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Morgan Stanley
MS
#52
Rank
$286.01 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$179.96
Share price
2.34%
Change (1 day)
30.49%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q3

Morgan Stanley - 10-Q quarterly report FY2021 Q3


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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 September 30, 2021
Commission File Number 1-11758
ms-20210930_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
Depositary 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
Depositary Shares, each representing 1/1000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $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 October 29, 2021, there were 1,794,411,954 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended September 30, 2021
Table of Contents
Part
Item
Page
I
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I
2 
1
Introduction
 
 
1
Executive Summary
 
 
2
Business Segments
 
 
8
Institutional Securities
9
Wealth Management
12
Investment Management
15
Supplemental Financial Information
 
 
17
Accounting Development Updates
 
 
17
Critical Accounting Policies
 
 
17
Liquidity and Capital Resources
 
 
17
Balance Sheet
 
 
17
Regulatory Requirements
 
 
21
Quantitative and Qualitative Disclosures about Risk
I
3 
27
Market Risk
 
 
27
Credit Risk
 
 
29
Country and Other Risks
 
 
33
Report of Independent Registered Public Accounting Firm
 
 
35
Consolidated Financial Statements and Notes
I
1 
36
Consolidated Income Statements (Unaudited)
 
 
36
Consolidated Comprehensive Income Statements (Unaudited)
 
 
36
Consolidated Balance Sheets (Unaudited at September 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
49
7.
Derivative Instruments and Hedging Activities
 
 
50
8.
Investment Securities
 
 
53
9.
Collateralized Transactions
 
 
55
10.
Loans, Lending Commitments and Related Allowance for Credit Losses
 
 
56
11.
Other Assets—Equity Method Investments
 
 
58
12.
Deposits
 
 
59
13.
Borrowings and Other Secured Financings
 
 
59
14.
Commitments, Guarantees and Contingencies
 
 
59
15.
Variable Interest Entities and Securitization Activities
 
 
62
16.
Regulatory Requirements
 
 
64
17.
Total Equity
 
 
66
18.
Interest Income and Interest Expense
 
 
68
19.
Income Taxes
 
 
68
20.
Segment, Geographic and Revenue Information
 
 
68
Financial Data Supplement (Unaudited)
 
 
71
Glossary of Common Terms and Acronyms
 
 
72
Controls and Procedures
I
4 
73
II
 
Legal Proceedings
II
1 
73
Risk Factors
II
1A
73
Unregistered Sales of Equity Securities and Use of Proceeds
II
2 
73
Other Information
II
5 
73
Exhibits
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.
September 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 September 30, 2021
•Firm net revenues of $14.8 billion and net income of $3.7 billion increased more than 25% from the prior year quarter, reflecting strong performance across all business segments and regions.
•The Firm delivered an annualized ROTCE of 19.6% or 20.2% excluding the impact of integration-related expenses (see “Selected Non-GAAP Financial Information” herein).
•The Firm expense efficiency ratio was 67% or 66% excluding the impact of integration-related expenses (see “Selected Non-GAAP Financial Information” herein).
•At September 30, 2021, our standardized Common Equity Tier 1 capital ratio was 16.0%.
•Institutional Securities Net revenues of $7.5 billion reflect record Investment Banking revenues, led by Advisory, continued strong performance in Equity, and solid results in Fixed income.
•Wealth Management delivered a pre-tax margin of 25.8% or 27.7% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein). Results reflect record asset management revenues, continued growth in bank lending. The business added record net new assets of $135 billion representing a year-to-date 10% annualized growth rate from beginning period assets.
•Investment Management results reflect an increase in fee-based asset management revenues on AUM of $1.5 trillion.
Net Revenues1
($ in millions)
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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 $2.04 and $6.15, respectively (see “Selected Non-GAAP Financial Information” herein).

We reported net revenues of $14.8 billion in the quarter ended September 30, 2021 (“current quarter,” or “3Q 2021”), compared with $11.7 billion in the quarter ended September 30, 2020 (“prior year quarter,” or “3Q 2020”). For the current quarter, net income applicable to Morgan Stanley was $3.7 billion, or $1.98 per diluted common share, compared with $2.7 billion or $1.66 per diluted common share, in the prior year quarter.
We reported net revenues of $45.2 billion in the nine months ended September 30, 2021 (“current year period,” or “YTD 2021”), compared with $35.2 billion in the period ended September 30, 2020 (“prior year period,” or “YTD 2020”). For the current period, net income applicable to Morgan Stanley was $11.3 billion, or $6.02 per diluted common share, compared with $7.6 billion or $4.62 per diluted common share, in the prior year period.
2
September 2021 Form 10-Q
Management’s Discussion and Analysis
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Non-interest Expenses1, 2
($ in millions)

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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 $5,920 million in the current quarter increased 16% from the prior year quarter, primarily as a result of increases in the formulaic payout to Wealth Management representatives, incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions, higher discretionary incentive compensation driven by revenues, and higher salaries on increased headcount, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
Compensation and benefits expenses of $19,141 million in the current year period increased 24% from the prior year period, primarily as a result of an increase in the formulaic payout to Wealth Management representatives, incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions, higher discretionary incentive compensation driven by revenues, higher expenses related to certain deferred compensation plans linked to the Firm's share price, and higher salaries on increased headcount.
•Non-compensation expenses of $3,935 million in the current quarter increased 30% from the prior year quarter, primarily due to incremental expenses as a result of the E*TRADE and Eaton Vance acquisitions, in addition to higher volume-related expenses and increased investments in technology.
Non-compensation expenses of $11,307 million in the current year period increased 25% 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, increased investments in technology and higher professional services expenses, partially offset by lower litigation expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments in the current quarter was $24 million, primarily driven by growth in corporate lending commitments. The Provision for credit losses on loans and lending commitments of $111 million in the prior year quarter was primarily driven by the risks related to vulnerable sectors and higher downgrade sensitivity, and changes in asset quality trends.
The Provision for credit losses on loans and lending commitments in the current year period was flat, primarily as a result of paydowns on corporate loans, including by lower-rated borrowers, offset by the provision for one secured lending facility in the second quarter of 2021. The Provision for credit losses on loans and lending commitments of $757 million in the prior year period was primarily driven by the risks related to vulnerable sectors and higher downgrade sensitivity, changes in asset quality trends, and deterioration in the expected macroeconomic environment at that time.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Income Taxes
The Firm’s effective tax rate of 23.6% is higher than the prior year quarter which included a net discrete tax benefit from the remeasurement of reserves and related interest as a result of new information pertaining to the resolution of tax examinations in certain jurisdictions.
September 2021 Form 10-Q
3
Management’s Discussion and Analysis
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Business Segment Results
Net Revenues by Segment1, 2
($ 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 $7,495 million in the current quarter increased 22% from the prior year quarter, primarily reflecting higher Advisory and Equity business revenues. Net revenues of $23,164 million in the current year period increased 19% from the prior year period, primarily reflecting higher Investment Banking and Equity business revenues.
•Wealth Management net revenues of $5,935 million in the current quarter increased 28% from the prior year quarter and net revenues of $17,989 million in the current year period increased 34% from the prior year period, both primarily due to higher Asset management revenues and incremental revenues as a result of the E*TRADE acquisition.
4
September 2021 Form 10-Q
Management’s Discussion and Analysis
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•Investment Management net revenues of $1,453 million in the current quarter increased 38% from the prior year quarter, primarily due to higher Asset management and related fees, including incremental revenues related to the Eaton Vance acquisition, partially offset by lower Performance-based income and other revenues.
Investment Management net revenues of $4,469 million in the current year period increased 70% from the prior year period, primarily due to higher Asset management and related fees, including incremental revenues related to the Eaton Vance acquisition.
Net Revenues by Region1, 2, 3
($ 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 33% from the prior year quarter, primarily driven by the Wealth Management business segment, the Investment banking business within the Institutional Securities business segment, and the Investment Management business segment. EMEA net revenues increased 19% from the prior year quarter, primarily driven by the Equity and Investment banking businesses within the Institutional Securities business segment. Asia net revenues decreased 3% from the prior year quarter, primarily driven by the Investment Management business segment, partially offset by an increase in the Equity business within the Institutional Securities business segment.
Americas net revenues in the current year period increased 32% from the prior year period, driven by increases across all business segments. EMEA net revenues increased 26% from the prior year period, primarily driven by the Investment banking and Equity businesses within the Institutional Securities business segment. Asia net revenues increased 16% from the prior year period, primarily driven by the Equity business within the Institutional Securities business segment, partially offset by a decrease in the Investment Management business segment.
Selected Financial Information and Other Statistical Data
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Consolidated results
Net revenues1
$14,753 $11,721 $45,231 $35,160 
Earnings applicable to Morgan Stanley common shareholders$3,584 $2,597 $10,974 $7,234 
Earnings per diluted common share$1.98 $1.66 $6.02 $4.62 
Consolidated financial measures
Expense efficiency ratio1, 2
67 %69 %67 %69 %
Adjusted expense efficiency
ratio1, 2 ,4
66 %69 %67 %69 %
ROE3
14.5 %13.2 %15.1 %12.6 %
Adjusted ROE3, 4
15.0 %13.2 %15.4 %12.6 %
ROTCE3, 4
19.6 %15.0 %19.7 %14.3 %
Adjusted ROTCE3, 4
20.2 %15.0 %20.2 %14.3 %
Pre-tax margin1, 5
33 %30 %33 %28 %
Effective tax rate23.6 %21.1 %22.9 %22.2 %
Pre-tax margin by segment5
Institutional Securities1
40 %33 %38 %31 %
Wealth Management1
26 %24 %26 %25 %
Wealth Management, adjusted1, 4
28 %24 %28 %25 %
Investment Management25 %30 %26 %26 %
Investment Management, adjusted4
28 %30 %28 %26 %
September 2021 Form 10-Q
5
Management’s Discussion and Analysis
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in millions, except per share and employee data
At
September 30,
2021		At
December 31,
2020
Liquidity resources6
$346,289 $338,623 
Loans7
$188,274 $161,745 
Total assets$1,190,476 $1,115,862 
Deposits$329,041 $310,782 
Borrowings$229,762 $217,079 
Common shareholders' equity$98,153 $92,531 
Tangible common shareholders’ equity4
$72,808 $75,916 
Common shares outstanding1,799 1,810 
Book value per common share8
$54.56 $51.13 
Tangible book value per common share4, 8
$40.47 $41.95 
Worldwide employees9 (in thousands)
74 68 
Capital Ratios10
Common Equity Tier 1 capital—Standardized16.0 %17.4 %
Tier 1 capital—Standardized17.6 %19.4 %
Common Equity Tier 1 capital—Advanced17.2 %17.7 %
Tier 1 capital—Advanced18.9 %19.8 %
Tier 1 leverage7.3 %8.4 %
SLR11
5.7 %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 annualized 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.Includes loans at held for investment, net of ACL, loans held for sale, and also includes loans at fair value, which are included in Trading assets in the balance sheets. Prior period amounts have been revised to conform to the current presentation.
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 September 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.
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. The Firm continues to be fully operational with an increasing number of employees now working from the office on a regular basis. We may adjust our return to office plans as deemed necessary, recognizing that local conditions vary for our offices around the world and that the trajectory of the virus continues to be uncertain.
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
September 30,		Nine Months Ended
September 30,
$ in millions, except per share data2021202020212020
Earnings applicable to Morgan Stanley common shareholders$3,584 $2,597 $10,974 $7,234 
Impact of adjustments:
Integration-related expenses145 — 310 — 
Related tax benefit(34)— (72)— 
Adjusted earnings applicable to
Morgan Stanley common shareholders—non-GAAP1
$3,695 $2,597 $11,212 $7,234 
Earnings per diluted common share$1.98 $1.66 $6.02 $4.62 
Impact of adjustments0.06 — 0.13 — 
Adjusted earnings per diluted common share—non-GAAP1
$2.04 $1.66 $6.15 $4.62 
Expense efficiency ratio2
67 %69 %67 %69 %
Impact of adjustments(1)%— %— %— %
Adjusted expense efficiency ratio—non-GAAP1, 2
66 %69 %67 %69 %
Wealth Management Pre-tax margin2
26 %24 %26 %25 %
Impact of adjustments2 %— %2 %— %
Adjusted Wealth Management pre-tax margin—non-GAAP1, 2
28 %24 %28 %25 %
Investment Management Pre-tax margin25 %30 %26 %26 %
Impact of adjustments3 %— %2 %— %
Adjusted Investment Management pre-tax margin—non-GAAP1
28 %30 %28 %26 %
6
September 2021 Form 10-Q
Management’s Discussion and Analysis
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$ in millionsAt
September 30,
2021		At
December 31,
2020
Tangible equity
Common shareholders' equity$98,153 $92,531 
Less: Goodwill and net intangible assets(25,345)(16,615)
Tangible common shareholders' equity—non-GAAP$72,808 $75,916 
Average Monthly Balance
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Tangible equity
Common shareholders' equity$98,563 $78,690 $96,929 $76,858 
Less: Goodwill and net intangible assets(25,433)(9,260)(22,836)(9,248)
Tangible common shareholders' equity—non-GAAP$73,130 $69,430 $74,093 $67,610 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions2021202020212020
Average common equity
Unadjusted—GAAP$98.6 $78.7 $96.9 $76.9 
Adjusted1—Non-GAAP
98.6 78.7 97.0 76.9 
ROE3
Unadjusted—GAAP14.5 %13.2 %15.1 %12.6 %
Adjusted1—Non-GAAP
15.0 %13.2 %15.4 %12.6 %
Average tangible common equity—Non-GAAP
Unadjusted$73.1 $69.4 $74.1 $67.6 
Adjusted1
73.2 69.4 74.2 67.6 
ROTCE3—Non-GAAP
Unadjusted19.6 %15.0 %19.7 %14.3 %
Adjusted1
20.2 %15.0 %20.2 %14.3 %
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
September 30,		Nine Months Ended
September 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 8.2 2.6 
ROE5
Institutional Securities20 %15 %20 %13 %
Wealth Management16 %18 %17 %18 %
Investment Management12 %34 %15 %23 %
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 Securities20 %15 %20 %14 %
Wealth Management34 %31 %35 %32 %
Investment Management161 %53 %128 %36 %
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 $104 million; Investment Management—Compensation expenses of $10 million and Non-compensation expenses of $22 million. The pre-tax adjustments in the current year period were as follows: Wealth Management—Compensation expenses of $48 million and Non-compensation expenses of $189 million; Investment Management— Compensation expenses of $29 million and Non-compensation expenses of $44 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.
September 2021 Form 10-Q
7
Management’s Discussion and Analysis
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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.
8
September 2021 Form 10-Q
Management’s Discussion and Analysis
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Institutional Securities

Income Statement Information
 
Three Months Ended
September 30,
 
$ in millions20212020% Change
Revenues
Advisory$1,272 $357 N/M
Equity1,010 874 16 %
Fixed income567 476 19 %
Total Underwriting1,577 1,350 17 %
Total Investment banking2,849 1,707 67 %
Equity1
2,876 2,311 24 %
Fixed income1
1,640 1,954 (16)%
Other1
130 157 (17)%
Net revenues$7,495 $6,129 22 %
Provision for credit losses1
24 113 (79)%
Compensation and benefits2,248 2,001 12 %
Non-compensation expenses1
2,250 1,967 14 %
Total non-interest expenses1
4,498 3,968 13 %
Income before provision for income taxes2,973 2,048 45 %
Provision for income taxes713 385 85 %
Net income2,260 1,663 36 %
Net income applicable to noncontrolling interests31 16 94 %
Net income applicable to Morgan Stanley$2,229 $1,647 35 %
Nine Months Ended
September 30,
$ in millions
20212020
% Change
Revenues
Advisory$2,416 $1,181 105 %
Equity3,584 2,092 71 %
Fixed income1,838 1,629 13 %
Total Underwriting5,422 3,721 46 %
Total Investment banking7,838 4,902 60 %
Equity1
8,578 7,387 16 %
Fixed income1
6,288 7,057 (11)%
Other1
460 160 188 %
Net revenues1
$23,164 $19,506 19 %
Provision for credit losses1
1 718 (100)%
Compensation and benefits
7,795 6,767 15 %
Non-compensation expenses1
6,526 6,030 8 %
Total non-interest expenses1
14,321 12,797 12 %
Income before provision for income taxes8,842 5,991 48 %
Provision for income taxes2,023 1,326 53 %
Net income6,819 4,665 46 %
Net income applicable to noncontrolling interests85 75 13 %
Net income applicable to Morgan Stanley$6,734 $4,590 47 %
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
September 30,		Nine Months Ended
September 30,
$ in billions
2021202020212020
Completed mergers and acquisitions1
$352 $110 $732 $662 
Equity and equity-related offerings2, 3
22 26 92 75 
Fixed income offerings2, 4
73 93 284 308 
Source: Refinitiv data as of October 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 $2,849 million in the current quarter increased 67% compared with the prior year quarter, primarily reflecting increases in advisory and equity underwriting.
•Advisory revenues increased primarily driven by higher completed transactions.
•Equity underwriting revenues increased, primarily in initial public offerings, secondary block share trades, and private placement offerings, partially offset by lower revenues from other equity offerings.
•Fixed income underwriting revenues increased primarily due to higher non-investment grade loan issuances and securitized products revenues, partially offset by lower investment grade bond issuances.
Revenues of $7,838 million in the current year period increased 60% compared with the prior year period, primarily reflecting increases in equity underwriting and advisory revenues.
•Advisory revenues increased primarily due to higher completed transactions.
•Equity underwriting revenues increased on higher volumes, primarily in initial public offerings, secondary block share trades, and private placement offerings, partially offset by lower revenues from convertible issuances.
•Fixed income underwriting revenues increased primarily due to higher non-investment grade loan issuances and securitized products revenues, partially offset by a decrease investment grade bond issuances.
See “Investment Banking Volumes” herein.

