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Morgan Stanley
MS
#50
Rank
$289.81 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$182.35
Share price
1.33%
Change (1 day)
34.79%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q2

Morgan Stanley - 10-Q quarterly report FY2021 Q2


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
Commission File Number 1-11758
ms-20210630_g1.jpg
(Exact name of Registrant as specified in its charter)
 
Delaware
1585 Broadway
36-3145972
(212)
761-4000
(State or other jurisdiction of
incorporation or organization)
New York,
NY
10036
(I.R.S. Employer Identification No.)
(Registrant’s telephone number, including area code)
(Address of principal executive offices, including zip code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of exchange on
which registered
Common Stock, $0.01 par value
MS
New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate
MS/PA
New York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PE
New York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PF
New York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PI
New York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate
MS/PK
New York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depository Shares, each representing 1/1000th interest in a share of 4.875%
MS/PL
New York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026
MS/26C
New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒
As of July 30, 2021, there were 1,824,561,070 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended June 30, 2021
Table of Contents
Part
Item
Page
I
 
1
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I
2 
1
Introduction
 
 
1
Executive Summary
 
 
2
Business Segments
 
 
7
Institutional Securities
8
Wealth Management
11
Investment Management
14
Supplemental Financial Information
 
 
16
Accounting Development Updates
 
 
16
Critical Accounting Policies
 
 
16
Liquidity and Capital Resources
 
 
16
Balance Sheet
 
 
16
Regulatory Requirements
 
 
20
I
3 
26
Market Risk
 
 
26
Credit Risk
 
 
28
Country and Other Risks
 
 
33
 
 
35
I
1 
36
Consolidated Income Statements (Unaudited)
 
 
36
Consolidated Comprehensive Income Statements (Unaudited)
 
 
36
Consolidated Balance Sheets (Unaudited at June 30, 2021)
 
 
37
Consolidated Statements of Changes in Total Equity (Unaudited)
 
 
38
Consolidated Cash Flow Statements (Unaudited)
 
 
39
Notes to Consolidated Financial Statements (Unaudited)
 
 
40
1.
Introduction and Basis of Presentation
 
 
40
2.
Significant Accounting Policies
 
 
41
3.
Acquisitions
41
4.
Cash and Cash Equivalents
42
5.
Fair Values
 
 
42
6.
Fair Value Option
48
7.
Derivative Instruments and Hedging Activities
 
 
49
8.
Investment Securities
 
 
52
9.
Collateralized Transactions
 
 
54
10.
Loans, Lending Commitments and Related Allowance for Credit Losses
 
 
56
11.
Other Assets—Equity Method Investments
 
 
58
12.
Deposits
 
 
58
13.
Borrowings and Other Secured Financings
 
 
58
14.
Commitments, Guarantees and Contingencies
 
 
59
15.
Variable Interest Entities and Securitization Activities
 
 
61
16.
Regulatory Requirements
 
 
63
17.
Total Equity
 
 
65
18.
Interest Income and Interest Expense
 
 
67
19.
Income Taxes
 
 
67
20.
Segment, Geographic and Revenue Information
 
 
68
 
 
71
 
 
72
II
 
73
II
1 
73
II
1A
73
II
2 
73
I
4 
73
II
6 
73
 
 
74

i
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.
Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.

You can access information about our corporate governance at www.morganstanley.com/about-us-governance, our sustainability initiatives at www.morganstanley.com/about-us/sustainability-at-morgan-stanley and our commitment to diversity and inclusion at www.morganstanley.com/about-us/diversity. Our webpages include:
 
•Amended and Restated Certificate of Incorporation;
•Amended and Restated Bylaws;
•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Nominating and Governance Committee, Operations and Technology Committee, and Risk Committee;
•Corporate Governance Policies;
•Policy Regarding Corporate Political Activities;
•Policy Regarding Shareholder Rights Plan;
•Equity Ownership Commitment;
•Code of Ethics and Business Conduct;
•Code of Conduct;
•Integrity Hotline Information;
•Environmental and Social Policies;
•Sustainability Report;
•Task Force on Climate-related Financial Disclosures Report; and
•Diversity and Inclusion Report.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Deputy Chief Financial Officer. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC (“NYSE”) on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.
ii
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. Disclosures reflect the effects of the acquisitions of E*TRADE Financial Corporation (“E*TRADE”) and Eaton Vance Corp. (“Eaton Vance”) prospectively from the acquisition dates, October 2, 2020 and March 1, 2021, respectively. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of our business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.
The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation,” and “Risk Factors” in the 2020 Form 10-K, and “Liquidity and Capital Resources—Regulatory Requirements” herein.
June 2021 Form 10-Q
1
Management’s Discussion and Analysis
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Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended June 30, 2021
•Firm Net revenues were up 8% and Net income applicable to Morgan Stanley was up 10%, with strong contributions from each of our three business segments, and resulting in an annualized ROTCE of 18.6%, or 19.0% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein).
•The Firm expense efficiency ratio was 69%, or 68% excluding the impact of integration-related expenses (see “Selected Non-GAAP Financial Information” herein).
•At June 30, 2021, our standardized Common Equity Tier 1 capital ratio was 16.6%.
•The Firm doubled its quarterly common stock dividend to $0.70 per share and increased its share repurchase authorization of outstanding common stock up to $12 billion over the next 12 months.
•Institutional Securities Net revenues of $7.1 billion reflect strong results as clients remained active across Investment banking and Equity.
•Wealth Management delivered a pre-tax margin of 26.8%, or 27.8% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein). Results reflect higher asset management fees, growth in bank lending, as well as net new assets of $71 billion and fee-based flows of $34 billion.
•Investment Management results reflect strong asset management fees on AUM of $1.5 trillion, which includes $13.5 billion of positive long-term net flows across all asset classes.
Net Revenues1
($ in millions)
ms-20210630_g2.jpg
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Net Income Applicable to Morgan Stanley
($ in millions)
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Earnings per Diluted Common Share1
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1.Adjusted Diluted EPS for the current quarter and the current year period were $1.89 and $4.11, respectively (see “Selected Non-GAAP Financial Information” herein).

We reported net revenues of $14.8 billion in the quarter ended June 30, 2021 (“current quarter,” or “2Q 2021”), compared with $13.7 billion in the quarter ended June 30, 2020 (“prior year quarter,” or “2Q 2020”). For the current quarter, net income applicable to Morgan Stanley was $3.5 billion, or $1.85 per diluted common share, compared with $3.2 billion or $1.96 per diluted common share, in the prior year quarter.
We reported net revenues of $30.5 billion in the six months ended June 30, 2021 (“current year period,” or “YTD 2021”), compared with $23.4 billion in the period ended June 30, 2020 (“prior year period,” or “YTD 2020”). For the current period, net income applicable to Morgan Stanley was $7.6 billion, or $4.04 per diluted common share, compared with $4.9 billion or $2.96 per diluted common share, in the prior year period.
2
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Non-interest Expenses1, 2
($ in millions)
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ms-20210630_g6.jpg
1.The percentages on the bars in the chart represent the contribution of compensation and benefits expenses and non-compensation expenses to the total.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
•Compensation and benefits expenses of $6,423 million in the current quarter increased 6% from the prior year quarter, primarily as a result of increases in the formulaic payout to Wealth Management representatives driven by higher compensable revenues and incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions, partially offset by a decrease in discretionary incentive compensation driven by lower net revenues in the Institutional Securities business segment.
Compensation and benefits expenses of $13,221 million in the current year period increased 28% from the prior year period, primarily as a result of an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues, incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions, higher discretionary incentive compensation driven by revenues, and higher expenses related to certain deferred compensation plans linked to investment performance and the Firm’s share price.
•Non-compensation expenses of $3,697 million in the current quarter increased 22% from the prior year quarter,
primarily due to incremental expenses as a result of the E*TRADE and Eaton Vance acquisitions, as well as higher professional services expenses and higher investments in technology.
Non-compensation expenses of $7,372 million in the current year period increased 23% from the prior year period, primarily driven by incremental expenses as a result of the E*TRADE and Eaton Vance acquisitions, higher volume-related expenses, higher investments in technology, as well as higher professional services expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments in the current quarter was $73 million, primarily driven by one secured lending facility. The Provision for credit losses on loans and lending commitments of $239 million in the prior year quarter was primarily driven by deterioration in the expected macroeconomic environment at that time.
The Provision for credit losses on loans and lending commitments in the current year period was a net release of $25 million, primarily as a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on corporate loans, including by lower-rated borrowers, partially offset by the provision for one secured lending facility in the current quarter. The Provision for credit losses on loans and lending commitments of $646 million in the prior year period was primarily driven by deterioration in the expected macroeconomic environment at that time.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Income Taxes
The Firm’s effective tax rate of 23.1% is lower in the current quarter compared with the prior year quarter primarily due to the remeasurement of reserves and interest related to a foreign tax matter in the prior year quarter.
June 2021 Form 10-Q
3
Management’s Discussion and Analysis
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Business Segment Results
Net Revenues by Segment1, 2
($ in millions)
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Net Income Applicable to Morgan Stanley by Segment1
($ in millions)


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1.The percentages on the bars in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to 100% due to intersegment eliminations. See Note 20 to the financial statements for details of intersegment eliminations.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
•Institutional Securities net revenues of $7,092 million in the current quarter decreased 14% from the prior year quarter, primarily reflecting lower Fixed income revenues as markets normalized compared to the prior year quarter. Net revenues of $15,669 million in the current year period increased 17% from the prior year period, primarily reflecting higher underwriting and Equity business revenues.
•Wealth Management net revenues of $6,095 million in the current quarter increased 30% from the prior year quarter and net revenues of $12,054 million in the current year period increased 38% from the prior year period, both primarily due to higher Asset management revenues and incremental revenues as a result of the E*TRADE acquisition.
•Investment Management net revenues of $1,702 million in the current quarter increased 92% from the prior year
4
June 2021 Form 10-Q
Management’s Discussion and Analysis
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quarter and net revenues of $3,016 million in the current year period increased 91% from the prior year period, both primarily due to higher Asset management and related fees, including incremental revenues related to the Eaton Vance acquisition, as well as higher Performance-based income and other revenues.
Net Revenues by Region1, 2, 3
($ in millions)
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1.The percentages on the bars in the charts represent the contribution of each region to the total.
2.For a discussion of how the geographic breakdown of net revenues is determined, see Note 20 to the financial statements in the 2020 Form 10-K.
3.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
Americas net revenues in the current quarter increased 9% from the prior year quarter, primarily driven by the Wealth Management business segment. Asia net revenues increased 11% from the prior year quarter, primarily driven by the Equity business within the Institutional Securities business segment.
Americas net revenues in the current year period increased 31% from the prior year period, primarily driven by the Wealth Management business segment and the Investment banking business within the Institutional Securities business segment. EMEA net revenues increased 29% and Asia net revenues increased 26% from the prior year period, both primarily driven by the Equity and Investment banking businesses within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Consolidated results
Net revenues1
$14,759 $13,660 $30,478 $23,439 
Earnings applicable to Morgan Stanley common shareholders$3,408 $3,047 $7,390 $4,637 
Earnings per diluted common share$1.85 $1.96 $4.04 $2.96 
Consolidated financial measures
Expense efficiency ratio1, 2
69 %66 %68 %70 %
Adjusted expense efficiency ratio1,2,4
68 %66 %67 %70 %
ROE3
13.8 %15.7 %15.3 %12.2 %
Adjusted ROE3, 4
14.1 %15.7 %15.6 %12.2 %
ROTCE3, 4
18.6 %17.8 %19.8 %13.9 %
Adjusted ROTCE3, 4
19.0 %17.8 %20.1 %13.9 %
Pre-tax margin1, 5
31 %32 %33 %28 %
Effective tax rate23.1 %25.7 %22.5 %22.8 %
Pre-tax margin by segment5
Institutional Securities1
35 %37 %37 %29 %
Wealth Management1
27 %24 %27 %25 %
Wealth Management, adjusted1, 4
28 %24 %28 %25 %
Investment Management25 %24 %27 %23 %
Investment Management, adjusted4
27 %24 %28 %23 %
in millions, except per share and employee data
At
June 30,
2021		At
December 31,
2020
Liquidity resources6
$343,776 $338,623 
Loans7
$166,059 $150,597 
Total assets$1,161,805 $1,115,862 
Deposits$320,358 $310,782 
Borrowings$224,142 $217,079 
Common shares outstanding1,834 1,810 
Common shareholders' equity$99,120 $92,531 
Tangible common shareholders’ equity4
$73,593 $75,916 
Book value per common share8
$54.04 $51.13 
Tangible book value per common share4, 8
$40.12 $41.95 
Worldwide employees9 (in thousands)
72 68 
Capital Ratios10
Common Equity Tier 1 capital—Standardized16.6 %17.4 %
Tier 1 capital—Standardized18.3 %19.4 %
Common Equity Tier 1 capital—Advanced17.7 %17.7 %
Tier 1 capital—Advanced19.5 %19.8 %
Tier 1 leverage7.5 %8.4 %
SLR11
5.9 %7.4 %
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
2.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
3.ROE and ROTCE represent earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.
4.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
5.Pre-tax margin represents income before income taxes as a percentage of net revenues.
6.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Liquidity Risk Management Framework—Liquidity Resources” herein.
7.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheets (see Note 10 to the financial statements).
8.Book value per common share and tangible book value per common share equal common shareholders’ equity and tangible common shareholders’ equity, respectively, divided by common shares outstanding.
9.As of June 30, 2021, the number of employees includes Eaton Vance.
10.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
11.At December 31, 2020, our SLR reflects the impact of a Federal Reserve interim final rule that was in effect until March 31, 2021. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” herein.
June 2021 Form 10-Q
5
Management’s Discussion and Analysis
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Coronavirus Disease (“COVID-19”) Pandemic
Since its onset, the COVID-19 pandemic has had a significant impact on global economic conditions and the environment in which we operate our businesses and it may continue to do so in the future. Though many of our employees have been working from home for some time, we are preparing for our employees to return to work in our offices on a more regular basis, and an increasing number of employees are returning to our offices in certain locations. The Firm continues to be fully operational, with the majority of employees in both the Americas and globally working from home during the current quarter. Recognizing that local conditions vary for our offices around the world and that the trajectory of the virus continues to be uncertain, we may adjust our plans for employees returning to our offices as deemed necessary.
Refer to “Risk Factors” and “Forward-Looking Statements” in the 2020 Form 10-K for more information on the potential effects of the ongoing COVID-19 pandemic on our future operating results.
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statement and otherwise. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions, except per share data2021202020212020
Earnings applicable to Morgan Stanley common shareholders$3,408 $3,047 $7,390 $4,637 
Impact of adjustments:
Integration-related expenses90 — 165 — 
Related tax benefit(21)— (38)— 
Adjusted earnings applicable to
Morgan Stanley common shareholders—non-GAAP1
$3,477 $3,047 $7,517 $4,637 
Earnings per diluted common share$1.85 $1.96 $4.04 $2.96 
Impact of adjustments0.04 — 0.07 — 
Adjusted earnings per diluted common share—non-GAAP1
$1.89 $1.96 $4.11 $2.96 
Expense efficiency ratio2
69 %66 %68 %70 %
Impact of adjustments(1)%— %(1)%— %
Adjusted expense efficiency ratio—non-GAAP1, 2
68 %66 %67 %70 %
Wealth Management Pre-tax margin2
27 %24 %27 %25 %
Impact of adjustments1 %— %1 %— %
Adjusted Wealth Management pre-tax margin—non-GAAP1, 2
28 %24 %28 %25 %
Investment Management Pre-tax margin25 %24 %27 %23 %
Impact of adjustments2 %— %1 %— %
Adjusted Investment Management pre-tax margin—non-GAAP1
27 %24 %28 %23 %
$ in millionsAt
June 30,
2021		At
December 31,
2020
Tangible equity
Common shareholders' equity$99,120 $92,531 
Less: Goodwill and net intangible assets(25,527)(16,615)
Tangible common shareholders' equity—non-GAAP$73,593 $75,916 
Average Monthly Balance
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Tangible equity
Common shareholders' equity$98,824 $77,598 $96,309 $75,992 
Less: Goodwill and net intangible assets(25,611)(9,268)(21,738)(9,246)
Tangible common shareholders' equity—non-GAAP$73,213 $68,330 $74,571 $66,746 
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2021202020212020
Average common equity
Unadjusted—GAAP$98.8 $77.6 $96.3 $76.0 
Adjusted1—Non-GAAP
98.8 77.6 96.4 76.0 
ROE3
Unadjusted—GAAP13.8 %15.7 %15.3 %12.2 %
Adjusted1—Non-GAAP
14.1 %15.7 %15.6 %12.2 %
Average tangible common equity—Non-GAAP
Unadjusted$73.2 $68.3 $74.6 $66.7 
Adjusted1
73.2 68.3 74.6 66.7 
ROTCE3—Non-GAAP
Unadjusted18.6 %17.8 %19.8 %13.9 %
Adjusted1
19.0 %17.8 %20.1 %13.9 %
6
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Non-GAAP Financial Measures by Business Segment
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2021202020212020
Average common equity4
Institutional Securities$43.5 $42.8 $43.5 $42.8 
Wealth Management28.6 18.2 28.6 18.2 
Investment Management10.7 2.6 7.1 2.6 
ROE5
Institutional Securities17 %19 %20 %13 %
Wealth Management17 %18 %17 %18 %
Investment Management13 %23 %17 %18 %
Average tangible common equity4
Institutional Securities$42.9 $42.3 $42.9 $42.3 
Wealth Management13.4 10.4 13.4 10.4 
Investment Management1.0 1.7 1.0 1.7 
ROTCE5
Institutional Securities17 %20 %20 %13 %
Wealth Management37 %32 %36 %32 %
Investment Management172 %36 %117 %27 %
1.Adjusted amounts exclude the effect of costs related to the integrations of E*TRADE and Eaton Vance, net of tax as appropriate. The pre-tax adjustments in the current quarter were as follows: Wealth Management—Compensation expenses of $9 million and Non-compensation expenses of $51 million; Investment Management—Compensation expenses of $16 million and Non-compensation expenses of $14 million. The pre-tax adjustments in the current year period were as follows: Wealth Management—Compensation expenses of $39 million and Non-compensation expenses of $85 million; Investment Management— Compensation expenses of $19 million and Non-compensation expenses of $22 million.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.
3.ROE and ROTCE represent earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. When excluding integration-related costs, both the numerator and average denominator are adjusted.
4.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see "Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments' Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent equity.
5.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
Return on Tangible Common Equity Target
In January 2021, we established a 2-year ROTCE Target of 14% to 16%, excluding integration-related expenses.
Our ROTCE Target is a forward-looking statement that was based on a normal market environment and may be materially affected by many factors, including, among other things: macroeconomic and market conditions, which may be impacted by the future course of COVID-19; legislative, accounting, tax and regulatory developments; industry trading and investment banking volumes; equity market levels; interest rate environment; outsized legal expenses or penalties; the ability to control expenses; capital levels; and mergers and acquisitions.
See “Risk Factors” in the 2020 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
For further information on non-GAAP measures (ROTCE excluding integration-related expenses), see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 20 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2020 Form 10-K.
As part of our effort to continually improve the transparency and comparability of our external financial reporting, several updates to our financial presentation were implemented in the first quarter of 2021. Prior period amounts have been reclassified to conform to the current presentation.
Provision for credit losses
The Provision for credit losses for loans and lending commitments is presented as a separate line in the income statements. Previously, the provision for credit losses for loans was included in Other revenues and the provision for credit losses for lending commitments was included in Other expense.
Other revenues
Gains and losses on economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans, which were previously reported in Trading revenues, are reported within Other revenues in the income statements. This presentation better aligns with the recognition of mark-to-market gains and losses on held-for-sale loans which continue to be reported in Other revenues.
Institutional Securities
Equity—Financing, Equity—Execution services and Fixed income include certain Investments and Other revenues to the extent directly attributable to those businesses. The remaining Investments and Other revenues not included in those businesses’ results are reported in Other. Other also includes revenues previously reported as Other Sales and Trading.
Investment Management
We have renamed the previously disclosed revenue line Asset management to Asset management and related fees and have combined the remaining revenue lines into a new category named Performance-based income and other.
June 2021 Form 10-Q
7
Management’s Discussion and Analysis
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Institutional Securities

Income Statement Information
 
Three Months Ended
June 30,
 
$ in millions20212020% Change
Revenues
Advisory$664 $462 44 %
Equity1,072 882 22 %
Fixed income640 707 (9)%
Total Underwriting1,712 1,589 8 %
Total Investment banking2,376 2,051 16 %
Equity1
2,827 2,627 8 %
Fixed income1
1,682 3,041 (45)%
Other1
207 480 (57)%
Net revenues$7,092 $8,199 (14)%
Provision for credit losses1
70 217 (68)%
Compensation and benefits2,433 2,952 (18)%
Non-compensation expenses1
2,091 2,037 3 %
Total non-interest expenses1
4,524 4,989 (9)%
Income before provision for income taxes2,498 2,993 (17)%
Provision for income taxes574 790 (27)%
Net income1,924 2,203 (13)%
Net income applicable to noncontrolling interests20 17 18 %
Net income applicable to Morgan Stanley$1,904 $2,186 (13)%
Six Months Ended
June 30,
$ in millions
20212020
% Change
Revenues
Advisory$1,144 $824 39 %
Equity2,574 1,218 111 %
Fixed income1,271 1,153 10 %
Total Underwriting3,845 2,371 62 %
Total Investment banking4,989 3,195 56 %
Equity1
5,702 5,076 12 %
Fixed income1
4,648 5,103 (9)%
Other1
330 3 N/M
Net revenues1
$15,669 $13,377 17 %
Provision for credit losses1
(23)605 (104)%
Compensation and benefits
5,547 4,766 16 %
Non-compensation expenses1
4,276 4,063 5 %
Total non-interest expenses1
9,823 8,829 11 %
Income before provision for income taxes5,869 3,943 49 %
Provision for income taxes1,310 941 39 %
Net income4,559 3,002 52 %
Net income applicable to noncontrolling interests54 59 (8)%
Net income applicable to Morgan Stanley$4,505 $2,943 53 %
1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.
Investment Banking
Investment Banking Volumes
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions
2021202020212020
Completed mergers and acquisitions1
$141 $433 $370 $552 
Equity and equity-related offerings2, 3
31 36 68 49 
Fixed income offerings2, 4
100 121 204 214 
Source: Refinitiv data as of July 1, 2021. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2.Based on full credit for single book managers and equal credit for joint book managers.
3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Revenues of $2,376 million in the current quarter increased 16% compared with the prior year quarter, primarily reflecting an increase in advisory and equity underwriting revenues.
•Advisory revenues increased primarily due to an increase in the number of completed transactions.
•Equity underwriting revenues increased primarily in initial public offerings on higher volumes, partially offset by lower revenues from convertible issuances and follow-on offerings.
•Fixed income underwriting revenues decreased primarily due to lower investment grade and non-investment grade bond issuances, partially offset by increases in non-investment grade loans and securitized products.
Revenues of $4,989 million in the current year period increased 56% compared with the prior year period, primarily reflecting an increase in equity underwriting revenues.
•Advisory revenues increased primarily due to an increase in the number of completed transactions.
•Equity underwriting revenues increased on higher volumes, primarily in initial public offerings and secondary block share trades.
•Fixed income underwriting revenues increased primarily due to increased non-investment grade loan and securitized products activity, partially offset by a decrease in investment grade bond issuances.
See “Investment Banking Volumes” herein.

8
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended
June 30, 2021
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,138 $121 $117 $3 $1,379 
Execution services818 636 (45)39 1,448 
Total Equity$1,956 $757 $72 $42 $2,827 
Total Fixed Income$1,148 $72 $417 $45 $1,682 
Three Months Ended
June 30, 20204
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$884 $115 $94 $1 $1,094 
Execution services948 651 (73)7 1,533 
Total Equity$1,832 $766 $21 $8 $2,627 
Total Fixed Income$2,468 $67 $504 $2 $3,041 
Six Months Ended
June 30, 2021
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,783 $251 $299 $6 $2,339 
Execution services1,932 1,436 (107)102 3,363 
Total Equity$3,715 $1,687 $192 $108 $5,702 
Total Fixed Income$3,461 $153 $856 $178 $4,648 
Six Months Ended
June 30, 20204
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,919 $217 $57 $4 $2,197 
Execution services1,527 1,434 (113)31 2,879 
Total Equity$3,446 $1,651 $(56)$35 $5,076 
Total Fixed Income$4,241 $169 $832 $(139)$5,103 
1.Includes Commissions and fees and Asset management revenues.
2.Includes funding costs, which are allocated to the businesses based on funding usage.
3.Includes Investments and Other revenues.
4.Certain prior period amounts have been reclassified to conform to the current period presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.
Equity, Fixed Income and Other Net Revenues—Current Quarter
Equity
Net revenues of $2,827 million in the current quarter increased 8% compared with the prior year quarter, reflecting an increase in financing revenues partially offset by execution services.
•Financing revenues increased, primarily driven by higher average client balances and higher client activity.
•Execution services revenues decreased, primarily due to the impact of market conditions on inventory held to facilitate client activity in derivatives and cash equities, partially offset by higher client activity in derivatives.
Fixed Income
Net revenues of $1,682 million in the current quarter decreased 45% compared with the prior year quarter reflecting lower results across products.
•Global macro products revenues decreased in rates and foreign exchange products primarily due to the effect of tighter bid-offer spreads and lower market volatility compared with the prior year quarter.
•Credit products revenues decreased primarily due to the impact of market conditions on inventory held to facilitate client activity in securitized products compared to particularly strong results in the prior year quarter, as well as the effect of tighter bid-offer spreads and lower client activity in corporate credit products.
•Commodities products and other fixed income revenues decreased, primarily driven by the impact of market conditions on inventory held to facilitate client activity.
Other Net Revenues

Net revenues of $207 million in the current quarter decreased 57% compared with the prior year quarter primarily due to losses, net of related economic hedges, on corporate loans held for sale compared with gains in the prior year quarter.
Net Interest
Net interest revenues of $610 million in the current quarter are included within Equity, Fixed Income, and Other, and increased 7% compared with the prior year quarter primarily driven by lower net costs associated with maintaining liquidity as well as higher revenues from secured lending facilities.
Equity, Fixed Income and Other Net Revenues—Current Year Period
Equity
Net revenues of $5,702 million in the current year period increased 12% compared with the prior year period, primarily reflecting an increase in execution services.
•Financing revenues increased, primarily driven by higher average client balances and higher client activity, partially offset by a credit loss related to a single client in the first quarter of 2021.
•Execution services revenues increased, primarily due to higher client activity and the impact of market conditions on inventory held to facilitate client activity in derivatives, partially offset by trading losses related to the aforementioned credit event.
June 2021 Form 10-Q
9
Management’s Discussion and Analysis
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Fixed Income
Net revenues of $4,648 million in the current year period decreased 9% compared with the prior year period, primarily driven by global macro products, partially offset by credit products.
•Global macro products revenues decreased in rates and foreign exchange products, primarily due to the effect of tighter bid-offer spreads and lower market volatility compared with the prior year period, partially offset by the impact of market conditions on inventory held to facilitate client activity.
•Credit products revenues increased, primarily due to the impact of market conditions on inventory held to facilitate client activity across all credit products, partially offset by the effect of tighter bid-offer spreads and lower client activity in corporate credit products compared with the prior year period.
•Commodities products and other fixed income revenues decreased, primarily driven by the impact of market conditions on inventory held to facilitate client activity and lower client activity in Commodities, partially offset by higher counterparty credit risk management results.
Other Net Revenues

Net revenues of $330 million in the current year period increased from the prior year period primarily due to gains from investments associated with certain employee deferred compensation plans compared with losses in the prior year period and lower mark-to-market losses on corporate loans held for sale, net of related economic hedges.
Net Interest
Net interest revenues of $1,248 million in the current year period are included within Equity, Fixed Income, and Other, and increased 21% compared with the prior year period primarily driven by lower net costs associated with maintaining liquidity as well as higher revenues in secured lending facilities and corporate lending.
Provision for Credit Losses

In the current quarter, the Provision for credit losses on loans and lending commitments was $70 million, primarily driven by one secured lending facility. The Provision for credit losses on loans and lending commitments of $217 million in the prior year quarter was primarily driven by deterioration in the expected macroeconomic environment at that time.

In the current year period, the Provision for credit losses on loans and lending commitments was a net release of $23 million, primarily as a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on corporate loans, including by lower-rated borrowers, partially offset by the provision for one secured lending facility in the current quarter. The Provision for credit losses
on loans and lending commitments of $605 million in the prior year period was primarily driven by deterioration in the expected macroeconomic environment at that time.

For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-interest Expenses
Non-interest expenses of $4,524 million in the current quarter decreased 9% compared with the prior year quarter, primarily reflecting an 18% decrease in Compensation and benefits expenses.
•Compensation and benefits expenses decreased in the current quarter, primarily due to a decrease in discretionary incentive compensation driven by lower revenues.
•Non-compensation expenses increased in the current quarter, primarily due to investments in technology, professional services and volume-related expenses, partially offset by a decrease in litigation expenses.
Non-interest expenses of $9,823 million in the current year period increased 11% compared with the prior year period, primarily reflecting a 16% increase in Compensation and benefits expenses.
•Compensation and benefits expenses increased in the current year period, primarily due to higher expenses related to certain deferred compensation plans linked to the Firm’s share price and investment performance, and an increase in discretionary incentive compensation driven by higher revenues.
•Non-compensation expenses increased in the current year period, primarily due to investments in technology, volume-related expenses and professional services, partially offset by a decrease in litigation expenses.
Income Tax Items
The effective tax rate of 23.0% is lower in the current quarter compared with the prior year quarter primarily due to the remeasurement of reserves and interest related to a foreign tax matter in the prior year quarter.
10
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Wealth Management
Income Statement Information
 Three Months Ended
June 30,
$ in millions20212020% Change
Revenues
Asset management$3,447 $2,507 37 %
Transactional1
1,172 1,075 9 %
Net interest1,255 1,030 22 %
Other1,2
221 92 140 %
Net revenues6,095 4,704 30 %
Provision for credit losses2
3 22 (86)%
Compensation and benefits3,275 2,729 20 %
Non-compensation expenses1,181 811 46 %
Total non-interest expenses4,456 3,540 26 %
Income before provision for
income taxes
$1,636 $1,142 43 %
Provision for income taxes372 289 29 %
Net income applicable to
Morgan Stanley
$1,264 $853 48 %
 Six Months Ended
June 30,
$ in millions20212020% Change
Revenues
Asset management$6,638 $5,187 28 %
Transactional1
2,400 1,474 63 %
Net interest2,640 1,926 37 %
Other1,2
376 173 117 %
Net revenues12,054 8,760 38 %
Provision for credit losses2
(2)41 (105)%
Compensation and benefits6,445 4,941 30 %
Non-compensation expenses2,375 1,581 50 %
Total non-interest expenses8,820 6,522 35 %
Income before provision for
income taxes
$3,236 $2,197 47 %
Provision for income taxes730 480 52 %
Net income applicable to
Morgan Stanley
$2,506 $1,717 46 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues. Other includes Investments and Other revenues.
2.Certain prior period amounts have been reclassified to conform to the current presentation. See "Business Segments" herein and Note 1 to the financial statements for additional information.
Acquisition of E*TRADE
The comparisons of current year results to prior periods are impacted by the acquisition of E*TRADE in the fourth quarter of 2020. For additional information on the acquisition of E*TRADE, see Note 3 to the financial statements in the Form 2020 10-K.
Wealth Management Metrics
$ in billionsAt June 30,
2021		At December 31,
2020
Total client assets$4,546$3,999
U.S. Bank Subsidiary loans$115$98
Margin and other lending1
$27$23
Deposits2
$319$306
Weighted average cost of deposits3
0.16%0.24%
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Net new assets4
$71.2$20.4$176.1$57.5
1.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
2.Deposits are sourced from Wealth Management clients and other sources of funding on the U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other, and time deposits. Excludes approximately $8 billion and $25 billion of off-balance sheet deposits as of June 30, 2021 and December 31, 2020, respectively.
3.Weighted average cost of deposits represents the annualized weighted average.
4.Net new assets represent client inflows, including dividends and interest, less client outflows, and exclude activity from business combinations/divestitures and the impact of fees and commissions.
Advisor-led channel
$ in billionsAt June 30,
2021		At December 31,
2020
Advisor-led client assets1
$3,553$3,167
Fee-based client assets2
$1,680$1,472
Fee-based client assets as a
percentage of advisor-led client
assets
47%46%
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Fee-based asset flows3
$33.7$11.1$70.9$29.5
1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
2.Fee‐based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
3.Fee-based asset flows include net new fee-based assets, net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see Fee-based client assets in the 2020 Form 10-K.
Self-directed channel
$ in billionsAt June 30,
2021		At December 31,
2020
Self-directed assets1
$993$832
Self-directed households (in millions)2
7.46.7
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Daily average revenue trades (“DARTs”) (in thousands)3
1,04261,3246
1.Self-directed assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.
2.Self-directed households represent the total number of households that include at least one account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels will be included in each of the respective channel counts.
3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.
June 2021 Form 10-Q
11
Management’s Discussion and Analysis
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Workplace channel1
$ in billionsAt June 30,
2021		At December 31,
2020
Workplace unvested assets2
$480$435
Number of participants (in millions)3
5.24.9
1.The workplace channel includes equity compensation solutions for companies, their executives and employees.
2.Workplace unvested assets represent the market value of public company securities at the end of the period.
3.Workplace participants represent total accounts with vested and/or unvested assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.
Net Revenues
Asset Management
Asset management revenues of $3,447 million in the current quarter and $6,638 million in the current year period increased 37% and 28% from the prior year quarter and the prior year period, respectively, primarily due to higher fee-based asset levels in the current year periods as a result of market appreciation and positive fee-based flows.
See “Fee-Based Client Assets—Rollforwards” herein.
Transactional Revenues
Transactional revenues of $1,172 million in the current quarter increased 9% compared with the prior year quarter, primarily due to incremental revenues as a result of the E*TRADE acquisition and higher revenues from structured product and closed-end fund issuances, partially offset by lower gains from investments associated with certain employee deferred compensation plans.
In the current year period, Transactional revenues increased 63% to $2,400 million compared with the prior year period, primarily due to incremental revenues as a result of the E*TRADE acquisition, gains from investments associated with certain employee deferred compensation plans, and higher revenues from structured product and closed-end fund issuances.
Net Interest
Net interest of $1,255 million increased 22% compared with the prior year quarter, primarily due to incremental net interest as a result of the E*TRADE acquisition and continued growth in bank lending, partially offset by the net effect of lower interest rates and an increase in prepayment amortization related to mortgage-backed securities.
In the current year period, Net interest increased 37% to $2,640 million compared with the prior year period, primarily due to incremental net interest as a result of the E*TRADE acquisition, continued growth in bank lending, and a decrease in prepayment amortization related to mortgage-backed securities. These increases were partially offset by the net effect of lower interest rates.
Other
Other revenues of $221 million in the current quarter and $376 million in the current year period increased 140% and 117% from the prior year quarter and the prior year period, respectively, primarily due to incremental revenues as a result of the E*TRADE acquisition and higher realized gains from the AFS securities portfolio.
Non-interest Expenses
Non-interest expenses of $4,456 million in the current quarter increased 26% compared with the prior year quarter, as a result of both higher Compensation and benefits expenses and Non-compensation expenses.
•Compensation and benefits expenses increased primarily due to an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues and incremental compensation as a result of the E*TRADE acquisition, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
•Non-compensation expenses increased primarily due to incremental expenses as a result of the E*TRADE acquisition.
In the current year period, Non-interest expenses increased 35% to $8,820 million compared with the prior year period, as a result of both higher Compensation and benefits expenses and Non-compensation expenses.
•Compensation and benefits expenses increased primarily due to an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues, incremental compensation as a result of the E*TRADE acquisition, and higher expenses related to certain deferred compensation plans linked to investment performance.
•Non-compensation expenses increased primarily due to incremental expenses as a result of the E*TRADE acquisition.
12
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Fee-Based Client Assets Rollforwards
$ in billions
At
March 31,
2021
Inflows
Outflows
Market
Impact
At
June 30,
2021
Separately managed1
$385 $13 $(4)$13 $407 
Unified managed
405 25 (14)20 436 
Advisor188 10 (8)11 201 
Portfolio manager549 29 (17)29 590 
Subtotal$1,527 $77 $(43)$73 $1,634 
Cash management47 8 (9)— 46 
Total fee-based
client assets
$1,574 $85 $(52)$73 $1,680 
$ in billions
At
March 31,
2020
Inflows
Outflows
Market
Impact
At
June 30,
2020
Separately managed1
$329 $7 $(4)$(19)$313 
Unified managed
263 13 (10)39 305 
Advisor
131 8 (8)18 149 
Portfolio manager
379 20 (15)47 431 
Subtotal
$1,102 $48 $(37)$85 $1,198 
Cash management32 10 (4)— 38 
Total fee-based
client assets
$1,134 $58 $(41)$85 $1,236 
$ in billions
At
December 31,
2020
Inflows
Outflows
Market
Impact
At
June 30,
2021
Separately managed1
$359 $26 $(11)$33 $407 
Unified managed
379 51 (27)33 436 
Advisor
177 22 (17)19 201 
Portfolio manager
509 59 (32)54 590 
Subtotal
$1,424 $158 $(87)$139 $1,634 
Cash management48 15 (17)— 46 
Total fee-based
client assets
$1,472 $173 $(104)$139 $1,680 
$ in billions
At
December 31,
2019
Inflows
Outflows
Market
Impact
At
June 30,
2020
Separately managed1
$322 $19 $(10)$(18)$313 
Unified managed
313 29 (22)(15)305 
Advisor
155 16 (15)(7)149 
Portfolio manager
435 44 (31)(17)431 
Subtotal
$1,225 $108 $(78)$(57)$1,198 
Cash management42 9 (13)— 38 
Total fee-based
client assets
$1,267 $117 $(91)$(57)$1,236 
1.Includes non-custody account values reflecting prior quarter-end balances due to a lag in the reporting of asset values by third-party custodians.
Average Fee Rates
 
Three Months Ended
June 30,		Six Months Ended
June 30,
Fee rate in bps
2021202020212020
Separately managed
14 14 14 14 
Unified managed
95 99 96 99 
Advisor82 86 82 85 
Portfolio manager93 94 93 94 
Subtotal72 72 73 72 
Cash management5 6 5 5 
Total fee-based client assets71 70 71 70 
For a description of fee-based client assets and rollforward items in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2020 Form 10-K.
June 2021 Form 10-Q
13
Management’s Discussion and Analysis
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Investment Management
Income Statement Information
 Three Months Ended
June 30,		 
$ in millions20212020% Change
Revenues
Asset management and related fees$1,418 $684 107 %
Performance-based income and other1
284 202 41 %
Net revenues 1,702 886 92 %
Compensation and benefits 715 354 102 %
Non-compensation expenses 557 316 76 %
Total non-interest expenses 1,272 670 90 %
Income before provision for income taxes430 216 99 %
Provision for income taxes 108 39 177 %
Net income322 177 82 %
Net income (loss) applicable to noncontrolling interests (19)23 (183)%
Net income applicable to Morgan Stanley $341 $154 121 %
 
Six Months Ended
June 30,
 
$ in millions20212020
% Change
Revenues

Asset management and related fees$2,521 $1,349 87 %
Performance-based income and other1
495 229 116 %
Net revenues
3,016 1,578 91 %
Compensation and benefits
1,229 611 101 %
Non-compensation expenses
987 608 62 %
Total non-interest expenses
2,216 1,219 82 %
Income before provision for income taxes800 359 123 %
Provision for income taxes
189 64 195 %
Net income
611 295 107 %
Net income (loss) applicable to noncontrolling interests (5)63 (108)%
Net income applicable to Morgan Stanley $616 $232 166 %
1.Includes Investments, Trading, Commissions and fees, Net interest, and Other revenues.
Acquisition of Eaton Vance
The comparisons of current year results to prior periods are impacted by the acquisition of Eaton Vance in the first quarter of 2021. For additional information on the acquisition of Eaton Vance, see Note 3 to the financial statements.
Net Revenues
Asset Management and related fees
Asset management and related fees of $1,418 million in the current quarter and $2,521 million in the current year period increased 107% and 87% from the prior year quarter and prior year period, respectively, primarily due to incremental revenues as a result of the Eaton Vance acquisition, and higher average AUM driven by strong investment performance and positive net flows.
See “Assets Under Management or Supervision” herein.
Performance-based income and other
Performance-based income and other revenues of $284 million in the current quarter and $495 million in the current year period increased 41% and 116% from the prior year quarter and prior year period, respectively, primarily due to higher accrued carried interest across strategies, partially offset by the reversal of accrued carried interest and investment losses in an Asia private equity fund.
Non-interest Expenses
Non-interest expenses of $1,272 million in the current quarter increased 90% from the prior year quarter and Non-interest expenses of $2,216 million in the current year period increased 82% from the prior year period, both as a result of higher Compensation and benefits expenses and Non-compensation expenses.
•Compensation and benefits expenses increased primarily due to incremental compensation as a result of the Eaton Vance acquisition, higher compensation associated with carried interest, and an increase in discretionary incentive compensation driven by higher asset management revenues.
•Non-compensation expenses increased primarily due to incremental expenses as a result of the Eaton Vance acquisition and higher fee sharing paid to intermediaries on higher average AUM.
14
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Assets Under Management or Supervision

Rollforwards
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
March 31, 2021$371 $201 $418 $990 $429 $1,419 
Inflows24 19 29 72 454 526 
Outflows(21)(15)(20)(56)(419)(475)
Market Impact31 3 19 53 4 57 
Other(1)(1)(1)(3)— (3)
June 30, 2021$404 $207 $445 $1,056 $468 $1,524 
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
March 31, 2020$121 $75 $141 $337 $247 $584 
Inflows18 11 7 36 409 445 
Outflows(9)(6)(4)(19)(388)(407)
Market Impact37 4 2 43 — 43 
Other1 — (1)— — — 
June 30, 2020$168 $84 $145 $397 $268 $665 
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
December 31, 2020$242 $98 $153 $493 $288 $781 
Inflows55 32 44 131 913 1,044 
Outflows(44)(24)(30)(98)(852)(950)
Market Impact35 1 29 65 4 69 
Acquired1
119 103 251 473 116 589 
Other(3)(3)(2)(8)(1)(9)
June 30, 2021$404 $207 $445 $1,056 $468 $1,524 
1.Related to the Eaton Vance acquisition.
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
December 31, 2019$138 $79 $139 $356 $196 $552 
Inflows32 21 15 68 855 923 
Outflows(21)(15)(8)(44)(783)(827)
Market Impact19 — (5)14 1 15 
Other— (1)4 3 (1)2 
June 30, 2020$168 $84 $145 $397 $268 $665 
Average AUM
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions
2021202020212020
Equity $389 $146 $329 $142 
Fixed income205 80 159 80 
Alternatives and Solutions434 143 314 141 
Long-term AUM subtotal1028 369 802 363 
Liquidity and Overlay Services449 266 384 235 
Total AUM$1,477 $635 $1,186 $598 
Average Fee Rates
 
Three Months Ended
June 30,		Six Months Ended
June 30,
Fee rate in bps
2021202020212020
Equity 72 7677 75
Fixed income38 2938 30
Alternatives and Solutions33 5840 59
Long-term AUM49 5955 59
Liquidity and Overlay Services5 166 16
Total AUM35 4139 42
While Asset management and related fees arising from the acquisition are incremental to our revenues, certain Eaton Vance products may have higher or lower average fee rates than similar products prior to the acquisition, with the overall impact yielding a lower average fee rate.
For a description of the asset classes and rollforward items in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2020 Form 10-K, except for the following updates to the definitions, which reflect the inclusion of certain Eaton Vance products.
•Alternatives and Solutions—includes products in fund of funds, real estate, infrastructure, private equity and credit strategies, multi-asset portfolios as well as custom separate account portfolios.
•Liquidity and Overlay Services—includes liquidity fund products as well as overlay services, which represent investment strategies that use passive exposure instruments to obtain, offset or substitute specific portfolio exposures, beyond those provided by the underlying holdings of the fund.
June 2021 Form 10-Q
15
Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”), Morgan Stanley Private Bank, National Association (“MSPBNA”), E*TRADE Bank (“ETB”), and E*TRADE Savings Bank (“ETSB”) (collectively, “U.S. Bank Subsidiaries”) accept deposits, provide loans to a variety of customers, including large corporate and institutional clients as well as high to ultra-high net worth individuals, and invest in securities. Lending activity recorded in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity recorded in the U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk.” For a further discussion about loans and lending commitments, see Notes 10 and 14 to the financial statements.
U.S. Bank Subsidiaries’ Supplemental Financial Information1
$ in billions
At
June 30,
2021		At
December 31,
2020
Investment securities portfolio:
Investment securities—AFS$73.4 $90.3 
Investment securities—HTM62.8 52.6 
Total investment securities$136.2 $142.9 
Wealth Management Loans2
Residential real estate$38.9 $35.2 
Securities-based lending and Other3
75.8 62.9 
Total, net of ACL$114.7 $98.1 
Institutional Securities Loans2
Corporate$5.5 $7.9 
Secured lending facilities30.5 27.4 
Commercial and Residential real estate9.8 10.1 
Securities-based lending and Other7.1 5.4 
Total, net of ACL$52.9 $50.8 
Total Assets$357.5 $346.5 
Deposits4
$318.7 $309.7 
1.Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2.For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
3.Other loans primarily include tailored lending.
4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Unsecured Financing” herein.
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates, which we have either determined are not applicable or are not expected to have a significant impact on our financial statements.
Critical Accounting Policies
Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2020 Form 10-K and Note 2 to the financial statements), the fair value, goodwill and intangible assets, legal and regulatory contingencies and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in the 2020 Form 10-K. As discussed in Note 2 to the financial statements, our acquisition of Eaton Vance on March 1, 2021 included indefinite lived intangible assets. The initial valuation of an intangible asset, including indefinite lived intangible assets, as part of the acquisition method of accounting and the subsequent valuation of intangible assets as part of impairment assessments are subjective and based, in part, on inputs that are unobservable. These inputs include, but are not limited to, forecasted cash flows, revenue growth rates, attrition rates and discount rates.
Liquidity and Capital Resources
Senior management, with oversight by the Asset/Liability Management Committee and the Board of Directors (“Board”), establishes and maintains our liquidity and capital policies. Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Treasury department, Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and controlling the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business unit needs. We also monitor key metrics, including asset and liability size and capital usage.
16
June 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210630_g1.jpg
Total Assets by Business Segment
At June 30, 2021
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents
$88,778 $37,124 $578 $126,480 
Trading assets at fair value
314,961 1,180 5,004 321,145 
Investment securities
40,310 135,032 — 175,342 
Securities purchased under agreements to resell79,414 16,516 — 95,930 
Securities borrowed
125,358 1,345 — 126,703 
Customer and other receivables66,965 32,714 1,242 100,921 
Loans1
51,329 114,708 22 166,059 
Other assets2
15,142 22,517 11,566 49,225 
Total assets$782,257 $361,136 $18,412 $1,161,805 
At December 31, 2020
$ in millions
IS
WM
IM
Total
Assets
Cash and cash equivalents
$74,281 $31,275 $98 $105,654 
Trading assets at fair value
308,413 280 4,045 312,738 
Investment securities
41,630 140,524 — 182,154 
Securities purchased under agreements to resell84,998 31,236 — 116,234 
Securities borrowed
110,480 1,911 — 112,391 
Customer and other receivables67,085 29,781 871 97,737 
Loans1
52,449 98,130 18 150,597 
Other assets2
13,986 22,458 1,913 38,357 
Total assets
$753,322 $355,595 $6,945 $1,115,862 
1.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheets (see Note 10 to the financial statements).
2.Other assets primarily includes Goodwill and Intangible assets, premises, equipment and software, ROU assets related to leases, other investments, and deferred tax assets.
A substantial portion of total assets consists of liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities, including management of the investment portfolio, comprising Investment securities, Cash and cash equivalents and Securities purchased under agreements to resell. Total assets increased slightly to $1,162 billion at June 30, 2021 from $1,116 billion at December 31, 2020.
Liquidity Risk Management Framework
The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2020 Form 10-K.
At June 30, 2021 and December 31, 2020, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient liquidity resources, which consist of HQLA and cash deposits with banks (“Liquidity Resources”) to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. The total amount of Liquidity Resources is actively managed by us considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
The amount of Liquidity Resources we hold is based on our risk tolerance and is subject to change depending on market and Firm-specific events. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.
Liquidity Resources by Type of Investment
$ in millions
At
June 30,
2021 		At
December 31,
2020
Cash deposits with central banks
$67,662 $49,669 
Unencumbered HQLA Securities1:
U.S. government obligations
127,603 136,555 
U.S. agency and agency mortgage-backed securities
109,294 99,659 
Non-U.S. sovereign obligations2
29,204 39,745 
Other investment grade securities
793 2,053 
Total HQLA1
$334,556 $327,681 
Cash deposits with banks (non-HQLA)9,220 10,942 
Total Liquidity Resources$343,776 $338,623 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered Japanese, U.K., German, French and Italian government obligations.
Liquidity Resources by Bank and Non-Bank Legal Entities
At
June 30,
2021 		At
December 31,
2020 		Average Daily Balance
Three Months Ended
$ in millionsJune 30, 2021
Bank legal entities
U.S.$172,944 $178,033 $176,625 
Non-U.S.9,845 7,670 8,473 
Total Bank legal entities182,789 185,703 185,098 
Non-Bank legal entities
U.S.:
Parent Company
67,997 59,468 63,911 
Non-Parent Company
41,037 33,368 43,511 
Total U.S.109,034 92,836 107,422 
Non-U.S.51,953 60,084 59,394 
Total Non-Bank legal entities160,987 152,920 166,816 
Total Liquidity Resources$343,776 $338,623 $351,914 
June 2021 Form 10-Q
17
Management’s Discussion and Analysis
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Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt and estimates of funding needs in a stressed environment, among other factors.
Regulatory Liquidity Framework
Liquidity Coverage Ratio
The Firm, MSBNA and MSPBNA are required to maintain a minimum LCR of 100% and ETB is subject to this requirement beginning in July 2021. The LCR requirements are designed to ensure that banking organizations have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.
As of June 30, 2021, the Firm, MSBNA and MSPBNA are compliant with the minimum required LCR of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsJune 30, 2021March 31, 2021
Eligible HQLA1
Cash deposits with central banks$56,430 $50,815 
Securities2
171,729 166,060 
Total Eligible HQLA1
$228,159 $216,875 
LCR126 %125 %
1.Under the LCR rule, Eligible HQLA is calculated using weightings and excluding certain HQLA held in subsidiaries.
2.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.
Net Stable Funding Ratio
The U.S. banking agencies have finalized a rule to implement the NSFR, which requires large banking organizations to maintain sufficiently stable sources of funding over a one-year time horizon, and applies to the Firm, MSBNA, MSPBNA and ETB. The Firm and each of these individual entities are compliant with the 100% minimum NSFR as of July 1, 2021, the effective date of the requirements.
Funding Management
We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have
active financing programs for both standard and structured products targeting global investors and currencies.
Secured Financing
For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2020 Form 10-K.
Collateralized Financing Transactions
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Securities purchased under agreements to resell and Securities borrowed$222,633 $228,625 
Securities sold under agreements to repurchase and Securities loaned$67,219 $58,318 
Securities received as collateral1
$7,166 $4,277 
 
Average Daily Balance
Three Months Ended
$ in millions June 30,
2021		December 31,
2020
Securities purchased under agreements to resell and Securities borrowed$225,988 $195,376 
Securities sold under agreements to repurchase and Securities loaned$67,568 $54,528 
1.Included within Trading assets in the balance sheets.
See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2020 Form 10-K and Note 9 to the financial statements for additional information on collateralized financing transactions.
In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are segregated in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheets, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheets. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2020 Form 10-K.
18
June 2021 Form 10-Q
Management’s Discussion and Analysis
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Deposits
$ in millions
At
June 30,
2021 		At
December 31,
2020
Savings and demand deposits:
Brokerage sweep deposits1
$256,730 $232,071 
Savings and other
42,951 47,150 
Total Savings and demand deposits
299,681 279,221 
Time deposits
20,677 31,561 
Total2
$320,358 $310,782 
1.Amounts represent balances swept from client brokerage accounts.
2.Excludes approximately $8 billion and $25 billion of off-balance sheet deposits at unaffiliated financial institutions as of June 30, 2021 and December 31, 2020, respectively. This client cash held by third parties is not reflected in our balance sheets and is not immediately available for liquidity purposes.
Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics. The increase in total deposits in the current year period was primarily due to the onboarding in the first quarter of 2021 of approximately $20 billion of E*TRADE Brokerage sweep deposits previously held off-balance sheet at unaffiliated financial institutions, partially offset by maturities of time deposits.
Borrowings by Remaining Maturity at June 30, 20211
$ in millionsParent CompanySubsidiaries
Total
Original maturities of one year or less$— $5,538 $5,538 
Original maturities greater than one year
2021$7,320 $2,600 $9,920 
202211,181 6,853 18,034 
202317,043 5,484 22,527 
202420,839 8,194 29,033 
202514,839 6,802 21,641 
Thereafter 91,456 25,993 117,449 
Total$162,678 $55,926 $218,604 
Total Borrowings$162,678 $61,464 $224,142 
Maturities over next 12 months2
 
$16,891 
1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, remaining maturity represents the earliest put date.
2.Includes only borrowings with original maturities greater than one year.
Borrowings of $224 billion as of June 30, 2021 increased slightly when compared with $217 billion at December 31, 2020.
We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.
The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to
engage in, repurchases of our borrowings in the ordinary course of business.
For further information on Borrowings, see Note 13 to the financial statements.
Credit Ratings
We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. These include regulatory or legislative changes, the macroeconomic environment and perceived levels of support, among other things. See also “Risk Factors— Liquidity Risk” in the 2020 Form 10-K.
Parent Company, MSBNA and MSPBNA Issuer Ratings at July 30, 2021
Parent Company
Short-Term
Debt		Long-Term
Debt		Rating
Outlook
DBRS, Inc.R-1 (middle)A (high)Stable
Fitch Ratings, Inc.F1AStable
Moody’s Investors Service, Inc.P-1A1Stable
Rating and Investment Information, Inc.a-1AStable
S&P Global RatingsA-2BBB+Positive
MSBNA
Short-Term
Debt		Long-Term
Debt		Rating
Outlook
Fitch Ratings, Inc.F1A+Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
MSPBNA
Short-Term
Debt		Long-Term
Debt		Rating
Outlook
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
On May 24, 2021, S&P Global Ratings revised the Parent Company outlook from stable to positive.
Incremental Collateral or Terminating Payments
In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 7 to the financial statements for additional information on OTC derivatives that contain such contingent features.
June 2021 Form 10-Q
19
Management’s Discussion and Analysis
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While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency pre-downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.
Capital Management
We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.
Common Stock Repurchases
 
Three Months Ended
June 30,		Six Months Ended
June 30,
in millions, except for per share data
2021202020212020
Number of shares34 — 62 29 
Average price per share$86.21 $— $82.31 $46.01 
Total$2,939 $— $5,074 $1,347 
For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Action Supervisory Restrictions” herein and Note 17 to the financial statements.
For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
Common Stock Dividend Announcement
Announcement dateJuly 15, 2021
Amount per share$0.70 
Date to be paidAugust 13, 2021
Shareholders of record as ofJuly 30, 2021
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Action Supervisory Restrictions” herein.
For additional information on our common stock and information on our preferred stock, see Note 17 to the financial statements.
Off-Balance Sheet Arrangements and Contractual Obligations
Off-Balance Sheet Arrangements
We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related
financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.
We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 16 to the financial statements in the 2020 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 14 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Contractual Obligations
For a discussion about our contractual obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” in the 2020 Form 10-K.
Regulatory Requirements
Regulatory Capital Framework
We are an FHC under the Bank Holding Company Act of 1956, as amended (“BHC Act”), and are subject to the regulation and oversight of the Federal Reserve. The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. Regulatory capital requirements established by the Federal Reserve are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, see Note 16 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2020 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2
20
June 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210630_g1.jpg
capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At June 30, 2021 and December 31, 2020
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB1
5.7%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
0%0%
Capital buffer requirement4
8.7%5.5%
At June 30, 2021 and December 31, 2020
Regulatory Minimum
StandardizedAdvanced
Required ratios5
Common Equity Tier 1 capital ratio4.5 %13.2%10.0%
Tier 1 capital ratio6.0 %14.7%11.5%
Total capital ratio8.0 %16.7%13.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2020 Form 10-K.
2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2020 Form 10-K.
3.The CCyB can be set up to 2.5%, but is currently set by the U.S. banking agencies at zero.
4.The capital buffer requirement represents the amount of Common Equity Tier 1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our Standardized Approach capital buffer requirement is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our Advanced Approach capital buffer requirement is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
5.Required ratios represent the regulatory minimum plus the capital buffer requirement.
Our risk-based capital ratios are computed under both (i) the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) and (ii) the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”). The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At June 30, 2021 and December 31, 2020, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Minimum leverage-based capital requirements include a Tier 1 leverage ratio and an SLR. We are required to maintain an SLR of 5%, inclusive of an enhanced SLR capital buffer of at least 2%.
As of June 30, 2021 and December 31, 2020, our risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure are calculated excluding the effect of the adoption of CECL based on our election to defer this effect over a five-year transition period which began on January 1, 2020. For further information, see “Liquidity and Capital Resources—
Regulatory Requirements—Regulatory Developments” in the 2020 Form 10-K.
Regulatory Capital Ratios
$ in millions
Required
Ratio1
At June 30, 2021At December 31, 2020
Risk-based capital—
Standardized
Common Equity Tier 1 capital$76,815 $78,650 
Tier 1 capital 84,612 88,079 
Total capital 92,782 97,213 
Total RWA 462,808 453,106 
Common Equity Tier 1 capital ratio13.2 %16.6 %17.4 %
Tier 1 capital ratio14.7 %18.3 %19.4 %
Total capital ratio16.7 %20.0 %21.5 %
$ in millions
Required
Ratio1
At June 30, 2021At December 31, 2020
Risk-based capital—
Advanced
Common Equity Tier 1 capital$76,815 $78,650 
Tier 1 capital 84,612 88,079 
Total capital 92,550 96,994 
Total RWA 434,741 445,151 
Common Equity Tier 1 capital ratio10.0 %17.7 %17.7 %
Tier 1 capital ratio11.5 %19.5 %19.8 %
Total capital ratio13.5 %21.3 %21.8 %
$ in millions
Required
Ratio1
At June 30, 2021At December 31, 2020
Leverage-based capital
Adjusted average assets2
$1,135,262 $1,053,510 
Tier 1 leverage ratio4.0 %7.5 %8.4 %
Supplementary leverage exposure3,4
$1,439,971 $1,192,506 
SLR4
5.0 %5.9 %7.4 %
1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.
2.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
3.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
4.Our SLR and Supplementary leverage exposure as of December 31, 2020 reflect the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks based on a Federal Reserve interim final rule that was in effect until March 31, 2021. As of December 31, 2020, the impact of the interim final rule on our SLR was an increase of 80 bps. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” herein and “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments" in the 2020 Form 10-K.

June 2021 Form 10-Q
21
Management’s Discussion and Analysis
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Regulatory Capital
$ in millions
At
June 30,
2021		At
December 31,
2020
Change
Common Equity Tier 1 capital
Common stock and surplus$16,852 $15,799 $1,053 
Retained earnings85,043 78,978 6,065 
AOCI(2,523)(1,962)(561)
Regulatory adjustments and deductions:
Net goodwill(16,693)(11,527)(5,166)
Net intangible assets(7,032)(4,165)(2,867)
Other adjustments and deductions1
1,168 1,527 (359)
Total Common Equity Tier 1
capital		$76,815 $78,650 $(1,835)
Additional Tier 1 capital
Preferred stock$7,750 $9,250 $(1,500)
Noncontrolling interests561 619 (58)
Additional Tier 1 capital$8,311 $9,869 $(1,558)
Deduction for investments in covered funds(514)(440)(74)
Total Tier 1 capital$84,612 $88,079 $(3,467)
Standardized Tier 2 capital
Subordinated debt$7,107 $7,737 $(630)
Eligible ACL1,168 1,265 (97)
Other adjustments and deductions(105)132 (237)
Total Standardized Tier 2
capital		$8,170 $9,134 $(964)
Total Standardized capital$92,782 $97,213 $(4,431)
Advanced Tier 2 capital
Subordinated debt$7,107 $7,737 $(630)
Eligible credit reserves936 1,046 (110)
Other adjustments and
deductions		(105)132 (237)
Total Advanced Tier 2 capital$7,938 $8,915 $(977)
Total Advanced capital$92,550 $96,994 $(4,444)
1.Other adjustments and deductions used in the calculation of Common Equity Tier 1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.
RWA Rollforward
 
Six Months Ended
June 30, 2021
$ in millions
Standardized
Advanced
Credit risk RWA
Balance at December 31, 2020$387,066 $284,930 
Change related to the following items:
Derivatives
3,182 (18,766)
Securities financing transactions
4,750 350 
Investment securities
(2,422)(257)
Commitments, guarantees and loans
415 5,862 
Equity investments
1,696 1,754 
Other credit risk1
4,992 4,444 
Total change in credit risk RWA
$12,613 $(6,613)
Balance at June 30, 2021$399,679 $278,317 
Market risk RWA
Balance at December 31, 2020$66,040 $66,040 
Change related to the following items:
Regulatory VaR
(6,687)(6,687)
Regulatory stressed VaR
768 768 
Incremental risk charge
(720)(720)
Comprehensive risk measure
(303)(343)
Specific risk4,031 4,031 
Total change in market risk RWA
$(2,911)$(2,951)
Balance at June 30, 2021$63,129 $63,089 
Operational risk RWA
Balance at December 31, 2020N/A$94,181 
Change in operational risk RWA
N/A(846)
Balance at June 30, 2021N/A$93,335 
Total RWA
$462,808 $434,741 
Regulatory VaR—VaR for regulatory capital requirements
1.Amounts reflect assets not in a defined category, non-material portfolios of exposures and unsettled transactions.
Credit risk RWA in the current year period increased under the Standardized Approach, while it decreased under the Advanced Approach. Under the Standardized Approach, the increase was primarily from Securities financing transactions and Derivatives driven by increased exposure. Under the Advanced Approach, the decrease was primarily driven by a reduction in CVA due to lower credit spread volatility, partially offset by increased exposure in event lending within Institutional Securities business segment.
Market risk RWA decreased in the current year period under both the Standardized and Advanced Approaches primarily due to a decrease in Regulatory VaR mainly as a result of reduced volatility as the peak COVID-19 market stress in 2020 is no longer included in VaR. This was partially offset by an increase in non-securitization charges due to increased exposure.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements

The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized
22
June 2021 Form 10-Q
Management’s Discussion and Analysis
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through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
 
Actual
Amount/Ratio
$ in millions
Regulatory Minimum
Required Ratio1
At
June 30,
2021 		At
December 31,
2020
External TLAC2
$225,830 $216,129 
External TLAC as a % of RWA18.0 %21.5 %49.0 %47.7 %
External TLAC as a % of leverage exposure7.5 %9.5 %15.7 %18.1 %
Eligible LTD3
$131,951 $120,561 
Eligible LTD as a % of RWA9.0 %9.0 %28.5 %26.6 %
Eligible LTD as a % of leverage exposure4.5 %4.5 %9.2 %10.1 %
1.Required ratios are inclusive of applicable buffers. The final rule imposes TLAC buffer requirements on top of both the risk-based and leverage exposure-based external TLAC minimum requirements. The risk-based TLAC buffer is equal to the sum of 2.5%, our Method 1 G-SIB surcharge and the CCyB, if any, as a percentage of total RWA. The leverage exposure-based TLAC buffer is equal to 2% of our total leverage exposure. Failure to maintain the buffers would result in restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.
2.External TLAC consists of Common Equity Tier 1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.
3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.
We are in compliance with all TLAC requirements as of June 30, 2021 and December 31, 2020. For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Capital Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2020 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
Pursuant to the Dodd-Frank Act, the Federal Reserve has adopted capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.
We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As banks with less than $250 billion of total assets, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements.
For the 2021 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2021. On June 24, 2021, the Federal Reserve published summary results of its supervisory stress tests of each large BHC, and following the
publication of the supervisory stress test results, we announced that our SCB will remain at 5.7% from October 1, 2021 through September 30, 2022. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 13.2%. Generally, our SCB is determined annually based on the results of the supervisory stress test.
We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website, and announced that our Board of Directors authorized the increase of our quarterly common stock dividend to $0.70 per share from $0.35 per share beginning with the common stock dividend announced on July 15, 2021, and authorized the repurchase of up to $12 billion of outstanding common stock from July 1, 2021 through June 30, 2022, from time to time as conditions warrant, which supersedes the previous common stock repurchase authorization.
For additional information on our capital planning and stress tests, including the SCB, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2020 Form 10-K.
Capital Action Supervisory Restrictions
Under the modified capital action restrictions announced previously by the Federal Reserve, in the first two quarters of 2021 large BHCs were permitted to pay common stock dividends, provided they did not increase the amount of common stock dividends to be larger than the level paid in the second quarter of 2020, and make share repurchases that, in the aggregate, did not exceed an amount equal to the average of the firm’s net income for the four preceding calendar quarters; make share repurchases that equal the amount of share issuances related to expensed employee compensation; and redeem and make scheduled payments on additional Tier 1 and Tier 2 capital instruments.
The Federal Reserve subsequently announced that the restrictions described above would end on June 30, 2021 for all firms whose capital levels are above minimum risk-based requirements in the Federal Reserve’s annual supervisory stress test. Based on the results of the 2021 supervisory stress tests, the temporary capital action supervisory restrictions previously applicable to us ended on June 30, 2021. As of July 1, 2021, the Firm is permitted, in its discretion, to adjust its capital distributions without seeking prior approval from the Federal Reserve, provided that it remains in compliance with all applicable regulatory capital requirements, including the SCB.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Action Supervisory Restrictions” in the 2020 Form 10-K.
June 2021 Form 10-Q
23
Management’s Discussion and Analysis
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Attribution of Average Common Equity According to the Required Capital Framework
Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.
The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent common equity. We generally hold Parent common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.
Average Common Equity Attribution under the Required Capital Framework1
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions
2021202020212020
Institutional Securities
$43.5 $42.8 $43.5 $42.8 
Wealth Management2
28.6 18.2 28.6 18.2 
Investment Management3
10.7 2.6 7.1 2.6 
Parent
16.0 14.0 17.1 12.4 
Total
$98.8 $77.6 $96.3 $76.0 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
2.The total average common equity and the allocation to the Wealth Management business segment in 2021 reflect the E*TRADE acquisition on October 2, 2020.
3. The total average common equity and the allocation to the Investment Management business segment in 2021 reflect the Eaton Vance acquisition on March 1, 2021.
The Firm has made updates to its Required Capital framework for 2021 and continues to evaluate the impact of evolving regulatory requirements, as appropriate.
Resolution and Recovery Planning
Pursuant to the Dodd-Frank Act, we are required to periodically submit to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2021 targeted resolution plan on June 30, 2021.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company
has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its Contributable Assets to our material entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our material entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our material entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2020 Form 10-K.
Regulatory Developments and Other Matters
Expiration of the Supplementary Leverage Ratio Interim Final Rule
On March 19, 2021, the Federal Reserve announced that the temporary change to the SLR for bank holding companies, which allowed for the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks, would expire as scheduled on March 31, 2021. As a result, this exclusion was eliminated beginning in the second quarter of 2021. For a summary of the impact of this interim final rule, see “Regulatory Capital Requirements” herein.
Planned Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rates
Central banks around the world, including the Federal Reserve, have commissioned committees and working groups of market participants and official sector representatives to replace LIBOR and replace or reform other interest rate benchmarks (collectively, the “IBORs”). On March 5, 2021, ICE Benchmark Administration, which administers LIBOR publication, announced that it will cease the publication of most LIBOR rates as of the end of December 2021, except for the publication until June 30, 2023 of the most widely used U.S. dollar LIBOR tenors, and the U.K. Financial Conduct Authority (“FCA”), which regulates LIBOR publication, announced that it would not compel panel banks to submit to LIBOR beyond those dates.

Subsequently, the International Swaps and Derivatives Association (“ISDA”) confirmed that the FCA’s
24
June 2021 Form 10-Q
Management’s Discussion and Analysis
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announcement constituted an “Index Cessation Event” as defined in the IBOR Fallbacks Supplement, which amended ISDA’s interest rate definitions to include robust fallbacks for derivatives linked to LIBOR and certain other interest rate benchmarks, and the ISDA 2020 IBOR Fallbacks Protocol, which incorporates the fallbacks into legacy non-cleared derivatives entered into between Protocol adherents. The FCA’s announcement therefore triggered a fixing of the ISDA fallback spread adjustments for all LIBOR benchmarks, to be effective when the contractual fallbacks are implemented. The Alternative Reference Rates Committee (“ARRC”) also confirmed that the ICE Benchmark Administration and FCA announcements also constituted a “Benchmark Transition Event” with respect to all U.S. dollar LIBOR settings pursuant to the ARRC’s fallback recommendations for new issuances or originations of certain cash products.
Separately, the U.S. banking agencies and the FCA have encouraged banks to cease entering into new contracts referencing LIBOR as soon as practicable, and no later than December 31, 2021.
Further, New York State has enacted legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain contracts governed by New York law with a benchmark based on the Secured Overnight Financing Rate, including any spread adjustment, recommended by the Federal Reserve, the Federal Reserve Bank of New York or the ARRC.
We remain a party to a significant number of LIBOR-linked contracts, many of which extend beyond 2021 and, in the case of U.S. dollar LIBOR, June 30, 2023, composed of derivatives, securitizations, floating rate notes, loans and mortgages and we continue to execute against our Firm-wide IBOR transition plan to promote the transition to alternative reference rates in accordance with industry transition timelines. Our IBOR transition plan is overseen by a global steering committee, with senior management oversight. Firm entities engaged in derivative activities have adhered to the ISDA 2020 IBOR Fallbacks Protocol. As noted above, the Protocol is designed to facilitate the transition of covered derivatives contracts to alternative reference rates. The New York State legislation also provides safeguards that help facilitate the transition to alternative reference rates for certain U.S. dollar LIBOR contracts, although additional regulatory clarity may be needed in some instances.
See also “Risk Factors—Risk Management” in the 2020 Form 10-K for a further discussion of risks related to the planned replacement of the IBORs and/or reform of interest rate benchmarks.
For a further discussion of regulatory developments and other matters, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Other Matters,” respectively, in the 2020 Form 10-K.
June 2021 Form 10-Q
25
Quantitative and Qualitative Disclosures about Risk
Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2020 Form 10-K.
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in alternative and other funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2020 Form 10-K.
Trading Risks
We are exposed to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices, and the associated implied volatilities and spreads, related to the global markets in which we conduct our trading activities.
The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.
For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2020 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 
Three Months Ended
June 30, 2021
$ in millions
Period
End
Average
High2
Low2
Interest rate and credit spread
$29 $31 $39 $28 
Equity price
21 24 32 19 
Foreign exchange rate
8 8 15 5 
Commodity price
10 11 16 8 
Less: Diversification benefit1
(28)(29)N/AN/A
Primary Risk Categories
$40 $45 $58 $37 
Credit Portfolio
12 13 17 11 
Less: Diversification benefit1
(9)(10)N/AN/A
Total Management VaR
$43 $48 $60 $41 
 
Three Months Ended
March 31, 2021
$ in millions
Period
End
Average
High2
Low2
Interest rate and credit spread
$31 $33 $41 $29 
Equity price
30 31 170 19 
Foreign exchange rate
11 14 24 8 
Commodity price
14 18 27 13 
Less: Diversification benefit1
(36)(38)N/AN/A
Primary Risk Categories
$50 $58 $171 $44 
Credit Portfolio
17 24 31 17 
Less: Diversification benefit1
(15)(13)N/AN/A
Total Management VaR
$52 $69 $175 $50 
1.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days; similar diversification benefits also are taken into account within each component.
2.The high and low VaR values for the total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and therefore, the diversification benefit is not an applicable measure.
Average total Management VaR and average Management VaR for the Primary Risk Categories decreased in the current quarter from the three months ended March 31, 2021 primarily as a result of reduced volatility as the peak COVID-19 market stress in 2020 is no longer included in VaR. Additionally, the high for the current quarter was reduced from the peak day in the three months ended March 31, 2021, as increased equity exposure in the first quarter of 2021 resulted from the aforementioned credit event for a single client.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy relative to realized trading results. There was one loss day in the current quarter, which did not exceed the Firm’s VaR.
26
June 2021 Form 10-Q
Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
ms-20210630_g13.jpg
Daily Net Trading Revenues for the Current Quarter
($ in millions)
ms-20210630_g14.jpg
The previous histogram shows the distribution of daily net trading revenues for the current quarter. Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit Portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income, and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.
Non-Trading Risks
We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading risk in our portfolio.
Credit Spread Risk Sensitivity1
$ in millions
At
June 30,
2021		At
March 31,
2021
Derivatives
$7 $7 
Borrowings carried at fair value
48 47 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.
U.S. Bank Subsidiaries’ Net Interest Income Sensitivity Analysis
$ in millions
At
June 30,
2021		At
March 31,
2021
Basis point change
+100$1,463 $1,671 
 -100(498)(560)
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our U.S. Bank Subsidiaries. These shocks are applied to our 12-month forecast for our U.S. Bank Subsidiaries, which incorporates market expectations of interest rates and our forecasted business activity.
We do not manage to any single rate scenario but rather manage net interest income in our U.S. Bank Subsidiaries to optimize across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates, and includes subjective assumptions regarding customer and market re-pricing behavior and other factors. The change in sensitivity to interest rates between June 30, 2021 and March 31, 2021 was primarily driven by the effects of changes in the mix of our assets and liabilities and lower market rates.
Investments Sensitivity, Including Related Carried Interest
 
Loss from 10% Decline
$ in millions
At
June 30,
2021		At
March 31,
2021
Investments related to Investment Management activities$477 $472 
Other investments:
MUMSS
172 174 
Other Firm investments
232 223 
We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a 10% decline in investment values and related impact on performance-based income, as applicable.
June 2021 Form 10-Q
27
Risk Disclosures
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Asset Management Revenue Sensitivity
Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments, and are sensitive to changes in related markets. The overall level of these revenues depends on multiple factors that include, but are not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues do not correlate completely with changes in the related markets.
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.
Loans and Lending Commitments
 
At June 30, 2021
$ in millions
HFI
HFS
FVO
Total
Institutional Securities:
Corporate
$4,724 $7,098 $13 $11,835 
Secured lending facilities
28,217 3,951 666 32,834 
Commercial and Residential real estate
6,707 620 4,270 11,597 
Securities-based lending and Other
586 5 9,353 9,944 
Total Institutional Securities40,234 11,674 14,302 66,210 
Wealth Management:
Residential real estate
38,917 10 — 38,927 
Securities-based lending and Other
75,877 12 — 75,889 
Total Wealth Management114,794 22 — 114,816 
Total Investment Management1
5 17 843 865 
Total loans2
155,033 11,713 15,145 181,891 
ACL(687)(687)
Total loans, net of ACL$154,346 $11,713 $15,145 $181,204 
Lending commitments3
$139,257 
Total exposure



$320,461 
 
At December 31, 2020
$ in millions
HFI
HFS
FVO
Total
Institutional Securities:
Corporate
$6,046 $8,580 $13 $14,639 
Secured lending facilities
25,727 3,296 648 29,671 
Commercial and Residential real estate
7,346 859 3,061 11,266 
Securities-based lending and Other
1,279 55 7,001 8,335 
Total Institutional Securities40,398 12,790 10,723 63,911 
Wealth Management:
Residential real estate
35,268 11 — 35,279 
Securities-based lending and Other
62,947 — — 62,947 
Total Wealth Management98,215 11 — 98,226 
Total Investment Management1
6 12 425 443 
Total loans2
138,619 12,813 11,148 162,580 
ACL(835)(835)
Total loans, net of ACL$137,784 $12,813 $11,148 $161,745 
Lending commitments3
$127,855 
Total exposure



