Despite its storied pedigree, months of upheaval at Morgan Stanley ( MS) have left the investment bank facing the future with its birthright tarnished and in need of some instant cachet. A week after half of Wall Street blew the doors off of earnings estimates, Morgan's issues get another airing when it reports its first quarter on Wednesday. One example of a business where the company has a chance to burnish its image is in structured products, a variety of financial derivatives that are generated by investment bankers and which play a big role in fixed-income and commodities trading. Investors looking for clues about the state of innovation at the firm will be combing Wednesday's release for intelligence on this segment. "Morgan Stanley is playing catch-up," said Richard Bove, an equity analyst at Punk, Ziegel & Co. "It has to hire a lot of people and is simply doing what it has to do in order to get up to where the rest of the market is." Other Wall Street firms have set the pace for what looks like a record earnings year for the securities industry. Goldman Sachs ( GS), which wowed analysts last week with extraordinary earnings, pointed to fixed-income, currencies and commodities trading as the main reason for its success. Trading accounted for more than 66% of the company's total revenue in the first quarter, and FICC was responsible for over half of that. For Bear Stearns ( BSC) and Lehman Brothers ( LEH), two brokerages that also posted stellar fist quarters, the contribution was also great. At Bear Stearns, trading accounted for 63% of total revenue, and more than 64% of that was fixed-income revenue. Lehman Brothers trading made up almost 70% of total revenue, and almost 70% of that was fixed-income. Morgan Stanley has historically had a much more balanced revenue mix than its competitors. In the fourth quarter last year, trading accounted for less than 25% of the company's net revenue, excluding interest income. But while the revenue diversity might mitigate some volatility, it leaves the investment bank vulnerable to some tough comparisons in the current market.