MORGAN STANLEY

Morgan Stanley is a global financial services firm that advises, originates, trades, manages, and distributes capital for governments, institutions, and individuals through its subsidiaries and affiliates. Originally incorporated in Delaware in 1981, with predecessor companies dating back to 1924, Morgan Stanley operates as a financial holding company regulated by the Federal Reserve under the Bank Holding Company Act of 1956. The firm conducts business from its headquarters in and around New York City, regional offices and branches across the U.S., and principal offices in London, Frankfurt, Tokyo, Hong Kong, and other world financial centers. Morgan Stanley maintains significant market positions across its three business segments: Institutional Securities, Wealth Management, and Investment Management. These segments provide a wide variety of products and services to a diverse client base, including corporations, governments, financial institutions, and individuals. The firm's businesses are highly competitive in the U.S. and globally for clients, market share, and human talent. Financial information for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 is available in its financial statements.