Morgan Stanley began operations in 1935 after the Glass-Steagall Act mandated commercial and investment banking separation. Originally part of J.P. Morgan & Co., founders Henry S. Morgan and Harold Stanley established it as an independent investment bank. The firm merged with Dean Witter Discover in 1997, expanding its retail brokerage capabilities while maintaining core investment banking services. Today, the company operates through three main divisions: Institutional Securities serves corporations and governments, Wealth Management provides financial planning for individuals, and Investment Management handles asset portfolios.