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Morgan Stanley
MS
#54
Rank
$277.91 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$174.86
Share price
-4.10%
Change (1 day)
29.26%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q1

Morgan Stanley - 10-Q quarterly report FY2023 Q1


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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 March 31, 2023
Commission File Number 1-11758
mslogo3q20.jpg
(Exact name of Registrant as specified in its charter)
Delaware1585 Broadway36-3145972(212)761-4000
(State or other jurisdiction of
incorporation or organization)		New York,NY10036(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 valueMSNew York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating RateMS/PANew 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 RateMS/PENew 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 RateMS/PFNew 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 RateMS/PINew 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 RateMS/PKNew York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%MS/PLNew York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.500%MS/PPNew York Stock Exchange
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026MS/26CNew York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029MS/29New 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 April 28, 2023, there were 1,670,113,691 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended March 31, 2023
Table of ContentsPartItemPage
I 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I2 
1
Introduction
  
1
Executive Summary
  
2
Business Segments
  
6
Institutional Securities
7
Wealth Management
9
Investment Management
11
Supplemental Financial Information
  
13
Accounting Development Updates
  
13
Critical Accounting Estimates
  
13
Liquidity and Capital Resources
  
13
Balance Sheet
  
14
Regulatory Requirements
  
17
Quantitative and Qualitative Disclosures about Risk
I3 
23
Market Risk
  
23
Credit Risk
  
25
Country and Other Risks
  
30
Report of Independent Registered Public Accounting Firm
  
32
Consolidated Financial Statements and Notes
I1 
33
Consolidated Income Statement (Unaudited)
  
33
Consolidated Comprehensive Income Statement (Unaudited)
  
33
Consolidated Balance Sheet (Unaudited at March 31, 2023)
  
34
Consolidated Statement of Changes in Total Equity (Unaudited)
  
35
Consolidated Cash Flow Statement (Unaudited)
  
36
Notes to Consolidated Financial Statements (Unaudited)
  
37
1.
Introduction and Basis of Presentation
  
37
2.
Significant Accounting Policies
  
37
3.
Cash and Cash Equivalents
38
4.
Fair Values
  
38
5.
Fair Value Option
44
6.
Derivative Instruments and Hedging Activities
  
45
7.
Investment Securities
  
48
8.
Collateralized Transactions
  
50
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
  
52
10.
Other Assets—Equity Method Investments
  
54
11.
Deposits
  
55
12.
Borrowings and Other Secured Financings
  
55
13.
Commitments, Guarantees and Contingencies
  
55
14.
Variable Interest Entities and Securitization Activities
  
57
15.
Regulatory Requirements
  
60
16.
Total Equity
  
62
17.
Interest Income and Interest Expense
  
63
18.
Income Taxes
  
63
19.
Segment, Geographic and Revenue Information
  
64
Financial Data Supplement (Unaudited)
  
66
Glossary of Common Terms and Acronyms
  
67
Controls and Procedures
I4 
68
II 
Legal Proceedings
II1 
68
Risk Factors
II1A
68
Unregistered Sales of Equity Securities and Use of Proceeds
II2 
68
Other Information
II5 
69
Exhibits
II6 
69
  
69

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, Governance and Sustainability 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;
•Climate 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. 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 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, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; 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,” “Risk Factors” in the 2022 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
March 2023 Form 10-Q
1
Management’s Discussion and Analysis
Image4.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended March 31, 2023
•The Firm reported net revenues of $14.5 billion and net income of $3.0 billion as our businesses navigated a volatile market environment.
•The Firm delivered ROTCE of 16.9% (see “Selected Non-GAAP Financial Information” herein).
•The Firm’s expense efficiency ratio was 72%. Expenses for the quarter include integration-related expenses of $77 million.
•At March 31, 2023, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%.
•Institutional Securities net revenues of $6.8 billion reflect strong performance in Equity and Fixed Income despite a less favorable market environment compared to a year ago and lower results in Investment Banking.
•Wealth Management net revenues were $6.6 billion, positively impacted by mark-to-market gains on investments associated with certain employee deferred compensation plans compared to losses a year ago. The business delivered a pre-tax margin of 26.1%. Results reflect higher net interest income versus prior year, primarily driven by higher interest rates, even as clients continue to redeploy sweep deposits. These results were partially offset by an increase in expenses as well as higher provisions for credit losses.
•Wealth Management attracted significant net new assets of $110 billion during the quarter.
•Investment Management results reflect net revenues of $1.3 billion on AUM of $1.4 trillion amid declines in asset values from a year ago.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $14.5 billion in the quarter ended March 31, 2023 (“current quarter,” or “1Q 2023”) compared with $14.8 billion in the quarter ended March 31, 2022 (“prior year quarter,” or “1Q 2022”). For the current quarter, net income applicable to Morgan Stanley was $3.0 billion, or $1.70 per diluted common share, compared with $3.7 billion, or $2.02 per diluted common share in the prior year quarter.
2
March 2023 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Non-interest Expenses1
($ in millions)
Non-interest Expense - MDA.jpg
1.The percentages on the bars in the chart represent the contribution of compensation and benefits expenses and non-compensation expenses to the total.
•Compensation and benefits expenses of $6,410 million in the current quarter increased 2% from the prior year quarter, primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance, higher stock-based compensation expense driven by the Firm’s share price, and higher salary expenses driven in part by the impact of higher headcount, partially offset by lower discretionary incentive compensation on lower revenues and a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.
•Non-compensation expenses of $4,113 million in the current quarter increased 6% from the prior year quarter, primarily due to higher spend on technology, higher marketing and business development costs and higher legal expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $234 million in the current quarter was primarily related to a deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The Provision for credit losses on loans and lending commitments in the prior year quarter was $57 million, primarily driven by portfolio growth.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Income Taxes
The effective tax rate of 19.3% for the current quarter was substantially similar to the prior year quarter, both periods reflecting a benefit associated with employee share-based awards, which primarily settled in the first quarter of each year.
Business Segment Results
Net Revenues by Segment1
($ in millions)
Segment Revenues - MDA.jpg
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
Segment Income - MDA.jpg
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 19 to the financial statements for details of intersegment eliminations.
•Institutional Securities net revenues of $6,797 million in the current quarter decreased 11% from the elevated levels in the prior year quarter, primarily reflecting lower results from Equity, Investment Banking and Fixed income, partially offset by higher other net revenues.
•Wealth Management net revenues of $6,559 million in the current quarter increased 11% from the prior year quarter, primarily reflecting gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter and higher Net interest revenues, partially offset by lower Asset management revenues driven by lower fee-based asset levels in the current quarter resulting from lower market levels, partially offset by the impact of positive fee-based flows.
•Investment Management net revenues of $1,289 million in the current quarter decreased 3% from the prior year quarter, reflecting lower AUM due to the decline in asset values and cumulative outflows over the prior year, partially offset by higher Performance-based income and other revenues.
March 2023 Form 10-Q
3
Management’s Discussion and Analysis
Image4.jpg
Net Revenues by Region1, 2
($ in millions)
Regional Revenues - MDA.jpg
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 23 to the financial statements in the 2022 Form 10-K.
Americas net revenues in the current quarter increased 3% from the prior year quarter, primarily driven by results within the Wealth Management business segment, partially offset by Equity results within the Institutional Securities business segment. EMEA net revenues decreased 25% from the prior year quarter, primarily driven by Fixed income, Investment banking and Equity results within the Institutional Securities business segment. Asia net revenues in the current quarter continued to reflect the strong levels in the prior year quarter.
Selected Financial Information and Other Statistical Data
 Three Months Ended
March 31,
$ in millions20232022
Consolidated results
Net revenues$14,517 $14,801 
Earnings applicable to Morgan Stanley common shareholders$2,836 $3,542 
Earnings per diluted common share$1.70 $2.02 
Consolidated financial measures
Expense efficiency ratio1
72 %69 %
ROE2
12.4 %14.7 %
ROTCE2, 3
16.9 %19.8 %
Pre-tax margin4
26 %31 %
Effective tax rate19.3 %19.0 %
Pre-tax margin by segment4
Institutional Securities28 %36 %
Wealth Management26 %27 %
Investment Management13 %17 %
in millions, except per share and employee dataAt
March 31,
2023		At
December 31,
2022
Average liquidity resources for three months ended5
$321,195 $312,250 
Loans6
$222,727 $222,182 
Total assets$1,199,904 $1,180,231 
Deposits$347,523 $356,646 
Borrowings$250,182 $238,058 
Common shareholders' equity$92,076 $91,391 
Tangible common shareholders’ equity3
$67,951 $67,123 
Common shares outstanding1,670 1,675 
Book value per common share7
$55.13 $54.55 
Tangible book value per common share3, 7
$40.68 $40.06 
Worldwide employees (in thousands)82 82 
Client assets8 (in billions)
$5,920 $5,492 
Capital Ratios9
Common Equity Tier 1 capital—Standardized15.1 %15.3 %
Tier 1 capital—Standardized17.0 %17.2 %
Common Equity Tier 1 capital—Advanced15.6 %15.6 %
Tier 1 capital—Advanced17.5 %17.6 %
Tier 1 leverage6.7 %6.7 %
SLR5.5 %5.5 %
1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
2.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.
3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.
6.Includes loans 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 sheet.
7.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.
8.Client assets represents Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets are invested in Investment Management products and are also included in Investment Management’s AUM.
9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
March 2023 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Economic and Market Conditions
The global economic and geopolitical environment continues to be characterized by elevated inflation, rising interest rates and volatility in global financial markets and deterioration in the macroeconomic outlook. This environment has impacted our businesses, as discussed further in “Business Segments” herein, and, to the extent that it continues to deteriorate, could adversely impact client confidence and related activity. In addition to the aforementioned conditions, certain financial institutions have recently come under significant stress. While the full impact of these events in the U.S. or global banking sector remains uncertain, they have not significantly impacted our results or financial condition. For more information on economic and market conditions and their potential effects on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2022 Form 10-K.
Following the recent failure of several financial institutions and resulting losses to the FDIC’s Deposit Insurance Fund (“DIF”) it is likely that the FDIC will assess certain financial institutions, including the Firm, for additional amounts to be provided to the DIF. While such special assessments have not been determined, they may impact 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 statements and other public disclosures. 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.
In the fourth quarter of 2022, we introduced new non-GAAP financial measures and have presented comparable prior year quarter amounts for the first time in the following table. These measures exclude the impact of mark-to-market gains and losses on investments associated with certain employee deferred cash-based compensation plans from net revenues and compensation expenses. These employee deferred cash-
based compensation plans are primarily reflected in our Wealth Management business segment. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the 2022 Form 10-K.
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
March 31,
$ in millions, except per share data20232022
Net revenues$14,517 $14,801 
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1
(153)441 
Adjusted Net revenues—non-GAAP$14,364 $15,242 
Compensation expense$6,410 $6,274 
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1
(193)288 
Adjusted Compensation expense—non-GAAP$6,217 $6,562 
Wealth Management Net revenues$6,559 $5,935 
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1
(101)296 
Adjusted Wealth Management Net revenues—non-GAAP$6,458 $6,231 
Wealth Management Compensation expense$3,477 $3,125 
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1
(119)200 
Adjusted Wealth Management Compensation expense—non-GAAP$3,358 $3,325 
$ in millionsAt
March 31,
2023		At
December 31,
2022
Tangible equity
Common shareholders’ equity$92,076 $91,391 
Less: Goodwill and net intangible assets(24,125)(24,268)
Tangible common shareholders’ equity—non-GAAP$67,951 $67,123 
Average Monthly Balance
 Three Months Ended
March 31,
$ in millions20232022
Tangible equity
Common shareholders’ equity$91,382 $96,667 
Less: Goodwill and net intangible assets(24,198)(25,120)
Tangible common shareholders’ equity—non-GAAP$67,184 $71,547 
 Three Months Ended
March 31,
March 2023 Form 10-Q
5
Management’s Discussion and Analysis
Image4.jpg
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
March 31,
$ in billions20232022
Average common equity2
Institutional Securities$45.6 $48.8 
Wealth Management28.8 31.0 
Investment Management10.4 10.6 
ROE3
Institutional Securities12 %17 %
Wealth Management19 %16 %
Investment Management5 %8 %
Average tangible common equity2
Institutional Securities$45.2 $48.3 
Wealth Management14.8 16.3 
Investment Management0.7 0.8 
ROTCE3
Institutional Securities12 %17 %
Wealth Management36 %30 %
Investment Management73 %106 %
1.Net revenues and compensation expense are adjusted for certain employee deferred cash-based compensation plans for both Firm and Wealth Management business segment. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2022 Form 10-K for more information.
2.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.
3.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 Goal
We have an ROTCE goal of over 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors. See “Risk Factors” and “Forward-Looking Statements” in the 2022 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results. ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, 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 19 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 2022 Form 10-K.
6
March 2023 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Institutional Securities
Income Statement Information
Three Months Ended
March 31,		% Change
$ in millions20232022
Revenues
Advisory$638 $944 (32)%
Equity202 258 (22)%
Fixed income407 432 (6)%
Total Underwriting609 690 (12)%
Total Investment banking1,247 1,634 (24)%
Equity2,729 3,174 (14)%
Fixed income2,576 2,923 (12)%
Other245 (74)N/M
Net revenues$6,797 $7,657 (11)%
Provision for credit losses189 44 N/M
Compensation and benefits2,365 2,604 (9)%
Non-compensation expenses2,351 2,222 6 %
Total non-interest expenses4,716 4,826 (2)%
Income before provision for income taxes1,892 2,787 (32)%
Provision for income taxes363 535 (32)%
Net income1,529 2,252 (32)%
Net income applicable to noncontrolling interests51 61 (16)%
Net income applicable to Morgan Stanley$1,478 $2,191 (33)%
Investment Banking
Investment Banking Volumes
Three Months Ended
March 31,
$ in billions20232022
Completed mergers and acquisitions1
$129 $331 
Equity and equity-related offerings2, 3
10 8 
Fixed income offerings2, 4
63 81 
Source: Refinitiv data as of April 3, 2023. 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 $1,247 million in the current quarter decreased 24% compared with the prior year quarter, primarily reflecting lower advisory revenues.
•Advisory revenues decreased primarily due to fewer completed M&A transactions.
•Equity underwriting revenues decreased primarily due to lower initial public offerings.
•Fixed income underwriting revenues decreased primarily due to lower non-investment grade loan issuances.
Investment Banking continues to operate in a global economic and geopolitical environment characterized by significantly reduced M&A and underwriting activity amid elevated inflation, rising interest rates and volatility in global financial markets and deterioration in the macroeconomic outlook and client confidence. To the extent that the environment continues to deteriorate, it could adversely impact global announced M&A transactions and underwriting volumes, and as a result, continue to adversely impact our Investment Banking revenues.
See “Investment Banking Volumes” herein.
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended March 31, 2023
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,696 $134 $(541)$32 $1,321 
Execution services848 619 (59)— 1,408 
Total Equity$2,544 $753 $(600)$32 $2,729 
Total Fixed Income$2,478 $109 $(89)$78 $2,576 
Three Months Ended March 31, 2022
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,251 $132 $87 $4 $1,474 
Execution services924 693 (34)117 1,700 
Total Equity$2,175 $825 $53 $121 $3,174 
Total Fixed Income$2,258 $97 $508 $60 $2,923 
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.
Equity
Net revenues of $2,729 million in the current quarter decreased 14% compared with the prior year quarter, reflecting a decrease in execution services and financing.
•Financing revenues decreased primarily due to lower average client balances reflective of market declines.
•Execution services revenues decreased primarily due to lower gains from the impact of market conditions on inventory held to facilitate client activity and lower client activity across products compared to the prior year quarter.
Fixed Income
Net revenues of $2,576 million in the current quarter decreased 12% compared with the prior year quarter, primarily reflecting a decrease in foreign exchange products and commodities, partially offset by increases in rates and credit products.
•Global macro products revenues decreased primarily due to a decline in foreign exchange products, partially offset by an increase from market conditions on inventory held to
March 2023 Form 10-Q
7
Management’s Discussion and Analysis
Image4.jpg
facilitate client activity in rates products reflective of interest rate volatility across regions.
•Credit products revenues increased, supported by client engagement, reflecting the impact of market conditions on inventory held to facilitate client activity in corporate credit products and municipal securities.
•Commodities products and other fixed income revenues decreased compared to elevated results in the prior year quarter, primarily due to lower gains from the impact of market conditions on inventory held to facilitate client activity and lower client activity in Commodities.
Other Net Revenues
Other net revenues reflected a gain of $245 million in the current quarter compared with a loss of $74 million in the prior year quarter, primarily due to gains compared with losses in the prior year quarter on investments associated with certain employee deferred cash-based compensation plans, higher net interest income on corporate loans, and lower mark-to-market losses on corporate loans inclusive of hedges.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $189 million in the current quarter was primarily related to a deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The Provision for credit losses on loans and lending commitments was $44 million in the prior year quarter, primarily driven by portfolio growth.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-interest Expenses
Non-interest expenses of $4,716 million in the current quarter decreased 2% compared with the prior year quarter, primarily due to lower Compensation and benefits expenses, partially offset by higher Non-compensation expenses.
•Compensation and benefits expenses decreased in the current quarter, primarily due to lower discretionary incentive compensation on lower revenues, partially offset by higher stock-based compensation expense driven by the Firm’s share price and higher expenses related to certain deferred cash-based compensation plans linked to investment performance.
•Non-compensation expenses increased in the current quarter, primarily due to an increase in legal expenses and higher marketing and business development costs.
8
March 2023 Form 10-Q
Management’s Discussion and Analysis
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Wealth Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20232022
Revenues
Asset management$3,382 $3,626 (7)%
Transactional1
921 635 45 %
Net interest2,158 1,540 40 %
Other1
98 134 (27)%
Net revenues6,559 5,935 11 %
Provision for credit losses45 13 N/M
Compensation and benefits3,477 3,125 11 %
Non-compensation expenses1,325 1,224 8 %
Total non-interest expenses4,802 4,349 10 %
Income before provision for income taxes$1,712 $1,573 9 %
Provision for income taxes336 301 12 %
Net income applicable to Morgan Stanley $1,376 $1,272 8 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues. Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt March 31,
2023		At December 31,
2022
Total client assets1
$4,558$4,187
U.S. Bank Subsidiary loans$144$146
Margin and other lending2
$21$22
Deposits3
$341$351
Annualized weighted average cost of deposits4
Period end2.05%1.59%
Period average for three months ended1.86%1.32%
Three Months Ended
March 31,
20232022
Net new assets5
$109.6$142.0
1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. See “Self-directed Channel” herein for additional information.
2.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.
3.Deposits reflect liabilities 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 $2 billion and $6 billion of off-balance sheet deposits as of March 31, 2023 and December 31, 2022, respectively.
4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products, excluding the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2023 and December 31, 2022. The period average is based on daily balances and rates for the period.
5.Net new assets represent client asset inflows, including dividends and interest, and asset acquisitions, less client asset outflows, and exclude activity from business combinations/divestitures and the impact of fees and commissions.
Advisor-led Channel
$ in billionsAt March 31,
2023		At December 31,
2022
Advisor-led client assets1
$3,582$3,392
Fee-based client assets2
$1,769$1,678
Fee-based client assets as a percentage of advisor-led client assets49%49%
Three Months Ended
March 31,
20232022
Fee-based asset flows3
$22.4$97.2
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 2022 Form 10-K.
Self-directed Channel
$ in billionsAt March 31,
2023		At December 31,
2022
Self-directed assets1
$976$795
Self-directed households (in millions)2
8.18.0
Three Months Ended
March 31,
20232022
Daily average revenue trades (“DARTs”) (in thousands)3
8311,016
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 are 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.
Workplace Channel1
$ in billionsAt March 31,
2023		At December 31,
2022
Stock plan unvested assets2
$358$302
Stock plan participants (in millions)3
6.56.3
1.The workplace channel includes equity compensation solutions for companies, their executives and employees.
2.Stock plan unvested assets represent the market value of public company securities at the end of the period.
3.Stock plan participants represent total accounts with vested and/or unvested stock plan 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 $3,382 million in the current quarter decreased 7% compared with the prior year quarter, primarily due to lower fee-based asset levels in the current quarter resulting from lower market levels, partially offset by the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets—Rollforwards” herein.
Transactional Revenues
Transactional revenues of $921 million in the current quarter increased 45% compared with the prior year quarter,
March 2023 Form 10-Q
9
Management’s Discussion and Analysis
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primarily due to gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter, partially offset by fewer new issuances and reduced client activity.
For further information on the impact of investments associated with certain employee deferred cash-based compensation plans, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $2,158 million in the current quarter increased 40% compared with the prior year quarter, primarily due to the net effect of higher interest rates, partially offset by the impact of a reduction in brokerage sweep deposits in excess of our expectations.
The level and pace of interest rate changes and other macroeconomic factors continue to impact client demand for loans, client preferences for cash allocation to other products and the pace of reallocation of client balances, resulting in changes in the deposit mix and associated interest expense. If these trends persist, net interest income may continue to be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $45 million in the current quarter was primarily driven by deterioration in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments was $13 million in the prior year quarter, primarily driven by portfolio growth.
Non-interest Expenses
Non-interest expenses of $4,802 million in the current quarter increased 10% compared with the prior year quarter, as a result of higher Compensation and benefits expenses and higher Non-compensation expenses.
•Compensation and benefits expenses increased in the current quarter primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance and the impact of higher headcount, partially offset by a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.
For further information on the impact of expenses related to certain employee deferred cash-based compensation plans linked to investment performance, see “Selected Non-GAAP Financial Information” herein.
•Non-compensation expenses increased in the current quarter primarily driven by higher spend on technology and higher marketing and business development costs.
Fee-Based Client Assets Rollforwards
$ in billionsAt
December 31,
2022		InflowsOutflowsMarket
Impact		At
March 31,
2023
Separately managed1
$501 $16 $(7)$18 $528 
Unified managed408 21 (14)17 432 
Advisor167 9 (9)9 176 
Portfolio manager552 26 (20)20 578 
Subtotal$1,628 $72 $(50)$64 $1,714 
Cash management50 20 (15)— 55 
Total fee-based
client assets
$1,678 $92 $(65)$64 $1,769 
$ in billionsAt
December 31,
2021
Inflows2
OutflowsMarket
Impact		At
March 31,
2022
Separately managed1
$479 $87 $(8)$7 $565 
Unified managed467 25 (14)(31)447 
Advisor211 9 (11)(10)199 
Portfolio manager636 30 (21)(30)615 
Subtotal$1,793 $151 $(54)$(64)$1,826 
Cash management46 9 (8)— 47 
Total fee-based
client assets
$1,839 $160 $(62)$(64)$1,873 
1.Includes non-custody account values reflecting prior quarter-end balances due to a lag in the reporting of asset values by third-party custodians.
2.Includes $75 billion of fee-based assets acquired in an asset acquisition in the first quarter of 2022, reflected in Separately managed.
Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20232022
Separately managed13 13 
Unified managed93 94 
Advisor80 81 
Portfolio manager91 92 
Subtotal66 68 
Cash management6 6 
Total fee-based client assets65 67 
1.Based on Asset management revenues related to advisory services associated with fee-based assets.
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 2022 Form 10-K.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Investment Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20232022
Revenues

