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Morgan Stanley
MS
#52
Rank
$286.01 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$179.96
Share price
2.34%
Change (1 day)
30.49%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

Morgan Stanley - 10-Q quarterly report FY2024 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, 2024
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 30, 2024, there were 1,625,162,676 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, 2024
Table of ContentsPartItemPage
I 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I2
4
Introduction
  
4
Executive Summary
  
5
Business Segments
  
9
Institutional Securities
10
Wealth Management
12
Investment Management
14
Supplemental Financial Information
  
16
Accounting Development Updates
  
16
Critical Accounting Estimates
  
16
Liquidity and Capital Resources
  
17
Balance Sheet
  
17
Regulatory Requirements
  
21
Quantitative and Qualitative Disclosures about Risk
I3
26
Market Risk
  
26
Credit Risk
  
28
Country and Other Risks
  
33
Report of Independent Registered Public Accounting Firm
  
35
Consolidated Financial Statements and Notes
I1
36
Consolidated Income Statement (Unaudited)
  
36
Consolidated Comprehensive Income Statement (Unaudited)
  
36
Consolidated Balance Sheet (Unaudited at March 31, 2024)
  
37
Consolidated Statement of Changes in Total Equity (Unaudited)
  
38
Consolidated Cash Flow Statement (Unaudited)
  
39
Notes to Consolidated Financial Statements (Unaudited)
  
40
1.
Introduction and Basis of Presentation
  
40
2.
Significant Accounting Policies
  
41
3.
Cash and Cash Equivalents
41
4.
Fair Values
  
41
5.
Fair Value Option
47
6.
Derivative Instruments and Hedging Activities
  
48
7.
Investment Securities
  
51
8.
Collateralized Transactions
  
53
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
  
55
10.
Other Assets
  
58
11.
Deposits
  
58
12.
Borrowings and Other Secured Financings
  
59
13.
Commitments, Guarantees and Contingencies
  
59
14.
Variable Interest Entities and Securitization Activities
  
63
15.
Regulatory Requirements
  
65
16.
Total Equity
  
67
17.
Interest Income and Interest Expense
  
69
18.
Income Taxes
  
69
19.
Segment, Geographic and Revenue Information
  
69
Financial Data Supplement (Unaudited)
  
72
Glossary of Common Terms and Acronyms
  
73
Controls and Procedures
I4
74
II 
Legal Proceedings
II1
74
Risk Factors
II1A
74
Unregistered Sales of Equity Securities and Use of Proceeds
II2
74
Other Information
II5
74
Exhibits
II6
74
  
74

2
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“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; and
•2022 ESG Report: Diversity & Inclusion, Climate, and Sustainability.
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.
3
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 securities and other products, 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” and “Risk Factors” in the 2023 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended March 31, 2024
•The Firm reported net revenues of $15.1 billion and net income of $3.4 billion with strong contributions across each of our businesses.
•The Firm delivered ROE of 14.5% and ROTCE of 19.7% (see “Selected Non-GAAP Financial Information” herein).
•The Firm’s expense efficiency ratio was 71% demonstrating operating leverage in an improving market environment.
•At March 31, 2024, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.0%.
•Institutional Securities net revenues of $7.0 billion reflect strong performance across the broad franchise, with particular strength in Equity as well as underwriting revenues, partially offset by lower results in Advisory.
•Wealth Management delivered a pre-tax margin of 26.3%. Net revenues were $6.9 billion on higher asset management revenues driven by the positive market environment. Net new assets for the quarter were $95 billion.
•Investment Management results reflect net revenues of $1.4 billion on higher average AUM of $1.5 trillion. The quarter included positive long-term net flows of $7.6 billion.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $15.1 billion in the quarter ended March 31, 2024 (“current quarter,” or “1Q 2024”), which increased by 4% compared with $14.5 billion in the quarter ended March 31, 2023 (“prior year quarter,” or “1Q 2023”). For the current quarter, net income applicable to Morgan Stanley was $3.4 billion, or $2.02 per diluted common share, which increased by 14%, or 19% compared with $3.0 billion, or $1.70 per diluted common share in the prior year quarter.
Non-interest Expenses
($ in millions)
4398046950160

March 2024 Form 10-Q
5
Management’s Discussion and Analysis
Image4.jpg
•Compensation and benefits expenses of $6,696 million in the current quarter increased 4% from the prior year quarter, primarily due to an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues and higher discretionary incentive compensation, partially offset by lower stock-based compensation expense in the prior year quarter.
•Non-compensation expenses of $4,051 million in the current quarter decreased 2% from the prior year quarter, primarily driven by lower legal and professional services expenses and lower marketing and business development costs, partially offset by an increased technology spend, an incremental FDIC special assessment cost of $42 million and higher execution-related expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments was a net release of $6 million, primarily as a result of improvements in the macroeconomic outlook. This was partially offset by provisions for certain specific commercial real estate and corporate loans and modest growth in certain other loan portfolios. The Provision for credit losses on loans and lending commitments in the prior year quarter was $234 million, primarily related to a deterioration in both the macroeconomic outlook and the commercial real estate portfolio.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment1
($ in millions)
4398046950171
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
4398046950186
1.The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
•Institutional Securities net revenues of $7,016 million in the current quarter increased 3% from the prior year quarter, primarily reflecting higher underwriting revenues and higher Equity results, partially offset by lower Advisory and Fixed income results.
•Wealth Management net revenues of $6,880 million in the current quarter increased 5% from the prior year quarter, primarily reflecting higher Asset management revenues and Transactional revenues, partially offset by lower Net interest revenues.
•Investment Management net revenues of $1,377 million in the current quarter increased 7% from the prior year quarter, primarily reflecting an increase in Asset management and related fees.
Net Revenues by Region1
($ in millions)
10445360903041
1.For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2023 Form 10-K.
•Americas net revenues in the current quarter increased 7% from the prior year quarter, driven by higher results across all business segments.
6
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
•EMEA net revenues in the current quarter increased 5% from the prior year quarter, primarily driven by higher results from Investment Banking and Equity, partially offset by lower results from Fixed income within the Institutional Securities business segment.
•Asia net revenues in the current quarter decreased 12% from the prior year quarter, primarily driven by lower results from Fixed income and Equity within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
 Three Months Ended
March 31,
$ in millions, except per share data
20242023
Consolidated results
Net revenues$15,136 $14,517 
Earnings applicable to Morgan Stanley common shareholders$3,266 $2,836 
Earnings per diluted common share$2.02 $1.70 
Consolidated financial measures
Expense efficiency ratio1
71 %72 %
ROE2
14.5 %12.4 %
ROTCE2, 3
19.7 %16.9 %
Pre-tax margin4
29 %26 %
Effective tax rate21.2 %19.3 %
Pre-tax margin by segment4
Institutional Securities34 %28 %
Wealth Management26 %26 %
Investment Management18 %13 %
$ in millions, except per share data, worldwide employees and client assets
At
March 31,
2024		At
December 31,
2023
Average liquidity resources for three months ended5
$318,664 $314,504 
Loans6
$227,145 $226,828 
Total assets$1,228,503 $1,193,693 
Deposits$352,494 $351,804 
Borrowings$271,383 $263,732 
Common equity
$90,448 $90,288 
Tangible common equity3
$66,813 $66,527 
Common shares outstanding1,627 1,627 
Book value per common share7
$55.60 $55.50 
Tangible book value per common share3, 7
$41.07 $40.89 
Worldwide employees (in thousands)80 80 
Client assets8 (in billions)
$7,000 $6,588 
Capital Ratios9
Common Equity Tier 1 capital—Standardized15.0 %15.2 %
Tier 1 capital—Standardized16.9 %17.1 %
Common Equity Tier 1 capital—Advanced15.4 %15.5 %
Tier 1 capital—Advanced17.3 %17.4 %
Tier 1 leverage6.7 %6.7 %
SLR5.4 %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 equity and tangible common 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.
Economic and Market Conditions
The market environment continued to improve in the first quarter of 2024, despite heightened geopolitical risks, continued inflationary concerns and uncertainty regarding the future path of interest rates, which have remained persistently high relative to recent years. The timing and pace of interest rate changes remain unknown and could impact capital markets in 2024. The market environment impacted our businesses, as discussed further in “Business Segments” herein, and, to the extent that it continues to remain uncertain, could adversely impact client confidence and related activity.
For more information on economic and market conditions, and the potential effects of geopolitical events and acts of war or aggression on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2023 Form 10-K.
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.
We present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends,
March 2024 Form 10-Q
7
Management’s Discussion and Analysis
Image4.jpg
especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the 2023 Form 10-K.
Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.
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 millions20242023
Net revenues$15,136 $14,517 
Adjustment for mark-to-market losses (gains) on DCP1
(187)(153)
Adjusted Net revenues—non-GAAP$14,949 $14,364 
Compensation expense$6,696 $6,410 
Adjustment for mark-to-market gains (losses) on DCP1
(249)(193)
Adjusted Compensation expense—non-GAAP$6,447 $6,217 
Wealth Management Net revenues$6,880 $6,559 
Adjustment for mark-to-market losses (gains) on DCP1
(140)(101)
Adjusted Wealth Management Net revenues—non-GAAP$6,740 $6,458 
Wealth Management Compensation expense$3,788 $3,477 
Adjustment for mark-to-market gains (losses) on DCP1
(156)(119)
Adjusted Wealth Management Compensation expense—non-GAAP$3,632 $3,358 
$ in millionsAt
March 31,
2024		At
December 31,
2023
Tangible equity
Common equity
$90,448 $90,288 
Less: Goodwill and net intangible assets(23,635)(23,761)
Tangible common equity—non-GAAP
$66,813 $66,527 
Average Monthly Balance
 Three Months Ended
March 31,
$ in millions20242023
Tangible equity
Common equity
$89,913 $91,382 
Less: Goodwill and net intangible assets(23,705)(24,198)
Tangible common equity—non-GAAP
$66,208 $67,184 
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
March 31,
$ in billions20242023
Average common equity2
Institutional Securities$45.0 $45.6 
Wealth Management29.1 28.8 
Investment Management10.8 10.4 
ROE3
Institutional Securities15 %12 %
Wealth Management19 %19 %
Investment Management7 %5 %
Average tangible common equity2
Institutional Securities$44.6 $45.2 
Wealth Management15.5 14.8 
Investment Management1.1 0.7 
ROTCE3
Institutional Securities15 %12 %
Wealth Management35 %36 %
Investment Management68 %73 %
1.Net revenues and compensation expense are adjusted for DCP 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 2023 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 Company 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, annualized 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 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 2023 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.


8
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
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 2023 Form 10-K.























































March 2024 Form 10-Q
9
Management’s Discussion and Analysis
Image4.jpg
Institutional Securities
Income Statement Information
Three Months Ended
March 31,		% Change
$ in millions20242023
Revenues
Advisory$461 $638 (28)%
Equity430 202 113 %
Fixed income556 407 37 %
Total Underwriting986 609 62 %
Total Investment banking1,447 1,247 16 %
Equity2,842 2,729 4 %
Fixed income2,485 2,576 (4)%
Other242 245 (1)%
Net revenues$7,016 $6,797 3 %
Provision for credit losses2 189 (99)%
Compensation and benefits2,343 2,365 (1)%
Non-compensation expenses2,320 2,351 (1)%
Total non-interest expenses4,663 4,716 (1)%
Income before provision for income taxes2,351 1,892 24 %
Provision for income taxes482 363 33 %
Net income1,869 1,529 22 %
Net income applicable to noncontrolling interests50 51 (2)%
Net income applicable to Morgan Stanley$1,819 $1,478 23 %
Investment Banking
Investment Banking Volumes
Three Months Ended
March 31,
$ in billions20242023
Completed mergers and acquisitions1
$115 $128 
Equity and equity-related offerings2, 3
16 11 
Fixed income offerings2, 4
95 63 
Source: Refinitiv data as of April 1, 2024. 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 $1,447 million in the current quarter increased 16% from the prior year quarter, reflecting an increase in underwriting revenues, partially offset by lower Advisory revenues.
•Advisory revenues decreased primarily due to fewer completed M&A transactions.
•Equity underwriting revenues increased on higher volumes, primarily in initial public and follow-on offerings.
•Fixed income underwriting revenues increased primarily due to higher bond issuances, securitized products revenues and investment-grade loan issuances.
While Investment Banking results improved from recent quarters on higher underwriting revenues, we continue to operate in a market environment with lower completed M&A activity.
See “Investment Banking Volumes” herein.
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended March 31, 2024
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,022 $136 $(891)$1 $1,268 
Execution services972 609 (41)34 1,574 
Total Equity$2,994 $745 $(932)$35 $2,842 
Total Fixed Income$2,594 $104 $(292)$79 $2,485 
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 
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 $2,842 million in the current quarter increased 4% compared with the prior year quarter, reflecting an increase in Execution services, partially offset by a decrease in Financing.
•Financing revenues decreased primarily driven by lower gains on inventory held to facilitate client activity in Asia compared to elevated results in the prior year quarter, partially offset by the impact of higher average client balances.
•Execution services revenues increased primarily due to higher gains on inventory held to facilitate client activity in derivatives and cash equities and mark-to-market gains on business-related investments compared with losses in the prior year quarter.
10
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Fixed Income
Net revenues of $2,485 million in the current quarter decreased 4% from the prior year quarter, primarily reflecting a decrease in client activity, partially offset by an increase in certain commodities products.
•Global macro products revenues decreased primarily due to decreased client activity in foreign exchange and rates products.
•Credit products revenues decreased primarily due to lower client activity, partially offset by higher gains on inventory held to facilitate client activity.
•Commodities products and other fixed income revenues increased primarily due to higher gains on inventory held to facilitate client activity.
Other Net Revenues
Other net revenues of $242 million in the current quarter were relatively unchanged from the prior year quarter.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $2 million in the current quarter was primarily related to modest growth in certain loan portfolios and provisions for certain specific commercial real estate and corporate loans, partially offset by improvements in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments was $189 million in the prior year quarter, primarily related to a deterioration in both the macroeconomic outlook and the commercial real estate portfolio.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-interest Expenses
Non-interest expenses of $4,663 million in the current quarter decreased 1% compared with the prior year quarter, primarily due to lower Non-compensation expenses.
•Compensation and benefits expenses were relatively unchanged from the prior year quarter, reflecting lower stock-based compensation expense in the prior year quarter and the impact of lower headcount, offset by higher discretionary incentive compensation.
•Non-compensation expenses decreased primarily due to lower legal and professional services expenses, partially offset by higher execution-related expenses and an increased technology spend.
March 2024 Form 10-Q
11
Management’s Discussion and Analysis
Image4.jpg
Wealth Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20242023
Revenues
Asset management$3,829 $3,382 13 %
Transactional1
1,033 921 12 %
Net interest1,856 2,158 (14)%
Other1
162 98 65 %
Net revenues6,880 6,559 5 %
Provision for credit losses(8)45 (118)%
Compensation and benefits3,788 3,477 9 %
Non-compensation expenses1,294 1,325 (2)%
Total non-interest expenses5,082 4,802 6 %
Income before provision for
income taxes
$1,806 $1,712 5 %
Provision for income taxes403 336 20 %
Net income applicable to Morgan Stanley $1,403 $1,376 2 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues. Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt March 31,
2024		At December 31,
2023
Total client assets1
$5,495$5,129
U.S. Bank Subsidiary loans$147$147
Margin and other lending2
$23$21
Deposits3
$347$346
Annualized weighted average cost of deposits4
Period end2.96%2.92%
 Period average for three months ended
2.92%2.86%
Three Months Ended
March 31,
20242023
Net new assets
$94.9$109.6
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 “Advisor-Led Channel” and “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 our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.
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, 2024 and December 31, 2023. The period average is based on daily balances and rates for the year.
Net New Assets
NNA represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, our ability to attract and retain financial
advisors and clients, and timing of large idiosyncratic flows. Of the $95 billion of NNA during the current quarter, a little more than half related to our family office offering. Macroeconomic factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.
Advisor-led Channel
$ in billionsAt March 31,
2024		At December 31,
2023
Advisor-led client assets1
$4,302$3,979
Fee-based client assets2
$2,124$1,983
Fee-based client assets as a percentage of advisor-led client assets49%50%
Three Months Ended
March 31,
20242023
Fee-based asset flows3
$26.2$22.4
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 2023 Form 10-K.
Self-directed Channel

At March 31,
2024		At December 31,
2023
Self-directed client assets1 (in billions)
$1,194$1,150
Self-directed households2 (in millions)
8.18.1
Three Months Ended
March 31,
20242023
Daily average revenue trades (“DARTs”)3 (in thousands)
841831
1.Self-directed client 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 active 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
At March 31,
2024		At December 31,
2023
Stock plan unvested assets2 (in billions)
$457$416
Stock plan participants3 (in millions)
6.66.6
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 $3,829 million in the current quarter increased 13% compared with the prior year quarter, primarily reflecting higher fee-based asset levels in the
12
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
current quarter due to higher market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $1,033 million in the current quarter increased 12% compared with the prior year quarter, primarily due to higher revenues from the distribution of structured products commensurate with equity markets and higher gains on DCP investments.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $1,856 million in the current quarter decreased 14% when compared with the prior year quarter, primarily due to changes in deposit mix, partially offset by the net effect of higher interest rates.
The level and pace of interest rate changes and other macroeconomic factors continued to impact client preferences for cash allocation to higher-yielding products and the pace of reallocation of client balances, resulting in changes in the deposit mix and associated interest expense, as well as client demand for loans. If these trends persist, net interest income may be further impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments was a net release of $8 million in the current quarter as a result of improvements in the macroeconomic outlook. This was partially offset by provisions for certain specific commercial real estate loans. The Provision for credit losses on loans and lending commitments was $45 million in the prior year quarter, primarily driven by deterioration in the macroeconomic outlook.
Non-interest Expenses
Non-interest expenses of $5,082 million in the current quarter increased 6% compared with the prior year quarter, as a result of higher compensation and benefits expenses.
•Compensation and benefits expenses increased in the current quarter primarily due to an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues and higher expenses related to amortization of deferred compensation.
•Non-compensation expenses were relatively unchanged from the prior year quarter, reflecting lower professional services and legal expenses, and lower marketing and business development costs offset by the incremental FDIC special assessment cost.

Fee-Based Client Assets Rollforwards
$ in billionsAt
December 31,
2023
Inflows1
Outflows2
Market Impact3
At
March 31,
2024
Separately managed4
$589 $16 $(13)$39 $631 
Unified managed501 31 (14)27 545 
Advisor188 9 (11)12 198 
Portfolio manager645 32 (24)35 688 
Subtotal$1,923 $88 $(62)$113 $2,062 
Cash management60 12 (10)— 62 
Total fee-based
client assets
$1,983 $100 $(72)$113 $2,124 
$ in billionsAt
December 31,
2022
Inflows1
Outflows2
Market Impact3
At
March 31,
2023
Separately managed4
$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 
1.Inflows include new accounts, account transfers, deposits, dividends and interest.
2.Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.
3.Market impact includes realized and unrealized gains and losses on portfolio investments.
4.Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.
Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20242023
Separately managed12 13 
Unified managed91 93 
Advisor79 80 
Portfolio manager90 91 
Subtotal65 66 
Cash management6 6 
Total fee-based client assets63 65 
1.Based on Asset management revenues related to advisory services associated with fee-based assets.
For a description of fee-based client assets 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 2023 Form 10-K.
March 2024 Form 10-Q
13
Management’s Discussion and Analysis
Image4.jpg
Investment Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20242023
Revenues

Asset management and related fees$1,346 $1,248 8 %
Performance-based income and other1
31 41 (24)%
Net revenues1,377 1,289 7 %
Compensation and benefits565 568 (1)%
Non-compensation expenses571 555 3 %
Total non-interest expenses1,136 1,123 1 %
Income before provision for income taxes241 166 45 %
Provision for income taxes49 30 63 %
Net income192 136 41 %
Net income (loss) applicable to noncontrolling interests — 2 (100)%
Net income applicable to Morgan Stanley $192 $134 43 %
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 $1,346 million in the current quarter increased 8% from the prior year quarter, primarily driven by higher average AUM on higher market levels. Additionally, there were positive long-term net flows during the current quarter.
Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While the market environment improved in the current quarter, client preferences in previous quarters have resulted in net outflows in the Equity asset class. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.
See “Assets under Management or Supervision” herein.
Performance-based Income and Other
Performance-based income and other revenues of $31 million in the current quarter decreased from the prior year quarter, primarily due to lower accrued carried interest in certain private funds.
Non-interest Expenses
Non-interest expenses of $1,136 million in the current quarter increased 1% from the prior year quarter, primarily due to higher Non-compensation expenses.
•Compensation and benefits expenses were relatively unchanged from the prior year quarter.
•Non-compensation expenses increased in the current quarter primarily due to higher distribution expenses on higher AUM.
Assets under Management or Supervision Rollforwards
$ in billions
At
Dec 31,
2023
Inflows1
Outflows2
Market Impact3
Other4
At
Mar 31,
2024
Equity$295 $11 $(16)$24 $(4)$310 
Fixed Income
171 17 (13)1 (2)174 
Alternatives and Solutions508 35 (24)26 (2)543 
Long-Term AUM
$974 $63 $(53)$51 $(8)$1,027 
Liquidity and Overlay Services485 522 (531)6 (4)478 
Total$1,459 $585 $(584)$57 $(12)$1,505 
$ in billions
At
Dec 31,
2022
Inflows1
Outflows2
Market Impact3
Other4
At
Mar 31,
2023
Equity$259 $10 $(12)$21 $(1)$277 
Fixed Income
173 16 (17)4 (1)175 
Alternatives and Solutions431 18 (16)15 — 448 
Long-Term AUM
$863 $44 $(45)$40 $(2)$900 
Liquidity and Overlay Services442 585 (568)6 (3)462 
Total$1,305 $629 $(613)$46 $(5)$1,362 
1.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including reinvestments of client dividends and increases in invested capital. Inflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
2.Outflows represent redemptions from clients’ funds, transition of funds from the committed capital period to the invested capital period and decreases in invested capital. Outflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
3.Market impact includes realized and unrealized gains and losses on portfolio investments. This excludes any funds where market impact does not impact management fees.
4.Other contains both distributions and foreign currency impact for all periods. Distributions represent decreases in invested capital due to returns of capital after the investment period of a fund. It also includes fund dividends that the client has not reinvested. Foreign currency impact reflects foreign currency changes for non-U.S. dollar dominated funds.
Average AUM
 Three Months Ended
March 31,
$ in billions20242023
Equity $302 $271 
Fixed income172 175 
Alternatives and Solutions523 441 
Long-term AUM subtotal997 887 
Liquidity and Overlay Services482 442 
Total AUM$1,479 $1,329 
14
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20242023
Equity 71 72
Fixed income36 35
Alternatives and Solutions29 33
Long-term AUM43 45
Liquidity and Overlay Services13 13
Total AUM33 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 in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2023 Form 10-K.
March 2024 Form 10-Q
15
Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. Bank Subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) 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 our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans. Lending activity in our 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” herein. 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,
2024		At
December 31,
2023
Investment securities:
Available-for-sale at fair value$65.3 $66.6 
Held-to-maturity50.7 51.4 
Total Investment securities$116.0 $118.0 
Wealth Management Loans2
Residential real estate$61.3 $60.3 
Securities-based lending and Other3
86.1 86.2 
Total, net of ACL$147.4 $146.5 
Institutional Securities Loans2
Corporate$7.9 $10.1 
Secured lending facilities40.5 40.8 
Commercial and Residential real estate11.1 10.7 
Securities-based lending and Other4.4 4.1 
Total, net of ACL$63.9 $65.7 
Total Assets$400.9 $396.1 
Deposits4
$346.6 $346.1 
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. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
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 updates; however, we do not expect a material impact on our financial condition or results of operations upon adoption:

•Income Tax Disclosures. This accounting update requires disclosure of additional information in relation to income taxes, including additional disaggregation of the income tax rate reconciliation and income taxes paid. For the income tax rate reconciliation, this update requires (1) disclosure of specific categories of reconciling items; and (2) additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). For income taxes paid, this update requires disclosure of information, including (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes; and (2) the amount of income taxes paid (net of refunds received), disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). Additionally, the update requires disclosure of (1) income (or loss) before income taxes, disaggregated between domestic and foreign; and (2) income taxes disaggregated by federal, state and foreign. The accounting update is effective for annual periods beginning January 1, 2025, with early adoption permitted.

•Segment Reporting. This accounting update requires additional reportable segment disclosures on an annual and interim basis, primarily about significant segment expenses and other segment items that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss. This update does not change how operating segments are identified or aggregated, or how quantitative thresholds are applied to determine the reportable segments. The accounting update is effective for fiscal years beginning January 1, 2024, and interim periods within fiscal years beginning January 1, 2025, 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 2023 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 14 to the financial statements in the 2023 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 2023 Form 10-K.
16
March 2024 Form 10-Q
Management’s Discussion and Analysis
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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. 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 Corporate Treasury department (“Treasury”), 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.
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, 2024
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$73,593 $28,550 $162 $102,305 
Trading assets at fair value353,117 9,177 5,339 367,633 
Investment securities38,562 114,171 — 152,733 
Securities purchased under agreements to resell102,295 20,438 — 122,733 
Securities borrowed131,780 1,072 — 132,852 
Customer and other receivables47,665 32,489 1,485 81,639 
Loans1
69,811 147,405 4 217,220 
Goodwill
444 10,196 6,082 16,722 
Intangible assets
35 3,306 3,573 6,914 
Other assets2
15,391 11,120 1,241 27,752 
Total assets$832,693 $377,924 $17,886 $1,228,503 
At December 31, 2023
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$72,928 $16,172 $132 $89,232 
Trading assets at fair value353,841 7,962 5,271 367,074 
Investment securities39,212 115,595 — 154,807 
Securities purchased under agreements to resell90,701 20,039 — 110,740 
Securities borrowed119,823 1,268 — 121,091 
Customer and other receivables47,333 31,237 1,535 80,105 
Loans1
72,110 146,526 4 218,640 
Goodwill
424 10,199 6,084 16,707 
Intangible assets
26 3,427 3,602 7,055 
Other assets2
14,108 12,743 1,391 28,242 
Total assets$810,506 $365,168 $18,019 $1,193,693 
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 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 $1,229 billion at March 31, 2024 were relatively unchanged from $1,194 billion at December 31, 2023.
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 2023 Form 10-K.
At March 31, 2024 and December 31, 2023, 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.
March 2024 Form 10-Q
17
Management’s Discussion and Analysis
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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,
2024		December 31,
2023
Cash deposits with central banks$63,913 $64,205 
Unencumbered HQLA Securities1:
U.S. government obligations140,628 137,635 
U.S. agency and agency mortgage-backed securities86,507 83,733 
Non-U.S. sovereign obligations2
19,397 20,117 
Other investment grade securities969 678 
Total HQLA1
$311,414 $306,368 
Cash deposits with banks (non-HQLA)7,250 8,136 
Total Liquidity Resources$318,664 $314,504 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered French, U.K., Japanese, German, Italian and Spanish government obligations.
Liquidity Resources by Bank and Non-Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2024		December 31,
2023
Bank legal entities
U.S.$139,457 $132,870 
Non-U.S.5,661 5,359 
Total Bank legal entities145,118 138,229 
Non-Bank legal entities
U.S.:
Parent Company59,420 58,494 
Non-Parent Company56,059 56,459 
Total U.S.115,479 114,953 
Non-U.S.58,067 61,322 
Total Non-Bank legal entities173,546 176,275 
Total Liquidity Resources$318,664 $314,504 
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 rule requires large banking organizations to 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 rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.
As of March 31, 2024, 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,
2024		December 31,
2023
Eligible HQLA
Cash deposits with central banks$58,096 $58,047 
Securities1
192,944 194,970 
Total Eligible HQLA
$251,040 $253,017 
Net cash outflows
$200,358 $196,488 
LCR125 %129 %
1.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.
Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.
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
18
March 2024 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Resources—Funding Management—Secured Financing” in the 2023 Form 10-K.
Collateralized Financing Transactions
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Securities purchased under agreements to resell and Securities borrowed$255,585 $231,831 
Securities sold under agreements to repurchase and Securities loaned$98,349 $77,708 
Securities received as collateral1
$3,357 $6,219 
 Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2024		December 31,
2023
Securities purchased under agreements to resell and Securities borrowed$228,978 $235,928 
Securities sold under agreements to repurchase and Securities loaned$97,495 $87,285 
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 2023 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 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 2023 Form 10-K.
Deposits
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Savings and demand deposits:
Brokerage sweep deposits1
$141,996 $148,274 
Savings and other146,457 139,978 
Total Savings and demand deposits288,453 288,252 
Time deposits2
64,041 63,552 
Total3
$352,494 $351,804 
1.Amounts represent balances swept from client brokerage accounts.
2.Our Time deposits are predominantly brokered certificates of deposit.
3.Our deposits are primarily held in U.S. offices.
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. Total deposits in the current quarter were relatively unchanged as a result of an increase in Savings and Time Deposits offset by the continued reduction in Brokerage sweep deposits, largely due to net outflows to alternative cash equivalent and other investment products.
Borrowings by Maturity at March 31, 20241
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $5,233 $5,233 
Original maturities greater than one year
2024$6,433 $6,755 $13,188 
202520,183 14,023 34,206 
202624,314 11,429 35,743 
202720,603 7,506 28,109 
202811,245 10,366 21,611 
Thereafter 98,284 35,009 133,293 
Total greater than one year$181,062 $85,088 $266,150 
Total$181,062 $90,321 $271,383 
Maturities over next 12 months2
 $19,701 
1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.
2.Includes only borrowings with original maturities greater than one year.
Borrowings of $271 billion as of March 31, 2024 increased when compared with $264 billion at December 31, 2023 primarily due to issuances net of maturities and redemptions.
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
March 2024 Form 10-Q
19
Management’s Discussion and Analysis
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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 2023 Form 10-K.
Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 30, 2024
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-1A+Stable
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 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 data20242023
Number of shares12 16 
Average price per share$86.79 $95.16 
Total$1,000 $1,500 
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 16, 2024
Amount per share$0.85 
Date to be paidMay 15, 2024
Shareholders of record as ofApril 30, 2024
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 15 to the financial statements in the 2023 Form 10-K.
20
March 2024 Form 10-Q
Management’s Discussion and Analysis
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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 a financial holding company (“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 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 2023 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) 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, 2024 and December 31, 2023
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB1
5.4%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
0%0%
Capital buffer requirement8.4%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2023 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 2023 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 CET1 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, 2024 and December 31, 2023
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5 %12.9%10.0%
Tier 1 capital ratio6.0 %14.4%11.5%
Total capital ratio8.0 %16.4%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, 2024 and December 31, 2023, 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
March 2024 Form 10-Q
21
Management’s Discussion and Analysis
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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 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Regulatory Capital Ratios
Risk-based capital
StandardizedAdvanced
$ in millionsAt March 31, 2024
At Dec 31, 2023
At March 31, 2024
At Dec 31, 2023
Risk-based
capital
CET1 capital$70,298 $69,448 $70,298 $69,448 
Tier 1 capital79,046 78,183 79,046 78,183 
Total capital91,007 88,874 90,239 88,190 
Total RWA467,763 456,053 456,511 448,154 
Risk-based capital ratios
CET1 capital15.0 %15.2 %15.4 %15.5 %
Tier 1 capital16.9 %17.1 %17.3 %17.4 %
Total capital19.5 %19.5 %19.8 %19.7 %
Required ratios1
CET1 capital12.9 %12.9 %10.0 %10.0 %
Tier 1 capital14.4 %14.4 %11.5 %11.5 %
Total capital16.4 %16.4 %13.5 %13.5 %
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt March 31, 2024At December 31, 2023
Leveraged-based capital
Adjusted average assets1
$1,178,369 $1,159,626 
Supplementary leverage exposure2
1,464,030 1,429,552 
Leveraged-based capital ratios
Tier 1 leverage6.7 %6.7 %
SLR5.4 %5.5 %
Required ratios3
Tier 1 leverage4.0 %4.0 %
SLR5.0 %5.0 %
1.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.
2.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.
3.Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital
$ in millionsAt
March 31,
2024		At
December 31,
2023 		Change
CET1 capital
Common shareholders' equity
$90,448 $90,288 $160 
Regulatory adjustments and deductions
Net goodwill(16,392)(16,394)2 
Net intangible assets(5,394)(5,509)115 
Impact of CECL transition
62 124 (62)
Other adjustments and deductions1
1,574 939 635 
Total CET1 capital
$70,298 $69,448 $850 
Additional Tier 1 capital
Preferred stock$8,750 $8,750 $— 
Noncontrolling interests756 758 (2)
Additional Tier 1 capital$9,506 $9,508 $(2)
Deduction for investments in covered funds(758)(773)15 
Total Tier 1 capital$79,046 $78,183 $863 
Standardized Tier 2 capital
Subordinated debt$10,032 $8,760 $1,272 
Eligible ACL2,090 2,051 39 
Other adjustments and deductions(161)(120)(41)
Total Standardized Tier 2 capital$11,961 $10,691 $1,270 
Total Standardized capital$91,007 $88,874 $2,133 
Advanced Tier 2 capital
Subordinated debt$10,032 $8,760 $1,272 
Eligible credit reserves1,322 1,367 (45)
Other adjustments and deductions(161)(120)(41)
Total Advanced Tier 2 capital$11,193 $10,007 $1,186 
Total Advanced capital$90,239 $88,190 $2,049 
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.
22
March 2024 Form 10-Q
Management’s Discussion and Analysis
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RWA Rollforward
 Three Months Ended
March 31, 2024
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2023$407,731 $297,858 
Change related to the following items:
Derivatives1,072 (4,757)
Securities financing transactions4,273 288 
Investment securities(578)(1,307)
Commitments, guarantees and loans373 7,051 
Equity investments(22)(241)
Other credit risk3,205 3,508 
Total change in credit risk RWA$8,323 $4,542 
Balance at March 31, 2024$416,054 $302,400 
Market risk RWA
Balance at December 31, 2023$48,322 $48,201 
Change related to the following items:
Regulatory VaR1,336 1,336 
Regulatory stressed VaR(738)(738)
Incremental risk charge1,047 1,047 
Comprehensive risk measure81 202 
Specific risk1,661 1,661 
Total change in market risk RWA$3,387 $3,508 
Balance at March 31, 2024$51,709 $51,709 
Operational risk RWA
Balance at December 31, 2023N/A$102,095 
Change in operational risk RWAN/A307 
Balance at March 31, 2024N/A$102,402 
Total RWA $467,763 $456,511 
Regulatory VaR—VaR for regulatory capital requirements

In the current quarter, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher securities financing transactions, increase in Other credit risk driven by higher securitizations, and increased exposure in equity derivatives. Under the Advanced Approach, the increase was primarily due to growth in Corporate lending and increase in Other credit risk driven by securitizations, partially offset by decreased exposure in foreign exchange derivatives.

Market risk RWA increased in the current quarter under both the Standardized and Advanced Approaches, primarily driven by higher Specific risk charges on non-securitization standardized charges, higher Regulatory VaR, and increase in Incremental risk charges.

Operational risk RWA in the current quarter remained relatively unchanged.
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.
Required and Actual TLAC and Eligible LTD Ratios
 Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
March 31,
2024 		At
December 31,
2023
External TLAC2
$257,108 $250,914 
External TLAC as a % of RWA18.0 %21.5 %55.0 %55.0 %
External TLAC as a % of leverage exposure7.5 %9.5 %17.6 %17.6 %
Eligible LTD3
$167,788 $162,547 
Eligible LTD as a % of RWA9.0 %9.0 %35.9 %35.6 %
Eligible LTD as a % of leverage exposure4.5 %4.5 %11.5 %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, 2024 and December 31, 2023.
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 2023 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 5.4% through September 30, 2024. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 12.9%.
For the 2024 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2024. The Federal Reserve
March 2024 Form 10-Q
23
Management’s Discussion and Analysis
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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, 2024. 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 2023 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 Company common equity. We generally hold Parent Company 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 billions20242023
Institutional Securities$45.0 $45.6 
Wealth Management29.1 28.8 
Investment Management10.8 10.4 
Parent Company
5.0 6.6 
Total$89.9 $91.4 
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.
Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC (“Agencies”) 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 2023 full resolution plan on June 30, 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 LTD 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 2023 Form 10-K.
24
March 2024 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Developments and Other Matters
FDIC Final Rulemaking on Special Assessment

Following the failures of certain banks and resulting losses to the FDIC’s Deposit Insurance Fund in the first half of 2023, the FDIC adopted a final rule on November 16, 2023 to implement a special assessment to recover the cost associated with protecting uninsured depositors. Under the final rule, the assessment base for the special assessment is equal to an IDI’s estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The $5 billion exclusion is applied once to the aggregate uninsured deposits of our U.S. Bank Subsidiaries. The final rule provides that, starting in 2024, the FDIC will collect the special assessment at a quarterly rate of 3.36 basis points over eight quarterly assessment periods, subject to change depending on any adjustments to the loss estimate, mergers, failures, or amendments to reported estimates of uninsured deposits. We recorded the cost of the special assessment of $286 million in Non-interest expenses when the final rule was published in the Federal Register, in the fourth quarter of 2023. We recorded the incremental estimated cost of $42 million during the first quarter based on the February notification received from the FDIC which contained the revised estimated losses as well as the estimated recoveries from its receivership residual interests from those bank failures.
Basel III Endgame and G-SIB Surcharge Proposals
On July 27, 2023, U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to us and our U.S. Bank Subsidiaries (“Basel III Endgame Proposal”). For more information on the Basel III Endgame Proposal, as well as the proposed revisions to the G-SIB capital surcharge framework, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters” in the 2023 Form 10-K.
March 2024 Form 10-Q
25
Quantitative and Qualitative Disclosures about Risk
Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2023 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 2023 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 2023 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 Three Months Ended
March 31, 2024
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$40 $40 $52 $27 
Equity price23 21 24 17 
Foreign exchange rate8 9 15 6 
Commodity price18 13 18 10 
Less: Diversification benefit2
(36)(35)N/AN/A
Primary Risk Categories$53 $48 $58 $38 
Credit Portfolio25 24 25 22 
Less: Diversification benefit2
(18)(18)N/AN/A
Total Management VaR$60 $54 $62 $43 
 Three Months Ended
December 31, 2023
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$29 $31 $39 $27 
Equity price19 22 38 15 
Foreign exchange rate6 7 14 5 
Commodity price11 13 20 10 
Less: Diversification benefit2
(27)(35)N/AN/A
Primary Risk Categories$38 $38 $45 $33 
Credit Portfolio25 22 25 19 
Less: Diversification benefit2
(22)(14)N/AN/A
Total Management VaR$41 $46 $54 $41 
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 are also are taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories increased from the three months ended December 31, 2023, primarily driven by increased exposure in the interest rate and credit spread risk category.
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 trading loss days in the current quarter, none of which exceeded 95% Total Management VaR.
26
March 2024 Form 10-Q
Risk Disclosures
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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
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,
2024		At
December 31,
2023
Derivatives$5 $6 
Borrowings carried at fair value49 48 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.
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,
2024		At
December 31,
2023
Basis point change
+100$561 $585 
 -100(590)(609)
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, our forecasted business activity and deposit forecasts, which include assumptions around client behavior.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment 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, the level of interest rates could also impact client demand for loans.
March 2024 Form 10-Q
27
Risk Disclosures
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Net interest income sensitivity to interest rates at March 31, 2024 was relatively unchanged from December 31, 2023.
Investments Sensitivity, Including Related Carried Interest
 Loss from 10% Decline
$ in millionsAt
March 31,
2024		At
December 31,
2023
Investments related to Investment Management activities$528 $481 
Other investments:
MUMSS129 134 
Other Firm investments408 399 
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, 2024 and December 31. 2023. Investment sensitivity increased due to new investments in public funds within the Investment Management segment.
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 2023 Form 10-K.
Loans and Lending Commitments
 At March 31, 2024
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$7,171 $9,655 $— $16,826 
Secured lending facilities38,692 3,564 — 42,256 
Commercial and Residential real estate8,689 205 4,479 13,373 
Securities-based lending and Other2,687 — 4,985 7,672 
Total Institutional Securities57,239 13,424 9,464 80,127 
Wealth Management:
Residential real estate61,339 2 — 61,341 
Securities-based lending and Other86,353 — — 86,353 
Total Wealth Management147,692 2 — 147,694 
Total Investment Management2
4 — 461 465 
Total loans204,935 13,426 9,925 228,286 
ACL(1,141)(1,141)
Total loans, net of ACL$203,794 $13,426 $9,925 $227,145 
Lending commitments3
$134,938 $22,148 $600 $157,686 
Total exposure$338,732 $35,574 $10,525 $384,831 
 At December 31, 2023
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$6,758 $11,862 $— $18,620 
Secured lending facilities39,498 3,161 — 42,659 
Commercial and Residential real estate8,678 209 3,331 12,218 
Securities-based lending and Other2,818 — 4,402 7,220 
Total Institutional Securities57,752 15,232 7,733 80,717 
Wealth Management:
Residential real estate60,375 22 — 60,397 
Securities-based lending and Other86,423 1 — 86,424 
Total Wealth Management146,798 23 — 146,821 
Total Investment Management2
4 — 455 459 
Total loans204,554 15,255 8,188 227,997 
ACL(1,169)(1,169)
Total loans, net of ACL$203,385 $15,255 $8,188 $226,828 
Lending commitments3
$128,134 $21,329 $510 $149,973 
Total exposure$331,519 $36,584 $8,698 $376,801 
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1.FVO includes the fair value of certain unfunded lending commitments.
2.Investment Management business segment loans are related to certain of our activities as an investment adviser 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.
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.
28
March 2024 Form 10-Q
Risk Disclosures
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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 2023 Form 10-K.
Total loans and lending commitments increased by approximately $8 billion since December 31, 2023, primarily due to an increase in Secured lending facilities and 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 millionsThree Months Ended March 31, 2024
ACL—Loans
Beginning balance$1,169 
Provision for credit losses(22)
Other(6)
Ending balance
$1,141 
ACL—Lending commitments
Beginning balance$551 
Provision for credit losses16 
Other(2)
Ending balance
$565 
Total ending balance
$1,706 
Provision for Credit Losses by Business Segment
Three Months Ended March 31, 2024
$ in millionsISWMTotal
Loans$(16)$(6)$(22)
Lending commitments18 (2)16 
Total$2 $(8)$(6)
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 decreased in the current quarter, primarily related to improvements in the macroeconomic outlook. This was partially offset by provisions for certain specific commercial real estate and corporate loans and modest growth in certain other loan portfolios. There were no material charge-offs during the three months ended March 31, 2024. During the three months ended March 31, 2023, our net charge-off ratio was 0.04%.
The base scenario used in our ACL models as of March 31, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes slow economic growth in 2024, followed by a gradual improvement in 2025, as well as lower credit spreads and interest rates relative to the prior forecast. 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 2024
4Q 2025
Year-over-year growth rate1.0 %2.0 %
See Note 2 to the financial statements in the 2023 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Status of Loans Held for Investment
At March 31, 2024At December 31, 2023
ISWMISWM
Accrual99.0 %99.7 %98.9 %99.8 %
Nonaccrual1
1.0 %0.3 %1.1 %0.2 %
1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more.
Institutional Securities Loans and Lending Commitments1
 At March 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$1 $11 $68 $— $80 
A1,316 1,068 176 — 2,560 
BBB5,455 9,821 389 — 15,665 
BB10,925 18,090 2,525 315 31,855 
Other NIG9,356 11,661 2,851 171 24,039 
Unrated2
271 1,509 94 3,202 5,076 
Total loans, net of ACL27,324 42,160 6,103 3,688 79,275 
Lending commitments
AAA— 50 — — 50 
AA2,531 3,164 586 — 6,281 
A6,627 21,372 970 — 28,969 
BBB9,623 47,594 890 — 58,107 
BB3,238 18,980 3,809 465 26,492 
Other NIG1,497 14,817 2,296 3 18,613 
Unrated2
4 24 222 — 250 
Total lending commitments23,520 106,001 8,773 468 138,762 
Total exposure$50,844 $148,161 $14,876 $4,156 $218,037 
March 2024 Form 10-Q
29
Risk Disclosures
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 At December 31, 2023
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$3 $11 $216 $— $230 
A1,054 950 182 — 2,186 
BBB7,117 10,076 346 — 17,539 
BB11,723 16,367 1,775 277 30,142 
Other NIG9,586 12,961 2,924 156 25,627 
Unrated2
111 1,036 62 2,910 4,119 
Total loans, net of ACL29,594 41,401 5,505 3,343 79,843 
Lending commitments
AAA— 50 — — 50 
AA2,610 3,064 154 — 5,828 
A7,704 21,256 593 — 29,553 
BBB9,161 46,304 106 — 55,571 
BB4,069 16,431 1,594 414 22,508 
Other NIG1,916 13,842 1,077 3 16,838 
Unrated2
6 7 — — 13 
Total lending commitments25,466 100,954 3,524 417 130,361 
Total exposure$55,060 $142,355 $9,029 $3,760 $210,204 
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,
2024 		At
December 31,
2023
Industry
Financials$61,171 $57,804 
Real estate35,543 35,342 
Industrials17,780 18,056 
Communications services15,348 15,301 
Consumer discretionary14,653 12,190 
Information technology14,501 12,430 
Healthcare13,251 14,274 
Utilities11,102 11,522 
Consumer staples9,588 9,305 
Energy9,468 9,156 
Materials6,671 6,503 
Insurance6,329 6,486 
Other2,632 1,835 
Total exposure$218,037 $210,204 
Institutional Securities Lending Activities
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of March 31, 2024 and December 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 2023 Form 10-K.
Institutional Securities Event-Driven Loans and Lending Commitments
At March 31, 2024
Contractual Years to Maturity
$ in millions<11-55-15Total
Loans, net of ACL$2,096 $693 $2,562 $5,351 
Lending commitments1,537 1,069 1,552 4,158 
Total exposure$3,633 $1,762 $4,114 $9,509 
 At December 31, 2023
 Contractual Years to Maturity 
$ in millions<11-55-15Total
Loans, net of ACL$1,974 $2,564 $2,580 $7,118 
Lending commitments3,564 685 549 4,798 
Total exposure$5,538 $3,249 $3,129 $11,916 
Event-driven loans and lending commitments are associated with certain underwritings and/or syndications 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, 2024
$ in millionsLoansLending CommitmentsTotal
Corporate$7,171 $96,771 $103,942 
Secured lending facilities38,692 18,045 56,737 
Commercial real estate8,689 351 9,040 
Securities-based lending and Other2,687 847 3,534 
Total, before ACL$57,239 $116,014 $173,253 
ACL$(852)$(548)$(1,400)
At December 31, 2023
$ in millionsLoansLending CommitmentsTotal
Corporate$6,758 $91,752 $98,510 
Secured lending facilities39,498 15,589 55,087 
Commercial real estate8,678 266 8,944 
Securities-based lending and Other2,818 915 3,733 
Total, before ACL$57,752 $108,522 $166,274 
ACL$(874)$(533)$(1,407)
30
March 2024 Form 10-Q
Risk Disclosures
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Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At March 31, 2024At December 31, 2023
$ in millions
Loans1
LC1
Total
Loans1
LC1
Total
Americas$6,066 $286 $6,352 $5,410 $289 $5,699 
EMEA3,223 158 3,381 3,127 56 3,183 
Asia545 2 547 485 — 485 
Total
$9,834 $446 $10,280 $9,022 $345 $9,367 
By Property Type
At March 31, 2024At December 31, 2023
$ in millions
Loans1
LC1
Total
Loans1
LC1
Total
Office$3,143 $167 $3,310 $3,310 $186 $3,496 
Industrial2,898 111 3,009 2,435 5 2,440 
Multifamily1,802 93 1,895 1,715 74 1,789 
Hotel1,013 69 1,082 718 73 791 
Retail978 6 984 842 7 849 
Other— — — 2 — 2 
Total
$9,834 $446 $10,280 $9,022 $345 $9,367 
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.
The current economic environment and changes in business and consumer behavior have adversely impacted commercial real estate borrowers due to pressure from higher interest rates, tenant lease renewals, and elevated refinancing risks for loans with near-term maturities, 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, 2024 and December 31, 2023, our lending against commercial real estate (“CRE”) properties totaled $10.3 billion and $9.4 billion within the Institutional Securities business segment, which represents 4.7% and 4.5% of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.
In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Three Months Ended March 31, 2024
$ in millionsCorporate Secured Lending Facilities
CRE
OtherTotal
ACL—Loans
Beginning balance
$241 $153 $463 $17 $874 
Provision (release)
1 (17)1 (1)(16)
Other(1)(1)(3)(1)(6)
Ending balance
$241 $135 $461 $15 $852 
ACL—Lending commitments
Beginning balance
$431 $70 $26 $6 $533 
Provision (release)
(2)25 (3)(2)18 
Other(3)(1)— 1 (3)
Ending balance
$426 $94 $23 $5 $548 
Total ending balance
$667 $229 $484 $20 $1,400 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
March 31,
2024 		At
December 31,
2023
Corporate3.4 %3.6 %
Secured lending facilities0.3 %0.4 %
Commercial real estate5.3 %5.3 %
Securities-based lending and Other0.6 %0.6 %
Total Institutional Securities loans1.5 %1.5 %
Wealth Management Loans and Lending Commitments
 At March 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$76,968 $7,751 $1,302 $132 $86,153 
Residential real estate
1 101 1,214 59,936 61,252 
Total loans, net of ACL$76,969 $7,852 $2,516 $60,068 $147,405 
Lending commitments15,966 2,582 16 360 18,924 
Total exposure$92,935 $10,434 $2,532 $60,428 $166,329 
 At December 31, 2023
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$76,923 $7,679 $1,494 $133 $86,229 
Residential real estate
1 91 1,255 58,950 60,297 
Total loans, net of ACL$76,924 $7,770 $2,749 $59,083 $146,526 
Lending commitments16,312 2,937 19 344 19,612 
Total exposure$93,236 $10,707 $2,768 $59,427 $166,138 
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 primarily include tailored lending, which typically consist of bespoke lending arrangements provided to ultra-high net worth clients. Securities-based lending and Other loans are generally secured by various types of eligible collateral, including
March 2024 Form 10-Q
31
Risk Disclosures
Image17.jpg
marketable securities, private investments, commercial real estate and other financial assets. For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At March 31, 2024At December 31, 2023
$ in millions
Loans1
LC1
Total
Loans1
LC1
Total
Retail$2,297 $— $2,297 $2,180 $3 $2,183 
Multifamily1,965 187 2,152 1,891 159 2,050 
Office1,734 16 1,750 1,736 16 1,752 
Industrial452 — 452 454 — 454 
Hotel387 — 387 400 — 400 
Other249 — 249 253 — 253 
Total
$7,084 $203 $7,287 $6,914 $178 $7,092 
LC–Lending Commitments
1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of March 31, 2024 and December 31, 2023, our direct lending against CRE totaled $7.3 billion and $7.1 billion within the Wealth Management business segment, which represents 4.4% and 4.3% of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. 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, which partially reduce associated credit risk. At both March 31, 2024 and December 31, 2023, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE properties within Wealth Management are in the Americas region.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
Three Months Ended March 31, 2024
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance$100 $195 $295 
Provision (release)(11)5 (6)
Ending balance
$89 $200 $289 
ACL—Lending commitments
Beginning balance$4 $14 $18 
Provision (release)— (2)(2)
Other— 1 1 
Ending balance
$4 $13 $17 
Total ending balance
$93 $213 $306 
As of March 31, 2024 and December 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,
2024		At
December 31,
2023
Institutional Securities$24,071 $24,208 
Wealth Management23,393 21,436 
Total$47,464 $45,644 
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 2023 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
32
March 2024 Form 10-Q
Risk Disclosures
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Derivatives
Fair Value of OTC Derivative Assets
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
At March 31, 2024
Less than 1 year$1,161 $10,878 $33,637 $19,901 $8,625 $74,202 
1-3 years1,124 6,575 17,723 10,978 6,582 42,982 
3-5 years1,107 7,777 8,493 5,249 3,914 26,540 
Over 5 years3,119 28,963 48,383 27,306 7,059 114,830 
Total, gross$6,511 $54,193 $108,236 $63,434 $26,180 $258,554 
Counterparty netting(3,099)(41,773)(80,599)(44,702)(14,299)(184,472)
Cash and securities collateral(2,475)(10,237)(24,557)(13,362)(6,101)(56,732)
Total, net$937 $2,183 $3,080 $5,370 $5,780 $17,350 
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
At December 31, 2023
Less than 1 year$2,013 $16,885 $37,517 $25,529 $10,084 $92,028 
1-3 years1,013 7,274 18,451 12,757 7,360 46,855 
3-5 years504 8,897 8,814 5,989 3,825 28,029 
Over 5 years3,955 29,511 50,512 28,003 6,597 118,578 
Total, gross$7,485 $62,567 $115,294 $72,278 $27,866 $285,490 
Counterparty netting(3,691)(48,821)(86,826)(53,178)(15,888)(208,404)
Cash and securities collateral(2,709)(10,704)(25,921)(13,025)(5,554)(57,913)
Total, net$1,085 $3,042 $2,547 $6,075 $6,424 $19,173 
$ in millionsAt
March 31,
2024		At
December 31,
2023
Industry
Financials$5,511 $7,215 
Utilities4,606 4,267 
Regional governments1,181 1,319 
Industrials940 937 
Communications services802 841 
Energy643 533 
Consumer discretionary590 684 
Information technology521 677 
Healthcare481 468 
Consumer staples477 515 
Materials358 383 
Sovereign governments247 262 
Insurance160 156 
Real estate136 167 
Not-for-profit organizations135 166 
Other562 583 
Total$17,350 $19,173 
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 2023 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 2023 Form 10-K.
Top 10 Non-U.S. Country Exposures
At March 31, 2024
$ in millionsUnited KingdomFranceGermanyBrazilChina
Sovereign
Net inventory1
$122 $2,407 $(713)$5,064 $2,161 
Net counterparty exposure2
14 — 120 3 334 
Exposure before hedges136 2,407 (593)5,067 2,495 
Hedges3
(55)(6)(253)(154)— 
Net exposure$81 $2,401 $(846)$4,913 $2,495 
Non-sovereign
Net inventory1
$1,476 $1,113 $852 $129 $2,293 
Net counterparty exposure2
6,737 2,977 2,920 329 171 
Loans7,192 721 1,404 381 344 
Lending commitments9,736 3,091 5,500 456 666 
Exposure before hedges25,141 7,902 10,676 1,295 3,474 
Hedges3
(1,963)(2,112)(2,031)(14)(1)
Net exposure$23,178 $5,790 $8,645 $1,281 $3,473 
Total net exposure$23,259 $8,191 $7,799 $6,194 $5,968 
$ in millionsJapanIndiaKoreaCanadaAustralia
Sovereign
Net inventory1
$(42)$2,450 $3,054 $838 $117 
Net counterparty exposure2
17 — 387 15 91 
Exposure before hedges(25)2,450 3,441 853 208 
Hedges3
— — — — — 
Net exposure$(25)$2,450 $3,441 $853 $208 
Non-sovereign
Net inventory1
$1,426 $979 $37 $259 $208 
Net counterparty exposure2
4,766 1,317 822 1,002 722 
Loans23 116 — 316 1,719 
Lending commitments— — — 1,703 936 
Exposure before hedges6,215 2,412 859 3,280 3,585 
Hedges3
(234)— — (106)(14)
Net exposure$5,981 $2,412 $859 $3,174 $3,571 
Total net exposure$5,956 $4,862 $4,300 $4,027 $3,779 
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 2023 Form 10-K.
March 2024 Form 10-Q
33
Risk Disclosures
Image17.jpg
Additional Information—Top 10 Non-U.S. Country Exposures
Collateral Held Against Net Counterparty Exposure1
$ in millionsAt
March 31,
2024
Country of Risk
Collateral2
United KingdomU.K., U.S., and France$8,039 
JapanJapan and U.S.5,831 
OtherU.S., Italy and France15,119 
1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at March 31, 2024.
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., cyberattacks 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 2023 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 2023 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 2023 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
Legal, Regulatory and Compliance Risk
Legal, regulatory 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, Regulatory and Compliance Risk” in the 2023 Form 10-K.
Climate Risk
Climate change manifests as physical and transition risks. The physical risks of climate change include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. The transition risk of climate change include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer behavior and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure or 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. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2023 Form 10-K.
34
March 2024 Form 10-Q


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2024, 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, 2024 and 2023, 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, 2023, 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 22, 2024, 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, 2023, 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 3, 2024


March 2024 Form 10-Q
35
Consolidated Income Statement
(Unaudited)
Image20.jpg

 Three Months Ended
March 31,
in millions, except per share data20242023
Revenues
Investment banking$1,589 $1,330 
Trading4,852 4,477 
Investments137 145 
Commissions and fees1,227 1,239 
Asset management5,269 4,728 
Other266 252 
Total non-interest revenues13,340 12,171 
Interest income1
12,930 9,980 
Interest expense1
11,134 7,634 
Net interest1,796 2,346 
Net revenues15,136 14,517 
Provision for credit losses(6)234 
Non-interest expenses
Compensation and benefits6,696 6,410 
Brokerage, clearing and exchange fees921 881 
Information processing and communications976 915 
Professional services639 710 
Occupancy and equipment441 440 
Marketing and business development217 247 
Other857 920 
Total non-interest expenses10,747 10,523 
Income before provision for income taxes4,395 3,760 
Provision for income taxes933 727 
Net income$3,462 $3,033 
Net income applicable to noncontrolling interests50 53 
Net income applicable to Morgan Stanley$3,412 $2,980 
Preferred stock dividends 146 144 
Earnings applicable to Morgan Stanley common shareholders$3,266 $2,836 
Earnings per common share
Basic$2.04 $1.72 
Diluted$2.02 $1.70 
Average common shares outstanding
Basic1,601 1,645 
Diluted1,616 1,663 
1.Prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.
Consolidated Comprehensive Income Statement
(Unaudited)
 Three Months Ended
March 31,
$ in millions20242023
Net income$3,462 $3,033 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(173)20 
Change in net unrealized gains (losses) on available-for-sale securities68 512 
Pension and other4 (1)
Change in net debt valuation adjustment(563)(15)
Net change in cash flow hedges(28)7 
Total other comprehensive income (loss)$(692)$523 
Comprehensive income$2,770 $3,556 
Net income applicable to noncontrolling interests50 53 
Other comprehensive income (loss) applicable to noncontrolling interests(56)(19)
Comprehensive income applicable to Morgan Stanley$2,776 $3,522 
March 2024 Form 10-Q
36
See Notes to Consolidated Financial Statements
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
March 31,
2024
At
December 31,
2023
Assets
Cash and cash equivalents$102,305 $89,232 
Trading assets at fair value ($148,191 and $162,698 were pledged to various parties)
367,633 367,074 
Investment securities:
Available-for-sale at fair value (amortized cost of $91,260 and $92,149)
87,313 88,113 
Held-to-maturity (fair value of $55,283 and $57,453)
65,420 66,694 
Securities purchased under agreements to resell (includes $— and $7 at fair value)
122,733 110,740 
Securities borrowed132,852 121,091 
Customer and other receivables81,639 80,105 
Loans:
Held for investment (net of allowance for credit losses of $1,141 and $1,169)
203,794 203,385 
Held for sale13,426 15,255 
Goodwill16,722 16,707 
Intangible assets (net of accumulated amortization of $4,997 and $4,847)
6,914 7,055 
Other assets27,752 28,242 
Total assets$1,228,503 $1,193,693 
Liabilities
Deposits (includes $6,429 and $6,472 at fair value)
$352,494 $351,804 
Trading liabilities at fair value152,843 151,513 
Securities sold under agreements to repurchase (includes $827 and $1,020 at fair value)
82,404 62,651 
Securities loaned15,945 15,057 
Other secured financings (includes $11,077 and $9,899 at fair value)
15,091 12,655 
Customer and other payables214,370 208,148 
Other liabilities and accrued expenses23,833 28,151 
Borrowings (includes $95,104 and $93,900 at fair value)
271,383 263,732 
Total liabilities1,128,363 1,093,711 
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: 1,626,657,461 and 1,626,828,437
20 20 
Additional paid-in capital29,046 29,832 
Retained earnings99,811 97,996 
Employee stock trusts5,250 5,314 
Accumulated other comprehensive income (loss)(7,057)(6,421)
Common stock held in treasury at cost, $0.01 par value (412,236,518 and 412,065,542 shares)
(31,372)(31,139)
Common stock issued to employee stock trusts(5,250)(5,314)
Total Morgan Stanley shareholders’ equity99,198 99,038 
Noncontrolling interests942 944 
Total equity100,140 99,982 
Total liabilities and equity$1,228,503 $1,193,693 
See Notes to Consolidated Financial Statements
37
March 2024 Form 10-Q
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg

Three Months Ended
March 31,
$ in millions20242023
Preferred Stock
Beginning and ending balance8,750 8,750 
Common Stock
Beginning and ending balance20 20 
Additional Paid-in Capital
Beginning balance29,832 29,339 
Share-based award activity(786)(483)
Ending balance29,046 28,856 
Retained Earnings
Beginning balance97,996 94,862 
Cumulative adjustment related to the adoption of an accounting standard update1
(60)— 
Net income applicable to Morgan Stanley3,412 2,980 
Preferred stock dividends2
(146)(144)
Common stock dividends2
(1,390)(1,305)
Other net increases (decreases)(1)(1)
Ending balance99,811 96,392 
Employee Stock Trusts
Beginning balance5,314 4,881 
Share-based award activity(64)462 
Ending balance5,250 5,343 
Accumulated Other Comprehensive Income (Loss)
Beginning balance(6,421)(6,253)
Net change in Accumulated other comprehensive income (loss)(636)542 
Ending balance(7,057)(5,711)
Common Stock Held in Treasury at Cost
Beginning balance(31,139)(26,577)
Share-based award activity1,485 1,304 
Repurchases of common stock and employee tax withholdings(1,718)(2,208)
Ending balance(31,372)(27,481)
Common Stock Issued to Employee Stock Trusts
Beginning balance(5,314)(4,881)
Share-based award activity64 (462)
Ending balance(5,250)(5,343)
Noncontrolling Interests
Beginning balance944 1,090 
Net income applicable to noncontrolling interests50 53 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests(56)(19)
Other net increases (decreases)4 4 
Ending balance942 1,128 
Total Equity$100,140 $101,954 
1.The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 for further information.
2.See Note 16 for information regarding dividends per share for each class of stock.

March 2024 Form 10-Q
38
See Notes to Consolidated Financial Statements
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

 Three Months Ended
March 31,
$ in millions20242023
Cash flows from operating activities
Net income$3,462 $3,033 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense442 558 
Depreciation and amortization975 940 
Provision for credit losses(6)234 
Other operating adjustments(12)66 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(1,395)2,582 
Securities borrowed(11,761)(12,842)
Securities loaned888 (91)
Customer and other receivables and other assets272 4,899 
Customer and other payables and other liabilities3,735 777 
Securities purchased under agreements to resell(11,993)(7,978)
Securities sold under agreements to repurchase19,753 (2,043)
Net cash provided by (used for) operating activities4,360 (9,865)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(816)(719)
Changes in loans, net(355)(822)
AFS securities:
Purchases(9,019)(3,475)
Proceeds from sales4,548 1,466 
Proceeds from paydowns and maturities5,308 3,460 
HTM securities:
Purchases(1,453)— 
Proceeds from paydowns and maturities3,112 1,617 
Other investing activities(271)(2,568)
Net cash provided by (used for) investing activities1,054 (1,041)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings1,225 356 
Deposits534 (9,084)
Proceeds from issuance of Borrowings28,079 21,219 
Payments for:
Borrowings(17,721)(15,201)
Repurchases of common stock and employee tax withholdings(1,718)(2,205)
Cash dividends(1,496)(1,406)
Other financing activities(46)33 
Net cash provided by (used for) financing activities8,857 (6,288)
Effect of exchange rate changes on cash and cash equivalents(1,198)325 
Net increase (decrease) in cash and cash equivalents13,073 (16,869)
Cash and cash equivalents, at beginning of period89,232 128,127 
Cash and cash equivalents, at end of period$102,305 $111,258 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$11,878 $8,912 
Income taxes, net of refunds233 307 

See Notes to Consolidated Financial Statements
39
March 2024 Form 10-Q
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 securities and other products, 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 2023 Form 10-K. Certain footnote disclosures included in the 2023 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 2023 Form 10-K.

March 2024 Form 10-Q
40
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2023 Form 10-K.
In the first quarter of 2024, the Firm implemented certain presentation changes that impacted interest income and interest expense but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the income statement in 2023 and accordingly, prior period amounts were adjusted to conform with the current presentation.
During the three months ended March 31, 2024 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting updates adopted.
Accounting Updates Adopted in 2024
Investments - Tax Credit Structures

The Firm adopted the Investments - Equity Method and Joint Ventures - Tax Credit Structures accounting update on January 1, 2024 using the modified retrospective method. 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 and recognized net in the income statement as a component of provision for income taxes. The update requires a separate accounting policy election to be made for each tax credit program. Additional disclosures are required regarding (i) the nature of our tax equity investments and (ii) the effect of our tax equity investments and related income tax credits on the financial condition and results of operations (see Note 10).
The adoption resulted in a decrease to Retained earnings of $60 million as of January 1, 2024, net of tax, and a corresponding reduction to Other assets.
3. Cash and Cash Equivalents
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Cash and due from banks$8,356 $7,323 
Interest bearing deposits with banks93,949 81,909 
Total Cash and cash equivalents$102,305 $89,232 
Restricted cash$32,492 $30,571 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2023 Form 10-K.
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At March 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$64,272 $44,638 $— $— $108,910 
Other sovereign government obligations27,671 11,170 64 — 38,905 
State and municipal securities— 1,927 102 — 2,029 
MABS— 1,689 457 — 2,146 
Loans and lending commitments2
— 8,030 1,895 — 9,925 
Corporate and other debt— 37,304 2,042 — 39,346 
Corporate equities3,5
118,398 715 268 — 119,381 
Derivative and other contracts:
Interest rate2,067 133,957 843 — 136,867 
Credit1 10,049 401 — 10,451 
Foreign exchange34 72,069 249 — 72,352 
Equity1,831 74,034 595 — 76,460 
Commodity and other1,763 12,108 2,894 — 16,765 
Netting1
(4,301)(230,318)(1,002)(39,842)(275,463)
Total derivative and other contracts1,395 71,899 3,980 (39,842)37,432 
Investments4,5
1,049 879 970 — 2,898 
Physical commodities— 1,322 — — 1,322 
Total trading assets4
212,785 179,573 9,778 (39,842)362,294 
Investment securities—AFS58,224 29,089 — — 87,313 
Total assets at fair value$271,009 $208,662 $9,778 $(39,842)$449,607 
41
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At March 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,378 $51 $— $6,429 
Trading liabilities:
U.S. Treasury and agency securities24,479 25 — — 24,504 
Other sovereign government obligations30,427 3,624 — — 34,051 
Corporate and other debt— 12,654 39 — 12,693 
Corporate equities3
49,284 267 34 — 49,585 
Derivative and other contracts:
Interest rate1,823 124,827 795 — 127,445 
Credit— 10,623 274 — 10,897 
Foreign exchange151 66,542 229 — 66,922 
Equity1,975 87,270 1,584 — 90,829 
Commodity and other1,874 10,851 1,684 — 14,409 
Netting1
(4,301)(230,318)(1,002)(42,871)(278,492)
Total derivative and other contracts1,522 69,795 3,564 (42,871)32,010 
Total trading liabilities105,712 86,365 3,637 (42,871)152,843 
Securities sold under agreements to repurchase— 367 460 — 827 
Other secured financings— 11,003 74 — 11,077 
Borrowings— 93,077 2,027 — 95,104 
Total liabilities at fair value$105,712 $197,190 $6,249 $(42,871)$266,280 
 At December 31, 2023
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$56,459 $53,741 $— $— $110,200 
Other sovereign government obligations22,580 9,946 94 — 32,620 
State and municipal securities— 2,148 34 — 2,182 
MABS— 1,540 489 — 2,029 
Loans and lending commitments2
— 6,122 2,066 — 8,188 
Corporate and other debt— 35,833 1,983 — 37,816 
Corporate equities3
126,772 929 199 — 127,900 
Derivative and other contracts:
Interest rate7,284 140,139 784 — 148,207 
Credit— 10,244 393 — 10,637 
Foreign exchange12 93,218 20 — 93,250 
Equity2,169 55,319 587 — 58,075 
Commodity and other1,608 11,862 2,811 — 16,281 
Netting1
(7,643)(237,497)(1,082)(42,915)(289,137)
Total derivative and other contracts3,430 73,285 3,513 (42,915)37,313 
Investments4
781 836 949 — 2,566 
Physical commodities— 736 — — 736 
Total trading assets4
210,022 185,116 9,327 (42,915)361,550 
Investment securities—AFS57,405 30,708 — — 88,113 
Securities purchased under agreements to resell— 7 — — 7 
Total assets at fair value$267,427 $215,831 $9,327 $(42,915)$449,670 
At December 31, 2023
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,439 $33 $— $6,472 
Trading liabilities:
U.S. Treasury and agency securities27,708 16 — — 27,724 
Other sovereign government obligations26,829 3,955 6 — 30,790 
Corporate and other debt— 10,560 9 — 10,569 
Corporate equities3
46,809 300 45 — 47,154 
Derivative and other contracts:
Interest rate8,000 129,983 857 — 138,840 
Credit— 10,795 297 — 11,092 
Foreign exchange96 89,880 385 — 90,361 
Equity2,411 64,794 1,689 — 68,894 
Commodity and other1,642 11,904 1,521 — 15,067 
Netting1
(7,643)(237,497)(1,082)(42,757)(288,979)
Total derivative and other contracts4,506 69,859 3,667 (42,757)35,275 
Total trading liabilities105,852 84,690 3,727 (42,757)151,512 
Securities sold under agreements to repurchase— 571 449 — 1,020 
Other secured financings— 9,807 92 — 9,899 
Borrowings— 92,022 1,878 — 93,900 
Total liabilities at fair value$105,852 $193,529 $6,179 $(42,757)$262,803 
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.
5.At March 31, 2024 and December 31, 2023, the Firm's Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Detail of Loans and Lending Commitments at Fair Value
$ in millionsAt
March 31,
2024		At
December 31,
2023
Commercial Real Estate$1,141 $422 
Residential Real Estate3,338 2,909 
Securities-based lending and Other loans5,446 4,857 
Total$9,925 $8,188 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
March 31,
2024		At
December 31,
2023
Customer and other receivables (payables), net$1,524 $1,062 
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 4 to the financial statements in the 2023 Form 10-K. During the current quarter,
March 2024 Form 10-Q
42
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
March 31,
$ in millions20242023
U.S. Treasury and agency securities
Beginning balance$— $17 
Purchases— (9)
Sales— (7)
Ending balance$— $1 
Unrealized gains (losses)$— $— 
Other sovereign government obligations
Beginning balance$94 $169 
Realized and unrealized gains (losses)(2)4 
Purchases3 78 
Sales(8)(54)
Net transfers(23)(1)
Ending balance$64 $196 
Unrealized gains (losses)$1 $4 
State and municipal securities
Beginning balance$34 $145 
Purchases2 — 
Sales(32)(40)
Net transfers98 (102)
Ending balance$102 $3 
Unrealized gains (losses)$— $— 
MABS
Beginning balance$489 $416 
Realized and unrealized gains (losses)6 2 
Purchases48 57 
Sales(84)(45)
Net transfers(2)24 
Ending balance$457 $454 
Unrealized gains (losses)$(8)$1 
Loans and lending commitments
Beginning balance$2,066 $2,017 
Realized and unrealized gains (losses)(10)(26)
Purchases and originations483 535 
Sales(410)(193)
Settlements(122)(235)
Net transfers(112)(41)
Ending balance$1,895 $2,057 
Unrealized gains (losses)$(10)$(25)
Three Months Ended
March 31,
$ in millions20242023
Corporate and other debt
Beginning balance$1,983 $2,096 
Realized and unrealized gains (losses)50 34 
Purchases and originations196 508 
Sales(122)(446)
Settlements(2)— 
Net transfers(63)51 
Ending balance$2,042 $2,243 
Unrealized gains (losses)$108 $64 
Corporate equities
Beginning balance$199 $116 
Realized and unrealized gains (losses)(64)(8)
Purchases10 19 
Sales(12)(25)
Net transfers135 42 
Ending balance$268 $144 
Unrealized gains (losses)$(2)$(2)
Investments
Beginning balance$949 $923 
Realized and unrealized gains (losses)20 14 
Purchases3 47 
Sales(2)(24)
Net transfers— (5)
Ending balance$970 $955 
Unrealized gains (losses)$(5)$10 
Investment securities—AFS
Beginning balance$— $35 
Realized and unrealized gains (losses)— 1 
Net transfers— (36)
Ending balance$— $— 
Unrealized gains (losses)$— $1 
Net derivatives: Interest rate
Beginning balance$(73)$(151)
Realized and unrealized gains (losses)113 (149)
Purchases31 10 
Issuances(16)(8)
Settlements(112)189 
Net transfers105 (108)
Ending balance$48 $(217)
Unrealized gains (losses)$119 $29 
43
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
March 31,
$ in millions20242023
Net derivatives: Credit
Beginning balance$96 $110 
Realized and unrealized gains (losses)(11)(27)
Settlements48 (31)
Net transfers(6)(4)
Ending balance$127 $48 
Unrealized gains (losses)$(9)$(28)
Net derivatives: Foreign exchange
Beginning balance$(365)$66 
Realized and unrealized gains (losses)301 (11)
Purchases9 — 
Issuances— (3)
Settlements(28)40 
Net transfers103 (26)
Ending balance$20 $66 
Unrealized gains (losses)$348 $(10)
Net derivatives: Equity
Beginning balance$(1,102)$(736)
Realized and unrealized gains (losses)171 16 
Purchases47 39 
Issuances(49)(161)
Settlements77 (30)
Net transfers(133)95 
Ending balance$(989)$(777)
Unrealized gains (losses)$192 $(30)
Net derivatives: Commodity and other
Beginning balance$1,290 $1,083 
Realized and unrealized gains (losses)44 446 
Purchases87 16 
Issuances(44)(3)
Settlements(153)(103)
Net transfers(14)160 
Ending balance$1,210 $1,599 
Unrealized gains (losses)$(132)$211 
Deposits
Beginning balance$33 $20 
Realized and unrealized losses (gains)1 — 
Issuances2 6 
Settlements(1)— 
Net transfers16 3 
Ending balance$51 $29 
Unrealized losses (gains)$1 $— 
Nonderivative trading liabilities
Beginning balance$60 $74 
Realized and unrealized losses (gains)4 (7)
Purchases(38)(44)
Sales27 113 
Net transfers20 24 
Ending balance$73 $160 
Unrealized losses (gains)$4 $(5)
Three Months Ended
March 31,
$ in millions20242023
Securities sold under agreements to repurchase
Beginning balance$449 $512 
Realized and unrealized losses (gains)11 11 
Settlements— (9)
Ending balance$460 $514 
Unrealized losses (gains)$11 $11 
Other secured financings
Beginning balance$92 $91 
Realized and unrealized losses (gains)(4)2 
Issuances7 41 
Settlements(21)(19)
Ending balance$74 $115 
Unrealized losses (gains)$(4)$2 
Borrowings
Beginning balance$1,878 $1,587 
Realized and unrealized losses (gains)51 48 
Issuances217 239 
Settlements(109)(82)
Net transfers(10)(143)
Ending balance$2,027 $1,649 
Unrealized losses (gains)$50 $45 
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA22 9 
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.







March 2024 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2024At December 31, 2023
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$64 $94 
Comparable pricing:
Bond price
62 to 116 points (87 points)
61 to 110 points (87 points)
State and municipal securities$102 $34 
Comparable pricing:
Bond price
99 to 100 points (100 points)
N/M
MABS$457 $489 
Comparable pricing:
Bond price
0 to 88 points (60 points)
0 to 88 points (61 points)
Loans and lending commitments$1,895 $2,066 
Margin loan model:
Margin loan rate
2% to 4% (3%)
2% to 4% (3%)
Comparable pricing:
Loan price
84 to 101 points (97 points)
85 to 102 points (98 points)
Corporate and other debt$2,042 $1,983 
Comparable pricing:
Bond price
28 to 130 points (85 points)
28 to 135 points (82 points)
Discounted cash flow:
Loss given default
54% to 84% (62% / 54%)
54% to 84% (62% / 54%)
Corporate equities$268 $199 
Comparable pricing:
Equity price
100%
100%
Investments$970 $949 
Discounted cash flow:
WACC
9% to 17% (12%)
16% to 18% (17%)
Exit multiple
9 to 10 times (10 times)
9 to 17 times (15 times)
Market approach:
EBITDA multiple
21 times
22 times
Comparable pricing:
Equity price
24% to 100% (85%)
24% to 100% (86%)
Net derivative and other contracts:
Interest rate$48 $(73)
Option model:
IR volatility skew
69% to 87% (75% / 70%)
70% to 100% (81% / 93%)
IR curve correlation
70% to 87% (83% / 85%)
49% to 99% (77% / 79%)
Bond volatility
100% to 110% (106% / 110%)
79% to 85% (82% / 85%)
Inflation volatility
29% to 70% (43% / 39%)
27% to 70% (43% / 39%)
Credit$127 $96 
Credit default swap model:
Cash-synthetic basis
7 points
7 points
Bond price
0 to 92 points (47 points)
0 to 92 points (46 points)
Credit spread
10 to 365 bps (96 bps)
10 to 404 bps (94 bps)
Funding spread
18 to 590 bps (71 bps)
18 to 590 bps (67 bps)
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2024At December 31, 2023
Foreign exchange2
$20 $(365)
Option model:
IR curve
-1% to 14% (5% / 4%)
-4% to 26% (7% / 5%)
Foreign exchange volatility skew
N/M
 -3% to 12% (2% / 0%)
Contingency probability
70% to 95% (90% / 95%)
95%
Equity2
$(989)$(1,102)
Option model:
Equity volatility
6% to 92% (19%)
6% to 97% (23%)
Equity volatility skew
 -1% to 0% (-1%)
 -1% to 0% (0%)
Equity correlation
25% to 99% (59%)
25% to 97% (49%)
FX correlation
 -74% to 50% (-19%)
 -79% to 40% (-28%)
IR correlation
 13% to 30% (14%)
 10% to 30% (15%)
Commodity and other$1,210 $1,290 
Option model:
Forward power price
$0 to $186 ($48) per MWh
$0 to $220 ($49) per MWh
Commodity volatility
10% to 115% (31%)
8% to 123% (31%)
Cross-commodity correlation
54% to 100% (94%)
54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Deposits$51 
N/M
Option model:
Equity volatility
7% to 13% (7%)
N/M
Securities sold under agreements to repurchase$460 $449 
Discounted cash flow:
Funding spread
6 to 134 bps (42 / 30 bps)
28 to 135 bps (79 bps)
Other secured financings$74 $92 
Comparable pricing:
Loan price
22 to 101 points (73 points)
22 to 101 points (76 points)
Borrowings$2,027 $1,878 
Option model:
Equity volatility
 4% to 70% (14%)
6% to 69% (13%)
Equity volatility skew
 -1% to 0% (0%)
 -2% to 0% (0%)
Equity correlation
25% to 98% (61%)
41% to 97% (79%)
Equity - FX correlation
 -60% to 40% (-33%)
 -65% to 40% (-30%)
IR curve correlation
60% to 99% (88% / 92%)
50% to 89% (71% / 70%)
Credit default swap model:
Credit spread
328 to 480 bps (404 bps)
N/M
Discounted cash flow:
Loss given default
54% to 84% (62% / 54%)
54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans$5,119 $4,532 
Corporate loan model:
Credit spread
110 to 1890 bps (1053 bps)
99 to 1467 bps (1015 bps)
Comparable pricing:
Loan price
42 to 100 points (86 points)
25 to 93 points (70 points)
Warehouse model:
Credit spread
110 to 275 bps (162 bps)
115 to 268 bps (185 bps)
Points—Percentage of par
IR—Interest rate
45
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 4 to the financial statements in the 2023 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
Net Asset Value Measurements
Fund Interests
 At March 31, 2024At December 31, 2023
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity$2,460 $693 $2,685 $720 
Real estate2,803 235 2,765 240 
Hedge
77 3 74 3 
Total$5,340 $931 $5,524 $963 
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 4 to the financial statements in the 2023 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, 2024
$ in millionsPrivate EquityReal Estate
Less than 5 years$1,122 $947 
5-10 years1,242 1,816 
Over 10 years96 40 
Total$2,460 $2,803 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At March 31, 2024
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans2,460 5,119 7,579 
Total$2,460 $5,119 $7,579 
Liabilities
Other liabilities and accrued expenses—Lending commitments$70 $58 $128 
Total$70 $58 $128 
 At December 31, 2023
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$4,215 $4,532 $8,747 
Other assets—Other investments— 4 4 
Other assets—ROU assets23 — 23 
Total$4,238 $4,536 $8,774 
Liabilities
Other liabilities and accrued expenses—Lending commitments$110 $60 $170 
Total$110 $60 $170 
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 millions20242023
Assets
Loans2
$(22)$19 
Other assets—Premises, equipment and software3
— (3)
Total$(22)$16 
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$1 $34 
Total$1 $34 
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—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

