Morgan Stanley was a huge mover on the Vault rankings this year-shooting all the way up to third place from last year's dismal 22.
One thing driving Morgan Stanley up the ranks has been its ability to stay out of trouble. No one regards it as a vampire squid.
And while Bank of America's acquisition of Merrill Lynch has been beset by problems, Morgan Stanley's growth in the brokerage business is proceeding much more smoothly.
But Morgan Stanley scores poorly in compensation. It just isn't paying as much as its competitors.