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Sankey diagram of Morgan Stanley. A complete text table follows the diagram.
Institutional Securities captured volatile markets while the $7.3 trillion wealth platform compounded fee and lending income
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All flow values are directly reported. Segment revenue is presented with the reported $195 million intersegment elimination as a negative consolidation adjustment; the Sankey represents this by routing gross segment revenue through a consolidation node before reported net revenue.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Institutional Securities | 1 | $10.7B | Investment banking, equities and fixed income |
| Wealth Management | 1 | $8.5B | Asset fees, transactions and net interest |
| Investment Management | 1 | $1.5B | Traditional and alternative asset management |
| Gross segment revenue | 2 | $20.8B | Before intersegment eliminations |
| Consolidated net revenue | 3 | $20.6B | Up 16% year over year |
| Intersegment eliminations | 3 | $195M | Transactions between businesses |
| Income before tax | 4 | $7.0B | 34% pretax margin |
| Non-interest expenses | 4 | $13.5B | Compensation plus operating infrastructure |
| Credit-loss provision | 4 | $98M | Lending and commitment reserves |
| Net income | 5 | $5.6B | Up 29% year over year |
| Income tax | 5 | $1.4B | 19.6% effective rate |
| Income attributable to Morgan Stanley | 6 | $5.6B | $3.14 diluted EPS |
| Noncontrolling interests | 6 | $71M | Minority interests in consolidated vehicles |
| From | To | Value |
|---|---|---|
| Institutional Securities | Gross segment revenue | $10.7B |
| Wealth Management | Gross segment revenue | $8.5B |
| Investment Management | Gross segment revenue | $1.5B |
| Gross segment revenue | Consolidated net revenue | $20.6B |
| Gross segment revenue | Intersegment eliminations | $195M |
| Consolidated net revenue | Income before tax | $7.0B |
| Consolidated net revenue | Non-interest expenses | $13.5B |
| Consolidated net revenue | Credit-loss provision | $98M |
| Income before tax | Net income | $5.6B |
| Income before tax | Income tax | $1.4B |
| Net income | Income attributable to Morgan Stanley | $5.6B |
| Net income | Noncontrolling interests | $71M |