Morgan Stanley was originally the investment department of JP JPMorgan Chase. 1933, the United States experienced the Great Depression, and Congress passed the Glass-SteagallAct, which prohibited companies from providing commercial and investment banking services at the same time. Morgan Stanley was established as an investment bank in new york on September 5, 1965, and JP Morgan became a pure commercial bank. 194 1, Morgan Stanley cooperated with NYSE and became a partner of NYSE.