringent legal and regulatory regimes than us.
Supervision and Regulation
As a major financial services firm, we are subject to extensive regulation by U.S. federal and state regulatory agencies and securities exchanges and by regulators and exchanges in each of the major markets where we conduct our business.
We continue to monitor the changing political, tax and regulatory environment. While it is likely that there will be changes in the way major financial institutions are regulated in both the U.S. and other markets in which we operate, it remains difficult to predict the exact impact these changes will have on our business, financial condition, results of operations and cash flows for a particular future period. We expect to remain subject to extensive supervision and regulation.
Financial Holding Company
Consolidated Supervision.    We operate as a BHC and FHC under the BHC Act and are subject to comprehensive consolidated supervision, regulation and examination by the Federal Reserve. In particular, we are subject to (among other things): significant regulation and supervision; intensive scrutiny of our businesses and plans for expansion of those businesses; limitations on activities; a systemic risk regime that imposes heightened capital and liquidity requirements; restrictions on activities and investments imposed by a section of the BHC Act added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) referred to
as the “Volcker Rule”; and comprehensive derivatives regulation. In addition, the Consumer Financial Protection Bureau (“CFPB”) has primary rulemaking, enforcement and examination authority over us and our subsidiaries with respect to federal consumer protection laws, to the extent applicable.
Scope of Permitted Activities.    The BHC Act limits the activities of BHCs and FHCs and grants the Federal Reserve authority to limit our ability to conduct activities. We must obtain the Federal Reserve’s approval before engaging in certain banking and other financial activities both in the U.S. and internationally.
The BHC Act grandfathers “activities related to the trading, sale or investment in commodities and underlying physical properties,” provided that we were engaged in “any of such activities as of September 30, 1997 in the U.S.” and provided that certain other conditions that are within our reasonable control are satisfied. We currently engage in our commodities activities pursuant to the BHC Act grandfather exemption, as well as other authorities under the BHC Act.
Activities Restrictions under the Volcker Rule.    The Volcker Rule prohibits banking entities, including us and our affiliates, from engaging in certain proprietary trading activities, as defined in the Volcker Rule, subject to exemptions for underwriting, market-making, risk-mitigating hedging and certain other activities. The Volcker Rule also prohibits certain investments and relationships by banking entities with covered funds, as defined in the Volcker Rule, subject to a number of exemptions and exclusions. In addition, there is an extension until July 2022 for conformance for certain legacy covered funds.
Capital Requirements.    The Federal Reserve establishes capital requirements largely based on the Basel III capital standards established by the Basel Committee on Banking Supervision (“Basel Committee”), including well-capitalized standards, for large BHCs and evaluates our compliance with such requirements. The OCC establishes similar capital requirements and standards for Morgan Stanley Bank, N.A. (“MSBNA”), Morgan Stanley Private Bank, National Association (“MSPBNA”), E*TRADE Bank (“ETB”) and E*TRADE Savings Bank (“ETSB”), a wholly owned subsidiary of ETB (collectively, our “U.S. Bank Subsidiaries”). On January 1, 2022, ETSB merged with and into ETB, and subsequently ETB merged with and into MSPBNA, with MSPBNA as the surviving bank.
The Basel Committee has published a comprehensive set of revisions to its Basel III Framework. The impact on us of any revisions to the Basel Committee’s capital standards is uncertain and depends on future rulemakings by the U.S. banking agencies.
In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries provisionally registered as swap dealers with the


December 2021 Form 10-K
2

 
ms-20211231_g1.jpg
CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants.
For more information about the specific capital requirements applicable to us and our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap dealers and security-based swap dealers, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements” and Note 17 to the financial statements.
Capital Planning, Stress Tests and Capital Distributions.    The Federal Reserve has adopted capital planning and stress test requirements for large BHCs, including Morgan Stanley. For more information about our capital planning and stress test requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements.”
In addition, the Federal Reserve, the OCC and the FDIC have the authority to prohibit or to limit the payment of dividends by the banking organizations they supervise, including us and our U.S. Bank Subsidiaries, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. For information about the Federal Reserve’s restrictions on capital distributions for large BHCs, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.” All of these policies and other requirements could affect our ability to pay dividends and/or repurchase stock or require us to provide capital assistance to our U.S. Bank Subsidiaries under circumstances that we would not otherwise decide to do.
Liquidity Requirements.    In addition to capital regulations, the U.S. banking agencies have adopted liquidity and funding standards, including the LCR, the NSFR, liquidity stress testing and associated liquidity reserve requirements.
For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Balance Sheet—Regulatory Liquidity Framework.”
Systemic Risk Regime.    Under rules issued by the Federal Reserve, large BHCs, including Morgan Stanley, must conduct internal liquidity stress tests, maintain unencumbered highly liquid assets to meet projected net cash outflows for 30 days over the range of liquidity stress scenarios used in internal stress tests, and comply with various liquidity risk management requirements. These large BHCs also must comply with a range of risk management and corporate governance requirements.
The Federal Reserve also imposes single-counterparty credit limits (“SCCL”) for large banking organizations. U.S. G-SIBs, including us, are subject to a limit of 15% of Tier 1 capital for aggregate net credit exposures to any “major counterparty” (defined to include other U.S. G-SIBs, foreign G-SIBs and non-bank systemically important financial institutions supervised by the Federal Reserve). In addition, we are subject to a limit of 25% of Tier 1 capital for aggregate net credit exposures to any other unaffiliated counterparty.
The Federal Reserve has proposed rules that would create a new early remediation framework to address financial distress or material management weaknesses. The Federal Reserve also has the ability to establish additional prudential standards, including those regarding contingent capital, enhanced public disclosures and limits on short-term debt, including off-balance sheet exposures. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements.”
If the Federal Reserve or the Financial Stability Oversight Council determines that a BHC with $250 billion or more in consolidated assets poses a “grave threat” to U.S. financial stability, the institution may be, among other things, restricted in its ability to merge or offer financial products and/or required to terminate activities and dispose of assets. See also “Capital Requirements” and “Liquidity Requirements” and “Resolution and Recovery Planning” herein.
Resolution and Recovery Planning. We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. Interim updates are required in certain limited circumstances, including material mergers or acquisitions or fundamental changes to our resolution strategy.
Our preferred resolution strategy, which is set out in our most recent resolution plan, is an SPOE strategy, which generally contemplates the provision of adequate capital and liquidity by the Parent Company to certain of its subsidiaries so that such subsidiaries have the resources necessary to implement the resolution strategy after the Parent Company has filed for bankruptcy.
Our next resolution plan is due July 1, 2023. Further, we submit an annual recovery plan to the Federal Reserve that outlines the steps that management could take over time to generate or conserve financial resources in times of prolonged financial stress.
Certain of our domestic and foreign subsidiaries are also subject to resolution and recovery planning requirements in the jurisdictions in which they operate. For example, the FDIC currently requires certain insured depository institutions (“IDI”), including MSBNA and MSPBNA, to submit a
3
December 2021 Form 10-K

 
ms-20211231_g1.jpg
resolution plan every three years, that describes the IDI’s strategy for a rapid and orderly resolution in the event of material financial distress or failure of the IDI.
In addition, certain financial companies, including BHCs such as the Firm and certain of its subsidiaries, can be subject to a resolution proceeding under the orderly liquidation authority, with the FDIC being appointed as receiver, provided that determination of extraordinary financial distress and systemic risk is made by the U.S. Treasury Secretary in consultation with the U.S. President. Regulators have adopted certain orderly liquidation authority implementing regulations and may expand or clarify these regulations in the future. If we were subject to the orderly liquidation authority, the FDIC would have considerable powers, including: the power to remove directors and officers responsible for our failure and to appoint new directors and officers; the power to assign our assets and liabilities to a third party or bridge financial company without the need for creditor consent or prior court review; the ability to differentiate among our creditors, including treating certain creditors within the same class better than others, subject to a minimum recovery right on the part of disfavored creditors to receive at least what they would have received in bankruptcy liquidation; and broad powers to administer the claims process to determine distributions from the assets of the receivership. The FDIC has been developing an SPOE strategy that could be used to implement the orderly liquidation authority.
Regulators have also taken and proposed various actions to facilitate an SPOE strategy under the U.S. Bankruptcy Code, the orderly liquidation authority or other resolution regimes.
For more information about our resolution plan-related submissions and associated regulatory actions, see “Risk Factors—Legal, Regulatory and Compliance Risk,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning.”
Cyber and Information Security Risk Management and Protection of Client Information
The financial services industry faces increased global regulatory focus regarding cyber and information security risk management practices. Many aspects of our businesses are subject to cybersecurity legal and regulatory requirements enacted by U.S. federal and state governments and other non-U.S. jurisdictions. These laws are generally aimed at codifying basic cybersecurity protections and mandating data breach notification requirements.
Our businesses are also subject to increasing privacy and data protection legal requirements concerning the use and
protection of certain personal information. These requirements impose mandatory privacy and data protection obligations, including providing for individual rights, enhanced governance and accountability requirements, and significant fines and litigation risk for noncompliance. In addition, several jurisdictions have enacted or proposed personal data localization requirements and restrictions on cross-border transfer of personal data that may restrict our ability to conduct business in those jurisdictions or create additional financial and regulatory burdens to do so.
Many aspects of our businesses are subject to legal requirements concerning the use and protection of certain customer information, as well as the privacy and cybersecurity laws referenced above. We have adopted measures designed to comply with these and related applicable requirements in all relevant jurisdictions.
U.S. Bank Subsidiaries
The U.S. Bank Subsidiaries are FDIC-insured depository institutions subject to supervision, regulation and examination by the OCC and are subject to the OCC’s risk governance guidelines, which establish heightened standards for a large IDI’s risk governance framework and the oversight of that framework by the IDI’s board of directors. The U.S. Bank Subsidiaries are also subject to prompt corrective action standards, which require the relevant federal banking regulator to take prompt corrective action with respect to a depository institution if that institution does not meet certain capital adequacy standards. In addition, BHCs, such as Morgan Stanley, are required to serve as a source of strength to their U.S. bank subsidiaries and commit resources to support these subsidiaries in the event such subsidiaries are in financial distress.
Our U.S. Bank Subsidiaries are also subject to Sections 23A and 23B of the Federal Reserve Act, which impose restrictions on certain transactions with affiliates, including any extension of credit to, or purchase of assets from an affiliate. These restrictions limit the total amount of credit exposure that our U.S. Bank Subsidiaries may have to any one affiliate and to all affiliates and require collateral for those exposures. Section 23B requires affiliate transactions to be on market terms.
As commonly controlled FDIC-insured depository institutions, each of the U.S. Bank Subsidiaries could be responsible for any loss to the FDIC from the failure of another U.S. Bank Subsidiary.
Institutional Securities and Wealth Management
Broker-Dealer and Investment Adviser Regulation.    Our primary U.S. broker-dealer subsidiaries, Morgan Stanley & Co. LLC (“MS&Co.”), MSSB and E*TRADE Securities LLC, are registered broker-dealers with the SEC and in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands and are members of various self-regulatory