Asset management and related fees$1,248 $1,388 (10)%
Performance-based income and other1
41 (53)177 %
Net revenues1,289 1,335 (3)%
Compensation and benefits568 545 4 %
Non-compensation expenses555 562 (1)%
Total non-interest expenses1,123 1,107 1 %
Income before provision for income taxes166 228 (27)%
Provision for income taxes30 37 (19)%
Net income136 191 (29)%
Net income (loss) applicable to noncontrolling interests 2 (12)117 %
Net income applicable to Morgan Stanley $134 $203 (34)%
1.Includes Investments, Trading, Commissions and fees, Net interest, and Other revenues.
Net Revenues
Asset Management and Related Fees

Asset management and related fees of $1,248 million in the current quarter decreased 10% from the prior year quarter, primarily due to lower average AUM driven by the decline in asset values and the cumulative effect of net outflows in Long-Term AUM.

Asset management revenues are influenced by the level and relative mix of AUM and related fee rates. The market environment in recent quarters has led to a decline in asset prices, which in turn, negatively impacted our AUM level across asset classes. To the extent the market condition deteriorates further, or we continue to see net outflows of Long-Term AUM, we would expect our Asset management revenue to continue to be negatively impacted.
See “Assets under Management or Supervision” herein.
Performance-based Income and Other
Performance-based income and other revenues were a gain of $41 million in the current quarter, representing an increase from the prior year quarter, primarily due to gains on investments associated with certain employee deferred cash-based compensation plans and mark-to-market gains on public investments compared with losses in the prior year quarter, partially offset by lower accrued carried interest.
Non-interest Expenses
Non-interest expenses of $1,123 million in the current quarter increased 1% from the prior year quarter primarily due to higher Compensation and benefits.
•Compensation and benefits expenses increased in the current quarter primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance, partially offset by lower compensation associated with carried interest.
•Non-compensation expenses were relatively unchanged.
Assets under Management or Supervision Rollforwards
$ in billionsEquityFixed IncomeAlternatives and SolutionsLong-Term AUM SubtotalLiquidity and Overlay ServicesTotal
December 31, 2022$259 $173 $431 $863 $442 $1,305 
Inflows10 16 18 44 585 629 
Outflows(12)(17)(16)(45)(568)(613)
Market Impact21 4 15 40 6 46 
Other(1)(1)— (2)(3)(5)
March 31, 2023$277 $175 $448 $900 $462 $1,362 
$ in billionsEquityFixed IncomeAlternatives and SolutionsLong-Term AUM SubtotalLiquidity and Overlay ServicesTotal
December 31, 2021$395 $207 $466 $1,068 $497 $1,565 
Inflows19 19 27 65 494 559 
Outflows(26)(22)(29)(77)(523)(600)
Market Impact(48)(7)(14)(69)(2)(71)
Other(3)(2)(1)(6)— (6)
March 31, 2022$337 $195 $449 $981 $466 $1,447 
Average AUM
 Three Months Ended
March 31,
$ in billions20232022
Equity $271 $355 
Fixed income175 201 
Alternatives and Solutions441 454 
Long-term AUM subtotal887 1010 
Liquidity and Overlay Services442 476 
Total AUM$1,329 $1,486 
Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20232022
Equity 72 70
Fixed income35 36
Alternatives and Solutions33 35
Long-term AUM45 48
Liquidity and Overlay Services13 7
Total AUM35 35 
1.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.
For a description of the asset classes and rollforward items in the previous tables, see “Management’s Discussion and
March 2023 Form 10-Q
11
Management’s Discussion and Analysis
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Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2022 Form 10-K.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “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 in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity 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 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Supplemental Financial Information1
$ in billionsAt
March 31,
2023		At
December 31,
2022
Investment securities portfolio:
Investment securities—AFS$67.6 $66.9 
Investment securities—HTM55.7 56.4 
Total investment securities$123.3 $123.3 
Wealth Management Loans2
Residential real estate$55.3 $54.4 
Securities-based lending and Other3
88.4 91.7 
Total, net of ACL$143.7 $146.1 
Institutional Securities Loans2
Corporate$8.3 $6.9 
Secured lending facilities38.3 37.1 
Commercial and Residential real estate10.5 10.2 
Securities-based lending and Other6.0 6.0 
Total, net of ACL$63.1 $60.2 
Total Assets$384.8 $391.0 
Deposits4
$340.9 $350.6 
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—Balance Sheet—Unsecured Financing” herein.
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not listed below were assessed and determined to be either not applicable or to not have a material impact on our financial condition or results of operations upon adoption.

We are currently evaluating the following accounting update; However, we do not expect a material impact on our financial condition or results of operations upon adoption:
•Investments—Tax Credit Structures. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received. The net amortization and income tax credits and other income tax benefits are recognized in the income statement as a component of provision for income taxes. The update also requires disclosures of certain information that enable investors and other users of our financial statements to understand the nature of (i) the tax equity investments in projects that generate income tax credits and other income tax benefits from a program for which the proportional amortization method has been elected and (ii) the impact of the tax equity investments and related income tax credits on the financial condition and results of operations. The ASU will be effective January 1, 2024, with early adoption permitted.

Critical Accounting Estimates
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 2022 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 15 to the financial statements in the 2022 Form 10-K and Note 13 to the financial statements) 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 Estimates” in the 2022 Form 10-K.
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 managing 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.
March 2023 Form 10-Q
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Management’s Discussion and Analysis
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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.
Total Assets by Business Segment
At March 31, 2023
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$84,356 $26,747 $155 $111,258 
Trading assets at fair value310,842 4,560 4,899 320,301 
Investment securities37,386 120,558 — 157,944 
Securities purchased under agreements to resell108,722 13,163 — 121,885 
Securities borrowed145,289 927 — 146,216 
Customer and other receivables43,973 28,907 1,215 74,095 
Loans1
71,008 143,684 4 214,696 
Other assets2
17,619 24,859 11,031 53,509 
Total assets$819,195 $363,405 $17,304 $1,199,904 
At December 31, 2022
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$88,362 $39,539 $226 $128,127 
Trading assets at fair value294,884 1,971 4,460 301,315 
Investment securities40,481 119,450 — 159,931 
Securities purchased under agreements to resell102,511 11,396 — 113,907 
Securities borrowed132,619 755 — 133,374 
Customer and other receivables47,515 29,620 1,405 78,540 
Loans1
67,676 146,105 4 213,785 
Other assets2
15,789 24,469 10,994 51,252 
Total assets$789,837 $373,305 $17,089 $1,180,231 
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 sheet (see Note 9 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 cash and cash equivalents, 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. Total assets of $1,200 billion at March 31, 2023 were relatively unchanged from $1,180 billion at December 31, 2022.
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 2022 Form 10-K.
At March 31, 2023 and December 31, 2022, 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. We actively manage the amount of our Liquidity Resources 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 appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. 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
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2023		December 31, 2022
Cash deposits with central banks$65,677 $58,818 
Unencumbered HQLA Securities1:
U.S. government obligations132,225 136,020 
U.S. agency and agency mortgage-backed securities92,219 87,591 
Non-U.S. sovereign obligations2
21,113 20,583 
Other investment grade securities694 694 
Total HQLA1
$311,928 $303,706 
Cash deposits with banks (non-HQLA)9,267 8,544 
Total Liquidity Resources$321,195 $312,250 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered Japanese, French, U.K., Italian and Spanish government obligations.
14
March 2023 Form 10-Q
Management’s Discussion and Analysis
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Liquidity Resources by Bank and Non-Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2023		December 31, 2022
Bank legal entities
U.S.$140,029 $134,845 
Non-U.S.6,651 6,980 
Total Bank legal entities146,680 141,825 
Non-Bank legal entities
U.S.:
Parent Company52,315 56,111 
Non-Parent Company58,027 54,813 
Total U.S.110,342 110,924 
Non-U.S.64,173 59,501 
Total Non-Bank legal entities174,515 170,425 
Total Liquidity Resources$321,195 $312,250 
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 and Net Stable Funding Ratio
We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%. The LCR requires that large 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. The NSFR requires large banking organizations to maintain sufficiently stable sources of funding over a one-year time horizon.
As of March 31, 2023, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2023		December 31, 2022
Eligible HQLA1
Cash deposits with central banks$58,133 $52,765 
Securities2
185,375 186,551 
Total Eligible HQLA1
$243,508 $239,316 
LCR135 %132 %
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.
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. Our goal is to achieve an optimal mix of durable secured and unsecured financing.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, 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 2022 Form 10-K.
Collateralized Financing Transactions
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Securities purchased under agreements to resell and Securities borrowed$268,101 $247,281 
Securities sold under agreements to repurchase and Securities loaned$76,079 $78,213 
Securities received as collateral1
$9,867 $9,954 
 Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2023		December 31,
2022
Securities purchased under agreements to resell and Securities borrowed$254,449 $261,627 
Securities sold under agreements to repurchase and Securities loaned$77,154 $77,268 
1.Included within Trading assets in the balance sheet.
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 2022 Form 10-K and Note 8 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 sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by
March 2023 Form 10-Q
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Management’s Discussion and Analysis
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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 2022 Form 10-K.
Deposits
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Savings and demand deposits:
Brokerage sweep deposits1
$175,448 $202,592 
Savings and other122,882 117,356 
Total Savings and demand deposits298,330 319,948 
Time deposits49,193 36,698 
Total2
$347,523 $356,646 
1.Amounts represent balances swept from client brokerage accounts.
2.Excludes approximately $2 billion and $6 billion of off-balance sheet deposits at unaffiliated financial institutions as of March 31, 2023 and December 31, 2022, respectively. This client cash held by third parties is not reflected in our balance sheet 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 relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. The decrease in total deposits in the current quarter was primarily driven by a continued reduction in Brokerage sweep deposits due to net outflows to alternative cash-equivalent and long-term products, partially offset by an increase in Time deposits and Savings.
Borrowings by Remaining Maturity at March 31, 20231
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $4,587 $4,587 
Original maturities greater than one year
2023$4,504 $6,418 $10,922 
202419,858 11,897 31,755 
202521,666 9,428 31,094 
202624,066 6,267 30,333 
202718,855 6,876 25,731 
Thereafter 85,715 30,045 115,760 
Total$174,664 $70,931 $245,595 
Total Borrowings$174,664 $75,518 $250,182 
Maturities over next 12 months2
 $20,382 
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 $250 billion as of March 31, 2023 were relatively unchanged when compared with $238 billion at December 31, 2022.
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 12 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. See also “Risk Factors—Liquidity Risk” in the 2022 Form 10-K.
Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 28, 2023
Parent Company
Short-Term DebtLong-Term DebtRating Outlook
DBRS, Inc.R-1 (middle)A (high)Stable
Fitch Ratings, Inc.F1A+Stable
Moody’s Investors Service, Inc.P-1A1Stable
Rating and Investment Information, Inc.a-1APositive
S&P Global RatingsA-2A-Stable
MSBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AA-Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
MSPBNA
Short-Term DebtLong-Term DebtRating Outlook
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
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
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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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 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.
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 before the 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
March 31,
in millions, except for per share data20232022
Number of shares16 30 
Average price per share$95.16 $95.20 
Total$1,500 $2,872 
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 16 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 dateApril 19, 2023
Amount per share$0.775 
Date to be paidMay 15, 2023
Shareholders of record as ofMay 1, 2023
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 16 to the financial statements.
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 2022 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 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.
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. The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Act. 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. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries provisionally registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are Swap Entities, see Note 15 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2022 Form 10-K. For additional information on TLAC,
March 2023 Form 10-Q
17
Management’s Discussion and Analysis
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see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At March 31, 2023 and December 31, 2022
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB1
5.8%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
00
Capital buffer requirement8.8%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2022 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 2022 Form 10-K.
3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
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 capital buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Regulatory Minimum
At March 31, 2023 and December 31, 2022
StandardizedAdvanced
Required ratios1
Common Equity Tier 1 capital ratio4.5 %13.3%10.0%
Tier 1 capital ratio6.0 %14.8%11.5%
Total capital ratio8.0 %16.8%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the 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 and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk
weights. At March 31, 2023 and December 31, 2022, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%.
CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Regulatory Capital Ratios
$ in millions
Required
Ratio1
At March 31,
2023		At December 31, 2022
Risk-based capital—
Standardized
Common Equity Tier 1 capital$69,454 $68,670 
Tier 1 capital77,947 77,191 
Total capital89,794 86,575 
Total RWA459,107 447,849 
Common Equity Tier 1 capital ratio13.3 %15.1 %15.3 %
Tier 1 capital ratio14.8 %17.0 %17.2 %
Total capital ratio16.8 %19.6 %19.3 %
$ in millions
Required
Ratio1
At March 31,
2023		At December 31, 2022
Risk-based capital—
Advanced
Common Equity Tier 1 capital$69,454 $68,670 
Tier 1 capital77,947 77,191 
Total capital89,321 86,159 
Total RWA444,796 438,806 
Common Equity Tier 1 capital ratio10.0 %15.6 %15.6 %
Tier 1 capital ratio11.5 %17.5 %17.6 %
Total capital ratio13.5 %20.1 %19.6 %
$ in millions
Required
Ratio1
At March 31,
2023		At December 31, 2022
Leverage-based capital
Adjusted average assets2
$1,168,328 $1,150,772 
Tier 1 leverage ratio4.0 %6.7 %6.7 %
Supplementary leverage exposure3
$1,422,808 $1,399,403 
SLR5.0 %5.5 %5.5 %
1.Required ratios are inclusive of any buffers applicable as of the date presented.
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.