March 2024 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Financial Instruments Not Measured at Fair Value
 At March 31, 2024
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$102,305 $102,305 $— $— $102,305 
Investment securities—HTM65,420 19,768 34,355 1,160 55,283 
Securities purchased under agreements to resell122,733 — 120,543 2,200 122,743 
Securities borrowed132,852 — 132,852 — 132,852 
Customer and other receivables75,427 — 71,198 4,010 75,208 
Loans1,2
Held for investment203,794 — 15,513 181,932 197,445 
Held for sale13,426 — 6,002 7,511 13,513 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$346,065 $— $346,166 $— $346,166 
Securities sold under agreements to repurchase81,577 — 81,560 — 81,560 
Securities loaned15,945 — 15,945 — 15,945 
Other secured financings4,014 — 4,013 — 4,013 
Customer and other payables214,263 — 214,263 — 214,263 
Borrowings176,279 — 178,960 55 179,015 
 Commitment
Amount
Lending commitments3
$157,086 $— $1,108 $833 $1,941 
 At December 31, 2023
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$89,232 $89,232 $— $— $89,232 
Investment securities—HTM66,694 21,937 34,411 1,105 57,453 
Securities purchased under agreements to resell110,733 — 108,099 2,674 110,773 
Securities borrowed121,091 — 121,091 — 121,091 
Customer and other receivables74,337 — 70,110 4,031 74,141 
Loans1,2
Held for investment
203,385 — 20,125 176,291 196,416 
Held for sale
15,255 — 8,652 6,672 15,324 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$345,332 $— $345,391 $— $345,391 
Securities sold under agreements to repurchase61,631 — 61,621 — 61,621 
Securities loaned15,057 — 15,055 — 15,055 
Other secured financings2,756 — 2,756 — 2,756 
Customer and other payables208,015 — 208,015 — 208,015 
Borrowings169,832 — 171,009 4 171,013 
 Commitment
Amount
Lending commitments3
$149,464 $— $1,338 $749 $2,087 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Loans amounts have been disaggregated into HFI and HFS for the first time in the fourth quarter of 2023. Prior period amounts have been revised to match the current period presentation.
3.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,
2024		At
December 31,
2023
Business Unit Responsible for Risk Management
Equity$47,086 $46,073 
Interest rates30,553 31,055 
Commodities13,480 12,798 
Credit2,384 2,400 
Foreign exchange1,601 1,574 
Total$95,104 $93,900 
47
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Revenues from Borrowings under the Fair Value Option
 Three Months Ended
March 31,
$ in millions20242023
Trading revenues$(114)$(4,378)
Interest expense144 108 
Net revenues1
$(258)$(4,486)
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,
 20242023
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$26 $— $(43)$— 
Lending commitments(3)— 11 — 
Deposits— (4)— 93 
Borrowings(10)(737)(6)(117)
$ in millionsAt
March 31,
2024		At
December 31,
2023
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(2,907)$(2,166)
1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
March 31,
2024		At
December 31,
2023
Loans and other receivables2
$10,667 $11,086 
Nonaccrual loans2
8,101 8,566 
Borrowings3
3,085 3,030 
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,
2024		At
December 31,
2023
Nonaccrual loans$568 $440 
Nonaccrual loans 90 or more days past due176 75 
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at March 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $— $— $4 
Foreign exchange83 20 — 103 
Total87 20 — 107 
Not designated as accounting hedges
Economic hedges of loans
Credit3 30 — 33 
Other derivatives
Interest rate120,182 16,370 311 136,863 
Credit5,522 4,896 — 10,418 
Foreign exchange70,243 1,968 38 72,249 
Equity24,722 — 51,738 76,460 
Commodity and other14,511 — 2,254 16,765 
Total235,183 23,264 54,341 312,788 
Total gross derivatives$235,270 $23,284 $54,341 $312,895 
Amounts offset
Counterparty netting(163,903)(20,569)(51,634)(236,106)
Cash collateral netting(37,516)(1,841)— (39,357)
Total in Trading assets$33,851 $874 $2,707 $37,432 
Amounts not offset1
Financial instruments collateral(17,375)— — (17,375)
Net amounts$16,476 $874 $2,707 $20,057 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$2,798 
 Liabilities at March 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$482 $— $— $482 
Foreign exchange16 12 — 28 
Total498 12 — 510 
Not designated as accounting hedges
Economic hedges of loans
Credit44 779 — 823 
Other derivatives
Interest rate112,206 14,460 297 126,963 
Credit5,550 4,524 — 10,074 
Foreign exchange64,588 2,149 157 66,894 
Equity38,982 — 51,847 90,829 
Commodity and other11,770 — 2,639 14,409 
Total233,140 21,912 54,940 309,992 
Total gross derivatives$233,638 $21,924 $54,940 $310,502 
Amounts offset
Counterparty netting(163,903)(20,569)(51,634)(236,106)
Cash collateral netting(41,077)(1,309)— (42,386)
Total in Trading liabilities$28,658 $46 $3,306 $32,010 
Amounts not offset1
Financial instruments collateral(4,092)— (341)(4,433)
Net amounts$24,566 $46 $2,965 $27,577 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable4,950 
48
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Assets at December 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$25 $— $— $25 
Foreign exchange5 5 — 10 
Total30 5 — 35 
Not designated as accounting hedges
Economic hedges of loans
Credit2 27 — 29 
Other derivatives
Interest rate127,414 19,914 854 148,182 
Credit5,712 4,896 — 10,608 
Foreign exchange90,654 2,570 16 93,240 
Equity20,338 — 37,737 58,075 
Commodity and other13,928 — 2,353 16,281 
Total258,048 27,407 40,960 326,415 
Total gross derivatives$258,078 $27,412 $40,960 $326,450 
Amounts offset
Counterparty netting(184,553)(23,851)(38,510)(246,914)
Cash collateral netting(39,493)(2,730)— (42,223)
Total in Trading assets$34,032 $831 $2,450 $37,313 
Amounts not offset1
Financial instruments collateral(15,690)— — (15,690)
Net amounts$18,342 $831 $2,450 $21,623 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$2,641 
 Liabilities at December 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$467 $— $— $467 
Foreign exchange414 43 — 457 
Total881 43 — 924 
Not designated as accounting hedges
Economic hedges of loans
Credit43 702 — 745 
Other derivatives
Interest rate120,604 17,179 590 138,373 
Credit5,920 4,427 — 10,347 
Foreign exchange87,104 2,694 106 89,904 
Equity31,545 — 37,349 68,894 
Commodity and other12,237 — 2,830 15,067 
Total257,453 25,002 40,875 323,330 
Total gross derivatives$258,334 $25,045 $40,875 $324,254 
Amounts offset
Counterparty netting(184,553)(23,851)(38,510)(246,914)
Cash collateral netting(41,082)(983)— (42,065)
Total in Trading liabilities$32,699 $211 $2,365 $35,275 
Amounts not offset1
Financial instruments collateral(6,864)(8)(37)(6,909)
Net amounts$25,835 $203 $2,328 $28,366 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$5,911 
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 netting 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, 2024
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $88 $— $88 
Foreign exchange14 2 — 16 
Total14 90 — 104 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate4,324 7,845 570 12,739 
Credit203 161 — 364 
Foreign exchange3,692 193 14 3,899 
Equity583 — 509 1,092 
Commodity and other137 — 70 207 
Total8,939 8,199 1,163 18,301 
Total gross derivatives$8,953 $8,289 $1,163 $18,405 
 Liabilities at March 31, 2024
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$2 $195 $— $197 
Foreign exchange1 2 — 3 
Total3 197 — 200 
Not designated as accounting hedges
Economic hedges of loans
Credit2 21 — 23 
Other derivatives
Interest rate4,639 7,457 427 12,523 
Credit217 143 — 360 
Foreign exchange3,742 196 43 3,981 
Equity666 — 788 1,454 
Commodity and other103 — 83 186 
Total9,369 7,817 1,341 18,527 
Total gross derivatives$9,372 $8,014 $1,341 $18,727 
 Assets at December 31, 2023
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $92 $— $92 
Foreign exchange1 1 — 2 
Total1 93 — 94 
Not designated as accounting hedges
Economic hedges of loans
Credit— 1 — 1 
Other derivatives
Interest rate4,153 8,357 560 13,070 
Credit214 176 — 390 
Foreign exchange3,378 165 7 3,550 
Equity528 — 440 968 
Commodity and other142 — 65 207 
Total8,415 8,699 1,072 18,186 
Total gross derivatives$8,416 $8,792 $1,072 $18,280 
49
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Liabilities at December 31, 2023
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $183 $— $186 
Foreign exchange14 3 — 17 
Total17 186 — 203 
Not designated as accounting hedges
Economic hedges of loans
Credit2 22 — 24 
Other derivatives
Interest rate4,631 8,197 455 13,283 
Credit229 155 — 384 
Foreign exchange3,496 167 33 3,696 
Equity587 — 712 1,299 
Commodity and other101 — 79 180 
Total9,046 8,541 1,279 18,866 
Total gross derivatives$9,063 $8,727 $1,279 $19,069 
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2023 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months Ended
March 31,
$ in millions20242023
Fair value hedges—Recognized in Interest income
Interest rate contracts$572 $(372)
Investment Securities—AFS(552)381 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(2,127)$2,284 
Deposits10 (54)
Borrowings2,109 (2,240)
Net investment hedges—Foreign exchange contracts
Recognized in OCI$371 $(89)
Forward points excluded from hedge effectiveness testing—Recognized in Interest income48 43 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$(47)$7 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(11)(1)
Net change in cash flow hedges included within AOCI(36)8 
1.For the current quarter ended March 31, 2024, 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, 2024, is approximately $(46) million. The maximum length of time over which forecasted cash flows are hedged is 15 months.
Fair Value Hedges—Hedged Items 
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Investment Securities—AFS
Amortized cost basis currently or previously hedged$46,737 $47,179 
Basis adjustments included in amortized cost1
$(1,120)$(732)
Deposits
Carrying amount currently or previously hedged
$12,216 $10,569 
Basis adjustments included in carrying amount1
$(41)$(31)
Borrowings
Carrying amount currently or previously hedged
$163,127 $158,659 
Basis adjustments included in carrying amount—Outstanding hedges
$(11,305)$(9,219)
Basis adjustments included in carrying amount—Terminated hedges
$(666)$(671)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
 Three Months Ended
March 31,
$ in millions20242023
Recognized in Other revenues
Credit contracts1
$(123)$(161)
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,
2024 		At
December 31,
2023
Net derivative liabilities with credit risk-related contingent features$18,862 $21,957 
Collateral posted12,746 16,389 
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,
2024
One-notch downgrade$359 
Two-notch downgrade411 
Bilateral downgrade agreements included in the amounts above1
$624 
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 Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. 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
March 2024 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 Years to Maturity at March 31, 2024
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$19 $29 $40 $14 $102 
Non-investment grade7 14 17 4 42 
Total$26 $43 $57 $18 $144 
Index and basket CDS
Investment grade$8 $19 $46 $7 $80 
Non-investment grade9 14 77 34 134 
Total$17 $33 $123 $41 $214 
Total CDS sold$43 $76 $180 $59 $358 
Other credit contracts— — — 3 3 
Total credit protection sold$43 $76 $180 $62 $361 
CDS protection sold with identical protection purchased$306 
 Years to Maturity at December 31, 2023
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$19 $29 $39 $10 $97 
Non-investment grade7 14 17 1 39 
Total$26 $43 $56 $11 $136 
Index and basket CDS
Investment grade$8 $19 $85 $4 $116 
Non-investment grade8 14 95 17 134 
Total$16 $33 $180 $21 $250 
Total CDS sold$42 $76 $236 $32 $386 
Other credit contracts— — — 3 3 
Total credit protection sold$42 $76 $236 $35 $389 
CDS protection sold with identical protection purchased$330 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Single-name CDS
Investment grade$2,167 $1,904 
Non-investment grade444 399 
Total$2,611 $2,303 
Index and basket CDS
Investment grade$1,829 $1,929 
Non-investment grade464 45 
Total$2,293 $1,974 
Total CDS sold$4,904 $4,277 
Other credit contracts276 314 
Total credit protection sold$5,180 $4,591 
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,
2024 		At
December 31,
2023
Single name$174 $166 
Index and basket182 213 
Tranched index and basket32 30 
Total$388 $409 
Fair Value Asset (Liability)
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Single name$(3,114)$(2,799)
Index and basket(1,249)(1,208)
Tranched index and basket(1,256)(1,012)
Total$(5,619)$(5,019)
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 6 to the financial statements in the 2023 Form 10-K.
7. Investment Securities
AFS and HTM Securities
 At March 31, 2024
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$59,035 $49 $860 $58,224 
U.S. agency securities2
25,232 4 2,726 22,510 
Agency CMBS5,762 — 420 5,342 
State and municipal securities476 18 2 492 
FFELP student loan ABS3
755 1 11 745 
Total AFS securities91,260 72 4,019 87,313 
HTM securities
U.S. Treasury securities21,138 — 1,370 19,768 
U.S. agency securities2
41,698 6 8,524 33,180 
Agency CMBS1,297 — 122 1,175 
Non-agency CMBS1,287 1 128 1,160 
Total HTM securities65,420 7 10,144 55,283 
Total investment securities$156,680 $79 $14,163 $142,596 
51
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2023
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$58,484 $24 $1,103 $57,405 
U.S. agency securities2
25,852 4 2,528 23,328 
Agency CMBS5,871 — 456 5,415 
State and municipal securities1,132 46 5 1,173 
FFELP student loan ABS3
810 — 18 792 
Total AFS securities92,149 74 4,110 88,113 
HTM securities
U.S. Treasury securities23,222 — 1,285 21,937 
U.S. agency securities2
40,894 — 7,699 33,195 
Agency CMBS1,337 — 121 1,216 
Non-agency CMBS1,241 2 138 1,105 
Total HTM securities66,694 2 9,243 57,453 
Total investment securities$158,843 $76 $13,353 $145,566 
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.
AFS Securities in an Unrealized Loss Position
 At
March 31,
2024 		At
December 31,
2023
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$4,377 $17 $14,295 $22 
12 months or longer30,024 843 33,458 1,081 
Total34,401 860 47,753 1,103 
U.S. agency securities
Less than 12 months2,332 9 4,297 43 
12 months or longer19,050 2,717 18,459 2,485 
Total21,382 2,726 22,756 2,528 
Agency CMBS
Less than 12 months— — — — 
12 months or longer5,102 420 5,415 456 
Total5,102 420 5,415 456 
State and municipal securities
Less than 12 months180 1 524 3 
12 months or longer34 1 35 2 
Total214 2 559 5 
FFELP student loan ABS
Less than 12 months40 1 56 1 
12 months or longer558 10 616 17 
Total598 11 672 18 
Total AFS securities in an unrealized loss position
Less than 12 months6,929 28 19,172 69 
12 months or longer54,768 3,991 57,983 4,041 
Total$61,697 $4,019 $77,155 $4,110 
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 2023 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, 2024 and December 31, 2023, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at March 31, 2024 and December 31, 2023 reflect an ACL of $41 million and $44 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2023 Form 10-K for a description of the ACL methodology used for HTM Securities. As of March 31, 2024 and December 31, 2023, 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, 2024
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$16,765 $16,508 1.4 %
After 1 year through 5 years37,649 37,087 2.9 %
After 5 years through 10 years4,621 4,629 4.0 %
Total59,035 58,224 
U.S. agency securities:
Due within 1 year10 9 (0.5)%
After 1 year through 5 years349 327 1.6 %
After 5 years through 10 years509 464 1.8 %
After 10 years24,364 21,710 3.7 %
Total25,232 22,510 
Agency CMBS:
Due within 1 year1 1 (2.2)%
After 1 year through 5 years2,969 2,861 2.0 %
After 5 years through 10 years1,615 1,531 1.9 %
After 10 years1,177 949 1.4 %
Total5,762 5,342 
State and municipal securities:
Due within 1 year27 27 5.1 %
After 1 year through 5 years178 179 4.8 %
After 5 years through 10 years3 5 4.7 %
After 10 Years268 281 4.5 %
Total476 492 
FFELP student loan ABS:
Due within 1 year15 14 6.0 %
After 1 year through 5 years135 131 6.1 %
After 5 years through 10 years31 31 5.9 %
After 10 years574 569 6.3 %
Total755 745 
Total AFS securities91,260 87,313 2.9 %
March 2024 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At March 31, 2024
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year5,252 5,179 2.1 %
After 1 year through 5 years13,826 13,063 2.0 %
After 5 years through 10 years503 412 1.1 %
After 10 years1,557 1,114 2.3 %
Total21,138 19,768 
U.S. agency securities:
After 1 year through 5 years5 5 1.8 %
After 5 years through 10 years277 258 2.1 %
After 10 years41,416 32,917 1.9 %
Total41,698 33,180 
Agency CMBS:
Due within 1 year113 110 1.9 %
After 1 year through 5 years942 867 1.3 %
After 5 years through 10 years116 97 1.4 %
After 10 years126 101 1.6 %
Total1,297 1,175 
Non-agency CMBS:
Due within 1 year194 175 4.1 %
After 1 year through 5 years391 369 4.7 %
After 5 years through 10 years621 538 3.7 %
After 10 years81 78 6.4 %
Total1,287 1,160 
Total HTM securities65,420 55,283 2.0 %
Total investment securities156,680 142,596 2.5 %
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, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.1% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities.
Gross Realized Gains (Losses) on Sales of AFS Securities
 Three Months Ended
March 31,
$ in millions20242023
Gross realized gains$43 $44 
Gross realized (losses)— (3)
Total1
$43 $41 
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, 2024
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$293,414 $(170,681)$122,733 $(118,405)$4,328 
Securities borrowed163,755 (30,903)132,852 (128,658)4,194 
Liabilities
Securities sold under agreements to repurchase$253,085 $(170,681)$82,404 $(74,081)$8,323 
Securities loaned46,848 (30,903)15,945 (15,935)10 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$4,175 
Securities borrowed447 
Securities sold under agreements to repurchase6,312 
Securities loaned2 
 At December 31, 2023
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$300,242 $(189,502)$110,740 $(108,893)$1,847 
Securities borrowed142,453 (21,362)121,091 (115,969)5,122 
Liabilities
Securities sold under agreements to repurchase$252,153 $(189,502)$62,651 $(58,357)$4,294 
Securities loaned36,419 (21,362)15,057 (15,046)11 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$1,741 
Securities borrowed607 
Securities sold under agreements to repurchase3,014 
Securities loaned2 
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 Notes 2 and 8 to the financial statements in the 2023 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
 At March 31, 2024
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$70,487 $113,219 $31,956 $37,423 $253,085 
Securities loaned31,934 — 381 14,533 46,848 
Total included in the offsetting disclosure$102,421 $113,219 $32,337 $51,956 $299,933 
Trading liabilities—
Obligation to return securities received as collateral		8,658 — — — 8,658 
Total$111,079 $113,219 $32,337 $51,956 $308,591 
53
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2023
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$80,376 $114,826 $25,510 $31,441 $252,153 
Securities loaned21,508 1,345 709 12,857 36,419 
Total included in the offsetting disclosure$101,884 $116,171 $26,219 $44,298 $288,572 
Trading liabilities—
Obligation to return securities received as collateral		13,528 — — — 13,528 
Total$115,412 $116,171 $26,219 $44,298 $302,100 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$84,185 $98,377 
Other sovereign government obligations131,489 122,342 
Corporate equities23,791 18,144 
Other13,620 13,290 
Total$253,085 $252,153 
Securities loaned
Other sovereign government obligations$1,793 $1,379 
Corporate equities44,245 34,434 
Other810 606 
Total$46,848 $36,419 
Total included in the offsetting disclosure$299,933 $288,572 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$8,564 $13,502 
Other94 26 
Total$8,658 $13,528 
Total$308,591 $302,100 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Trading assets$36,461 $37,522 
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,
2024 		At
December 31,
2023
Collateral received with right to sell or repledge$798,885 $735,830 
Collateral that was sold or repledged1
610,901 553,386 
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,
2024 		At
December 31,
2023
Segregated securities1
$24,393 $20,670 
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,
2024 		At
December 31,
2023
Margin and other lending$47,464 $45,644 
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 8 to the financial statements in the 2023 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on 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. Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $1,798 million at March 31, 2024 and $3,472 million at December 31, 2023.
March 2024 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At March 31, 2024
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,171 $9,655 $16,826 
Secured lending facilities38,692 3,564 42,256 
Commercial real estate8,689 205 8,894 
Residential real estate61,339 2 61,341 
Securities-based lending and Other
89,044 — 89,044 
Total loans204,935 13,426 218,361 
ACL(1,141)(1,141)
Total loans, net$203,794 $13,426 $217,220 
Loans to non-U.S. borrowers, net$21,591 $4,945 $26,536 
 At December 31, 2023
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$6,758 $11,862 $18,620 
Secured lending facilities39,498 3,161 42,659 
Commercial real estate8,678 209 8,887 
Residential real estate60,375 22 60,397 
Securities-based lending and Other
89,245 1 89,246 
Total loans204,554 15,255 219,809 
ACL(1,169)(1,169)
Total loans, net$203,385 $15,255 $218,640 
Loans to non-U.S. borrowers, net$21,152 $5,043 $26,195 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2023 Form 10-K.
Loans by Interest Rate Type
 At March 31, 2024At December 31, 2023
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$— $16,826 $— $18,620 
Secured lending facilities— 42,256 — 42,659 
Commercial real estate142 8,752 141 8,746 
Residential real estate29,335 32,006 28,934 31,464 
Securities-based lending and Other
24,024 65,020 23,922 65,323 
Total loans, before ACL$53,501 $164,860 $52,997 $166,812 
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 Credit Quality and Origination Year
At March 31, 2024At December 31, 2023
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$2,319 $4,373 $6,692 $2,350 $3,863 $6,213 
2024— — — 
2023— 50 50 — 88 88 
2022— 156 156 — 166 166 
202115 75 90 15 89 104 
202028 25 53 29 25 54 
Prior
— 130 130 — 133 133 
Total
$2,362 $4,809 $7,171 $2,394 $4,364 $6,758 
At March 31, 2024At December 31, 2023
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$8,867 $22,085 $30,952 $9,494 $22,240 $31,734 
2024— 374 374 
20231,512 1,392 2,904 1,535 1,459 2,994 
2022385 2,247 2,632 392 2,390 2,782 
2021— 359 359 — 365 365 
2020— 76 76 — 80 80 
Prior
355 1,040 1,395 356 1,187 1,543 
Total
$11,119 $27,573 $38,692 $11,777 $27,721 $39,498 
At March 31, 2024At December 31, 2023
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$— $170 $170 $— $170 $170 
2024— 753 753 
2023365 947 1,312 261 1,067 1,328 
2022282 1,883 2,165 284 1,900 2,184 
2021295 1,554 1,849 370 1,494 1,864 
2020— 755 755 — 756 756 
Prior
57 1,628 1,685 195 2,181 2,376 
Total
$999 $7,690 $8,689 $1,110 $7,568 $8,678 
At March 31, 2024
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$113 $32 $7 $151 $1 $152 
20241,590 271 30 1,709 182 1,891 
20237,248 1,502 225 8,023 952 8,975 
202210,776 2,409 383 12,490 1,078 13,568 
202110,948 2,344 236 12,608 920 13,528 
20206,815 1,409 103 7,901 426 8,327 
Prior11,383 3,091 424 13,813 1,085 14,898 
Total$48,873 $11,058 $1,408 $56,695 $4,644 $61,339 
At December 31, 2023
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$108 $33 $8 $149 $— $149 
20237,390 1,517 230 8,168 969 9,137 
202210,927 2,424 389 12,650 1,090 13,740 
202111,075 2,376 239 12,763 927 13,690 
20206,916 1,430 104 8,017 433 8,450 
Prior
11,642 3,131 436 14,106 1,103 15,209 
Total$48,058 $10,911 $1,406 $55,853 $4,522 $60,375 
55
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At March 31, 2024
Securities-based Lending1
Other2
$ in millionsIGNIGTotal
Revolving $70,959 $5,304 $1,486 $77,749 
2024231 17 184 432 
20231,502 621 364 2,487 
20221,056 526 1,091 2,673 
2021104 251 437 792 
202039 285 507 831 
Prior222 1,617 2,241 4,080 
Total$74,113 $8,621 $6,310 $89,044 
December 31, 2023
Securities-based Lending1
Other2
$ in millionsIGNIGTotal
Revolving$71,474 $5,230 $1,362 $78,066 
20231,612 627 346 2,585 
20221,128 816 804 2,748 
2021165 330 377 872 
2020— 435 414 849 
Prior215 2,096 1,814 4,125 
Total$74,594 $9,534 $5,117 $89,245 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2024 and December 31, 2023, 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 2023 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2024At December 31, 2023
Corporate$46 $47 
Commercial real estate291 185 
Residential real estate138 160 
Securities-based lending and Other
16 1 
Total$491 $393 
1.As of March 31, 2024, the majority of the amounts are 90 days or more past due. As of December 31, 2023, the majority of the amounts are past due for a period of less than 90 days.
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2024At December 31, 2023
Corporate$82 $95 
Secured lending facilities83 87 
Commercial real estate432 426 
Residential real estate100 95 
Securities-based lending and Other
294 174 
Total
$991 $877 
Nonaccrual loans without an ACL$88 $86 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2024 and December 31, 2023. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2023 Form 10-K.
See Note 2 to the financial statements in the 2023 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.
Loan Modifications to Borrowers Experiencing Financial Difficulty
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. There were no loans held for investment that had been modified in the 12 months prior and subsequently defaulted during the three months ended March 31, 2024.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1:
 Three Months Ended March 31,
20242023
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$52 0.7 %$17 0.2 %
Commercial real estate127 1.5 %62 0.7 %
Residential real estate— — %1 — %
Securities-based lending and Other 41 — %— — %
Total$220 0.2 %$80 0.1 %
Other-than-insignificant Payment Delay
Commercial real estate$— — %$67 0.8 %
Total$— — %$67 0.8 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate$40 0.5 %$— — %
Total $40 0.5 %$— — %
Total Modifications$260 0.2 %$147 0.2 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable are $301 million and $607 million as of March 31, 2024 and March 31, 2023, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

