Goldman Sachs vs. Morgan Stanley: how they make money

• Investors trading stocks (Equities) · 28.4% of revenueSpreads, commissions and financing on stock trades for funds and other institutions
• Investors trading bonds, currencies and commodities (FICC) · 24.9% of revenueSpreads and financing on fixed income, currency and commodity trades
• Fund and wealth clients paying fees · 20.6% of revenueManagement and other fees ($11.5 billion) plus incentive fees ($489 million) for managing their money
• Companies raising money or doing deals · 16.0% of revenueAdvisory, equity underwriting and debt underwriting fees
• Private bank clients · 5.7% of revenueInterest on loans to and deposits from wealthy clients (private banking and lending)
• Goldman's own investments · 2.2% of revenueGains and income on equity and debt investments held in Asset & Wealth Management
• Other banking and markets clients · 1.8% of revenueOther Global Banking & Markets revenue, including transaction banking
• Apple Card customers (Platform Solutions) · 0.3% of revenueCard interest and fees, after a $2.26 billion reduction from Apple Card markdowns and contract termination costs when the card loans were moved to held for sale

• Companies, governments and institutions (Institutional Securities) · 46.8% of revenueCorporations, governments, financial institutions and ultra-high net worth clients pay for deal advice, underwriting, trading and financing.
• Individual investors and businesses (Wealth Management) · 44.9% of revenueIndividual investors, including high and ultra-high net worth people, plus businesses and institutions, pay fees on assets, commissions and interest.
• Institutions and intermediaries (Investment Management) · 9.2% of revenuePension plans, foundations, endowments, government entities and investors reached through intermediaries pay management and performance fees.

FY2025

FY2025

Not on the Goldman Sachs page.

Not on the Morgan Stanley page.

• One class of shares.
• Officers and directors as a group: 0.6% of shares (as of Mar 2, 2026).
• The Vanguard Group: 9.7% (as of Feb 13, 2024).
• BlackRock, Inc.: 7.8% (as of Mar 2, 2026).
• State Street Corporation: 6.7% (as of Jan 30, 2024).

• One class of shares.
• Officers and directors as a group: 0.2% of shares (as of Feb 27, 2026).
• Mitsubishi UFJ Financial Group (MUFG): 24.1% (as of Jul 15, 2026).
• State Street: 7.2% (as of Jan 30, 2024).
• Vanguard: 6.9% (as of Feb 13, 2024).
• 1 more holders on the Morgan Stanley page.

• Cost of funding (liquidity)Interest paid to depositors and lenders was $66.8 billion in FY2025, or $53.4 of every $100 that came in. Substantially all deposits pay interest; at Dec 31, 2025, uninsured deposits were $120.30 billion in US offices and $79.79 billion outside the US.
• Real estate and corporate loans (customer or supplier concentration)Commercial real estate loans were $37.4 billion (16%) of $239.9 billion of gross loans at Dec 31, 2025, and corporate loans $30.7 billion (13%). In FY2023, real estate impairments in consolidated investment entities cost $1.46 billion.
• Leaving the Apple Card and adding acquisitions (execution)Goldman expects the move of the Apple Card program to another issuer to take about 24 months from December 2025. It is also integrating Industry Ventures and Innovator Capital Management and has agreed to buy NEOS Investments and LCN Capital Partners.
• Competition from larger and newer firms (competition)Goldman's 10-K says it competes with institutions that are larger and have more capital, and with firms offering products it does not, such as cryptocurrencies and stablecoins.

• Cost of funding (pricing)Interest paid to depositors and lenders was $49,017 million in FY2025, or $41.0 of every $100 that came in. The weighted average cost of Wealth Management deposits was 2.76% in FY2025, down from 3.05% in FY2024.
• Losses on loans (other)Net charge-offs were $106 million in Q3 FY2026, up from $63 million a year earlier, mainly on certain corporate and commercial real estate loans, the company said. Loans held for investment reached $298,455 million at Sep 30, 2026.
• A large shareholder (governance)MUFG held 24.12% of the common stock in July 2026, designates two directors and is Morgan Stanley's partner in a Japan joint venture in which Morgan Stanley has a 40% economic interest.