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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Capital
$ in millionsAt
March 31,
2023		At
December 31,
2022 		Change
Common Equity Tier 1 capital
Common stock and surplus$1,395 $2,782 $(1,387)
Retained earnings96,516 95,047 1,469 
AOCI(5,711)(6,253)542 
Regulatory adjustments and deductions:
Net goodwill(16,388)(16,393)5 
Net intangible assets(5,914)(6,048)134 
Other adjustments and deductions1
(444)(465)21 
Total Common Equity Tier 1 capital$69,454 $68,670 $784 
Additional Tier 1 capital
Preferred stock$8,750 $8,750 $— 
Noncontrolling interests571 552 19 
Additional Tier 1 capital$9,321 $9,302 $19 
Deduction for investments in covered funds(828)(781)(47)
Total Tier 1 capital$77,947 $77,191 $756 
Standardized Tier 2 capital
Subordinated debt$9,997 $7,846 $2,151 
Eligible ACL1,898 1,613 285 
Other adjustments and deductions(48)(75)27 
Total Standardized Tier 2 capital$11,847 $9,384 $2,463 
Total Standardized capital$89,794 $86,575 $3,219 
Advanced Tier 2 capital
Subordinated debt$9,997 $7,846 $2,151 
Eligible credit reserves1,425 1,197 228 
Other adjustments and deductions(48)(75)27 
Total Advanced Tier 2 capital$11,374 $8,968 $2,406 
Total Advanced capital$89,321 $86,159 $3,162 
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
 Three Months Ended
March 31, 2023
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2022$397,275 $285,638 
Change related to the following items:
Derivatives1,388 1,399 
Securities financing transactions4,672 1,842 
Investment securities(290)77 
Commitments, guarantees and loans(1,968)1,374 
Equity investments(370)(380)
Other credit risk5,258 4,714 
Total change in credit risk RWA$8,690 $9,026 
Balance at March 31, 2023$405,965 $294,664 
Market risk RWA
Balance at December 31, 2022$50,574 $50,563 
Change related to the following items:
Regulatory VaR242 242 
Regulatory stressed VaR(1,042)(1,042)
Incremental risk charge(405)(405)
Comprehensive risk measure24 (84)
Specific risk3,749 3,749 
Total change in market risk RWA$2,568 $2,460 
Balance at March 31, 2023$53,142 $53,023 
Operational risk RWA
Balance at December 31, 2022N/A$102,605 
Change in operational risk RWAN/A(5,496)
Balance at March 31, 2023N/A$97,109 
Total RWA $459,107 $444,796 
Regulatory VaR—VaR for regulatory capital requirements

In the current quarter, Credit risk RWA increased under both the Standardized and Advanced Approaches, primarily driven by higher deferred tax assets, higher Securities financing and increased exposure in interest rate Derivatives.

Market risk RWA increased in the current quarter under both the Standardized and Advanced Approaches primarily driven by higher Specific risk securitization and non-securitization standardized charges partially offset by lower Regulatory Stressed VaR.

The decrease in Operational risk RWA in the current year period reflects lower execution-related losses.
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 by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
March 2023 Form 10-Q
19
Management’s Discussion and Analysis
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Required and Actual TLAC and Eligible LTD Ratios
 Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
March 31,
2023 		At
December 31,
2022
External TLAC2
$250,191 $245,951 
External TLAC as a % of RWA18.0 %21.5 %54.5 %54.9 %
External TLAC as a % of leverage exposure7.5 %9.5 %17.6 %17.6 %
Eligible LTD3
$162,775 $159,444 
Eligible LTD as a % of RWA9.0 %9.0 %35.5 %35.6 %
Eligible LTD as a % of leverage exposure4.5 %4.5 %11.4 %11.4 %
1.Required ratios are inclusive of applicable buffers.
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 March 31, 2023 and December 31, 2022.
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—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2022 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
The Federal Reserve has 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.
As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.
Our SCB will remain at 5.8% through September 30, 2023. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 13.3%.
Our Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant.
For the 2023 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2023. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2023. We are required to disclose a summary of the results of our company-run stress tests within 15 days of the date the Federal Reserve discloses the results of the supervisory stress tests.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2022 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 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
March 31,
$ in billions20232022
Institutional Securities$45.6 $48.8 
Wealth Management28.8 31.0 
Investment Management10.4 10.6 
Parent6.6 6.3 
Total$91.4 $96.7 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Resolution and Recovery Planning
We are required to submit once every two years 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. In November 2022, we received joint feedback on our 2021 resolution plan from the Federal Reserve and the FDIC (“Agencies”). The feedback indicated that there are no shortcomings or deficiencies in our 2021 resolution plan and that we had successfully addressed a prior shortcoming identified by the Agencies in the review of our 2019 full resolution plan. Our next resolution plan submission will be a full resolution plan in July 2023.
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 supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our supported 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 supported 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 2022 Form 10-K.
Regulatory Developments and Other Matters
Covered Funds Restrictions under the Volcker Rule
The Volcker Rule prohibits certain investments and relationships by banking entities with covered funds, as defined in the Volcker Rule. During the current quarter, we determined and began implementing various conformance options permitted under the Volcker Rule with respect to interests in certain legacy illiquid funds for which we previously received a conformance extension until July 21, 2023. These conformance options include selling a portion or all of our interests, restructuring our investments, and relying on other applicable exemptions and exclusions under the Volcker Rule. As of March 31, 2023, the carrying value of our investments in those legacy illiquid funds approximated $210 million. For additional information on the Volcker Rule, see “Business—Supervision and Regulation—Financial Holding Company—Activities Restrictions Under the Volcker Rule” in the 2022 Form 10-K. For information on investments measured at NAV, see Note 4 to the financial statements.
Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rate Benchmarks
Central banks around the world, including the Federal Reserve, have sponsored initiatives in recent years to replace LIBOR and replace or reform certain other interest rate benchmarks (collectively, the “IBORs”). A transition away from use of the IBORs to alternative rates and other potential interest rate benchmark reforms is underway and is a multi-year initiative.
The publication of most non-U.S. dollar LIBOR rates ceased as of the end of December 2021, although certain Sterling and Yen LIBOR rates have been published for a limited period following this date on the basis of a “synthetic” methodology (known as “synthetic LIBOR”). The synthetic Yen LIBOR rates ceased as of the end of December 2022 and following the announcement of the U.K. Financial Conduct Authority (“UK FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), publication of the one- and six-month tenors of synthetic Sterling LIBOR ceased at the end of March 2023 and publication of the three-month synthetic Sterling LIBOR will cease at the end of March 2024.
U.S. dollar LIBOR rates are expected to cease being published as of the end of June 2023. On March 15, 2022 the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. While some states have already adopted LIBOR legislation, the federal legislation expressly preempts any provision of any state or local law, statute, rule, regulation or standard. In addition, the UK FCA has announced that it will require ICE Benchmark Administration
March 2023 Form 10-Q
21
Management’s Discussion and Analysis
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to continue the publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a synthetic basis until the end of September 2024. This may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation to remain on synthetic U.S. dollar LIBOR until the end of this period.
As of March 31, 2023, our LIBOR-referenced contracts were primarily concentrated in derivative contracts and, to a lesser extent, loans, floating rate notes, preferred shares, securitizations and mortgages. A significant majority of our derivative contracts, and a majority of our non-derivative contracts, contain fallback provisions or otherwise have an expected path that will allow for the transition to an alternative reference rate upon the cessation of the applicable LIBOR rate.
While we have made substantial progress in the transition away from the IBORs, we nonetheless currently remain party to a significant number of U.S. dollar LIBOR-linked contracts. For the limited number of U.S. dollar LIBOR-linked contracts without a current market standard fallback, or to which the federal legislation does not apply, we are actively developing appropriate transition plans in light of the planned June 30, 2023 cessation date for the remaining U.S. dollar LIBOR tenors.
Our IBOR transition plan is overseen by a global steering committee, with senior management oversight, and we continue to execute against our Firm-wide IBOR transition plan to complete the transition to alternative reference rates.
See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” and “Risk Factors—Risk Management” in the 2022 Form 10-K for a further discussion of the replacement of the IBORs and/or reform of other interest rate benchmarks and related risks.
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March 2023 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 2022 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 2022 Form 10-K.
Trading Risks
We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of 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 2022 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 Three Months Ended
March 31, 2023
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$32 $36 $43 $31 
Equity price29 25 31 16 
Foreign exchange rate10 10 18 6 
Commodity price21 24 35 16 
Less: Diversification benefit2
(44)(47)N/AN/A
Primary Risk Categories$48 $48 $60 $39 
Credit Portfolio21 19 21 18 
Less: Diversification benefit2
(19)(12)N/AN/A
Total Management VaR$50 $55 $72 $45 
 Three Months Ended
December 31, 2022
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$37 $36 $43 $32 
Equity price16 20 28 16 
Foreign exchange rate10 9 12 7 
Commodity price26 30 41 20 
Less: Diversification benefit2
(36)(39)N/AN/A
Primary Risk Categories$53 $56 $65 $47 
Credit Portfolio19 18 19 15 
Less: Diversification benefit2
(9)(10)N/AN/A
Total Management VaR$63 $64 $71 $56 
1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.
2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days; similar diversification benefits also are taken into account within each component.
Average Total Management VaR and average Management VaR for the Primary Risk Categories decreased from the three months ended December 31, 2022, primarily due to reduced exposures in the commodity price category and increased diversification benefits.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were 2 loss days in the current quarter, one of which exceeded 95% Total Management VaR.
March 2023 Form 10-Q
23
Risk Disclosures
Image17.jpg
Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
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 millionsAt
March 31,
2023		At
December 31,
2022
Derivatives$6 $7 
Borrowings carried at fair value42 39 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.

Credit spread risk sensitivity for borrowings carried at fair value at March 31, 2023 increased from December 31, 2022 primarily due to tightening credit spreads, in addition to new debt issuance.

The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.
Wealth Management Net Interest Income Sensitivity Analysis
$ in millionsAt
March 31,
2023		At
December 31,
2022
Basis point change
+100$533 $643 
 -100(637)(745)

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 Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted business activity, including deposit forecasts as a key assumption.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment 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.
Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in increasing interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent products available to depositors. Further, rising interest rates could also impact client demand for loans. Net interest income sensitivity to interest rates at March 31, 2023
24
March 2023 Form 10-Q
Risk Disclosures
Image17.jpg
decreased from December 31, 2022, primarily driven by the effects of changes in the mix of our assets and liabilities.
Investments Sensitivity, Including Related Carried Interest
 Loss from 10% Decline
$ in millionsAt
March 31,
2023		At
December 31,
2022
Investments related to Investment Management activities$449 $431 
Other investments:
MUMSS144 143 
Other Firm investments375 378 
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.
Investments sensitivity changed between March 31, 2023 and December 31, 2022 with an increase in sensitivity in Investments related to Investment Management activity primarily due to new investments in public funds.
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. These revenues depend on multiple factors including, but 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 may 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 2022 Form 10-K.
Loans and Lending Commitments
 At March 31, 2023
$ in millionsHFIHFS
FVO2
Total
Institutional Securities:
Corporate$7,435 $11,150 $— $18,585 
Secured lending facilities37,187 3,006 6 40,199 
Commercial and Residential real estate8,601 948 2,535 12,084 
Securities-based lending and Other3,430 16 5,276 8,722 
Total Institutional Securities56,653 15,120 7,817 79,590 
Wealth Management:
Residential real estate55,400 25 — 55,425 
Securities-based lending and Other88,463 1 — 88,464 
Total Wealth Management143,863 26 — 143,889 
Total Investment Management1
4 — 214 218 
Total loans200,520 15,146 8,031 223,697 
ACL(970)(970)
Total loans, net of ACL$199,550 $15,146 $8,031 $222,727 
Lending commitments3
$140,096 
Total exposure



$362,823 
 At December 31, 2022
$ in millionsHFIHFS
FVO2
Total
Institutional Securities:
Corporate$6,589 $10,634 $— $17,223 
Secured lending facilities35,606 3,176 6 38,788 
Commercial and Residential real estate8,515 926 2,548 11,989 
Securities-based lending and Other2,865 39 5,625 8,529 
Total Institutional Securities53,575 14,775 8,179 76,529 
Wealth Management:
Residential real estate54,460 4 — 54,464 
Securities-based lending and Other91,797 9 — 91,806 
Total Wealth Management146,257 13 — 146,270 
Total Investment Management1
4 — 218 222 
Total loans199,836 14,788 8,397 223,021 
ACL(839)(839)
Total loans, net of ACL$198,997 $14,788 $8,397 $222,182 
Lending commitments3
$136,960 
Total exposure



$359,142 
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 2022 Form 10-K.
Total loans and lending commitments increased by approximately $4 billion since December 31, 2022, primarily
March 2023 Form 10-Q
25
Risk Disclosures
Image17.jpg
due to an increase in Corporate lending within the Institutional Securities business segment.
See Notes 4, 5, 9 and 13 to the financial statements for further information.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millions
ACL—Loans$839 
ACL—Lending Commitments504 
Total at December 31, 2022
1,343 
Gross charge-offs(71)
Provision for credit losses234 
Other3 
Total at March 31, 2023$1,509 
ACL—Loans$970 
ACL—Lending commitments539 
Provision for Credit Losses by Business Segment
Three Months Ended March 31, 2023
$ in millionsISWMTotal
Loans$160 $41 $201 
Lending commitments29 4 33 
Total$189 $45 $234 
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 allowance for credit losses for loans and lending commitments 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 allowance for credit losses for loans and lending commitments increased since December 31, 2022, reflecting deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers.
The base scenario used in our ACL models as of March 31, 2023 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models, and assumes an economic contraction in 2023, followed by a recovery in 2024. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”).
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 20234Q 2024
Year-over-year growth rate(0.1)%2.0 %
See Note 9 to the financial statements for further information. See Note 2 to the financial statements in the 2022 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Status of Loans Held for Investment
At March 31, 2023At December 31, 2022
ISWMISWM
Accrual98.9 %99.9 %99.3 %99.9 %
Nonaccrual1
1.1 %0.1 %0.7 %0.1 %
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.
Net Charge-off Ratios for Loans Held for Investment
$ in millionsCorporate Secured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
For the Three Months Ended March 31, 2023
Net charge-off (recovery) ratio1
0.01 %— %0.81 %— %— %0.04 %
Average loans$6,953 $36,322 $8,568 $54,802 $93,021 $199,666 
For the Three Months Ended March 31, 2022
Net charge-off ratio1
— %0.01 %0.09 %— %— %0.01 %
Average loans$5,802 $31,353 $7,805 $45,521 $87,900 $178,381 
1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
Institutional Securities Loans and Lending Commitments1
 At March 31, 2023
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$48 $— $105 $— $153 
A1,184 2,020 186 — 3,390 
BBB5,157 11,706 453 — 17,316 
BB13,020 17,732 623 377 31,752 
Other NIG7,942 11,081 3,440 181 22,644 
Unrated2
72 956 586 1,956 3,570 
Total loans, net of ACL27,423 43,495 5,393 2,514 78,825 
Lending commitments
AAA— 50 — — 50 
AA2,273 2,775 289 — 5,337 
A5,336 19,947 407 — 25,690 
BBB11,852 41,144 747 — 53,743 
BB3,680 17,212 863 171 21,926 
Other NIG1,226 13,411 861 3 15,501 
Unrated2
2 5 — — 7 
Total lending commitments24,369 94,544 3,167 174 122,254 
Total exposure$51,792 $138,039 $8,560 $2,688 $201,079 
26
March 2023 Form 10-Q
Risk Disclosures
Image17.jpg
 At December 31, 2022
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$66 $— $139 $— $205 
A1,331 787 185 — 2,303 
BBB5,632 10,712 465 — 16,809 
BB11,045 19,219 796 162 31,222 
Other NIG7,274 10,249 3,945 139 21,607 
Unrated2
95 924 624 2,066 3,709 
Total loans, net of ACL25,443 41,891 6,154 2,367 75,855 
Lending commitments
AAA— 50 — — 50 
AA2,515 2,935 11 — 5,461 
A5,030 19,717 202 330 25,279 
BBB10,263 39,615 566 — 50,444 
BB3,691 17,656 1,416 96 22,859 
Other NIG1,173 13,872 530 — 15,575 
Unrated2
— 20 — 3 23 
Total lending commitments22,672 93,865 2,725 429 119,691 
Total exposure$48,115 $135,756 $8,879 $2,796 $195,546 
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 “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Industry
Financials$52,298 $54,222 
Real estate36,203 32,358 
Communications services14,857 15,336 
Industrials14,620 14,557 
Information technology14,379 13,790 
Healthcare12,506 12,353 
Utilities11,730 10,542 
Consumer discretionary11,540 11,592 
Consumer staples10,317 7,823 
Energy8,672 9,115 
Materials6,210 6,102 
Insurance5,979 5,925 
Other1,768 1,831 
Total exposure$201,079 $195,546 
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 March 31, 2023, 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 2022 Form 10-K.
Institutional Securities Event-Driven Loans and Lending Commitments
At March 31, 2023
Contractual Years to Maturity
$ in millions<11-55-15Total
Loans, net of ACL$2,361 $1,193 $2,401 $5,955 
Lending commitments4,507 481 459 5,447 
Total exposure$6,868 $1,674 $2,860 $11,402 
 At December 31, 2022
 Contractual Years to Maturity 
$ in millions<11-55-15Total
Loans, net of ACL$2,385 $1,441 $2,771 $6,597 
Lending commitments3,079 861 603 4,543 
Total exposure$5,464 $2,302 $3,374 $11,140 
Event-driven loans and lending commitments are associated with an underwriting and/or syndication to finance a specific transaction, such as 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 March 31, 2023
$ in millionsLoansLending CommitmentsTotal
Corporate$7,435 $82,758 $90,193 
Secured lending facilities37,187 13,893 51,080 
Commercial real estate8,601 371 8,972 
Securities-based lending and Other3,430 955 4,385 
Total, before ACL$56,653 $97,977 $154,630 
ACL$(765)$(515)$(1,280)
At December 31, 2022
$ in millionsLoansLending CommitmentsTotal
Corporate$6,589 $79,882 $86,471 
Secured lending facilities35,606 12,803 48,409 
Commercial real estate8,515 374 8,889 
Securities-based lending and Other2,865 985 3,850 
Total, before ACL$53,575 $94,044 $147,619 
ACL$(674)$(484)$(1,158)
March 2023 Form 10-Q
27
Risk Disclosures
Image17.jpg
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At March 31, 2023At December 31, 2022
$ in millions
Loans1
LC1
Total
Loans1
LC1
Total
Americas$6,103 $367 $6,470 $6,320 $378 $6,698 
EMEA3,367 84 3,451 3,040 79 3,119 
Asia427 5 432 445 5 450 
Total
$9,897 $456 $10,353 $9,805 $462 $10,267 
By Property Type
At March 31, 2023At December 31, 2022
$ in millions
Loans1
LC1
Total
Loans1
LC1
Total
Office$3,869 $273 $4,142 $3,861 $301 $4,162 
Industrial2,689 18 2,707 2,561 25 2,586 
Multifamily1,647 82 1,729 1,889 85 1,974 
Retail846 6 852 659 6 665 
Hotel834 77 911 780 45 825 
Other12 — 12 55 — 55 
Total
$9,897 $456 $10,353 $9,805 $462 $10,267 
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO. HFI loans are presented net of ACL.
The current economic environment and changes in business and consumer behavior post-COVID have adversely impacted commercial real estate borrowers due to pressure from higher interest rates, tenant lease renewals, and elevated refinancing risks, among other issues. While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given the sector’s sensitivity to economic and secular factors, credit conditions, and difficulties specific to certain property types, most notably office.

