Morgan Stanley

Morgan Stanley's transformation under CEO James Gorman into a wealth management powerhouse is unrivaled: it now manages $14 trillion in client assets, more than double the $6.5 trillion managed by #5 Goldman Sachs. Following the $13 billion E*Trade acquisition in 2020 and the $7 billion Eaton Vance deal in 2021, wealth management now contributes 47% of revenue—a 20 percentage point increase from 2019. With $1.2 trillion in assets, it generates $54 billion in annual revenue, 18% higher than the typical top 10 bank's $45.8 billion average.