Institutional Securities — The Trading and Banking Powerhouse

Morgan Stanley's Institutional Securities Group (ISG) — investment banking, sales & trading, and equity research — generated $10.7 billion in Q1 2026 revenue and is led by lifelong ISG operators including Ted Pick himself. This module covers what's happening inside ISG: the M&A supercycle, equity trading records, advisory revenues up 74% YoY, and what candidates targeting IBD, sales & trading, or equity research need to know.