As of March 31, 2023, our lending against commercial real estate properties totaled $10.4 billion within the Institutional Securities business segment. Commercial real estate loans are originated for experienced sponsors and are generally secured by institutional commercial real estate properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
$ in millionsCorporate Secured Lending FacilitiesCommercial Real EstateOtherTotal
ACL—Loans$235 $153 $275 $11 $674 
ACL—Lending commitments411 51 15 7 484 
Total at December 31, 2022
$646 $204 $290 $18 $1,158 
Gross charge-offs(1)— (69)— (70)
Provision for credit losses53 — 136 — 189 
Other2 (1)— 2 3 
Total at March 31, 2023$700 $203 $357 $20 $1,280 
ACL—Loans$265 $152 $335 $13 $765 
ACL—Lending commitments435 51 22 7 515 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
March 31,
2023 		At
December 31,
2022
Corporate3.6 %3.6 %
Secured lending facilities0.4 %0.4 %
Commercial real estate3.9 %3.2 %
Securities-based lending and Other0.4 %0.4 %
Total Institutional Securities loans1.4 %1.3 %
Wealth Management Loans and Lending Commitments
 At March 31, 2023
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other loans$76,801 $9,789 $1,647 $137 $88,374 
Residential real estate loans1 39 1,351 53,919 55,310 
Total loans, net of ACL$76,802 $9,828 $2,998 $54,056 $143,684 
Lending commitments12,985 4,492 32 333 17,842 
Total exposure$89,787 $14,320 $3,030 $54,389 $161,526 
 At December 31, 2022
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other loans$80,526 $9,371 $1,692 $140 $91,729 
Residential real estate loans1 32 1,375 52,968 54,376 
Total loans, net of ACL$80,527 $9,403 $3,067 $53,108 $146,105 
Lending commitments12,408 4,501 37 323 17,269 
Total exposure$92,935 $13,904 $3,104 $53,431 $163,374 
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. Other loans include structured loans originated through the Firm’s private banking platform to high and ultra-high net worth clients that are mostly secured by various types of collateral, including stock, private investments, commercial real estate and other financial assets. For more information about our Securities-based lending and
28
March 2023 Form 10-Q
Risk Disclosures
Image17.jpg
Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2022 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At March 31, 2023At December 31, 2022
$ in millions
Loans1
LCTotal
Loans1
LCTotal
Office$1,669 $1 $1,670 $1,675 $1 $1,676 
Industrial330 — 330 330 — 330 
Multifamily1,848 140 1,988 1,661 142 1,803 
Retail2,125 9 2,134 2,135 6 2,141 
Hotel418 — 418 419 — 419 
Other185 10 195 183 10 193 
Total
$6,575 $160 $6,735 $6,403 $159 $6,562 
LC–Lending Commitments
1.Amounts include HFI Loans net of ACL.

As of March 31, 2023, our lending against commercial real estate properties totaled $6.7 billion within the Wealth Management business and are included within Securities-based lending and Other. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients. All of our lending against commercial real estate properties within Wealth Management are in the Americas region. At both March 31, 2023 and December 31, 2022, greater than 95% of the commercial real estate loans balance in the Wealth Management business segment benefited from full or partial guarantees from high or ultra-high net worth clients.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
$ in millions
ACL—Loans$165 
ACL—Lending commitments20 
Total at December 31, 2022
185 
Gross charge-offs(1)
Provision for credit losses45 
Total at March 31, 2023$229 
ACL—Loans$205 
ACL—Lending commitments24 
At March 31, 2023, 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
March 31,
2023		At
December 31,
2022
Institutional Securities$18,304 $16,591 
Wealth Management21,050 21,933 
Total$39,354 $38,524 
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. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2022 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
March 2023 Form 10-Q
29
Risk Disclosures
Image17.jpg
Derivatives
Fair Value of OTC Derivative Assets
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
At March 31, 2023
Less than 1 year$2,071 $15,151 $32,023 $29,160 $9,933 $88,338 
1-3 years1,520 7,243 14,507 16,267 7,213 46,750 
3-5 years633 6,542 7,117 8,750 3,196 26,238 
Over 5 years3,959 39,743 38,447 37,361 6,011 125,521 
Total, gross$8,183 $68,679 $92,094 $91,538 $26,353 $286,847 
Counterparty netting(3,599)(55,095)(66,179)(71,713)(14,946)(211,532)
Cash and securities collateral(2,929)(11,078)(22,797)(13,729)(5,456)(55,989)
Total, net$1,655 $2,506 $3,118 $6,096 $5,951 $19,326 
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
At December 31, 2022
Less than 1 year$2,903 $18,166 $40,825 $32,373 $10,730 $104,997 
1-3 years1,818 8,648 17,113 19,365 6,974 53,918 
3-5 years655 6,834 8,632 9,105 4,049 29,275 
Over 5 years4,206 42,613 45,488 46,660 8,244 147,211 
Total, gross$9,582 $76,261 $112,058 $107,503 $29,997 $335,401 
Counterparty netting(4,037)(60,451)(79,334)(85,786)(17,415)(247,023)
Cash and securities collateral(3,632)(13,402)(28,776)(14,457)(5,198)(65,465)
Total, net$1,913 $2,408 $3,948 $7,260 $7,384 $22,913 
$ in millionsAt
March 31,
2023		At
December 31,
2022
Industry
Financials$5,677 $6,294 
Utilities4,562 5,656 
Regional governments1,839 2,052 
Energy1,480 2,851 
Industrials1,287 1,433 
Communications services1,036 1,051 
Consumer staples707 687 
Healthcare509 565 
Information technology468 480 
Consumer Discretionary453 290 
Materials310 317 
Not-for-profit organizations214 204 
Insurance174 185 
Sovereign governments162 410 
Real estate113 95 
Other335 343 
Total$19,326 $22,913 
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 2022 Form 10-K and Note 6 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 other 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 2022 Form 10-K.
Top 10 Non-U.S. Country Exposures at March 31, 2023
$ in millionsUnited KingdomGermanyJapanFranceAustralia
Sovereign
Net inventory1
$(419)$(611)$300 $75 $132 
Net counterparty exposure2
10 118 196 12 88 
Exposure before hedges(409)(493)496 87 220 
Hedges3
(56)(273)(187)(6)— 
Net exposure$(465)$(766)$309 $81 $220 
Non-sovereign
Net inventory1
$1,491 $190 $1,140 $17 $498 
Net counterparty exposure2
9,992 3,819 4,572 3,487 881 
Loans5,481 990 329 1,001 1,494 
Lending commitments6,760 4,108 — 2,742 1,084 
Exposure before hedges23,724 9,107 6,041 7,247 3,957 
Hedges3
(2,026)(1,706)(625)(2,210)(297)
Net exposure$21,698 $7,401 $5,416 $5,037 $3,660 
Total net exposure$21,233 $6,635 $5,725 $5,118 $3,880 
$ in millionsBrazilChinaIndiaCanadaSpain
Sovereign
Net inventory1
$2,555 $290 $1,356 $242 $141 
Net counterparty exposure2
5 197 — 67 51 
Exposure before hedges2,560 487 1,356 309 192 
Hedges3
(195)(65)— — (8)
Net exposure$2,365 $422 $1,356 $309 $184 
Non-sovereign
Net inventory1
$167 $2,048 $1,028 $510 $305 
Net counterparty exposure2
574 188 1,006 1,094 375 
Loans308 568 135 382 2,171 
Lending commitments404 652 — 1,381 857 
Exposure before hedges1,453 3,456 2,169 3,367 3,708 
Hedges3
(42)(125)— (183)(584)
Net exposure$1,411 $3,331 $2,169 $3,184 $3,124 
Total net exposure$3,776 $3,753 $3,525 $3,493 $3,308 
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 the fair value of any 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 2022 Form 10-K.
30
March 2023 Form 10-Q
Risk Disclosures
Image17.jpg
Additional Information—Top 10 Non-U.S. Country Exposures
Collateral Held against Net Counterparty Exposure1
$ in millionsAt
March 31,
2023
Country of Risk
Collateral2
United KingdomU.K., U.S. and France$8,122 
GermanyFrance, Spain, and Portugal6,442 
OtherJapan, France, and Spain15,217 
1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at March 31, 2023.
2.Primarily consists of cash and 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., cyber attacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, 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 2022 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 2022 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 2022 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
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, limitations on our business, 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 2022 Form 10-K.
Climate Risk
Climate change manifests as physical and transition risks. The physical risks of climate change include acute events, such as flooding, hurricanes, heatwaves and wildfires, and chronic, longer-term shifts in climate patterns, such as increasing global average temperatures, rising sea levels, and droughts. Transition risks are policy, legal, technological, and market changes to address climate risks and include changes in consumer behavior, shareholder preferences, and any additional regulatory and legislative requirements, such as carbon taxes. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near-term, is an overarching risk that can impact other categories of risk over the longer-term. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2022 Form 10-K.
March 2023 Form 10-Q
31

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 March 31, 2023, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2023 and 2022, 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, 2022, 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 24, 2023, 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, 2022 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
May 2, 2023


32
March 2023 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg
 Three Months Ended
March 31,
in millions, except per share data20232022
Revenues
Investment banking$1,330 $1,758 
Trading4,477 3,983 
Investments145 75 
Commissions and fees1,239 1,416 
Asset management4,728 5,119 
Other252 234 
Total non-interest revenues12,171 12,585 
Interest income10,870 2,650 
Interest expense8,524 434 
Net interest2,346 2,216 
Net revenues14,517 14,801 
Provision for credit losses234 57 
Non-interest expenses
Compensation and benefits6,410 6,274 
Brokerage, clearing and exchange fees881 882 
Information processing and communications915 829 
Professional services710 705 
Occupancy and equipment440 427 
Marketing and business development247 175 
Other920 864 
Total non-interest expenses10,523 10,156 
Income before provision for income taxes3,760 4,588 
Provision for income taxes727 873 
Net income$3,033 $3,715 
Net income applicable to noncontrolling interests53 49 
Net income applicable to Morgan Stanley$2,980 $3,666 
Preferred stock dividends 144 124 
Earnings applicable to Morgan Stanley common shareholders$2,836 $3,542 
Earnings per common share
Basic$1.72 $2.04 
Diluted$1.70 $2.02 
Average common shares outstanding
Basic1,645 1,733 
Diluted1,663 1,755 
Consolidated Comprehensive Income Statement
(Unaudited)
 Three Months Ended
March 31,
$ in millions20232022
Net income$3,033 $3,715 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments20 (105)
Change in net unrealized gains (losses) on available-for-sale securities512 (2,395)
Pension and other(1)5 
Change in net debt valuation adjustment(15)660 
Net change in cash flow hedges7 — 
Total other comprehensive income (loss)$523 $(1,835)
Comprehensive income$3,556 $1,880 
Net income applicable to noncontrolling interests53 49 
Other comprehensive income (loss) applicable to noncontrolling interests(19)(35)
Comprehensive income applicable to Morgan Stanley$3,522 $1,866 
See Notes to Consolidated Financial Statements
33
March 2023 Form 10-Q
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
March 31,
2023
At
December 31,
2022
Assets
Cash and cash equivalents$111,258 $128,127 
Trading assets at fair value ($127,205 and $124,411 were pledged to various parties)
320,301 301,315 
Investment securities:
Available-for-sale at fair value (amortized cost of $88,738 and $89,772)
83,932 84,297 
Held-to-maturity (fair value of $64,419 and $65,006)
74,012 75,634 
Securities purchased under agreements to resell (includes $8 and $8 at fair value)
121,885 113,907 
Securities borrowed146,216 133,374 
Customer and other receivables74,095 78,540 
Loans:
Held for investment (net of allowance for credit losses of $970 and $839)
199,550 198,997 
Held for sale15,146 14,788 
Goodwill16,657 16,652 
Intangible assets (net of accumulated amortization of $4,404 and $4,253)
7,470 7,618 
Other assets29,382 26,982 
Total assets$1,199,904 $1,180,231 
Liabilities
Deposits (includes $5,042 and $4,796 at fair value)
$347,523 $356,646 
Trading liabilities at fair value170,764 154,438 
Securities sold under agreements to repurchase (includes $872 and $864 at fair value)
60,491 62,534 
Securities loaned15,588 15,679 
Other secured financings (includes $5,005 and $4,550 at fair value)
8,670 8,158 
Customer and other payables220,700 216,134 
Other liabilities and accrued expenses24,032 27,353 
Borrowings (includes $86,422 and $78,720 at fair value)
250,182 238,058 
Total liabilities1,097,950 1,079,000 
Commitments and contingent liabilities (see Note 13)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock8,750 8,750 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,670,318,320 and 1,675,487,409
20 20 
Additional paid-in capital28,856 29,339 
Retained earnings96,392 94,862 
Employee stock trusts5,343 4,881 
Accumulated other comprehensive income (loss)(5,711)(6,253)
Common stock held in treasury at cost, $0.01 par value (368,575,659 and 363,406,570 shares)
(27,481)(26,577)
Common stock issued to employee stock trusts(5,343)(4,881)
Total Morgan Stanley shareholders’ equity100,826 100,141 
Noncontrolling interests1,128 1,090 
Total equity101,954 101,231 
Total liabilities and equity$1,199,904 $1,180,231 
March 2023 Form 10-Q
34
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg

Three Months Ended
March 31,
$ in millions20232022
Preferred Stock
Beginning and ending balance$8,750 $7,750 
Common Stock
Beginning and ending balance20 20 
Additional Paid-in Capital
Beginning balance29,339 28,841 
Share-based award activity(483)(834)
Ending balance28,856 28,007 
Retained Earnings
Beginning balance94,862 89,432 
Net income applicable to Morgan Stanley2,980 3,666 
Preferred stock dividends1
(144)(124)
Common stock dividends1
(1,305)(1,252)
Other net increases (decreases)(1)— 
Ending balance96,392 91,722 
Employee Stock Trusts
Beginning balance4,881 3,955 
Share-based award activity462 1,020 
Ending balance5,343 4,975 
Accumulated Other Comprehensive Income (Loss)
Beginning balance(6,253)(3,102)
Net change in Accumulated other comprehensive income (loss)542 (1,800)
Ending balance(5,711)(4,902)
Common Stock Held in Treasury at Cost
Beginning balance(26,577)(17,500)
Share-based award activity1,304 1,485 
Repurchases of common stock and employee tax withholdings(2,208)(3,681)
Ending balance(27,481)(19,696)
Common Stock Issued to Employee Stock Trusts
Beginning balance(4,881)(3,955)
Share-based award activity(462)(1,020)
Ending balance(5,343)(4,975)
Noncontrolling Interests
Beginning balance1,090 1,157 
Net income applicable to noncontrolling interests53 49 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests(19)(35)
Other net increases (decreases)4 3 
Ending balance1,128 1,174 
Total Equity$101,954 $104,075 
1.See Note 16 for information regarding dividends per share for each class of stock.
See Notes to Consolidated Financial Statements
35
March 2023 Form 10-Q
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

 Three Months Ended
March 31,
$ in millions20232022
Cash flows from operating activities
Net income$3,033 $3,715 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense558 431 
Depreciation and amortization940 942 
Provision for credit losses234 57 
Other operating adjustments66 51 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities2,582 5,069 
Securities borrowed(12,842)(21,282)
Securities loaned(91)1,923 
Customer and other receivables and other assets4,899 1,227 
Customer and other payables and other liabilities777 17,994 
Securities purchased under agreements to resell(7,978)(7,768)
Securities sold under agreements to repurchase(2,043)(2,120)
Net cash provided by (used for) operating activities(9,865)239 
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(719)(652)
Changes in loans, net(822)(7,479)
AFS securities1:
Purchases(3,475)(14,125)
Proceeds from sales1,466 18,469 
Proceeds from paydowns and maturities3,460 4,301 
HTM securities1:
Purchases— (3,334)
Proceeds from paydowns and maturities1,617 3,102 
Other investing activities(2,568)(124)
Net cash provided by (used for) investing activities(1,041)158 
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings356 (636)
Deposits(9,084)5,834 
Proceeds from issuance of Borrowings21,219 20,284 
Payments for:
Borrowings(15,201)(11,094)
Repurchases of common stock and employee tax withholdings(2,205)(3,681)
Cash dividends(1,406)(1,314)
Other financing activities33 (102)
Net cash provided by (used for) financing activities(6,288)9,291 
Effect of exchange rate changes on cash and cash equivalents325 (1,327)
Net increase (decrease) in cash and cash equivalents(16,869)8,361 
Cash and cash equivalents, at beginning of period128,127 127,725 
Cash and cash equivalents, at end of period$111,258 $136,086 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$8,912 $623 
Income taxes, net of refunds307 383 
1.The prior period amounts have been revised to present Purchases, Proceeds from sales and Proceeds from paydowns and maturities separately between AFS securities and HTM securities.
March 2023 Form 10-Q
36
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
(Unaudited)
Image27.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 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, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; 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 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 2022 Form 10-K. Certain footnote disclosures included in the 2022 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 14). 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 presented as Net income applicable to noncontrolling interests in the income statement. 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 sheet.
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 2022 Form 10-K.
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting
37
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
updates adopted in the prior year, see Note 2 to the financial statements in the 2022 Form 10-K.
During the three months ended March 31, 2023 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting update adopted.
Accounting Update Adopted in 2023
Financial Instruments - Credit Losses

The Firm adopted the Financial Instruments-Credit Losses accounting update on January 1, 2023, with no impact on the Firm’s financial condition or results of operations upon adoption.

