Charles Schwab vs Morgan Stanley: Founders, CEOs and History
Charles Schwab was founded in 1971 by Charles R. Schwab and is led by Rick Wurster. Morgan Stanley was founded in 1935 by Henry S. Morgan, Harold Stanley and is led by Ted Pick.
Company facts
Charles Schwab
- Founded
- 1971
- Headquarters
- Westlake, Texas
- Current CEO
- Rick Wurster
- Employees
- 33,000
Morgan Stanley
- Founded
- 1935
- Headquarters
- New York, New York, United States
- Current CEO
- Ted Pick
- Employees
- 83,000
Founders
Charles Schwab
Charles R. Schwab
Charles R. 'Chuck' Schwab founded the company in San Francisco in 1971 as First Commander Corporation, an investment newsletter and small brokerage. Before 1975, brokerage commissions were fixed, which made frequent investing expensive for ordinary savers.
Morgan Stanley
Henry S. Morgan
Henry S. Morgan co-founded Morgan Stanley in 1935 after the Glass-Steagall Act required J.P. Morgan & Co. to separate its securities business from commercial banking.
Harold Stanley
Harold Stanley co-founded Morgan Stanley in 1935 with Henry S. Morgan and served as its first president, leading the firm's early corporate bond and securities underwriting business.
CEOs and their tenures
Charles Schwab
- Mike Verdeschi
Managing Director and Chief Financial Officer
Mike Verdeschi is Schwab's CFO and presents its quarterly results, including the record Q2 2026 GAAP EPS of $1.54 and the $11.8 billion of capital returned to shareholders in 2025.
Source - Walter W. Bettinger II2008–2024
Co-Chairman and Former CEO
Walt Bettinger joined Schwab in 1995 when it bought The Hampton Company, the retirement-plan firm he founded, and became CEO in October 2008.
Source - Richard A. Wurster2025–present
President and Chief Executive Officer
Rick Wurster became President and CEO on January 1, 2025, after joining Schwab in 2016 and serving as President of the company from October 2021, when he oversaw much of the TD Ameritrade integration.
Source
Morgan Stanley
- James Gorman2010–2023
Former Chairman and Chief Executive Officer
Gorman's tenure moved Morgan Stanley toward recurring fee revenue. He became executive chairman after stepping down as CEO and left the board at the end of 2024.
Source - Ted Pick2024–present
Chairman and Chief Executive Officer
Under Pick, Morgan Stanley reported record 2025 net revenues of $70.6B and record Q2 2026 results.
Source
Timeline: Charles Schwab and Morgan Stanley side by side
1935Morgan Stanley
Morgan Stanley Founded
Henry S. Morgan and Harold Stanley officially launch the top investment bank following the historic Glass-Steagall split.
1971Charles Schwab
Company Founded
Charles R. Schwab founded the business that became a discount brokerage pioneer.
1975Charles Schwab
Discount Brokerage Breakthrough
Brokerage commission deregulation allowed Schwab to challenge full-service Wall Street pricing.
1987Charles Schwab
Independence and NYSE IPO
Schwab bought the firm back from BankAmerica in a management buyout and listed on the New York Stock Exchange in September 1987.
1996Morgan Stanley
Acquired Van Kampen American Capital
Morgan Stanley acquired Van Kampen American Capital in 1996.
1997Morgan Stanley
Merged with Dean Witter Discover & Co
Morgan Stanley merged with Dean Witter Discover & Co in February 1997.
2008Morgan Stanley
Bank Holding Company Conversion
Facing total catastrophic collapse, the firm converts into a traditional bank holding company to survive the global financial crisis.
2009Morgan Stanley
The Smith Barney Acquisition
then-CEO James Gorman masterminds the acquisition of Smith Barney, instantly creating a dominant retail wealth management leader.
2011Charles Schwab
Acquired OptionsXpress
Charles Schwab acquired OptionsXpress in 2011.
2012Charles Schwab
Acquired ThomasPartners
Charles Schwab acquired ThomasPartners in 2012.
2018Morgan Stanley
Acquired Mesa West
Morgan Stanley acquired Mesa West in March 2018.
2019Charles Schwab
Zero-Commission Trading
Schwab eliminated online stock and ETF commissions, pushing the industry into a new pricing model.
2020Charles Schwab
TD Ameritrade Acquisition
Schwab completed its acquisition of TD Ameritrade, adding scale and the thinkorswim platform.
2020Morgan Stanley
E*TRADE Acquisition
Morgan Stanley dominates the self-directed brokerage market by acquiring E*TRADE for $13 billion.
2024Morgan Stanley
Ted Pick Appointed CEO
Following a competitive internal succession, Ted Pick takes the helm to heavily drive the integration strategy.
2025Charles Schwab
Rick Wurster Becomes CEO
Rick Wurster succeeded Walt Bettinger as CEO on January 1, 2025; Schwab ended the year with $23.921 billion in net revenues and $8.852 billion in net income.
2026Charles Schwab
Forge Global Acquisition Closes
Schwab completed its $660 million all-cash acquisition of private-markets platform Forge Global on March 2, 2026.
2026Charles Schwab
Record Q2 and $13 Trillion in Client Assets
Q2 2026 net revenues reached a record $7.072 billion and client assets hit $13.08 trillion; Schwab also launched Schwab Crypto spot trading.
Acquisitions
Charles Schwab
- Forge Global Holdings, Inc.2026$660M
- TD Ameritrade Holding Corporation2020$26B
- Motif Investing (Technology Assets)2020Undisclosed
- OptionsXpress Holdings, Inc.2011$1B
- U.S. Trust Corporation2000$2.7B
Morgan Stanley
- Eaton Vance2021$7B
- E*TRADE2020$13B
- Smith Barney2009Undisclosed
Questions about Charles Schwab vs Morgan Stanley
Who is the CEO of The Charles Schwab Corporation and Morgan Stanley?
The Charles Schwab Corporation is led by Rick Wurster and Morgan Stanley is led by Ted Pick. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was The Charles Schwab Corporation founded vs Morgan Stanley?
Morgan Stanley was founded in 1935 — 36 years before The Charles Schwab Corporation, which was founded in 1971. Morgan Stanley's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger The Charles Schwab Corporation.
How many employees does The Charles Schwab Corporation have compared to Morgan Stanley?
The Charles Schwab Corporation employs approximately 33,000 people, while Morgan Stanley employs approximately 83,000. Morgan Stanley has the larger workforce at 83,000 employees, compared to The Charles Schwab Corporation's 33,000. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are The Charles Schwab Corporation and Morgan Stanley headquartered?
Both The Charles Schwab Corporation and Morgan Stanley are headquartered in United States, meaning they operate under the same primary regulatory and tax environment.
Who founded The Charles Schwab Corporation and Morgan Stanley?
The Charles Schwab Corporation was founded by Charles R. Schwab. Morgan Stanley was founded by Henry S. Morgan, Harold Stanley.
Which company has a longer operating history — The Charles Schwab Corporation or Morgan Stanley?
Morgan Stanley has been operating for approximately 91 years, making it the more established of the two companies. The Charles Schwab Corporation has been in operation for around 55 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Charles Schwab vs Morgan Stanley overview