Morgan Stanley is a holding company that provides its products and services to
a large and diversified group of clients and customers, including corporations,
governments, financial institutions and individuals, through its subsidiaries
and affiliates. Morgan Stanley conducts its business from its headquarters in
New York City, its regional offices and branches throughout the U.S. and its principal
offices in London, Tokyo, Hong Kong and other world financial centers. Morgan
Stanley was originally incorporated under the laws of the State of Delaware in
1981, and its predecessor companies date back to 1924.
Morgan Stanley is a global financial services firm that maintains leading market
positions in each of its business segments'Institutional Securities, Individual
Investor Group, Investment Management and Credit Services.
Morgan Stanley's institutional securities business segment ('Institutional
Securities') includes:
Investment banking, including securities underwriting and distribution and
financial advisory services, including advice on mergers and acquisitions, restructurings,
real estate and project finance.
Sales, trading, financing and market-making activities in equity securities
and related products and fixed income securities and related products, including
foreign exchange and commodities.
Other activities, such as aircraft financing, principal investing and real
estate investment management, and research.
Morgan Stanley's individual investor group business segment ('Individual Investor
Group') includes:
Comprehensive financial planning and investment advisory services designed
to accommodate individual investment goals and risk profiles.
Morgan Stanley's investment management business segment ('Investment Management')
includes:
Global asset management products and services for individual and institutional
investors, through three principal distribution channels: a proprietary channel
consisting of Morgan Stanley's financial advisors and investment representatives;
a non-proprietary channel consisting of third-party broker-dealers, banks, financial
planners and other intermediaries; and Morgan Stanley's institutional channel.
Private equity activities.
Morgan Stanley's credit services business segment ('Credit Services') includes:
Discover Financial Services ('DFS'), which includes Discover'-branded cards
and other consumer finance products and services.
Discover Business Services, a network of merchant and cash access locations
primarily in the U.S.
Consumer Banking Group International, which includes Morgan Stanley-branded
cards and personal loan products in the U.K.
Competition.
All of Morgan Stanley's businesses are highly competitive and we expect them
to remain so. Morgan Stanley competes in the U.S. and globally for clients,
market share and human talent in all of its business segments.