This accounting update eliminates the accounting guidance for troubled debt restructurings (“TDRs”) and requires new disclosures regarding certain modifications of financing receivables (i.e., principal forgiveness, interest rate reductions, other-than-insignificant payment delays and term extensions) to borrowers experiencing financial difficulty. The update also requires disclosure of current period gross charge-offs by year of origination for financing receivables measured at amortized cost. Refer to Note 9, Loans, Lending Commitments and Related Allowance for Credit Losses, for the new disclosures.
3. Cash and Cash Equivalents
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Cash and due from banks$5,336 $5,409 
Interest bearing deposits with banks105,922 122,718 
Total Cash and cash equivalents$111,258 $128,127 
Restricted cash$33,229 $35,380 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2022 Form 10-K.
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At March 31, 2023
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$53,525 $40,345 $1 $— $93,871 
Other sovereign government obligations29,842 5,785 196 — 35,823 
State and municipal securities— 1,685 3 — 1,688 
MABS— 1,540 454 — 1,994 
Loans and lending commitments2
— 5,974 2,057 — 8,031 
Corporate and other debt— 27,804 2,243 — 30,047 
Corporate equities3
97,102 944 144 — 98,190 
Derivative and other contracts:
Interest rate5,112 153,365 647 — 159,124 
Credit— 9,437 356 — 9,793 
Foreign exchange64 83,371 180 — 83,615 
Equity1,900 46,948 307 — 49,155 
Commodity and other4,184 14,300 3,546 — 22,030 
Netting1
(10,169)(233,264)(1,103)(38,758)(283,294)
Total derivative and other contracts1,091 74,157 3,933 (38,758)40,423 
Investments4
795 711 955 — 2,461 
Physical commodities— 2,349 — — 2,349 
Total trading assets4
182,355 161,294 9,986 (38,758)314,877 
Investment securities—AFS53,047 30,885 — — 83,932 
Securities purchased under agreements to resell— 8 — — 8 
Total assets at fair value$235,402 $192,187 $9,986 $(38,758)$398,817 
At March 31, 2023
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $5,013 $29 $— $5,042 
Trading liabilities:
U.S. Treasury and agency securities23,790 32 — — 23,822 
Other sovereign government obligations35,965 2,531 73 — 38,569 
Corporate and other debt— 11,007 46 — 11,053 
Corporate equities3
67,878 371 41 — 68,290 
Derivative and other contracts:
Interest rate5,094 145,101 864 — 151,059 
Credit— 9,703 308 — 10,011 
Foreign exchange55 81,981 114 — 82,150 
Equity2,194 52,453 1,084 — 55,731 
Commodity and other4,616 12,695 1,947 — 19,258 
Netting1
(10,169)(233,264)(1,103)(44,644)(289,180)
Total derivative and other contracts1,790 68,669 3,214 (44,644)29,029 
Total trading liabilities129,423 82,610 3,374 (44,644)170,763 
Securities sold under agreements to repurchase— 358 514 — 872 
Other secured financings— 4,890 115 — 5,005 
Borrowings— 84,773 1,649 — 86,422 
Total liabilities at fair value$129,423 $177,644 $5,681 $(44,644)$268,104 
March 2023 Form 10-Q
38
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2022
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$38,462 $42,263 $17 $— $80,742 
Other sovereign government obligations24,644 4,769 169 — 29,582 
State and municipal securities— 1,503 145 — 1,648 
MABS— 1,774 416 — 2,190 
Loans and lending commitments2
— 6,380 2,017 — 8,397 
Corporate and other debt— 23,351 2,096 — 25,447 
Corporate equities3
97,869 1,019 116 — 99,004 
Derivative and other contracts:
Interest rate4,481 166,392 517 — 171,390 
Credit— 7,876 425 — 8,301 
Foreign exchange49 115,766 183 — 115,998 
Equity2,778 40,171 406 — 43,355 
Commodity and other5,609 21,152 3,701 — 30,462 
Netting1
(9,618)(258,821)(1,078)(55,777)(325,294)
Total derivative and other contracts3,299 92,536 4,154 (55,777)44,212 
Investments4
652 685 923 — 2,260 
Physical commodities— 2,379 — — 2,379 
Total trading assets4
164,926 176,659 10,053 (55,777)295,861 
Investment securities—AFS53,866 30,396 35 — 84,297 
Securities purchased under agreements to resell— 8 — — 8 
Total assets at fair value$218,792 $207,063 $10,088 $(55,777)$380,166 
At December 31, 2022
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $4,776 $20 $— $4,796 
Trading liabilities:
U.S. Treasury and agency securities20,776 228 — — 21,004 
Other sovereign government obligations23,235 2,688 3 — 25,926 
Corporate and other debt— 8,786 29 — 8,815 
Corporate equities3
59,998 518 42 — 60,558 
Derivative and other contracts:
Interest rate3,446 161,044 668 — 165,158 
Credit— 7,987 315 — 8,302 
Foreign exchange89 113,383 117 — 113,589 
Equity3,266 46,923 1,142 — 51,331 
Commodity and other6,187 17,574 2,618 — 26,379 
Netting1
(9,618)(258,821)(1,078)(57,107)(326,624)
Total derivative and other contracts3,370 88,090 3,782 (57,107)38,135 
Total trading liabilities107,379 100,310 3,856 (57,107)154,438 
Securities sold under agreements to repurchase— 352 512 — 864 
Other secured financings— 4,459 91 — 4,550 
Borrowings— 77,133 1,587 — 78,720 
Total liabilities at fair value$107,379 $187,030 $6,066 $(57,107)$243,368 
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 6.
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
March 31,
2023		At
December 31,
2022
Secured lending facilities$6 $6 
Commercial Real Estate581 528 
Residential Real Estate1,954 2,020 
Securities-based lending and Other loans5,490 5,843 
Total$8,031 $8,397 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
March 31,
2023		At
December 31,
2022
Customer and other receivables (payables), net$788 $1,219 
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 2022 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
39
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
March 31,
$ in millions20232022
U.S. Treasury and agency securities
Beginning balance$17 $2 
Purchases— 1 
Sales(9)— 
Net transfers(7)5 
Ending balance$1 $8 
Unrealized gains (losses)$— $— 
Other sovereign government obligations
Beginning balance$169 $211 
Realized and unrealized gains (losses)4 — 
Purchases78 6 
Sales(54)(40)
Net transfers(1)11 
Ending balance$196 $188 
Unrealized gains (losses)$4 $— 
State and municipal securities
Beginning balance$145 $13 
Sales(40)— 
Net transfers(102)(13)
Ending balance$3 $— 
Unrealized gains (losses)$— $— 
MABS
Beginning balance$416 $344 
Realized and unrealized gains (losses)2 (1)
Purchases57 56 
Sales(45)(96)
Net transfers24 48 
Ending balance$454 $351 
Unrealized gains (losses)$1 $(3)
Loans and lending commitments
Beginning balance$2,017 $3,806 
Realized and unrealized gains (losses)(26)26 
Purchases and originations535 369 
Sales(193)(210)
Settlements(235)(409)
Net transfers(41)(441)
Ending balance$2,057 $3,141 
Unrealized gains (losses)$(25)$22 
Corporate and other debt
Beginning balance$2,096 $1,973 
Realized and unrealized gains (losses)34 12 
Purchases and originations508 71 
Sales(446)(160)
Net transfers51 (143)
Ending balance$2,243 $1,753 
Unrealized gains (losses)$64 $7 
Corporate equities
Beginning balance$116 $115 
Realized and unrealized gains (losses)(8)— 
Purchases19 24 
Sales(25)(82)
Net transfers42 182 
Ending balance$144 $239 
Unrealized gains (losses)$(2)$— 
Three Months Ended
March 31,
$ in millions20232022
Investments
Beginning balance$923 $1,125 
Realized and unrealized gains (losses)14 (24)
Purchases47 20 
Sales(24)(4)
Net transfers(5)3 
Ending balance$955 $1,120 
Unrealized gains (losses)$10 $(26)
Investment securities—AFS
Beginning balance$35 $— 
Realized and unrealized gains (losses)1 — 
Net transfers(36)— 
Ending balance$— $— 
Unrealized gains (losses)$1 $— 
Net derivatives: Interest rate
Beginning balance$(151)$708 
Realized and unrealized gains (losses)(149)39 
Purchases10 3 
Issuances(8)(2)
Settlements189 (21)
Net transfers(108)(93)
Ending balance$(217)$634 
Unrealized gains (losses)$29 $147 
Net derivatives: Credit
Beginning balance$110 $98 
Realized and unrealized gains (losses)(27)43 
Purchases— 8 
Issuances— (8)
Settlements(31)(68)
Net transfers(4)20 
Ending balance$48 $93 
Unrealized gains (losses)$(28)$28 
Net derivatives: Foreign exchange
Beginning balance$66 $52 
Realized and unrealized gains (losses)(11)(145)
Purchases— 5 
Issuances(3)— 
Settlements40 81 
Net transfers(26)(26)
Ending balance$66 $(33)
Unrealized gains (losses)$(10)$(138)
Net derivatives: Equity
Beginning balance$(736)$(945)
Realized and unrealized gains (losses)16 98 
Purchases39 28 
Issuances(161)(68)
Settlements(30)117 
Net transfers95 116 
Ending balance$(777)$(654)
Unrealized gains (losses)$(30)$88 
March 2023 Form 10-Q
40
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
March 31,
$ in millions20232022
Net derivatives: Commodity and other
Beginning balance$1,083 $1,529 
Realized and unrealized gains (losses)446 4 
Purchases16 9 
Issuances(3)(11)
Settlements(103)(47)
Net transfers160 (50)
Ending balance$1,599 $1,434 
Unrealized gains (losses)$211 $(216)
Deposits
Beginning balance$20 $67 
Issuances6 — 
Settlements— (5)
Net transfers3 (36)
Ending balance$29 $26 
Unrealized losses (gains)$— $— 
Nonderivative trading liabilities
Beginning balance$74 $61 
Realized and unrealized losses (gains)(7)(3)
Purchases(44)(33)
Sales113 11 
Net transfers24 12 
Ending balance$160 $48 
Unrealized losses (gains)$(5)$(3)
Securities sold under agreements to repurchase
Beginning balance$512 $651 
Realized and unrealized losses (gains)11 2 
Settlements(9)(10)
Net transfers— (127)
Ending balance$514 $516 
Unrealized losses (gains)$11 $2 
Other secured financings
Beginning balance$91 $403 
Realized and unrealized losses (gains)2 (3)
Issuances41 28 
Settlements(19)(305)
Net transfers— (3)
Ending balance$115 $120 
Unrealized losses (gains)$2 $(3)
Borrowings
Beginning balance$1,587 $2,157 
Realized and unrealized losses (gains)48 (143)
Issuances239 161 
Settlements(82)(42)
Net transfers(143)266 
Ending balance$1,649 $2,399 
Unrealized losses (gains)$45 $(143)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA9 (29)
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 statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2023At December 31, 2022
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$196 $169 
Comparable pricing:
Bond price
61 to 119 points (92 points)
57 to 124 points (89 points)
State and municipal securities$3 $145 
Comparable pricing:
Bond priceN/M
86 to 100 points (97 points)
MABS$454 $416 
Comparable pricing:
Bond price
0 to 95 points (60 points)
0 to 95 points (68 points)
Loans and lending
commitments		$2,057 $2,017 
Margin loan model:
Margin loan rate
2% to 4% (3%)
2% to 4% (3%)
Comparable pricing:
Loan price
88 to 104 points (99 points)
87 to 105 points (99 points)
Corporate and
other debt		$2,243 $2,096 
Comparable pricing:
Bond price
51 to 129 points (88 points)
51 to 132 points (90 points)
Discounted cash flow:
Loss given default
54% to 84% (62% / 54%)
54% to 84% (62% / 54%)
Corporate equities$144 $116 
Comparable pricing:
Equity price
100%
100%
Investments$955 $923 
Discounted cash flow:
WACC
15% to 17% (16%)
15% to 17% (16%)
Exit multiple
7 to 17 times (14 times)
7 to 17 times (14 times)
Market approach:
EBITDA multiple
6 to 21 times (11 times)
7 to 21 times (11 times)
Comparable pricing:
Equity price
24% to 100% (89%)
24% to 100% (89%)
41
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2023At December 31, 2022
Net derivative and other contracts:
Interest rate$(217)$(151)
Option model:
IR volatility skew
36% to 138% (90% / 84%)
105% to 130% (113% / 109%)
IR curve correlation
53% to 99% (83% / 86%)
47% to 100% (80% / 84%)
Bond volatility
1% to 2% (1% / 1%)
N/M
Inflation volatility
22% to 70% (43% / 39%)
22% to 65% (43% / 38%)
IR curve
4% to 11% (6% / 5%)
4% to 5% (5% / 5%)
Credit$48 $110 
Credit default swap model:
Cash-synthetic basis
7 points
7 points
Bond price
0 to 92 bps (49 points)
0 to 83 points (43 points)
Credit spread
10 to 449 bps (111 bps)
10 to 528 bps (115 bps)
Funding spread
18 to 590 bps (81 bps)
18 to 590 bps (93 bps)
Foreign exchange2
$66 $66 
Option model:
IR curve
-8% to 18% (5% / 4%)
-2% to 38% (8% / 4%)
Foreign exchange volatility skew
 -18% to 30% (2% / 0%)
 10% to 10% (10% / 10%)
Contingency probability
95% to 95% (95% / 95%)
95% to 95% (95% / 95%)
Equity2
$(777)$(736)
Option model:
Equity volatility
6% to 95% (22%)
5% to 96% (25%)
Equity volatility skew
 -5% to 0% (-1%)
 -4% to 0% (-1%)
Equity correlation
17% to 95% (83%)
10% to 93% (71%)
FX correlation
 -79% to 65% (-25%)
 -79% to 65% (-26%)
IR correlation
 10% to 30% (13%)
 10% to 30% (-14%)
Commodity and other$1,599 $1,083 
Option model:
Forward power price
$0 to $282 ($45) per MWh
$1 to $292 ($43) per MWh
Commodity volatility
8% to 113% (35%)
12% to 169% (34%)
Cross-commodity correlation
54% to 100% (93%)
70% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase$514 $512 
Discounted cash flow:
Funding spread
80 to 157 bps (118 bps)
96 to 165 bps (131 bps)
Other secured financings$115 $91 
Comparable pricing:
Loan price
23 to 101 points (82 points)
23 to 101 points (75 points)
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2023At December 31, 2022
Borrowings$1,649 $1,587 
Option model:
Equity volatility
 6% to 66% (22%)
7% to 86% (23%)
Equity volatility skew
 -1% to 0% (0%)
 -2% to 0% (0%)
Equity correlation
41% to 95% (80%)
39% to 98% (86%)
Equity - FX correlation
 -55% to 6% (-26%)
 -50% to 0% (-21%)
IR curve correlation
49% to 98% (85% / 90%)
N/M
IR volatility skewN/M
47% to 136% (74% / 59%)
Discounted cash flow:
Loss given default
54% to 84% (62% / 54%)
54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans$5,812 $6,610 
Corporate loan model:
Credit spread
105 to 1286 bps (830 bps)
91 to 1276 bps (776 bps)
Comparable pricing:
Loan price
17 to 97 points (66 points)
36 to 80 points (65 points)
Warehouse model:
Credit spread
108 to 311 bps (246 bps)
110 to 319 bps (245 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 table provides 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 2022 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
March 2023 Form 10-Q
42
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Asset Value Measurements
Fund Interests
 At March 31, 2023At December 31, 2022
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity$2,664 $637 $2,622 $638 
Real estate2,566 256 2,642 239 
Hedge1
194 3 190 3 
Total$5,424 $896 $5,454 $880 
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 2022 Form 10-K.
See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
 Carrying Value at March 31, 2023
$ in millionsPrivate EquityReal Estate
Less than 5 years$1,085 $975 
5-10 years1,515 1,554 
Over 10 years64 37 
Total$2,664 $2,566 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At March 31, 2023
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$5,083 $5,812 $10,895 
Other assets—Other investments— — — 
Other assets—ROU assets— — — 
Total$5,083 $5,812 $10,895 
Liabilities
Other liabilities and accrued expenses—Lending commitments$195 $97 $292 
Total$195 $97 $292 
 At December 31, 2022
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$4,193 $6,610 $10,803 
Other assets—Other investments— 7 7 
Other assets—ROU assets4 — 4 
Total$4,197 $6,617 $10,814 
Liabilities
Other liabilities and accrued expenses—Lending commitments$275 $153 $428 
Total$275 $153 $428 
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
March 31,
$ in millions20232022
Assets
Loans2
$19 $(43)
Other assets—Other investments3
— (2)
Other assets—Premises, equipment and software4
(3)(1)
Other assets—ROU assets5
— (2)
Total$16 $(48)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$34 $(49)
Total$34 $(49)
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, which exclude the impact of related economic hedges, are 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.
5.Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.
43
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Financial Instruments Not Measured at Fair Value
 At March 31, 2023
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$111,258 $111,258 $— $— $111,258 
Investment securities—HTM74,012 26,253 37,090 1,076 64,419 
Securities purchased under agreements to resell121,877 — 119,067 2,826 121,893 
Securities borrowed146,216 — 146,216 — 146,216 
Customer and other receivables69,249 — 65,219 3,750 68,969 
Loans1
214,696 — 24,842 183,035 207,877 
Other assets3,139 — 3,139 — 3,139 
Financial liabilities
Deposits$342,481 $— $342,312 $— $342,312 
Securities sold under agreements to repurchase59,619 — 59,599 — 59,599 
Securities loaned15,588 — 15,583 — 15,583 
Other secured financings3,665 — 3,665 — 3,665 
Customer and other payables220,556 — 220,556 — 220,556 
Borrowings163,760 — 163,329 4 163,333 
 Commitment
Amount
Lending commitments2
$139,447 $— $1,814 $914 $2,728 
 At December 31, 2022
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$128,127 $128,127 $— $— $128,127 
Investment securities—HTM75,634 26,754 37,218 1,034 65,006 
Securities purchased under agreements to resell113,899 — 111,188 2,681 113,869 
Securities borrowed133,374 — 133,370 — 133,370 
Customer and other receivables73,248 — 69,268 3,664 72,932 
Loans1
213,785 — 24,153 181,561 205,714 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$351,850 $— $351,721 $— $351,721 
Securities sold under agreements to repurchase61,670 — 61,620 — 61,620 
Securities loaned15,679 — 15,673 — 15,673 
Other secured financings3,608 — 3,608 — 3,608 
Customer and other payables216,018 — 216,018 — 216,018 
Borrowings159,338 — 157,780 4 157,784 
 Commitment
Amount
Lending commitments2
$136,241 $— $1,789 $1,077 $2,866 
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 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
5. 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 millionsAt
March 31,
2023		At
December 31,
2022
Business Unit Responsible for Risk Management
Equity$43,705 $38,945 
Interest rates27,791 26,077 
Commodities11,187 10,717 
Credit1,954 1,564 
Foreign exchange1,785 1,417 
Total$86,422 $78,720 
Net Revenues from Borrowings under the Fair Value Option
 Three Months Ended
March 31,
$ in millions20232022
Trading revenues$(4,378)$4,655 
Interest expense108 72 
Net revenues1
$(4,486)$4,583 
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 March 31,
 20232022
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other receivables1
$(43)$— $24 $— 
Lending commitments11 — — — 
Deposits— 93 — (7)
Borrowings(6)(117)— 878 
$ in millionsAt
March 31,
2023		At
December 31,
2022
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(481)$(457)
1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
March 2023 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
March 31,
2023		At
December 31,
2022
Loans and other receivables2
$11,794 $11,916 
Nonaccrual loans2
9,071 9,128 
Borrowings3
4,282 5,203 
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 receivables 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 millionsAt
March 31,
2023		At
December 31,
2022
Nonaccrual loans$504 $585 
Nonaccrual loans 90 or more days past due55 116 
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at March 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$14 $4 $— $18 
Foreign exchange44 28 — 72 
Total58 32 — 90 
Not designated as accounting hedges
Economic hedges of loans
Credit1 58 — 59 
Other derivatives
Interest rate130,291 27,241 1,574 159,106 
Credit6,952 2,782 — 9,734 
Foreign exchange81,249 2,222 72 83,543 
Equity18,623 — 30,532 49,155 
Commodity and other17,338 — 4,692 22,030 
Total254,454 32,303 36,870 323,627 
Total gross derivatives$254,512 $32,335 $36,870 $323,717 
Amounts offset
Counterparty netting(181,978)(29,554)(33,832)(245,364)
Cash collateral netting(35,948)(1,982)— (37,930)
Total in Trading assets$36,586 $799 $3,038 $40,423 
Amounts not offset1
Financial instruments collateral(18,059)— — (18,059)
Net amounts$18,527 $799 $3,038 $22,364 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$3,076 
 Liabilities at March 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$363 $— $— $363 
Foreign exchange126 65 — 191 
Total489 65 — 554 
Not designated as accounting hedges
Economic hedges of loans
Credit10 489 — 499 
Other derivatives
Interest rate124,206 25,480 1,010 150,696 
Credit6,659 2,853 — 9,512 
Foreign exchange79,661 2,229 69 81,959 
Equity26,072 — 29,659 55,731 
Commodity and other14,096 — 5,162 19,258 
Total250,704 31,051 35,900 317,655 
Total gross derivatives$251,193 $31,116 $35,900 $318,209 
Amounts offset
Counterparty netting(181,978)(29,554)(33,832)(245,364)
Cash collateral netting(42,260)(1,556)— (43,816)
Total in Trading liabilities$26,955 $6 $2,068 $29,029 
Amounts not offset1
Financial instruments collateral(2,008)— (202)(2,210)
Net amounts$24,947 $6 $1,866 $26,819 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable5,497 
 Assets at December 31, 2022
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$62 $1 $— $63 
Foreign exchange15 44 — 59 
Total77 45 — 122 
Not designated as accounting hedges
Economic hedges of loans
Credit2 59 — 61 
Other derivatives
Interest rate141,291 29,007 1,029 171,327 
Credit5,888 2,352 — 8,240 
Foreign exchange113,540 2,337 62 115,939 
Equity16,505 — 26,850 43,355 
Commodity and other24,298 — 6,164 30,462 
Total301,524 33,755 34,105 369,384 
Total gross derivatives$301,601 $33,800 $34,105 $369,506 
Amounts offset
Counterparty netting(214,773)(32,250)(32,212)(279,235)
Cash collateral netting(44,711)(1,348)— (46,059)
Total in Trading assets$42,117 $202 $1,893 $44,212 
Amounts not offset1
Financial instruments collateral(19,406)— — (19,406)
Net amounts$22,711 $202 $1,893 $24,806 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$4,318 
45
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Liabilities at December 31, 2022
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$457 $4 $— $461 
Foreign exchange550 101 — 651 
Total1,007 105 — 1,112 
Not designated as accounting hedges
Economic hedges of loans
Credit9 368 — 377 
Other derivatives
Interest rate135,661 28,581 455 164,697 
Credit5,535 2,390 — 7,925 
Foreign exchange110,322 2,512 104 112,938 
Equity23,138 — 28,193 51,331 
Commodity and other19,631 — 6,748 26,379 
Total294,296 33,851 35,500 363,647 
Total gross derivatives$295,303 $33,956 $35,500 $364,759 
Amounts offset
Counterparty netting(214,773)(32,250)(32,212)(279,235)
Cash collateral netting(45,884)(1,505)— (47,389)
Total in Trading liabilities$34,646 $201 $3,288 $38,135 
Amounts not offset1
Financial instruments collateral(2,545)— (1,139)(3,684)
Net amounts$32,101 $201 $2,149 $34,451 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$6,430 
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.
See Note 4 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 March 31, 2023
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $66 $— $66 
Foreign exchange4 1 — 5 
Total4 67 — 71 
Not designated as accounting hedges
Economic hedges of loans
Credit— 2 — 2 
Other derivatives
Interest rate3,679 9,530 696 13,905 
Credit214 136 — 350 
Foreign exchange3,803 190 16 4,009 
Equity521 — 390 911 
Commodity and other141 — 66 207 
Total8,358 9,858 1,168 19,384 
Total gross derivatives$8,362 $9,925 $1,168 $19,455 
 Liabilities at March 31, 2023
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$2 $183 $— $185 
Foreign exchange10 3 — 13 
Total12 186 — 198 
Not designated as accounting hedges
Economic hedges of loans
Credit— 18 — 18 
Other derivatives
Interest rate3,975 8,944 432 13,351 
Credit205 136 — 341 
Foreign exchange3,910 147 34 4,091 
Equity542 — 582 1,124 
Commodity and other97 — 87 184 
Total8,729 9,245 1,135 19,109 
Total gross derivatives$8,741 $9,431 $1,135 $19,307 
 Assets at December 31, 2022
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$2 $62 $— $64 
Foreign exchange2 2 — 4 
Total4 64 — 68 
Not designated as accounting hedges
Economic hedges of loans
Credit— 3 — 3 
Other derivatives
Interest rate3,404 7,609 614 11,627 
Credit190 130 — 320 
Foreign exchange3,477 126 15 3,618 
Equity488 — 358 846 
Commodity and other141 — 59 200 
Total7,700 7,868 1,046 16,614 
Total gross derivatives$7,704 $7,932 $1,046 $16,682 
 Liabilities at December 31, 2022
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $187 $— $190 
Foreign exchange12 2 — 14 
Total15 189 — 204 
Not designated as accounting hedges
Economic hedges of loans
Credit— 15 — 15 
Other derivatives
Interest rate3,436 7,761 497 11,694 
Credit199 125 — 324 
Foreign exchange3,516 123 35 3,674 
Equity488 — 552 1,040 
Commodity and other101 — 79 180 
Total7,740 8,024 1,163 16,927 
Total gross derivatives$7,755 $8,213 $1,163 $17,131 
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
March 2023 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 2022 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months Ended
March 31,
$ in millions20232022
Fair value hedges—Recognized in Interest income
Interest rate contracts$(372)$795 
Investment Securities—AFS381 (751)
Fair value hedges—Recognized in Interest expense
Interest rate contracts$2,284 $(6,233)
Deposits(54)88 
Borrowings(2,240)6,155 
Net investment hedges—Foreign exchange contracts
Recognized in OCI$(89)$139 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income43 (41)
Cash flow hedges—Interest rate contracts1
Recognized in OCI$7 $— 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(1)— 
Net change in cash flow hedges included within AOCI8 — 
1.For the current quarter ended March 31, 2023, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of March 31, 2023 is approximately $(7) million. The maximum length of time over which forecasted cash flows are hedged is 2 years.
Fair Value Hedges—Hedged Items 
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Investment Securities—AFS
Amortized cost basis currently or previously hedged$34,559 $34,073 
Basis adjustments included in amortized cost1
$(1,152)$(1,628)
Deposits
Carrying amount currently or previously hedged
$6,162 $3,735 
Basis adjustments included in carrying amount1
$(65)$(119)
Borrowings
Carrying amount currently or previously hedged
$147,736 $146,025 
Basis adjustments included in carrying amount—Outstanding hedges
$(10,510)$(12,748)
Basis adjustments included in carrying amount—Terminated hedges
$(692)$(715)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
 Three Months Ended
March 31,
$ in millions20232022
Recognized in Other revenues
Credit contracts1
$(161)$51 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Net derivative liabilities with credit risk-related contingent features$18,180 $20,287 
Collateral posted13,064 12,268 
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 millionsAt
March 31,
2023
One-notch downgrade$497 
Two-notch downgrade359 
Bilateral downgrade agreements included in the amounts above1
$748 
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 March 31, 2023
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$12 $30 $33 $15 $90 
Non-investment grade5 13 17 6 41 
Total$17 $43 $50 $21 $131 
Index and basket CDS
Investment grade$3 $9 $14 $1 $27 
Non-investment grade8 21 104 49 182 
Total$11 $30 $118 $50 $209 
Total CDS sold$28 $73 $168 $71 $340 
Other credit contracts— — — — — 
Total credit protection sold$28 $73 $168 $71 $340 
CDS protection sold with identical protection purchased$282 
47
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Years to Maturity at December 31, 2022
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$12 $29 $29 $9 $79 
Non-investment grade5 13 16 2 36 
Total$17 $42 $45 $11 $115 
Index and basket CDS
Investment grade$3 $13 $37 $3 $56 
Non-investment grade8 17 108 19 152 
Total$11 $30 $145 $22 $208 
Total CDS sold$28 $72 $190 $33 $323 
Other credit contracts— — — — — 
Total credit protection sold$28 $72 $190 $33 $323 
CDS protection sold with identical protection purchased$262 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Single-name CDS
Investment grade$1,168 $762 
Non-investment grade(722)(808)
Total$446 $(46)
Index and basket CDS
Investment grade$924 $859 
Non-investment grade(2,110)(1,812)
Total$(1,186)$(953)
Total CDS sold$(740)$(999)
Other credit contracts6 (1)
Total credit protection sold$(734)$(1,000)
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billionsAt
March 31,
2023 		At
December 31,
2022
Single name$159 $140 
Index and basket181 173 
Tranched index and basket31 26 
Total$371 $339 
Fair Value Asset (Liability)
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Single name$(645)$(33)
Index and basket1,595 1,248 
Tranched index and basket(428)(217)
Total$522 $998 
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 2022 Form 10-K.
7. Investment Securities
AFS and HTM Securities
 At March 31, 2023
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$54,861 $31 $1,845 $53,047 
U.S. agency securities2
25,272 2 2,508 22,766 
Agency CMBS6,020 — 465 5,555 
State and municipal securities1,492 32 22 1,502 
FFELP student loan ABS3
1,093 — 31 1,062 
Total AFS securities88,738 65 4,871 83,932 
HTM securities
U.S. Treasury securities27,709 — 1,456 26,253 
U.S. agency securities2
43,343 — 7,885 35,458 
Agency CMBS1,770 — 138 1,632 
Non-agency CMBS1,190 2 116 1,076 
Total HTM securities74,012 2 9,595 64,419 
Total investment securities$162,750 $67 $14,466 $148,351 
 At December 31, 2022
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$56,103 $17 $2,254 $53,866 
U.S. agency securities2
23,926 1 2,753 21,174 
Agency CMBS5,998 — 470 5,528 
Non-agency CMBS— — — — 
Corporate bonds— — — — 
State and municipal securities2,598 71 42 2,627 
FFELP student loan ABS3
1,147 — 45 1,102 
Total AFS securities89,772 89 5,564 84,297 
HTM securities
U.S. Treasury securities28,599 — 1,845 26,754 
U.S. agency securities2
44,038 — 8,487 35,551 
Agency CMBS1,819 — 152 1,667 
Non-agency CMBS1,178 — 144 1,034 
Total HTM securities75,634 — 10,628 65,006 
Total investment securities$165,406 $89 $16,192 $149,303 
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.
March 2023 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
AFS Securities in an Unrealized Loss Position
 At
March 31,
2023 		At
December 31,
2022
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$22,043 $1,078 $42,144 $1,711 
12 months or longer24,271 767 11,454 543 
Total46,314 1,845 53,598 2,254 
U.S. agency securities
Less than 12 months8,293 485 13,662 1,271 
12 months or longer13,505 2,023 7,060 1,482 
Total21,798 2,508 20,722 2,753 
Agency CMBS
Less than 12 months5,299 436 5,343 448 
12 months or longer256 29 185 22 
Total5,555 465 5,528 470 
State and municipal securities
Less than 12 months231 1 2,106 40 
12 months or longer516 21 65 2 
Total747 22 2,171 42 
FFELP student loan ABS
Less than 12 months475 11 627 23 
12 months or longer573 20 476 22 
Total1,048 31 1,103 45 
Total AFS securities in an unrealized loss position
Less than 12 months36,341 2,011 63,882 3,493 
12 months or longer39,121 2,860 19,240 2,071 
Total$75,462 $4,871 $83,122 $5,564 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2022 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 March 31, 2023 and December 31, 2022, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at March 31, 2023 and December 31, 2022 reflect an ACL of $30 million and $34 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2022 Form 10-K for a description of the ACL methodology used for HTM Securities. As of March 31, 2023 and December 31, 2022, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade.
See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.


