Wealth Management — Non-compensation expenses
Business Segments · Non-compensation expensesMorgan Stanley Wealth Management — Non-compensation expenses increased by 3.4% to $1.39B in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 3.1%, from $1.44B to $1.39B. Over 4 years (FY 2021 to FY 2025), Wealth Management — Non-compensation expenses shows an upward trend with a 2.4% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementSegment
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ1 2019
Last reportedQ4 2025
How to read this metric
Lower expenses relative to revenue indicate better operational leverage and efficiency.
Detailed definition
This encompasses all operating costs for the Wealth Management segment excluding personnel, such as technology, occupanc...
Peer comparison
Reported as 'Non-interest Expense' or 'Operating Expenses' excluding compensation by peer banks.
Metric ID:
ms_segment_wm_non_compensation_expensesHistorical Data
19 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $1.18B | $1.25B | $1.34B | $1.22B | $1.30B | $1.29B | $1.42B | $1.33B | $1.41B | $1.30B | $1.60B | $1.29B | $1.35B | $1.33B | $1.44B | $1.33B | $1.39B | $1.35B | $1.39B |
| QoQ Change | — | +5.5% | +7.5% | -8.7% | +6.3% | -0.9% | +9.9% | -6.5% | +6.6% | -7.8% | +22.6% | -18.9% | +4.2% | -1.3% | +8.0% | -7.3% | +4.2% | -3.0% | +3.4% |
| YoY Change | — | — | — | — | +10.2% | +3.5% | +5.7% | +8.3% | +8.5% | +1.0% | +12.6% | -2.3% | -4.5% | +2.2% | -9.9% | +3.0% | +3.0% | +1.3% | -3.1% |
Range$1.18B – $1.60B
CAGR+3.8%
Avg YoY Growth+2.6%
Median YoY Growth+3.0%
Similar Metrics at Other Companies
Frequently Asked Questions
- What is Morgan Stanley's wealth management — non-compensation expenses?
- Morgan Stanley (MS) reported wealth management — non-compensation expenses of $1.39B in Q4 2025.
- How has Morgan Stanley's wealth management — non-compensation expenses changed year-over-year?
- Morgan Stanley's wealth management — non-compensation expenses decreased by 3.1% year-over-year, from $1.44B to $1.39B.
- What is the long-term trend for Morgan Stanley's wealth management — non-compensation expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's wealth management — non-compensation expenses has grown at a 2.4% compound annual growth rate (CAGR), from $4.96B to $5.46B.
- What does wealth management — non-compensation expenses mean?
- Operating costs excluding employee pay, such as technology, rent, and administrative fees.