$289,600 
HFI—Held for investment; HFS—Held for sale; FVO—Fair value option
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1.Investment Management business segment loans are related to certain of our activities as an investment advisor and manager. At June 30, 2021 and December 31, 2020, loans held at fair value are predominantly the result of the consolidation of CLO vehicles, managed by Investment Management, composed primarily of senior secured loans to corporations.
2.FVO also includes the fair value of certain unfunded lending commitments.
3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2020 Form 10-K.
Total loans and lending commitments increased by approximately $31 billion since December 31, 2020, primarily due to growth in Securities-based loans and Residential real estate loans within the Wealth Management business segment, as well as increases in Secured lending facilities and event-driven lending commitments within the Institutional Securities business segment.
See Notes 5, 6, 10 and 14 to the financial statements for further information.
Beginning late in the first quarter of 2020 and following in part from the U.S. government’s enactment of the CARES Act, we have granted requests from certain clients for modifications of their credit agreements with us, which in some cases include deferral of their loan payments. In addition to these principal and interest deferrals, we continue to work with certain clients regarding modifications of other terms under their original loan agreements that do not impact contractual loan payments. We do not believe these
28
June 2021 Form 10-Q
Risk Disclosures
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modifications have had a material impact on the risk profile of our loan portfolio.
Requests for deferrals and other modifications could continue in future periods. See “Executive Summary—Coronavirus Disease (COVID-19) Pandemic” herein and “Risk Factors” and “Forward Looking Statements” in the 2020 Form 10-K.
For additional information on regulatory guidance which permits certain loan modifications for borrowers impacted by COVID-19 to not be accounted for and reported as TDRs as well as the Firm’s accounting policies for such modifications, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments” and Note 2 to the financial statements in the 2020 Form 10-K, respectively. For information on HFI loans on nonaccrual status and HFI loans modified and reported as TDRs, see “Status of Loans Held for Investment” herein and Note 10 to the financial statements, and for a discussion of the related accounting policies see Note 2 to the financial statements in the 2020 Form 10-K.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millions
ACL—Loans$835 
ACL—Lending Commitments396 
Total at December 31, 20201,231 
Gross charge-offs(102)
Provision for credit losses(25)
Other(5)
Total at June 30, 2021$1,099 
ACL—Loans$687 
ACL—Lending commitments412 
Provision for Credit Losses by Business Segment
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
$ in millionsISWMTotalISWMTotal
Loans$12 $4 $16 $(41)$(1)$(42)
Lending commitments58 (1)57 18 (1)17 
Total$70 $3 $73 $(23)$(2)$(25)
Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the aggregate allowance for loan and commitment losses include the borrower’s financial strength, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.
The aggregate allowance for loans and lending commitments decreased in the current year period, primarily reflecting charge-offs and a release in the allowance for credit losses within the Institutional Securities business segment. The allowance release was primarily a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated
borrowers, partially offset by the provision for one Secured lending facility. The base scenario used in our ACL models as of June 30, 2021 was generated using a combination of industry consensus economic forecasts, forward rates, and internally developed and validated models. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. The base scenario, among other things, assumes continued growth over the forecast period with U.S. GDP reaching a year-over-year growth rate of approximately 6% by the fourth quarter of 2021, supported by fiscal stimulus and accommodative monetary policy. See Notes 10 and 14 to the financial statements for further information. See Note 2 to the financial statements in the 2020 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Status of Loans Held for Investment
At June 30, 2021At December 31, 2020
IS
WM
IS
WM
Accrual
98.8 %99.3 %99.2 %99.7 %
Nonaccrual1
1.2 %0.7 %0.8 %0.3 %
 
1.These loans are on nonaccrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt.
Institutional Securities Loans and Lending Commitments1
 
At June 30, 2021
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans
AA
$38 $9 $— $69 $116 
A
824 707 408 370 2,309 
BBB
6,297 5,113 2,287 578 14,275 
BB
11,581 9,095 4,234 1,285 26,195 
Other NIG
5,370 6,134 4,161 3,223 18,888 
Unrated2
194 587 485 2,582 3,848 
Total loans, net of ACL24,304 21,645 11,575 8,107 65,631 
Lending commitments
AAA
— 50 — — 50 
AA
3,173 1,118 2,240 — 6,531 
A
4,822 6,600 10,180 584 22,186 
BBB
10,168 19,803 18,561 659 49,191 
BB
3,017 12,323 7,837 152 23,329 
Other NIG
1,649 6,663 8,292 6,915 23,519 
Unrated2
— 14 66 2 82 
Total lending commitments22,829 46,571 47,176 8,312 124,888 
Total exposure
$47,133 $68,216 $58,751 $16,419 $190,519 
June 2021 Form 10-Q
29
Risk Disclosures
ms-20210630_g1.jpg
 
At December 31, 2020
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans
AA
$279 $10 $— $— $289 
A
759 798 36 391 1,984 
BBB
5,043 5,726 2,746 469 13,984 
BB
10,963 7,749 5,324 503 24,539 
Other NIG
5,214 6,956 4,002 3,269 19,441 
Unrated2
141 142 330 2,322 2,935 
Total loans, net of ACL22,399 21,381 12,438 6,954 63,172 
Lending commitments
AAA
— 50 — — 50 
AA
4,047 1,038 2,135 — 7,220 
A
6,025 8,359 9,808 425 24,617 
BBB
6,783 17,782 15,500 460 40,525 
BB
4,357 8,958 7,958 3,103 24,376 
Other NIG
664 7,275 6,077 2,652 16,668 
Unrated2
4 — — — 4 
Total lending commitments21,880 43,462 41,478 6,640 113,460 
Total exposure
$44,279 $64,843 $53,916 $13,594 $176,632 
NIG–Non-investment grade
1.Counterparty credit ratings are internally determined by the CRM.
2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millions
At
June 30,
2021 		At
December 31,
2020
Industry
Financials$50,318 $44,358 
Real estate30,622 25,484 
Healthcare17,471 12,650 
Industrials17,069 15,861 
Communications services12,481 12,600 
Information technology11,704 11,358 
Consumer discretionary10,626 11,177 
Utilities10,355 9,504 
Energy8,603 10,064 
Consumer staples8,464 9,088 
Materials5,808 6,084 
Insurance4,583 3,889 
Other2,415 4,515 
Total exposure$190,519 $176,632 
Sectors Currently in Focus due to COVID-19
The economic effects of COVID-19 have impacted borrowers in many sectors and industries, though certain sectors remain more sensitive to the current economic environment and are continuing to receive heightened focus. The sectors currently in focus are: air travel, retail, lodging and leisure, upstream energy, and healthcare services and systems. As of June 30, 2021, exposures to these sectors are included across the Industrials, Financials, Real estate, Consumer discretionary, Energy and Healthcare industries in the previous table, and in aggregate represent approximately 10% of total Institutional Securities business segment lending exposure. Further, as of
June 30, 2021, approximately 90% of these exposures are either investment grade and/or secured by collateral. The future developments of COVID-19 and its effect on the economic environment remain uncertain; therefore, the sectors impacted may change over time. Refer to “Risk Factors” in the 2020 Form 10-K.
Institutional Securities Lending Activities
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial real estate and Securities-based lending and Other. As of June 30, 2021, over 90% of our total lending exposure, which consists of loans and lending commitments, is investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.
Institutional Securities Event-Driven Loans and Lending Commitments
At June 30, 2021
Contractual Years to Maturity
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans, net of ACL
$1,415 $382 $498 $2,217 $4,512 
Lending commitments
4,865 6,254 3,359 6,844 21,322 
Total exposure$6,280 $6,636 $3,857 $9,061 $25,834 
 
At December 31, 2020
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans, net of ACL
$1,241 $907 $873 $2,090 $5,111 
Lending commitments
2,810 4,649 2,678 4,650 14,787 
Total exposure$4,051 $5,556 $3,551 $6,740 $19,898 
Event-driven loans and lending commitments are associated with a particular event or transaction, such as to support client merger, acquisition, recapitalization or project finance activities. Balances may fluctuate as such lending is related to transactions that vary in timing and size from period to period.
30
June 2021 Form 10-Q
Risk Disclosures
ms-20210630_g1.jpg
Institutional Securities Loans and Lending Commitments Held for Investment
At June 30, 2021
$ in millionsLoansLending CommitmentsTotal
Corporate$4,724 $72,175 $76,899 
Secured lending facilities28,217 11,387 39,604 
Commercial real estate6,707 308 7,015 
Other586 661 1,247 
Total, before ACL$40,234 $84,531 $124,765 
ACL$(579)$(397)$(976)
At December 31, 2020
$ in millionsLoansLending CommitmentsTotal
Corporate$6,046 $69,488 $75,534 
Secured lending facilities25,727 8,312 34,039 
Commercial real estate7,346 334 7,680 
Other1,279 1,135 2,414 
Total, before ACL$40,398 $79,269 $119,667 
ACL$(739)$(391)$(1,130)
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
$ in millionsCorporate Secured lending facilitiesCommercial real estateOtherTotal
ACL—Loans$309 $198 $211 $21 $739 
ACL—Lending commitments323 38 11 19 391 
Total at December 31, 2020$632 $236 $222 $40 $1,130 
Gross charge-offs(14)(67)(21)— (102)
Provision for credit losses(77)49 5 — (23)
Other1
(2)(1)(2)(24)(29)
Total at June 30, 2021$539 $217 $204 $16 $976 
ACL—Loans$199 $177 $194 $9 $579 
ACL—Lending commitments340 40 10 7 397 
1.Other primarily reflects the allowance for credit losses associated with the Community Development Fund loans portfolio that was transferred to the Wealth Management business segment from the Institutional Securities business segment in the second quarter of 2021.
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
June 30,
2021 		At
December 31,
2020
Corporate4.2 %5.1 %
Secured lending facilities0.6 %0.8 %
Commercial real estate
2.9 %2.9 %
Other1.5 %1.7 %
Total Institutional Securities loans1.4 %1.8 %
Wealth Management Loans and Lending Commitments
 
At June 30, 2021
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Securities-based lending and Other$65,156 $6,641 $2,236 $1,804 $75,837 
Residential real estate7 — 6 38,858 38,871 
Total loans, net of ACL$65,163 $6,641 $2,242 $40,662 $114,708 
Lending commitments11,104 2,771 170 324 14,369 
Total exposure$76,267 $9,412 $2,412 $40,986 $129,077 
 
At December 31, 2020
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Securities-based lending and Other$54,483 $4,587 $2,167 $1,672 $62,909 
Residential real estate9 1 1 35,210 35,221 
Total loans, net of ACL$54,492 $4,588 $2,168 $36,882 $98,130 
Lending commitments11,666 2,356 120 253 14,395 
Total exposure$66,158 $6,944 $2,288 $37,135 $112,525 
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
Securities-based lending allows clients to borrow money against the value of qualifying securities, generally for any purpose other than purchasing, trading or carrying securities, or refinancing margin debt. For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.
June 2021 Form 10-Q
31
Risk Disclosures
ms-20210630_g1.jpg
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
$ in millions
ACL—Loans$96 
ACL—Lending commitments5 
Total at December 31, 2020101 
Provision for credit losses(2)
Other1
24 
Total at June 30, 2021$123 
ACL—Loans$108 
ACL—Lending commitments15 
1.Other primarily reflects the allowance for credit losses associated with the Community Development Fund loans portfolio that was transferred to the Wealth Management business segment from the Institutional Securities business segment in the second quarter of 2021.
At June 30, 2021, more than 75% of Wealth Management Residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s Securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral, or reduce debt positions, when necessary.
Customer and Other Receivables
Margin Loans and Other lending
$ in millionsAt
June 30,
2021		At
December 31,
2020
Institutional Securities$46,020 $51,570 
Wealth Management26,922 23,144 
Total$72,942 $74,714 
The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities.
Margin lending activities generally have lower credit risk due to the value of collateral held and their short-term nature. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Employee Loans
For information on employee loans and related ACL, see Note 10 to the financial statements.
Derivatives
Fair Value of OTC Derivative Assets
 
Counterparty Credit Rating1
 
$ in millions
AAA
AA
A
BBB
NIG
Total
At June 30, 2021
Less than 1 year
$1,344 $12,729 $36,065 $20,945 $11,900 $82,983 
1-3 years
633 4,916 14,962 12,941 8,197 41,649 
3-5 years
471 4,702 8,440 8,095 3,690 25,398 
Over 5 years
4,237 26,890 66,977 48,258 10,438 156,800 
Total, gross
$6,685 $49,237 $126,444 $90,239 $34,225 $306,830 
Counterparty netting
(3,141)(36,880)(98,646)(66,879)(16,635)(222,181)
Cash and securities collateral(3,064)(8,779)(22,973)(17,233)(8,166)(60,215)
Total, net$480 $3,578 $4,825 $6,127 $9,424 $24,434 
 
Counterparty Credit Rating1
 
$ in millions
AAA
AA
A
BBB
NIG
Total
At December 31, 2020
Less than 1 year
$1,179 $16,166 $52,164 $26,088 $12,175 $107,772 
1-3 years
572 5,225 17,560 13,750 8,134 45,241 
3-5 years
359 4,326 11,328 8,363 4,488 28,864 
Over 5 years
4,545 32,049 84,845 63,084 13,680 198,203 
Total, gross
$6,655 $57,766 $165,897 $111,285 $38,477 $380,080 
Counterparty netting
(3,269)(44,306)(134,310)(84,171)(22,227)(288,283)
Cash and securities collateral(3,124)(10,973)(26,712)(20,708)(8,979)(70,496)
Total, net$262 $2,487 $4,875 $6,406 $7,271 $21,301 
$ in millions
At
June 30,
2021		At
December 31,
2020
Industry
Financials$7,613 $6,195 
Utilities4,750 3,954 
Consumer discretionary2,314 1,866 
Energy2,040 965 
Healthcare1,011 1,494 
Industrials953 1,291 
Information technology929 1,104 
Regional governments843 806 
Not-for-profit organizations661 701 
Real estate600 378 
Communications services496 529 
Insurance451 518 
Sovereign governments373 650 
Materials329 430 
Consumer staples291 339 
Other780 81 
Total
$24,434 $21,301 
1.Counterparty credit ratings are determined internally by the CRM.
We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2020 Form 10-K and Note 7 to the financial statements.
32
June 2021 Form 10-Q
Risk Disclosures
ms-20210630_g1.jpg
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2020 Form 10-K.
Top 10 Non-U.S. Country Exposures at June 30, 2021
$ in millionsUnited KingdomJapanGermanyFranceSpain
Sovereign
Net inventory1
$(43)$5,101 $54 $(471)$(197)
Net counterparty exposure2
1 45 85 6 29 
Exposure before hedges(42)5,146 139 (465)(168)
Hedges3
(310)(79)(287)(6)— 
Net exposure$(352)$5,067 $(148)$(471)$(168)
Non-sovereign
Net inventory1
$1,084 $615 $7 $(338)$72 
Net counterparty exposure2
11,117 4,257 2,788 3,068 391 
Loans3,648 381 1,725 513 3,351 
Lending commitments6,165 180 5,979 6,118 1,313 
Exposure before hedges22,014 5,433 10,499 9,361 5,127 
Hedges3
(1,388)(162)(1,015)(734)(266)
Net exposure$20,626 $5,271 $9,484 $8,627 $4,861 
Total net exposure$20,274 $10,338 $9,336 $8,156 $4,693 
$ in millionsChinaIndiaAustraliaCanada Brazil
Sovereign
Net inventory1
$(89)$1,178 $570 $(447)$2,115 
Net counterparty exposure2
102 2 45 21 — 
Exposure before hedges13 1,180 615 (426)2,115 
Hedges3
(82)— — — (12)
Net exposure$(69)$1,180 $615 $(426)$2,103 
Non-sovereign
Net inventory1
$1,548 $850 $228 $228 $233 
Net counterparty exposure2
780 891 1,061 1,713 320 
Loans744 235 489 141 188 
Lending commitments1,489 — 905 1,483 183 
Exposure before hedges4,561 1,976 2,683 3,565 924 
Hedges3
(131)— (185)(85)(25)
Net exposure$4,430 $1,976 $2,498 $3,480 $899 
Total net exposure$4,361 $3,156 $3,113 $3,054 $3,002 
1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).
2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place. For more information, see “Additional Information—Top 10 Non-U.S. Country Exposures” herein.
3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for any fair value receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2020 Form 10-K.
Additional Information—Top 10 Non-U.S. Country Exposures
Collateral Held against Net Counterparty Exposure1
$ in millions
At
June 30,
2021
Country of Risk
Collateral2
GermanyItaly, Croatia and Spain$11,765 
United KingdomU.K., U.S. and Spain10,434 
OtherJapan, Italy, and France17,737 
1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at June 30, 2021.
2.Primarily consists of cash, as well as government obligations of the countries listed.
Country Risk Exposures Related to the U.K.
At June 30, 2021, our country risk exposures in the U.K. included net exposures of $20,274 million (as shown in the Top 10 Non-U.S. Country Exposures table) and overnight deposits of $9,017 million. The $20,626 million of exposures to non-sovereigns were diversified across both names and sectors and include $9,253 million to U.K.-focused counterparties that generate more than one-third of their revenues in the U.K., $4,131 million to geographically diversified counterparties, and $6,212 million to exchanges and clearinghouses.
June 2021 Form 10-Q
33
Risk Disclosures
ms-20210630_g1.jpg
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events (e.g., fraud, theft, legal and compliance risks, cyber attacks or damage to physical assets). We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., information technology and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2020 Form 10-K. In addition, for further information on market and economic conditions and their effects on risk in general, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—Coronavirus Disease (COVID-19) Pandemic” herein and “Risk Factors” in the 2020 Form 10-K.
Model Risk
Model risk refers to the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision making or damage to our reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2020 Form 10-K.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2020 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein. In addition, for further information on market and economic conditions and their effects on risk in general, see “Risk Factors” in the 2020 Form 10-K.
Legal and Compliance Risk
Legal and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, or loss to reputation that we may suffer as a result of failure to comply
with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal and Compliance Risk” in the 2020 Form 10-K.
34
June 2021 Form 10-Q

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of June 30, 2021, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and six-month periods ended June 30, 2021 and 2020, and the cash flow statements for the six-month periods ended June 30, 2021 and 2020, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2020, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 26, 2021, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2020 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.






/s/ Deloitte & Touche LLP
 
New York, New York
August 2, 2021


June 2021 Form 10-Q
35
Consolidated Income Statements
(Unaudited)
ms-20210630_g1.jpg
 
Three Months Ended
June 30,		Six Months Ended
June 30,
in millions, except per share data2021202020212020
Revenues
Investment banking$2,560 $2,142 $5,400 $3,413 
Trading3,330 4,803 7,555 7,604 
Investments381 275 699 313 
Commissions and fees1,308 1,102 2,934 2,462 
Asset management4,973 3,265 9,371 6,682 
Other342 473 626 9 
Total non-interest revenues12,894 12,060 26,585 20,483 
Interest income2,212 2,358 4,649 5,861 
Interest expense347 758 756 2,905 
Net interest1,865 1,600 3,893 2,956 
Net revenues14,759 13,660 30,478 23,439 
Provision for credit losses73 239 (25)646 
Non-interest expenses
Compensation and benefits6,423 6,035 13,221 10,318 
Brokerage, clearing and exchange fees795 716 1,705 1,456 
Information processing and communications765 589 1,498 1,152 
Professional services746 535 1,370 984 
Occupancy and equipment414 365 819 730 
Marketing and business development146 63 292 195 
Other831 763 1,688 1,457 
Total non-interest expenses10,120 9,066 20,593 16,292 
Income before provision for income taxes4,566 4,355 9,910 6,501 
Provision for income taxes1,054 1,119 2,230 1,485 
Net income$3,512 $3,236 $7,680 $5,016 
Net income applicable to noncontrolling interests1 40 49 122 
Net income applicable to Morgan Stanley$3,511 $3,196 $7,631 $4,894 
Preferred stock dividends 103 149 241 257 
Earnings applicable to Morgan Stanley common shareholders$3,408 $3,047 $7,390 $4,637 
Earnings per common share
Basic$1.88 $1.98 $4.10 $3.00 
Diluted$1.85 $1.96 $4.04 $2.96 
Average common shares outstanding
Basic1,814 1,541 1,804 1,548 
Diluted1,841 1,557 1,829 1,565 
Consolidated Comprehensive Income Statements
(Unaudited)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Net income$3,512 $3,236 $7,680 $5,016 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments41 21 (178)(111)
Change in net unrealized gains (losses) on available-for-sale securities(7)295 (783)1,620 
Pension and other12 (1)17 24 
Change in net debt valuation adjustment186 (2,496)323 1,307 
Total other comprehensive income (loss)$232 $(2,181)$(621)$2,840 
Comprehensive income$3,744 $1,055 $7,059 $7,856 
Net income applicable to noncontrolling interests1 40 49 122 
Other comprehensive income (loss) applicable to noncontrolling interests1 (87)(60)51 
Comprehensive income applicable to Morgan Stanley$3,742 $1,102 $7,070 $7,683 
June 2021 Form 10-Q
36
See Notes to Consolidated Financial Statements
Consolidated Balance Sheets
ms-20210630_g1.jpg

$ in millions, except share data
(Unaudited)
At
June 30,
2021
At
December 31,
2020
Assets
Cash and cash equivalents
$126,480 $105,654 
Trading assets at fair value ($108,288 and $132,578 were pledged to various parties)
321,145 312,738 
Investment securities (includes $93,222 and $110,383 at fair value)
175,342 182,154 
Securities purchased under agreements to resell (includes $10 and $15 at fair value)
95,930 116,234 
Securities borrowed126,703 112,391 
Customer and other receivables100,921 97,737 
Loans:
Held for investment (net of allowance for credit losses of $687 and $835)
154,346 137,784 
Held for sale11,713 12,813 
Goodwill16,838 11,635 
Intangible assets (net of accumulated amortization of $3,518 and $3,265)
8,690 4,980 
Other assets23,697 21,742 
Total assets$1,161,805 $1,115,862 
Liabilities
Deposits (includes $2,672 and $3,521 at fair value)
$320,358 $310,782 
Trading liabilities at fair value169,074 157,631 
Securities sold under agreements to repurchase (includes $1,028 and $1,115 at fair value)
57,645 50,587 
Securities loaned9,574 7,731 
Other secured financings (includes $6,574 and $11,701 at fair value)
11,232 15,863 
Customer and other payables233,810 227,437 
Other liabilities and accrued expenses27,808 25,603 
Borrowings (includes $75,508 and $73,701 at fair value)
224,142 217,079 
Total liabilities1,053,643 1,012,713 
Commitments and contingent liabilities (see Note 14)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock7,750 9,250 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,834,370,291 and 1,809,624,144
20 20 
Additional paid-in capital28,030 25,546 
Retained earnings84,791 78,694 
Employee stock trusts3,768 3,043 
Accumulated other comprehensive income (loss)(2,523)(1,962)
Common stock held in treasury at cost, $0.01 par value (204,523,688 and 229,269,835 shares)
(11,198)(9,767)
Common stock issued to employee stock trusts(3,768)(3,043)
Total Morgan Stanley shareholders’ equity106,870 101,781 
Noncontrolling interests1,292 1,368 
Total equity108,162 103,149 
Total liabilities and equity$1,161,805 $1,115,862 
See Notes to Consolidated Financial Statements
37
June 2021 Form 10-Q
Consolidated Statements of Changes in Total Equity
(Unaudited)
ms-20210630_g1.jpg

Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Preferred Stock
Beginning balance$7,750 $8,520 $9,250 $8,520 
Redemption of Series J preferred stock— — (1,500)— 
Ending balance7,750 8,520 7,750 8,520 
Common Stock
Beginning and ending balance
20 20 20 20 
Additional Paid-in Capital
Beginning balance27,406 23,428 25,546 23,935 
Share-based award activity624 354 292 (153)
Issuance of common stock for the acquisition of Eaton Vance— — 2,185 — 
Other net increases (decreases)— — 7 — 
Ending balance
28,030 23,782 28,030 23,782 
Retained Earnings
Beginning balance82,034 71,518 78,694 70,589 
Cumulative adjustment related to the adoption of financial instruments-credit losses accounting update1
— — — (100)
Net income applicable to Morgan Stanley
3,511 3,196 7,631 4,894 
Preferred stock dividends2
(103)(149)(241)(257)
Common stock dividends2
(651)(550)(1,286)(1,111)
Other net increases (decreases)— — (7)— 
Ending balance
84,791 74,015 84,791 74,015 
Employee Stock Trusts
Beginning balance
3,861 3,088 3,043 2,918 
Share-based award activity
(93)(70)725 100 
Ending balance
3,768 3,018 3,768 3,018 
Accumulated Other Comprehensive Income (Loss)
Beginning balance
(2,754)2,095 (1,962)(2,788)
Net change in Accumulated other comprehensive income (loss)
231 (2,094)(561)2,789 
Ending balance
(2,523)1 (2,523)1 
Common Stock Held in Treasury at Cost
Beginning balance
(8,197)(19,721)(9,767)(18,727)
Share-based award activity
17 56 1,037 844 
Repurchases of common stock and employee tax withholdings
(3,018)(28)(5,600)(1,810)
Issuance of common stock for the acquisition of Eaton Vance— — 3,132 — 
Ending balance
(11,198)(19,693)(11,198)(19,693)
Common Stock Issued to Employee Stock Trusts
Beginning balance
(3,861)(3,088)(3,043)(2,918)
Share-based award activity
93 70 (725)(100)
Ending balance
(3,768)(3,018)(3,768)(3,018)
Noncontrolling Interests
Beginning balance
1,329 1,368 1,368 1,148 
Net income applicable to noncontrolling interests1 40 49 122 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests1 (87)(60)51 
Other net increases (decreases)
(39)43 (65)43 
Ending balance
1,292 1,364 1,292 1,364 
Total Equity
$108,162 $88,009 $108,162 $88,009 
1.See Notes 2 and 18 in the 2020 Form 10-K for further information regarding cumulative adjustments for accounting changes.
2.See Note 17 for information regarding dividends per share for each class of stock.
June 2021 Form 10-Q
38
See Notes to Consolidated Financial Statements
Consolidated Cash Flow Statements
(Unaudited)
ms-20210630_g1.jpg