December 2021 Form 10-K
4

 
ms-20211231_g1.jpg
organizations, including Financial Industry Regulatory Authority (“FINRA”), and various securities exchanges and clearing organizations. Broker-dealers are subject to laws and regulations covering all aspects of the securities business, including sales and trading practices, securities offerings, publication of research reports, use of customers’ funds and securities, capital structure, risk management controls in connection with market access, recordkeeping and retention, and the conduct of their directors, officers, representatives and other associated persons. Broker-dealers are also regulated by securities administrators in those states where they do business. Our broker-dealer subsidiaries are members of the Securities Investor Protection Corporation.
MSSB is also a registered investment adviser with the SEC. MSSB’s relationship with its investment advisory clients is subject to the fiduciary and other obligations imposed on investment advisers. The SEC and other supervisory bodies generally have broad administrative powers to address non-compliance, including the power to restrict or limit MSSB from carrying on its investment advisory and other asset management activities.
The Firm is subject to various regulations that affect broker-dealer sales practices and customer relationships, including the SEC’s “Regulation Best Interest,” which requires broker-dealers to act in the “best interest” of retail customers at the time a recommendation is made without placing the financial or other interests of the broker-dealer ahead of the interest of the retail customer.
Margin lending by our broker-dealers is regulated by the Federal Reserve’s restrictions on lending in connection with customer and proprietary purchases and short sales of securities. Our broker-dealers are also subject to maintenance and other margin requirements imposed under FINRA and other self-regulatory organization rules.
Our U.S. broker-dealer subsidiaries are subject to the SEC’s net capital rule and the net capital requirements of various exchanges, other regulatory authorities and self-regulatory organizations. For more information about these requirements, see Note 17 to the financial statements.
Research.    In addition to research-related regulations currently in place in the U.S. and other jurisdictions, regulators continue to focus on research conflicts of interest and may impose additional regulations.
Regulation of Futures Activities and Certain Commodities Activities.    MS&Co. and E*TRADE Futures LLC, as futures commission merchants, and MSSB, as an introducing broker, are subject to net capital requirements of, and certain of their activities are regulated by, the CFTC, the NFA, the Joint Audit Committee (including the CME Group, in its capacity as MS&Co.’s designated self-regulatory organization), and various commodity futures exchanges. Rules and regulations of the CFTC, NFA, the Joint Audit Committee (including the CME Group) and commodity futures exchanges address
obligations related to, among other things, customer asset protections, including rules and regulations governing the segregation of customer funds, the use by futures commission merchants of customer funds, the margining of customer accounts and documentation entered into by futures commission merchants with their customers, recordkeeping and reporting obligations of futures commission merchants and introducing brokers, risk disclosure and risk management.
Our commodities activities are subject to extensive and evolving laws and regulations in the U.S. and abroad.
Derivatives Regulation.    We are subject to comprehensive regulation of our derivatives businesses, including regulations that impose margin requirements, public and regulatory reporting, central clearing and mandatory trading on regulated exchanges or execution facilities for certain types of swaps and security-based swaps (collectively, “Swaps.”)
CFTC and SEC rules require registration of swap dealers and security-based swap dealers, respectively, and impose numerous obligations on such registrants, including adherence to business conduct standards for all in-scope Swaps. We have provisionally or conditionally registered a number of U.S. and non U.S. swap dealers and security-based swap dealers. Swap dealers and security-based swap dealers regulated by a prudential regulator are subject to uncleared Swap margin requirements and minimum capital requirements established by the prudential regulators. Swap dealers and security-based swap dealers not subject to regulation by a prudential regulator are subject to uncleared Swap margin requirements and minimum capital requirements established by the CFTC and SEC, respectively. In some cases, the CFTC and SEC permit non-U.S. swap dealers and security-based swap dealers that do not have a prudential regulator to comply with applicable non-U.S. uncleared Swap margin and minimum capital requirements instead of direct compliance with CFTC or SEC requirements.
Investment Management
Many of the subsidiaries engaged in our investment management activities are registered as investment advisers with the SEC. Many aspects of our investment management activities are also subject to federal and state laws and regulations primarily intended to benefit the investor or client. These laws and regulations generally grant supervisory agencies and bodies broad administrative powers, including the power to limit or restrict us from carrying on our investment management activities in the event that we fail to comply with such laws and regulations.
In addition, certain of our subsidiaries are U.S. registered broker-dealers and act as distributors to our proprietary mutual funds and as placement agents to certain private investment funds managed by our Investment Management business segment. Certain of our affiliates are registered as commodity trading advisors and/or commodity pool operators, or are operating under certain exemptions from
5
December 2021 Form 10-K

 
ms-20211231_g1.jpg
such registration pursuant to CFTC rules and other guidance, and have certain responsibilities with respect to each pool they advise. Our investment management activities are subject to additional laws and regulations, including restrictions on sponsoring or investing in, or maintaining certain other relationships with, covered funds, as defined by the Volcker Rule, subject to certain limited exemptions. See also “Financial Holding Company—Activities Restrictions under the Volcker Rule,” “Institutional Securities and Wealth Management—Broker-Dealer and Investment Adviser Regulation,” “Institutional Securities and Wealth Management—Regulation of Futures Activities and Certain Commodities Activities,” and “Institutional Securities and Wealth Management—Derivatives Regulation” herein and “Non-U.S. Regulation” herein for a discussion of other regulations that impact our Investment Management business activities.
U.S. Consumer Protection
We are subject to supervision and regulation by the CFPB with respect to U.S. federal consumer protection laws. Federal consumer protection laws to which we are subject include the Privacy of Consumer Financial Information Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, Electronic Fund Transfer Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Truth in Lending Act and Truth in Savings Act, all of which are enforced by the CFPB. We are also subject to certain federal consumer protection laws enforced by the OCC, including the Servicemembers Civil Relief Act. Furthermore, we are subject to certain state consumer protection laws, and under the Dodd-Frank Act, state attorneys general and other state officials are empowered to enforce certain federal consumer protection laws and regulations. These federal and state consumer protection laws apply to a range of our activities.
Non-U.S. Regulation
All of our businesses are regulated extensively by non-U.S. regulators, including governments, central banks and regulatory bodies, securities exchanges, commodity exchanges, self-regulatory organizations, especially in those jurisdictions in which we maintain an office. Certain regulators have prudential, business conduct and other authority over us or our subsidiaries, as well as powers to limit or restrict us from engaging in certain businesses or to conduct administrative proceedings that can result in censures, fines, the issuance of cease-and-desist orders, or the suspension or expulsion of a regulated entity or its affiliates. Certain of our subsidiaries are subject to capital, liquidity, leverage and other prudential requirements that are applicable under non-U.S. law.
Financial Crimes Program
Our Financial Crimes program is coordinated on an enterprise-wide basis and supports our financial crime prevention efforts across all regions and business units with
responsibility for governance, oversight and execution of our anti-money laundering (“AML”), economic sanctions (“Sanctions”), anti-corruption, anti-tax evasion, and government and political activities compliance programs.
In the U.S., the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001 and the Anti-Money Laundering Act of 2020, impose significant obligations on financial institutions to detect and deter money laundering and terrorist financing activity, including requiring banks, BHCs and their subsidiaries, broker-dealers, futures commission merchants, introducing brokers and mutual funds to implement AML programs, verify the identity of customers that maintain accounts, and monitor and report suspicious activity to appropriate law enforcement or regulatory authorities. Outside the U.S., applicable laws, rules and regulations similarly require designated types of financial institutions to implement AML programs.
We are also subject to Sanctions, such as regulations and economic sanctions programs administered by the U.S. Treasury's Office of Foreign Assets Control (“OFAC”) and similar sanctions programs imposed by foreign governments or global or regional multilateral organizations, and anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, in the jurisdictions in which we operate. Anti-corruption laws generally prohibit offering, promising, giving or authorizing others to give anything of value, either directly or indirectly, to a government official or private party in order to influence official action or otherwise gain an unfair business advantage, such as to obtain or retain business.
Human Capital
Employees
Our employees are our most important asset. With offices in 41 countries, we have approximately 75 thousand employees across the globe as of December 31, 2021, whom we depend upon to build value for our clients and shareholders. To facilitate talent attraction and retention, we strive to make Morgan Stanley a diverse and inclusive workplace, with a strong culture and opportunities for our employees to grow and develop in their career and be supported by competitive compensation, benefits, and health and wellness programs.
Culture
Our core values are designed to guide decision making aligned to the expectations of our employees, clients, shareholders, regulators, directors and the communities in which we operate. These guiding values—Put Clients First, Do the Right Thing, Lead with Exceptional Ideas, Commit to Diversity and Inclusion, and Give Back—are at the heart of our workplace culture and underpin our success. Our Code of Conduct is central to our expectation that employees embody our values, and, as such, every new hire and every employee annually is required to certify to their understanding of and


December 2021 Form 10-K
6

 
ms-20211231_g1.jpg
adherence to the Code of Conduct. We also invite employee feedback on our culture and workplace through our ongoing employee engagement surveys. For a further discussion of the culture, values, and conduct of employees, see “Quantitative and Qualitative Disclosures about Risk—Risk Management.”
Diversity and Inclusion
We believe that a diverse and inclusive workforce is important to Morgan Stanley’s continued success and our ability to serve our clients. To this end, we pursue a comprehensive diversity and inclusion strategy that includes accountability, representation, advancement, culture, outreach and fostering a sense of belonging for all our employees. To build a diverse talent pipeline, we use global, targeted recruitment and development programs to hire, retain and promote women and ethnically diverse talent. We have also introduced representation objectives to drive greater accountability for a diverse workforce. All of our divisions have identified opportunities to improve diverse representation for women globally and ethnically diverse talent in the U.S. Additionally, the Morgan Stanley Institute for Inclusion helps lead an integrated and transparent diversity, equity and inclusion strategy to deliver our full potential to achieve meaningful change within our Firm and beyond, including our communities.
Talent Development and Retention
We are committed to identifying and developing the talents of our workforce, as well as succession planning. Our talent development programs provide employees with the resources they need to help achieve their career goals, build management skills and lead their organizations. With the evolving work environment, we have increased support for managers and employees, including ongoing training focused on managing and working in a hybrid environment. We also focus on the retention of our talented and skilled employees as one key component of a successful business and culture.
Compensation and Financial Wellness
We pursue responsible and effective compensation programs that reinforce our values and culture through four key objectives: delivering pay for sustainable performance, attracting and retaining top talent, aligning with shareholder interests and mitigating excessive risk taking. In addition to salaries, these programs (which vary by location) include annual bonuses, retirement savings plans with matching contributions, student loan refinancing, free will preparation through our legal plan and supplemental life insurance program, discounted group insurance options, and a financial wellness program in the U.S. and the U.K. To promote equitable rewards for all employees, including women and ethnically diverse employees, we have enhanced our practices to support fair and consistent compensation and reward decisions based on merit, perform ongoing reviews of compensation decisions, including at the point of hire and
promotion, and conduct regular assessments of our rewards structure.
Health and Wellness
The well-being of our employees is also key to the success of the Firm. To that end, we provide programs (which vary by location), including healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, family care resources, flexible work schedules, adoption and surrogacy assistance, employee assistance programs, tuition assistance and on-site services, such as health centers and fitness centers, among many others. Morgan Stanley sponsors free and confidential mental health counseling for all employees and their dependents (which vary by location). The Firm continues to offer mental health benefits in the U.S. that provide access to therapists, mental health coaches and other resources.
In 2021, the Firm launched a Global Wellbeing board, assembling senior leaders with a mission to advance the Firm’s wellbeing strategy. Additionally, in 2021, feedback from the global benefits survey and lessons learned during the pandemic helped identify several key opportunities to strategically expand our health and wellness offerings. In that regard, the Firm has made changes to our global offerings, including enhancements with respect to parental leave policies, paid leave benefits for family care, family building benefits, and subsidized fitness access. We also implemented a new U.S. national concierge primary care benefit. Further, in response to the COVID-19 pandemic, the Firm expanded offerings such as providing paid time off to receive vaccinations, set up in-office vaccination clinics, and made testing available both in office and at home, as well as implemented additional on-site safety measures in our facilities.
For more detailed information regarding our Human Capital programs and initiatives, see “Our People” in our 2020 Sustainability Report and our 2021 Diversity and Inclusion Report (both located on our website). The reports and information elsewhere on our website are not incorporated by reference into, and do not form any part of, this Annual Report.
7
December 2021 Form 10-K

 
ms-20211231_g1.jpg
Human Capital Metrics1
CategoryMetricAt
December 31,
2021
Employees
Employees by geography
(thousands)
Americas51 
Asia Pacific15 
EMEA
Culture
Employee engagement2
% Proud to work at Morgan Stanley90 %
Diversity and InclusionGlobal gender representation% Women39 %
% Women officer3
27 %
U.S. ethnic diversity representation
% Ethnically diverse4
32 %
% Ethnically diverse officer3
26 %
Retention
Voluntary attrition in 2021
% Global12 %
TenureManagement Committee average length of service (years)20 
All employees average length of service (years)
CompensationCompensation and benefits
Total compensation and benefits expense in 2021 (millions)
$24,628 
1.Legacy Eaton Vance employees are included in all metrics other than “employee engagement.” For “tenure,” Eaton Vance tenure is based on length of service since joining Eaton Vance.
2.Based on 2021 employee engagement results, which reflect responses from 91% of employees.
3.Officer includes Managing Directors, Executive Directors and Vice Presidents.
4.U.S. ethnically diverse designations align with the Equal Employment Opportunity Commission’s ethnicity and race categories and includes American Indian or Native Alaskan, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or Pacific Islander, and two or more races.
Information about our Executive Officers
The executive officers of Morgan Stanley and their age and titles as of February 24, 2022 are set forth below. Business experience is provided in accordance with SEC rules.
Mandell L. Crawley (46). Executive Vice President and Chief Human Resources Officer (since February 2021). Head of Private Wealth Management (June 2017 to January 2021). Chief Marketing Officer (September 2014 to June 2017). Head of National Business Development and Talent Management for Wealth Management (June 2011 to September 2014). Divisional Business Development Officer (May 2010 to June 2011). Regional Business Development Officer (May 2009 to May 2010). Head of Field Sales and Marketing (February 2008 to May 2009). Head of Fixed Income Capital Markets Sales and Distribution for Wealth Management (April 2004 to February 2008).
James P. Gorman (63). Chairman of the Board of Directors and Chief Executive Officer of Morgan Stanley (since January 2012). President and Chief Executive Officer (January 2010 to December 2011) and member of the Board of Directors (since January 2010). Co-President (December 2007 to December 2009) and Co-Head of Strategic Planning (October 2007 to December 2009). President and Chief Operating Officer of Wealth Management (February 2006 to April 2008).
Eric F. Grossman (55). Executive Vice President and Chief Legal Officer of Morgan Stanley (since January 2012). Global Head of Legal (September 2010 to January 2012). Global Head of Litigation (January 2006 to September 2010) and General Counsel of the Americas (May 2009 to September 2010). General Counsel of Wealth Management (November 2008 to September 2010). Partner at the law firm of Davis Polk & Wardwell LLP (June 2001 to December 2005).
Keishi Hotsuki (59). Executive Vice President (since May 2014) and Chief Risk Officer of Morgan Stanley (since May 2011). Interim Chief Risk Officer (January 2011 to May 2011) and Head of Market Risk Department (March 2008 to April 2014). Global Head of Market Risk Management at Merrill Lynch (June 2005 to September 2007).
Edward N. Pick (53). Co-President and Co-Head of Corporate Strategy (since June 2021). Head of Institutional Securities (since July 2018). Global Head of Sales and Trading (October 2015 to July 2018). Head of Global Equities (March 2011 to October 2015). Co-Head of Global Equities (April 2009 to March 2011). Co-Head of Global Capital Markets (July 2008 to April 2009). Co-Head of Global Equity Capital Markets (December 2005 to July 2008).
Jonathan M. Pruzan (53). Executive Vice President (since May 2015) and Chief Operating Officer (since June 2021). Head of Corporate Strategy (December 2016 to May 2021). Chief Financial Officer (May 2015 to May 2021). Co-Head of Global Financial Institutions Group (January 2010 to April 2015). Co-Head of North American Financial Institutions Group M&A (September 2007 to December 2009). Head of the U.S. Bank Group (April 2005 to August 2007).
Andrew M. Saperstein (55). Co-President (since June 2021) and Head of Wealth Management (Since April 2019). Co-Head of Wealth Management (January 2016 to April 2019). Co-Chief Operating Officer of Institutional Securities (March 2015 to January 2016). Head of Wealth Management Investment Products and Services (June 2012 to March 2015).
Daniel A. Simkowitz (56). Head of Investment Management (since October 2015) and Co-Head of Corporate Strategy (since June 2021). Co-Head of Global Capital Markets (March 2013 to September 2015). Chairman of Global Capital Markets (November 2009 to March 2013). Managing Director in Global Capital Markets (December 2000 to November 2009).
Sharon Yeshaya (42). Executive Vice President and Chief Financial Officer (since June 2021). Head of Investor Relations (June 2016 to May 2021). Chief of Staff in the Office of the Chairman and CEO (January 2015 to May 2016). Co-Head of New Product Origination for Derivative Structured Products (December 2012 to December 2014).


