				Three Months Ended March 31, 2016
				Institutional Securities(1)		Wealth Management		Investment Management		Intersegment Eliminations		Total

			(dollars in millions)
Total non-interest revenues(2)(3)			$	3,645	$	2,837	$	478	$	(67)	$	6,893
Interest income				1,053		914		1		(221)		1,747
Interest expense				984		83		2		(221)		848
	Net interest			69		831		(1)		—		899
		Net revenues	$	3,714	$	3,668	$	477	$	(67)	$	7,792

Income from continuing operations before income
	taxes		$	908	$	786	$	44	$	—	$	1,738
Provision for income taxes				275		293		10		—		578
Income from continuing operations				633		493		34		—		1,160

Discontinued operations:
	Income (loss) from discontinued operations before
		income taxes		(5)		—		—		—		(5)
	Provision for (benefit from) income taxes			(2)		—		—		—		(2)
		Income (loss) from discontinued operations		(3)		—		—		—		(3)
Net income				630		493		34		—		1,157
	Net income (loss) applicable to noncontrolling interests			39		—		(16)		—		23
Net income applicable to Morgan Stanley			$	591	$	493	$	50	$	—	$	1,134

				Three Months Ended March 31, 2015
				Institutional Securities		Wealth Management		Investment Management		Intersegment Eliminations		Total

			(dollars in millions)
Total non-interest revenues(2)(3)			$	5,546	$	3,145	$	674	$	(54)	$	9,311
Interest income				870		737		1		(124)		1,484
Interest expense				958		48		6		(124)		888
	Net interest			(88)		689		(5)		—		596
		Net revenues	$	5,458	$	3,834	$	669	$	(54)	$	9,907
Income from continuing operations before income
	taxes		$	1,813	$	855	$	187	$	—	$	2,855
Provision for income taxes(4)				6		320		61		—		387
Income from continuing operations				1,807		535		126		—		2,468

Discontinued operations:
	Income (loss) from discontinued operations before
		income taxes		(8)		—		—		—		(8)
	Provision for (benefit from) income taxes			(3)		—		—		—		(3)
		Income (loss) from discontinued operations		(5)		—		—		—		(5)
Net income				1,802		535		126		—		2,463
	Net income applicable to noncontrolling interests			52		—		17		—		69
Net income applicable to Morgan Stanley			$	1,750	$	535	$	109	$	—	$	2,394

(1) In accordance with the early adoption of a provision of the accounting update Recognition and Measurement of Financial Assets and Financial Liabilities, unrealized DVA gains (losses) in the quarter ended March 31, 2016 are recorded within OCI in the condensed consolidated statements of comprehensive income. See Notes 2 and 14 for further information.

(2) In certain management fee arrangements, the Company is entitled to receive performance-based fees (also referred to as incentive fees and includes carried interest) when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fee revenues are accrued (or reversed) quarterly based on measuring account/fund performance to date versus the performance benchmark stated in the investment management agreement. The Company’s portion of unrealized cumulative amount of performance-based fee revenue (for which the Company is not obligated to pay compensation) at risk of reversing if fund performance falls below stated investment management agreement benchmarks was approximately $422 million at both March 31, 2016 and December 31, 2015. See Note 11 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.

(3) The Company waives a portion of its fees from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940. These fee waivers resulted in a reduction of fees of approximately $23 million and $50 million, respectively, for the quarters ended March 31, 2016 and 2015.

(4) The Company’s effective tax rate from continuing operations for the quarter ended March 31, 2015 included a net discrete tax benefit of $564 million within Institutional Securities (see Note 18).