September 2021 Form 10-Q
9
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended
September 30, 2021
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,204 $123 $130 $1 $1,458 
Execution services832 612 (62)36 1,418 
Total Equity$2,036 $735 $68 $37 $2,876 
Total Fixed Income$1,029 $75 $479 $57 $1,640 
Three Months Ended
September 30, 20204
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$929 $108 $116 $— $1,153 
Execution services606 580 (77)49 1,158 
Total Equity$1,535 $688 $39 $49 $2,311 
Total Fixed Income$1,420 $65 $442 $27 $1,954 
Nine Months Ended
September 30, 2021
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,987 $374 $429 $7 $3,797 
Execution services2,764 2,048 (169)138 4,781 
Total Equity$5,751 $2,422 $260 $145 $8,578 
Total Fixed Income$4,490 $228 $1,335 $235 $6,288 
Nine Months Ended
September 30, 20204
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,847 $325 $172 $4 $3,348 
Execution services2,134 2,014 (189)80 4,039 
Total Equity$4,981 $2,339 $(17)$84 $7,387 
Total Fixed Income$5,661 $234 $1,274 $(112)$7,057 
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 $2,876 million in the current quarter increased 24% compared with the prior year quarter, reflecting an increase in both our financing and execution services businesses, with particular strength in Asia.
•Financing revenues increased, primarily driven by higher average client balances and higher client activity.
•Execution services revenues increased, primarily due to higher client activity in derivatives and the impact of market conditions on inventory held to facilitate client activity in cash equities.
Fixed Income
Net revenues of $1,640 million in the current quarter decreased 16% compared with the prior year quarter, primarily driven by global macro and credit products.
•Global macro products revenues decreased in rates and foreign exchange products, primarily due to the impact of market conditions on inventory held to facilitate client activity.
•Credit products revenues decreased primarily due to the impact of market conditions on inventory held to facilitate client activity in securitized products and corporate credit products, reflecting the impact of tightening credit spreads in the prior year quarter and the effect of tighter bid-offer spreads in the current quarter.
•Commodities products and other fixed income revenues increased, primarily driven by higher client activity in Commodities.
Other Net Revenues

Net revenues of $130 million in the current quarter decreased 17% compared with the prior year quarter primarily due to losses from investments associated with certain employee deferred compensation plans compared with gains in the prior year quarter, partially offset by improved performance in economic hedges related to certain of the Firm’s Borrowings.
Net Interest
Net interest revenues of $716 million in the current quarter are included within Equity, Fixed Income, and Other, and increased 21% compared with the prior year quarter primarily driven by lower net costs associated with maintaining liquidity as well as increased revenues from higher balances in secured lending facilities.
Equity, Fixed Income and Other Net Revenues—Current Year Period
Equity
Net revenues of $8,578 million in the current year period increased 16% compared with the prior year period, reflecting an increase in both our execution services and financing businesses, with particular strength in Asia.
•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.
10
September 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Fixed Income
Net revenues of $6,288 million in the current year period decreased 11% 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 on corporate credit products.
•Commodities products and other fixed income revenues increased, primarily driven by higher counterparty credit risk management results, partially offset by the impact of market conditions on inventory held to facilitate client activity in Commodities.
Other Net Revenues

Net revenues of $460 million in the current year period increased 188% compared with the prior year period primarily due to lower losses on corporate loans held for sale, net of related economic hedges, higher gains from investments associated with certain employee deferred compensation plans and improved performance in economic hedges related to certain of the Firm’s Borrowings.
Net Interest
Net interest revenues of $1,964 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 higher client balances in Equity Financing and increased revenues from higher balances in secured lending facilities.
Provision for Credit Losses

In the current quarter, the Provision for credit losses on loans and lending commitments was $24 million, primarily driven by growth in corporate lending commitments. The Provision for credit losses on loans and lending commitments of $113 million in the prior year quarter was primarily driven by the risks related to vulnerable sectors and higher downgrade sensitivity, and changes in asset quality trends.

In the current year period, the Provision for credit losses on loans and lending commitments was flat, primarily as a result of provision for one secured lending facility in the second quarter of 2021, offset by the impact of paydowns on corporate loans, including by lower-rated borrowers. The Provision for credit losses on loans and lending commitments
of $718 million in the prior year period was primarily driven by the risks related to vulnerable sectors and higher downgrade sensitivity, changes in asset quality trends, and 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 $4,498 million in the current quarter increased 13% compared with the prior year quarter, as a result of both higher Non-compensation and Compensation and benefit expenses.
•Compensation and benefits expenses increased in the current quarter, primarily due to an increase in discretionary incentive compensation driven by higher revenues, higher salaries on increased headcount, and higher expenses related to certain deferred compensation plans linked to the Firm’s share price, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
•Non-compensation expenses increased in the current quarter, primarily due to increased volume-related expenses, investments in technology, and professional services.
In the current year period, non-interest expenses increased 12% compared with the prior year period to $14,321 million as a result of both higher Compensation and benefits and Non-compensation expenses.
•Compensation and benefits expenses increased in the current year period, primarily due to an increase in discretionary incentive compensation driven by higher revenue, higher expenses related to certain deferred compensation plans linked to the Firm’s share price, as well as higher salaries on increased headcount.
•Non-compensation expenses increased in the current year period, primarily due to increased volume-related expenses, investments in technology, and professional services, partially offset by a decrease in litigation expenses.
Income Tax Items
The effective tax rate of 24.0% is higher than the prior year quarter which included a net discrete tax benefit from the remeasurement of reserves and related interest as a result of new information pertaining to the resolution of tax examinations in certain jurisdictions.
September 2021 Form 10-Q
11
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Wealth Management
Income Statement Information
 Three Months Ended
September 30,
$ in millions20212020% Change
Revenues
Asset management$3,628 $2,793 30 %
Transactional1
832 880 (5)%
Net interest1,348 889 52 %
Other1,2
127 92 38 %
Net revenues5,935 4,654 28 %
Provision for credit losses2
— (2)100 %
Compensation and benefits3,159 2,684 18 %
Non-compensation expenses1,246 852 46 %
Total non-interest expenses4,405 3,536 25 %
Income before provision for
income taxes
$1,530 $1,120 37 %
Provision for income taxes373 278 34 %
Net income applicable to
Morgan Stanley
$1,157 $842 37 %
 Nine Months Ended
September 30,
$ in millions20212020% Change
Revenues
Asset management$10,266 $7,980 29 %
Transactional1
3,232 2,354 37 %
Net interest3,988 2,815 42 %
Other1,2
503 265 90 %
Net revenues17,989 13,414 34 %
Provision for credit losses2
(2)39 (105)%
Compensation and benefits9,604 7,625 26 %
Non-compensation expenses3,621 2,433 49 %
Total non-interest expenses13,225 10,058 31 %
Income before provision for
income taxes
$4,766 $3,317 44 %
Provision for income taxes1,103 758 46 %
Net income applicable to
Morgan Stanley
$3,663 $2,559 43 %
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 September 30,
2021		At December 31,
2020
Total client assets$4,629$3,999
U.S. Bank Subsidiary loans$121$98
Margin and other lending1
$29$23
Deposits2
$327$306
Annualized weighted average cost of deposits0.13%0.24%
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net new assets3
$134.5$51.8$310.6$109.3
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 $9 billion and $25 billion of off-balance sheet deposits as of September 30, 2021 and December 31, 2020, respectively.
3.Net new assets represent client inflows, including dividends and interest, and asset acquisitions, less client outflows, and exclude activity from business combinations/divestitures and the impact of fees and commissions.
Advisor-led channel
$ in billionsAt September 30,
2021		At December 31,
2020
Advisor-led client assets1
$3,647$3,167
Fee-based client assets2
$1,752$1,472
Fee-based client assets as a
percentage of advisor-led client
assets
48%46%
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Fee-based asset flows3
$70.6$23.8$141.5$53.3
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 (including asset acquisitions), 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 September 30,
2021		At December 31,
2020
Self-directed assets1
$982$832
Self-directed households (in millions)2
7.46.7
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Daily average revenue trades (“DARTs”) (in thousands)3
95961,2006
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.
12
September 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Workplace channel1
$ in billionsAt September 30,
2021		At December 31,
2020
Workplace unvested assets2
$495$435
Number of participants (in millions)3
5.34.9
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 $3,628 million in the current quarter and $10,266 million in the current year period increased 30% and 29% 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 since the prior year periods.
See “Fee-Based Client Assets—Rollforwards” herein.
Transactional Revenues
Transactional revenues of $832 million in the current quarter decreased 5% compared with the prior year quarter, primarily due to losses related to investments associated with certain employee deferred compensation plans, partially offset by incremental revenues as a result of the E*TRADE acquisition.
In the current year period, Transactional revenues increased 37% to $3,232 million compared with the prior year period, primarily due to incremental revenues as a result of the E*TRADE acquisition and higher revenues from structured product and closed-end fund issuances.
Net Interest
Net interest of $1,348 million in the current quarter increased 52% 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.
In the current year period, Net interest increased 42% to $3,988 million compared with the prior year period, primarily due to incremental net interest as a result of the E*TRADE acquisition, a decrease in prepayment amortization related to mortgage-backed securities, and continued growth in bank lending. These increases in Net interest were partially offset by the net effect of lower interest rates.
Other
Other revenues of $127 million in the current quarter increased 38% from the prior year quarter primarily due to incremental revenues as a result of the E*TRADE acquisition.
In the current year period, Other revenues increased 90% to $503 million compared with the prior year period, 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 $4,405 million in the current quarter increased 25% compared with the prior year quarter, as a result of both higher Compensation and benefits 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 31% to $13,225 million compared with the prior year period, as a result of both higher Compensation and benefits 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.
•Non-compensation expenses increased primarily due to incremental expenses as a result of the E*TRADE acquisition.
Fee-Based Client Assets Rollforwards
$ in billions
At
June 30,
2021
Inflows1
Outflows
Market
Impact
At
September 30,
2021
Separately managed2
$407 $51 $(4)$14 $468 
Unified managed436 27 (18)(6)439 
Advisor201 11 (9)(2)201 
Portfolio manager590 29 (16)(7)596 
Subtotal$1,634 $118 $(47)$(1)$1,704 
Cash management46 9 (7)— 48 
Total fee-based
client assets
$1,680 $127 $(54)$(1)$1,752 
$ in billions
At
June 30,
2020
Inflows
Outflows
Market
Impact
At
September 30,
2020
Separately managed2
$313 $19 $(4)$14 $342 
Unified managed
305 16 (12)18 327 
Advisor
149 8 (8)9 158 
Portfolio manager
431 21 (16)23 459 
Subtotal
$1,198 $64 $(40)$64 $1,286 
Cash management38 12 (3)— 47 
Total fee-based
client assets
$1,236 $76 $(43)$64 $1,333 
September 2021 Form 10-Q
13
Management’s Discussion and Analysis
ms-20210930_g1.jpg
$ in billions
At
December 31,
2020
Inflows1
Outflows
Market
Impact
At
September 30,
2021
Separately managed2
$359 $77 $(15)$47 $468 
Unified managed379 75 (42)27 439 
Advisor177 30 (23)17 201 
Portfolio manager509 84 (44)47 596 
Subtotal$1,424 $266 $(124)$138 $1,704 
Cash management48 22 (22)— 48 
Total fee-based
client assets
$1,472 $288 $(146)$138 $1,752 
$ in billions
At
December 31,
2019
Inflows
Outflows
Market
Impact
At
September 30,
2020
Separately managed2
$322 $37 $(14)$(3)$342 
Unified managed
313 43 (33)4 327 
Advisor
155 22 (21)2 158 
Portfolio manager
435 62 (43)5 459 
Subtotal
$1,225 $164 $(111)$8 $1,286 
Cash management42 21 (16)— 47 
Total fee-based
client assets
$1,267 $185 $(127)$8 $1,333 

1.Includes $43 billion of fee-based assets acquired in an asset acquisition in the current quarter reflected in Separately managed.
2.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
September 30,		Nine Months Ended
September 30,
Fee rate in bps
2021202020212020
Separately managed
14 15 14 14 
Unified managed
95 99 96 99 
Advisor82 85 82 85 
Portfolio manager93 94 93 94 
Subtotal71 73 72 72 
Cash management5 5 5 5 
Total fee-based client assets70 71 70 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.
14
September 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Investment Management
Income Statement Information
 Three Months Ended
September 30,		 
$ in millions20212020% Change
Revenues
Asset management and related fees$1,470 $795 85 %
Performance-based income and other1
(17)261 (107)%
Net revenues 1,453 1,056 38 %
Compensation and benefits 513 401 28 %
Non-compensation expenses 570 340 68 %
Total non-interest expenses 1,083 741 46 %
Income before provision for income taxes370 315 17 %
Provision for income taxes 64 72 (11)%
Net income306 243 26 %
Net income (loss) applicable to noncontrolling interests (14)18 (178)%
Net income applicable to Morgan Stanley $320 $225 42 %
 
Nine Months Ended
September 30,
 
$ in millions20212020
% Change
Revenues

Asset management and related fees$3,991 $2,144 86 %
Performance-based income and other1
478 490 (2)%
Net revenues
4,469 2,634 70 %
Compensation and benefits
1,742 1,012 72 %
Non-compensation expenses
1,557 948 64 %
Total non-interest expenses
3,299 1,960 68 %
Income before provision for income taxes1,170 674 74 %
Provision for income taxes
253 136 86 %
Net income
917 538 70 %
Net income (loss) applicable to noncontrolling interests (19)81 (123)%
Net income applicable to Morgan Stanley $936 $457 105 %
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 $1,470 million in the current quarter and $3,991 million in the current year period increased 85% and 86% 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 since the prior year periods.
See “Assets Under Management or Supervision” herein.
Performance-based income and other
Performance-based income and other revenues were a loss of $17 million in the current quarter, representing a 107% decrease from the prior year quarter, primarily due to the reversal of accrued carried interest, as well as investment losses compared with gains in the prior year quarter, in Asia private equity funds.

Performance-based income and other revenues of $478 million in the current year period decreased 2% from the prior year period, primarily due to the reversal of accrued carried interest, as well as investment losses compared with gains in the prior year period, in an Asia private equity fund, partially offset by higher accrued carried interest in other private credit and equity, real estate and infrastructure funds.
Non-interest Expenses
Non-interest expenses of $1,083 million in the current quarter increased 46% from the prior year quarter as a result of higher Compensation and benefits and higher Non-compensation expenses.
•Compensation and benefits expenses increased in the current quarter primarily due to incremental compensation as a result of the Eaton Vance acquisition, partially offset by lower compensation associated with carried interest.
•Non-compensation expenses in the current quarter increased primarily due to incremental expenses as a result of the Eaton Vance acquisition.

September 2021 Form 10-Q
15
Management’s Discussion and Analysis
ms-20210930_g1.jpg
Non-interest expenses of $3,299 million in the current year period increased 68% from the prior year period as a result of higher Compensation and benefits and higher Non-compensation expenses.
•Compensation and benefits expenses increased in the current year period primarily due to incremental compensation as a result of the Eaton Vance acquisition, an increase in discretionary incentive compensation driven by higher asset management revenues, and higher compensation associated with carried interest.
•Non-compensation expenses in the current year period 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.
Assets Under Management or Supervision

Rollforwards
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
June 30, 2021$404 $207 $445 $1,056 $468 $1,524 
Inflows18 17 24 59 462 521 
Outflows(19)(16)(23)(58)(448)(506)
Market Impact(12)— — (12)— (12)
Other— (2)(3)(5)— (5)
September 30, 2021$391 $206 $443 $1,040 $482 $1,522 
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
June 30, 2020$168 $84 $145 $397 $268 $665 
Inflows24 8 6 38 319 357 
Outflows(14)(5)(7)(26)(317)(343)
Market Impact23 1 4 28 — 28 
Other1 4 2 7 1 8 
September 30, 2020$202 $92 $150 $444 $271 $715 
$ in billionsEquityFixed incomeAlternatives and SolutionsLong-term AUM SubtotalLiquidity and Overlay ServicesTotal
December 31, 2020$242 $98 $153 $493 $288 $781 
Inflows73 49 68 190 1,375 1,565 
Outflows(63)(40)(53)(156)(1,300)(1,456)
Market Impact23 1 29 53 4 57 
Acquired1
119 103 251 473 116 589 
Other(3)(5)(5)(13)(1)(14)
September 30, 2021$391 $206 $443 $1,040 $482 $1,522 
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 
Inflows56 29 21 106 1,174 1,280 
Outflows(35)(20)(15)(70)(1,100)(1,170)
Market Impact42 1 (1)42 1 43 
Other1 3 6 10 — 10 
September 30, 2020$202 $92 $150 $444 $271 $715 
Average AUM
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions
2021202020212020
Equity $402 $190 $350 $159 
Fixed income207 90 173 84 
Alternatives and Solutions451 148 356 143 
Long-term AUM subtotal1,060 428 879 386 
Liquidity and Overlay Services476 267 413 244 
Total AUM$1,536 $695 $1,292 $630 
Average Fee Rates
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
Fee rate in bps
2021202020212020
Equity 72 7676 75
Fixed income37 2938 29
Alternatives and Solutions32 5837 59
Long-term AUM48 6053 59
Liquidity and Overlay Services5 156 16
Total AUM35 4338 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.
16
September 2021 Form 10-Q
Management’s Discussion and Analysis
ms-20210930_g1.jpg
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
September 30,
2021		At
December 31,
2020
Investment securities portfolio:
Investment securities—AFS$81.1 $90.3 
Investment securities—HTM63.0 52.6 
Total investment securities$144.1 $142.9 
Wealth Management Loans2
Residential real estate$41.4 $35.2 
Securities-based lending and Other3
79.8 62.9 
Total, net of ACL$121.2 $98.1 
Institutional Securities Loans2
Corporate$8.1 $7.9 
Secured lending facilities29.0 27.4 
Commercial and Residential real estate10.1 10.1 
Securities-based lending and Other6.2 5.4 
Total, net of ACL$53.4 $50.8 
Total Assets$367.1 $346.5 
Deposits4
$326.9 $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
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and the Board of Directors (“Board”). 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 segment needs. We also monitor key metrics, including asset and liability size and capital usage.
September 2021 Form 10-Q
17
Management’s Discussion and Analysis
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Total Assets by Business Segment
At September 30, 2021
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents
$98,346 $24,880 $637 $123,863 
Trading assets at fair value
309,467 1,339 4,355 315,161 
Investment securities
40,631 142,800 — 183,431 
Securities purchased under agreements to resell104,040 15,681 — 119,721 
Securities borrowed
124,329 1,593 — 125,922 
Customer and other receivables62,270 34,872 1,211 98,353 
Loans1
52,117 121,237 5 173,359 
Other assets2
17,052 22,232 11,382 50,666 
Total assets$808,252 $364,634 $17,590 $1,190,476 
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 $1,190 billion at September 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 September 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
September 30,
2021 		At
December 31,
2020
Cash deposits with central banks
$62,808 $49,669 
Unencumbered HQLA Securities1:
U.S. government obligations
138,588 136,555 
U.S. agency and agency mortgage-backed securities
107,714 99,659 
Non-U.S. sovereign obligations2
28,315 39,745 
Other investment grade securities
632 2,053 
Total HQLA1
$338,057 $327,681 
Cash deposits with banks (non-HQLA)8,232 10,942 
Total Liquidity Resources$346,289 $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
September 30,
2021 		At
December 31,
2020 		Average Daily Balance
Three Months Ended
$ in millionsSeptember 30, 2021
Bank legal entities
U.S.$168,880 $178,033 $173,306 
Non-U.S.12,172 7,670 11,451 
Total Bank legal entities181,052 185,703 184,757 
Non-Bank legal entities
U.S.:
Parent Company
55,918 59,468 71,622 
Non-Parent Company
53,565 33,368 45,116 
Total U.S.109,483 92,836 116,738 
Non-U.S.55,754 60,084 56,815 
Total Non-Bank legal entities165,237 152,920 173,553 
Total Liquidity Resources$346,289 $338,623 $358,310 
18
September 2021 Form 10-Q
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, MSPBNA and ETB are required to maintain a minimum LCR of 100%. 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 September 30, 2021, the Firm, MSBNA, MSPBNA and ETB are compliant with the minimum required LCR of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsSeptember 30, 2021June 30, 2021
Eligible HQLA1
Cash deposits with central banks$66,288 $56,430 
Securities2
174,068 171,729 
Total Eligible HQLA1
$240,356 $228,159 
LCR134 %126 %
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 Firm, MSBNA, MSPBNA, and ETB are required to maintain a minimum NSFR of 100%. The NSFR requires large banking organizations to maintain sufficiently stable sources of funding over a one-year time horizon.
As of September 30, 2021, the Firm, MSBNA, MSPBNA, and ETB are compliant with the 100% minimum NSFR requirement.
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
September 30,
2021 		At
December 31,
2020
Securities purchased under agreements to resell and Securities borrowed$245,643 $228,625 
Securities sold under agreements to repurchase and Securities loaned$73,120 $58,318 
Securities received as collateral1
$7,746 $4,277 
 
Average Daily Balance
Three Months Ended
$ in millions September 30,
2021		December 31,
2020
Securities purchased under agreements to resell and Securities borrowed$225,388 $195,376 
Securities sold under agreements to repurchase and Securities loaned$69,974 $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.
September 2021 Form 10-Q
19
Management’s Discussion and Analysis
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Deposits
$ in millions
At
September 30,
2021 		At
December 31,
2020
Savings and demand deposits:
Brokerage sweep deposits1
$273,137 $232,071 
Savings and other37,708 47,150 
Total Savings and demand deposits
310,845 279,221 
Time deposits
18,196 31,561 
Total2
$329,041 $310,782 
1.Amounts represent balances swept from client brokerage accounts.
2.Excludes approximately $9 billion and $25 billion of off-balance sheet deposits at unaffiliated financial institutions as of September 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 driven by increases in Brokerage sweep deposits and the onboarding in the first quarter of 2021 of approximately $20 billion of E*TRADE sweep deposits previously held off-balance sheet at unaffiliated financial institutions, partially offset by maturities of Time deposits and lower Savings and other deposits.
Borrowings by Remaining Maturity at September 30, 20211
$ in millionsParent CompanySubsidiaries
Total
Original maturities of one year or less$— $4,825 $4,825 
Original maturities greater than one year
2021$3,398 $1,444 $4,842 
20229,097 7,053 16,150 
202317,272 5,623 22,895 
202420,688 8,224 28,912 
202516,754 6,579 23,333 
Thereafter 100,910 27,895 128,805 
Total$168,119 $56,818 $224,937 
Total Borrowings$168,119 $61,643 $229,762 
Maturities over next 12 months2
 
$13,899 
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 $230 billion as of September 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 as part of our market-making activities.
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 October 29, 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.
20
September 2021 Form 10-Q
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
September 30,		Nine Months Ended
September 30,
in millions, except for per share data
2021202020212020
Number of shares36 — 98 29 
Average price per share$99.44 $— $88.60 $46.01 
Total$3,557 $— $8,631 $1,347 
For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” 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 dateOctober 14, 2021
Amount per share$0.70 
Date to be paidNovember 15, 2021
Shareholders of record as ofOctober 29, 2021
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” 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
September 2021 Form 10-Q
21
Management’s Discussion and Analysis
ms-20210930_g1.jpg
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 capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At September 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 September 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 each of (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 September 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 September 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 September 30,
2021		At December 31, 2020
Risk-based capital—
Standardized
Common Equity Tier 1 capital$75,785 $78,650 
Tier 1 capital 83,435 88,079 
Total capital 94,062 97,213 
Total RWA 473,020 453,106 
Common Equity Tier 1 capital ratio13.2 %16.0 %17.4 %
Tier 1 capital ratio14.7 %17.6 %19.4 %
Total capital ratio16.7 %19.9 %21.5 %
$ in millions
Required
Ratio1
At September 30,
2021		At December 31, 2020
Risk-based capital—
Advanced
Common Equity Tier 1 capital$75,785 $78,650 
Tier 1 capital 83,435 88,079 
Total capital 93,813 96,994 
Total RWA 441,214 445,151 
Common Equity Tier 1 capital ratio10.0 %17.2 %17.7 %
Tier 1 capital ratio11.5 %18.9 %19.8 %
Total capital ratio13.5 %21.3 %21.8 %
$ in millions
Required
Ratio1
At September 30, 2021At December 31, 2020
Leverage-based capital
Adjusted average assets2
$1,145,682 $1,053,510 
Tier 1 leverage ratio4.0 %7.3 %8.4 %
Supplementary leverage exposure3,4
$1,459,466 $1,192,506 
SLR4
5.0 %5.7 %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.

22
September 2021 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Capital
$ in millions
At
September 30,
2021		At
December 31,
2020
Change
Common Equity Tier 1 capital
Common stock and surplus$13,755 $15,799 $(2,044)
Retained earnings87,356 78,978 8,378 
AOCI(2,701)(1,962)(739)
Regulatory adjustments and deductions:
Net goodwill(16,678)(11,527)(5,151)
Net intangible assets(6,878)(4,165)(2,713)
Other adjustments and deductions1
931 1,527 (596)
Total Common Equity Tier 1
capital		$75,785 $78,650 $(2,865)
Additional Tier 1 capital
Preferred stock$7,750 $9,250 $(1,500)
Noncontrolling interests534 619 (85)
Additional Tier 1 capital$8,284 $9,869 $(1,585)
Deduction for investments in covered funds(634)(440)(194)
Total Tier 1 capital$83,435 $88,079 $(4,644)
Standardized Tier 2 capital
Subordinated debt$9,522 $7,737 $1,785 
Eligible ACL1,182 1,265 (83)
Other adjustments and deductions(77)132 (209)
Total Standardized Tier 2
capital		$10,627 $9,134 $1,493 
Total Standardized capital$94,062 $97,213 $(3,151)
Advanced Tier 2 capital
Subordinated debt$9,522 $7,737 $1,785 
Eligible credit reserves933 1,046 (113)
Other adjustments and
deductions		(77)132 (209)
Total Advanced Tier 2 capital$10,378 $8,915 $1,463 
Total Advanced capital$93,813 $96,994 $(3,181)
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
 
Nine Months Ended
September 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
10,529 (14,533)
Securities financing transactions
5,914 947 
Investment securities
(2,563)357 
Commitments, guarantees and loans
639 4,260 
Equity investments
2,117 2,196 
Other credit risk1
6,884 6,395 
Total change in credit risk RWA
$23,520 $(378)
Balance at September 30, 2021$410,586 $284,552 
Market risk RWA
Balance at December 31, 2020$66,040 $66,040 
Change related to the following items:
Regulatory VaR
(6,747)(6,747)
Regulatory stressed VaR
(1,908)(1,908)
Incremental risk charge
3,032 3,032 
Comprehensive risk measure
(125)(125)
Specific risk2,142 2,142 
Total change in market risk RWA
$(3,606)$(3,606)
Balance at September 30, 2021$62,434 $62,434 
Operational risk RWA
Balance at December 31, 2020N/A$94,181 
Change in operational risk RWA
N/A47 
Balance at September 30, 2021N/A$94,228 
Total RWA
$473,020 $441,214 
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 is relatively unchanged under the Advanced Approach. Under the Standardized Approach, the increase was primarily from Derivatives and Securities financing transactions driven by increased exposure. Under the Advanced Approach, decreased CVA in Derivatives due to lower credit spread volatility was offset by increased exposure in event lending within the Institutional Securities business segment and other increases.
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 the Incremental risk charge and 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 through the conversion of eligible LTD to equity or otherwise
September 2021 Form 10-Q
23
Management’s Discussion and Analysis
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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
September 30,
2021 		At
December 31,
2020
External TLAC2
$234,639 $216,129 
External TLAC as a % of RWA18.0 %21.5 %49.6 %47.7 %
External TLAC as a % of leverage exposure7.5 %9.5 %16.1 %18.1 %
Eligible LTD3
$142,978 $120,561 
Eligible LTD as a % of RWA9.0 %9.0 %30.2 %26.6 %
Eligible LTD as a % of leverage exposure4.5 %4.5 %9.8 %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 September 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.
Additionally, 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. Beginning 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. We 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” and “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.
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
24
September 2021 Form 10-Q
Management’s Discussion and Analysis
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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
September 30,		Nine Months Ended
September 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 8.2 2.6 
Parent
15.8 15.1 16.6 13.3 
Total
$98.6 $78.7 $96.9 $76.9 
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
Planned Adoption of the Standardized Approach for Counterparty Credit Risk (“SA-CCR”)

The U.S. banking agencies’ final rule to implement SA-CCR requires compliance by January 1, 2022 for Advanced Approaches banking organizations, such as the Parent Company. We intend to early adopt SA-CCR under the final rule in the fourth quarter of 2021. SA-CCR replaces the current exposure method used to measure derivatives counterparty exposure on the Standardized Approach RWA and Supplementary leverage exposure calculations in the regulatory capital framework. In the absence of further mitigation, the adoption of SA-CCR could increase our RWA under the Standardized Approach by $35 billion to $45 billion and reduce our Standardized Common Equity Tier 1 capital ratio by approximately 120 basis points. This preliminary estimate of the initial impact of adopting SA-CCR is subject to risks and uncertainties, including regarding portfolio composition and mitigation efforts as of the adoption date, that may cause the actual impact to differ materially and should not be taken as a projection of what our capital ratios and RWA will be in future periods.
Swap Dealer and Security-based Swap Dealer Regulations

CFTC rules establishing capital requirements for swap dealers not subject to regulation by a prudential regulator required compliance by October 6, 2021. A number of our U.S. and non-U.S. CFTC-regulated swap dealers have been required to comply with these rules since such date. Additionally, the compliance date for SEC rules requiring the registration of security-based swap dealers was November 1, 2021. Compliance by our security-based swap dealers with associated SEC requirements, including but not limited to those related to capital and business conduct standards, is now also required. Each entity subject to these rules was compliant with the applicable requirements as of the compliance dates.
September 2021 Form 10-Q
25
Management’s Discussion and Analysis
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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 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 been encouraging banks to cease entering into new contracts referencing LIBOR 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.
26
September 2021 Form 10-Q
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 its 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
September 30, 2021
$ in millions
Period
End
Average
High2
Low2
Interest rate and credit spread
$27 $28 $33 $23 
Equity price
28 24 32 20 
Foreign exchange rate
7 8 11 6 
Commodity price
19 12 19 9 
Less: Diversification benefit1
(34)(29)N/AN/A
Primary Risk Categories
$47 $43 $53 $38 
Credit Portfolio
12 12 13 11 
Less: Diversification benefit1
(11)(10)N/AN/A
Total Management VaR
$48 $45 $56 $41 
 
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 $41 
1.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days; similar diversification benefits also are taken into account within each component.
2.The high and low VaR values for the total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and therefore, the diversification benefit is not an applicable measure.
Average total Management VaR and average Management VaR for the Primary Risk Categories were relatively unchanged from the three months ended June 30, 2021.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy relative to realized trading results. There were two loss days in the current quarter, which did not exceed the Firm’s VaR.
September 2021 Form 10-Q
27
Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
ms-20210930_g13.jpg
Daily Net Trading Revenues for the Current Quarter
($ in millions)
ms-20210930_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
September 30,
2021		At
June 30,
2021
Derivatives
$7 $7 
Borrowings carried at fair value
48 48 
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
September 30,
2021		At
June 30,
2021
Basis point change
+100$1,540 $1,463 
 -100(494)(498)
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. Net interest income sensitivity was relatively unchanged from June 30, 2021.
Investments Sensitivity, Including Related Carried Interest
 
Loss from 10% Decline
$ in millions
At
September 30,
2021		At
June 30,
2021
Investments related to Investment Management activities$422 $477 
Other investments:
MUMSS
174 172 
Other Firm investments
261 232 
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 reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable.
28
September 2021 Form 10-Q
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 September 30, 2021
$ in millions
HFI
HFS
FVO
Total
Institutional Securities:
Corporate
$4,774 $8,998 $13 $13,785 
Secured lending facilities
27,345 3,650 350 31,345 
Commercial and Residential real estate
6,915 434 5,536 12,885 
Securities-based lending and Other
520 56 8,889 9,465 
Total Institutional Securities39,554 13,138 14,788 67,480 
Wealth Management:
Residential real estate
41,428 8 — 41,436 
Securities-based lending and Other
79,888 22 — 79,910 
Total Wealth Management121,316 30 — 121,346 
Total Investment Management1
5 — 127 132 
Total loans2
160,875 13,168 14,915 188,958 
ACL(684)(684)
Total loans, net of ACL$160,191 $13,168 $14,915 $188,274 
Lending commitments3
$137,116 
Total exposure



$325,390 
 
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. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) 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 $36 billion since December 31, 2020, primarily due to growth in Securities-based and Residential real estate loans within the Wealth Management business segment, as well as increases in Corporate lending commitments and Secured lending facilities 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
September 2021 Form 10-Q
29
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(107)
Provision for credit losses(1)
Other(10)
Total at September 30, 2021$1,113 
ACL—Loans$684 
ACL—Lending commitments429 
Provision for Credit Losses by Business Segment
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
$ in millionsISWMTotalISWMTotal
Loans$3 $2 $5 $(38)$1 $(37)
Lending commitments21 (2)19 39 (3)36 
Total$24 $— $24 $1 $(2)$(1)
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, as well as an allowance release as a result of paydowns on Corporate loans, including by lower-rated borrowers, offset by the provision for one Secured lending facility. The base scenario used in our ACL models as of September 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 and a year-over-year U.S. GDP effective growth rate of approximately 6% in 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 September 30, 2021At December 31, 2020
IS
WM
IS
WM
Accrual
98.6 %99.8 %99.2 %99.7 %
Nonaccrual1
1.4 %0.2 %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 September 30, 2021
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans
AA
$— $36 $— $— $36 
A
1,138 814 371 377 2,700 
BBB
5,459 5,273 2,444 1,178 14,354 
BB
10,886 10,260 4,290 954 26,390 
Other NIG
4,328 7,286 3,937 3,305 18,856 
Unrated2
178 334 511 3,546 4,569 
Total loans, net of ACL21,989 24,003 11,553 9,360 66,905 
Lending commitments
AAA
— 50 — — 50 
AA
2,938 1,120 2,449 — 6,507 
A
4,327 7,482 10,456 446 22,711 
BBB
10,509 16,834 19,487 1,050 47,880 
BB
3,202 11,489 7,932 1,790 24,413 
Other NIG
1,142 6,742 7,574 5,104 20,562 
Unrated2
1 — 17 15 33 
Total lending commitments22,119 43,717 47,915 8,405 122,156 
Total exposure
$44,108 $67,720 $59,468 $17,765 $189,061 
30
September 2021 Form 10-Q
Risk Disclosures
ms-20210930_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
September 30,
2021 		At
December 31,
2020
Industry
Financials$50,404 $44,358 
Real estate30,411 25,484 
Industrials17,409 15,861 
Communications services14,382 12,600 
Healthcare14,021 12,650 
Consumer discretionary11,763 11,177 
Information technology10,601 11,358 
Utilities10,150 9,504 
Energy8,456 10,064 
Consumer staples8,170 9,088 
Materials6,434 6,084 
Insurance4,249 3,889 
Other2,611 4,515 
Total exposure$189,061 $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, lodging and leisure, retail, upstream energy, and healthcare services and systems. As of September 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 September 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 September 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 September 30, 2021
Contractual Years to Maturity
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Loans, net of ACL
$1,331 $609 $479 $3,148 $5,567 
Lending commitments
5,861 5,078 2,877 6,442 20,258 
Total exposure$7,192 $5,687 $3,356 $9,590 $25,825 
 
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.
Institutional Securities Loans and Lending Commitments Held for Investment
At September 30, 2021
$ in millionsLoansLending CommitmentsTotal
Corporate$4,774 $73,264 $78,038 
Secured lending facilities27,345 9,434 36,779 
Commercial real estate6,915 341 7,256 
Other520 645 1,165 
Total, before ACL$39,554 $83,684 $123,238 
ACL$(575)$(416)$(991)
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)
September 2021 Form 10-Q
31
Risk Disclosures
ms-20210930_g1.jpg
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(19)(67)(21)— (107)
Provision for credit losses(52)49 4 — 1 
Other1
(5)(2)(2)(24)(33)
Total at September 30, 2021$556 $216 $203 $16 $991 
ACL—Loans$197 $175 $193 $10 $575 
ACL—Lending commitments359 41 10 6 416 
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
September 30,
2021 		At
December 31,
2020
Corporate4.1 %5.1 %
Secured lending facilities0.6 %0.8 %
Commercial real estate
2.8 %2.9 %
Other1.9 %1.7 %
Total Institutional Securities loans1.5 %1.8 %
Wealth Management Loans and Lending Commitments
 
At September 30, 2021
 
Contractual Years to Maturity
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Securities-based lending and Other$70,226 $5,411 $2,503 $1,717 $79,857 
Residential real estate6 — 7 41,367 41,380 
Total loans, net of ACL$70,232 $5,411 $2,510 $43,084 $121,237 
Lending commitments12,005 2,513 116 326 14,960 
Total exposure$82,237 $7,924 $2,626 $43,410 $136,197 
 
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.
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
23 
Total at September 30, 2021$122 
ACL—Loans$109 
ACL—Lending commitments13 
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 September 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
September 30,
2021		At
December 31,
2020
Institutional Securities$41,060 $51,570 
Wealth Management28,548 23,144 
Total$69,608 $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.
32
September 2021 Form 10-Q
Risk Disclosures
ms-20210930_g1.jpg
Derivatives
Fair Value of OTC Derivative Assets
 
Counterparty Credit Rating1
 
$ in millions
AAA
AA
A
BBB
NIG
Total
At September 30, 2021
Less than 1 year
$1,503 $13,004 $36,932 $23,620 $14,141 $89,200 
1-3 years
790 4,478 15,274 15,286 7,802 43,630 
3-5 years
457 4,766 7,382 8,247 3,790 24,642 
Over 5 years
4,260 26,468 64,816 44,303 6,184 146,031 
Total, gross
$7,010 $48,716 $124,404 $91,456 $31,917 $303,503 
Counterparty netting
(2,867)(37,546)(96,338)(65,345)(14,619)(216,715)
Cash and securities collateral(3,244)(8,123)(22,438)(18,083)(7,453)(59,341)
Total, net$899 $3,047 $5,628 $8,028 $9,845 $27,447 
 
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
September 30,
2021		At
December 31,
2020
Industry
Financials$7,421 $6,195 
Utilities6,218 3,954 
Energy4,097 965 
Consumer Discretionary2,230 1,866 
Industrials1,029 1,291 
Information technology1,000 1,104 
Regional governments980 806 
Healthcare798 1,494 
Sovereign governments684 650 
Insurance682 518 
Not-for-profit organizations571 701 
Communications services328 529 
Materials299 430 
Consumer staples288 339 
Real estate198 378 
Other624 81 
Total
$27,447 $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.
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 September 30, 2021
$ in millionsUnited KingdomJapanFranceGermanySpain
Sovereign
Net inventory1
$(794)$7,006 $1,361 $(3,085)$355 
Net counterparty exposure2
9 32 6 69 38 
Lending commitments— — — 637 — 
Exposure before hedges(785)7,038 1,367 (2,379)393 
Hedges3
(307)(79)(6)(287)— 
Net exposure$(1,092)$6,959 $1,361 $(2,666)$393 
Non-sovereign
Net inventory1
$729 $873 $(877)$(455)$10 
Net counterparty exposure2
13,517 4,297 2,757 2,519 794 
Loans3,461 380 579 1,694 3,168 
Lending commitments6,791 180 4,344 5,768 874 
Exposure before hedges24,498 5,730 6,803 9,526 4,846 
Hedges3
(1,401)(155)(1,167)(1,033)(540)
Net exposure$23,097 $5,575 $5,636 $8,493 $4,306 
Total net exposure$22,005 $12,534 $6,997 $5,827 $4,699 
September 2021 Form 10-Q
33
Risk Disclosures
ms-20210930_g1.jpg
$ in millionsChinaNetherlandsIndiaCanada Italy
Sovereign
Net inventory1
$(17)$256 $972 $(523)$845 
Net counterparty exposure2
73 — — 67 53 
Exposure before hedges56 256 972 (456)898 
Hedges3
(81)(32)— — (25)
Net exposure$(25)$224 $972 $(456)$873 
Non-sovereign
Net inventory1
$1,142 $(359)$752 $263 $123 
Net counterparty exposure2
908 1,064 978 1,473 1,042 
Loans800 373 235 58 193 
Lending commitments1,786 2,847 — 1,547 367 
Exposure before hedges4,636 3,925 1,965 3,341 1,725 
Hedges3
(200)(271)— (86)(94)
Net exposure$4,436 $3,654 $1,965 $3,255 $1,631 
Total net exposure$4,411 $3,878 $2,937 $2,799 $2,504 
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
September 30,
2021
Country of Risk
Collateral2
GermanyCroatia and France$11,815 
United KingdomU.K., U.S. and Spain8,703 
OtherJapan, Italy and France21,322 
1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at September 30, 2021.
2.Primarily consists of cash, as well as government obligations of the countries listed.
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
September 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 September 30, 2021, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and nine-month periods ended September 30, 2021 and 2020, and the cash flow statements for the nine-month periods ended September 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
November 3, 2021


September 2021 Form 10-Q
35
Consolidated Income Statements
(Unaudited)
ms-20210930_g1.jpg
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
in millions, except per share data2021202020212020
Revenues
Investment banking$3,013 $1,826 $8,413 $5,239 
Trading2,861 3,150 10,416 10,754 
Investments45 346 744 659 
Commissions and fees1,280 1,037 4,214 3,499 
Asset management5,201 3,664 14,572 10,346 
Other290 212 916 221 
Total non-interest revenues12,690 10,235 39,275 30,718 
Interest income2,351 2,056 7,000 7,917 
Interest expense288 570 1,044 3,475 
Net interest2,063 1,486 5,956 4,442 
Net revenues14,753 11,721 45,231 35,160 
Provision for credit losses24 111 (1)757 
Non-interest expenses
Compensation and benefits5,920 5,086 19,141 15,404 
Brokerage, clearing and exchange fees825 697 2,530 2,153 
Information processing and communications788 616 2,286 1,768 
Professional services734 542 2,104 1,526 
Occupancy and equipment427 373 1,246 1,103 
Marketing and business development146 78 438 273 
Other1,015 731 2,703 2,188 
Total non-interest expenses9,855 8,123 30,448 24,415 
Income before provision for income taxes4,874 3,487 14,784 9,988 
Provision for income taxes1,150 736 3,380 2,221 
Net income$3,724 $2,751 $11,404 $7,767 
Net income applicable to noncontrolling interests17 34 66 156 
Net income applicable to Morgan Stanley$3,707 $2,717 $11,338 $7,611 
Preferred stock dividends 123 120 364 377 
Earnings applicable to Morgan Stanley common shareholders$3,584 $2,597 $10,974 $7,234 
Earnings per common share
Basic$2.01 $1.68 $6.11 $4.68 
Diluted$1.98 $1.66 $6.02 $4.62 
Average common shares outstanding
Basic1,781 1,542 1,797 1,546 
Diluted1,812 1,566 1,824 1,565 
Consolidated Comprehensive Income Statements
(Unaudited)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Net income$3,724 $2,751 $11,404 $7,767 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(78)110 (256)(1)
Change in net unrealized gains (losses) on available-for-sale securities(256)(62)(1,039)1,558 
Pension and other5 5 22 29 
Change in net debt valuation adjustment147 (563)470 744 
Total other comprehensive income (loss)$(182)$(510)$(803)$2,330 
Comprehensive income$3,542 $2,241 $10,601 $10,097 
Net income applicable to noncontrolling interests17 34 66 156 
Other comprehensive income (loss) applicable to noncontrolling interests(4)28 (64)79 
Comprehensive income applicable to Morgan Stanley$3,529 $2,179 $10,599 $9,862 
September 2021 Form 10-Q
36
See Notes to Consolidated Financial Statements
Consolidated Balance Sheets
ms-20210930_g1.jpg

$ in millions, except share data
(Unaudited)
At
September 30,
2021
At
December 31,
2020
Assets
Cash and cash equivalents
$123,863 $105,654 
Trading assets at fair value ($109,494 and $132,578 were pledged to various parties)
315,161 312,738 
Investment securities (includes $101,594 and $110,383 at fair value)
183,431 182,154 
Securities purchased under agreements to resell (includes $7 and $15 at fair value)
119,721 116,234 
Securities borrowed125,922 112,391 
Customer and other receivables98,353 97,737 
Loans:
Held for investment (net of allowance for credit losses of $684 and $835)
160,191 137,784 
Held for sale13,168 12,813 
Goodwill16,832 11,635 
Intangible assets (net of accumulated amortization of $3,671 and $3,265)
8,514 4,980 
Other assets25,320 21,742 
Total assets$1,190,476 $1,115,862 
Liabilities
Deposits (includes $2,010 and $3,521 at fair value)
$329,041 $310,782 
Trading liabilities at fair value169,959 157,631 
Securities sold under agreements to repurchase (includes $928 and $1,115 at fair value)
61,987 50,587 
Securities loaned11,133 7,731 
Other secured financings (includes $5,614 and $11,701 at fair value)
10,272 15,863 
Customer and other payables240,319 227,437 
Other liabilities and accrued expenses30,884 25,603 
Borrowings (includes $75,752 and $73,701 at fair value)
229,762 217,079 
Total liabilities1,083,357 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: 1,798,908,848 and 1,809,624,144
20 20 
Additional paid-in capital28,504 25,546 
Retained earnings87,099 78,694 
Employee stock trusts3,770 3,043 
Accumulated other comprehensive income (loss)(2,701)(1,962)
Common stock held in treasury at cost, $0.01 par value (239,985,131 and 229,269,835 shares)
(14,769)(9,767)
Common stock issued to employee stock trusts(3,770)(3,043)
Total Morgan Stanley shareholders’ equity105,903 101,781 
Noncontrolling interests1,216 1,368 
Total equity107,119 103,149 
Total liabilities and equity$1,190,476 $1,115,862 
See Notes to Consolidated Financial Statements
37
September 2021 Form 10-Q
Consolidated Statements of Changes in Total Equity
(Unaudited)
ms-20210930_g1.jpg

Three Months Ended
September 30,		Nine Months Ended
September 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 balance28,030 23,782 25,546 23,935 
Share-based award activity473 232 765 79 
Issuance of common stock for the acquisition of Eaton Vance— — 2,185 — 
Other net increases (decreases)1 1 8 1 
Ending balance
28,504 24,015 28,504 24,015 
Retained Earnings
Beginning balance84,791 74,015 78,694 70,589 
Cumulative adjustment related to the adoption of financial instruments-credit losses accounting update1
— — — (100)
Net income applicable to Morgan Stanley
3,707 2,717 11,338 7,611 
Preferred stock dividends2
(123)(120)(364)(377)
Common stock dividends2
(1,276)(551)(2,562)(1,662)
Other net increases (decreases)— — (7)— 
Ending balance
87,099 76,061 87,099 76,061 
Employee Stock Trusts
Beginning balance
3,768 3,018 3,043 2,918 
Share-based award activity
2 (26)727 74 
Ending balance
3,770 2,992 3,770 2,992 
Accumulated Other Comprehensive Income (Loss)
Beginning balance
(2,523)1 (1,962)(2,788)
Net change in Accumulated other comprehensive income (loss)
(178)(538)(739)2,251 
Ending balance
(2,701)(537)(2,701)(537)
Common Stock Held in Treasury at Cost
Beginning balance
(11,198)(19,693)(9,767)(18,727)
Share-based award activity
57 38 1,094 882 
Repurchases of common stock and employee tax withholdings
(3,628)(30)(9,228)(1,840)
Issuance of common stock for the acquisition of Eaton Vance— — 3,132 — 
Ending balance
(14,769)(19,685)(14,769)(19,685)
Common Stock Issued to Employee Stock Trusts
Beginning balance
(3,768)(3,018)(3,043)(2,918)
Share-based award activity
(2)26 (727)(74)
Ending balance
(3,770)(2,992)(3,770)(2,992)
Noncontrolling Interests
Beginning balance
1,292 1,364 1,368 1,148 
Net income applicable to noncontrolling interests17 34 66 156 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests(4)28 (64)79 
Other net increases (decreases)
(89)(2)(154)41 
Ending balance
1,216 1,424 1,216 1,424 
Total Equity
$107,119 $89,818 $107,119 $89,818 
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.
September 2021 Form 10-Q
38
See Notes to Consolidated Financial Statements
Consolidated Cash Flow Statements
(Unaudited)
ms-20210930_g1.jpg

 
Nine Months Ended
September 30,
$ in millions20212020
Cash flows from operating activities
Net income$11,404 $7,767 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense1,636 802 
Depreciation and amortization2,979 2,363 
Provision for credit losses(1)757 
Other operating adjustments(149)663 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities2,832 18,442 
Securities borrowed(13,531)5,746 
Securities loaned3,402 (582)
Customer and other receivables and other assets(2,692)(17,098)
Customer and other payables and other liabilities19,829 (5,818)
Securities purchased under agreements to resell(3,487)(59)
Securities sold under agreements to repurchase11,400 (12,824)
Net cash provided by (used for) operating activities33,622 159 
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software, net(1,658)(905)
Changes in loans, net(23,197)(13,592)
Investment securities:
Purchases(57,334)(41,147)
Proceeds from sales18,325 7,220 
Proceeds from paydowns and maturities32,368 11,240 
Cash paid as part of the Eaton Vance acquisition, net of cash acquired(2,648)— 
Other investing activities(447)(254)
Net cash provided by (used for) investing activities(34,591)(37,438)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings(1,125)229 
Deposits18,347 48,734 
Proceeds from issuance of Borrowings73,591 42,169 
Payments for:
Borrowings(56,699)(38,151)
Repurchases of common stock and employee tax withholdings(9,228)(1,840)
Cash dividends(2,857)(2,008)
Other financing activities(197)(208)
Net cash provided by (used for) financing activities21,832 48,925 
Effect of exchange rate changes on cash and cash equivalents(2,654)955 
Net increase (decrease) in cash and cash equivalents18,209 12,601 
Cash and cash equivalents, at beginning of period105,654 82,171 
Cash and cash equivalents, at end of period$123,863 $94,772 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$1,236 $3,747 
Income taxes, net of refunds3,303 1,675 
See Notes to Consolidated Financial Statements
39
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_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
September 2021 Form 10-Q
40
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_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 nine months ended September 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.
Goodwill
The Firm completed its annual goodwill impairment testing as of July 1, 2021. The Firm’s impairment testing did not indicate any goodwill impairment, as each of the Firm’s reporting units with goodwill had a fair value that was in excess of its carrying value.
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
September 30, 2021
Nine Months Ended
September 30, 20211
Net revenues$549 $1,258 
Net income 137 287 
1.Reflects Eaton Vance results from March 1, 2021 through September 30, 2021.
Morgan Stanley and Eaton Vance Proforma Combined Financial Information
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
20211
202020212020
Net revenues$14,753 $12,072 $45,527 $36,313 
Net income 3,724 2,729 11,504 7,420 
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
41
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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 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
September 30,
2021 		At
December 31,
2020
Cash and due from banks$10,216 $9,792 
Interest bearing deposits with banks113,647 95,862 
Total Cash and cash equivalents$123,863 $105,654 
Restricted cash$43,829 $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 September 30, 2021
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$44,238 $26,312 $4 $— $70,554 
Other sovereign government obligations32,668 5,246 127 — 38,041 
State and municipal securities— 1,960 — — 1,960 
MABS— 1,249 366 — 1,615 
Loans and lending commitments2
— 10,611 4,304 — 14,915 
Corporate and other debt— 31,242 1,563 — 32,805 
Corporate equities3
100,903 1,126 214 — 102,243 
Derivative and other contracts:
Interest rate3,382 158,164 1,311 — 162,857 
Credit— 9,063 510 — 9,573 
Foreign exchange32 73,464 147 — 73,643 
Equity1,211 69,495 464 — 71,170 
Commodity and other12,547 27,294 2,882 — 42,723 
Netting1
(15,382)(248,815)(869)(51,501)(316,567)
Total derivative and other contracts1,790 88,665 4,445 (51,501)43,399 
Investments4
795 648 781 — 2,224 
Physical commodities— 3,049 — — 3,049 
Total trading assets4
180,394 170,108 11,804 (51,501)310,805 
Investment securities—AFS55,839 45,755 — — 101,594 
Securities purchased under agreements to resell— 7 — — 7 
Total assets at fair value$236,233 $215,870 $11,804 $(51,501)$412,406 
At September 30, 2021
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $1,948 $62 $— $2,010 
Trading liabilities:
U.S. Treasury and agency securities19,623 1,142 — — 20,765 
Other sovereign government obligations23,194 1,814 3 — 25,011 
Corporate and other debt— 10,565 5 — 10,570 
Corporate equities3
74,549 314 34 — 74,897 
Derivative and other contracts:
Interest rate3,251 148,188 515 — 151,954 
Credit— 9,671 544 — 10,215 
Foreign exchange35 69,491 50 — 69,576 
Equity1,477 80,045 1,464 — 82,986 
Commodity and other12,445 23,170 1,573 — 37,188 
Netting1
(15,382)(248,815)(869)(48,137)(313,203)
Total derivative and other contracts1,826 81,750 3,277 (48,137)38,716 
Total trading liabilities119,192 95,585 3,319 (48,137)169,959 
Securities sold under agreements to repurchase— 480 448 — 928 
Other secured financings— 5,219 395 — 5,614 
Borrowings— 73,696 2,056 — 75,752 
Total liabilities at fair value$119,192 $176,928 $6,280 $(48,137)$254,263 
September 2021 Form 10-Q
42
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
 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 
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
September 30,
2021		At
December 31,
2020
Corporate$13$13
Secured lending facilities350648
Commercial Real Estate2,418916
Residential Real Estate3,1182,145
Securities-based lending and Other loans9,0167,426
Total$14,915$11,148
Unsettled Fair Value of Futures Contracts1
$ in millions
At
September 30,
2021		At
December 31,
2020
Customer and other receivables (payables), net$(26)$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,
43
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
U.S. Treasury and agency securities
Beginning balance$25 $97 $9 $22 
Realized and unrealized gains (losses)(1)(1)— — 
Purchases4 109 28 133 
Sales(24)(36)(33)(42)
Net transfers— (47)— 9 
Ending balance$4 $122 $4 $122 
Unrealized gains (losses)$(1)$(1)$— $— 
Other sovereign government obligations
Beginning balance$78 $11 $268 $5 
Realized and unrealized gains (losses)(3)(1)(1)— 
Purchases59 1 129 8 
Sales(4)(1)(269)(3)
Net transfers(3)— — — 
Ending balance$127 $10 $127 $10 
Unrealized gains (losses)$(3)$— $— $— 
State and municipal securities
Beginning balance$4 $— $— $1 
Purchases— — 4 — 
Sales(4)— (4)— 
Net transfers— — — (1)
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
MABS
Beginning balance$357 $379 $322 $438 
Realized and unrealized gains (losses)11 13 67 (60)
Purchases96 13 263 172 
Sales(23)(54)(216)(162)
Net transfers(75)92 (70)55 
Ending balance$366 $443 $366 $443 
Unrealized gains (losses)$11 $8 $8 $(35)
Loans and lending commitments
Beginning balance$4,896 $4,068 $5,759 $5,073 
Realized and unrealized gains (losses)47 20 33 (161)
Purchases and originations1,373 846 2,467 1,926 
Sales(768)(725)(2,314)(1,139)
Settlements(414)(285)(1,082)(1,907)
Net transfers1
(830)427 (559)559 
Ending balance$4,304 $4,351 $4,304 $4,351 
Unrealized gains (losses)$21 $27 $(5)$(137)
Corporate and other debt
Beginning balance$1,801 $2,686 $3,435 $1,396 
Realized and unrealized gains (losses)173 (107)(151)(184)
Purchases and originations639 451 1,505 2,217 
Sales(594)(325)(1,698)(425)
Settlements— — — (311)
Net transfers2
(456)22 (1,528)34 
Ending balance$1,563 $2,727 $1,563 $2,727 
Unrealized gains (losses)$173 $(96)$10 $(186)
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Corporate equities
Beginning balance$150 $83 $86 $97 
Realized and unrealized gains (losses)4 32 (15)— 
Purchases83 32 367 42 
Sales(7)(27)(193)(27)
Net transfers(16)15 (31)23 
Ending balance$214 $135 $214 $135 
Unrealized gains (losses)$4 $39 $(5)$14 
Investments
Beginning balance$978 $759 $828 $858 
Realized and unrealized gains (losses)18 55 58 (6)
Purchases59 7 150 37 
Sales(23)(16)(46)(37)
Net transfers(251)16 (209)(31)
Ending balance$781 $821 $781 $821 
Unrealized gains (losses)$13 $44 $39 $(19)
Investment securities —AFS
Beginning balance$— $— $2,804 $— 
Realized and unrealized gains (losses)— — (4)— 
Sales— — (203)— 
Net transfers3
— — (2,597)— 
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
Securities purchased under agreements to resell
Beginning balance$— $— $3 $— 
Net transfers— — (3)— 
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
Net derivatives: Interest rate
Beginning balance$668 $760 $682 $777 
Realized and unrealized gains (losses)70 (147)(223)(95)
Purchases22 36 48 153 
Issuances(9)(15)(41)(41)
Settlements18 (31)101 36 
Net transfers27 33 229 (194)
Ending balance$796 $636 $796 $636 
Unrealized gains (losses)$165 $(139)$(168)$(37)
Net derivatives: Credit
Beginning balance$(203)$131 $49 $124 
Realized and unrealized gains (losses)59 (16)(2)11 
Purchases12 17 23 66 
Issuances(19)(51)(44)(101)
Settlements102 10 16 61 
Net transfers15 25 (76)(45)
Ending balance$(34)$116 $(34)$116 
Unrealized gains (losses)$(26)$(16)$— $2 
September 2021 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Net derivatives: Foreign exchange
Beginning balance$33 $17 $61 $(31)
Realized and unrealized gains (losses)32 86 41 202 
Purchases12 — 19 3 
Issuances(15)(4)(21)(5)
Settlements46 (9)(45)(27)
Net transfers(11)9 42 (43)
Ending balance$97 $99 $97 $99 
Unrealized gains (losses)$29 $75 $73 $136 
Net derivatives: Equity
Beginning balance$(837)$(1,884)$(2,231)$(1,684)
Realized and unrealized gains (losses)(45)3 366 75 
Purchases24 19 69 192 
Issuances(122)(181)(362)(706)
Settlements(3)(151)(196)(167)
Net transfers2
(17)49 1,354 145 
Ending balance$(1,000)$(2,145)$(1,000)$(2,145)
Unrealized gains (losses)$(96)$32 $(57)$(143)
Net derivatives: Commodity and other
Beginning balance$1,430 $2,087 $1,709 $1,612 
Realized and unrealized gains (losses)(167)(29)43 373 
Purchases44 1 324 26 
Issuances(31)(40)(137)(65)
Settlements(97)(181)(371)(101)
Net transfers130 (34)(259)(41)
Ending balance$1,309 $1,804 $1,309 $1,804 
Unrealized gains (losses)$(96)$(251)$(243)$(6)
Deposits
Beginning balance$86 $90 $126 $179 
Realized and unrealized losses (gains)(1)4 1 8 
Settlements(4)(2)(12)(13)
Net transfers(19)13 (53)(69)
Ending balance$62 $105 $62 $105 
Unrealized losses (gains)$(1)$4 $1 $8 
Nonderivative trading liabilities
Beginning balance$59 $74 $79 $37 
Realized and unrealized losses (gains)(11)(6)(20)(21)
Purchases(16)(7)(88)(23)
Sales11 5 83 23 
Settlements— — — 3 
Net transfers(1)(6)(12)41 
Ending balance$42 $60 $42 $60 
Unrealized losses (gains)$(11)$(4)$1 $(21)
Securities sold under agreements to repurchase
Beginning balance$449 $440 $444 $— 
Realized and unrealized losses (gains)(1)8 5 (22)
Issuances— — — 470 
Net transfers— — (1)— 
Ending balance$448 $448 $448 $448 
Unrealized losses (gains)$(1)$8 $5 $(22)
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Other secured financings
Beginning balance$401 $300 $516 $109 
Realized and unrealized losses (gains)(17)11 (14)(1)
Issuances14 3 421 10 
Settlements(3)(5)(500)(208)
Net transfers— — (28)399 
Ending balance$395 $309 $395 $309 
Unrealized losses (gains)$(17)$11 $(13)$(1)
Borrowings
Beginning balance$1,975 $4,135 $4,374 $4,088 
Realized and unrealized losses (gains)(87)(32)(37)(284)
Issuances197 194 411 992 
Settlements(67)(70)(347)(346)
Net transfers2
38 (146)(2,345)(369)
Ending balance$2,056 $4,081 $2,056 $4,081 
Unrealized losses (gains)$(86)$(33)$(8)$(282)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA(4)22 (18)(124)
1.Net transfers in the current quarter reflect the transfer of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in the prior year periods reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter of the prior year and $707 million out of Level 3 in the second quarter of the prior year, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions.
2.Net transfers in the current year period reflect the transfer in the second quarter of $2.0 billion of Corporate and Other Debt, $1.0 billion of net Equity derivatives, and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements.
3.Net transfers in the current year period 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.
45
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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 September 30, 2021At December 31, 2020
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$127 $268 
Comparable pricing:
Bond price
96 to 152 points (125 points)
106 points
MABS$366 $322 
Comparable pricing:
Bond price
0 to 86 points (53 points)
0 to 80 points (50 points)
Loans and lending
commitments		$4,304 $5,759 
Margin loan model:
Margin loan rate
1% to 4% (3%)
1% to 5% (3%)
Comparable pricing:
Loan price
91 to 102 points (99 points)
75 to 102 points (93 points)
Corporate and
other debt		$1,563 $3,435 
Comparable pricing:
Bond price
90 to 110 points (99 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
22% to 134% (70%)
18% to 21% (19%)
Corporate equities$214 $86 
Comparable pricing:
Equity price
100%
100%
Investments$781 $828 
Discounted cash flow:
WACC
10% to 16% (15%)
8% to 18% (15%)
Exit multiple
8 to 17 times (12 times)
7 to 17 times (12 times)
Market approach:
EBITDA multiple
8 to 29 times (10 times)
8 to 32 times (11 times)
Comparable pricing:
Equity price
43% to 100% (99%)
45% to 100% (99%)
Investment securities —AFS$— $2,804 
Comparable pricing:
Bond priceN/A
97 to 107 points (101 points)
Net derivative and other contracts:
Interest rate$796 $682 
Option model:
IR volatility skew
33% to 99% (60% / 59%)
0% to 349% (62% / 59%)
IR curve correlation
65% to 98% (83% / 83%)
54% to 99% (87% / 89%)
Bond volatility
5% to 14% (7% / 6%)
6% to 24% (13% / 13%)
Inflation volatility
25% to 65% (45% / 43%)
25% to 66% (45% / 43%)
IR curve
2%
1%
Balance / Range (Average1)
$ in millions, except inputsAt September 30, 2021At December 31, 2020
Credit$(34)$49 
Credit default swap model:
Cash-synthetic basis
7 points
7 points
Bond price
0 to 83 points (46 points)
0 to 85 points (47 points)
Credit spread
14 to 463 bps (74 bps)
20 to 435 bps (74 bps)
Funding spread
18 to 95 bps (60 bps)
65 to 118 bps (86 bps)
Correlation model:
Credit correlation
23% to 39% (26%)
27% to 44% (32%)
Foreign exchange2
$97 $61 
Option model:
IR - FX correlation
53% to 57% (55% 55%)
55% to 59% (56% / 56%)
IR volatility skew
33% to 99% (60% / 59%)
0% to 349% (62% / 59%)
IR curve
7%
6% to 8% (7% / 8%)
Foreign exchange volatility skew
 -4% to -2% (-3% / -3%)
 -22% to 28% (3% / 1%)
Contingency probability
95%
50% to 95% (83% / 93%)
Equity2
$(1,000)$(2,231)
Option model:
Equity volatility
5% to 92% (23%)
16% to 97% (43%)
Equity volatility skew
 -4% to 0% (-1%)
 -3% to 0% (-1%)
Equity correlation
5% to 99% (74%)
24% to 96% (74%)
FX correlation
 -85% to 50% (-33%)
 -79% to 60% (-16%)
IR correlation
 -13% to 35% (15%)
 -13% to 47% (21% / 20%)
Commodity and other$1,309 $1,709 
Option model:
Forward power price
$1 to $248 ($39) per MWh
$-1 to $157 ($28) per MWh
Commodity volatility
8% to 212% (24%)
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$62 $126 
Option model:
Equity volatility
7%
7% to 22% (8%)
 Nonderivative trading liabilities
—Corporate equities		$34 $63 
Comparable pricing:
Equity price
100%
100%
Securities sold under agreements to repurchase$448 $444 
Discounted cash flow:
Funding spread
116 to 122 bps (119 bps)
107 to 127 bps (115 bps)
Other secured financings$395 $516 
Discounted cash flow:
Funding spreadN/A
111 bps (111 bps)
Comparable pricing:
Loan price
30 to 100 points (83 points)
30 to 101 points (56 points)
September 2021 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Balance / Range (Average1)
$ in millions, except inputsAt September 30, 2021At December 31, 2020
Borrowings$2,056 $4,374 
Option model:
Equity volatility
 7% to 51% (19%)
6% to 66% (23%)
Equity volatility skew
 -1% to 0% (0%)
 -2% to 0% (0%)
Equity correlation
39% to 98% (91%)
37% to 95% (78%)
Equity - FX correlation
 -60% to 10% (-16%)
 -72% to 13% (-24%)
IR FX Correlation
 -27% 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$1,603 $3,134 
Corporate loan model:
Credit spread
95 to 562 bps (298 bps)
36 to 636 bps (336 bps)
Comparable pricing:
Loan price
48 to 80 points (63 points)
N/M
Warehouse model:
Credit spread
197 to 450 bps (374 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.
Net Asset Value Measurements
Fund Interests
 
At September 30, 2021At December 31, 2020
$ in millions
Carrying
Value
Commitment
Carrying
Value
Commitment
Private equity$2,430 $640 $2,367 $644 
Real estate1,747 255 1,403 136 
Hedge1
179 3 59 — 
Total$4,356 $898 $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 September 30, 2021
$ in millions
Private Equity
Real Estate
Less than 5 years$1,094 $408 
5-10 years1,094 678 
Over 10 years242 661 
Total$2,430 $1,747 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 
At September 30, 2021
 
Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$3,310 $1,603 $4,913 
Other assets—Other investments— 76 76 
Total$3,310 $1,679 $4,989 
Liabilities
Other liabilities and accrued expenses—Lending commitments$156 $67 $223 
Total$156 $67 $223 
47
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
 
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 Nonrecurring Fair Value Remeasurements1
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Assets
Loans2
$(22)$(43)$(75)$(467)
Goodwill— — (8)— 
Intangibles— (1)(3)(1)
Other assets—
Other investments3
(2)(2)(55)(54)
Other assets—Premises, equipment and software4
(10)(29)(14)(35)
Total$(34)$(75)$(155)$(557)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$(2)$25 $34 $(54)
Total$(2)$25 $34 $(54)
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.
Financial Instruments Not Measured at Fair Value
 At September 30, 2021
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$123,863 $123,863 $— $— $123,863 
Investment securities—HTM81,837 30,726 50,380 982 82,088 
Securities purchased under agreements to resell119,714 — 117,863 1,868 119,731 
Securities borrowed125,922 — 125,923 — 125,923 
Customer and other receivables95,022 — 91,571 3,349 94,920 
Loans1
173,359 — 23,242 151,341 174,583 
Other assets528 — 528 — 528 
Financial liabilities
Deposits$327,031 $— $327,384 $— $327,384 
Securities sold under agreements to repurchase61,059 — 61,100 — 61,100 
Securities loaned11,133 — 11,131 — 11,131 
Other secured financings4,658 — 4,659 — 4,659 
Customer and other payables240,293 — 240,293 — 240,293 
Borrowings154,010 — 160,131 4 160,135 
 Commitment
Amount
Lending commitments2
$136,040 $— $682 $423 $1,105 
 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.
September 2021 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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
September 30,
2021		At
December 31,
2020
Business Unit Responsible for Risk Management
Equity$35,708 $33,952 
Interest rates29,213 31,222 
Commodities7,968 5,078 
Credit1,274 1,344 
Foreign exchange1,589 2,105 
Total$75,752 $73,701 
Net Revenues from Borrowings under the Fair Value Option
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Trading revenues$1,383 $(1,455)$937 $(1,447)
Interest expense77 77 234 241 
Net revenues1
$1,306 $(1,532)$703 $(1,688)
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 September 30,
 20212020
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other debt1
$58 $— $56 $— 
Lending commitments(3)— (3)— 
Deposits— 6 — (19)
Borrowings(9)190 (8)(720)

 Nine Months Ended September 30,
 20212020
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other debt1
$311 $— $(183)$— 
Lending commitments(2)— (2)— 
Deposits— 15 — (10)
Borrowings(36)612 (14)991 
$ in millions
At
September 30,
2021		At
December 31,
2020
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(2,730)$(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
September 30,
2021		At
December 31,
2020
Loans and other debt2
$13,053 $14,042 
Nonaccrual loans2
10,732 11,551 
Borrowings3
(2,382)(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
September 30,
2021		At
December 31,
2020
Nonaccrual loans$943 $1,407 
Nonaccrual loans 90 or more days past due
321 239 
49
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
7. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 
Assets at September 30, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$578 $9 $— $587 
Foreign exchange145 15 — 160 
Total723 24 — 747 
Not designated as accounting hedges
Economic loan hedges
Credit1 16 — 17 
Other derivatives
Interest rate154,421 7,628 221 162,270 
Credit5,624 3,932 — 9,556 
Foreign exchange72,129 1,301 53 73,483 
Equity29,159 — 42,011 71,170 
Commodity and other28,545 — 14,178 42,723 
Total289,879 12,877 56,463 359,219 
Total gross derivatives$290,602 $12,901 $56,463 $359,966 
Amounts offset
Counterparty netting(205,701)(11,014)(52,930)(269,645)
Cash collateral netting(45,163)(1,759)— (46,922)
Total in Trading assets$39,738 $128 $3,533 $43,399 
Amounts not offset1
Financial instruments collateral(12,419)— — (12,419)
Net amounts$27,319 $128 $3,533 $30,980 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$4,385 
 
Liabilities at September 30, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $— $— $— 
Foreign exchange7 20 — 27 
Total7 20 — 27 
Not designated as accounting hedges
Economic loan hedges
Credit15 229 — 244 
Other derivatives
Interest rate144,921 6,683 350 151,954 
Credit5,508 4,463 — 9,971 
Foreign exchange68,163 1,334 52 69,549 
Equity39,690 — 43,296 82,986 
Commodity and other22,708 — 14,480 37,188 
Total281,005 12,709 58,178 351,892 
Total gross derivatives$281,012 $12,729 $58,178 $351,919 
Amounts offset
Counterparty netting(205,701)(11,014)(52,930)(269,645)
Cash collateral netting(42,471)(1,087)— (43,558)
Total in Trading liabilities$32,840 $628 $5,248 $38,716 
Amounts not offset1
Financial instruments collateral(6,226)— (1,007)(7,233)
Net amounts$26,614 $628 $4,241 $31,483 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable7,103 
 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
Credit2
2 51 — 53 
Other derivatives
Interest rate221,895 10,343 300 232,538 
Credit2
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 offset1
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
Credit2
18 177 — 195 
Other derivatives
Interest rate210,015 7,965 639 218,619 
Credit2
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 offset1
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.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.
2.Certain prior period amounts have been reclassified to conform to the current presentation.
September 2021 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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 September 30, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$4 $103 $— $107 
Foreign exchange12 1 — 13 
Total16 104 — 120 
Not designated as accounting hedges
Economic loan hedges
Credit— — — — 
Other derivatives
Interest rate3,836 7,950 558 12,344 
Credit213 130 — 343 
Foreign exchange3,363 89 9 3,461 
Equity522 — 459 981 
Commodity and other142 — 83 225 
Total8,076 8,169 1,109 17,354 
Total gross derivatives$8,092 $8,273 $1,109 $17,474 
 
Liabilities at September 30, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $99 $— $99 
Foreign exchange3 2 — 5 
Total3 101 — 104 
Not designated as accounting hedges
Economic loan hedges
Credit— 7 — 7 
Other derivatives
Interest rate3,924 7,979 505 12,408 
Credit204 140 — 344 
Foreign exchange3,230 87 20 3,337 
Equity538 — 766 1,304 
Commodity and other119 — 87 206 
Total8,015 8,213 1,378 17,606 
Total gross derivatives$8,018 $8,314 $1,378 $17,710 
 
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 
 
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 EndedNine Months Ended
September 30,September 30,
$ in millions
2021202020212020
Fair value hedges—Recognized in Interest income
Interest rate contracts$107 $12 $607 $(68)
Investment Securities—AFS(82)(11)(509)78 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(763)$(1,004)$(3,633)$5,908 
Deposits15 62 73 (153)
Borrowings796 915 3,547 (5,844)
Net investment hedges—Foreign exchange contracts
Recognized in OCI
$225 $(260)$524 $54 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income(19)(6)(32)19 
51
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Fair Value Hedges—Hedged Items 
$ in millions
At
September 30,
2021 		At
December 31,
2020
Investment Securities—AFS
Amortized cost basis currently or previously hedged$17,823 $16,288 
Basis adjustments included in amortized cost1
$(459)$(39)
Deposits
Carrying amount currently or previously hedged
$4,672 $15,059 
Basis adjustments included in carrying amount1
$20 $93 
Borrowings
Carrying amount currently or previously hedged$120,111 $114,349 
Basis adjustments included in carrying amount—Outstanding hedges
$2,996 $6,575 
Basis adjustments included in carrying amount—Terminated hedges
$(750)$(756)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Loan Hedges
 Three Months EndedNine Months Ended
September 30,September 30,
$ in millions2021202020212020
Recognized in Other revenues
Credit contracts1
$(21)$(58)$(170)$77 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
September 30,
2021 		At
December 31,
2020
Net derivative liabilities with credit risk-related contingent features$22,199 $30,421 
Collateral posted15,433 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
September 30,
2021
One-notch downgrade$264 
Two-notch downgrade434 
Bilateral downgrade agreements included in the amounts above1
$587 
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
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 September 30, 2021
$ in billions
< 1
1-3
3-5
Over 5
Total
Single-name CDS
Investment grade$9 $22 $30 $14 $75 
Non-investment grade5 12 16 5 38 
Total$14 $34 $46 $19 $113 
Index and basket CDS
Investment grade$2 $8 $84 $37 $131 
Non-investment grade7 14 37 25 83 
Total$9 $22 $121 $62 $214 
Total CDS sold$23 $56 $167 $81 $327 
Other credit contracts— — — — — 
Total credit protection sold$23 $56 $167 $81 $327 
CDS protection sold with identical protection purchased$283 
 
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
September 30,
2021 		At
December 31,
2020
Single-name CDS
Investment grade$1,532 $1,230 
Non-investment grade(18)(22)
Total$1,514 $1,208 
Index and basket CDS
Investment grade$1,590 $843 
Non-investment grade(82)(824)
Total$1,508 $19 
Total CDS sold$3,022 $1,227 
Other credit contracts(3)(4)
Total credit protection sold$3,019 $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.
September 2021 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Protection Purchased with CDS
Notional
$ in billions
At
September 30,
2021 		At
December 31,
2020
Single name$123 $116 
Index and basket228 116 
Tranched index and basket16 14 
Total
$367 $246 
Fair Value Asset (Liability)
$ in millions
At
September 30,
2021 		At
December 31,
2020
Single name$(1,811)$(1,452)
Index and basket(1,535)(57)
Tranched index and basket(318)(329)
Total$(3,664)$(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 credit contracts, see Note 7 to the financial statements in the 2020 Form 10-K.
8. Investment Securities
AFS and HTM Securities
 
At September 30, 2021
$ in millions
Amortized
Cost1
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair 
Value
AFS securities
U.S. Treasury securities$55,344 $555 $83 $55,816 
U.S. agency securities2
28,383 386 188 28,581 
Agency CMBS14,881 342 65 15,158 
State and municipal securities285 26 6 305 
FFELP student loan ABS3
1,728 15 9 1,734 
Total AFS securities100,621 1,324 351 101,594 
HTM securities
U.S. Treasury securities29,684 1,103 61 30,726 
U.S. agency securities2
48,871 267 1,055 48,083 
Agency CMBS2,331 — 34 2,297 
Non-agency CMBS951 34 3 982 
Total HTM securities81,837 1,404 1,153 82,088 
Total investment securities$182,458 $2,728 $1,504 $183,682 
 
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
September 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$23,587 $83 $151 $— 
Total23,587 83 151 — 
U.S. agency securities
Less than 12 months11,116 170 5,808 22 
12 months or longer839 18 1,168 3 
Total11,955 188 6,976 25 
Agency CMBS
Less than 12 months2,738 65 2,779 9 
12 months or longer22 — 46 — 
Total2,760 65 2,825 9 
Corporate bonds
12 months or longer— — 31 — 
Total— — 31 — 
State and municipal securities
Less than 12 months102 6 86 — 
12 months or longer— — 36 1 
Total102 6 122 1 
FFELP student loan ABS
Less than 12 months39 — — — 
12 months or longer759 9 1,077 26 
Total798 9 1,077 26 
Total AFS securities in an unrealized loss position
Less than 12 months37,582 324 8,824 31 
12 months or longer1,620 27 2,358 30 
Total$39,202 $351 $11,182 $61 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after
53
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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 September 30, 2021 and December 31, 2020, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at September 30, 2021 and December 31, 2020 reflect an ACL of $35 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 September 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 September 30, 2021
$ in millions
Amortized
Cost1
Fair
Value
Annualized
Average
Yield
AFS securities
U.S. Treasury securities:
Due within 1 year$11,941 $12,031 1.4 %
After 1 year through 5 years34,704 35,070 1.1 %
After 5 years through 10 years8,699 8,715 1.2 %
Total55,344 55,816 
U.S. agency securities:
Due within 1 year3 3 1.2 %
After 1 year through 5 years132 134 1.3 %
After 5 years through 10 years1,402 1,438 1.8 %
After 10 years26,846 27,006 1.5 %
Total28,383 28,581 
Agency CMBS:
Due within 1 year193 194 1.7 %
After 1 year through 5 years1,926 1,964 1.7 %
After 5 years through 10 years9,974 10,257 1.6 %
After 10 years2,788 2,743 1.4 %
Total14,881 15,158 
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 years49 58 2.1 %
After 10 Years210 221 2.0 %
Total285 305 
FFELP student loan ABS:
Due within 1 year31 31 0.8 %
After 1 year through 5 years183 180 0.9 %
After 5 years through 10 years148 144 0.7 %
After 10 years1,366 1,379 1.2 %
Total1,728 1,734 
Total AFS securities100,621 101,594 1.3 %
 
At September 30, 2021
$ in millions
Amortized
Cost1
Fair
Value
Annualized
Average
Yield
HTM securities
U.S. Treasury securities:
Due within 1 year4,022 4,058 1.9 %
After 1 year through 5 years18,673 19,217 1.7 %
After 5 years through 10 years5,426 5,811 2.4 %
After 10 years1,563 1,640 2.3 %
Total29,684 30,726 
U.S. agency securities:
After 5 years through 10 years497 512 2.0 %
After 10 years48,374 47,571 1.6 %
Total48,871 48,083 
Agency CMBS:
Due within 1 year46 46 1.1 %
After 1 year through 5 years1,193 1,181 1.3 %
After 5 years through 10 years939 922 1.4 %
After 10 years153 148 1.5 %
Total2,331 2,297 
Non-agency CMBS:
Due within 1 year151 151 4.5 %
After 1 year through 5 years61 62 2.6 %
After 5 years through 10 years703 730 3.6 %
After 10 years36 39 4.4 %
Total951 982 
Total HTM securities81,837 82,088 1.7 %
Total investment securities
$182,458 $183,682 1.5 %
1.Amounts are net of any ACL.
Gross Realized Gains (Losses) on Sales of AFS Securities
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Gross realized gains$17 $55 $236 $120 
Gross realized (losses)— — (27)(14)
Total1
$17 $55 $209 $106 
1.Realized gains and losses are recognized in Other revenues in the income statements.
September 2021 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
9. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At September 30, 2021
$ in millions
Gross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$215,672 $(95,951)$119,721 $(116,787)$2,934 
Securities borrowed136,731 (10,809)125,922 (119,047)6,875 
Liabilities
Securities sold under agreements to repurchase$157,938 $(95,951)$61,987 $(54,226)$7,761 
Securities loaned21,942 (10,809)11,133 (10,822)311 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$2,417 
Securities borrowed2,006 
Securities sold under agreements to repurchase7,167 
Securities loaned173 
 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 September 30, 2021
$ in millions
Overnight and OpenLess than 30 Days30-90 DaysOver 90 Days
Total
Securities sold under agreements to repurchase$48,461 $53,458 $12,529 $43,490 $157,938 
Securities loaned12,675 — 150 9,117 21,942 
Total included in the offsetting disclosure$61,136 $53,458 $12,679 $52,607 $179,880 
Trading liabilities—
Obligation to return securities received as collateral		22,528 — — — 22,528 
Total$83,664 $53,458 $12,679 $52,607 $202,408 
 
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
September 30,
2021 		At
December 31,
2020
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$40,104 $94,662 
Other sovereign government obligations83,996 71,140 
Corporate equities24,508 24,692 
Other9,330 7,999 
Total$157,938 $198,493 
Securities loaned
Other sovereign government obligations$1,359 $3,430 
Corporate equities20,195 16,536 
Other388 295 
Total$21,942 $20,261 
Total included in the offsetting disclosure$179,880 $218,754 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$22,487 $16,365 
Other41 24 
Total
$22,528 $16,389 
Total$202,408 $235,143 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millions
At
September 30,
2021 		At
December 31,
2020
Trading assets$33,926 $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
September 30,
2021 		At
December 31,
2020
Collateral received with right to sell or repledge$706,446 $724,818 
Collateral that was sold or repledged1
535,697 523,648 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
55
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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
September 30,
2021 		At
December 31,
2020
Segregated securities1
$20,552 $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
September 30,
2021 		At
December 31,
2020
Margin and other lending$69,608 $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.
10. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 
At September 30, 2021
$ in millions
Loans Held
for Investment
Loans Held
for Sale
Total Loans
Corporate$4,774 $8,998 $13,772 
Secured lending facilities
27,345 3,650 30,995 
Commercial real estate
6,915 434 7,349 
Residential real estate
41,428 8 41,436 
Securities-based lending and Other loans80,413 78 80,491 
Total loans
160,875 13,168 174,043 
ACL(684)(684)
Total loans, net$160,191 $13,168 $173,359 
Fixed rate loans, net$40,590 
Floating or adjustable rate loans, net132,769 
Loans to non-U.S. borrowers, net21,260 
 
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 September 30, 2021At December 31, 2020
Corporate
$ in millions
IGNIGTotalIGNIGTotal
Revolving
$1,529 $2,302 $3,831 $1,138 $3,231 $4,369 
2021— 71 71 
2020179 26 205 585 80 665 
2019— 181 181 204 202 406 
2018195 — 195 195 — 195 
2017— 60 60 — 64 64 
Prior
231 — 231 247 100 347 
Total
$2,134 $2,640 $4,774 $2,369 $3,677 $6,046 
September 2021 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
At September 30, 2021At December 31, 2020
Secured lending facilities
$ in millions
IGNIGTotalIGNIGTotal
Revolving
$7,000 $16,034 $23,034 $4,711 $14,510 $19,221 
202133 354 387 
202084 175 259 162 253 415 
2019173 1,065 1,238 260 1,904 2,164 
2018310 786 1,096 614 1,432 2,046 
2017144 306 450 245 581 826 
Prior
— 881 881 — 1,055 1,055 
Total
$7,744 $19,601 $27,345 $5,992 $19,735 $25,727 
At September 30, 2021At December 31, 2020
Commercial real estate
$ in millions
IGNIGTotalIGNIGTotal
2021260 537 797 
2020160 813 973 95 943 1,038 
20191,148 1,400 2,548 1,074 1,848 2,922 
2018533 415 948 746 774 1,520 
2017334 339 673 412 387 799 
Prior
100 876 976 100 967 1,067 
Total
$2,535 $4,380 $6,915 $2,427 $4,919 $7,346 
At September 30, 2021
Residential real estate
by FICO Scores
by LTV Ratio
Total
$ in millions
≥ 740
680-739
≤ 679
≤ 80%
> 80%
Revolving$66 $26 $4 $96 $— $96 
20218,749 1,863 164 10,099 677 10,776 
20208,245 1,711 133 9,557 532 10,089 
20194,941 1,130 149 5,836 384 6,220 
20181,977 519 65 2,369 192 2,561 
20172,282 584 76 2,736 206 2,942 
Prior
6,350 2,060 334 7,967 777 8,744 
Total$32,610 $7,893 $925 $38,660 $2,768 $41,428 
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 September 30, 2021
Securities-based lending1
Other2
$ in millions
Investment Grade
Non-Investment Grade
Total
Revolving $67,009 $5,783 $670 $73,462 
202131 346 64 441 
2020— 729 590 1,319 
201919 1,105 627 1,751 
2018232 288 384 904 
2017— 521 262 783 
Prior
16 1,395 342 1,753 
Total$67,307 $10,167 $2,939 $80,413 
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 September 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 September 30, 2021At December 31, 2020
Corporate$4 $— 
Residential real estate235 332 
Securities-based lending and Other loans— 31 
Total$239 $363 
1.The majority of the amounts are past due for a period of greater than 90 days as of September 30, 2021, and the majority of the amounts are past due for a period of less than 90 days as of December 31, 2020.
Nonaccrual Loans Held for Investment before Allowance
$ in millionsAt September 30, 2021At December 31, 2020
Corporate$82 $164 
Secured lending facilities388 — 
Commercial real estate68 152 
Residential real estate127 97 
Securities-based lending and Other loans161 178 
Total1
$826 $591 
Nonaccrual loans without an ACL$125 $90 
1.Includes all HFI loans that are 90 days or more past due as of September 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 September 30, 2021At December 31, 2020
Loans, before ACL$65 $167 
Lending commitments— 27 
ACL on Loans and Lending commitments9 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.
57
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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(19)(67)(21)— — (107)
Provision for credit losses(91)47 4 (2)5 (37)
Other(2)(3)(1)1 (2)(7)
September 30, 2021$197 $175 $193 $58 $61 $684 
$ 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)— (26)— — (59)
Recoveries3 — — — 2 5 
Net recoveries (charge-offs)(30)— (26)— 2 (54)
Provision for credit losses281 131 173 12 4 601 
Other3 1 (34)— 38 8 
September 30, 2020$367 $191 $222 $58 $75 $913 
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 losses39 2 — — (5)36 
Other(3)1 (1)— — (3)
September 30, 2021$359 $41 $10 $1 $18 $429 
$ 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 losses119 24 7 (1)7 156 
Other— — (4)— 4 — 
September 30, 2020$279 $40 $11 $1 $16 $347 
CRE—Commercial real estate
SBL—Securities-based lending
Provision for Credit Losses
Three Months Ended
September 30,
$ in millions20212020
Loans$5 $63 
Lending commitments19 48 

The aggregate allowance for loans and lending commitments decreased in the current year period, primarily reflecting charge-offs, as well as an allowance release as a result of paydowns on Corporate loans, including by lower-rated borrowers, offset by the provision for one Secured lending facility.The base scenario used in our ACL models as of September 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 and a year-over-year U.S. GDP effective growth rate of approximately 6% in 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
September 30,
2021 		At
December 31,
2020
Currently employed by the Firm1
$3,486 $3,100 
No longer employed by the Firm2
128 $140 
Employee loans$3,614 $3,240 
ACL(163)(165)
Employee loans, net of ACL$3,451 $3,075 
Remaining repayment term, weighted average in years5.65.3
1.These loans were predominantly current as of September 30, 2021 and December 31, 2020.
2.These loans were predominantly past due for a period of 90 days or more as of September 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 September 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
September 30,
2021 		At
December 31,
2020
Investments$2,298 $2,410 
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Income (loss)$24 $10 $51 $(24)
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.
September 2021 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Japanese Securities Joint Venture
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Income (loss) from investment in MUMSS$29 $15 $113 $46 
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
September 30,
2021 		At
December 31,
2020
Savings and demand deposits$310,845 $279,221 
Time deposits18,196 31,561 
Total$329,041 $310,782 
Deposits subject to FDIC insurance$226,605 $234,211 
Time deposits that equal or exceed the FDIC insurance limit$— $16 
Time Deposit Maturities
$ in millionsAt
September 30,
2021
2021$3,544 
20226,124 
20234,243 
20242,813 
2025793 
Thereafter679 
Total$18,196 
13. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
September 30,
2021 		At
December 31,
2020
Original maturities of one year or less$4,825 $3,691 
Original maturities greater than one year
Senior$211,226 $202,305 
Subordinated13,711 11,083 
Total$224,937 $213,388 
Total borrowings$229,762 $217,079 
Weighted average stated maturity, in years1
7.77.3
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
September 30,
2021 		At
December 31,
2020
Original maturities:
One year or less$4,947 $10,453 
Greater than one year5,325 5,410 
Total$10,272 $15,863 
Transfers of assets accounted for as secured financings$1,255 $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 September 30, 2021
 
$ in millions
Less than 1
1-3
3-5
Over 5
Total
Lending:
Corporate$16,994 $36,794 $45,711 $7,396 $106,895 
Secured lending facilities4,799 6,061 1,717 630 13,207 
Commercial and Residential real estate303 242 133 270 948 
Securities-based lending and Other12,028 3,132 470 436 16,066 
Forward-starting secured financing receivables64,603 — — — 64,603 
Central counterparty300 — — 11,807 12,107 
Underwriting428 14 — — 442 
Investment activities1,119 240 60 409 1,828 
Letters of credit and other financial guarantees26 — — 3 29 
Total$100,600 $46,483 $48,091 $20,951 $216,125 
Lending commitments participated to third parties$8,380 
Forward-starting secured financing receivables settled within three business days$55,387 
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.
59
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Guarantees
 At September 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
$1,231,656 $1,036,489 $396,233 $933,946 $(48,593)
Standby letters of credit and other financial guarantees issued2
1,466 1,053 770 3,573 88 
Market value guarantees75 20 — — — 
Liquidity facilities4,022 — — — 5 
Whole loan sales guarantees— — 69 23,112 — 
Securitization representations and warranties3
— — — 74,446 (42)
General partner guarantees327 12 32 114 (65)
Client clearing guarantees54 — — — — 
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 September 30, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $85 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
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
September 2021 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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. On July 30, 2021, the Firm filed a motion for 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 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 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. On December 22, 2020, the Court of Appeals reversed the First Department and reinstated the trial court's order to the extent it had granted in part the Firm's motion to dismiss the complaint. 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 $144 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. 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
61
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court 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 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 Authority concerning the accuracy of the Firm 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 September 30, 2021At December 31, 2020
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS2
$774 $234 $590 $17 
Investment vehicles3
696 216 776 355 
Operating entities497 38 504 39 
Other452 220 248 3 
Total$2,419 $708 $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.Amounts include investment funds and CLOs.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millions
At
September 30,
2021 		At
December 31,
2020
Assets
Cash and cash equivalents$270 $269 
Trading assets at fair value1,550 1,445 
Investment securities33 — 
Securities purchased under agreements to resell200 — 
Customer and other receivables18 23 
Intangible assets89 98 
Other assets259 283 
Total$2,419 $2,118 
Liabilities
Other secured financings$505 $366 
Other liabilities and accrued expenses203 48 
Total$708 $414 
Noncontrolling interests$130 $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 recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
Non-consolidated VIEs
 
At September 30, 2021
$ in millions
MABS1
CDO
MTOB
OSF
Other2
VIE assets (UPB)$157,608 $1,968 $6,048 $2,014 $53,835 
Maximum exposure to loss3
Debt and equity interests$19,539 $169 $— $1,239 $10,497 
Derivative and other contracts— — 4,022 — 6,345 
Commitments, guarantees and other530 — — — 1,119 
Total$20,069 $169 $4,022 $1,239 $17,961 
Carrying value of variable interests—Assets
Debt and equity interests$19,539 $169 $— $1,239 $10,497 
Derivative and other contracts— — 6 — 2,307 
Total$19,539 $169 $6 $1,239 $12,804 
Additional VIE assets owned4
$15,975 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $— $— $224 
 
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).
September 2021 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
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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 September 30, 2021At December 31, 2020
$ in millions
UPB
Debt and
Equity
Interests
UPB
Debt and
Equity
Interests
Residential mortgages$23,049 $2,536 $17,775 $3,175 
Commercial mortgages67,858 3,741 62,093 4,131 
U.S. agency collateralized mortgage obligations62,470 10,881 99,182 17,224 
Other consumer or commercial loans4,231 2,381 5,103 1,717 
Total$157,608 $19,539 $184,153 $26,247 
Transferred Assets with Continuing Involvement
 
At September 30, 2021
$ in millions
RML
CML
U.S. Agency
CMO
CLN and
Other1
SPE assets (UPB)2
$7,528 $92,588 $38,788 $13,481 
Retained interests
Investment grade$93 $938 $629 $— 
Non-investment grade21 287 — 74 
Total$114 $1,225 $629 $74 
Interests purchased in the secondary market
Investment grade$7 $83 $41 $— 
Non-investment grade34 77 — — 
Total$41 $160 $41 $— 
Derivative assets$— $— $— $586 
Derivative liabilities — — — 178 
 
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 
 
Fair Value At September 30, 2021
$ in millions
Level 2
Level 3
Total
Retained interests
Investment grade$725 $— $725 
Non-investment grade38 52 90 
Total$763 $52 $815 
Interests purchased in the secondary market
Investment grade$124 $7 $131 
Non-investment grade74 37 111 
Total$198 $44 $242 
Derivative assets$585 $1 $586 
Derivative liabilities149 29 178 
 
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
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
New transactions1
$12,103 $12,969 $43,303 $30,629 
Retained interests2,396 1,991 7,960 7,215 
Sales of corporate loans to CLO SPEs1, 2
144 234 217 373 
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.
63
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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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
September 30,
2021 		At
December 31,
2020
Gross cash proceeds from sale of assets1
$64,054 $45,051 
Fair value
Assets sold$64,185 $46,609 
Derivative assets recognized
in the balance sheets		901 1,592 
Derivative liabilities recognized
in the balance sheets		771 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 September 30, 2021 and December 31, 2020, the differences between the actual and required ratios were lower under the Standardized Approach.
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 September 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 September 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 September 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.
September 2021 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
The Firm’s Regulatory Capital and Capital Ratios
$ in millions
Required
Ratio1
At September 30, 2021At December 31, 2020
Risk-based capital
Common Equity Tier 1 capital$75,785 $78,650 
Tier 1 capital83,435 88,079 
Total capital94,062 97,213 
Total RWA473,020 453,106 
Common Equity Tier 1 capital ratio13.2 %16.0 %17.4 %
Tier 1 capital ratio14.7 %17.6 %19.4 %
Total capital ratio16.7 %19.9 %21.5 %
$ in millions
Required
Ratio1
At September 30, 2021At December 31, 2020
Leverage-based capital
Adjusted average assets2
$1,145,682 $1,053,510 
Tier 1 leverage ratio4.0 %7.3 %8.4 %
Supplementary leverage exposure3,4
$1,459,466 $1,192,506 
SLR4
5.0 %5.7 %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 September 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.
At September 30, 2021 and December 31, 2020, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. At September 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 September 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 %$18,562 20.8 %$17,238 18.7 %
Tier 1 capital8.0 %8.5 %18,562 20.8 %17,238 18.7 %
Total capital10.0 %10.5 %19,149 21.4 %17,882 19.4 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$18,562 10.2 %$17,238 10.1 %
SLR
6.0 %3.0 %18,562 8.1 %17,238 8.0 %
MSPBNA’s Regulatory Capital
 
At September 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 %$9,972 24.9 %$8,213 21.3 %
Tier 1 capital8.0 %8.5 %9,972 24.9 %8,213 21.3 %
Total capital10.0 %10.5 %10,045 25.1 %8,287 21.5 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$9,972 7.1 %$8,213 7.2 %
SLR
6.0 %3.0 %9,972 6.9 %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 September 30,
2021		At December 31,
2020
Net capital$15,922 $12,869 
Excess net capital12,043 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 September 30, 2021 and December 31, 2020, MS&Co. exceeded its net capital
65
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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
September 30,
2021
Liquidation
Preference
per Share
At
September 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 
J2
— — — 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.
2.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.
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 accordance with regulatory capital requirements (see Note 16).
On October 25, 2021, the Firm issued 52 million Depositary Shares of Series O Preferred Stock, for an aggregate price of $1.3 billion. Each Depositary Share represents a 1/1000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series O, $0.01 par value (“Series O Preferred Stock”). The Series O Preferred Stock is redeemable at the Firm’s option, (i) in whole or in part, from time to time, on any dividend payment date on or after January 15, 2027 or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series), in each case at a redemption price of $25,000 per share (equivalent to $25 per Depositary Share). The Series O Preferred Stock also has a preference over the Firm’s common stock upon liquidation.
Share Repurchases
 
Three Months Ended September 30,Nine Months Ended September 30,
$ in millions
2021202020212020
Repurchases of common stock under the Firm’s Share Repurchase Program$3,557 $— $8,631 $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
September 30,		Nine Months Ended
September 30,
in millions2021202020212020
Weighted average common shares outstanding, basic1,781 1,542 1,797 1,546 
Effect of dilutive Stock options, RSUs and PSUs31 24 27 19 
Weighted average common shares outstanding and common stock equivalents, diluted1,812 1,566 1,824 1,565 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)— — — 7 
September 2021 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Dividends
$ in millions, except per
share data
Three Months Ended
September 30, 2021		Three Months Ended
September 30, 2020
Per Share1
Total
Per Share1
Total
Preferred stock series
A
$256 $11 $256 $11 
C
25 13 25 13 
E
445 15 445 15 
F
430 15 430 15 
H239 12 248 13 
I
398 16 398 16 
J2
— — 261 16 
K
366 15 366 15 
L305 6 305 6 
M3
29 12 — — 
N4
2,650 8 — — 
Total Preferred stock
$123 $120 
Common stock
0.70 $1,276 $0.35 $551 
$ in millions, except per
share data
Nine Months Ended
September 30, 2021		Nine Months Ended
September 30, 2020
Per Share1
Total
Per Share1
Total
Preferred stock series
A
$758 $33 $761 $33 
C
75 39 75 39 
E
1,336 45 1,336 45 
F
1,289 44 1,289 44 
H719 37 897 47 
I
1,195 48 1,195 48 
J2
253 15 955 58 
K
1,097 45 1,097 45 
L914 18 914 18 
M3
59 24 — — 
N4
5,300 16 — — 
Total Preferred stock
$364 $377 
Common stock
$1.40 $2,562 $1.05 $1,662 
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
June 30, 2021$(895)$1,004 $(481)$(2,151)$(2,523)
OCI during the period(65)(256)5 138 (178)
September 30, 2021$(960)$748 $(476)$(2,013)$(2,701)
June 30, 2020$(1,017)$1,827 $(620)$(189)$1 
OCI during the period81 (62)5 (562)(538)
September 30, 2020$(936)$1,765 $(615)$(751)$(537)
December 31, 2020$(795)$1,787 $(498)$(2,456)$(1,962)
OCI during the period(165)(1,039)22 443 (739)
September 30, 2021$(960)$748 $(476)$(2,013)$(2,701)
December 31, 2019$(897)$207 $(644)$(1,454)$(2,788)
OCI during the period(39)1,558 29 703 2,251 
September 30, 2020$(936)$1,765 $(615)$(751)$(537)
CTA—Cumulative foreign currency translation adjustments
1.Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
Three Months Ended September 30, 2021
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$(14)$(64)$(78)$(13)$(65)
Reclassified to earnings— — — — — 
Net OCI$(14)$(64)$(78)$(13)$(65)
Change in net unrealized gains (losses) on AFS securities
OCI activity$(317)$74 $(243)$— $(243)
Reclassified to earnings(17)4 (13)— (13)
Net OCI$(334)$78 $(256)$— $(256)
Pension and other
OCI activity$— $— $— $— $— 
Reclassified to earnings7 (2)5 — 5 
Net OCI$7 $(2)$5 $— $5 
Change in net DVA
OCI activity$187 $(46)$141 $9 $132 
Reclassified to earnings9 (3)6 — 6 
Net OCI$196 $(49)$147 $9 $138 
Three Months Ended September 30, 2020
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$34 $76 $110 $29 $81 
Reclassified to earnings— — — — — 
Net OCI$34 $76 $110 $29 $81 
Change in net unrealized gains (losses) on AFS securities
OCI activity$(26)$6 $(20)$— $(20)
Reclassified to earnings(55)13 (42)— (42)
Net OCI$(81)$19 $(62)$— $(62)
Pension and other
OCI activity$(1)$1 $— $— $— 
Reclassified to earnings6 (1)5 — 5 
Net OCI$5 $— $5 $— $5 
Change in net DVA
OCI activity$(747)$178 $(569)$(1)$(568)
Reclassified to earnings8 (2)6 — 6 
Net OCI$(739)$176 $(563)$(1)$(562)
Nine Months Ended September 30, 2021
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity
$(106)$(150)$(256)$(91)$(165)
Reclassified to earnings
— — — — — 
Net OCI
$(106)$(150)$(256)$(91)$(165)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$(1,146)$267 $(879)$— $(879)
Reclassified to earnings
(209)49 (160)— (160)
Net OCI
$(1,355)$316 $(1,039)$— $(1,039)
Pension and other
OCI activity
$8 $— $8 $— $8 
Reclassified to earnings
21 (7)14 — 14 
Net OCI
$29 $(7)$22 $— $22 
Change in net DVA
OCI activity
$591 $(148)$443 $27 $416 
Reclassified to earnings
36 (9)27 — 27 
Net OCI
$627 $(157)$470 $27 $443 
67
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
Nine Months Ended September 30, 2020
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity
$19 $(17)$2 $38 $(36)
Reclassified to earnings
(3)— (3)— (3)
Net OCI
$16 $(17)$(1)$38 $(39)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$2,142 $(503)$1,639 $— $1,639 
Reclassified to earnings
(106)25 (81)— (81)
Net OCI
$2,036 $(478)$1,558 $— $1,558 
Pension and other
OCI activity
$20 $(4)$16 $— $16 
Reclassified to earnings
16 (3)13 — 13 
Net OCI
$36 $(7)$29 $— $29 
Change in net DVA
OCI activity
$967 $(233)$734 $41 $693 
Reclassified to earnings
14 (4)10 — 10 
Net OCI
$981 $(237)$744 $41 $703 

18. Interest Income and Interest Expense
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions
2021202020212020
Interest income
Investment securities$643 $529 $2,100 $1,603 
Loans1,063 967 3,091 3,171 
Securities purchased under agreements to resell and Securities borrowed1
(282)(187)(899)70 
Trading assets, net of Trading liabilities525 537 1,521 1,902 
Customer receivables and Other2
402 210 1,187 1,171 
Total interest income$2,351 $2,056 $7,000 $7,917 
Interest expense
Deposits$102 $178 $330 $804 
Borrowings597 714 2,030 2,534 
Securities sold under agreements to repurchase and Securities loaned3
131 165 361 883 
Customer payables and Other4
(542)(487)(1,677)(746)
Total interest expense$288 $570 $1,044 $3,475 
Net interest$2,063 $1,486 $5,956 $4,442 
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
September 30,
2021
 At
December 31, 2020
Customer and other receivables$2,229 $1,652 
Customer and other payables2,374 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.
20. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 
Three Months Ended September 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking$2,849 $186 $— $(22)$3,013 
Trading2,897 (58)1 21 2,861 
Investments52 8 (15)— 45 
Commissions and fees1
664 704 — (88)1,280 
Asset management1,2
145 3,628 1,470 (42)5,201 
Other172 119 — (1)290 
Total non-interest revenues6,779 4,587 1,456 (132)12,690 
Interest income948 1,464 8 (69)2,351 
Interest expense232 116 11 (71)288 
Net interest716 1,348 (3)2 2,063 
Net revenues$7,495 $5,935 $1,453 $(130)$14,753 
Provision for credit losses$24 $— $— $— $24 
Compensation and benefits2,248 3,159 513 — 5,920 
Non-compensation expenses2,250 1,246 570 (131)3,935 
Total non-interest expenses$4,498 $4,405 $1,083 $(131)$9,855 
Income before provision for income taxes$2,973 $1,530 $370 $1 $4,874 
Provision for income taxes713 373 64 — 1,150 
Net income2,260 1,157 306 1 3,724 
Net income applicable to noncontrolling interests31 — (14)— 17 
Net income applicable to Morgan Stanley$2,229 $1,157 $320 $1 $3,707 
September 2021 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
 
Three Months Ended September 30, 2020
$ in millions
IS
WM
IM
I/E
Total
Investment banking$1,707 $135 $— $(16)$1,826 
Trading3
2,865 268 2 15 3,150 
Investments87 1 258 — 346 
Commissions and fees1
639 477 1 (80)1,037 
Asset management1,2
114 2,793 795 (38)3,664 
Other3
123 91 1 (3)212 
Total non-interest revenues5,535 3,765 1,057 (122)10,235 
Interest income1,086 1,065 7 (102)2,056 
Interest expense492 176 8 (106)570 
Net interest594 889 (1)4 1,486 
Net revenues3
$6,129 $4,654 $1,056 $(118)$11,721 
Provision for credit losses3
$113 $(2)$— $— $111 
Compensation and benefits2,001 2,684 401 — 5,086 
Non-compensation expenses3
1,967 852 340 (122)3,037 
Total non-interest expenses3
$3,968 $3,536 $741 $(122)$8,123 
Income before provision for income taxes$2,048 $1,120 $315 $4 $3,487 
Provision for income taxes385 278 72 1 736 
Net income1,663 842 243 3 2,751 
Net income applicable to noncontrolling interests16 — 18 — 34 
Net income applicable to Morgan Stanley$1,647 $842 $225 $3 $2,717 
 
Nine Months Ended September 30, 2021
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$7,838 $640 $— $(65)$8,413 
Trading10,048 323 (18)63 10,416 
Investments
199 24 521 — 744 
Commissions and fees1
2,216 2,269 1 (272)4,214 
Asset management1,2
432 10,266 3,991 (117)14,572 
Other467 479 (23)(7)916 
Total non-interest revenues21,200 14,001 4,472 (398)39,275 
Interest income
2,791 4,316 26 (133)7,000 
Interest expense
827 328 29 (140)1,044 
Net interest
1,964 3,988 (3)7 5,956 
Net revenues
$23,164 $17,989 $4,469 $(391)$45,231 
Provision for credit losses$1 $(2)$— $— $(1)
Compensation and benefits7,795 9,604 1,742 — 19,141 
Non-compensation expenses6,526 3,621 1,557 (397)11,307 
Total non-interest expenses$14,321 $13,225 $3,299 $(397)$30,448 
Income before provision for income taxes$8,842 $4,766 $1,170 $6 $14,784 
Provision for income taxes2,023 1,103 253 1 3,380 
Net income
6,819 3,663 917 5 11,404 
Net income applicable to noncontrolling interests85 — (19)— 66 
Net income applicable to Morgan Stanley$6,734 $3,663 $936 $5 $11,338 
 
Nine Months Ended September 30, 2020
$ in millions
IS
WM
IM
I/E
Total
Investment banking
$4,902 $403 $— $(66)$5,239 
Trading3
10,298 413 (13)56 10,754 
Investments
98 9 552 — 659 
Commissions and fees1
2,230 1,538 1 (270)3,499 
Asset management1,2
342 7,980 2,144 (120)10,346 
Other3
11 256 (39)(7)221 
Total non-interest revenues17,881 10,599 2,645 (407)30,718 
Interest income4,809 3,468 22 (382)7,917 
Interest expense3,184 653 33 (395)3,475 
Net interest1,625 2,815 (11)13 4,442 
Net revenues3
$19,506 $13,414 $2,634 $(394)$35,160 
Provision for credit losses3
$718 $39 $— $— $757 
Compensation and benefits6,767 7,625 1,012 — 15,404 
Non-compensation expenses3
6,030 2,433 948 (400)9,011 
Total non-interest expenses3
$12,797 $10,058 $1,960 $(400)$24,415 
Income before provision for income taxes$5,991 $3,317 $674 $6 $9,988 
Provision for income taxes1,326 758 136 1 2,221 
Net income
4,665 2,559 538 5 7,767 
Net income applicable to noncontrolling interests75 — 81 — 156 
Net income applicable to Morgan Stanley$4,590 $2,559 $457 $5 $7,611 
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.
Detail of Investment Banking Revenues
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Institutional Securities Advisory$1,272 $357 $2,416 $1,181 
Institutional Securities Underwriting1,577 1,350 5,422 3,721 
Firm Investment banking revenues from contracts with customers91 %95 %91 %92 %
Trading Revenues by Product Type1
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Interest rate$(32)$511 $844 $2,593 
Foreign exchange253 138 841 603 
Equity security and index2
1,903 1,478 5,631 4,494 
Commodity and other538 553 2,079 1,286 
Credit199 470 1,021 1,778 
Total$2,861 $3,150 $10,416 $10,754 
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
69
September 2021 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
ms-20210930_g1.jpg
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
September 30,
2021 		At
December 31,
2020
Net cumulative unrealized performance-based income at risk of reversing$774 $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
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Fee waivers$139 $37 $364 $70 
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
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Transaction taxes$262 $194 $717 $524 
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
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Americas$11,255 $8,455 $33,331 $25,293 
EMEA1,752 1,472 6,004 4,778 
Asia1,746 1,794 5,896 5,089 
Total$14,753 $11,721 $45,231 $35,160 
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
September 30,		Nine Months Ended
September 30,
$ in millions2021202020212020
Non-interest revenues$1,308 $556 $1,862 $1,616 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. For the three and nine months ended September 30, 2021 these revenues primarily include investment banking advisory fees, and for the three and nine months ended September 30, 2020, these revenues primarily include investment banking advisory fees and distribution fees.
Receivables from Contracts with Customers
$ in millions
At
September 30,
2021 		At
December 31,
2020
Customer and other receivables$3,592 $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
September 30,
2021 		At
December 31,
2020
Institutional Securities
$808,252 $753,322 
Wealth Management
364,634 355,595 
Investment Management17,590 6,945 
Total1
$1,190,476 $1,115,862 
1. Parent assets have been fully allocated to the business segments.
September 2021 Form 10-Q
70
Financial Data Supplement
(Unaudited)
ms-20210930_g1.jpg


Average Balances and Interest Rates and Net Interest Income
 
Three Months Ended September 30,
 
20212020
$ in millions
Average
Daily
Balance
Interest
Annualized
Average
Rate
Average
Daily
Balance
Interest
Annualized
Average
Rate
Interest earning assets
Investment securities1
$179,626 $643 1.4 %$133,726 $529 1.6 %
Loans1
170,656 1,063 2.5 %144,985 967 2.7 %
Securities purchased under agreements to resell and Securities borrowed2:
U.S.154,122 (177)(0.5)%123,614 (99)(0.3)%
Non-U.S.71,266 (105)(0.6)%58,567 (88)(0.6)%
Trading assets, net of Trading liabilities3:
U.S.77,576 411 2.1 %78,417 443 2.2 %
Non-U.S.22,880 114 2.0 %21,092 94 1.8 %
Customer receivables and Other4:
U.S.137,525 358 1.0 %81,908 171 0.8 %
Non-U.S.73,130 44 0.2 %63,657 39 0.2 %
Total$886,781 $2,351 1.1 %$705,966 $2,056 1.2 %
Interest bearing liabilities
Deposits1
$325,520 $102 0.1 %$236,119 $178 0.3 %
Borrowings1, 5
227,880 597 1.0 %205,166 714 1.4 %
Securities sold under agreements to repurchase and Securities loaned6:
U.S.34,755 52 0.6 %30,154 81 1.1 %
Non-U.S.35,219 79 0.9 %28,320 84 1.2 %
Customer payables and Other7:
U.S.129,298 (431)(1.3)%119,846 (399)(1.3)%
Non-U.S.76,248 (111)(0.6)%64,524 (88)(0.5)%
Total$828,920 $288 0.1 %$684,129 $570 0.3 %
Net interest income and net interest rate spread$2,063 1.0 % $1,486 0.9 %

 Nine Months Ended September 30,
 20212020
$ in millions
Average
Daily
Balance
Interest
Annualized
Average
Rate
Average
Daily
Balance
Interest
Annualized
Average
Rate
Interest earning assets
Investment securities1
$182,804 $2,100 1.5 %$122,613 $1,603 1.7 %
Loans1
161,422 3,091 2.6 %142,261 3,171 3.0 %
Securities purchased under agreements to resell and Securities borrowed2:
U.S.150,985 (546)(0.5)%127,868 194 0.2 %
Non-U.S.71,060 (353)(0.7)%59,831 (124)(0.3)%
Trading assets, net of Trading liabilities3:
U.S.76,456 1,230 2.2 %76,418 1,558 2.7 %
Non-U.S.19,103 291 2.0 %22,570 344 2.0 %
Customer receivables and Other4:
U.S.135,596 1,035 1.0 %78,705 892 1.5 %
Non-U.S.74,527 152 0.3 %61,699 279 0.6 %
Total$871,953 $7,000 1.1 %$691,965 $7,917 1.5 %
Interest bearing liabilities
Deposits1
$322,304 $330 0.1 %$223,733 $804 0.5 %
Borrowings1, 5
221,875 2,030 1.2 %199,855 2,534 1.7 %
Securities sold under agreements to repurchase and Securities loaned6:
U.S.35,335 129 0.5 %30,315 501 2.2 %
Non-U.S.30,917 232 1.0 %29,315 382 1.7 %
Customer payables and Other7:
U.S.129,883 (1,349)(1.4)%123,662 (693)(0.7)%
Non-U.S.73,415 (328)(0.6)%64,608 (53)(0.1)%
Total$813,729 $1,044 0.2 %$671,488 $3,475 0.7 %
Net interest income and net interest rate spread$5,956 0.9 %
 
$4,442 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
September 2021 Form 10-Q
Glossary of Common Terms and Acronyms
ms-20210930_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
September 2021 Form 10-Q
72
ms-20210930_g1.jpg
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.
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”) and the quarterly period ended June 30, 2021 (the “Second Quarter Form 10-Q”). See also the disclosures set forth under “Legal Proceedings” in the 2020 Form 10-K, the First Quarter Form 10-Q, and the Second Quarter Form 10-Q.
Residential Mortgage and Credit Crisis Matters
On July 30, 2021, the Firm filed a motion for summary judgment in Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al.
On August 13, 2021, the parties in U.S. Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc., filed a stipulation of voluntary discontinuance with prejudice.
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
$ 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
July10,456,550 $93.94 10,284,648 $11,033 
August14,721,794 $100.55 14,152,826 $9,608 
September11,343,989 $102.79 11,328,590 $8,443 
Three Months Ended September 30, 202136,522,333 $99.35 35,766,064 
1.Includes 756,269 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 September 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.”
Other Information
None.
Exhibits
Exhibit No.
Description
3.1
Amended and Restated Certificate of Incorporation of Morgan Stanley, as amended to date.
15
Letter of awareness from Deloitte & Touche LLP, dated November 3, 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
September 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: November 3, 2021
September 2021 Form 10-Q
74

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