December 2021 Form 10-K
8

 
ms-20211231_g1.jpg
Risk Factors
For a discussion of the risks and uncertainties that may affect our future results and strategic objectives, see “Forward-Looking Statements” preceding “Business” and “Return on Tangible Common Equity Goal” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Our results of operations may be adversely affected by the impacts of the COVID-19 pandemic.
Although the global economy has begun to recover from the COVID-19 pandemic, as many health and safety restrictions have been lifted and vaccine distribution continues to increase, certain adverse consequences of the pandemic continue to impact the global economy and may persist for some time, including labor shortages and disruptions of global supply chains. The growth in economic activity and demand for goods and services, alongside labor shortages and supply chain complications, has also contributed to rising inflationary pressures. Should these ongoing effects of the pandemic continue for an extended period or worsen, we could experience reduced client activity and demand for our products and services.

The Firm continues to be fully operational and, recognizing that local conditions vary for our offices around the world and that the trajectory of the virus continues to be uncertain, our employees are able to work from home and in our offices as deemed necessary. If significant portions of our workforce, including key personnel, are unable to work effectively because of illness, government actions, or other restrictions in connection with the pandemic, the impact of the pandemic on our businesses could be exacerbated.
The extent to which the consequences of the COVID-19 pandemic affect our businesses, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and our ability to take capital actions, will depend on future developments that remain uncertain, including the rate of distribution and administration of vaccines globally, the severity and duration of any resurgence of COVID-19 variants, future actions taken by governmental authorities, central banks and other third parties in response to the pandemic, and the effects on our customers, counterparties, employees and third-party service providers. Moreover, the effects of the COVID-19 pandemic will heighten many of the other risks described throughout this section. See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, indices, volatilities, correlations or other market factors, such as market liquidity, will result in
losses for a position or portfolio owned by us. For more information on how we monitor and manage market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk.”
Our results of operations may be materially affected by market fluctuations and by global and economic conditions and other factors, including changes in asset values.
Our results of operations have been in the past and may, in the future, be materially affected by fluctuations in the global financial markets, including the level and volatility of equity, fixed income and commodity prices, the level and term structure of interest rates, inflation and currency values, and the level of other market indices, which may be driven by economic conditions, the effects of the COVID-19 pandemic, or other widespread events such as natural disasters, climate-related incidents or acts of war or aggression, changes to global trade policies and the implementation of tariffs or protectionist trade policies and other factors.
The results of our Institutional Securities business segment, particularly results relating to our involvement in primary and secondary markets for all types of financial products, are subject to substantial market fluctuations due to a variety of factors that we cannot control or predict with great certainty. These fluctuations impact results by causing variations in business flows and activity and in the fair value of securities and other financial products. Fluctuations also occur due to the level of global market activity, which, among other things, affects the size, number and timing of investment banking client assignments and transactions and the realization of returns from our principal investments.
Periods of unfavorable market or economic conditions may have adverse impacts on the level of individual investor participation in the global markets and/or the level of client assets, and, in very low interest rate environments, the level of net interest income, which would negatively impact the results of our Wealth Management business segment.
Substantial market fluctuations could also cause variations in the value of our investments in our funds, the flow of investment capital into or from AUM, and the way customers allocate capital among money market, equity, fixed income or other investment alternatives, which could negatively impact our Investment Management business segment.
The value of our financial instruments may be materially affected by market fluctuations. Market volatility, illiquid market conditions and disruptions in the credit markets may make it extremely difficult to value and monetize certain of our financial instruments, particularly during periods of market displacement. Subsequent valuations in future periods, in light of factors then prevailing, may result in significant changes in the value of these instruments and may adversely impact historical or prospective fees and performance-based income (also known as incentive fees, which include carried interest) in respect of certain businesses. In addition, at the
9
December 2021 Form 10-K

 
ms-20211231_g1.jpg
time of any sales and settlements of these financial instruments, the price we ultimately realize will depend on the demand and liquidity in the market at that time and may be materially lower than their current fair value. Any of these factors could cause a decline in the value of our financial instruments, which may have an adverse effect on our results of operations in future periods.
In addition, financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. Under these extreme conditions, hedging and other risk management strategies may not be as effective at mitigating trading losses as they would be under more normal market conditions. Moreover, under these conditions, market participants are particularly exposed to trading strategies employed by many market participants simultaneously and on a large scale. Our risk management and monitoring processes seek to quantify and mitigate risk to more extreme market moves. However, severe market events have historically been difficult to predict, and we could realize significant losses if extreme market events were to occur.
Holding large and concentrated positions may expose us to losses.
Concentration of risk may reduce revenues or result in losses in our market-making, investing, underwriting (including block trading), and lending businesses (including margin lending) in the event of unfavorable market movements or when market conditions are more favorable for our competitors. We commit substantial amounts of capital to these businesses, which often results in our taking large positions in the securities of, or making large loans to, a particular issuer or issuers in a particular industry, country or region. For further information regarding our country risk exposure, see also “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks.”
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. For more information on how we monitor and manage credit risk, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk.”
We are exposed to the risk that third parties that are indebted to us will not perform their obligations.
We incur significant credit risk exposure through our Institutional Securities business segment. This risk may arise from a variety of business activities, including, but not limited to: extending credit to clients through various lending commitments; entering into swap or other derivative contracts under which counterparties have obligations to make payments to us; providing short- or long-term funding that is secured by physical or financial collateral whose value may at times be insufficient to fully cover the loan repayment
amount; posting margin and/or collateral and other commitments to clearing houses, clearing agencies, exchanges, banks, securities firms and other financial counterparties; and investing and trading in securities and loan pools, whereby the value of these assets may fluctuate based on realized or expected defaults on the underlying obligations or loans.
We also incur credit risk in our Wealth Management business segment lending to mainly individual investors, including, but not limited to, margin- and securities-based loans collateralized by securities, residential mortgage loans and HELOCs.
Our valuations related to, and reserves for losses on, credit exposures rely on complex models, estimates, and subjective judgments about the future. While we believe current valuations and reserves adequately address our perceived levels of risk, future economic conditions that differ from or are more severe than forecast, inaccurate models or assumptions, or external factors such as natural disasters, geopolitical events or the ongoing COVID-19 pandemic, could lead to inaccurate measurement of or deterioration of credit quality of our borrowers and counterparties or the value of collateral and result in unexpected losses. We may also incur higher than anticipated credit losses as a result of (i) disputes with counterparties over the valuation of collateral or (ii) actions taken by other lenders that may negatively impact the valuation of collateral. In cases where we foreclose on collateral, sudden declines in the value or liquidity of collateral may result in significant losses to us despite our (i) credit monitoring; (ii) over-collateralization; (iii) ability to call for additional collateral; or (iv) ability to force repayment of the underlying obligation, especially where there is a single type of collateral supporting the obligation. In addition, in the longer term, climate change may have a negative impact on the financial condition of our clients, which may decrease revenues from those clients and increase the credit risk associated with loans and other credit exposures to those clients.
Certain of our credit exposures may be concentrated by counterparty, product, industry or country. Although our models and estimates account for correlations among related types of exposures, a change in the market environment for a concentrated product or an external factor impacting a concentrated counterparty, industry or country may result in credit losses in excess of amounts forecast. Concentrations of credit risk are managed through the Firm’s comprehensive and global Credit Limits Framework.
In addition, as a clearing member of several central counterparties, we are responsible for the defaults or misconduct of our customers and could incur financial losses in the event of default by other clearing members. Although we regularly review our credit exposures, default risk may arise from events or circumstances that are difficult to detect or foresee.


December 2021 Form 10-K
10

 
ms-20211231_g1.jpg
A default by a large financial institution could adversely affect financial markets.
The commercial soundness of many financial institutions may be closely interrelated as a result of credit, trading, clearing or other relationships among the institutions. Increased centralization of trading activities through particular clearing houses, central agents or exchanges as required by provisions of the Dodd-Frank Act may increase our concentration of risk with respect to these entities. As a result, concerns about, or a default or threatened default by, one institution could lead to significant market-wide liquidity and credit problems, losses or defaults by other institutions. This is sometimes referred to as systemic risk and may adversely affect financial intermediaries, such as clearing houses, clearing agencies, exchanges, banks and securities firms, with which we interact on a daily basis and, therefore, could adversely affect us. See also “Systemic Risk Regime” under “Business—Supervision and Regulation—Financial Holding Company.”
Operational Risk

Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events (e.g., cyber attacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., information technology and trade processing). Legal, regulatory and compliance risk is included in the scope of operational risk and is discussed below under “Legal, Regulatory and Compliance Risk.” For more information on how we monitor and manage operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk.”
We are subject to operational risks, including a failure, breach or other disruption of our operations or security systems or those of our third parties (or third parties thereof), as well as human error or malfeasance, which could adversely affect our businesses or reputation.
Our businesses are highly dependent on our ability to process and report, on a daily basis, a large number of transactions across numerous and diverse markets in many currencies. We may introduce new products or services or change processes or reporting, including in connection with new regulatory requirements, resulting in new operational risk that we may not fully appreciate or identify.
The trend toward direct access to automated, electronic markets and the move to more automated trading platforms has resulted in the use of increasingly complex technology that relies on the continued effectiveness of the programming code and integrity of the data to process the trades. We rely on the ability of our employees, our consultants, our internal systems and systems at technology centers maintained by
unaffiliated third parties to operate our different businesses and process a high volume of transactions. Unusually high trading volumes or site usage could cause our systems to operate at an unacceptably slow speed or even fail. Disruptions to, destruction of, instability of or other failure to effectively maintain our information technology systems or external technology that allows our clients and customers to use our products and services (including our self-directed brokerage platform) could harm our business and our reputation.
As a major participant in the global capital markets, we face the risk of incorrect valuation or risk management of our trading positions due to flaws in data, models, electronic trading systems or processes or due to fraud or cyber attack. We also face the risk of operational failure or disruption of any of the clearing agents, exchanges, clearing houses or other financial intermediaries we use to facilitate our lending, securities and derivatives transactions. In addition, in the event of a breakdown or improper operation or disposal of our or a direct or indirect third party’s systems (or third parties thereof), processes or information assets, or improper or unauthorized action by third parties, including consultants and subcontractors or our employees, we have in the past and may receive regulatory sanctions, and could suffer financial loss, an impairment to our liquidity position, a disruption of our businesses, or damage to our reputation.
In addition, the interconnectivity of multiple financial institutions with central agents, exchanges and clearing houses, and the increased importance of these entities, increases the risk that an operational failure at one institution or entity may cause an industry-wide operational failure that could materially impact our ability to conduct business. Furthermore, the concentration of company and personal information held by a handful of third parties increases the risk that a breach at a key third party may cause an industry-wide event that could significantly increase the cost and risk of conducting business.
There can be no assurance that our business contingency and security response plans fully mitigate all potential risks to us. Our ability to conduct business may be adversely affected by a disruption in the infrastructure that supports our businesses and the communities where we are located. This may include a disruption involving physical site access; software flaws and vulnerabilities; cybersecurity incidents; terrorist activities; political unrest; disease pandemics; catastrophic events; climate-related incidents and natural disasters (such as earthquakes, tornadoes, hurricanes and wildfires); electrical outage; environmental hazard; computer servers; communications or other services we use; our employees or third parties with whom we conduct business.
Although we employ backup systems for our data, those backup systems may be unavailable following a disruption, the affected data may not have been backed up or may not be recoverable from the backup, or the backup data may be costly to recover, which could adversely affect our business.
11
December 2021 Form 10-K

 
ms-20211231_g1.jpg
Notwithstanding evolving technology and technology-based risk and control systems, our businesses ultimately rely on people, including our employees and those of third parties with which we conduct business. As a result of human error or engagement in violations of applicable policies, laws, rules or procedures, certain errors or violations are not always discovered immediately by our technological processes or by our controls and other procedures, which are intended to prevent and detect such errors or violations. These can include calculation errors, mistakes in addressing emails or other communications, errors in software or model development or implementation, or errors in judgment, as well as intentional efforts to disregard or circumvent applicable policies, laws, rules or procedures. Human errors and malfeasance, even if promptly discovered and remediated, can result in material losses and liabilities for us.
We conduct business in various jurisdictions outside the U.S., including jurisdictions that may not have comparable levels of protection for their corporate assets such as intellectual property, trademarks, trade secrets, know-how, and customer information and records. The protection afforded in those jurisdictions may be less established and/or predictable than in the U.S. or other jurisdictions in which we operate. As a result, there may also be heightened risks associated with the potential theft of their data, technology and intellectual property in those jurisdictions by domestic or foreign actors, including private parties and those affiliated with or controlled by state actors. Additionally, we are subject to complex and evolving U.S. and international laws and regulations governing cybersecurity, privacy and data governance, transfer and protection, which may differ and potentially conflict, in various jurisdictions. Any theft of data, technology or intellectual property may negatively impact our operations and reputation, including disrupting the business activities of our subsidiaries, affiliates, joint ventures or clients conducting business in those jurisdictions.
A cyber attack, information or security breach or a technology failure of ours or a third party could adversely affect our ability to conduct our business, manage our exposure to risk, or result in disclosure or misuse of confidential or proprietary information and otherwise adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm.
Cybersecurity risks for financial institutions have significantly increased in recent years in part because of the proliferation of new technologies, the use of the internet, mobile telecommunications and cloud technologies to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists and other external extremist parties, including foreign state actors, in some circumstances as a means to promote political ends. Global events and geopolitical instability may lead to increased nation state targeting of financial institutions in the U.S. and abroad. Any of these parties may also attempt to fraudulently induce employees, customers, clients, vendors, or other third parties or users of our systems to disclose sensitive
information in order to gain access to our data or that of our employees or clients.
Cybersecurity risks may also derive from human error, fraud or malice on the part of our employees or third parties, or may result from accidental technological failure. These risks may be heightened by several factors, including remote work, or as a result of the integration of acquisitions and other strategic initiatives that may subject us to new technology, customers or third-party providers. In addition, third parties with whom we do business, the regulators with whom we share information, and each of their service providers, as well as the third parties with whom our customers and clients share information used for authentication, may also be sources of cybersecurity risks, particularly where activities of customers are beyond our security and control systems. There is no guarantee that the measures we take will provide absolute security or recoverability given that the techniques used in cyber attacks are complex and frequently change, and are difficult to anticipate.
Like other financial services firms, the Firm, its third-party providers, and its clients continue to be the subject of unauthorized access attacks, mishandling or misuse of information, computer viruses or malware, cyber attacks designed to obtain confidential information, destroy data, disrupt or degrade service, sabotage systems or cause other damage, denial of service attacks, data breaches, social engineering attacks and other events. There can be no assurance that such unauthorized access, mishandling or misuse of information, or cyber incidents will not occur in the future, and they could occur more frequently and on a more significant scale.
We maintain a significant amount of personal and confidential information on our customers, clients and certain counterparties that we are required to protect under various state, federal and international data protection and privacy laws. These laws may be in conflict with one another or courts and regulators may interpret them in ways that we had not anticipated or that adversely affect our business. A cyber attack, information or security breach, or a technology failure of ours or of a third party could jeopardize our or our clients’, employees’, partners’, vendors’ or counterparties’ personal, confidential, proprietary or other information processed and stored in, and transmitted through, our and our third parties’ computer systems. Furthermore, such events could cause interruptions or malfunctions in our, our clients’, employees’, partners’, vendors’, counterparties’ or third parties’ operations, as well as the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of ours, our employees, our customers or of other third parties. Any of these events could result in reputational damage with our clients and the market, client dissatisfaction, additional costs to us to maintain and update our operational and security systems and infrastructure, violation of the applicable data protection and privacy laws, regulatory investigations and enforcement actions, litigation exposure, or fines or penalties, any of which


December 2021 Form 10-K
12

 
ms-20211231_g1.jpg
could adversely affect our business, financial condition or results of operations.
Given our global footprint and the high volume of transactions we process, the large number of clients, partners, vendors and counterparties with which we do business, and the increasing sophistication of cyber attacks, a cyber attack, information or security breach could occur and persist for an extended period of time without detection. It could take considerable time for us to determine the scope, extent, amount and type of information compromised, and the impact of such an attack may not be fully understood. During such time we would not necessarily know the extent of the harm or how best to remediate it, and certain errors or actions could be repeated or compounded before they are discovered and remediated, all or any of which would further increase the costs and consequences of a cyber attack or data breach.
While many of our agreements with partners and third-party vendors include indemnification provisions, we may not be able to recover sufficiently, or at all, under such provisions to adequately offset any losses we may incur. In addition, although we maintain insurance coverage that may, subject to policy terms and conditions, cover certain aspects of cyber and information security risks, such insurance coverage may be insufficient to cover all losses.
We continue to make investments with a view toward maintaining and enhancing our cybersecurity posture. The cost of managing cyber and information security risks and attacks along with complying with new, increasingly expansive, and evolving regulatory requirements could adversely affect our results of operations and business.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern, as well as the associated funding risks triggered by the market or idiosyncratic stress events that may negatively affect our liquidity and may impact our ability to raise new funding. For more information on how we monitor and manage liquidity risk, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk.”
Liquidity is essential to our businesses and we rely on external sources to finance a significant portion of our operations.
Liquidity is essential to our businesses. Our liquidity could be negatively affected by our inability to raise funding in the long-term or short-term debt capital markets, our inability to
access the secured lending markets, or unanticipated outflows of cash or collateral by customers or clients. Factors that we cannot control, such as disruption of the financial markets or negative views about the financial services industry generally, including concerns regarding fiscal matters in the U.S. and other geographic areas, could impair our ability to raise funding.
In addition, our ability to raise funding could be impaired if investors or lenders develop a negative perception of our long-term or short-term financial prospects due to factors such as an incurrence of large trading losses, a downgrade by the rating agencies, a decline in the level of our business activity, if regulatory authorities take significant action against us or our industry, or if we discover significant employee misconduct or illegal activity.
If we are unable to raise funding using the methods described above, we would likely need to finance or liquidate unencumbered assets, such as our investment portfolios or trading assets, to meet maturing liabilities or other obligations. We may be unable to sell some of our assets or we may have to sell assets at a discount to market value, either of which could adversely affect our results of operations, cash flows and financial condition.
Our borrowing costs and access to the debt capital markets depend on our credit ratings.
The cost and availability of unsecured financing generally are impacted by our long-term and short-term credit ratings. The rating agencies continue to monitor certain company-specific and industry-wide factors that are important to the determination of our credit ratings. These include governance, capital adequacy, the level and quality of earnings, liquidity and funding, risk appetite and management, asset quality, strategic direction, business mix, regulatory or legislative changes, macroeconomic environment and perceived levels of support, and it is possible that the rating agencies could downgrade our ratings and those of similar institutions.
Our credit ratings also can have an adverse impact on certain trading revenues, particularly in those businesses where longer term counterparty performance is a key consideration, such as OTC and other derivative transactions, including credit derivatives and interest rate swaps. In connection with certain OTC trading agreements and certain other agreements associated with our Institutional Securities business segment, we may be required to provide additional collateral to, or immediately settle any outstanding liability balance with, certain counterparties in the event of a credit rating downgrade.
Termination of our trading and other agreements could cause us to sustain losses and impair our liquidity by requiring us to find other sources of financing or to make significant payments in the form of cash or securities. The additional collateral or termination payments that may occur in the event of a future credit rating downgrade vary by contract and can
13
December 2021 Form 10-K

 
ms-20211231_g1.jpg
be based on ratings by either or both of Moody’s Investors Service, Inc. and S&P Global Ratings. See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Credit Ratings—Incremental Collateral or Terminating Payments.”
We are a holding company and depend on payments from our subsidiaries.
The Parent Company has no operations and depends on dividends, distributions and other payments from its subsidiaries to fund dividend payments and to fund all payments on its obligations, including debt obligations. Regulatory restrictions, tax restrictions or elections and other legal restrictions may limit our ability to transfer funds freely, either to or from our subsidiaries. In particular, many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to laws, regulations and self-regulatory organization rules that limit, as well as authorize regulatory bodies to block or reduce, the flow of funds to the Parent Company, or that prohibit such transfers or dividends altogether in certain circumstances, including steps to “ring fence” entities by regulators outside the U.S. to protect clients and creditors of such entities in the event of financial difficulties involving such entities.
These laws, regulations and rules may hinder our ability to access funds that we may need to make payments on our obligations. Furthermore, as a BHC, we may become subject to a prohibition or to limitations on our ability to pay dividends. The Federal Reserve, the OCC and the FDIC have the authority, and under certain circumstances the duty, to prohibit or to limit the payment of dividends by the banking organizations they supervise, including us and our U.S. Bank Subsidiaries. See “We may be prevented from paying dividends or taking other capital actions because of regulatory constraints or revised regulatory capital requirements” under "Legal, Regulatory and Compliance Risk" herein.
Our liquidity and financial condition have in the past been, and in the future could be, adversely affected by U.S. and international markets and economic conditions.
Our ability to raise funding in the long-term or short-term debt capital markets or the equity markets, or to access secured lending markets, has in the past been, and could in the future be, adversely affected by conditions in the U.S. and international markets and economies.
In particular, our cost and availability of funding in the past have been, and may in the future be, adversely affected by illiquid credit markets and wider credit spreads. Significant turbulence in the U.S., the E.U. and other international markets and economies could adversely affect our liquidity and financial condition and the willingness of certain counterparties and customers to do business with us.
Legal, Regulatory and Compliance Risk
Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation we may suffer as a result of our failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, anti-corruption and terrorist financing rules and regulations. For more information on how we monitor and manage legal, regulatory and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal and Compliance Risk.”
The financial services industry is subject to extensive regulation, and changes in regulation will impact our business.
Like other major financial services firms, we are subject to extensive regulation by U.S. federal and state regulatory agencies and securities exchanges and by regulators and exchanges in each of the major markets where we conduct our business. These laws and regulations significantly affect the way we do business and can restrict the scope of our existing businesses and limit our ability to expand our product offerings and pursue certain investments.
The Firm and its employees are subject to (among other things) wide-ranging regulation and supervision, intensive scrutiny of our businesses and any plans for expansion of those businesses through acquisitions or otherwise, limitations on new activities, a systemic risk regime that imposes heightened capital and liquidity and funding requirements and other enhanced prudential standards, resolution regimes and resolution planning requirements, requirements for maintaining minimum amounts of TLAC and external long-term debt, restrictions on activities and investments imposed by the Volcker Rule, comprehensive derivatives regulation, commodities regulation, market structure regulation, consumer protection regulation, tax regulations, antitrust laws, trade and transaction reporting obligations, and broadened fiduciary obligations.
Ongoing implementation of, or changes in, including changes in interpretation or enforcement of, laws and regulations could materially impact the profitability of our businesses and the value of assets we hold, expose us to additional costs, require changes to business practices or force us to discontinue businesses, adversely affect our ability to pay dividends and repurchase our stock or require us to raise capital, including in ways that may adversely impact our shareholders or creditors.
In addition, regulatory requirements that are imposed by foreign policymakers and regulators may be inconsistent or