 
Six Months Ended
June 30,
$ in millions20212020
Cash flows from operating activities
Net income$7,680 $5,016 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense1,136 548 
Depreciation and amortization1,944 1,510 
Provision for credit losses(25)646 
Other operating adjustments(165)599 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(1,526)17,539 
Securities borrowed(14,312)(285)
Securities loaned1,843 1,987 
Customer and other receivables and other assets(2,360)(7,789)
Customer and other payables and other liabilities9,917 (1,005)
Securities purchased under agreements to resell20,304 (8,388)
Securities sold under agreements to repurchase7,058 (3,352)
Net cash provided by (used for) operating activities31,494 7,026 
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software, net(1,039)(782)
Changes in loans, net(17,426)(8,700)
Investment securities:
Purchases(40,125)(33,195)
Proceeds from sales17,546 3,581 
Proceeds from paydowns and maturities24,479 5,616 
Cash paid as part of the Eaton Vance acquisition, net of cash acquired(2,648)— 
Other investing activities(231)(138)
Net cash provided by (used for) investing activities(19,444)(33,618)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings(1,107)332 
Deposits9,643 46,287 
Proceeds from issuance of Borrowings49,100 32,914 
Payments for:
Borrowings(40,300)(24,632)
Repurchases of common stock and employee tax withholdings(5,600)(1,810)
Cash dividends(1,501)(1,328)
Other financing activities(186)(164)
Net cash provided by (used for) financing activities10,049 51,599 
Effect of exchange rate changes on cash and cash equivalents(1,273)(902)
Net increase (decrease) in cash and cash equivalents20,826 24,105 
Cash and cash equivalents, at beginning of period105,654 82,171 
Cash and cash equivalents, at end of period$126,480 $106,276 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$881 $2,742 
Income taxes, net of refunds2,033 679 
See Notes to Consolidated Financial Statements
39
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations,
endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The financial statements reflect the effects of the following reclassifications to prior period amounts. The Provision for credit losses for loans and lending commitments is presented as a separate line in the income statements. Previously, the provision for credit losses for loans was included in Other revenues, and the provision for credit losses for lending commitments was included in Other expenses. In addition, economic hedges of certain held-for-sale and held-for-investment loans, which were previously reported in Trading revenues, are reported in Other revenues.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2020 Form 10-K. Certain footnote disclosures included in the 2020 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 15). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is
June 2021 Form 10-Q
40
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
presented as Net income applicable to noncontrolling interests in the income statements. The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as noncontrolling interests, a component of Total equity, in the balance sheets.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2020 Form 10-K.
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2020 Form 10-K.
During the six months ended June 30, 2021 (“current year period”), there were no significant updates to the Firm’s significant accounting policies, other than as described below and in Note 1 to the financial statements.
The Firm’s acquisition of Eaton Vance Corp. (“Eaton Vance”) on March 1, 2021 added indefinite lived intangible assets to the Firm’s balance sheet. Indefinite lived intangible assets are not amortized but are tested for impairment on an annual basis and on an interim basis when certain events or circumstances exist. For both the annual and interim tests, the Firm has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the asset is impaired, in which case the quantitative test would be performed.
3. Acquisitions
Acquisition of Eaton Vance
On March 1, 2021, the Firm completed the acquisition of 100% of Eaton Vance in a stock and cash transaction, which increases the scale and breadth of the Investment Management business segment. Total consideration for the transaction was approximately $8.7 billion, which consists of the $5.3 billion fair value of 69 million common shares issued from Common stock held in treasury and cash of approximately $3.4 billion.
Upon acquisition, the assets and liabilities of Eaton Vance were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not limited to, forecasted future cash flows, revenue growth rates, attrition rates and discount rates.
Eaton Vance Purchase Price Allocation
$ in millionsAt
March 1,
2021
Assets
Cash and cash equivalents$691 
Trading assets at fair value:
Loans and lending commitments445 
Investments 299 
Corporate and other debt52 
Customer and other receivables331 
Goodwill5,270 
Intangible assets3,956 
Other assets836 
Total assets$11,880 
Liabilities
Other secured financings$399 
Other liabilities and accrued expenses2,147 
Borrowings678 
Total liabilities$3,224 
Acquired Intangible Assets
$ in millionsWeighted
average life
(years)		At
March 1,
2021
Non-amortizable
Management contractsindefinite$2,120 
Amortizable
Customer relationships161,455 
Tradenames23221 
Management contracts16160 
Total acquired Intangible assets$3,956 
Eaton Vance Results Included in the Firm’s Consolidated Results
$ in millionsThree Months Ended
June 30, 2021
Six Months Ended
June 30, 20211
Net revenues$535 $709 
Net income 119 150 
1.Reflects Eaton Vance results from March 1, 2021 through June 30, 2021.
Morgan Stanley and Eaton Vance Proforma Combined Financial Information
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
20211
202020212020
Net revenues$14,759 $14,076 $30,774 $24,241 
Net income 3,512 3,282 7,780 4,691 
1.Amounts are the same as those presented in the Consolidated Income Statement for the current quarter.

The proforma financial information presented in the previous table was computed by combining the historical financial information of the Firm and Eaton Vance along with the effects of the acquisition method of accounting for business combinations as though the companies were combined on January 1, 2020.
The proforma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual Net revenues and Net income would
41
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
have been had the companies actually been combined as of this date.
4. Cash and Cash Equivalents
Cash and cash equivalents consist of Cash and due from banks and Interest bearing deposits with banks. Cash equivalents are highly liquid investments with remaining maturities of three months or less from the acquisition date that are readily convertible to cash and are not held for trading purposes.
$ in millions
At
June 30,
2021 		At
December 31,
2020
Cash and due from banks$8,943 $9,792 
Interest bearing deposits with banks117,537 95,862 
Total Cash and cash equivalents$126,480 $105,654 
Restricted cash$41,203 $38,202 
Cash and cash equivalents also include Restricted cash such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations.
5. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At June 30, 2021
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$48,097 $28,134 $25 $— $76,256 
Other sovereign government obligations32,496 5,020 78 — 37,594 
State and municipal securities— 2,002 4 — 2,006 
MABS— 1,424 357 — 1,781 
Loans and lending commitments2
— 10,249 4,896 — 15,145 
Corporate and other debt— 31,781 1,801 — 33,582 
Corporate equities3
104,834 508 150 — 105,492 
Derivative and other contracts:
Interest rate1,805 174,122 1,241 — 177,168 
Credit— 7,673 636 — 8,309 
Foreign exchange41 70,710 95 — 70,846 
Equity1,051 68,919 387 — 70,357 
Commodity and other4,932 17,576 2,557 — 25,065 
Netting1
(6,406)(250,928)(975)(52,481)(310,790)
Total derivative and other contracts1,423 88,072 3,941 (52,481)40,955 
Investments4
638 571 978 — 2,187 
Physical commodities— 2,106 — — 2,106 
Total trading assets4
187,488 169,867 12,230 (52,481)317,104 
Investment securities—AFS46,234 46,988 — — 93,222 
Securities purchased under agreements to resell— 10 — — 10 
Total assets at fair value$233,722 $216,865 $12,230 $(52,481)$410,336 
At June 30, 2021
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $2,586 $86 $— $2,672 
Trading liabilities:
U.S. Treasury and agency securities14,504 377 — — 14,881 
Other sovereign government obligations27,980 2,030 — — 30,010 
Corporate and other debt— 12,367 9 — 12,376 
Corporate equities3
73,195 471 50 — 73,716 
Derivative and other contracts:
Interest rate1,855 158,946 573 — 161,374 
Credit— 8,354 839 — 9,193 
Foreign exchange32 66,144 62 — 66,238 
Equity1,274 79,795 1,224 — 82,293 
Commodity and other4,750 16,103 1,127 — 21,980 
Netting1
(6,406)(250,928)(975)(44,678)(302,987)
Total derivative and other contracts1,505 78,414 2,850 (44,678)38,091 
Total trading liabilities117,184 93,659 2,909 (44,678)169,074 
Securities sold under agreements to repurchase— 579 449 — 1,028 
Other secured financings— 6,173 401 — 6,574 
Borrowings— 73,533 1,975 — 75,508 
Total liabilities at fair value$117,184 $176,530 $5,820 $(44,678)$254,856 
 At December 31, 2020
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$43,084 $31,524 $9 $— $74,617 
Other sovereign government obligations26,174 5,048 268 — 31,490 
State and municipal securities— 1,135 — — 1,135 
MABS— 1,070 322 — 1,392 
Loans and lending commitments2
— 5,389 5,759 — 11,148 
Corporate and other debt— 30,093 3,435 — 33,528 
Corporate equities3
111,575 1,142 86 — 112,803 
Derivative and other contracts:
Interest rate4,458 227,818 1,210 — 233,486 
Credit— 6,840 701 — 7,541 
Foreign exchange29 93,770 260 — 94,059 
Equity1,132 65,943 1,369 — 68,444 
Commodity and other1,818 10,108 2,723 — 14,649 
Netting1
(5,488)(310,534)(1,351)(62,956)(380,329)
Total derivative and other contracts1,949 93,945 4,912 (62,956)37,850 
Investments4
624 234 828 — 1,686 
Physical commodities— 3,260 — — 3,260 
Total trading assets4
183,406 172,840 15,619 (62,956)308,909 
Investment securities—AFS46,354 61,225 2,804 — 110,383 
Securities purchased under agreements to resell— 12 3 — 15 
Total assets at fair value$229,760 $234,077 $18,426 $(62,956)$419,307 
June 2021 Form 10-Q
42
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
At December 31, 2020
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $3,395 $126 $— $3,521 
Trading liabilities:
U.S. Treasury and agency securities10,204 1 — — 10,205 
Other sovereign government obligations24,209 1,738 16 — 25,963 
Corporate and other debt— 8,468 — — 8,468 
Corporate equities3
67,822 172 63 — 68,057 
Derivative and other contracts:
Interest rate4,789 213,321 528 — 218,638 
Credit— 7,500 652 — 8,152 
Foreign exchange11 94,698 199 — 94,908 
Equity1,245 81,683 3,600 — 86,528 
Commodity and other1,758 9,418 1,014 — 12,190 
Netting1
(5,488)(310,534)(1,351)(58,105)(375,478)
Total derivative and other contracts2,315 96,086 4,642 (58,105)44,938 
Total trading liabilities104,550 106,465 4,721 (58,105)157,631 
Securities sold under agreements to repurchase— 671 444 — 1,115 
Other secured financings— 11,185 516 — 11,701 
Borrowings— 69,327 4,374 — 73,701 
Total liabilities at fair value$104,550 $191,043 $10,181 $(58,105)$247,669 
MABS—Mortgage- and asset-backed securities
1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 7.
2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
Detail of Loans and Lending Commitments at Fair Value
$ in millionsAt
June 30,
2021		At
December 31,
2020
Corporate$13$13
Secured lending facilities666648
Commercial Real Estate2,441916
Residential Real Estate1,8292,145
Securities-based lending and Other loans10,1967,426
Total$15,145$11,148
Unsettled Fair Value of Futures Contracts1
$ in millions
At
June 30,
2021		At
December 31,
2020
Customer and other receivables, net$323 $434 
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 5 to the financial statements in the 2020 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
U.S. Treasury and agency securities
Beginning balance$12 $99 $9 $22 
Realized and unrealized gains (losses)44 (3)59 (20)
Purchases22 81 25 108 
Sales(68)(38)(68)(23)
Net transfers15 (42)— 10 
Ending balance$25 $97 $25 $97 
Unrealized gains (losses)$44 $(1)$58 $(21)
Other sovereign government obligations
Beginning balance$17 $17 $268 $5 
Realized and unrealized gains (losses)— (1)— — 
Purchases75 — 76 9 
Sales(16)(3)(260)(4)
Net transfers2 (2)(6)1 
Ending balance$78 $11 $78 $11 
Unrealized gains (losses)$— $(1)$— $— 
State and municipal securities
Beginning balance$— $1 $— $1 
Purchases4 — 4 — 
Net transfers— (1)— (1)
Ending balance$4 $— $4 $— 
Unrealized gains (losses)$— $— $— $— 
MABS
Beginning balance$374 $483 $322 $438 
Realized and unrealized gains (losses)8 11 59 (62)
Purchases21 274 128 384 
Sales(58)(401)(123)(418)
Net transfers12 12 (29)37 
Ending balance$357 $379 $357 $379 
Unrealized gains (losses)$6 $8 $1 $(60)
Loans and lending commitments
Beginning balance$5,045 $5,980 $5,759 $5,073 
Realized and unrealized gains (losses)22 (2)3 (119)
Purchases and originations1,527 808 2,673 1,160 
Sales(1,438)(672)(2,569)(755)
Settlements(712)(901)(933)(1,508)
Net transfers1
452 (1,145)(37)217 
Ending balance$4,896 $4,068 $4,896 $4,068 
Unrealized gains (losses)$38 $5 $9 $(116)
Corporate and other debt
Beginning balance$3,319 $1,708 $3,435 $1,396 
Realized and unrealized gains (losses)207 55 135 (87)
Purchases and originations883 2,859 1,413 2,522 
Sales(908)(1,726)(1,087)(861)
Settlements— (232)— (311)
Net transfers2
(1,700)22 (2,095)27 
Ending balance$1,801 $2,686 $1,801 $2,686 
Unrealized gains (losses)$264 $46 $248 $(92)
43
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Corporate equities
Beginning balance$114 $146 $86 $97 
Realized and unrealized gains (losses)12 (12)26 (100)
Purchases25 13 50 24 
Sales(36)(25)(38)(127)
Net transfers35 (39)26 189 
Ending balance$150 $83 $150 $83 
Unrealized gains (losses)$15 $(9)$28 $(91)
Investments
Beginning balance$924 $725 $828 $858 
Realized and unrealized gains (losses)47 (23)107 (49)
Purchases28 14 92 17 
Sales(9)(11)(24)(20)
Net transfers(12)54 (25)(47)
Ending balance$978 $759 $978 $759 
Unrealized gains (losses)$47 $(22)$94 $(50)
Investment securities —AFS
Beginning balance$127 $— $2,804 $— 
Realized and unrealized gains (losses)— — (4)— 
Sales(11)— (203)— 
Net transfers3
(116)— (2,597)— 
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
Securities purchased under agreements to resell
Beginning balance$— $— $3 $— 
Net transfers— — (3)— 
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
Net derivatives: Interest rate
Beginning balance$691 $873 $682 $777 
Realized and unrealized gains (losses)(43)(126)(388)70 
Purchases41 11 57 129 
Issuances(52)(24)(66)(27)
Settlements18 (12)103 (26)
Net transfers13 38 280 (163)
Ending balance$668 $760 $668 $760 
Unrealized gains (losses)$(40)$(160)$(370)$27 
Net derivatives: Credit
Beginning balance$(82)$198 $49 $124 
Realized and unrealized gains (losses)(88)(74)(75)(60)
Purchases17 13 25 44 
Issuances(24)(22)(38)(39)
Settlements36 54 (60)102 
Net transfers(62)(38)(104)(40)
Ending balance$(203)$131 $(203)$131 
Unrealized gains (losses)$(76)$(143)$(75)$(63)
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Net derivatives: Foreign exchange
Beginning balance$(110)$(150)$61 $(31)
Realized and unrealized gains (losses)96 122 (26)94 
Purchases2 — 4 3 
Issuances— — (2)(9)
Settlements1 2 (67)(11)
Net transfers44 43 63 (29)
Ending balance$33 $17 $33 $17 
Unrealized gains (losses)$(49)$44 $25 $35 
Net derivatives: Equity
Beginning balance$(2,117)$(1,376)$(2,231)$(1,684)
Realized and unrealized gains (losses)283 (135)344 181 
Purchases28 149 71 237 
Issuances(143)(391)(461)(595)
Settlements105 10 5 (52)
Net transfers2
1,007 (141)1,435 29 
Ending balance$(837)$(1,884)$(837)$(1,884)
Unrealized gains (losses)$(36)$(156)$(25)$(4)
Net derivatives: Commodity and other
Beginning balance$1,944 $1,849 $1,709 $1,612 
Realized and unrealized gains (losses)122 338 348 448 
Purchases— 3 10 21 
Issuances— (2)(13)(17)
Settlements(170)(119)(222)7 
Net transfers(466)18 (402)16 
Ending balance$1,430 $2,087 $1,430 $2,087 
Unrealized gains (losses)$(63)$182 $69 $257 
Deposits
Beginning balance$177 $117 $126 $179 
Realized and unrealized losses (gains)4 6 2 3 
Settlements(2)(4)(2)(9)
Net transfers(93)(29)(40)(83)
Ending balance$86 $90 $86 $90 
Unrealized losses (gains)$4 $7 $2 $3 
Nonderivative trading liabilities
Beginning balance$62 $64 $79 $37 
Realized and unrealized losses (gains)(4)5 4 (10)
Purchases(38)(42)(43)(45)
Sales16 24 16 22 
Settlements— — — 3 
Net transfers23 23 3 67 
Ending balance$59 $74 $59 $74 
Unrealized losses (gains)$(2)$5 $4 $(10)
Securities sold under agreements to repurchase
Beginning balance$441 $— $444 $— 
Realized and unrealized losses (gains)8 (31)6 (31)
Issuances— 471 — 471 
Net transfers— — (1)— 
Ending balance$449 $440 $449 $440 
Unrealized losses (gains)$8 $(31)$6 $(31)
June 2021 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Other secured financings
Beginning balance$555 $389 $516 $109 
Realized and unrealized losses (gains)9 — 4 (12)
Issuances37 5 407 7 
Settlements(176)(88)(498)(203)
Net transfers(24)(6)(28)399 
Ending balance$401 $300 $401 $300 
Unrealized losses (gains)$10 $— $4 $(12)
Borrowings
Beginning balance$4,262 $3,998 $4,374 $4,088 
Realized and unrealized losses (gains)125 500 36 (202)
Issuances146 385 276 766 
Settlements(217)(92)(326)(283)
Net transfers2
(2,341)(656)(2,385)(234)
Ending balance$1,975 $4,135 $1,975 $4,135 
Unrealized losses (gains)$121 $496 $29 $(200)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA(4)281 (8)(125)
1.Net transfers in the prior year periods reflect the largely offsetting impacts of the transfer in of $857 million of equity margin loans in the first quarter of the prior year and transfers out of $707 million of equity margin loans in the prior year quarter. The loans were transferred into Level 3 in the first quarter of the prior year as the significance of the margin loan rate input increased as a result of reduced liquidity, and transferred out of Level 3 in the prior year quarter as liquidity conditions improved, reducing the significance of the input.
2.Net transfers from Level 3 to Level 2 in the current quarter reflect $2.0 billion of Corporate and Other Debt, $1.0 billion of net Equity derivatives, and $2.2 billion of Borrowings as the unobservable inputs were not significant to the overall fair value measurements as of June 30, 2021.
3.Net transfers in the current year period also reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs.
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statements.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.

Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt June 30, 2021At December 31, 2020
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$78 $268 
Comparable pricing:
Bond price
132 to 153 points (143 points)
106 points
MABS$357 $322 
Comparable pricing:
Bond price
0 to 81 points (55 points)
0 to 80 points (50 points)
Loans and lending
commitments		$4,896 $5,759 
Margin loan model:
Margin loan rate
0% to 4% (2%)
1% to 5% (3%)
Comparable pricing:
Loan price
75 to 101 points (98 points)
75 to 102 points (93 points)
Corporate and
other debt		$1,801 $3,435 
Comparable pricing:
Bond price
90 to 102 points (98 points)
10 to 133 points (101 points)
Discounted cash flow:
Recovery rate
40% to 62% (46% / 40%)
40% to 62% (46% / 40%)
Option model:
Equity volatility
37% to 47% (41%)
18% to 21% (19%)
Corporate equities$150 $86 
Comparable pricing:
Equity price
100%
100%
Investments$978 $828 
Discounted cash flow:
WACC
10% to 16% (15%)
8% to 18% (15%)
Exit multiple
8 to 17 times (12 times)
7 to 17 times (12 times)
Market approach:
EBITDA multiple
8 to 40 times (10 times)
8 to 32 times (11 times)
Comparable pricing:
Equity price
43% to 100% (99%)
45% to 100% (99%)
Investment securities —AFS$— $2,804 
Comparable pricing:
Bond priceN/A
97 to 107 points (101 points)
Net derivative and other contracts:
Interest rate$668 $682 
Option model:
IR volatility skew
25% to 104% (60% / 59%)
0% to 349% (62% / 59%)
IR curve correlation
69% to 98% (84% / 83%)
54% to 99% (87% / 89%)
Bond volatility
4% to 25% (10% / 6%)
6% to 24% (13% / 13%)
Inflation volatility
25% to 66% (45% / 43%)
25% to 66% (45% / 43%)
IR curve
1% to 2% (2%)
1%
45
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Balance / Range (Average1)
$ in millions, except inputsAt June 30, 2021At December 31, 2020
Credit$(203)$49 
Credit default swap model:
Cash-synthetic basis
7 points
7 points
Bond price
0 to 85 points (46 points)
0 to 85 points (47 points)
Credit spread
14 to 474 bps (90 bps)
20 to 435 bps (74 bps)
Funding spread
21 to 95 bps (62 bps)
65 to 118 bps (86 bps)
Correlation model:
Credit correlation
26% to 42% (29%)
27% to 44% (32%)
Foreign exchange2
$33 $61 
Option model:
IR - FX correlation
53% to 57% (55% 55%)
55% to 59% (56% / 56%)
IR volatility skew
25% to 104% (60% / 59%)
0% to 349% (62% / 59%)
IR curve
6% to 7% (7% / 7%)
6% to 8% (7% / 8%)
Foreign exchange volatility skew
 -6% to -3% (-5% / -5%)
 -22% to 28% (3% / 1%)
Contingency probability
95%
50% to 95% (83% / 93%)
Equity2
$(837)$(2,231)
Option model:
Equity volatility
5% to 91% (23%)
16% to 97% (43%)
Equity volatility skew
 -3% to 0% (-1%)
 -3% to 0% (-1%)
Equity correlation
35% to 98% (68%)
24% to 96% (74%)
FX correlation
 -85% to 65% (-35%)
 -79% to 60% (-16%)
IR correlation
 15% to 40% (38%)
 -13% to 47% (21% / 20%)
Commodity and other$1,430 $1,709 
Option model:
Forward power price
$-1 to $258 ($33) per MWh
$-1 to $157 ($28) per MWh
Commodity volatility
8% to 176% (19%)
8% to 183% (19%)
Cross-commodity correlation
43% to 100% (94%)
43% to 99% (92%)
Liabilities Measured at Fair Value on a Recurring Basis
Deposits$86 $126 
Option model:
Equity volatility
7%
7% to 22% (8%)
 Nonderivative trading liabilities
—Corporate equities		$50 $63 
Comparable pricing:
Equity price
100%
100%
Securities sold under agreements to repurchase$449 $444 
Discounted cash flow:
Funding spread
100 to 116 bps (111 bps)
107 to 127 bps (115 bps)
Other secured financings$401 $516 
Discounted cash flow:
Funding spreadN/A
111 bps (111 bps)
Comparable pricing:
Loan price
30 to 101 points (82 points)
30 to 101 points (56 points)
Balance / Range (Average1)
$ in millions, except inputsAt June 30, 2021At December 31, 2020
Borrowings$1,975 $4,374 
Option model:
Equity volatility
 7% to 61% (17%)
6% to 66% (23%)
Equity volatility skew
 -1% to 0% (0%)
 -2% to 0% (0%)
Equity correlation
39% to 95% (81%)
37% to 95% (78%)
Equity - FX correlation
 -32% to 10% (-23%)
 -72% to 13% (-24%)
IR FX Correlation
 -28% to 7% (-5% / -5%)
 -28% to 6% (-6% / -6%)
Discounted cash flow:
Recovery rate
40% to 62% (46% / 40%)
N/M
Nonrecurring Fair Value Measurement
Loans$1,202 $3,134 
Corporate loan model:
Credit spread
45 to 526 bps (237 bps)
36 to 636 bps (336 bps)
Comparable pricing:
Loan price
40 to 88 points (76 points)
N/M
Warehouse model:
Credit spread
217 to 309 bps (291 bps)
200 to 413 bps (368 bps)
Comparable pricing:
Bond PriceN/A
88 to 99 bps (94 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).
The previous tables provide information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 5 to the financial statements in the 2020 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
June 2021 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Net Asset Value Measurements
Fund Interests
 
At June 30, 2021At December 31, 2020
$ in millions
Carrying
Value
Commitment
Carrying
Value
Commitment
Private equity$2,448 $576 $2,367 $644 
Real estate1,518 216 1,403 136 
Hedge1
75 3 59 — 
Total$4,041 $795 $3,829 $780 
1.Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively.
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 5 to the financial statements in the 2020 Form 10-K.
See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 20 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
 
Carrying Value at June 30, 2021
$ in millions
Private Equity
Real Estate
Less than 5 years$1,148 $434 
5-10 years1,087 401 
Over 10 years213 683 
Total$2,448 $1,518 
Nonrecurring Fair Value Measurements
Carrying and Fair Values
 
At June 30, 2021
 
Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$3,787 $1,202 $4,989 
Other assets—Other investments— 79 79 
Total$3,787 $1,281 $5,068 
Liabilities
Other liabilities and accrued expenses—Lending commitments$154 $69 $223 
Total$154 $69 $223 
 