March 2024 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Financial Effect of Modifications on Loans Held for Investment
Three Months Ended March 31, 20241
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate300$— — %
Commercial real estate50— — %
Securities-based lending and Other360— — %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate1616$— — %
Three Months Ended March 31, 20231
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate80$— — %
Commercial real estate28— — %
Residential real estate40— — %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Past Due Status for Loans Held for Investment Modified in the Last 12 months
 At March 31, 2024
$ in millions30-89 Days Past Due90+ Days
Past Due		Total
Commercial real estate$— $45 45 
Total$— $45 $45 

As of March 31, 2023, there were no past due loans held for investment modified during the 12 months prior.
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Three Months Ended March 31, 2024
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$241 $153 $463 $100 $212 $1,169 
Provision (release)1 (17)1 (11)4 (22)
Other(1)(1)(3)— (1)(6)
Ending balance$241 $135 $461 $89 $215 $1,141 
Percent of loans to total loans1
4 %19 %4 %30 %43 %100 %
ACL—Lending commitments
Beginning balance
$431 $70 $26 $4 $20 $551 
Provision (release)(2)25 (3)— (4)16 
Other(3)(1)— — 2 (2)
Ending balance$426 $94 $23 $4 $18 $565 
Total ending balance
$667 $229 $484 $93 $233 $1,706 
Three Months Ended March 31, 2023
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$235 $153 $275 $87 $89 $839 
Gross charge-offs
(1)— (69)— (1)(71)
Provision (release)31 — 129 26 15 201 
Other— (1)— — 2 1 
Ending balance$265 $152 $335 $113 $105 $970 
Percent of loans to total loans1
4 %18 %4 %28 %46 %100 %
ACL—Lending commitments
Beginning balance$411 $51 $15 $4 $23 $504 
Provision (release)22 — 7 1 3 33 
Other2 — — — — 2 
Ending balance$435 $51 $22 $5 $26 $539 
Total ending balance
$700 $203 $357 $118 $131 $1,509 
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.
The allowance for credit losses for loans and lending commitments decreased for the three months ended March 31, 2024, reflecting improvements in the macroeconomic outlook. This was partially offset by provisions for certain specific commercial real estate and corporate loans and modest growth in certain other loan portfolios. There were no charge-offs during the three months ended March 31, 2024. During the three months ended March 31, 2023, charge-offs were $71 million, primarily related to commercial real estate loans. The base scenario used in our ACL models as of March 31, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes slow economic growth in 2024, followed by a gradual improvement in 2025, as well as lower credit spreads and interest rates relative to the prior forecast. 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 9 to the financial statements in the 2023 Form 10-K.
Selected Credit Ratios
At
March 31,
2024 		At
December 31,
2023
ACL for loans to total HFI loans0.6 %0.6 %
Nonaccrual HFI loans to total HFI loans
0.5 %0.4 %
ACL for loans to nonaccrual HFI loans
115.1 %133.3 %
57
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Employee Loans
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Currently employed by the Firm1
$4,263 $4,257 
No longer employed by the Firm2
90 92 
Employee loans$4,353 $4,349 
ACL(121)(121)
Employee loans, net of ACL$4,232 $4,228 
Remaining repayment term, weighted average in years5.75.8
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 2023 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
10. Other Assets
Equity Method Investments
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Investments$1,811 $1,915 
 Three Months Ended
March 31,
$ in millions20242023
Income (loss)$56 $25 
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 millions20242023
Income (loss) from investment in MUMSS$40 $29 
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2023 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments.
Effective January 1, 2024, the Firm made an election to account for certain renewable energy and other tax equity investments programs using the proportional amortization method under newly adopted accounting guidance.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Low-income housing$1,764 $1,699 
Renewable energy and other1
39 — 
Total2
$1,803 $1,699 
1.Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method.
2.At March 31, 2024, this amount excludes $46 million of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
March 31,
$ in millions20242023
Income tax credits and other income tax benefits$75 $71 
Proportional amortization(60)(49)
Net benefits$15 $22 
11. Deposits
Deposits
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Savings and demand deposits$288,453 $288,252 
Time deposits64,041 63,552 
Total$352,494 $351,804 
Deposits subject to FDIC insurance$276,557 $276,598 
Deposits not subject to FDIC insurance$75,937 $75,206 
Time Deposit Maturities
$ in millionsAt
March 31,
2024
2024$27,808 
202519,452 
20267,091 
20274,604 
20283,982 
Thereafter1,104 
Total$64,041 
March 2024 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Original maturities of one year or less$5,233 $3,188 
Original maturities greater than one year
Senior$252,547 $248,174 
Subordinated13,603 12,370 
Total greater than one year$266,150 $260,544 
Total$271,383 $263,732 
Weighted average stated maturity, in years1
6.66.6
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Original maturities:
One year or less$8,914 $5,732 
Greater than one year6,177 6,923 
Total$15,091 $12,655 
Transfers of assets accounted for as secured financings$7,053 $5,848 
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, 2024 
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$15,091 $35,055 $58,740 $4,230 $113,116 
Secured lending facilities8,167 6,891 4,319 4,465 23,842 
Commercial and Residential real estate214 21 14 481 730 
Securities-based lending and Other16,013 3,165 377 443 19,998 
Forward-starting secured financing receivables1
88,826 — — — 88,826 
Central counterparty300 — — 12,861 13,161 
Investment activities1,709 120 73 524 2,426 
Letters of credit and other financial guarantees68 15 — 7 90 
Total$130,388 $45,267 $63,523 $23,011 $262,189 
Lending commitments participated to third parties$8,348 
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 14 to the financial statements in the 2023 Form 10-K.
Guarantees
 At March 31, 2024
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,576,169 $748,245 $155,224 $458,033 $(33,732)
Standby letters of credit and other financial guarantees issued2,3
1,726 1,152 1,236 2,561 2 
Liquidity facilities2,193 — — — (1)
Whole loan sales guarantees2 85 — 23,074 — 
Securitization representations and warranties4
— — — 82,349 (3)
General partner guarantees412 32 133 28 (87)
Client clearing guarantees208 — — — — 
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 $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3.As of March 31, 2024, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $72 million.
4.Related to commercial and residential mortgage securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2023 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 14 to the financial statements in the 2023 Form 10-K.
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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 third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. 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 or other 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 markets 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, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.
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 or the range of loss, the Firm accrues an estimated loss by a charge to
income, including with respect to certain of the individual proceedings or investigations described below.
Three Months Ended
March 31,
$ in millions20242023
Legal expenses$(26)$151 
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm.
In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm 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, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.
While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not
March 2024 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
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yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.
Antitrust Related Matters
The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, among other relief, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims.

