Morgan Stanley vs Target: Founders, CEOs and History
Morgan Stanley was founded in 1935 by Henry S. Morgan, Harold Stanley and is led by Ted Pick. Target was founded in 1902 by George Dayton and is led by Michael Fiddelke.
Company facts
Morgan Stanley
- Founded
- 1935
- Headquarters
- New York, New York, United States
- Current CEO
- Ted Pick
- Employees
- 83,000
Target
- Founded
- 1902
- Headquarters
- Minneapolis, Minnesota
- Current CEO
- Michael Fiddelke
- Employees
- 415,000
Founders
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 (1885-1963) co-founded Morgan Stanley in 1935 alongside Henry S. Morgan. Following the passage of the Glass-Steagall Act, which forced banks to separate commercial and investment banking, Stanley left J.P. Morgan & Co.
Target
George Dayton
George Draper Dayton became a partner in Goodfellow's Dry Goods Company, one of the largest department stores in Minneapolis, in 1902, and became sole owner and president within a year, renaming it the Dayton Dry Goods Company.
CEOs and their tenures
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
Target
- Robert J. Ulrich1994–2008
Chairman and CEO
Under Ulrich Target grew into the second-largest US discount retailer, built its design-partnership model with designers such as Michael Graves, and added the Super Target format. He retired as chief executive in 2008 and was succeeded by Gregg Steinhafel.
Source - Gregg Steinhafel2008–2014
Chairman, President and CEO
Steinhafel resigned in May 2014 after the data breach and the poor results of Target Canada, which the company closed in 2015 after losses. Brian Cornell succeeded him later in 2014.
Source - Brian Cornell2014–2026
Former Chairman and CEO
Cornell's tenure ended amid a stock and sales slump, with revenue declining for three consecutive fiscal years (from $107.412 billion in FY2023 to $104.780 billion in FY2025) even as the omnichannel infrastructure he built began paying off in the following qua…
Source - Michael Fiddelke2026–present
Chief Executive Officer
Fiddelke inherited a company coming off three straight years of revenue decline. His first two quarters as CEO delivered growth: Q1 FY2026 net sales rose 6.7% and Q2 FY2026 net sales rose 5.3% to $26.5 billion, with comparable traffic up 3.6%.
Source
Timeline: Morgan Stanley and Target side by side
1902Target
Dayton Company is founded
George Dayton becomes a partner in Goodfellow's Dry Goods Company in Minneapolis in 1902, then sole owner in 1903, renaming it Dayton Dry Goods Company -- the business that eventually becomes Target Corporation.
1935Morgan Stanley
Morgan Stanley Founded
Henry S. Morgan and Harold Stanley officially launch the top investment bank following the historic Glass-Steagall split.
1962Target
First Target store opens
The first Target discount store opens in Roseville, Minnesota.
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.
2000Target
Company becomes Target Corporation
Dayton Hudson changes its name to Target Corporation as the discount chain becomes the center of the company.
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.
2013Target
Target Data Breach
Target discloses a data breach affecting more than 40 million customer payment cards during the holiday shopping season, becoming one of the most-cited cybersecurity failures in US retail history.
2014Target
Dermstore Acquired
Target acquires online beauty retailer Dermstore to expand its e-commerce beauty business; it sells the unit to THG for $350 million in 2021.
2015Target
Target Exits Canada
Target announced in January 2015 that it would close all of its Canadian stores, ending an expansion that began in 2013.
2017Target
Target acquires Shipt and Grand Junction
Target acquires same-day delivery platform Shipt for about $550 million and transportation-technology startup Grand Junction, accelerating omnichannel fulfillment.
2018Morgan Stanley
Acquired Mesa West
Morgan Stanley acquired Mesa West in March 2018.
2020Morgan Stanley
E*TRADE Acquisition
Morgan Stanley dominates the self-directed brokerage market by acquiring E*TRADE for $13 billion.
2020Target
Stores become fulfillment hubs
Target's store-based fulfillment model becomes central to digital growth during the pandemic period.
2021Morgan Stanley
Acquired Eaton Vance
Morgan Stanley acquired Eaton Vance for $7 billion. Morgan Stanley acquired Eaton Vance for about $7B, completed in March 2021, adding Parametric, Calvert, and Atlanta Capital.
2024Morgan Stanley
Ted Pick Appointed CEO
Following a competitive internal succession, Ted Pick takes the helm to heavily drive the integration strategy.
2025Target
Michael Fiddelke named next CEO
Target announces that Michael Fiddelke will succeed Brian Cornell as CEO effective February 1, 2026, after 22 years rising through the company including as CFO and COO.
2026Target
FY2025 revenue is reported
Target reports FY2025 revenue of $104.780B and net income of $3.705B, the third consecutive year of revenue decline.
2026Target
Q1 FY2026 sales rebound
Target reports Q1 FY2026 net sales growth of 6.7% and comparable sales growth of 5.6% under new CEO Michael Fiddelke.
2026Target
Q2 FY2026 growth and raised outlook
Target reports Q2 FY2026 net sales of $26.5B (+5.3%), comparable sales growth of 3.8% and raises full-year guidance to about 5% sales growth.
Acquisitions
Morgan Stanley
- Eaton Vance2021$7B
- E*TRADE2020$13B
- Smith Barney2009Undisclosed
Questions about Morgan Stanley vs Target
Who is the CEO of Morgan Stanley and Target Corporation?
Morgan Stanley is led by Ted Pick and Target Corporation is led by Michael Fiddelke. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Morgan Stanley founded vs Target Corporation?
Target Corporation was founded in 1902 — 33 years before Morgan Stanley, which was founded in 1935. Target Corporation's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Morgan Stanley.
How many employees does Morgan Stanley have compared to Target Corporation?
Morgan Stanley employs approximately 83,000 people, while Target Corporation employs approximately 415,000. Target Corporation has the larger workforce at 415,000 employees, compared to Morgan Stanley's 83,000. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Morgan Stanley and Target Corporation headquartered?
Both Morgan Stanley and Target Corporation are headquartered in United States, meaning they operate under the same primary regulatory and tax environment.
Who founded Morgan Stanley and Target Corporation?
Morgan Stanley was founded by Henry S. Morgan, Harold Stanley. Target Corporation was founded by George Dayton.
Which company has a longer operating history — Morgan Stanley or Target Corporation?
Target Corporation has been operating for approximately 124 years, making it the more established of the two companies. Morgan Stanley has been in operation for around 91 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 Morgan Stanley vs Target overview