At December 31, 2020
 
Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$2,566 $3,134 $5,700 
Other assets—Other investments$— $16 $16 
Other assets—ROU assets21 — 21 
Total$2,587 $3,150 $5,737 
Liabilities
Other liabilities and accrued expenses—Lending commitments$193 $72 $265 
Total$193 $72 $265 
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
Gains (Losses) from Fair Value Remeasurements1
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Assets
Loans2
$(38)$(13)$(55)$(488)
Goodwill— — (8)— 
Intangibles(1)— (3)— 
Other assets—Other investments3
(2)(52)(53)(52)
Other assets—Premises, equipment and software4
(2)(3)(4)(6)
Total$(43)$(68)$(123)$(546)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$5 $130 $40 $(88)
Total$5 $130 $40 $(88)
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
2.Nonrecurring changes in the fair value of loans and lending commitments were calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
47
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Financial Instruments Not Measured at Fair Value
 At June 30, 2021
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$126,480 $126,480 $— $— $126,480 
Investment securities—HTM82,120 30,623 51,282 972 82,877 
Securities purchased under agreements to resell95,920 — 94,399 1,526 95,925 
Securities borrowed126,703 — 126,703 — 126,703 
Customer and other receivables97,370 — 94,071 3,218 97,289 
Loans1
166,059 — 21,535 145,503 167,038 
Other assets504 — 504 — 504 
Financial liabilities
Deposits$317,686 $— $318,107 $— $318,107 
Securities sold under agreements to repurchase56,617 — 56,666 — 56,666 
Securities loaned9,574 — 9,575 — 9,575 
Other secured financings4,658 — 4,661 — 4,661 
Customer and other payables233,810 — 233,810 — 233,810 
Borrowings148,634 — 155,115 5 155,120 
 Commitment
Amount
Lending commitments2
$137,508 $— $680 $406 $1,086 
 At December 31, 2020
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$105,654 $105,654 $— $— $105,654 
Investment securities—HTM71,771 31,239 42,281 900 74,420 
Securities purchased under agreements to resell116,219 — 114,046 2,173 116,219 
Securities borrowed112,391 — 112,392 — 112,392 
Customer and other receivables92,907 — 89,832 3,041 92,873 
Loans1
150,597 — 16,635 135,277 151,912 
Other assets485 — 485 — 485 
Financial liabilities
Deposits$307,261 $— $307,807 $— $307,807 
Securities sold under agreements to repurchase49,472 — 49,315 195 49,510 
Securities loaned7,731 — 7,731 — 7,731 
Other secured financings4,162 — 4,162 — 4,162 
Customer and other payables224,951 — 224,951 — 224,951 
Borrowings143,378 — 150,824 5 150,829 
 Commitment
Amount
Lending commitments2
$125,498 $— $709 $395 $1,104 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 14.
The previous tables exclude all non-financial assets and liabilities, such as the value of the long-term relationships with the Firm’s deposit customers, and certain financial instruments such as equity method investments and certain receivables.
6. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millions
At
June 30,
2021		At
December 31,
2020
Business Unit Responsible for Risk Management
Equity$35,924 $33,952 
Interest rates29,684 31,222 
Commodities6,373 5,078 
Credit1,211 1,344 
Foreign exchange2,316 2,105 
Total$75,508 $73,701 
Net Revenues from Borrowings under the Fair Value Option
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Trading revenues$(2,931)$(3,439)$(446)$8 
Interest expense84 81 157 164 
Net revenues1
$(3,015)$(3,520)$(603)$(156)
1.Amounts do not reflect any gains or losses from related economic hedges.
Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.
Gains (Losses) Due to Changes in Instrument-Specific Credit Risk
 Three Months Ended June 30,
 20212020
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other debt1
$95 $— $(40)$— 
Lending commitments1 — (1)— 
Deposits— 10 — (63)
Borrowings(10)237 (1)(3,237)

June 2021 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 Six Months Ended June 30,
 20212020
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other debt1
$253 $— $(239)$— 
Lending commitments1 — 1 — 
Deposits— 9 — 9 
Borrowings(27)422 (6)1,711 
$ in millions
At
June 30,
2021		At
December 31,
2020
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(2,926)$(3,357)
1.Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
June 30,
2021		At
December 31,
2020
Loans and other debt2
$13,124 $14,042 
Nonaccrual loans2
10,883 11,551 
Borrowings3
(2,298)(3,773)
1.Amounts indicate contractual principal greater than or (less than) fair value.
2.The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par.
3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.
The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.
Fair Value Loans on Nonaccrual Status
$ in millions
At
June 30,
2021		At
December 31,
2020
Nonaccrual loans$770 $1,407 
Nonaccrual loans 90 or more days past due
$203 $239 
7. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 
Assets at June 30, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$654 $11 $— $665 
Foreign exchange219 18 — 237 
Total873 29 — 902 
Not designated as accounting hedges
Economic loan hedges
Credit1 16 — 17 
Other derivatives
Interest rate168,475 7,702 326 176,503 
Credit5,356 2,936 — 8,292 
Foreign exchange69,108 1,425 76 70,609 
Equity32,308 — 38,049 70,357 
Commodity and other18,601 — 6,464 25,065 
Total293,849 12,079 44,915 350,843 
Total gross derivatives$294,722 $12,108 $44,915 $351,745 
Amounts offset
Counterparty netting(212,181)(10,000)(41,074)(263,255)
Cash collateral netting(45,922)(1,613)— (47,535)
Total in Trading assets$36,619 $495 $3,841 $40,955 
Amounts not offset1
Financial instruments collateral(12,680)— — (12,680)
Net amounts$23,939 $495 $3,841 $28,275 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$4,132 
 
Liabilities at June 30, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $5 $— $5 
Foreign exchange5 15 — 20 
Total5 20 — 25 
Not designated as accounting hedges
Economic loan hedges
Credit15 246 — 261 
Other derivatives
Interest rate154,804 6,154 411 161,369 
Credit5,428 3,504 — 8,932 
Foreign exchange64,788 1,333 97 66,218 
Equity43,053 — 39,240 82,293 
Commodity and other15,510 — 6,470 21,980 
Total283,598 11,237 46,218 341,053 
Total gross derivatives$283,603 $11,257 $46,218 $341,078 
Amounts offset
Counterparty netting(212,181)(10,000)(41,074)(263,255)
Cash collateral netting(38,774)(958)— (39,732)
Total in Trading liabilities$32,648 $299 $5,144 $38,091 
Amounts not offset1
Financial instruments collateral(6,634)— (1,103)(7,737)
Net amounts$26,014 $299 $4,041 $30,354 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable7,394 
June 2021 Form 10-Q
49
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 Assets at December 31, 2020
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$946 $2 $— $948 
Foreign exchange5 2 — 7 
Total951 4 — 955 
Not designated as accounting hedges
Economic loan hedges
Credit1
2 51 — 53 
Other derivatives
Interest rate221,895 10,343 300 232,538 
Credit1
5,341 2,147 — 7,488 
Foreign exchange92,334 1,639 79 94,052 
Equity34,278 — 34,166 68,444 
Commodity and other11,095 — 3,554 14,649 
Total364,945 14,180 38,099 417,224 
Total gross derivatives$365,896 $14,184 $38,099 $418,179 
Amounts offset
Counterparty netting(276,682)(11,601)(35,260)(323,543)
Cash collateral netting(54,921)(1,865)— (56,786)
Total in Trading assets$34,293 $718 $2,839 $37,850 
Amounts not offset2
Financial instruments collateral(13,319)— — (13,319)
Other cash collateral(391)— — (391)
Net amounts$20,583 $718 $2,839 $24,140 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$3,743 
 
Liabilities at December 31, 2020
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $19 $— $19 
Foreign exchange291 99 — 390 
Total291 118 — 409 
Not designated as accounting hedges
Economic loan hedges
Credit1
18 177 — 195 
Other derivatives
Interest rate210,015 7,965 639 218,619 
Credit1
5,275 2,682 — 7,957 
Foreign exchange92,975 1,500 43 94,518 
Equity49,943 — 36,585 86,528 
Commodity and other8,831 — 3,359 12,190 
Total367,057 12,324 40,626 420,007 
Total gross derivatives$367,348 $12,442 $40,626 $420,416 
Amounts offset
Counterparty netting(276,682)(11,601)(35,260)(323,543)
Cash collateral netting(51,112)(823)— (51,935)
Total in Trading liabilities$39,554 $18 $5,366 $44,938 
Amounts not offset2
Financial instruments collateral(10,598)— (1,520)(12,118)
Other cash collateral(62)(3)— (65)
Net amounts$28,894 $15 $3,846 $32,755 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$6,746 
1.Certain prior period amounts have been reclassified to conform to the current presentation.
2.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 5 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
Notionals of Derivative Contracts
 
Assets at June 30, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$4 $109 $— $113 
Foreign exchange13 2 — 15 
Total17 111 — 128 
Not designated as accounting hedges
Economic loan hedges
Credit— — — — 
Other derivatives
Interest rate4,095 7,338 576 12,009 
Credit188 107 — 295 
Foreign exchange3,494 97 12 3,603 
Equity483 — 410 893 
Commodity and other128 — 77 205 
Total8,388 7,542 1,075 17,005 
Total gross derivatives$8,405 $7,653 $1,075 $17,133 
 
Liabilities at June 30, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $90 $— $90 
Foreign exchange1 1 — 2 
Total1 91 — 92 
Not designated as accounting hedges
Economic loan hedges
Credit— 7 — 7 
Other derivatives
Interest rate4,084 7,156 523 11,763 
Credit197 113 — 310 
Foreign exchange3,425 90 23 3,538 
Equity535 — 766 1,301 
Commodity and other118 — 76 194 
Total8,359 7,366 1,388 17,113 
Total gross derivatives$8,360 $7,457 $1,388 $17,205 
 
Assets at December 31, 2020
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$6 $123 $— $129 
Foreign exchange2 — — 2 
Total8 123 — 131 
Not designated as accounting hedges
Economic loan hedges
Credit1
— 1 — 1 
Other derivatives
Interest rate3,847 6,946 409 11,202 
Credit1
140 87 — 227 
Foreign exchange3,046 103 10 3,159 
Equity444 — 367 811 
Commodity and other107 — 68 175 
Total7,584 7,137 854 15,575 
Total gross derivatives$7,592 $7,260 $854 $15,706 
June 2021 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 
Liabilities at December 31, 2020
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $80 $— $80 
Foreign exchange11 3 — 14 
Total11 83 — 94 
Not designated as accounting hedges
Economic loan hedges
Credit1
1 5 — 6 
Other derivatives
Interest rate4,000 6,915 511 11,426 
Credit1
142 93 — 235 
Foreign exchange3,180 102 11 3,293 
Equity474 — 591 1,065 
Commodity and other93 — 68 161 
Total7,890 7,115 1,181 16,186 
Total gross derivatives$7,901 $7,198 $1,181 $16,280 
1.Certain prior period amounts have been reclassified to conform to the current presentation.
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 7 to the financial statements in the 2020 Form 10-K.
Gains (Losses) on Accounting Hedges
 
Three Months EndedSix Months Ended
June 30,June 30,
$ in millions
2021202020212020
Fair value hedges—Recognized in Interest income
Interest rate contracts$(331)$(16)$500 $(80)
Investment Securities—AFS345 23 (427)89 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$1,238 $245 $(2,870)$6,912 
Deposits22 46 58 (215)
Borrowings(1,270)(327)2,751 (6,759)
Net investment hedges—Foreign exchange contracts
Recognized in OCI
$(106)$(96)$299 $314 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income(14)(8)(13)25 
Fair Value Hedges—Hedged Items 
$ in millions
At
June 30,
2021 		At
December 31,
2020
Investment Securities—AFS
Amortized cost basis currently or previously hedged$18,009 $16,288 
Basis adjustments included in amortized cost1
$(371)$(39)
Deposits
Carrying amount currently or previously hedged
$6,316 $15,059 
Basis adjustments included in carrying amount1
$35 $93 
Borrowings
Carrying amount currently or previously hedged$114,420 $114,349 
Basis adjustments included in carrying amount—Outstanding hedges
$3,799 $6,575 
Basis adjustments included in carrying amount—Terminated hedges
$(757)$(756)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Loan Hedges
 Three Months EndedSix Months Ended
June 30,June 30,
$ in millions2021202020212020
Recognized in Other revenues
Credit contracts1
$(44)$(120)$(149)$135 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Net derivative liabilities with credit risk-related contingent features$20,227 $30,421 
Collateral posted14,954 23,842 
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millions
At
June 30,
2021
One-notch downgrade$227 
Two-notch downgrade328 
Bilateral downgrade agreements included in the amounts above1
$489 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the
51
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 
Years to Maturity at June 30, 2021
$ in billions
< 1
1-3
3-5
Over 5
Total
Single-name CDS
Investment grade$9 $23 $30 $9 $71 
Non-investment grade6 12 16 2 36 
Total$15 $35 $46 $11 $107 
Index and basket CDS
Investment grade$2 $7 $89 $16 $114 
Non-investment grade6 15 37 15 73 
Total$8 $22 $126 $31 $187 
Total CDS sold$23 $57 $172 $42 $294 
Other credit contracts1 — — — 1 
Total credit protection sold$24 $57 $172 $42 $295 
CDS protection sold with identical protection purchased$248 
 
Years to Maturity at December 31, 2020
$ in billions
< 1
1-3
3-5
Over 5
Total
Single-name CDS
Investment grade$9 $19 $32 $9 $69 
Non-investment grade7 10 17 2 36 
Total$16 $29 $49 $11 $105 
Index and basket CDS
Investment grade$2 $5 $39 $14 $60 
Non-investment grade6 9 29 14 58 
Total$8 $14 $68 $28 $118 
Total CDS sold$24 $43 $117 $39 $223 
Other credit contracts— — — — — 
Total credit protection sold$24 $43 $117 $39 $223 
CDS protection sold with identical protection purchased$196 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millions
At
June 30,
2021 		At
December 31,
2020
Single-name CDS
Investment grade$1,495 $1,230 
Non-investment grade147 (22)
Total$1,642 $1,208 
Index and basket CDS
Investment grade$1,331 $843 
Non-investment grade(617)(824)
Total$714 $19 
Total CDS sold$2,356 $1,227 
Other credit contracts(3)(4)
Total credit protection sold$2,353 $1,223 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billions
At
June 30,
2021 		At
December 31,
2020
Single name$118 $116 
Index and basket185 116 
Tranched index and basket15 14 
Total
$318 $246 
Fair Value Asset (Liability)
$ in millions
At
June 30,
2021 		At
December 31,
2020
Single name$(1,906)$(1,452)
Index and basket(999)(57)
Tranched index and basket(335)(329)
Total$(3,240)$(1,838)
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other contracts, see Note 7 to the financial statements in the 2020 Form 10-K.
8. Investment Securities
AFS and HTM Securities
 
At June 30, 2021
$ in millions
Amortized
Cost1
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair 
Value
AFS securities
U.S. Treasury securities$45,594 $654 $38 $46,210 
U.S. agency securities2
28,855 422 136 29,141 
Agency CMBS15,467 424 47 15,844 
State and municipal securities230 31 5 256 
FFELP student loan ABS3
1,769 13 11 1,771 
Total AFS securities91,915 1,544 237 93,222 
HTM securities
U.S. Treasury securities29,429 1,235 40 30,624 
U.S. agency securities2
49,247 306 760 48,793 
Agency CMBS2,513 — 25 2,488 
Non-agency CMBS931 42 1 972 
Total HTM securities82,120 1,583 826 82,877 
Total investment securities$174,035 $3,127 $1,063 $176,099 
June 2021 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 
At December 31, 2020
$ in millions
Amortized
Cost1
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair 
Value
AFS securities
U.S. Treasury securities$45,345 $1,010 $— $46,355 
U.S. agency securities2
37,389 762 25 38,126 
Agency CMBS19,982 465 9 20,438 
Corporate bonds1,694 42 — 1,736 
State and municipal securities1,461 103 1 1,563 
FFELP student loan ABS3
1,735 7 26 1,716 
Other ABS449 — — 449 
Total AFS securities108,055 2,389 61 110,383 
HTM securities
U.S. Treasury securities29,346 1,893 — 31,239 
U.S. agency securities2
38,951 704 8 39,647 
Agency CMBS2,632 4 2 2,634 
Non-agency CMBS842 58 — 900 
Total HTM securities71,771 2,659 10 74,420 
Total investment securities$179,826 $5,048 $71 $184,803 
1.Amounts are net of any ACL.
2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.
3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.
Investment Securities in an Unrealized Loss Position
 
At
June 30,
2021 		At
December 31,
2020
$ in millions
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
U.S. Treasury securities
Less than 12 months$13,017 $38 $151 $— 
Total13,017 38 151 — 
U.S. agency securities
Less than 12 months9,081 135 5,808 22 
12 months or longer793 1 1,168 3 
Total9,874 136 6,976 25 
Agency CMBS
Less than 12 months2,983 47 2,779 9 
12 months or longer28 — 46 — 
Total3,011 47 2,825 9 
Corporate bonds
12 months or longer— — 31 — 
Total— — 31 — 
State and municipal securities
Less than 12 months34 5 86 — 
12 months or longer— — 36 1 
Total34 5 122 1 
FFELP student loan ABS
Less than 12 months87 — — — 
12 months or longer802 11 1,077 26 
Total889 11 1,077 26 
Total AFS securities in an unrealized loss position
Less than 12 months25,202 225 8,824 31 
12 months or longer1,623 12 2,358 30 
Total$26,825 $237 $11,182 $61 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after
performing the analysis described in Note 2 in the 2020 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of June 30, 2021 and December 31, 2020, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at June 30, 2021 and December 31, 2020 reflect an ACL of $28 million and $26 million, respectively, related to Non-agency CMBS. See Note 2 in the 2020 Form 10-K for a description of the ACL methodology used for HTM Securities. As of June 30, 2021, and December 31, 2020, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade.
See Note 15 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, FFELP student loan ABS and other ABS.
Investment Securities by Contractual Maturity
 
At June 30, 2021
$ in millions
Amortized
Cost1
Fair
Value
Annualized
Average
Yield
AFS securities
U.S. Treasury securities:
Due within 1 year$10,079 $10,161 1.4 %
After 1 year through 5 years26,632 27,138 1.3 %
After 5 years through 10 years8,883 8,911 1.2 %
Total45,594 46,210 
U.S. agency securities:
Due within 1 year1 1 1.5 %
After 1 year through 5 years147 149 1.3 %
After 5 years through 10 years1,466 1,504 1.8 %
After 10 years27,241 27,487 1.6 %
Total28,855 29,141 
Agency CMBS:
Due within 1 year240 242 1.8 %
After 1 year through 5 years1,503 1,534 1.6 %
After 5 years through 10 years10,665 11,030 1.6 %
After 10 years3,059 3,038 1.5 %
Total15,467 15,844 
State and municipal securities:
Due within 1 year4 4 1.9 %
After 1 year through 5 years22 22 1.8 %
After 5 years through 10 years30 39 2.3 %
After 10 Years174 191 3.9 %
Total230 256 
FFELP student loan ABS:
Due within 1 year32 31 0.8 %
After 1 year through 5 years188 184 0.9 %
After 5 years through 10 years152 148 0.7 %
After 10 years1,397 1,408 1.1 %
Total1,769 1,771 
Total AFS securities91,915 93,222 1.4 %
53
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 
At June 30, 2021
$ in millions
Amortized
Cost1
Fair
Value
Annualized
Average
Yield
HTM securities
U.S. Treasury securities:
Due within 1 year3,673 3,711 1.9 %
After 1 year through 5 years19,256 19,880 1.7 %
After 5 years through 10 years5,418 5,855 2.4 %
After 10 years1,082 1,178 2.5 %
Total29,429 30,624 
U.S. agency securities:
After 5 years through 10 years546 562 2.0 %
After 10 years48,701 48,231 1.6 %
Total49,247 48,793 
Agency CMBS:
Due within 1 year21 21 2.4 %
After 1 year through 5 years1,358 1,349 1.3 %
After 5 years through 10 years971 958 1.4 %
After 10 years163 160 1.5 %
Total2,513 2,488 
Non-agency CMBS:
Due within 1 year151 151 4.5 %
After 1 year through 5 years65 67 2.7 %
After 5 years through 10 years662 698 3.7 %
After 10 years53 56 3.8 %
Total931 972 
Total HTM securities82,120 82,877 1.7 %
Total investment securities
$174,035 $176,099 1.6 %
1.Amounts are net of any ACL.
Gross Realized Gains (Losses) on Sales of AFS Securities
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Gross realized gains$74 $16 $219 $65 
Gross realized (losses)(16)(6)(27)(14)
Total1
$58 $10 $192 $51 
1.Realized gains and losses are recognized in Other revenues in the income statements.
9. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At June 30, 2021
$ in millions
Gross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$198,942 $(103,012)$95,930 $(93,720)$2,210 
Securities borrowed137,720 (11,017)126,703 (121,432)5,271 
Liabilities
Securities sold under agreements to repurchase$160,657 $(103,012)$57,645 $(48,791)$8,854 
Securities loaned20,591 (11,017)9,574 (9,275)299 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$1,824 
Securities borrowed1,120 
Securities sold under agreements to repurchase8,099 
Securities loaned164 
 At December 31, 2020
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$264,140 $(147,906)$116,234 $(114,108)$2,126 
Securities borrowed124,921 (12,530)112,391 (107,434)4,957 
Liabilities
Securities sold under agreements to repurchase$198,493 $(147,906)$50,587 $(43,960)$6,627 
Securities loaned20,261 (12,530)7,731 (7,430)301 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$1,870 
Securities borrowed596 
Securities sold under agreements to repurchase6,282 
Securities loaned128 
1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
For further discussion of the Firm’s collateralized transactions, see Note 2 and Note 9 to the financial statements in the 2020 Form 10-K. For information related to offsetting of derivatives, see Note 7.
Gross Secured Financing Balances by Remaining Contractual Maturity
 
At June 30, 2021
$ in millions
Overnight and OpenLess than 30 Days30-90 DaysOver 90 Days
Total
Securities sold under agreements to repurchase$53,852 $52,208 $14,459 $40,138 $160,657 
Securities loaned13,432 250 150 6,759 20,591 
Total included in the offsetting disclosure$67,284 $52,458 $14,609 $46,897 $181,248 
Trading liabilities—
Obligation to return securities received as collateral		22,331 — — — 22,331 
Total$89,615 $52,458 $14,609 $46,897 $203,579 
June 2021 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 
At December 31, 2020
$ in millions
Overnight and OpenLess than 30 Days30-90 DaysOver 90 Days
Total
Securities sold under agreements to repurchase$84,349 $60,853 $26,221 $27,070 $198,493 
Securities loaned15,267 247 — 4,747 20,261 
Total included in the offsetting disclosure$99,616 $61,100 $26,221 $31,817 $218,754 
Trading liabilities—
Obligation to return securities received as collateral		16,389 — — — 16,389 
Total$116,005 $61,100 $26,221 $31,817 $235,143 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millions
At
June 30,
2021 		At
December 31,
2020
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$39,247 $94,662 
Other sovereign government obligations85,282 71,140 
Corporate equities26,775 24,692 
Other9,353 7,999 
Total$160,657 $198,493 
Securities loaned
Other sovereign government obligations$1,414 $3,430 
Corporate equities19,079 16,536 
Other98 295 
Total$20,591 $20,261 
Total included in the offsetting disclosure$181,248 $218,754 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$22,312 $16,365 
Other19 24 
Total
$22,331 $16,389 
Total$203,579 $235,143 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millions
At
June 30,
2021 		At
December 31,
2020
Trading assets$35,894 $30,954 
The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral.
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheets.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millions
At
June 30,
2021 		At
December 31,
2020
Collateral received with right to sell or repledge$708,327 $724,818 
Collateral that was sold or repledged1
540,654 523,648 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or for delivery to counterparties to cover short positions.
Securities Segregated for Regulatory Purposes
$ in millions
At
June 30,
2021 		At
December 31,
2020
Segregated securities1
$23,912 $34,106 
1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets.
Customer Margin and Other Lending
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Margin and other lending$72,942 $74,714 
The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheets. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.
For a further discussion of the Firm’s margin lending activities, see Note 9 to the financial statements in the 2020 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on non-bank entities in the Wealth Management business segment.
Other Secured Financings
The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 13.
55
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
10. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 
At June 30, 2021
$ in millions
Loans Held
for Investment
Loans Held
for Sale
Total Loans
Corporate$4,724 $7,098 $11,822 
Secured lending facilities
28,217 3,951 32,168 
Commercial real estate
6,707 583 7,290 
Residential real estate
38,917 47 38,964 
Securities-based lending and Other loans76,468 34 76,502 
Total loans
155,033 11,713 166,746 
ACL(687)(687)
Total loans, net$154,346 $11,713 $166,059 
Fixed rate loans, net$38,968 
Floating or adjustable rate loans, net127,091 
Loans to non-U.S. borrowers, net21,567 
 
At December 31, 2020
$ in millions
Loans Held
for Investment
Loans Held
for Sale
Total Loans
Corporate$6,046 $8,580 $14,626 
Secured lending facilities
25,727 3,296 29,023 
Commercial real estate
7,346 822 8,168 
Residential real estate35,268 48 35,316 
Securities-based lending and Other loans64,232 67 64,299 
Total loans138,619 12,813 151,432 
ACL(835)(835)
Total loans, net$137,784 $12,813 $150,597 
Fixed rate loans, net$32,796 
Floating or adjustable rate loans, net117,801 
Loans to non-U.S. borrowers, net21,081 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 10 to the financial statements in the 2020 Form 10-K.
Note 5 for further information regarding Loans and lending commitments held at fair value. See Note 14 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Origination Year

At June 30, 2021At December 31, 2020
Corporate
$ in millions
IGNIGTotalIGNIGTotal
Revolving
$1,404 $2,353 $3,757 $1,138 $3,231 $4,369 
2021— 71 71 
2020183 25 208 585 80 665 
201911 187 198 204 202 406 
2018195 — 195 195 — 195 
2017— 62 62 — 64 64 
Prior
233 — 233 247 100 347 
Total
$2,026 $2,698 $4,724 $2,369 $3,677 $6,046 
At June 30, 2021At December 31, 2020
Secured lending facilities
$ in millions
IGNIGTotalIGNIGTotal
Revolving
$6,932 $15,899 $22,831 $4,711 $14,510 $19,221 
2021460 308 768 
202084 214 298 162 253 415 
2019179 1,644 1,823 260 1,904 2,164 
2018328 824 1,152 614 1,432 2,046 
2017144 359 503 245 581 826 
Prior
— 842 842 — 1,055 1,055 
Total
$8,127 $20,090 $28,217 $5,992 $19,735 $25,727 
At June 30, 2021At December 31, 2020
Commercial real estate
$ in millions
IGNIGTotalIGNIGTotal
2021$82 $363 $445 
2020165 820 985 $95 $943 $1,038 
20191,031 1,585 2,616 1,074 1,848 2,922 
2018433 537 970 746 774 1,520 
2017367 341 708 412 387 799 
Prior
100 883 983 100 967 1,067 
Total
$2,178 $4,529 $6,707 $2,427 $4,919 $7,346 
At June 30, 2021
Residential real estate
by FICO Scores
by LTV Ratio
Total
$ in millions
≥ 740
680-739
≤ 679
≤ 80%
> 80%
Revolving$69 $30 $5 $104 $— $104 
20215,506 1,131 101 6,312 426 6,738 
20208,530 1,761 136 9,874 553 10,427 
20195,176 1,168 155 6,096 403 6,499 
20182,108 547 70 2,505 220 2,725 
20172,422 621 78 2,900 221 3,121 
Prior
6,745 2,201 357 8,461 842 9,303 
Total$30,556 $7,459 $902 $36,252 $2,665 $38,917 
At December 31, 2020
Residential real estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$85 $32 $5 $122 $— $122 
20208,948 1,824 149 10,338 583 10,921 
20195,592 1,265 168 6,584 441 7,025 
20182,320 604 75 2,756 243 2,999 
20172,721 690 89 3,251 249 3,500 
20163,324 884 118 4,035 291 4,326 
Prior4,465 1,626 284 5,684 691 6,375 
Total$27,455 $6,925 $888 $32,770 $2,498 $35,268 
At June 30, 2021
Securities-based lending1
Other2
$ in millions
Investment Grade
Non-Investment Grade
Total
Revolving $63,243 $5,383 $715 $69,341 
202131 232 49 312 
2020— 817 586 1,403 
201918 1,121 637 1,776 
2018232 378 421 1,031 
2017— 645 147 792 
Prior
16 1,496 301 1,813 
Total$63,540 $10,072 $2,856 $76,468 
June 2021 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
December 31, 2020
Securities-based lending1
Other2
$ in millions
Investment Grade
Non-Investment Grade
Total
Revolving$51,667 $4,816 $555 $57,038 
2020— 1,073 590 1,663 
201918 1,156 623 1,797 
2018232 407 403 1,042 
2017— 654 122 776 
2016— 566 111 677 
Prior
16 1,066 157 1,239 
Total$51,933 $9,738 $2,561 $64,232 
1. Securities-based loans are subject to collateral maintenance provisions, and at June 30, 2021 and December 31, 2020, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2020 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment.
Past Due Loans Held for Investment before Allowance1
$ in millions
At June 30, 2021At December 31, 2020
Residential real estate194 332 
Securities-based lending and Other loans— 31 
Total$194 $363 
1.The majority of the amounts are past due for a period of less than 90 days as of June 30, 2021 and December 31, 2020.
Nonaccrual Loans Held for Investment before Allowance
$ in millionsAt June 30, 2021At December 31, 2020
Corporate$98 $164 
Secured lending facilities298 — 
Commercial real estate71 152 
Residential real estate123 97 
Securities-based lending and Other loans163 178 
Total1
$753 $591 
Nonaccrual loans without an ACL$124 $90 
1.Includes all HFI loans that are 90 days or more past due as of June 30, 2021 and December 31, 2020.
See Note 2 to the financial statements in the 2020 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.
Troubled Debt Restructurings
$ in millionsAt June 30, 2021At December 31, 2020
Loans, before ACL$62 $167 
Lending commitments— 27 
ACL on Loans and Lending commitments10 36 
Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 to the financial statements in the 2020 Form 10-K for further information on TDR guidance issued by Congress in the CARES Act as well as by the U.S. banking agencies.
Allowance for Credit Losses Rollforward—Loans
$ in millions
Corporate
Secured lending facilities
CRE
Residential real estate
SBL and Other
Total
December 31, 2020$309 $198 $211 $59 $58 $835 
Gross charge-offs(14)(67)(21)— — (102)
Provision for credit losses1
(95)48 5 (2)2 (42)
Other(1)(2)(1)— — (4)
June 30, 2021$199 $177 $194 $57 $60 $687 
$ in millions
Corporate
Secured lending facilities
CRE
Residential real estate
SBL and Other
Total
December 31, 2019$115 $101 $75 $25 $33 $349 
Effect of CECL adoption(2)(42)34 21 (2)9 
Gross charge-offs(33)— — — — (33)
Recoveries— — — — 2 2 
Net recoveries (charge-offs)(33)— — — 2 (31)
Provision for credit losses1
298 63 155 13 9 538 
Other1 — (38)— 38 1 
June 30, 2020$379 $122 $226 $59 $80 $866 
Allowance for Credit Losses Rollforward—Lending Commitments
$ in millions
Corporate
Secured lending facilities
CRE
Residential real estate
SBL and Other
Total
December 31, 2020$323 $38 $11 $1 $23 $396 
Provision for credit losses1
18 1 — — (2)17 
Other(1)1 (1)— — (1)
June 30, 2021$340 $40 $10 $1 $21 $412 
$ in millions
Corporate
Secured lending facilities
CRE
Residential real estate
SBL and Other
Total
December 31, 2019$201 $27 $7 $— $6 $241 
Effect of CECL adoption(41)(11)1 2 (1)(50)
Provision for credit losses1
73 26 7 (1)3 108 
Other(2)— (4)— 4 (2)
June 30, 2020$231 $42 $11 $1 $12 $297 
CRE—Commercial real estate
SBL—Securities-based lending.
Provision for Credit Losses

Three Months Ended
June 30,
$ in millions20212020
Loans$16 $246 
Lending commitments57 (7)

The aggregate allowance for loans and lending commitments decreased in the current year period, primarily reflecting charge-offs and a release in the allowance for credit losses within the Institutional Securities business segment. The allowance release was primarily a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated borrowers, partially offset by the provision for one Secured lending facility.The base scenario used in our ACL models as
57
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
of June 30, 2021 was generated using a combination of industry consensus economic forecasts, forward rates, and internally developed and validated models. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. The base scenario, among other things, assumes continued growth over the forecast period with U.S. GDP reaching a year-over-year growth rate of approximately 6% by the fourth quarter of 2021, supported by fiscal stimulus and accommodative monetary policy. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 10 to the financial statements in the 2020 Form 10-K.
Employee Loans
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Currently employed by the Firm1
$3,329 $3,100 
No longer employed by the Firm2
133 $140 
Employee loans$3,462 $3,240 
ACL(163)(165)
Employee loans, net of ACL$3,299 $3,075 
Remaining repayment term, weighted average in years5.65.3
1.These loans were predominantly current as of June 30, 2021 and December 31, 2020.
2.These loans were predominantly past due for a period of 90 days or more as of June 30, 2021 and December 31, 2020.

Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management representatives, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheets. The ACL as of June 30, 2021 and December 31, 2020 was calculated under the CECL methodology. The related provision is recorded in Compensation and benefits expense in the income statements. See Note 2 to the financial statements in the 2020 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
11. Other Assets—Equity Method Investments
Equity Method Investments
$ in millions
At
June 30,
2021 		At
December 31,
2020
Investments$2,266 $2,410 
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Income (loss)$51 $(63)$27 $(34)
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See “Net Asset Value Measurements—Fund Interests” in Note 5
for the carrying value of certain of the Firm’s fund interests, which are comprised of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Income (loss) from investment in MUMSS$52 $(1)$84 $31 
For more information on Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and other relationships with Mitsubishi UFJ Financial Group, Inc., see Note 12 to the financial statements in the 2020 Form 10-K.
12. Deposits
Deposits
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Savings and demand deposits$299,681 $279,221 
Time deposits20,677 31,561 
Total$320,358 $310,782 
Deposits subject to FDIC insurance$237,803 $234,211 
Time deposits that equal or exceed the FDIC insurance limit$6 $16 
Time Deposit Maturities
$ in millionsAt
June 30,
2021
2021$6,804 
20225,523 
20234,117 
20242,821 
2025776 
Thereafter636 
Total$20,677 
13. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Original maturities of one year or less$5,538 $3,691 
Original maturities greater than one year
Senior$207,781 $202,305 
Subordinated10,823 11,083 
Total$218,604 $213,388 
Total borrowings$224,142 $217,079 
Weighted average stated maturity, in years1
7.67.3
1.Only includes borrowings with original maturities greater than one year.
June 2021 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Other Secured Financings
$ in millionsAt
June 30,
2021 		At
December 31,
2020
Original maturities:
One year or less$6,767 $10,453 
Greater than one year4,465 5,410 
Total$11,232 $15,863 
Transfers of assets accounted for as secured financings$1,253 $1,529 
Other secured financings include the liabilities related to certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, pledged commodities, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 15 for further information on other secured financings related to VIEs and securitization activities.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheets.
14. Commitments, Guarantees and Contingencies
Commitments
 
Years to Maturity at June 30, 2021
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Lending:
Corporate
$16,396 $38,716 $44,932 $7,479 $107,523 
Secured lending facilities
6,007 6,669 2,086 643 15,405 
Commercial and Residential real estate
428 233 19 248 928 
Securities-based lending and Other
11,103 3,724 308 266 15,401 
Forward-starting secured financing receivables69,886 — — — 69,886 
Central counterparty300 — — 6,237 6,537 
Underwriting— 60 — — 60 
Investment activities1,019 253 56 356 1,684 
Letters of credit and other financial guarantees26 — — 3 29 
Total$105,165 $49,655 $47,401 $15,232 $217,453 
Lending commitments participated to third parties$9,223 
Forward-starting secured financing receivables settled within three business days$64,159 
Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
For a further description of these commitments, refer to Note 15 to the financial statements in the 2020 Form 10-K.
Guarantees
 At June 30, 2021
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,352,865 $1,029,619 $445,441 $955,300 $(46,932)
Standby letters of credit and other financial guarantees issued2
1,537 1,250 517 3,735 89 
Market value guarantees79 22 — — — 
Liquidity facilities4,073 — — — 5 
Whole loan sales guarantees— — 58 23,123 — 
Securitization representations and warranties3
— — — 69,210 (42)
General partner guarantees315 12 20 125 (68)
Client clearing guarantees52 — — — — 

1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 7.
2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of June 30, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $88 million.
3.Primarily related to residential mortgage securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 15 to the financial statements in the 2020 Form 10-K.
Other Guarantees and Indemnities
In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 15 to the financial statements in the 2020 Form 10-K.
In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the
59
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described in the following paragraphs, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or are in financial distress. These actions have included, but are not limited to, residential mortgage and credit crisis-related matters.
While the Firm has identified below any individual proceedings where the Firm believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible, and reasonably estimable.
The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss, the Firm accrues the estimated loss by a charge to income.
In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss, particularly for proceedings and investigations where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved before a loss or additional loss, or range of loss or additional range of loss, can be reasonably estimated for a proceeding or investigation, including through potentially lengthy discovery and
determination of important factual matters, determination of issues related to class certification and the calculation of damages or other relief, and by addressing novel or unsettled legal questions relevant to the proceedings or investigations in question.
For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued but does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, other than the matters referred to in the following paragraphs.
On September 23, 2014, Financial Guaranty Insurance Company (“FGIC”) filed a complaint against the Firm in the Supreme Court of the State of New York County (“Supreme Court of NY”) styled Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. relating to the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4. The complaint asserts claims for breach of contract and fraudulent inducement and alleges, among other things, that the loans in the trust breached various representations and warranties and defendants made untrue statements and material omissions to induce FGIC to issue a financial guaranty policy on certain classes of certificates that had an original balance of approximately $876 million. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential and punitive damages, attorneys’ fees, interest and costs. On January 23, 2017, the court denied the Firm’s motion to dismiss the complaint. On September 13, 2018, the Appellate Division, First Department (“First Department”) affirmed in part and reversed in part the lower court’s order denying the Firm’s motion to dismiss the complaint. On December 20, 2018, the First Department denied plaintiff’s motion for leave to appeal to the New York Court of Appeals (“Court of Appeals”) or, in the alternative, for re-argument. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and FGIC that the Firm did not repurchase, plus pre- and post- judgment interest, fees and costs, as well as claim payments that FGIC has made and will make in the future. In addition, plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase.
On January 23, 2015, Deutsche Bank National Trust Company, in its capacity as trustee, filed a complaint against the Firm styled Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc., pending in the Supreme Court of NY. The
June 2021 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $1.05 billion, breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential, rescissory, equitable and punitive damages, attorneys’ fees, costs and other related expenses, and interest. On December 11, 2015, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On October 19, 2018, the court granted the Firm’s motion for leave to amend its answer and to stay the case pending resolution of Deutsche Bank National Trust Company’s appeal to the Court of Appeals in another case, styled Deutsche Bank National Trust Company v. Barclays Bank PLC, regarding the applicable statute of limitations. On January 17, 2019, the First Department reversed the trial court’s order to the extent that it had granted in part the Firm’s motion to dismiss the complaint. On June 4, 2019, the First Department granted the Firm’s motion for leave to appeal its January 17, 2019 decision to the Court of Appeals. On March 19, 2020, the Firm filed a motion for partial summary judgment. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and a monoline insurer that the Firm did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase.
Tax
In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) is challenging in the Dutch courts, the prior set-off by the Firm of approximately €124 million (approximately $147 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2013. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319. On June 22, 2020, the Firm filed an appeal against the decision of the Court of Appeal in Amsterdam before the Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court in matters re-styled Case number 15/3637 and Case number 15/4353 issued an advisory opinion on the Firm’s appeal, which rejected the
Firm’s principal grounds of appeal. On February 11, 2021, the Firm and the Dutch Tax Authority each responded to this opinion. On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Tax Authority in matters re-styled Case number 18/00318 and Case number 18/00319, concerning the accuracy of the Dutch subsidiary’s tax returns and the maintenance of its books and records for 2007 to 2012.
15. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity1
 
At June 30, 2021At December 31, 2020
$ in millions
VIE Assets
VIE Liabilities
VIE Assets
VIE Liabilities
CLO$800 $705 $418 $350 
MABS2
388 47 590 17 
Other3
1,497 378 1,110 47 
Total$2,685 $1,130 $2,118 $414 
1.Certain prior period amounts have been reclassified to conform to the current presentation.
2.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
3.Other primarily includes operating entities and investment funds.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millions
At
June 30,
2021 		At
December 31,
2020
Assets
Cash and cash equivalents$318 $269 
Trading assets at fair value1,781 1,445 
Securities purchased under agreements to resell200 — 
Customer and other receivables25 23 
Intangible assets92 98 
Other assets269 283 
Total$2,685 $2,118 
Liabilities
Other secured financings$949 $366 
Other liabilities and accrued expenses181 48 
Total$1,130 $414 
Noncontrolling interests$143 $196 
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets
61
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
Non-consolidated VIEs
 
At June 30, 2021
$ in millions
MABS1
CDO
MTOB
OSF
Other2
VIE assets (UPB)$155,510 $1,918 $6,424 $2,001 $50,129 
Maximum exposure to loss3
Debt and equity interests$20,473 $166 $4 $1,245 $10,741 
Derivative and other contracts— — 4,073 — 5,997 
Commitments, guarantees and other1,390 — — — 1,443 
Total$21,863 $166 $4,077 $1,245 $18,181 
Carrying value of variable interests—Assets
Debt and equity interests$20,473 $166 $4 $1,245 $10,741 
Derivative and other contracts— — 5 — 2,208 
Total$20,473 $166 $9 $1,245 $12,949 
Additional VIE assets owned4
$17,235 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $— $— $217 
 
At December 31, 2020
$ in millions
MABS1
CDO
MTOB
OSF
Other2
VIE assets (UPB)$184,153 $3,527 $6,524 $2,161 $48,241 
Maximum exposure to loss3
Debt and equity interests$26,247 $257 $— $1,187 $11,008 
Derivative and other contracts— — 4,425 — 5,639 
Commitments, guarantees and other929 — — — 749 
Total$27,176 $257 $4,425 $1,187 $17,396 
Carrying value of variable interests–Assets
Debt and equity interests$26,247 $257 $— $1,187 $11,008 
Derivative and other contracts— — 5 — 851 
Total$26,247 $257 $5 $1,187 $11,859 
Additional VIE assets owned4
$20,019 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $— $— $222 
MTOB—Municipal tender option bonds
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.
2.Other primarily includes exposures to commercial real estate property and investment funds.
3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.
4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 5). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The majority of the VIEs included in the previous tables are sponsored by unrelated parties; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 8).
The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as
well as the fair value of certain other derivatives and investments the Firm has made in the VIE.
The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.
Liabilities issued by VIEs generally are non-recourse to the Firm.
Detail of Mortgage- and Asset-Backed Securitization Assets
 
At June 30, 2021At December 31, 2020
$ in millions
UPB
Debt and
Equity
Interests
UPB
Debt and
Equity
Interests
Residential mortgages$17,146 $2,637 $17,775 $3,175 
Commercial mortgages62,404 3,705 62,093 4,131 
U.S. agency collateralized mortgage obligations70,091 11,989 99,182 17,224 
Other consumer or commercial loans5,869 2,142 5,103 1,717 
Total$155,510 $20,473 $184,153 $26,247 
Transferred Assets with Continuing Involvement
 
At June 30, 2021
$ in millions
RML
CML
U.S. Agency
CMO
CLN and
Other1
SPE assets (UPB)2
$7,217 $90,355 $31,722 $15,181 
Retained interests
Investment grade$98 $936 $605 $— 
Non-investment grade21 214 — 80 
Total$119 $1,150 $605 $80 
Interests purchased in the secondary market
Investment grade$— $78 $20 $— 
Non-investment grade46 68 — 1 
Total$46 $146 $20 $1 
Derivative assets$— $— $— $608 
Derivative liabilities — — — 197 
 
At December 31, 2020
$ in millions
RML
CML
U.S. Agency
CMO
CLN and
Other1
SPE assets (UPB)2
$7,515 $84,674 $21,061 $12,978 
Retained interests
Investment grade$49 $822 $615 $— 
Non-investment grade16 195 — 114 
Total$65 $1,017 $615 $114 
Interests purchased in the secondary market
Investment grade$— $96 $116 $— 
Non-investment grade43 80 — 21 
Total$43 $176 $116 $21 
Derivative assets
$— $— $— $400 
Derivative liabilities— — — 436 
June 2021 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
 
Fair Value At June 30, 2021
$ in millions
Level 2
Level 3
Total
Retained interests
Investment grade$702 $— $702 
Non-investment grade12 50 62 
Total$714 $50 $764 
Interests purchased in the secondary market
Investment grade$97 $1 $98 
Non-investment grade76 39 115 
Total$173 $40 $213 
Derivative assets$607 $1 $608 
Derivative liabilities163 34 197 
 
Fair Value at December 31, 2020
$ in millions
Level 2
Level 3
Total
Retained interests
Investment grade$663 $— $663 
Non-investment grade6 63 69 
Total$669 $63 $732 
Interests purchased in the secondary market
Investment grade$196 $16 $212 
Non-investment grade62 82 144 
Total$258 $98 $356 
Derivative assets$388 $12 $400 
Derivative liabilities435 1 436 
RML—Residential mortgage loans
CML—Commercial mortgage loans
1.Amounts include CLO transactions managed by unrelated third parties.
2.Amounts include assets transferred by unrelated transferors.
The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statements. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are generally carried at fair value in the balance sheets with changes in fair value recognized in the income statements. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2020 Form 10-K and Note 5 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.
Proceeds from New Securitization Transactions and Sales of Loans
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
New transactions1
$16,410 $9,189 $31,200 $17,660 
Retained interests2,985 1,136 5,564 5,224 
Sales of corporate loans to CLO SPEs1, 2
73 73 73 139 
1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.
2.Sponsored by non-affiliates.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 14).
Assets Sold with Retained Exposure
$ in millions
At
June 30,
2021 		At
December 31,
2020
Gross cash proceeds from sale of assets1
$61,885 $45,051 
Fair value
Assets sold$63,544 $46,609 
Derivative assets recognized
in the balance sheets		1,972 1,592 
Derivative liabilities recognized
in the balance sheets		314 64 
1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.
The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.
For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 16 to the financial statements in the 2020 Form 10-K.
16. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 17 to the financial statements in the 2020 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At June 30, 2021 and December 31, 2020, the differences between the actual and required ratios were lower under the Standardized Approach.
63
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
In 2020, the U.S. banking agencies adopted a final rule, consistent with an interim final rule that was effective March 31, 2020, altering, for purposes of the regulatory capital rules, the required adoption time period for CECL. As of June 30, 2021 and December 31, 2020, the risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure are calculated excluding the effect of the adoption of CECL based on the Firm’s election to defer this effect over a five-year transition period which began on January 1, 2020 in accordance with the final rule.
Risk-Based Regulatory Capital Ratio Requirements
At June 30, 2021 and December 31, 2020
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB5.7%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
0%0%
Capital buffer requirement2
8.7%5.5%
At June 30, 2021 and December 31, 2020
Regulatory Minimum
StandardizedAdvanced
Required ratios3
Common Equity Tier 1 capital ratio4.5 %13.2%10.0%
Tier 1 capital ratio6.0 %14.7%11.5%
Total capital ratio8.0 %16.7%13.5%
1.The CCyB can be set up to 2.5%, but is currently set by the U.S. banking agencies at zero.
2.The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm's ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm's Standardized Approach capital buffer requirement is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the Advanced Approach capital buffer requirement is equal to the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
3.Required ratios represent the regulatory minimum plus the capital buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
$ in millions
Required
Ratio1
At June 30, 2021At December 31, 2020
Risk-based capital
Common Equity Tier 1 capital$76,815 $78,650 
Tier 1 capital 84,612 88,079 
Total capital 92,782 97,213 
Total RWA 462,808 453,106 
Common Equity Tier 1 capital ratio13.2 %16.6 %17.4 %
Tier 1 capital ratio14.7 %18.3 %19.4 %
Total capital ratio16.7 %20.0 %21.5 %
$ in millions
Required
Ratio1
At June 30, 2021At December 31, 2020
Leverage-based capital
Adjusted average assets2
$1,135,262 $1,053,510 
Tier 1 leverage ratio4.0 %7.5 %8.4 %
Supplementary leverage exposure3,4
$1,439,971 $1,192,506 
SLR4
5.0 %5.9 %7.4 %
1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.
2.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm’s own capital instruments, certain defined tax assets and other capital deductions.
3.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
4.The Firm’s SLR and Supplementary leverage exposure as of December 31, 2020 reflect the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks based on a Federal Reserve interim final rule that was in effect until March 31, 2021.
Certain U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the Firm’s U.S. bank subsidiaries, which as of June 30, 2021 and December 31, 2020 include, among others, Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”), and evaluates their compliance with such capital requirements. Regulatory capital requirements for MSBNA and MSPBNA are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. bank subsidiaries.
The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. bank subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. bank subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. bank subsidiaries’ and the Firm’s financial statements.
June 2021 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
At June 30, 2021 and December 31, 2020, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. At June 30, 2021 and December 31, 2020, the risk-based and leverage-based capital amounts and ratios are calculated excluding the effect of the adoption of CECL based on MSBNA’s and MSPBNA’s election to defer this effect over a five-year transition period, which began on January 1, 2020.
MSBNA’s Regulatory Capital
 
 
 
At June 30, 2021At December 31, 2020
$ in millions
Well-Capitalized
Requirement
Required
Ratio1
Amount
RatioAmount Ratio
Risk-based capital
Common Equity Tier 1 capital6.5 %7.0 %$18,069 19.8 %$17,238 18.7 %
Tier 1 capital8.0 %8.5 %18,069 19.8 %17,238 18.7 %
Total capital10.0 %10.5 %18,644 20.5 %17,882 19.4 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$18,069 10.4 %$17,238 10.1 %
SLR
6.0 %3.0 %18,069 8.1 %17,238 8.0 %
MSPBNA’s Regulatory Capital
 
At June 30, 2021At December 31, 2020
$ in millions
Well-Capitalized
Requirement
Required
Ratio1
Amount
Ratio
AmountRatio
Risk-based capital
Common Equity Tier 1 capital6.5 %7.0 %$9,629 25.1 %$8,213 21.3 %
Tier 1 capital8.0 %8.5 %9,629 25.1 %8,213 21.3 %
Total capital10.0 %10.5 %9,702 25.2 %8,287 21.5 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$9,629 7.4 %$8,213 7.2 %
SLR
6.0 %3.0 %9,629 7.1 %8,213 6.9 %
1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
U.S. Broker-Dealer Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millionsAt June 30,
2021		At December 31,
2020
Net capital$16,739 $12,869 
Excess net capital12,837 9,034 
MS&Co. is a registered U.S. broker-dealer and registered futures commission merchant and, accordingly, is subject to the minimum net capital requirements of the SEC and the CFTC. MS&Co. has consistently operated with capital in excess of its regulatory capital requirements.
As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At June 30, 2021 and December 31, 2020, MS&Co. exceeded its net capital
requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
MSSB, a registered U.S. broker-dealer and introducing broker for the futures business, is subject to the minimum net capital requirements of the SEC. MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the PRA, and the Morgan Stanley Europe Holdings SE Group (“MSEHSE Group”) is subject to the capital requirements of the European Central Bank, BaFin and the German Central Bank. MSSB, MSIP and the MSEHSE Group, including MSESE, a Germany-based broker-dealer, have consistently operated with capital in excess of their respective regulatory capital requirements. Additionally, E*TRADE Bank and E*TRADE Savings Bank are subject to the capital requirements of the OCC, and E*TRADE Securities LLC is subject to the minimum net capital requirements of the SEC; each of these entities has consistently operated with capital in excess of their respective regulatory capital requirements.
Certain other U.S. and non-U.S. subsidiaries of the Firm are subject to various securities, commodities and banking regulations, and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries have also consistently operated with capital in excess of their local capital adequacy requirements.
17. Total Equity
Preferred Stock
 
