Morgan Stanley
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.
Some of the key events about Morgan Stanley
- 1932Faced criticism for underwriting bonds for repressive Latin American regimes
- 1935Founded as an investment bank in New York City
- 1941Became a publicly traded company on the New York Stock Exchange
- 1975Established its first international office in Paris
- 1986Acquired E.F. Hutton & Co., significantly expanding its retail brokerage business
- 1994Paid $9 million to settle charges of improper handling of customer accounts
- 1997Merged with Dean Witter, Discover & Co., creating a major retail brokerage and asset management firm
- 2001Spun off its Discover Card business, focusing on core financial services
- 2003Agreed to pay $125 million to settle allegations of biased stock research
- 2004Fined $19 million for failure to produce email evidence in legal proceedings
- 2007Incurred $9.4 billion in losses from subprime mortgage investments
- 2008Converted to a bank holding company during the financial crisis, ensuring its survival
- 2008Received a $10 billion bailout from the U.S. government during the financial crisis
- 2009Acquired Smith Barney from Citigroup, becoming a global leader in wealth management
- 2010Paid $102 million to settle claims of overcharging customers for currency trades
- 2013Completed the purchase of the remaining stake in Morgan Stanley Smith Barney
- 2016Agreed to pay $3.2 billion to settle claims related to its role in the 2008 mortgage crisis
- 2019Fined $1.5 million for insufficient anti-money laundering program at its commodities business
- 2020Acquired E*TRADE, expanding its digital banking and online brokerage services
- 2022Paid $200 million to resolve investigations into employee communications on unapproved devices
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.