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Segment and Geographic Information (Tables)
12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Selected Financial Information by Business Segment
Selected Financial Information by Business Segment
2017
$ in millionsIS WMIM1, 2I/ETotal
Total non-interest
revenues$19,622$12,731$2,586$(294)$34,645
Interest income5,3774,5914(975)8,997
Interest expense6,1864864(979)5,697
Net interest(809)4,10543,300
Net revenues$18,813$16,836$2,586$(290)$37,945
Income from continuing
operations before
income taxes$5,644$4,299$456$4$10,403
Provision for income taxes31,9931,9742014,168
Income from continuing
operations3,6512,32525546,235
Income (loss) from
discontinued operations,
net of income taxes(19)(19)
Net income3,6322,32525546,216
Net income applicable
to noncontrolling interests969105
Net income applicable
to Morgan Stanley$3,536$2,325$246$4$6,111

2016
$ in millionsIS4WM4IM1, 2I/ETotal
Total non-interest
revenues$17,294$11,821$2,108$(290)$30,933
Interest income4,0053,8885(882)7,016
Interest expense3,8403591(882)3,318
Net interest1653,52943,698
Net revenues$17,459$15,350$2,112$(290)$34,631
Income from continuing
operations before
income taxes$5,123$3,437$287$1$8,848
Provision for income taxes31,3181,333752,726
Income from continuing
operations3,8052,10421216,122
Income (loss) from
discontinued operations,
net of income taxes(1)21
Net income 3,8042,10421416,123
Net income (loss) applicable
to noncontrolling interests155(11)144
Net income applicable
to Morgan Stanley$3,649$2,104$225$1$5,979

2015
$ in millionsIS4WM4IM1I/ETotal
Total non-interest
revenues$17,800$12,144$2,331$(213)$32,062
Interest income3,1903,1052(462)5,835
Interest expense3,03714918(462)2,742
Net interest1532,956(16)3,093
Net revenues$17,953$15,100$2,315$(213)$35,155
Income from continuing
operations before
income taxes$4,671$3,332$492$$8,495
Provision for income taxes38251,2471282,200
Income from continuing
operations3,8462,0853646,295
Income (loss) from
discontinued operations,
net of income taxes(17)1(16)
Net income 3,8292,0853656,279
Net income applicable
to noncontrolling interests13319152
Net income applicable
to Morgan Stanley$3,696$2,085$346$$6,127

I/E – Intersegment Eliminations

  • For information on fee waivers see the table below.
  • For information on net unrealized performance-based fees see the table below.
  • The Firm’s effective tax rate from continuing operations included net discrete tax provisions (benefits). See table below for further information.
  • Effective July 1, 2016, the Institutional Securities and Wealth Management business segments entered into an agreement, whereby Institutional Securities assumed management of Wealth Management’s fixed income client-driven trading activities and employees. Institutional Securities now pays fees to Wealth Management based on distribution activity (collectively, the “Fixed Income Integration”). Prior periods have not been recast for this new intersegment agreement due to immateriality.
Information on Fee Waivers and Net Unrealized Performance-based Fees
Reduction of Fees due to Fee Waivers
$ in millions201720162015
Fee waivers$86$91$197

Net Unrealized Performance-based Fees
AtAt
$ in millionsDecember 31, 2017December 31, 2016
Net cumulative unrealized
performance-based fees
at risk of reversing$442$397
Net Discrete Tax Provision (Benefit) by Segment
Net Discrete Tax Provision (Benefit) by Segment
2017
$ in millionsISWMIMTotal
Intermittent:
Tax Act enactment1$705$402$94$1,201
Remeasurement of reserves
and related interest(168)(168)
Other(66)9(8)(65)
Total intermittent net discrete
tax provision (benefit)$471$411$86$968
Recurring:
Employee share-based awards(93)(54)(8)(155)
Total$378$357$78$813
20162$(68)
20152(564)

  • For further discussion on the Tax Act, see Note 20.
  • The intermittent net discrete tax benefits for 2016 and 2015 were primarily within the Institutional Securities business segment.

Total Assets by Business Segment
Total Assets by Business Segment
At December 31,At December 31,
$ in millions20172016
Institutional Securities$664,974$629,149
Wealth Management182,009181,135
Investment Management4,7504,665
Total1$851,733$814,949

  • Parent assets have been fully allocated to the business segments.

Net Revenues by Region
Net Revenues by Region
$ in millions201720162015
Americas$27,817$25,487$25,080
EMEA5,7144,9945,353
Asia4,4144,1504,722
Net revenues $37,945$34,631$35,155
Total Assets by Region
Total Assets by Region
At December 31,At December 31,
$ in millions20172016
Americas$570,489$581,750
EMEA191,398158,819
Asia89,84674,380
Total$851,733$814,949