Morgan Stanley
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.
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