December 2021 Form 10-K
14

 
ms-20211231_g1.jpg
conflict with regulations that we are subject to in the U.S. and may adversely affect us. Legal and regulatory requirements continue to be subject to ongoing change, which may result in significant new costs to comply with new or revised requirements, as well as to monitor for compliance on an ongoing basis.
The application of regulatory requirements and strategies in the U.S. or other jurisdictions to facilitate the orderly resolution of large financial institutions may pose a greater risk of loss for our security holders and subject us to other restrictions.
We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure. If the Federal Reserve and the FDIC were to jointly determine that our resolution plan submission was not credible or would not facilitate an orderly resolution, and if we were unable to address any deficiencies identified by the regulators, we or any of our subsidiaries may be subject to more stringent capital, leverage, or liquidity requirements or restrictions on our growth, activities or operations, or after a two-year period, we may be required to divest assets or operations.
In addition, provided that certain procedures are met, we can be subject to a resolution proceeding under the orderly liquidation authority under Title II of the Dodd-Frank Act with the FDIC being appointed as receiver. The FDIC’s power under the orderly liquidation authority to disregard the priority of creditor claims and treat similarly situated creditors differently in certain circumstances, subject to certain limitations, could adversely impact holders of our unsecured debt. See “Business—Supervision and Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements.”
Further, because both our resolution plan contemplates an SPOE strategy under the U.S. Bankruptcy Code and the FDIC has proposed an SPOE strategy through which it may apply its orderly liquidation authority powers, we believe that the application of an SPOE strategy is the reasonably likely outcome if either our resolution plan were implemented or a resolution proceeding were commenced under the orderly liquidation authority. An SPOE strategy generally contemplates the provision of adequate capital and liquidity by the Parent Company to certain of its subsidiaries so that such subsidiaries have the resources necessary to implement the resolution strategy, and the Parent Company has entered into a secured amended and restated support agreement with its material entities, as defined in our resolution plan, pursuant to which it would provide such capital and liquidity to such entities.
In further development of our SPOE strategy, a wholly owned, direct subsidiary of the Parent Company, Morgan
Stanley Holdings LLC (“Funding IHC”), serves as a resolution funding vehicle. The Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to the Funding IHC. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its material assets that can be contributed under the terms of the amended and restated support agreement (other than shares in subsidiaries of the Parent Company and certain other assets) (“Contributable Assets”), to the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our material entities.
The obligations of the Parent Company and of the Funding IHC, respectively, under the amended and restated support agreement are in most cases secured on a senior basis by the assets of the Parent Company (other than shares in subsidiaries of the Parent Company and certain other assets), and the assets of the Funding IHC, as applicable. As a result, claims of our material entities, including the Funding IHC, against the assets of the Parent Company with respect to such secured assets are effectively senior to unsecured obligations of the Parent Company.
Although an SPOE strategy, whether applied pursuant to our resolution plan or in a resolution proceeding under the orderly liquidation authority, is intended to result in better outcomes for creditors overall, there is no guarantee that the application of an SPOE strategy, including the provision of support to the Parent Company’s material entities pursuant to the secured amended and restated support agreement, will not result in greater losses for holders of our securities compared with a different resolution strategy for us.
Regulators have taken and proposed various actions to facilitate an SPOE strategy under the U.S. Bankruptcy Code, the orderly liquidation authority and other resolution regimes. For example, the Federal Reserve requires top-tier BHCs of U.S. G-SIBs, including the Firm, to maintain minimum amounts of equity and eligible long-term debt TLAC in order to ensure that such institutions have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of debt to equity or otherwise by imposing losses on eligible TLAC where the SPOE strategy is used. The combined implication of the SPOE resolution strategy and the TLAC requirement is that our losses will be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on the creditors of our material entities without requiring taxpayer or government financial support.
In addition, certain jurisdictions, including the U.K. and other E.U. jurisdictions, have implemented, or are in the process of implementing, changes to resolution regimes to provide resolution authorities with the ability to recapitalize a failing entity organized in such jurisdiction by writing down certain unsecured liabilities or converting certain unsecured liabilities into equity. Such “bail-in” powers are intended to enable the recapitalization of a failing institution by allocating losses to
15
December 2021 Form 10-K

 
ms-20211231_g1.jpg
its shareholders and unsecured creditors. Non-U.S. regulators are also considering requirements that certain subsidiaries of large financial institutions maintain minimum amounts of TLAC that would pass losses up from the subsidiaries to the Parent Company and, ultimately, to security holders of the Parent Company in the event of failure.
We may be prevented from paying dividends or taking other capital actions because of regulatory constraints or revised regulatory capital requirements.
We are subject to comprehensive consolidated supervision, regulation and examination by the Federal Reserve, including with respect to regulatory capital requirements, stress testing and capital planning. We submit, on at least an annual basis, a capital plan to the Federal Reserve describing proposed dividend payments to shareholders, proposed repurchases of our outstanding securities and other proposed capital actions that we intend to take. Our ability to take capital actions described in the capital plan is dependent on, among other factors, the results of supervisory stress tests conducted by the Federal Reserve and our compliance with regulatory capital requirements imposed by the Federal Reserve.
In addition, the Federal Reserve may change regulatory capital requirements to impose higher requirements that restrict our ability to take capital actions or may modify or impose other regulatory standards or restrictions that increase our operating expenses or constrain our ability to take capital actions. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
The financial services industry faces substantial litigation and is subject to extensive regulatory and law enforcement investigations, and we may face damage to our reputation and legal liability.
As a global financial services firm, we face the risk of investigations and proceedings by governmental and self-regulatory organizations in all countries in which we conduct our business. Investigations and proceedings initiated by these authorities may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In addition to the monetary consequences, these measures could, for example, impact our ability to engage in, or impose limitations on, certain of our businesses.
These investigations and proceedings, as well as the amount of penalties and fines sought, continue to impact the financial services industry, and certain U.S. and international governmental entities have brought criminal actions against, or have sought criminal convictions, pleas or deferred prosecution agreements from, financial institutions. Significant regulatory or law enforcement action against us could materially adversely affect our business, financial condition or results of operations or cause us significant reputational harm, which could seriously harm our business.
The Dodd-Frank Act also provides compensation to whistleblowers who present the SEC or CFTC with information related to securities or commodities law violations that leads to a successful enforcement action. As a result of this compensation, it is possible we could face an increased number of investigations by the SEC or CFTC.
We have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, as well as investigations or proceedings brought by regulatory agencies, arising in connection with our activities as a global diversified financial services institution. Certain of the actual or threatened legal or regulatory actions include claims for substantial compensatory and/or punitive damages, claims for indeterminate amounts of damages, or may result in penalties, fines, or other results adverse to us.
In some cases, the issuers that would otherwise be the primary defendants in such cases are bankrupt or are in financial distress. In other cases, including antitrust litigation, we may be subject to claims for joint and several liability with other defendants for treble damages or other relief related to alleged conspiracies involving other institutions. Like any large corporation, we are also subject to risk from potential employee misconduct, including non-compliance with policies and improper use or disclosure of confidential information, or improper sales practices or conduct.
We may be responsible for representations and warranties associated with commercial and residential real estate loans and may incur losses in excess of our reserves.
We originate loans secured by commercial and residential properties. Further, we securitize and trade in a wide range of commercial and residential real estate and real estate-related assets and products. In connection with these activities, we have provided, or otherwise agreed to be responsible for, certain representations and warranties. Under certain circumstances, we may be required to repurchase such assets or make other payments related to such assets if such representations and warranties were breached. We have also made representations and warranties in connection with our role as an originator of certain loans that we securitized in CMBS and RMBS. For additional information, see Note 15 to the financial statements.
We currently have certain legal proceedings related to claims for alleged breaches of representations and warranties. If there are decisions adverse to us in those legal proceedings, we may incur losses substantially in excess of our reserves. In addition, our reserves are based, in part, on certain factual and legal assumptions. If those assumptions are incorrect and need to be revised, we may need to adjust our reserves substantially.


December 2021 Form 10-K
16

 
ms-20211231_g1.jpg
A failure to address conflicts of interest appropriately could adversely affect our businesses and reputation.
As a global financial services firm that provides products and services to a large and diversified group of clients, including corporations, governments, financial institutions and individuals, we face potential conflicts of interest in the normal course of business. For example, potential conflicts can occur when there is a divergence of interests between us and a client, among clients, between an employee on the one hand and us or a client on the other, or situations in which we may be a creditor of a client. Moreover, we utilize multiple brands and business channels, including those resulting from our acquisitions, and continue to enhance the collaboration across business segments, which may heighten the potential conflicts of interest or the risk of improper sharing of information.
We have policies, procedures and controls that are designed to identify and address potential conflicts of interest, and we utilize various measures, such as the use of disclosure, to manage these potential conflicts. However, identifying and mitigating potential conflicts of interest can be complex and challenging and can become the focus of media and regulatory scrutiny. Indeed, actions that merely appear to create a conflict can put our reputation at risk even if the likelihood of an actual conflict has been mitigated. It is possible that potential conflicts could give rise to litigation or enforcement actions, which may lead to our clients being less willing to enter into transactions in which a conflict may occur and could adversely affect our businesses and reputation.
Our regulators have the ability to scrutinize our activities for potential conflicts of interest, including through detailed examinations of specific transactions. For example, our status as a BHC supervised by the Federal Reserve subjects us to direct Federal Reserve scrutiny with respect to transactions between our U.S. Bank Subsidiaries and their affiliates. Further, the Volcker Rule subjects us to regulatory scrutiny regarding certain transactions between us and our clients.
Risk Management
Our risk management strategies, models and processes may not be fully effective in mitigating our risk exposures in all market environments or against all types of risk, which could result in unexpected losses.
We have devoted significant resources to develop our risk management capabilities and expect to continue to do so in the future. Nonetheless, our risk management strategies, models and processes, including our use of various risk models for assessing market exposures and hedging strategies, stress testing and other analysis, may not be fully effective in mitigating our risk exposure in all market environments or against all types of risk, including risks that are unidentified or unanticipated.
As our businesses change and grow, and the markets in which we operate evolve, our risk management strategies, models and processes may not always adapt with those changes. Some of our methods of managing risk are based upon our use of observed historical market behavior and management’s judgment. As a result, these methods may not predict future risk exposures, which could be significantly greater than the historical measures indicate.
In addition, many models we use are based on assumptions or inputs regarding correlations among prices of various asset classes or other market indicators and, therefore, cannot anticipate sudden, unanticipated, or unidentified market or economic movements, such as the impact of the COVID-19 pandemic, which could cause us to incur losses.
Management of market, credit, liquidity, operational, model, legal, regulatory and compliance risks requires, among other things, policies and procedures to record properly and verify a large number of transactions and events, and these policies and procedures may not be fully effective. Our trading risk management strategies and techniques also seek to balance our ability to profit from trading positions with our exposure to potential losses.
While we employ a broad and diversified set of risk monitoring and risk mitigation techniques, those techniques and the judgments that accompany their application cannot anticipate every economic and financial outcome or the timing of such outcomes. For example, to the extent that our trading or investing activities involve less liquid trading markets or are otherwise subject to restrictions on sales or hedging, we may not be able to reduce our positions and, therefore, reduce our risk associated with such positions. We may, therefore, incur losses in the course of our trading or investing activities. For more information on how we monitor and manage market and certain other risks and related strategies, models and processes, see “Quantitative and Qualitative Disclosures about Risk—Market Risk.”
Climate change manifesting as physical or transition risks could adversely affect our operations, businesses and clients.
There is increasing concern over the risks of climate change and related environmental sustainability matters. The physical risks of climate change include acute events, such as flooding, extreme heat and wildfires, and chronic, longer-term shifts in climate patterns, such as increasing temperatures, sea level rise, and more frequent and prolonged drought. Such events could disrupt our operations or those of our clients or third parties on which we rely, including through direct damage to physical assets and indirect impacts from supply chain disruption and market volatility.
Additionally, transitioning to a low-carbon economy will likely require extensive policy, legal, technology and market changes. Transition risks, including changes in consumer preferences and additional regulatory and legislative
17
December 2021 Form 10-K

