The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
The Euromoney 25

Morgan Stanley takes share in investment banking boom

The firm’s old businesses shone in 2021, but what was once the ballast to stabilize their volatile earnings is now the growth story.


After the big strategic acquisitions of 2020, when Morgan Stanley spent $13 billion on E*Trade to add a new self-directed channel to wealth management and then $7 billion on Eaton Vance to bring greater fixed-income capabilities to investment management, the firm’s older businesses shone in 2021.

In the first nine months of the year, investment banking revenues were 60% higher than the same period in 2020, while advisory revenues more than doubled.

“All the debt and equity that companies raised last year was looking for growth in a period of greater stability, and that set up a tremendous year in M&A,” says Sharon Yeshaya, chief financial officer of Morgan Stanley.

sharon-yeshaya-Morgan-Stanley-960.jpg
Sharon Yeshaya

“Our firm’s original DNA was M&A, and it is at the core of our integrated investment bank. M&A leads to greater capital markets activity, which in turn leads to higher volumes in sales and trading. The overall fee pool grew, and Morgan Stanley’s share of the pool also increased.”

The


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree