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{{#badges:FTD|RealEconomyProject}}{{Infobox fix the debt|company_name = Morgan Stanley|ceo_name = James Gorman|ceo_salary = $12,981,856|ceo_retirement_assets = $19,006,029|underfunded_company_pension = |total_company_revenue = $32,403,000,000|tax_dodger = |territorial_tax_break_savings = |total_lobbying = $11,250,000|ceo_campaign_giving = }}'''Morgan Stanley''' was founded in 1935 and is the sixth largest bank in the US in terms of assets <ref>Michael J. Moore, [http://www.businessweek.com/news/2010-11-12/morgan-stanley-said-to-discuss-separating-prop-trading.html "Morgan Stanley Said to Discuss Separating Prop-Trading"], Bloomberg, November 12, 2010.</ref> The firm posted $32.4 billion of total revenue in 2011. <ref>Morgan Stanley, [http://www.morganstanley.com/about/ir/shareholder/10k2011/10k2011.pdf "2011 10K"], organizational document, page 44.</ref>
Morgan Stanley provides investment banking, securities, investment management and wealth management services. The firm has offices in 42 countries. <ref>Press release, [http://www.morganstanley.com/about/press/articles/848b4496-eccb-11df-96d6-09dab21b3c20.html Invesco and Morgan Stanley Announce Pricing of Secondary Common Stock Offering]</ref> Former executives of J.P. Morgan & Company originally founded Morgan Stanley. The Glass Steagall Act of 1933 required banks to engage in commercial or investment banking, but not both. To conform with this legislation, in 1935 J.P. Morgan & Company spun off Morgan Stanley as an investment bank.<ref>Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, 2001, p. xii</ref> During the 2008 financial crisis, Morgan Stanley received quick regulatory approval from the Federal Reserve to change its status from an investment bank to a bank holding company, thereby gaining access to low-interest loans from the Fed.<ref>Barry Ritholtz and Aaron Task, Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, May 2009, p. 200.</ref> In January 2009 Morgan Stanley bought a majority stake in the brokerage firm Smith Barney.