 
ms-20211231_g1.jpg
requirements, including carbon taxes, could increase our expenses and adversely impact our strategies and those of our clients.
In addition, our reputation and client relationships may be adversely impacted as a result of our practices related to climate change, including our involvement, or our clients’ involvement, in certain industries, projects, or initiatives associated with causing, or potentially slowing solutions to, climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change.
As climate risk is interconnected with other risk types, including geopolitical risks, we have developed and continue to enhance processes to embed climate risk considerations into our risk management strategies, as well as governance structures, established for risks such as market, credit and operational risks. Because the timing and severity of climate change events or societal changes in reaction to them may be difficult to predict, our risk management strategies may not be effective in mitigating climate risk exposure.
In addition, the methodology and data used to manage and monitor climate risk continues to evolve and currently utilizes information and estimates that have been derived from information or factors released by third-party sources, which may not be current. Certain third-party information may also change over time as methodologies evolve and are refined. While we believe this information is reasonable at the time, we may only be able to complete limited validation. These and other factors could cause results to differ materially from those expressed in the estimates and beliefs made by third parties and by us, which could also impact our management of risk in this area.
Replacement of London Interbank Offered Rate and replacement or reform of other interest rate benchmarks could adversely affect our business, financial condition and results of operations.
Central banks around the world, including the Federal Reserve, have commissioned committees and working groups of market participants and official sector representatives to replace LIBOR and replace or reform other interest rate benchmarks (collectively, the “IBORs”). A transition away from the use of the IBORs to alternative rates and other potential interest rate benchmark reforms is underway and will continue over the course of the next few years. These reforms have caused and may in the future cause such rates to perform differently than in the past, or to cease entirely, or have other consequences that are contrary to market expectations.
The ongoing market transition away from IBORs and other interest rate benchmarks to alternative reference rates is complex and could have a range of adverse impacts on our business, financial condition and results of operations. In particular, such transition or reform could:
Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any IBOR-linked securities, loans and derivatives that are included in our financial assets and liabilities;
Require further extensive changes to documentation that governs or references IBOR or IBOR-based products, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding securities and related hedging transactions;
Result in a population of products with documentation that governs or references IBOR or IBOR-based products but that cannot be amended due to an inability to obtain sufficient consent from counterparties or product owners;
Result in inquiries, reviews or other actions from regulators in respect of our (or the market’s) preparation, readiness, transition plans and actions regarding the replacement of an IBOR with one or more alternative reference rates, including regulatory guidance regarding constraints on the entry into new U.S. dollar IBOR-linked contracts after December 31, 2021;
Result in disputes, litigation or other actions with clients, counterparties and investors in various scenarios, such as regarding the interpretation and enforceability of provisions in IBOR-based products such as fallback language or other related provisions, including in the case of fallbacks to the alternative reference rates, any economic, legal, operational or other impact resulting from the fundamental differences between the IBORs and the various alternative reference rates;
Require the additional transition and/or further development of appropriate systems and analytics to effectively transition our risk management processes from IBORs to those based on one or more alternative reference rates in a timely manner, including by quantifying value and risk for various alternative reference rates, which may prove challenging given the limited history of the proposed alternative reference rates; and
Cause us to incur additional costs in relation to any of the above factors.
Other factors include the pace of the transition to the alternative reference rates, timing mismatches between cash and derivative markets, the specific terms and parameters for and market acceptance of any alternative reference rate, market conventions for the use of any alternative reference rate in connection with a particular product (including the timing and market adoption of any conventions proposed or recommended by any industry or other group), prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to further transition and develop appropriate systems and analytics for one or more alternative reference rates.
See also “Management's Discussion and Analysis of Financial Condition and Results of Operations—Regulatory Requirements—Regulatory Developments and Other Matters” herein.


December 2021 Form 10-K
18

 
ms-20211231_g1.jpg
Competitive Environment
We face strong competition from financial services firms and others, which could lead to pricing pressures that could materially adversely affect our revenues and profitability.
The financial services industry and all aspects of our businesses are intensely competitive, and we expect them to remain so. We compete with commercial banks, brokerage firms, insurance companies, exchanges, electronic trading and clearing platforms, financial data repositories, sponsors of mutual funds, hedge funds, private equity funds, energy companies, financial technology firms and other companies offering financial or ancillary services in the U.S. and globally, as well as digitally, including through the internet. We also compete with companies that provide online trading and banking services, investment advisor services, robo-advice capabilities, access to digital asset capabilities and services, and other financial products and services. We compete on the basis of several factors, including transaction execution, capital or access to capital, products and services, innovation, technology, reputation, risk appetite and price.
Over time, certain sectors of the financial services industry have become more concentrated, as institutions involved in a broad range of financial services have left businesses, been acquired by or merged into other firms, or have declared bankruptcy. Such changes could result in our remaining competitors gaining greater capital and other resources, such as the ability to offer a broader range of products and services and geographic diversity, or new competitors may emerge.
We have experienced and may continue to experience pricing pressures as a result of these factors and as some of our competitors seek to obtain market share by reducing prices, eliminating commissions or other fees, or providing more favorable terms of business. In addition, certain of our competitors may be subject to different and, in some cases, less stringent, legal and regulatory regimes than we are, thereby putting us at a competitive disadvantage. Some new competitors in the financial technology sector have sought to target existing segments of our businesses that could be susceptible to disruption by innovative or less regulated business models. For more information regarding the competitive environment in which we operate, see “Business—Competition” and “Business—Supervision and Regulation.”
Automated trading markets and the introduction and application of new technologies may adversely affect our business and may increase competition.
We continue to experience price competition in some of our businesses. In particular, the ability to execute securities, derivatives and other financial instrument trades electronically on exchanges, swap execution facilities and other automated trading platforms, and the introduction and application of new technologies will likely continue the pressure on revenues. The trend toward direct access to automated, electronic
markets will likely continue as additional markets move to more automated trading platforms. We have experienced and will likely continue to experience competitive pressures in these and other areas in the future.
Our ability to retain and attract qualified employees is critical to the success of our business and the failure to do so may materially adversely affect our performance.

Our people are our most important asset. We compete with various other companies in attracting and retaining qualified and skilled personnel. If we are unable to continue to attract and retain highly qualified employees, or do so at levels or in forms necessary to maintain our competitive position, or if compensation costs required to attract and retain employees become more expensive, or the competitive market for talent further intensifies, our performance, including our competitive position and results of operations, could be materially adversely affected.
The financial industry has experienced and may continue to experience more stringent regulation of employee compensation, including limitations relating to incentive-based compensation, clawback requirements and special taxation, which could have an adverse effect on our ability to hire or retain the most qualified employees.
International Risk
We are subject to numerous political, economic, legal, tax, operational, franchise and other risks as a result of our international operations that could adversely impact our businesses in many ways.
We are subject to numerous political, economic, legal, tax, operational, franchise and other risks that are inherent in operating in many countries, including risks of possible nationalization, expropriation, price controls, capital controls, exchange controls, increased taxes and levies, data transfer and outsourcing restrictions, prohibitions on certain types of foreign and capital market activities, limitations on cross-border listings and other restrictive governmental actions, as well as the outbreak of hostilities or political and governmental instability. In many countries, the laws and regulations applicable to the securities and financial services industries are uncertain and evolving and subject to sudden change. It may be difficult for us to determine the exact requirements of local laws in every market or adapt to changes in law, which could adversely impact our businesses.
Our inability to remain in compliance with local laws in a particular market could have a significant and negative effect not only on our business in that market but also on our reputation generally. We are also subject to the risk that transactions we structure might not be legally enforceable in all cases. In addition, uncertainty as to the nature of the future relationship between the U.K. and the E.U. may adversely affect the manner in which we operate certain of our businesses across Europe.
19
December 2021 Form 10-K

 
ms-20211231_g1.jpg
Various emerging market countries have experienced severe political, economic or financial disruptions, including significant devaluations of their currencies, defaults or potential defaults on sovereign debt, capital and currency exchange controls, high rates of inflation and low or negative growth rates in their economies. Crime and corruption, as well as issues of security and personal safety, also exist in certain of these countries. These conditions could adversely impact our businesses and increase volatility in financial markets generally.
A disease pandemic, such as COVID-19, or other widespread health emergencies, natural disasters, climate-related incidents, terrorist activities or military actions, or social or political tensions, could create economic and financial disruptions in emerging markets or in other areas of the global economy that could adversely affect our businesses, or could lead to operational difficulties (including travel limitations) that could impair our ability to manage or conduct our businesses around the world.
As a U.S. company, we are required to comply with the economic sanctions and embargo programs administered by OFAC and similar multinational bodies and governmental agencies worldwide, which may be in inconsistent with local law. We are also subject to applicable anti-corruption laws in the jurisdictions in which we operate, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. A violation of a sanction, embargo program or anti-corruption law could subject us, and individual employees, to a regulatory enforcement action, as well as significant civil and criminal penalties.
Acquisition, Divestiture and Joint Venture Risk
We may be unable to fully capture the expected value from acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances, and certain acquisitions may subject our business to new or increased risk.
In connection with past or future acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances (including with MUFG), we face numerous risks and uncertainties in combining, transferring, separating or integrating the relevant businesses and systems, including the need to combine or separate accounting and data processing systems and management controls and to integrate relationships with clients, trading counterparties and business partners. Certain of these strategic initiatives, and integration thereof, may cause us to incur incremental expenses and may also require incremental financial, management and other resources.
For example, the integrations of E*TRADE and Eaton Vance involve a number of risks, including failure to realize anticipated cost savings and difficulty integrating the businesses. It is possible that the remaining integration processes could also result in unanticipated disruptions of
ongoing businesses, the loss of key employees, the loss of clients, or overall integrations that take longer than originally anticipated.
In the case of joint ventures, partnerships and minority stakes, we are subject to additional risks and uncertainties because we may be dependent upon, and subject to liability, losses or reputational damage relating to systems, controls and personnel that are not under our control.
In addition, conflicts or disagreements between us and any of our joint venture partners or partners may negatively impact the benefits to be achieved by the relevant joint venture or partnership, respectively.
There is no assurance that any of our acquisitions, divestitures or investments will be successfully integrated or disaggregated or yield all of the positive benefits and synergies anticipated. If we are not able to integrate or disaggregate successfully our past and future acquisitions or dispositions, there is a risk that our results of operations, financial condition and cash flows may be materially and adversely affected.
Certain of our business initiatives, including expansions of existing businesses, may change our client or account profile or bring us into contact, directly or indirectly, with individuals and entities that are not within our traditional client and counterparty base and may expose us to new asset classes, services, competitors and new markets. These business activities expose us to new and enhanced risks, greater regulatory scrutiny of these activities, increased credit-related, sovereign, compliance and operational risks, as well as franchise and reputational concerns regarding the manner in which these assets are being operated or held, or services are being delivered.
For more information regarding the regulatory environment in which we operate, see also “Business—Supervision and Regulation.”


December 2021 Form 10-K
20

 
ms-20211231_g1.jpg
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. Disclosures reflect the effects of the acquisitions of Eaton Vance Corp. (“Eaton Vance”) and E*TRADE Financial Corporation (“E*TRADE”) prospectively from the acquisition dates, March 1, 2021 and October 2, 2020, respectively. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-K. For an analysis of 2020 results compared with 2019 results, see Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the annual report on Form 10-K for the year-ended December 31, 2020 filed with the SEC.
A description of the clients and principal products and services of each of our business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.
The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation,” “Risk Factors” and “Liquidity and Capital Resources—Regulatory Requirements” herein.
21
December 2021 Form 10-K

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Year ended December 31, 2021
The Firm’s full year results reflect both record net revenues of $59.8 billion, up 23% year over year, and net income applicable to Morgan Stanley of $15.0 billion, up 37%.
The Firm delivered full year ROTCE of 19.8% (see “Selected Non-GAAP Financial Information” herein).
The full year Firm expense efficiency ratio was 67%.
At December 31, 2021, our standardized Common Equity Tier 1 capital ratio was 16.0%.
Institutional Securities reported record full year net revenues of $29.8 billion, up 13%, with strong revenues across Advisory, Underwriting and Equity.
Wealth Management delivered a full year pre-tax margin of 25.5%, or 26.9% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein). The business added net new assets of $438 billion, and total client assets under management were $4.9 trillion, up 23% from a year ago.
Investment Management reported full year net revenues of $6.2 billion, driven by strong fee-based asset management revenues on record AUM of $1.6 trillion as of December 31, 2021.
Strategic Transactions
On March 1, 2021, we completed the acquisition of Eaton Vance. For further information, see “Business Segments—Investment Management” herein and Note 3 to the financial statements.
On October 2, 2020, we completed the acquisition of E*TRADE. For further information, see “Business Segments—Wealth Management” herein and Note 3 to the financial statements.

Net Revenues1
($ in millions)

ms-20211231_g2.jpg
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Net Income Applicable to Morgan Stanley
($ in millions)

ms-20211231_g3.jpg
Earnings per Diluted Common Share1

ms-20211231_g4.jpg
1.Adjusted Diluted EPS was $8.22 and $6.58 in 2021 and 2020, respectively (see “Selected Non-GAAP Financial Information” herein).
2021 Compared with 2020
We reported net revenues of $59.8 billion in 2021 compared with $48.8 billion in 2020. For 2021, net income applicable to Morgan Stanley was $15.0 billion, or $8.03 per diluted common share, compared with $11.0 billion or $6.46 per diluted common share in 2020.