Investment Securities by Contractual Maturity
 At March 31, 2023
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$16,150 $15,862 1.0 %
After 1 year through 5 years38,017 36,492 1.3 %
After 5 years through 10 years694 693 3.6 %
Total54,861 53,047 
U.S. agency securities:
Due within 1 year23 22 (0.2)%
After 1 year through 5 years422 394 1.5 %
After 5 years through 10 years716 659 1.8 %
After 10 years24,111 21,691 3.1 %
Total25,272 22,766 
Agency CMBS:
After 1 year through 5 years1,773 1,676 1.8 %
After 5 years through 10 years2,992 2,823 2.0 %
After 10 years1,255 1,056 1.3 %
Total6,020 5,555 
State and municipal securities:
Due within 1 year12 12 3.8 %
After 1 year through 5 years48 49 3.9 %
After 5 years through 10 years88 90 3.8 %
After 10 Years1,344 1,351 3.9 %
Total1,492 1,502 
FFELP student loan ABS:
After 1 year through 5 years110 105 5.5 %
After 5 years through 10 years114 109 5.4 %
After 10 years869 848 5.6 %
Total1,093 1,062 
Total AFS securities88,738 83,932 1.9 %
49
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At March 31, 2023
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year6,634 6,515 1.8 %
After 1 year through 5 years15,649 14,907 1.9 %
After 5 years through 10 years3,866 3,614 2.4 %
After 10 years1,560 1,217 2.3 %
Total27,709 26,253 
U.S. agency securities:
After 1 year through 5 years8 7 1.8 %
After 5 years through 10 years351 326 2.1 %
After 10 years42,984 35,125 1.8 %
Total43,343 35,458 
Agency CMBS:
Due within 1 year329 322 0.8 %
After 1 year through 5 years1,136 1,053 1.4 %
After 5 years through 10 years174 150 1.4 %
After 10 years131 107 1.6 %
Total1,770 1,632 
Non-agency CMBS:
Due within 1 year198 195 4.0 %
After 1 year through 5 years251 233 4.1 %
After 5 years through 10 years706 617 3.8 %
After 10 years35 31 3.6 %
Total1,190 1,076 
Total HTM securities74,012 64,419 1.9 %
Total investment securities162,750 148,351 1.9 %
1.Amounts are net of any ACL.
2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.
3.At March 31, 2023, the annualized average yield, including the interest rate swap accrual of related hedges, was 1.0% for AFS securities contractually maturing within 1 year and 2.6% for all AFS securities.
Gross Realized Gains (Losses) on Sales of AFS Securities
 Three Months Ended
March 31,
$ in millions20232022
Gross realized gains$44 $126 
Gross realized (losses)(3)(82)
Total1
$41 $44 
1.Realized gains and losses are recognized in Other revenues in the income statement.
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At March 31, 2023
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$223,056 $(101,171)$121,885 $(118,330)$3,555 
Securities borrowed157,967 (11,751)146,216 (142,775)3,441 
Liabilities
Securities sold under agreements to repurchase$161,662 $(101,171)$60,491 $(56,242)$4,249 
Securities loaned27,339 (11,751)15,588 (15,135)453 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$3,252 
Securities borrowed620 
Securities sold under agreements to repurchase3,368 
Securities loaned215 
 At December 31, 2022
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$240,355 $(126,448)$113,907 $(109,902)$4,005 
Securities borrowed145,340 (11,966)133,374 (128,073)5,301 
Liabilities
Securities sold under agreements to repurchase$188,982 $(126,448)$62,534 $(57,395)$5,139 
Securities loaned27,645 (11,966)15,679 (15,199)480 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$1,696 
Securities borrowed624 
Securities sold under agreements to repurchase3,861 
Securities loaned250 
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 2022 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
 At March 31, 2023
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$63,922 $41,521 $17,262 $38,957 $161,662 
Securities loaned14,786 1 987 11,565 27,339 
Total included in the offsetting disclosure$78,708 $41,522 $18,249 $50,522 $189,001 
Trading liabilities—
Obligation to return securities received as collateral		25,112 — — — 25,112 
Total$103,820 $41,522 $18,249 $50,522 $214,113 
March 2023 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2022
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$54,551 $77,359 $20,586 $36,486 $188,982 
Securities loaned15,150 882 1,984 9,629 27,645 
Total included in the offsetting disclosure$69,701 $78,241 $22,570 $46,115 $216,627 
Trading liabilities—
Obligation to return securities received as collateral		22,880 — — — 22,880 
Total$92,581 $78,241 $22,570 $46,115 $239,507 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$46,714 $57,761 
Other sovereign government obligations78,048 98,839 
Corporate equities20,250 19,340 
Other16,650 13,042 
Total$161,662 $188,982 
Securities loaned
Other sovereign government obligations$913 $862 
Corporate equities25,312 26,289 
Other1,114 494 
Total$27,339 $27,645 
Total included in the offsetting disclosure$189,001 $216,627 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$25,025 $22,833 
Other87 47 
Total$25,112 $22,880 
Total$214,113 $239,507 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
March 31,
2023 		At
December 31,
2022
$34,669 $34,524 
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 sheet.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Collateral received with right to sell or repledge$681,133 $637,941 
Collateral that was sold or repledged1
525,199 486,820 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.
Securities Segregated for Regulatory Purposes
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Segregated securities1
$28,959 $32,254 
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 sheet.
Customer Margin and Other Lending
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Margin and other lending$39,354 $38,524 
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 sheet. 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 2022 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 12.
51
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At March 31, 2023
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,435 $11,150 $18,585 
Secured lending facilities37,187 3,006 40,193 
Commercial real estate8,601 948 9,549 
Residential real estate55,400 25 55,425 
Securities-based lending and Other loans91,897 17 91,914 
Total loans200,520 15,146 215,666 
ACL(970)(970)
Total loans, net$199,550 $15,146 $214,696 
Loans to non-U.S. borrowers, net$24,395 
 At December 31, 2022
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$6,589 $10,634 $17,223 
Secured lending facilities35,606 3,176 38,782 
Commercial real estate8,515 926 9,441 
Residential real estate54,460 4 54,464 
Securities-based lending and Other loans94,666 48 94,714 
Total loans199,836 14,788 214,624 
ACL(839)(839)
Total loans, net$198,997 $14,788 $213,785 
Loans to non-U.S. borrowers, net$23,651 
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 2022 Form 10-K.
Loans by Interest Rate Type
 At March 31, 2023At December 31, 2022
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$— $18,584 $— $17,223 
Secured lending facilities— 40,193 — 38,782 
Commercial real estate204 9,346 204 9,237 
Residential real estate25,515 29,909 24,903 29,561 
Securities-based lending and Other loans22,253 69,662 24,077 70,637 
Total loans, before ACL$47,972 $167,694 $49,184 $165,440 
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Origination Year
At March 31, 2023At December 31, 2022
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$2,907 $4,004 $6,911 $2,554 $3,456 $6,010 
2023— 13 13 
2022— 143 143 6 107 113 
2021— 137 137 — 139 139 
2020— 59 59 — 58 58 
2019— 153 153 — 154 154 
Prior
— 19 19 115 — 115 
Total
$2,907 $4,528 $7,435 $2,675 $3,914 $6,589 
At March 31, 2023At December 31, 2022
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$9,338 $21,713 $31,051 $9,445 $21,243 $30,688 
2023956 255 1,211 
20221,090 1,489 2,579 1,135 1,336 2,471 
2021257 211 468 254 208 462 
2020— 88 88 — 98 98 
201960 418 478 60 486 546 
Prior
212 1,100 1,312 215 1,126 1,341 
Total
$11,913 $25,274 $37,187 $11,109 $24,497 $35,606 
At March 31, 2023At December 31, 2022
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$— $175 $175 $— $204 $204 
2023— 297 297 
2022388 2,067 2,455 379 2,201 2,580 
2021310 1,554 1,864 239 1,609 1,848 
2020— 739 739 — 728 728 
2019559 1,218 1,777 659 1,152 1,811 
Prior
185 1,109 1,294 211 1,133 1,344 
Total
$1,442 $7,159 $8,601 $1,488 $7,027 $8,515 
At March 31, 2023
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$85 $30 $5 $120 $— $120 
20231,365 293 72 1,514 216 1,730 
202211,347 2,503 407 13,123 1,134 14,257 
202111,486 2,467 254 13,240 967 14,207 
20207,198 1,489 112 8,349 450 8,799 
20194,151 929 137 4,899 318 5,217 
Prior8,280 2,448 342 10,200 870 11,070 
Total$43,912 $10,159 $1,329 $51,445 $3,955 $55,400 
At December 31, 2022
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$90 $29 $5 $124 $— $124 
202211,481 2,533 411 13,276 1,149 14,425 
202111,604 2,492 257 13,378 975 14,353 
20207,292 1,501 115 8,452 456 8,908 
20194,208 946 137 4,968 323 5,291 
20181,635 447 52 1,965 169 2,134 
Prior6,853 2,072 300 8,492 733 9,225 
Total$43,163 $10,020 $1,277 $50,655 $3,805 $54,460 
March 2023 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At March 31, 2023
Securities-based Lending1
Other2
$ in millionsIGNIGTotal
Revolving $73,763 $5,988 $1,089 $80,840 
2023468 138 148 754 
20221,514 1,115 729 3,358 
2021701 481 295 1,477 
2020— 579 376 955 
201916 970 545 1,531 
Prior202 1,706 1,074 2,982 
Total$76,664 $10,977 $4,256 $91,897 
December 31, 2022
Securities-based Lending1
Other2
$ in millionsIGNIGTotal
Revolving$77,115 $5,760 $1,480 $84,355 
20221,425 1,572 269 3,266 
2021725 525 223 1,473 
2020— 580 418 998 
201916 913 644 1,573 
2018202 268 304 774 
Prior— 1,581 646 2,227 
Total$79,483 $11,199 $3,984 $94,666 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2023 and December 31, 2022, 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 2022 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 millionsAt March 31, 2023At December 31, 2022
Corporate$46 $112 
Secured lending facilities80 85 
Residential real estate126 158 
Securities-based lending and Other loans19 1 
Total$271 $356 
1.The majority of the amounts are past due for a period of greater than 90 days.
Nonaccrual Loans Held for Investment before Allowance
$ in millionsAt March 31, 2023At December 31, 2022
Corporate$177 $71 
Secured lending facilities89 94 
Commercial real estate353 209 
Residential real estate125 118 
Securities-based lending and Other loans66 10 
Total1
$810 $502 
Nonaccrual loans without an ACL$140 $117 
1.Includes all loans held for investment that are 90 days or more past due as of March 31, 2023 and December 31, 2022.
See Note 2 to the financial statements in the 2022 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower's financial difficulties, and these modifications include interest rate reductions,
principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses. As of March 31, 2023, there were no loans held for investment modified in the current quarter with subsequent default or past due.
Modified Loans Held for Investment1
 
