Morgan Stanley Depositary Shares, each representing 1/1,000th of a share of 4.875% Non-Cumulative Preferred Stock, Series L

Morgan Stanley operates as a global financial services company. The company is headquartered in New York City, New York and currently employs 83,922 full-time employees. The firm is engaged in providing a range of investment banking, securities, wealth management and investment management services. Its segments include Institutional Securities, Wealth Management and Investment Management. Its Institutional Securities segment provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Its Wealth Management segment provides an array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Its Investment Management segment provides a range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Its investment banking services consist of capital raising and financial advisory services, including the underwriting of debt and other products.