December 2021 Form 10-K
22

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Non-interest Expenses1, 2
($ in millions)

ms-20211231_g5.jpg
1.The percentages on the bars in the chart represent the contribution of compensation and benefits expenses and non-compensation expenses to the total.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Compensation and benefits expenses of $24,628 million in 2021 increased 18% from the prior year, primarily as a result of increases in the formulaic payout to Wealth Management representatives driven by higher compensable revenues, incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions, higher discretionary incentive compensation driven by revenues, and higher salaries on increased headcount, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
Non-compensation expenses of $15,455 million in 2021 increased 21% from the prior year, primarily driven by incremental expenses as a result of the E*TRADE and Eaton Vance acquisitions, increased investments in technology, higher volume-related expenses, and higher professional services expenses, partially offset by lower litigation expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $4 million in 2021 was primarily as a result of portfolio growth offset by the impact of changes in loan quality mix. The Provision for credit losses on loans and lending commitments of $761 million in 2020 was primarily the result of actual and forecasted changes in asset quality trends, as well as risks related to uncertainty in the outlook for the sectors in focus due to COVID-19.
Business Segment Results
Net Revenues by Segment1, 2
($ in millions)
ms-20211231_g6.jpg
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
ms-20211231_g7.jpg
1.The percentages on the bars in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to 100% due to intersegment eliminations. See Note 23 to the financial statements for details of intersegment eliminations.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Institutional Securities net revenues of $29,833 million in 2021 increased 13% from the prior year, primarily reflecting higher Investment banking and Equity business revenues, partially offset by lower Fixed income business revenues.
Wealth Management net revenues of $24,243 million in 2021 increased 27% from the prior year, primarily due to higher Asset management revenues and incremental revenues as a result of the E*TRADE acquisition.
Investment Management net revenues of $6,220 million in 2021 increased 67% from the prior year, primarily due to higher Asset management and related fees, including
23
December 2021 Form 10-K

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
incremental revenues related to the Eaton Vance acquisition.    
Net Revenues by Region1, 2, 3
($ in millions)
ms-20211231_g8.jpg
1.The percentages on the bars in the charts represent the contribution of each region to the total.
2.For a discussion of how the geographic breakdown of net revenues is determined, see Note 23 to the financial statements.
3.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Americas net revenues in the current year period increased 26%, driven by increases across all business segments. EMEA net revenues increased 18%, primarily driven by the Investment banking and Equity businesses within the Institutional Securities business segment. Asia net revenues increased 10%, primarily driven by the Equity business within the Institutional Securities business segment, partially offset by decreases in the Investment Management business segment.
Selected Financial Information and Other Statistical Data
$ in millions, except per share data202120202019
Consolidated results
Net revenues1
$59,755 $48,757 $41,538 
Earnings applicable to Morgan Stanley common shareholders$14,566 $10,500 $8,512 
Earnings per diluted common share$8.03 $6.46 $5.19 
Consolidated financial measures
Expense efficiency ratio1, 2
67 %69 %72 %
Adjusted expense efficiency ratio1, 2, 4
66 %68 %72 %
ROE3
15.0 %13.1 %11.7 %
Adjusted ROE3, 4
15.3 %13.3 %11.7 %
ROTCE3, 4
19.8 %15.2 %13.4 %
Adjusted ROTCE3, 4
20.2 %15.4 %13.4 %
Pre-tax margin1, 5
33 %30 %27 %
Effective tax rate 23.1 %22.5 %18.3 %
Pre-tax margin by segment5
Institutional Securities1
40 %35 %27 %
Wealth Management1
25 %23 %27 %
Wealth Management, adjusted1, 4
27 %24 %27 %
Investment Management27 %23 %26 %
Investment Management, adjusted4
29 %23 %26 %
in millions, except per share data and employee dataAt
December 31,
2021
At
December 31,
2020
Liquidity resources6
$356,003 $338,623 
Loans7
$200,761 $161,745 
Total assets$1,188,140 $1,115,862 
Deposits$347,574 $310,782 
Borrowings$233,127 $217,079 
Common shareholders' equity$97,691 $92,531 
Tangible common shareholders’ equity4
$72,499 $75,916 
Common shares outstanding1,772 1,810 
Book value per common share8
$55.12 $51.13 
Tangible book value per common share4, 8
$40.91 $41.95 
Worldwide employees9 (in thousands)
75 68 
Client assets10 (in billions)
$6,495 $4,780 
Capital ratios11
Common Equity Tier 1 capital—Standardized16.0 %17.4 %
Tier 1 capital—Standardized17.7 %19.4 %
Common Equity Tier 1 capital—Advanced17.4 %17.7 %
Tier 1 capital—Advanced19.1 %19.8 %
Tier 1 leverage7.1 %8.4 %
SLR12
5.6 %7.4 %
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
2.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
3.ROE and ROTCE represent earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.
4.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
5.Pre-tax margin represents income before income taxes as a percentage of net revenues.
6.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.
7.Includes loans held for investment, net of ACL and loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. Prior period amounts have been revised to conform to the current presentation.
8.Book value per common share and tangible book value per common share equal common shareholders’ equity and tangible common shareholders’ equity, respectively, divided by common shares outstanding.
9.As of December 31, 2021, the number of employees includes Eaton Vance.
10.Client assets represents Wealth Management client assets and Investment Management assets under management.
11.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
12.At December 31, 2020, our SLR reflects the impact of a Federal Reserve interim final rule that was in effect until March 31, 2021. For further information, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
Coronavirus Disease Pandemic
Since its onset, the coronavirus disease (“COVID-19”) pandemic has had a significant impact on global economic conditions and the environment in which we operate our businesses, and it may continue to do so in the future. The Firm continues to be fully operational and, recognizing that local conditions vary for our offices around the world and that the trajectory of the virus continues to be uncertain, our employees are able to work from home and in our offices as deemed necessary.
Refer to “Risk Factors” and “Forward-Looking Statements” for more information on the potential effects of the ongoing COVID-19 pandemic on our future operating results.


December 2021 Form 10-K
24

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statement and otherwise. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
$ in millions, except per share data202120202019
Earnings applicable to Morgan Stanley common shareholders$14,566 $10,500 $8,512 
Impact of adjustments:
Wealth Management—Compensation expenses58 151 — 
Wealth Management—Non-compensation expenses288 80 — 
Investment Management—Compensation expenses44 — — 
Investment Management—Non-compensation expenses66 — — 
Total integration-related expenses456 231 — 
Related tax benefit(104)(42)— 
Adjusted earnings applicable to Morgan Stanley common shareholders—non-GAAP1
$14,918 $10,689 $8,512 
Earnings per diluted common share$8.03 $6.46 $5.19 
Impact of adjustments0.19 0.12 — 
Adjusted earnings per diluted common share—non-GAAP1
$8.22 $6.58 $5.19 
Expense efficiency ratio2
67 %69 %72 %
Impact of adjustments(1)%(1)%— %
Adjusted expense efficiency ratio—non-GAAP1, 2
66 %68 %72 %
Wealth Management pre-tax margin2
25 %23 %27 %
Impact of adjustments2 %%— %
Adjusted Wealth Management pre-tax margin—non-GAAP1, 2
27 %24 %27 %
Investment Management pre-tax margin27 %23 %26 %
Impact of adjustments2 %— %— %
Adjusted Investment Management pre-tax margin—non-GAAP1
29 %23 %26 %
At December 31,
$ in millions202120202019
Tangible equity
Common shareholders' equity$97,691 $92,531 $73,029 
Less: Goodwill and net intangible assets(25,192)(16,615)(9,249)
Tangible common shareholders' equity—non-GAAP$72,499 $75,916 $63,780 
 Average Monthly Balance
$ in millions202120202019
Tangible equity
Common shareholders' equity$97,094 $80,246 $72,720 
Less: Goodwill and net intangible assets(23,392)(10,951)(9,140)
Tangible common shareholders' equity—non-GAAP$73,702 $69,295 $63,580 
$ in billions202120202019
Average common equity
Unadjusted—GAAP$97.1 $80.2 $72.7 
Adjusted1—Non-GAAP
97.2 80.3 72.7 
ROE3
Unadjusted—GAAP15.0 %13.1 %11.7 %
Adjusted1—Non-GAAP
15.3 %13.3 %11.7 %
Average tangible common equity—Non-GAAP
Unadjusted$73.7 $69.3 $63.6 
Adjusted1
73.8 69.3 63.6 
ROTCE3—Non-GAAP
Unadjusted19.8 %15.2 %13.4 %
Adjusted1
20.2 %15.4 %13.4 %
Non-GAAP Financial Measures by Business Segment
$ in billions202120202019
Average common equity4
Institutional Securities$43.5 $42.8 $40.4 
Wealth Management28.6 20.8 18.2 
Investment Management8.8 2.6 2.5 
ROE5
Institutional Securities20 %15 %10 %
Wealth Management16 %16 %20 %
Investment Management15 %23 %29 %
Average tangible common equity4
Institutional Securities$42.9 $42.3 $39.9 
Wealth Management13.4 11.3 10.2 
Investment Management0.9 1.7 1.5 
ROTCE5
Institutional Securities20 %16 %10 %
Wealth Management34 %29 %36 %
Investment Management144 %36 %47 %
1.Adjusted amounts exclude the effect of costs related to the integrations of E*TRADE and Eaton Vance, net of tax as appropriate.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
3.ROE and ROTCE represent earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. When excluding integration-related costs, both the numerator and average denominator are adjusted.
4.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see "Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments' Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent equity.
5.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
25
December 2021 Form 10-K

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Return on Tangible Common Equity Goal
In January 2022, we established an ROTCE goal of over 20%, excluding integration-related expenses.
Our ROTCE goal is a forward-looking statement that was based on a normal market environment and may be materially affected by many factors, including, among other things: macroeconomic and market conditions, which may be impacted by the future course of COVID-19; legislative, accounting, tax and regulatory developments; industry trading and investment banking volumes; equity market levels; interest rate environment; outsized legal expenses or penalties; the ability to control expenses; capital levels; and mergers and acquisitions.
See “Risk Factors” herein for further information on market and economic conditions and their potential effects on our future operating results.
For further information on non-GAAP measures (ROTCE excluding integration-related expenses), see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 23 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
Updates to our Financial Presentation
As part of our effort to continually improve the transparency and comparability of our external financial reporting, several updates to our financial presentation were implemented in the first quarter of 2021. Prior period amounts have been reclassified to conform to the current presentation.
Provision for Credit Losses
The Provision for credit losses for loans and lending commitments is presented as a separate line item in the income statement. Previously, the Provision for credit losses for loans was included in Other revenues, and the provision for credit losses for lending commitments was included in Other expense.
Other Revenues
Gains and losses on economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments, which were previously reported in Trading revenues, are reported within Other revenues in the income statement. This presentation better aligns with the recognition of mark-to-market gains and losses
on held-for-sale loans and lending commitments, which continue to be reported in Other revenues.
Institutional Securities
Equity—Financing, Equity—Execution services and Fixed income include certain Investments and Other revenues to the extent directly attributable to those businesses. The remaining Investments and Other revenues not included in those businesses’ results are reported in Other. Other also includes revenues previously reported as Other sales and trading.
Investment Management
We have renamed the previously disclosed revenue line Asset management to Asset management and related fees and have combined the remaining revenue lines into a new category named Performance-based income and other.
The following discussion reflects these updates to our financial presentation:
Net Revenues
Investment Banking 
Investment banking revenues are derived from client engagements in which we act as an advisor, underwriter or distributor of capital.
Within the Institutional Securities business segment, these revenues are primarily composed of fees earned from underwriting equity and fixed income securities, syndicating loans and advisory services in relation to mergers and acquisitions, divestitures and corporate restructurings.
Within the Wealth Management business segment, these revenues are derived from the distribution of newly issued securities.
Trading
Trading revenues include the realized gains and losses from transactions in financial instruments, unrealized gains and losses from ongoing changes in the fair value of our positions, and gains and losses from financial instruments used to economically hedge compensation expense related to certain employee deferred compensation plans.
Within the Institutional Securities business segment, Trading revenues arise from transactions in cash instruments and derivatives in which we act as a market maker for our clients. In this role, we stand ready to buy, sell or otherwise transact with customers under a variety of market conditions and to provide firm or indicative prices in response to customer requests. Our liquidity obligations can be explicit in some cases, and in others, customers expect us to be willing to transact with them. In order to most effectively fulfill our market-making function, we engage in activities across all of our trading businesses that include, but are not limited to:


December 2021 Form 10-K
26

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
taking positions in anticipation of, and in response to, customer demand to buy or sell and—depending on the liquidity of the relevant market and the size of the position—to hold those positions for a period of time;
building, maintaining and rebalancing inventory held to facilitate client activity through trades with other market participants;
managing and assuming basis risk (risk associated with imperfect hedging) between risks incurred from the facilitation of client transactions and the standardized products available in the market to hedge those risks;
trading in the market to remain current on pricing and trends; and
engaging in other activities to provide efficiency and liquidity for markets.
In many markets, the realized and unrealized gains and losses from purchase and sale transactions will include any spreads between bids and offers. Certain fees received on loans carried at fair value and dividends from equity securities are also recorded in Trading revenues since they relate to positions carried at fair value.
Within the Wealth Management business segment, Trading revenues primarily include revenues from customers’ purchases and sales of fixed income instruments in which we act as principal, as well as gains and losses related to investments associated with certain employee deferred compensation plans.
Investments
Investments revenues are composed of realized and unrealized gains and losses derived from investments, including those associated with employee deferred compensation and co-investment plans. Estimates of the fair value of the investments that produce these revenues may involve significant judgment and may fluctuate significantly over time in light of business, market, economic and financial conditions, generally or in relation to specific transactions.
Within the Institutional Securities segment, gains and losses are primarily from business-related investments. Certain investments are subject to sale restrictions. Typically, there are no fee revenues from these investments.
Within the Investment Management business segment, Investments revenues are primarily from performance-based fees in the form of carried interest, a portion of which is subject to reversal, and gains and losses from investments. The business is entitled to receive carried interest when the return in certain funds exceeds specified performance targets. Additionally, there are certain sponsored Investment Management funds consolidated by us where revenues are primarily attributable to holders of noncontrolling interests.
Commissions and Fees 
Commissions and fees result from arrangements in which the client is charged a fee for executing transactions related to
securities, services related to sales and trading activities, and sales of other products.
Within the Institutional Securities business segment, commissions and fees include fees earned from market-making activities, such as executing and clearing client transactions on major stock and derivative exchanges, as well as from OTC derivatives.
Within the Wealth Management business segment, commissions and fees arise from client transactions primarily in equity securities, insurance products, mutual funds, futures and options and also include revenues from order flow payments for directing customer orders to broker-dealers, exchanges and market centers for execution.
Asset Management
Asset management revenues include fees associated with the management and supervision of assets and the distribution of funds and similar products.
Within the Wealth Management business segment, Asset management revenues are related to advisory services associated with fee-based assets, account service and administration, as well as distribution of products. These revenues are generally based on the net asset value of the account in which a client is invested.
Within the Investment Management business segment, Asset management revenues are primarily composed of fees received from investment vehicles on the basis of assets under management. Performance-based fees, not in the form of carried interest, are earned on certain products and separately managed accounts as a percentage of appreciation in value and, in certain cases, are based upon the achievement of performance criteria. These performance fees are generally recognized annually.
Net Interest
Interest income and Interest expense are functions of the level and mix of total assets and liabilities, including Trading assets and Trading liabilities, Investment securities, Securities borrowed or purchased under agreements to resell, Securities loaned or sold under agreements to repurchase, Loans, Deposits and Borrowings.
Within the Institutional Securities business segment, Net interest is a function of market-making strategies, client activity, and the prevailing level, term structure and volatility of interest rates. Net interest is impacted by market-making activities as securities held by the Firm generally earn interest, as do securities borrowed and securities purchased under agreements to resell, while securities loaned and securities sold under agreements to repurchase generally incur interest expense.
Within the Wealth Management business segment, Interest income is driven by Investment securities, Loans and margin
27
December 2021 Form 10-K

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
loans. Interest expense is driven by Deposits and other funding. Upon acquisition, E*TRADE’s Investment securities were recorded at fair value, and the resulting premium is being amortized over the life of the portfolio against interest income.
Other
Other revenues for Institutional Securities include revenues and losses from equity method investments, fees earned in association with lending activities, mark-to-market gains and losses on loans and lending commitments held for sale, as well as gains and losses on economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments.
Other revenues for Wealth Management are derived from realized gains and losses on AFS securities, account handling fees, referral fees and other miscellaneous revenues.
Provision for Credit Losses
The Provision for credit losses includes the provision for credit losses for loans and lending commitments held for investment.
Institutional Securities—Fixed Income and Equities
Fixed income and Equities net revenues are composed of Trading revenues, Commissions and fees, Asset management revenues, Net interest, and certain Investments and Other revenues directly attributable to those businesses. These revenues, which can be affected by a variety of interrelated factors, including market volumes, bid-offer spreads and the impact of market conditions on inventory held to facilitate client activity, as well as the effect of hedging activity, are viewed in the aggregate when assessing the performance and profitability of our businesses. We make transaction-related decisions based on, among other things, an assessment of the aggregate expected profit or loss associated with a transaction, including any associated commissions and fees, dividends, or net interest income, any costs associated with financing or hedging our positions and other related expenses.
Following is a description of the revenue-generating activities within our equity and fixed income businesses, as well as how their results impact the income statement line items.
Equity—Financing. We provide financing, prime brokerage and fund administration services to our clients active in the equity markets through a variety of products, including margin lending, securities lending and swaps. Results from this business are largely driven by the difference between financing income earned and financing costs incurred, which are reflected in Net interest for securities lending products, and in Trading revenues for derivative products. Fees for providing fund administration services are reflected in Asset management revenues.
Equity—Execution services. A significant portion of the results for this business is generated by commissions and fees from executing and clearing client transactions on major stock and derivative exchanges, as well as from OTC transactions. We make markets for our clients principally in equity-related securities and derivative products, including those that provide liquidity and are utilized for hedging. Market-making also generates gains and losses on inventory held to facilitate client activity, which are reflected in Trading revenues. Execution services also includes certain Investments and Other revenues.
Fixed income—Within fixed income, we make markets in various flow and structured products in order to facilitate client activity as part of the following products and services:
Global macro products. We make markets for our clients in interest rate, foreign exchange and emerging market products, including exchange-traded and OTC securities and derivative instruments. The results of this market-making activity are primarily driven by gains and losses from buying and selling positions to stand ready for and satisfy client demand and are recorded in Trading revenues.
Credit products. We make markets in credit-sensitive products, such as corporate bonds and mortgage securities and other securitized products, and related derivative instruments. The values of positions in this business are sensitive to changes in credit spreads and interest rates, which result in gains and losses reflected in Trading revenues. We undertake lending activities, which include commercial mortgage lending, secured lending facilities and financing extended to sales and trading customers. Due to the amount and type of the interest-bearing securities and loans making up this business, a significant portion of the results is also reflected in Net interest revenues.
Commodities products and Other. We make markets in various commodity products related primarily to electricity, natural gas, oil and metals. Other activities primarily include results from the centralized management of our fixed income derivative counterparty exposures and the management of derivative counterparty risk. These activities are primarily recorded in Trading revenues.
Fixed income also includes certain Investments and Other revenues.
Institutional Securities—Other Net Revenues
Other net revenues include impacts from certain treasury functions, such as liquidity costs and gains and losses on economic hedges related to certain borrowings, as well as gains and losses from financial instruments used to economically hedge compensation expense related to certain employee deferred compensation plans, as well as Investments and Other revenues that are not directly attributable to Fixed income and Equities businesses.


December 2021 Form 10-K
28

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Compensation Expense
Compensation and benefits expenses include base salaries and fixed allowances, formulaic programs, discretionary incentive compensation, amortization of deferred cash and equity awards, changes in the fair value of investments to which certain deferred compensation plans are referenced, including the Firm’s share price for certain awards, carried interest allocated to employees, severance costs, and other items such as health and welfare benefits.
The factors that drive compensation for our employees vary from period to period, from segment to segment and within a segment. For certain revenue-producing employees in the Wealth Management and Investment Management business segments, compensation is largely paid on the basis of formulaic payouts that link employee compensation to revenues. Compensation for other employees, including revenue-producing employees in the Institutional Securities business segment, include base salary and benefits and may also include incentive compensation that is determined following the assessment of the Firm’s, business unit’s and individual’s performance.
Compensation expense for deferred cash-based compensation plans is recognized over the relevant vesting period and is adjusted based on the notional earnings of the referenced investments until distribution. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments made by the Firm, there is typically a timing difference between the immediate recognition of gains and losses on the Firm's investments and the compensation expense recognized over the vesting period.
Income Taxes
The income tax provision for our business segments is generally determined based on the revenues, expenses and activities directly attributable to each business segment. Certain items have been allocated to each business segment, generally in proportion to its respective net revenues or other relevant measures.
29
December 2021 Form 10-K

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Institutional Securities
Income Statement Information
    % Change
$ in millions20212020201920212020
Revenues
Advisory$3,487 $2,008 $2,116 74 %(5)%
Equity4,437 3,092 1,708 43 %81 %
Fixed income2,348 2,104 1,910 12 %10 %
Total Underwriting6,785 5,196 3,618 31 %44 %
Total Investment banking10,272 7,204 5,734 43 %26 %
Equity1
11,435 9,921 8,133 15 %22 %
Fixed income1
7,516 8,847 5,985 (15)%48 %
Other1
610 504 644 21 %(22)%
Net revenues1
29,833 26,476 20,496 13 %29 %
Provision for credit losses1
(7)731 151 (101)%N/M
Compensation and benefits9,165 8,342 7,433 10 %12 %
Non-compensation expenses1
8,861 8,252 7,422 7 %11 %
Total non-interest expenses1
18,026 16,594 14,855 9 %12 %
Income before provision for income taxes11,814 9,151 5,490 29 %67 %
Provision for income taxes2,746 2,040 769 35 %165 %
Net income9,068 7,111 4,721 28 %51 %
Net income applicable to noncontrolling interests111 99 122 12 %(19)%
Net income applicable to Morgan Stanley$8,957 $7,012 $4,599 28 %52 %
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.
Investment Banking
Investment Banking Volumes
$ in billions202120202019
Completed mergers and acquisitions1
$1,090 $887 $826 
Equity and equity-related offerings2, 3
117 100 61 
Fixed income offerings2, 4
365 377 287 
Source: Refinitiv data as of January 3, 2022. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2.Based on full credit for single book managers and equal credit for joint book managers.
3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Investment banking revenues of $10,272 million in 2021 increased 43% compared with the prior year, primarily reflecting increases in advisory and equity underwriting.
Advisory revenues increased primarily due to higher completed transactions.
Equity underwriting revenues increased on higher volumes, primarily in initial public offerings, private placement offerings and secondary block share trades.
Fixed income underwriting revenues increased primarily due to higher non-investment grade loan and bond
issuances and securitized products revenues, partially offset by a decrease in investment grade bond issuances.
See “Investment Banking Volumes” herein.
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
 2021
$ in millionsTrading
Fees1
Net
Interest2
All
Other3
Total
Financing$4,110 $508 $520 $8 $5,146 
Execution services3,327 2,648 (226)540 6,289 
Total Equity$7,437 $3,156 $294 $548 $11,435 
Total Fixed income$5,098 $307 $1,835 $276 $7,516 
 
20204
$ in millionsTrading
Fees1
Net
Interest2
All
Other3
Total
Financing$3,736 $439 $342 $$4,521 
Execution services2,882 2,658 (256)116 5,400 
Total Equity$6,618 $3,097 $86 $120 $9,921 
Total Fixed income$6,841 $299 $1,696 $11 $8,847 
 
20194
$ in millionsTrading
Fees1
Net
Interest2
All
Other3
Total
Financing$4,225 $372 $(514)$$4,092 
Execution services1,986 2,203 (216)68 4,041 
Total Equity$6,211 $2,575 $(730)$77 $8,133 
Total Fixed income$5,175 $324 $70 $416 $5,985 
1.Includes Commissions and fees and Asset management revenues.
2.Includes funding costs, which are allocated to the businesses based on funding usage.
3.Includes Investments and Other revenues.
4.Certain prior period amounts have been reclassified to conform to the current period presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.
Equity
Net revenues of $11,435 million in 2021 increased 15% compared with the prior year, reflecting an increase in both our execution services and financing businesses, with notable strength in Asia.
Financing revenues increased primarily driven by higher average client balances and higher client activity, partially offset by a credit loss of $644 million related to a single client in the first quarter of 2021.
Execution services revenues increased primarily due to higher mark-to-market gains on business-related investments, including a significant mark-to-market gain of $225 million, the impact of market conditions on inventory held to facilitate client activity and higher client activity, partially offset by trading losses of $267 million related to the aforementioned credit event.
Fixed Income
Net revenues of $7,516 million in 2021 decreased 15% compared with the prior year, primarily driven by global macro products.


December 2021 Form 10-K
30

 
Management’s Discussion and Analysis
ms-20211231_g1.jpg
Global macro products revenues decreased in rates and foreign exchange products, primarily due to the effect of tighter bid-offer spreads.
Credit products revenues decreased primarily due to the effect of tighter bid offer spreads on corporate credit products, partially offset by higher revenues in securitized products.
Commodities products and other fixed income revenues increased primarily driven by higher counterparty credit risk management results.
Other Net Revenues
Other Net revenues of $610 million in 2021 increased 21% compared with the prior year, primarily driven by higher results from our Japanese joint venture, MUMSS, and lower mark-to-market losses on corporate loans held-for-sale, net of related hedges, partially offset by lower gains on investments associated with certain employee deferred compensation plans.
Net Interest
Net interest revenues of $2,645 million in the current year period are included within Equity, Fixed Income, and Other and increased 16% compared with the prior year, primarily driven by higher balances in Equity Financing and secured lending facilities.
Provision for Credit Losses
In 2021, the Provision for credit losses on loans and lending commitments was a net release of $7 million, primarily as the impact of changes in loan quality mix were offset by portfolio growth. The Provision for credit losses on loans and lending commitments of $731 million in the prior year was primarily the result of actual and forecasted changes in asset quality trends, as well as risks related to uncertainty in the outlook for the sectors in focus due to COVID-19.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-interest Expenses
Non-interest expenses of $18,026 million in 2021 increased 9% compared with the prior year as a result of both higher Compensation and benefits and Non-compensation expenses.
Compensation and benefits expenses increased in the current year primarily due to an increase in discretionary incentive compensation driven by higher revenues, higher salaries and benefits on increased headcount, and higher expenses related to certain deferred compensation plans linked to the Firm’s share price.
Non-compensation expenses increased in the current year primarily due to increased volume-related expenses, investments in technology, and professional services, partially offset by a decrease in litigation expenses.

31
December 2021 Form 10-K

<