At March 31, 20232
$ in millionsAmortized Cost
% of Total Loans3
Term Extension
Corporate$17 0.2 %
Commercial real estate62 0.7 %
Residential real estate1 — %
Total$80 
Other-than-insignificant Payment Delay
Commercial real estate$67 0.8 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable are $607 million as of March 31, 2023.
2.Loans held for investment that were modified during the current quarter.
3.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.
Financial Impact on Modified Loans Held for Investment
 At March 31, 2023
Term Extension
Corporate
Added a weighted-average 8 months to the life of modified loans.
Commercial real estate
Added a weighted-average 2 months to the life of modified loans.
Residential real estate
Added 4 months to the life of the modified loan.
Other-than-insignificant Payment Delay
Commercial real estate
Provided a forbearance period of 8 months to the borrower of the modified loan.
Troubled Debt Restructurings
$ in millionsAt December 31, 2022
Loans, before ACL$29 
Allowance for credit losses— 
TDRs included modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 to the financial statements in the 2022 Form 10-K for further information on TDRs guidance. The accounting guidance for TDRs was eliminated for the Firm, beginning on January 1, 2023. See Note 2 for further information herein.
Gross Charge-offs by Origination Year
Three Months Ended March 31, 2023
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(1)$— $— $— $— $(1)
2019— — (29)— (1)(30)
Prior
— — (40)— — (40)
Total
$(1)$— $(69)$— $(1)$(71)
53
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Allowance for Credit Losses Rollforward and Allocation—Loans
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
December 31, 2022$235 $153 $275 $87 $89 $839 
Gross charge-offs(1)— (69)— (1)(71)
Provision (release)31 — 129 26 15 201 
Other— (1)— — 2 1 
March 31, 2023$265 $152 $335 $113 $105 $970 
Percent of loans to total loans1
4 %18 %4 %28 %46 %100 %
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
December 31, 2021$165 $163 $206 $60 $60 $654 
Gross charge-offs— (3)(7)— (1)(11)
Provision (release)6 12 6 13 2 39 
Other(1)— (2)— — (3)
March 31, 2022$170 $172 $203 $73 $61 $679 
Percent of loans to total loans1
3 %16 %5 %26 %50 %100 %
CRE—Commercial real estate
SBL—Securities-based lending
1.Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment.
Allowance for Credit Losses Rollforward—Lending Commitments
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
December 31, 2022$411 $51 $15 $4 $23 $504 
Provision (release)22 — 7 1 3 33 
Other2 — — — — 2 
March 31, 2023$435 $51 $22 $5 $26 $539 
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
December 31, 2021$356 $41 $20 $1 $26 $444 
Provision (release)20 8 (7)— (3)18 
Other(3)— — — — (3)
March 31, 2022$373 $49 $13 $1 $23 $459 
The allowance for credit losses for loans and lending commitments increased in the current quarter, reflecting deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The base scenario used in our ACL models as of March 31, 2023 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models, and assumes an economic contraction in 2023, followed by a recovery in 2024. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”). 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 2022 Form 10-K.
Selected Credit Ratios
At
March 31,
2023 		At
December 31,
2022
ACL for loans to total HFI loans0.5 %0.4 %
Nonaccrual HFI loans to total HFI loans1
0.4 %0.3 %
ACL for loans to nonaccrual HFI loans
119.8 %167.1 %
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.
Employee Loans
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Currently employed by the Firm1
$4,065 $4,023 
No longer employed by the Firm2
105 97 
Employee loans$4,170 $4,120 
ACL(138)(139)
Employee loans, net of ACL$4,032 $3,981 
Remaining repayment term, weighted average in years5.85.8
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.
Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, 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 sheet. See Note 2 to the financial statements in the 2022 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
10. Other Assets—Equity Method Investments
Equity Method Investments
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Investments$1,962 $1,927 
 Three Months Ended
March 31,
$ in millions20232022
Income (loss)$25 $6 
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
 Three Months Ended
March 31,
$ in millions20232022
Income (loss) from investment in MUMSS$29 $4 
March 2023 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
For more information on MUMSS and other relationships with MUFG, see Note 12 to the financial statements in the 2022 Form 10-K.
11. Deposits
Deposits
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Savings and demand deposits$298,330 $319,948 
Time deposits49,193 36,698 
Total$347,523 $356,646 
Deposits subject to FDIC insurance$263,420 $260,420 
Deposits not subject to FDIC insurance$84,103 $96,226 
Time Deposit Maturities
$ in millionsAt
March 31,
2023
2023$22,647 
202415,815 
20255,204 
20261,982 
20271,847 
Thereafter1,698 
Total$49,193 
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Original maturities of one year or less$4,587 $4,191 
Original maturities greater than one year
Senior$231,205 $221,667 
Subordinated14,390 12,200 
Total$245,595 $233,867 
Total borrowings$250,182 $238,058 
Weighted average stated maturity, in years1
6.76.7
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Original maturities:
One year or less$980 $944 
Greater than one year7,690 7,214 
Total$8,670 $8,158 
Transfers of assets accounted for as secured financings$1,138 $1,119 
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 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 sheet.
13. Commitments, Guarantees and Contingencies
Commitments
 Years to Maturity at March 31, 2023 
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$16,630 $26,698 $57,883 $1,819 $103,030 
Secured lending facilities7,379 5,943 2,884 1,027 17,233 
Commercial and Residential real estate171 201 19 336 727 
Securities-based lending and Other13,175 4,995 414 522 19,106 
Forward-starting secured financing receivables1
70,011 — — — 70,011 
Central counterparty300 — — 7,255 7,555 
Underwriting300 — — — 300 
Investment activities1,313 290 118 356 2,077 
Letters of credit and other financial guarantees107 35 — 8 150 
Total$109,386 $38,162 $61,318 $11,323 $220,189 
Lending commitments participated to third parties$7,509 
1.Forward-starting secured financing receivables are generally settled within three business days.
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 2022 Form 10-K.
Guarantees
 At March 31, 2023
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,418,449 $1,132,093 $347,086 $692,818 $(60,437)
Standby letters of credit and other financial guarantees issued2
1,634 635 1,389 2,676 (6)
Market value guarantees2 — — — — 
Liquidity facilities2,593 — — — (2)
Whole loan sales guarantees— 52 34 23,079 — 
Securitization representations and warranties3
— — — 78,695 (3)
General partner guarantees364 30 143 37 (87)
Client clearing guarantees45 — — — — 
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 6.
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 March 31, 2023, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $77 million.
3.Related to commercial and residential mortgage securitizations.
55
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 2022 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 2022 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 below, 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, antitrust claims, claims under various false claims act statutes, and matters arising from our sales and trading businesses, and our activities in the capital markets.

The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital market activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions, limitations on our ability to conduct certain business, or other relief.

While the Firm has identified below any individual proceedings or investigations 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.
Three Months Ended
March 31,
$ in millions20232022
Legal expenses$151 $84 
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government investigations and private litigation affecting global financial services firms, including the Firm.
In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss, particularly for proceedings and investigations where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved before a loss or additional loss, or range of loss or additional range of loss, can be reasonably estimated for a proceeding or investigation, including through potentially lengthy discovery and determination of important factual matters, determination of
March 2023 Form 10-Q
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Notes to Consolidated Financial Statements
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issues related to class certification and the calculation of damages or other relief, and consideration of 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 matter referred to in the following paragraph.
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 $135 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 to keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319. On June 22, 2020, the Firm filed an appeal against the decision of the Court of Appeal in Amsterdam before the Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court 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. The Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.
For certain other legal proceedings and investigations including the following matter, the Firm can estimate probable losses but does not believe, based on current knowledge and after consultation with counsel, that additional loss in excess of amounts accrued could have a material adverse effect on the Firm’s financial statements as a whole.
Antitrust Related Matter

In August of 2017, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. Plaintiffs’ motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. The motion for class certification and the parties’ objections to the report and recommendation are pending before the District Court.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
 At March 31, 2023At December 31, 2022
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$944 $659 $1,153 $520 
Investment vehicles2
634 272 638 272 
MTOB664 614 371 322 
Other572 199 519 199 
Total$2,814 $1,744 $2,681 $1,313 
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. 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.
2.Amounts include investment funds and CLOs.
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Notes to Consolidated Financial Statements
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Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Assets
Cash and cash equivalents$141 $142 
Trading assets at fair value1,885 2,066 
Investment securities577 255 
Securities purchased under agreements to resell200 200 
Customer and other receivables9 16 
Other assets2 2 
Total$2,814 $2,681 
Liabilities
Other secured financings$1,618 $1,185 
Other liabilities and accrued expenses122 124 
Borrowings4 4 
Total$1,744 $1,313 
Noncontrolling interests$75 $71 
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 March 31, 2023
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$132,049 $926 $3,688 $2,619 $52,661 
Maximum exposure to loss3
Debt and equity interests$16,917 $74 $— $1,749 $11,751 
Derivative and other contracts— — 2,593 — 5,615 
Commitments, guarantees and other1,290 — — — 892 
Total$18,207 $74 $2,593 $1,749 $18,258 
Carrying value of variable interests—Assets
Debt and equity interests$16,917 $74 $— $1,558 $11,751 
Derivative and other contracts— — 3 — 1,731 
Total$16,917 $74 $3 $1,558 $13,482 
Additional VIE assets owned4
$14,419 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $5 $— $306 
 At December 31, 2022
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$123,601 $3,162 $4,632 $2,403 $50,178 
Maximum exposure to loss3
Debt and equity interests$13,104 $274 $— $1,694 $11,596 
Derivative and other contracts— — 3,200 — 5,211 
Commitments, guarantees and other674 — — — 1,410 
Total$13,778 $274 $3,200 $1,694 $18,217 
Carrying value of variable interests–Assets
Debt and equity interests$13,104 $274 $— $1,577 $11,596 
Derivative and other contracts— — 3 — 1,564 
Total$13,104 $274 $3 $1,577 $13,160 
Additional VIE assets owned4
$13,708 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $3 $— $281 
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 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; 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 7).
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 March 31, 2023At December 31, 2022
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$16,999 $2,441 $20,428 $2,570 
Commercial mortgages69,821 4,594 67,540 4,236 
U.S. agency collateralized mortgage obligations39,959 5,959 32,567 4,729 
Other consumer or commercial loans5,270 3,923 3,066 1,569 
Total$132,049 $16,917 $123,601 $13,104 
March 2023 Form 10-Q
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Notes to Consolidated Financial Statements
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Transferred Assets with Continuing Involvement
 At March 31, 2023
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$4,095 $72,848 $7,061 $10,689 
Retained interests
Investment grade$138 $888 $424 $— 
Non-investment grade81 512 — 42 
Total$219 $1,400 $424 $42 
Interests purchased in the secondary market3
Investment grade$17 $49 $10 $— 
Non-investment grade6 16 — — 
Total$23 $65 $10 $— 
Derivative assets$— $— $— $1,151 
Derivative liabilities — — — 288 
 At December 31, 2022
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$3,732 $73,069 $6,448 $10,928 
Retained interests
Investment grade$137 $927 $367 $— 
Non-investment grade26 465 11 44 
Total$163 $1,392 $378 $44 
Interests purchased in the secondary market3
Investment grade$82 $51 $10 $— 
Non-investment grade35 23 — — 
Total$117 $74 $10 $— 
Derivative assets$— $— $— $1,114 
Derivative liabilities— — — 201 
 Fair Value At March 31, 2023
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$561 $— $561 
Non-investment grade17 51 68 
Total$578 $51 $629 
Interests purchased in the secondary market3
Investment grade$74 $2 $76 
Non-investment grade13 9 22 
Total$87 $11 $98 
Derivative assets$1,151 $— $1,151 
Derivative liabilities288 — 288 
 Fair Value at December 31, 2022
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$489 $— $489 
Non-investment grade25 16 41 
Total$514 $16 $530 
Interests purchased in the secondary market3
Investment grade$140 $3 $143 
Non-investment grade42 16 58 
Total$182 $19 $201 
Derivative assets$1,114 $— $1,114 
Derivative liabilities153 48 201 
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.
3.Amounts are only included for transactions where the Firm also holds retained interests as part of the transfer.
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 statement. 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. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. 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 2022 Form 10-K and Note 4 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
March 31,
$ in millions20232022
New transactions1
$2,521 $8,260 
Retained interests1,575 1,622 
Sales of corporate loans to CLO SPEs1, 2
— 4 
1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.
2.Sponsored by non-affiliates.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).
Assets Sold with Retained Exposure
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Gross cash proceeds from sale of assets1
$49,167 $49,059 
Fair value
Assets sold$49,824 $47,281 
Derivative assets recognized in the balance sheet885 116 
Derivative liabilities recognized in the balance sheet228 1,893 
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 2022 Form 10-K.
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15. 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 2022 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.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2023 and December 31, 2022, the differences between the actual and required ratios were lower under the Standardized Approach.

CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Capital Buffer Requirements
At March 31, 2023 and December 31, 2022
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB5.8%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
0%0%
Capital buffer requirement8.8%5.5%
1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
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 capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and opeational risk RWA (“Advanced Approach”) is equal to the
2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At March 31, 2023 and December 31, 2022
StandardizedAdvanced
Required ratios1
Common Equity Tier 1 capital ratio4.5 %13.3%10.0%
Tier 1 capital ratio6.0 %14.8%11.5%
Total capital ratio8.0 %16.8%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
$ in millions
Required
Ratio1
At March 31,
2023		At December 31, 2022
Risk-based capital
Common Equity Tier 1 capital$69,454 $68,670 
Tier 1 capital77,947 77,191 
Total capital89,794 86,575 
Total RWA459,107 447,849 
Common Equity Tier 1 capital ratio13.3 %15.1 %15.3 %
Tier 1 capital ratio14.8 %17.0 %17.2 %
Total capital ratio16.8 %19.6 %19.3 %
$ in millions
Required
Ratio1
At March 31,
2023		At December 31, 2022
Leverage-based capital
Adjusted average assets2
$1,168,328 $1,150,772 
Tier 1 leverage ratio4.0 %6.7 %6.7 %
Supplementary leverage exposure3
$1,422,808 $1,399,403 
SLR5.0 %5.5 %5.5 %
1.Required ratios are inclusive of any buffers applicable as of the date presented.
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.
U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries 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
March 2023 Form 10-Q
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Notes to Consolidated Financial Statements
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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 March 31, 2023 and December 31, 2022, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.
MSBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At March 31, 2023At December 31, 2022
$ in millionsAmountRatioAmount Ratio
Risk-based capital
Common Equity Tier 1 capital6.5 %7.0 %$21,485 21.5 %$20,043 20.5 %
Tier 1 capital8.0 %8.5 %21,485 21.5 %20,043 20.5 %
Total capital10.0 %10.5 %22,221 22.3 %20,694 21.1 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$21,485 10.5 %$20,043 10.1 %
SLR6.0 %3.0 %21,485 8.3 %20,043 8.1 %
MSPBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At March 31, 2023At December 31, 2022
$ in millionsAmountRatioAmountRatio
Risk-based capital
Common Equity Tier 1 capital6.5 %7.0 %$16,321 28.3 %$15,546 27.5 %
Tier 1 capital8.0 %8.5 %16,321 28.3 %15,546 27.5 %
Total capital10.0 %10.5 %16,521 28.6 %15,695 27.8 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$16,321 8.1 %$15,546 7.6 %
SLR6.0 %3.0 %16,321 7.8 %15,546 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 ability to make capital distributions, including the payment of dividends.
Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is provisionally registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.
Other Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millionsAt March 31,
2023		At December 31,
2022
Net capital$17,616 $17,224 
Excess net capital13,134 12,861 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,
respectively, and provisionally registered as a swap dealer with the CFTC.
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 and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and provisionally-registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2023 and December 31, 2022, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of March 31, 2023 and December 31, 2022, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS,
•MSCG, and
•E*TRADE Securities LLC.

MSESE is subject to stand-alone capital requirements beginning on January 1, 2023. Previously, requirements were met at the consolidated level of the MSEHSE Group.
See Note 17 to the financial statements in the 2022 Form 10-K for further information.
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March 2023 Form 10-Q
Notes to Consolidated Financial Statements
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16. Total Equity
Preferred Stock
 Shares Outstanding Carrying Value
$ in millions, except per share dataAt
March 31,
2023 		Liquidation
Preference
per Share		At
March 31,
2023 		At
December 31,
2022
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 
I40,000 25,000 1,000 1,000 
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 
O52,000 25,000 1,300 1,300 
P40,000 25,000 1,000 1,000 
Total$8,750 $8,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series P preferred stock, see Note 18 to the financial statements in the 2022 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 15).
Share Repurchases
 Three Months Ended March 31,
$ in millions20232022
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,500 $2,872 
On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 18 to the financial statements in the 2022 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
March 31,
in millions20232022
Weighted average common shares outstanding, basic1,645 1,733 
Effect of dilutive RSUs and PSUs18 22 
Weighted average common shares outstanding and common stock equivalents, diluted1,663 1,755 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)4 5 
Dividends
$ in millions, except per
share data		Three Months Ended
March 31, 2023		Three Months Ended
March 31, 2022
Per Share1
Total
Per Share1
Total
Preferred stock series
A$343 $15 $242 $11 
C25 13 25 13 
E445 15 445 15 
F430 14 430 14 
I398 16 398 16 
K366 15 366 15 
L305 6 305 6 
M2
29 12 29 12 
N3
2,650 8 2,650 8 
O4
266 14 266 14 
P406 16 — — 
Total Preferred stock$144 $124 
Common stock$0.775 $1,305 $0.700 $1,252 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
3.Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.
4.Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss)1
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
December 31, 2022$(1,204)$(4,192)$(508)$(345)$(4)$(6,253)
OCI during the period32 512 (1)(8)7 542 
March 31, 2023$(1,172)$(3,680)$(509)$(353)$3 $(5,711)
December 31, 2021$(1,002)$245 $(551)$(1,794)$— $(3,102)
OCI during the period(48)(2,395)5 638 — (1,800)
March 31, 2022$(1,050)$(2,150)$(546)$(1,156)$— $(4,902)
1.Amounts are net of tax and noncontrolling interests.
March 2023 Form 10-Q
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Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Components of Period Changes in OCI
Three Months Ended March 31, 2023
$ in millionsPre-tax Gain (Loss)Income Tax Benefit (Provision)After-tax Gain (Loss)Non-controlling InterestsNet
CTA
OCI activity$(10)$30 $20 $(12)$32 
Reclassified to earnings— — — — — 
Net OCI$(10)$30 $20 $(12)$32 
Change in net unrealized gains (losses) on AFS securities
OCI activity$710 $(167)$543 $— $543 
Reclassified to earnings(41)10 (31)— (31)
Net OCI$669 $(157)$512 $— $512 
Pension and other
OCI activity$— $— $— $— $— 
Reclassified to earnings(1)— (1)— (1)
Net OCI$(1)$— $(1)$— $(1)
Change in net DVA
OCI activity$(30)$10 $(20)$(7)$(13)
Reclassified to earnings6 (1)5 — 5 
Net OCI$(24)$9 $(15)$(7)$(8)
Change in fair value of cash flow hedge derivatives
OCI activity $7 $(1)$6 $— $6 
Reclassified to earnings1 — 1 — 1 
Net OCI$8 $(1)$7 $— $7 
Three Months Ended March 31, 2022
$ in millionsPre-tax Gain (Loss)Income Tax Benefit (Provision)After-tax Gain (Loss)Non-controlling InterestsNet
CTA
OCI activity$(60)$(45)$(105)$(57)$(48)
Reclassified to earnings— — — — — 
Net OCI$(60)$(45)$(105)$(57)$(48)
Change in net unrealized gains (losses) on AFS securities
OCI activity$(3,084)$723 $(2,361)$— $(2,361)
Reclassified to earnings(44)10 (34)— (34)
Net OCI$(3,128)$733 $(2,395)$— $(2,395)
Pension and other
OCI activity$— $— $— $— $— 
Reclassified to earnings5 — 5 — 5 
Net OCI$5 $— $5 $— $5 
Change in net DVA
OCI activity$871 $(211)$660 $22 $638 
Reclassified to earnings— — — — — 
Net OCI$871 $(211)$660 $22 $638 
17. Interest Income and Interest Expense
 Three Months Ended
March 31,
$ in millions20232022
Interest income
Investment securities$1,018 $777 
Loans2,815 1,156 
Securities purchased under agreements to resell1
1,477 13 
Securities borrowed2
1,172 (217)
Trading assets, net of Trading liabilities913 524 
Customer receivables and Other3
3,475 397 
Total interest income$10,870 $2,650 
Interest expense
Deposits$1,575 $73 
Borrowings2,506 685 
Securities sold under agreements to repurchase4
1,218 49 
Securities loaned5
164 93 
Customer payables and Other6
3,061 (466)
Total interest expense$8,524 $434 
Net interest$2,346 $2,216 
1.Includes interest paid on Securities purchased under agreements to resell.
2.Includes fees paid on Securities borrowed.
3.Includes interest from Cash and cash equivalents.
4.Includes interest received on Securities sold under agreements to repurchase.
5.Includes fees received on Securities loaned.
6.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
Interest income and Interest expense are classified in the income statement 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 millionsAt March 31,
2023		At December 31,
2022
Customer and other receivables$3,842 $4,139 
Customer and other payables3,957 4,273 
18. Income Taxes
The Firm is routinely under 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.
63
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended March 31, 2023
$ in millionsISWMIMI/ETotal
Investment banking$1,247 $104 $— $(21)$1,330 
Trading4,257 227 (16)9 4,477 
Investments28 16 101 — 145 
Commissions and fees1
714 590 — (65)1,239 
Asset management1,2
148 3,382 1,248 (50)4,728 
Other180 82 (6)(4)252 
Total non-interest revenues6,574 4,401 1,327 (131)12,171 
Interest income7,758 3,627 29 (544)10,870 
Interest expense7,535 1,469 67 (547)8,524 
Net interest223 2,158 (38)3 2,346 
Net revenues$6,797 $6,559 $1,289 $(128)$14,517 
Provision for credit losses$189 $45 $— $— $234 
Compensation and benefits2,365 3,477 568 — 6,410 
Non-compensation expenses2,351 1,325 555 (118)4,113 
Total non-interest expenses$4,716 $4,802 $1,123 $(118)$10,523 
Income before provision for income taxes$1,892 $1,712 $166 $(10)$3,760 
Provision for income taxes363 336 30 (2)727 
Net income1,529 1,376 136 (8)3,033 
Net income applicable to noncontrolling interests51 — 2 — 53 
Net income applicable to Morgan Stanley$1,478 $1,376 $134 $(8)$2,980 
 Three Months Ended March 31, 2022
$ in millionsISWMIMI/ETotal
Investment banking$1,634 $143 $— $(19)$1,758 
Trading4,205 (231)(9)18 3,983 
Investments99 12 (36)— 75 
Commissions and fees1
774 723 — (81)1,416 
Asset management1,2
147 3,626 1,388 (42)5,119 
Other117 122 (2)(3)234 
Total non-interest revenues6,976 4,395 1,341 (127)12,585 
Interest income1,062 1,637 7 (56)2,650 
Interest expense381 97 13 (57)434 
Net interest681 1,540 (6)1 2,216 
Net revenues$7,657 $5,935 $1,335 $(126)$14,801 
Provision for credit losses$44 $13 $— $— $57 
Compensation and benefits2,604 3,125 545 — 6,274 
Non-compensation expenses2,222 1,224 562 (126)3,882 
Total non-interest expenses$4,826 $4,349 $1,107 $(126)$10,156 
Income before provision for income taxes$2,787 $1,573 $228 $— $4,588 
Provision for income taxes535 301 37 — 873 
Net income2,252 1,272 191 — 3,715 
Net income applicable to noncontrolling interests61 — (12)— 49 
Net income applicable to Morgan Stanley$2,191 $1,272 $203 $— $3,666 
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2022 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20232022
Institutional Securities Advisory$638 $944 
Institutional Securities Underwriting609 690 
Firm Investment banking revenues from contracts with customers89 %90 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20232022
Interest rate$1,368 $391 
Foreign exchange262 648 
Equity1
2,212 2,007 
Commodity and other539 525 
Credit96 412 
Total$4,477 $3,983 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. 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 millionsAt
March 31,
2023 		At
December 31,
2022
Net cumulative unrealized performance-based fees at risk of reversing$815 $819 
The Firm’s portion of net cumulative performance-based fees 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 13 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
March 31,
$ in millions20232022
Fee waivers$18 $124 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money
March 2023 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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
March 31,
$ in millions20232022
Transaction taxes$214 $258 
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 Region
 Three Months Ended
March 31,
$ in millions20232022
Americas$10,791 $10,464 
EMEA1,737 2,311 
Asia1,989 2,026 
Total$14,517 $14,801 
For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2022 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20232022
Non-interest revenues$704 $1,005 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Customer and other receivables$2,182 $2,577 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance
sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
March 31,
2023 		At
December 31,
2022
Institutional Securities$819,195 $789,837 
Wealth Management363,405 373,305 
Investment Management17,304 17,089 
Total1
$1,199,904 $1,180,231 
1. Parent assets have been fully allocated to the business segments.

65
March 2023 Form 10-Q
Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
 Three Months Ended March 31,
 20232022
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Investment securities1
$159,061 $1,018 2.6 %$177,572 $777 1.8 %
Loans1
214,185 2,815 5.3 %191,551 1,156 2.4 %
Securities purchased under agreements to resell2:
U.S.46,847 932 8.1 %52,389 36 0.3 %
Non-U.S.65,713 545 3.4 %64,150 (23)(0.1)%
Securities borrowed3:
U.S.123,206 1,095 3.6 %122,203 (176)(0.6)%
Non-U.S.18,683 77 1.7 %21,229 (41)(0.8)%
Trading assets, net of Trading liabilities4:
U.S.87,631 786 3.6 %79,509 430 2.2 %
Non-U.S.7,264 127 7.1 %16,606 94 2.3 %
Customer receivables and Other5:
U.S.107,055 2,428 9.2 %129,162 355 1.1 %
Non-U.S.69,288 1,047 6.1 %76,545 42 0.2 %
Total$898,933 $10,870 4.9 %$930,916 $2,650 1.2 %
Interest bearing liabilities
Deposits1
$346,973 $1,575 1.8 %$348,916 $73 0.1 %
Borrowings1,6
245,600 2,506 4.1 %228,942 685 1.2 %
Securities sold under agreements to repurchase7,9:
U.S.21,075 670 12.9 %22,979 40 0.7 %
Non-U.S.41,071 548 5.4 %36,148 9 0.1 %
Securities loaned8,9:
U.S.4,992 13 1.1 %5,489 (1)(0.1)%
Non-U.S.10,016 151 6.1 %7,771 94 4.9 %
Customer payables and Other10:
U.S.137,766 2,045 6.0 %136,407 (368)(1.1)%
Non-U.S.65,818 1,016 6.3 %74,919 (98)(0.5)%
Total$873,311 $8,524 4.0 %$861,571 $434 0.2 %
Net interest income and net interest rate spread$2,346 0.9 % $2,216 1.0 %
1.Amounts include primarily U.S. balances.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.Excludes non-interest earning assets and non-interest bearing liabilities, such as equity securities.
5.Includes Cash and cash equivalents.
6.Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
7.Includes interest received on Securities sold under agreements to repurchase.
8.Includes fees received on Securities loaned.
9.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 sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.
10.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.



March 2023 Form 10-Q
66
Glossary of Common Terms and Acronyms
Image29.jpg
2022 Form 10-KAnnual report on Form 10-K for year ended December 31, 2022 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 sheetConsolidated balance sheet
BHCBank holding company
bpsBasis points; one basis point equals 1/100th of 1%
Cash flow statementConsolidated cash flow statement
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
CTACumulative foreign currency translation adjustments
DVADebt valuation adjustment
EBITDAEarnings before interest, taxes, depreciation and amortization
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
FVOFair value option
G-SIBGlobal systemically important banks
HFIHeld-for-investment
HFSHeld-for-sale
HQLAHigh-quality liquid assets
HTMHeld-to-maturity
I/EIntersegment eliminations
IHCIntermediate holding company
IMInvestment Management
Income statementConsolidated income statement
IRSInternal Revenue Service
ISInstitutional Securities
LCRLiquidity coverage ratio, as adopted by the U.S. banking agencies
LIBORLondon Interbank Offered Rate
LTVLoan-to-value
M&AMerger, acquisition and restructuring transaction
MSBNAMorgan Stanley Bank, N.A.
MS&Co.Morgan Stanley & Co. LLC
MSCGMorgan Stanley Capital Group Inc.
MSCSMorgan Stanley Capital Services LLC
MSEHSEMorgan Stanley Europe Holdings SE
MSESEMorgan Stanley Europe SE
MSIPMorgan Stanley & Co. International plc
MSMSMorgan Stanley MUFG Securities Co., Ltd.
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
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
SOFRSecured Overnight Financing Rate
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

67
March 2023 Form 10-Q
Image30.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 2022 Form 10-K. See also the disclosures set forth under “Legal Proceedings” in the 2022 Form 10-K.
Block Trading Matter

The Firm is currently engaged in discussions regarding potential resolution of the investigations by the Enforcement Division of the U.S. Securities and Exchange Commission and the United States Attorney’s Office for the Southern District of New York into various aspects of the Firm’s blocks business, certain related sales and trading practices, and applicable controls. There can be no assurance that these discussions and continuing engagement will lead to resolution of either matter.
Residential Mortgage and Credit Crisis Matters

On March 1, 2023, the court in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. In March 2023, both parties appealed the decision.
On March 3, 2023, the parties in Deutsche Bank National Trust Company, as Trustee for the Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC1 v. Morgan Stanley ABS Capital I, Inc. executed an agreement to settle the litigation.
On March 3, 2023, the parties in Deutsche Bank National Trust Company, solely in its capacity as Trustee for Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC3 v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. executed an agreement to settle the litigation.
European Matter
In connection with the Dutch tax matters, the Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.
Other
On March 10, 2023, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed a Notice of Appeal of the dismissal of Viacom and the individual Viacom defendants.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2022 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 Share2
Total Shares Purchased as Part of Share Repurchase Authorization3,4
Dollar Value of Remaining Authorized Repurchase
January8,974,630 $96.61 2,725,102 $15,484 
February7,212,253 $98.48 6,284,841 $14,865 
March6,830,645 $92.29 6,752,720 $14,245 
Three Months Ended March 31, 202323,017,528 $95.91 15,762,663 
1.Includes 7,254,865 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 March 31, 2023.
2.Includes excise tax levied on share repurchases, net of issuances, payable in April 2024.
3.Share purchases under publicly announced authorizations 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.
4.The Firm’s Board of Directors has approved the repurchase of the Firm’s outstanding common stock under a share repurchase authorization (the “Share Repurchase Authorization”) from time to time as conditions warrant and subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase Authorization has no set expiration or termination date.
On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”
March 2023 Form 10-Q
68
Other Information
On April 26, 2023, the Compensation, Management Development and Succession Committee of the Company’s Board of Directors approved that Raja J. Akram, Deputy Chief Financial Officer, Chief Accounting Officer and Controller, be treated as retirement-eligible for purposes of any year-end deferred incentive compensation awards and, accordingly, any such awards will vest upon Mr. Akram’s resignation of employment from the Company, subject to certain conditions, and remain subject to all other provisions of the awards, including specified cancellation and clawback provisions, until the applicable distribution date.
Exhibits
Exhibit No.Description
15
Letter of awareness from Deloitte & Touche LLP, dated May 2, 2023, 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.
101Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
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: May 2, 2023
69
March 2023 Form 10-Q

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