Shares
Outstanding
 
Carrying Value
$ in millions, except per share data
At
June 30,
2021
Liquidation
Preference
per Share
At
June 30,
2021 		At
December 31,
2020
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
H52,000 25,000 1,300 1,300 
I40,000 25,000 1,000 1,000 
J— — — 1,500 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
Total
$7,750 $9,250 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series N preferred stock issuances, see Note 18 to the financial statements in the 2020 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in
65
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
accordance with regulatory capital requirements (see Note 16).
On March 15, 2021, the Firm announced the redemption in whole of its outstanding Series J preferred stock. On notice of redemption, the amount due to holders of Series J Preferred Stock was reclassified to Borrowings, and on April 15, 2021 the redemption settled at the carrying value of $1.5 billion.
Share Repurchases
 
Three Months Ended June 30,Six Months Ended June 30,
$ in millions
2021202020212020
Repurchases of common stock under the Firm’s Share Repurchase Program$2,939 $— $5,074 $1,347 
Beginning late in the first quarter of 2020, the Firm suspended its share repurchase program, however the Federal Reserve permitted the resumption of share repurchases for the current year period. On June 28, 2021, the Firm announced its Board of Directors authorized the repurchase of up to $12 billion of outstanding common stock from July 1, 2021 through June 30, 2022, from time to time as conditions warrant, which supersedes the previous common stock repurchase authorization. For more information on share repurchases, see Note 18 to the financial statements in the 2020 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
June 30,		Six Months Ended
June 30,
in millions2021202020212020
Weighted average common shares outstanding, basic1,814 1,541 1,804 1,548 
Effect of dilutive Stock options, RSUs and PSUs27 16 25 17 
Weighted average common shares outstanding and common stock equivalents, diluted1,841 1,557 1,829 1,565 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)— 8 — 10 
Dividends
$ in millions, except per
share data
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
Per Share1
Total
Per Share1
Total
Preferred stock series
A
$253 $11 $253 $11 
C
25 13 25 13 
E
445 15 445 15 
F
430 15 430 15 
H240 12 305 16 
I
398 16 398 16 
J2
— — 694 42 
K
366 15 366 15 
L305 6 305 6 
Total Preferred stock
$103 $149 
Common stock
0.35 $651 $0.35 $550 
$ in millions, except per
share data
Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
Per Share1
Total
Per Share1
Total
Preferred stock series
A
$503 $22 $506 $22 
C
50 26 50 26 
E
891 30 891 30 
F
859 29 859 29 
H480 25 649 34 
I
797 32 797 32 
J2
253 15 694 42 
K
731 30 731 30 
L609 12 609 12 
M3
29 12 — — 
N4
2,650 8 — — 
Total Preferred stock
$241 $257 
Common stock
$0.70 $1,286 $0.70 $1,111 
1.Common and Preferred Stock dividends are payable quarterly, unless otherwise noted.
2.Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption.
3.Series M is payable semiannually until September 15, 2026, and thereafter will be payable quarterly.
4.Series N is payable semiannually until March 15, 2023, and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss)1
$ in millions
CTA
AFS
Securities
Pension and Other
DVA
Total
March 31, 2021$(936)$1,011 $(493)$(2,336)$(2,754)
OCI during the period41 (7)12 185 231 
June 30, 2021$(895)$1,004 $(481)$(2,151)$(2,523)
March 31, 2020$(1,038)$1,532 $(619)$2,220 $2,095 
OCI during the period21 295 (1)(2,409)(2,094)
June 30, 2020$(1,017)$1,827 $(620)$(189)$1 
December 31, 2020$(795)$1,787 $(498)$(2,456)$(1,962)
OCI during the period(100)(783)17 305 (561)
June 30, 2021$(895)$1,004 $(481)$(2,151)$(2,523)
December 31, 2019$(897)$207 $(644)$(1,454)$(2,788)
OCI during the period(120)1,620 24 1,265 2,789 
June 30, 2020$(1,017)$1,827 $(620)$(189)$1 
CTA—Cumulative foreign currency translation adjustments
1.Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
Three Months Ended June 30, 2021
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$12 $29 $41 $— $41 
Reclassified to earnings— — — — — 
Net OCI$12 $29 $41 $— $41 
Change in net unrealized gains (losses) on AFS securities
OCI activity$47 $(10)$37 $— $37 
Reclassified to earnings(58)14 (44)— (44)
Net OCI$(11)$4 $(7)$— $(7)
Pension and other
OCI activity$8 $— $8 $— $8 
Reclassified to earnings7 (3)4 — 4 
Net OCI$15 $(3)$12 $— $12 
Change in net DVA
OCI activity$237 $(59)$178 $1 $177 
Reclassified to earnings10 (2)8 — 8 
Net OCI$247 $(61)$186 $1 $185 
June 2021 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Three Months Ended June 30, 2020
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$5 $19 $24 $— $24 
Reclassified to earnings(3)— (3)— (3)
Net OCI$2 $19 $21 $— $21 
Change in net unrealized gains (losses) on AFS securities
OCI activity$395 $(93)$302 $— $302 
Reclassified to earnings(10)3 (7)— (7)
Net OCI$385 $(90)$295 $— $295 
Pension and other
OCI activity$(4)$(1)$(5)$— $(5)
Reclassified to earnings5 (1)4 — 4 
Net OCI$1 $(2)$(1)$— $(1)
Change in net DVA
OCI activity$(3,301)$805 $(2,496)$(87)$(2,409)
Reclassified to earnings1 (1)— — — 
Net OCI$(3,300)$804 $(2,496)$(87)$(2,409)
Six Months Ended June 30, 2021
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity
$(92)$(86)$(178)$(78)$(100)
Reclassified to earnings
— — — — — 
Net OCI
$(92)$(86)$(178)$(78)$(100)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$(829)$193 $(636)$— $(636)
Reclassified to earnings
(192)45 (147)— (147)
Net OCI
$(1,021)$238 $(783)$— $(783)
Pension and other
OCI activity
$8 $— $8 $— $8 
Reclassified to earnings
14 (5)9 — 9 
Net OCI
$22 $(5)$17 $— $17 
Change in net DVA
OCI activity
$404 $(102)$302 $18 $284 
Reclassified to earnings
27 (6)21 — 21 
Net OCI
$431 $(108)$323 $18 $305 
Six Months Ended June 30, 2020
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity
$(15)$(93)$(108)$9 $(117)
Reclassified to earnings
(3)— (3)— (3)
Net OCI
$(18)$(93)$(111)$9 $(120)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$2,168 $(509)$1,659 $— $1,659 
Reclassified to earnings
(51)12 (39)— (39)
Net OCI
$2,117 $(497)$1,620 $— $1,620 
Pension and other
OCI activity
$21 $(5)$16 $— $16 
Reclassified to earnings
10 (2)8 — 8 
Net OCI
$31 $(7)$24 $— $24 
Change in net DVA
OCI activity
$1,714 $(411)$1,303 $42 $1,261 
Reclassified to earnings
6 (2)4 — 4 
Net OCI
$1,720 $(413)$1,307 $42 $1,265 

18. Interest Income and Interest Expense
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions
2021202020212020
Interest income
Investment securities$608 $629 $1,457 $1,074 
Loans1,040 1,050 2,028 2,204 
Securities purchased under agreements to resell and Securities borrowed1
(321)(141)(617)257 
Trading assets, net of Trading liabilities486 616 996 1,365 
Customer receivables and Other2
399 204 785 961 
Total interest income$2,212 $2,358 $4,649 $5,861 
Interest expense
Deposits$108 $220 $228 $626 
Borrowings719 823 1,433 1,820 
Securities sold under agreements to repurchase and Securities loaned3
116 209 230 718 
Customer payables and Other4
(596)(494)(1,135)(259)
Total interest expense$347 $758 $756 $2,905 
Net interest$1,865 $1,600 $3,893 $2,956 
1.Includes fees paid on Securities borrowed.
2.Includes interest from Cash and cash equivalents.
3.Includes fees received on Securities loaned.
4.Includes fees received from Equity Financing customers for stock loan transactions entered into to cover customers’ short positions.
Interest income and Interest expense are classified in the income statements based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
$ in millions
At
June 30,
2021
 At
December 31, 2020
Customer and other receivables$2,160 $1,652 
Customer and other payables2,517 2,119 
19. Income Taxes
The Firm is under continuous examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York.
The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.
It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months.
67
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
20. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 
Three Months Ended June 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking$2,376 $203 $— $(19)$2,560 
Trading3,078 255 (22)19 3,330 
Investments61 14 306 — 381 
Commissions and fees1
682 714 1 (89)1,308 
Asset management1,2
148 3,447 1,418 (40)4,973 
Other137 207 1 (3)342 
Total non-interest revenues6,482 4,840 1,704 (132)12,894 
Interest income873 1,366 10 (37)2,212 
Interest expense263 111 12 (39)347 
Net interest610 1,255 (2)2 1,865 
Net revenues$7,092 $6,095 $1,702 $(130)$14,759 
Provision for credit losses$70 $3 $— $— $73 
Compensation and benefits2,433 3,275 715 — 6,423 
Non-compensation expenses2,091 1,181 557 (132)3,697 
Total non-interest expenses$4,524 $4,456 $1,272 $(132)$10,120 
Income before provision for income taxes$2,498 $1,636 $430 $2 $4,566 
Provision for income taxes574 372 108 — 1,054 
Net income1,924 1,264 322 2 3,512 
Net income applicable to noncontrolling interests20 — (19)— 1 
Net income applicable to Morgan Stanley$1,904 $1,264 $341 $2 $3,511 
 
Three Months Ended June 30, 2020
$ in millions
IS
WM
IM
I/E
Total
Investment banking$2,051 $110 $— $(19)$2,142 
Trading3
4,272 492 22 17 4,803 
Investments36 8 231 — 275 
Commissions and fees1
717 473 — (88)1,102 
Asset management1,2
115 2,507 684 (41)3,265 
Other3
439 84 (47)(3)473 
Total non-interest revenues7,630 3,674 890 (134)12,060 
Interest income1,300 1,210 7 (159)2,358 
Interest expense731 180 11 (164)758 
Net interest569 1,030 (4)5 1,600 
Net revenues3
$8,199 $4,704 $886 $(129)$13,660 
Provision for credit losses3
$217 $22 $— $— $239 
Compensation and benefits2,952 2,729 354 — 6,035 
Non-compensation expenses3
2,037 811 316 (133)3,031 
Total non-interest expenses3
$4,989 $3,540 $670 $(133)$9,066 
Income before provision for income taxes$2,993 $1,142 $216 $4 $4,355 
Provision for income taxes790 289 39 1 1,119 
Net income2,203 853 177 3 3,236 
Net income applicable to noncontrolling interests17 — 23 — 40 
Net income applicable to Morgan Stanley$2,186 $853 $154 $3 $3,196 
 
Six Months Ended June 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$4,989 $454 $— $(43)$5,400 
Trading7,151 381 (19)42 7,555 
Investments
147 16 536 — 699 
Commissions and fees1
1,552 1,565 1 (184)2,934 
Asset management1,2
287 6,638 2,521 (75)9,371 
Other295 360 (23)(6)626 
Total non-interest revenues14,421 9,414 3,016 (266)26,585 
Interest income
1,843 2,852 18 (64)4,649 
Interest expense
595 212 18 (69)756 
Net interest
1,248 2,640 — 5 3,893 
Net revenues
$15,669 $12,054 $3,016 $(261)$30,478 
Provision for credit losses$(23)$(2)$— $— $(25)
Compensation and benefits5,547 6,445 1,229 — 13,221 
Non-compensation expenses4,276 2,375 987 (266)7,372 
Total non-interest expenses$9,823 $8,820 $2,216 $(266)$20,593 
Income before provision for income taxes$5,869 $3,236 $800 $5 $9,910 
Provision for income taxes1,310 730 189 1 2,230 
Net income
4,559 2,506 611 4 7,680 
Net income applicable to noncontrolling interests54 — (5)— 49 
Net income applicable to Morgan Stanley$4,505 $2,506 $616 $4 $7,631 
 
Six Months Ended June 30, 2020
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$3,195 $268 $— $(50)$3,413 
Trading3
7,433 145 (15)41 7,604 
Investments
11 8 294 — 313 
Commissions and fees1
1,591 1,061 — (190)2,462 
Asset management1,2
228 5,187 1,349 (82)6,682 
Other3
(112)165 (40)(4)9 
Total non-interest revenues12,346 6,834 1,588 (285)20,483 
Interest income3,723 2,403 15 (280)5,861 
Interest expense2,692 477 25 (289)2,905 
Net interest1,031 1,926 (10)9 2,956 
Net revenues3
$13,377 $8,760 $1,578 $(276)$23,439 
Provision for credit losses3
$605 $41 $— $— $646 
Compensation and benefits4,766 4,941 611 — 10,318 
Non-compensation expenses3
4,063 1,581 608 (278)5,974 
Total non-interest expenses3
$8,829 $6,522 $1,219 $(278)$16,292 
Income before provision for income taxes$3,943 $2,197 $359 $2 $6,501 
Provision for income taxes941 480 64 — 1,485 
Net income
3,002 1,717 295 2 5,016 
Net income applicable to noncontrolling interests59 — 63 — 122 
Net income applicable to Morgan Stanley$2,943 $1,717 $232 $2 $4,894 
I/E–Intersegment Eliminations
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees which may relate to services performed in prior periods.
3.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.
For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2020 Form 10-K.
June 2021 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
Detail of Investment Banking Revenues
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Institutional Securities Advisory$664 $462 $1,144 $824 
Institutional Securities Underwriting1,712 1,589 3,845 2,371 
Firm Investment banking revenues from contracts with customers90 %92 %91 %91 %
Trading Revenues by Product Type1
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Interest rate$17 $1,008 $876 $2,082 
Foreign exchange314 127 588 465 
Equity security and index2
2,033 1,943 3,728 3,016 
Commodity and other680 723 1,541 733 
Credit286 1,002 822 1,308 
Total$3,330 $4,803 $7,555 $7,604 
1.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.
2.Dividend income is included within equity security and index contracts.
The previous table summarizes realized and unrealized gains and losses, from derivative and non-derivative financial instruments, included in Trading revenues in the income statements. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millions
At
June 30,
2021 		At
December 31,
2020
Net cumulative unrealized performance-based income at risk of reversing$778 $735 
The Firm’s portion of net cumulative performance-based income in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Fee waivers$131 $22 $225 $33 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Transaction taxes$217 $146 $455 $330 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region1
 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Americas$10,885 $9,950 $22,076 $16,838 
EMEA2,093 2,109 4,252 3,306 
Asia1,781 1,601 4,150 3,295 
Total$14,759 $13,660 $30,478 $23,439 
1.Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information.
For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2020 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2021202020212020
Non-interest revenues$677 $680 $1,066 $1,242 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. For the three and six months
69
June 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210630_g1.jpg
ended June 30, 2021 these revenues primarily include investment banking advisory fees, and for the three and six months ended June 30, 2020, these revenues primarily include investment banking advisory fees and distribution fees.
Receivables from Contracts with Customers
$ in millions
At
June 30,
2021 		At
December 31,
2020
Customer and other receivables$3,425 $3,200 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheets, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millions
At
June 30,
2021 		At
December 31,
2020
Institutional Securities
$782,257 $753,322 
Wealth Management
361,136 355,595 
Investment Management18,412 6,945 
Total1
$1,161,805 $1,115,862 
1. Parent assets have been fully allocated to the business segments.
June 2021 Form 10-Q
70
Financial Data Supplement
(Unaudited)
ms-20210630_g1.jpg


Average Balances and Interest Rates and Net Interest Income
 
Three Months Ended June 30,
 
20212020
$ in millions
Average
Daily
Balance
Interest
Annualized
Average
Rate
Average
Daily
Balance
Interest
Annualized
Average
Rate
Interest earning assets
Investment securities1
$181,482 $608 1.3 %$123,713 $629 2.0 %
Loans1
161,767 1,040 2.6 %147,326 1,050 2.9 %
Securities purchased under agreements to resell and Securities borrowed2:
U.S.152,770 (200)(0.5)%141,722 (85)(0.2)%
Non-U.S.73,218 (121)(0.7)%61,283 (56)(0.4)%
Trading assets, net of Trading liabilities3:
U.S.77,814 409 2.1 %70,641 489 2.8 %
Non-U.S.17,897 77 1.7 %24,757 127 2.1 %
Customer receivables and Other4:
U.S.130,618 340 1.0 %87,620 166 0.8 %
Non-U.S.76,329 59 0.3 %62,126 38 0.2 %
Total$871,895 $2,212 1.0 %$719,188 $2,358 1.3 %
Interest bearing liabilities
Deposits1
$321,138 $108 0.1 %$235,370 $220 0.4 %
Borrowings1, 5
221,911 719 1.3 %202,280 823 1.6 %
Securities sold under agreements to repurchase and Securities loaned6:
U.S.37,849 33 0.3 %28,840 92 1.3 %
Non-U.S.29,719 83 1.1 %30,446 117 1.5 %
Customer payables and Other7:
U.S.129,695 (481)(1.5)%121,977 (403)(1.3)%
Non-U.S.75,829 (115)(0.6)%63,778 (91)(0.6)%
Total$816,141 $347 0.2 %$682,691 $758 0.4 %
Net interest income and net interest rate spread$1,865 0.8 % $1,600 0.9 %

 Six Months Ended June 30,
 20212020
$ in millionsAverage Daily Balance
Interest
Annualized Average RateAverage Daily Balance
Interest
Annualized Average Rate
Interest earning assets
Investment securities1
$184,377 $1,457 1.6 %$116,995 $1,074 1.8 %
Loans1
156,729 2,028 2.6 %140,884 2,204 3.1 %
Securities purchased under agreements to resell and Securities borrowed2:
U.S.149,440 (369)(0.5)%131,357 293 0.4 %
Non-U.S.70,897 (248)(0.7)%59,131 (36)(0.1)%
Trading assets, net of Trading liabilities3:
U.S.75,563 819 2.2 %74,663 1,115 3.0 %
Non-U.S.17,518 177 2.0 %23,905 250 2.1 %
Customer receivables and Other4:
U.S.134,298 677 1.0 %77,694 721 1.9 %
Non-U.S.75,249 108 0.3 %61,078 240 0.8 %
Total$864,071 $4,649 1.1 %$685,707 $5,861 1.7 %
Interest bearing liabilities
Deposits1
$320,688 $228 0.1 %$217,472 $626 0.6 %
Borrowings1, 5
218,816 1,433 1.3 %197,171 1,820 1.9 %
Securities sold under agreements to repurchase and Securities loaned6:
U.S.35,891 77 0.4 %29,954 420 2.8 %
Non-U.S.28,486 153 1.1 %30,261 298 2.0 %
Customer payables and Other7:
U.S.130,065 (918)(1.4)%125,797 (294)(0.5)%
Non-U.S.71,608 (217)(0.6)%63,375 35 0.1 %
Total$805,554 $756 0.2 %$664,030 $2,905 0.9 %
Net interest income and net interest rate spread$3,893 0.9 %
 
$2,956 0.8 %
1.Amounts include primarily U.S. balances.
2.Includes fees paid on Securities borrowed.
3.Excludes non-interest earning assets and non-interest bearing liabilities, such as equity securities.
4.Includes Cash and cash equivalents.
5.Includes borrowings carried at fair value, whose interest expense is considered part of fair value and therefore is recorded within Trading revenues.
6.Includes fees received on Securities loaned. The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheets and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.
7.Includes fees received from Equity Financing customers for securities lending transactions entered into to cover customers’ short positions.
71
June 2021 Form 10-Q
Glossary of Common Terms and Acronyms
ms-20210630_g1.jpg
2020 Form 10-KAnnual report on Form 10-K for year ended December 31, 2020 filed with the SEC
ABSAsset-backed securities
ACLAllowance for credit losses
AFSAvailable-for-sale
AMLAnti-money laundering
AOCIAccumulated other comprehensive income (loss)
AUMAssets under management or supervision
Balance sheetsConsolidated balance sheets
BHCBank holding company
bpsBasis points; one basis point equals 1/100th of 1%
Cash flow statementsConsolidated cash flow statements
CCARComprehensive Capital Analysis and Review
CCyBCountercyclical capital buffer
CDOCollateralized debt obligation(s), including Collateralized loan obligation(s)
CDSCredit default swaps
CECLCurrent Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CFTCU.S. Commodity Futures Trading Commission
CLNCredit-linked note(s)
CLOCollateralized loan obligation(s)
CMBSCommercial mortgage-backed securities
CMOCollateralized mortgage obligation(s)
CRMCredit Risk Management Department
CVACredit valuation adjustment
DVADebt valuation adjustment
EBITDAEarnings before interest, taxes, depreciation and amortization
ELNEquity-linked note(s)
EMEAEurope, Middle East and Africa
EPSEarnings per common share
FDICFederal Deposit Insurance Corporation
FFELPFederal Family Education Loan Program
FHCFinancial Holding Company
FICOFair Isaac Corporation
Financial statementsConsolidated financial statements
G-SIBGlobal systemically important banks
HQLAHigh-quality liquid assets
HTMHeld-to-maturity
I/EIntersegment eliminations
IHCIntermediate holding company
IMInvestment Management
Income statements
Consolidated income statements
IRSInternal Revenue Service
ISInstitutional Securities
LCRLiquidity coverage ratio, as adopted by the U.S. banking agencies
LIBORLondon Interbank Offered Rate
LTVLoan-to-value
MSBNAMorgan Stanley Bank, N.A.
MS&Co.Morgan Stanley & Co. LLC
MSIPMorgan Stanley & Co. International plc
MSPBNAMorgan Stanley Private Bank, National Association
MSSBMorgan Stanley Smith Barney LLC
MUFGMitsubishi UFJ Financial Group, Inc.
MUMSSMitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWhMegawatt hour
N/ANot Applicable
N/MNot Meaningful
NAVNet asset value
Non-GAAPNon-generally accepted accounting principles
NSFRNet stable funding ratio, as adopted by the U.S. banking agencies
OCCOffice of the Comptroller of the Currency
OCIOther comprehensive income (loss)
OTCOver-the-counter
PRAPrudential Regulation Authority
PSUPerformance-based stock unit
ROEReturn on average common equity
ROTCEReturn on average tangible common equity
ROURight-of-use
RSURestricted stock unit
RWARisk-weighted assets
SCBStress capital buffer
SECU.S. Securities and Exchange Commission
SLRSupplementary leverage ratio
S&PStandard & Poor’s
SPESpecial purpose entity
SPOESingle point of entry
TDRTroubled debt restructuring
TLACTotal loss-absorbing capacity
U.K.United Kingdom
UPBUnpaid principal balance
U.S.United States of America
U.S. GAAPAccounting principles generally accepted in the United States of America
VaRValue-at-Risk
VIEVariable interest entity
WACCImplied weighted average cost of capital
WMWealth Management
June 2021 Form 10-Q
72
Other Information
On July 27, 2021, Elizabeth Corley notified Morgan Stanley of her intention to resign from the Board of Directors effective on or about April 27, 2022 when it is expected that she will become board chair of a U.K.-based firm.
Legal Proceedings
The following developments have occurred since previously reporting certain matters in the Firm’s 2020 Form 10-K and the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 (the “First Quarter Form 10-Q”). See also the disclosures set forth under “Legal Proceedings” in the 2020 Form 10-K.
European Matter
On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Tax Authority in matters re-styled Case number 18/00318 and Case number 18/00319, concerning the accuracy of the Dutch subsidiary’s tax returns and the maintenance of its books and records for 2007 to 2012.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2020 Form 10-K.
Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Three Months Ended June 30, 2021
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share
Total Shares Purchased as Part of Share Repurchase Program2,3
Dollar Value of Remaining Authorized Repurchase
April9,005,938 $79.84 8,095,000 $7,219 
May14,426,207 $85.91 14,386,200 $5,983 
June11,627,627 $91.07 11,606,923 $4,926 
Total
35,059,772 $86.06 34,088,123 
1.Includes 971,649 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended June 30, 2021.
2.Share purchases under publicly announced programs are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.
3.The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding common stock under a share repurchase program (the “Share Repurchase Program”) from time to time as conditions warrant and subject to limitations on distributions from the Federal Reserve. The Share Repurchase Program is a program for capital management purposes that considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase Program has no set expiration or termination date.
On June 28, 2021, the Firm announced its Board of Directors authorized the repurchase of up to $12 billion of outstanding common stock from July 1, 2021 through June 30, 2022, from
time to time as conditions warrant, which supersedes the previous common stock repurchase authorization. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”
Controls and Procedures
Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.
No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Exhibits
Exhibit No.
Description
10.1
Sixth Amendment to Investor Agreement, dated April 13, 2021, between Morgan Stanley and Mitsubishi UFJ Financial Group, Inc.
15
Letter of awareness from Deloitte & Touche LLP, dated August 2, 2021, concerning unaudited interim financial information.
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Section 1350 Certification of Chief Executive Officer.
32.2
Section 1350 Certification of Chief Financial Officer.
101
Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
73
June 2021 Form 10-Q
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MORGAN STANLEY
(Registrant)
By:
/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer
By:
/s/ RAJA J. AKRAM
Raja J. Akram
Deputy Chief Financial Officer,
Chief Accounting Officer and Controller
Date: August 2, 2021
June 2021 Form 10-Q
74

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