Morgan Stanley

Morgan Stanley generated $61 billion in net revenue in 2025, a figure that outperforms #6 Goldman Sachs by $7 billion, driven by its strategic pivot toward wealth and investment management. This segment now accounts for over 55% of revenue, a transformation led by former CEO James Gorman's decade-long strategy including the acquisitions of E*Trade and Eaton Vance, which built a $7 trillion wealth management empire. The bank's shift has made it 30% more reliant on stable fee-based income than the typical rival, while it maintains a top-tier global franchise in M&A and equity underwriting, with a 12.5% market share in completed deals.