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. On May 20, 2023, the Firm reached an agreement in principle to settle the litigation. On
September 1, 2023, the court granted preliminary approval of the settlement.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, along with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). Plaintiffs seek, among other relief, treble damages. The class action complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On October 5, 2023, defendants petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision, which was granted on February 5, 2024.
Qui Tam Matters

The Firm and other financial institutions are defending against qui tam litigations brought under various state false claims statutes, including the matter described below. Such matters may involve the same types of claims pursued in multiple jurisdictions and may include claims for treble damages.

On August 18, 2009, Relators Roger Hayes and C. Talbot Heppenstall, Jr., filed a qui tam action in New Jersey state court styled State of New Jersey ex. rel. Hayes v. Bank of America Corp., et al. The complaint, filed under seal pursuant to the New Jersey False Claims Act, alleged that the Firm and several other underwriters of municipal bonds had defrauded New Jersey issuers by misrepresenting that they would achieve the best price or lowest cost of capital in connection with certain municipal bond issuances. On March 17, 2016, the court entered an order unsealing the complaint. On November 17, 2017, Relators filed an amended complaint to allege the Firm mispriced certain bonds issued in twenty-three bond offerings between 2008 and 2017, having a total par amount of $6.9 billion. The complaint seeks, among other relief, treble damages. On February 22, 2018, the Firm moved to dismiss the amended complaint, and on July 17, 2018, the court denied the Firm’s motion. On October 13, 2021, following a series of voluntary and involuntary dismissals, Relators limited their claims to certain bonds issued in five offerings the Firm underwrote between 2008 and 2011, having a total par amount of $3.9 billion. On August 22, 2023, the Firm reached an agreement in principle to settle the litigation. The final agreement became effective on January 30, 2024.
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European Matters
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 $134 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 January 19, 2024, the Dutch High Court granted the Firm’s appeal in matters re-styled Case number 20/01884 and referred the case to the Court of Appeal in The Hague.
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.
Danish Underwriting Matter
On October 5, 2017, various institutional investors filed a claim against the Firm and another bank in a matter now styled Case number B-803-18 (previously BS 99-6998/2017), in the City Court of Copenhagen, Denmark concerning their roles as underwriters of the initial public offering (“IPO”) in March 2014 of the Danish company OW Bunker A/S. The claim seeks damages of approximately DKK529 million (approximately $77 million) plus interest in respect of alleged losses arising from investing in shares in OW Bunker, which entered into bankruptcy in November 2014. Separately, on November 29, 2017, another group of institutional investors joined the Firm and another bank as defendants to pending proceedings in the High Court of Eastern Denmark against various other parties involved in the IPO in a matter styled Case number B-2073-16. The claim brought against the Firm and the other bank has been given its own Case number B-2564-17. The investors claim damages of approximately DKK767 million (approximately $111 million) plus interest from the Firm and the other bank on a joint and several basis with the Defendants to these proceedings. Both claims are based on alleged prospectus liability; the second claim also
alleges professional liability of banks acting as financial intermediaries. On June 8, 2018, the City Court of Copenhagen, Denmark ordered that the matters now styled Case number B-803-18, Case number B-2073-16, and Case number B-2564-17 be heard together before the High Court of Eastern Denmark. On June 29, 2018, the Firm filed its defense to the matter now styled Case number B-2564-17. On February 4, 2019, the Firm filed its defense to the matter now styled Case number B-803-18.
U.K. Government Bond Matter

The Firm is engaging with the UK Competition and Markets Authority in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm's activities concerning certain liquid fixed income products between 2009 and 2012. On May 24, 2023, the U.K. Competition and Markets Authority issued a Statement of Objections setting out its provisional findings that the Firm had breached U.K. competition law by sharing competitively sensitive information in connection with gilts and gilt asset swaps between 2009 and 2012. The Firm is contesting the provisional findings. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. On September 28, 2023, the defendants filed a joint motion to dismiss the complaint, which has been fully briefed.
Other
On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County ("Supreme Court of NY") a purported class action complaint alleging violations of the federal securities laws against ViacomCBS (“Viacom”), certain of its officers and directors, and the underwriters, including the Firm, of two March 2021 Viacom offerings: a $1.7 billion Viacom Class B Common Stock offering and a $1 billion offering of 5.75% Series A Mandatory Convertible Preferred Stock (collectively, the “Offerings”). The complaint alleges, inter alia, that the Viacom offering documents for both issuances contained material omissions because they did not disclose that certain of the underwriters, including the Firm, had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos Capital Management LP, (“Archegos”), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint, which seeks, among other things, unspecified compensatory damages, alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at
March 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including the Firm, had intended to unwind Archegos’s Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying the motions to dismiss as to the Firm and the other underwriters, but granted the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including the Firm, filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court’s decision as to the Firm and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On January 4, 2024, the court granted the plaintiff’s motion for class certification. On February 14, 2024, the defendants filed their notice of appeal of the court’s grant of class certification.
On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to plaintiffs was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to plaintiffs by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
 At March 31, 2024At December 31, 2023
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$741 $258 $597 $256 
Investment vehicles2
807 508 753 502 
MTOB525 483 582 520 
Other442 124 378 97 
Total$2,515 $1,373 $2,310 $1,375 
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.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
March 31,
2024 		At
December 31,
2023
Assets
Cash and cash equivalents$181 $164 
Trading assets at fair value1,998 1,557 
Investment securities237 492 
Securities purchased under agreements to resell67 67 
Customer and other receivables29 26 
Other assets3 4 
Total$2,515 $2,310 
Liabilities
Other secured financings$1,184 $1,222 
Other liabilities and accrued expenses131 121 
Borrowings58 32 
Total$1,373 $1,375 
Noncontrolling interests$60 $54 
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.
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March 2024 Form 10-Q
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Non-consolidated VIEs
 At March 31, 2024
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$151,575 $1,877 $3,311 $2,919 $56,401 
Maximum exposure to loss3
Debt and equity interests$22,367 $104 $— $2,131 $9,192 
Derivative and other contracts— — 2,193 — 4,076 
Commitments, guarantees and other3,887 — — — 160 
Total$26,254 $104 $2,193 $2,131 $13,428 
Carrying value of variable interests—Assets
Debt and equity interests$22,368 $104 $— $1,713 $9,192 
Derivative and other contracts— — 2 — 1,394 
Total$22,368 $104 $2 $1,713 $10,586 
Additional VIE assets owned4
$14,797 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $4 $— $367 
Total$— $— $4 $— $367 
 At December 31, 2023
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$144,906 $1,526 $3,152 $3,102 $50,052 
Maximum exposure to loss3
Debt and equity interests$21,203 $52 $— $2,049 $9,076 
Derivative and other contracts— — 2,092 — 4,452 
Commitments, guarantees and other3,439 — — — 55 
Total$24,642 $52 $2,092 $2,049 $13,583 
Carrying value of variable interests–Assets
Debt and equity interests$21,203 $52 $— $1,682 $9,075 
Derivative and other contracts— — 2 — 1,330 
Total$21,203 $52 $2 $1,682 $10,405 
Additional VIE assets owned4
$15,002 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $3 $— $452 
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, 2024At December 31, 2023
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$17,323 $3,067 $17,346 $3,355 
Commercial mortgages79,998 8,805 74,590 8,342 
U.S. agency collateralized mortgage obligations43,012 6,442 42,917 6,675 
Other consumer or commercial loans11,242 4,053 10,053 2,831 
Total$151,575 $22,367 $144,906 $21,203 
Transferred Assets with Continuing Involvement
 At March 31, 2024
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$4,887 $72,446 $14,659 $13,094 
Retained interests
Investment grade$161 $652 $556 $— 
Non-investment grade95 743 — 65 
Total$256 $1,395 $556 $65 
Interests purchased in the secondary market3
Investment grade$18 $37 $48 $— 
Non-investment grade— 13 — — 
Total$18 $50 $48 $— 
Derivative assets$— $— $— $1,159 
Derivative liabilities — — — 378 
 At December 31, 2023
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$4,333 $73,818 $12,083 $12,438 
Retained interests
Investment grade$149 $653 $460 $— 
Non-investment grade83 788 — 69 
Total$232 $1,441 $460 $69 
Interests purchased in the secondary market3
Investment grade$20 $22 $42 $— 
Non-investment grade— 16 — — 
Total$20 $38 $42 $— 
Derivative assets$— $— $— $1,073 
Derivative liabilities— — — 426 
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 Fair Value At March 31, 2024
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$667 $— $667 
Non-investment grade15 67 82 
Total$682 $67 $749 
Interests purchased in the secondary market3
Investment grade$103 $— $103 
Non-investment grade10 3 13 
Total$113 $3 $116 
Derivative assets$1,159 $— $1,159 
Derivative liabilities378 — 378 
 
Fair Value at December 31, 2023
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$576 $— $576 
Non-investment grade10 56 66 
Total$586 $56 $642 
Interests purchased in the secondary market3
Investment grade$77 $7 $84 
Non-investment grade12 4 16 
Total$89 $11 $100 
Derivative assets$1,073 $— $1,073 
Derivative liabilities426 — 426 
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 include 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 2023 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 millions20242023
New transactions1
$6,550 $2,521 
Retained interests2,099 1,575 
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,
2024 		At
December 31,
2023
Gross cash proceeds from sale of assets1
$68,566 $60,766 
Fair value
Assets sold$70,956 $62,221 
Derivative assets recognized in the balance sheet2,527 1,546 
Derivative liabilities recognized in the balance sheet140 93 
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 15 to the financial statements in the 2023 Form 10-K.
15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2023 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 (“CET1”) 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, 2024 and December 31, 2023, 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 75% from January 1,
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March 2024 Form 10-Q
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(Unaudited)
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2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Capital Buffer Requirements
At March 31, 2024 and December 31, 2023
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB5.4%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
0%0%
Capital buffer requirement8.4%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 operational risk RWA (“Advanced Approach”) is equal to the sum of the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At March 31, 2024 and December 31, 2023
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5 %12.9%10.0%
Tier 1 capital ratio6.0 %14.4%11.5%
Total capital ratio8.0 %16.4%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millions
At March 31,
2024
At December 31, 2023
Risk-based capital
CET1 capital$70,298 $69,448 
Tier 1 capital79,046 78,183 
Total capital91,007 88,874 
Total RWA467,763 456,053 
Risk-based capital ratio
CET1 capital15.0 %15.2 %
Tier 1 capital16.9 %17.1 %
Total capital19.5 %19.5 %
Required ratio1
CET1 capital12.9 %12.9 %
Tier 1 capital14.4 %14.4 %
Total capital16.4 %16.4 %
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt March 31, 2024At December 31, 2023
Leveraged-based capital
Adjusted average assets1
$1,178,369 $1,159,626 
Supplementary leverage exposure2
1,464,030 1,429,552 
Leveraged-based capital ratio
Tier 1 leverage6.7 %6.7 %
SLR5.4 %5.5 %
Required ratio3
Tier 1 leverage4.0 %4.0 %
SLR5.0 %5.0 %
1.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.
2.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.
3.Required ratios are inclusive of any buffers applicable as of the date presented.
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,
March 2024 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
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failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At March 31, 2024 and December 31, 2023, 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 75% from January 1, 2024. 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, 2024At December 31, 2023
$ in millionsAmountRatioAmount Ratio
Risk-based capital
CET1 capital6.5 %7.0 %$23,127 22.5 %$21,925 21.7 %
Tier 1 capital8.0 %8.5 %23,127 22.5 %21,925 21.7 %
Total capital10.0 %10.5 %24,033 23.3 %22,833 22.6 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$23,127 10.9 %$21,925 10.6 %
SLR6.0 %3.0 %23,127 8.4 %21,925 8.2 %
MSPBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At March 31, 2024At December 31, 2023
$ in millionsAmountRatioAmountRatio
Risk-based capital
CET1 capital6.5 %7.0 %$15,978 26.4 %$15,388 25.8 %
Tier 1 capital8.0 %8.5 %15,978 26.4 %15,388 25.8 %
Total capital10.0 %10.5 %16,266 26.9 %15,675 26.3 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$15,978 7.7 %$15,388 7.5 %
SLR6.0 %3.0 %15,978 7.5 %15,388 7.2 %
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 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,
2024		At December 31,
2023
Net capital$18,628 $18,121 
Excess net capital14,145 13,676 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is 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 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, 2024 and December 31, 2023, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain other 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, 2024 and December 31, 2023, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS, and
•MSCG
See Note 16 to the financial statements in the 2023 Form 10-K for further information.
16. Total Equity
Preferred Stock
 Shares Outstanding Carrying Value
$ in millions, except per share dataAt
March 31,
2024 		Liquidation
Preference
per Share		At
March 31,
2024 		At
December 31,
2023
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.
67
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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For a description of Series A through Series P preferred stock, see Note 17 to the financial statements in the 2023 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 millions20242023
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,000 $1,500 
On June 30, 2023, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2023, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 17 to the financial statements in the 2023 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
March 31,
in millions20242023
Weighted average common shares outstanding, basic1,601 1,645 
Effect of dilutive RSUs and PSUs15 18 
Weighted average common shares outstanding and common stock equivalents, diluted1,616 1,663 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)— 4 
Dividends
$ in millions, except per
share data		Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Per Share1
Total
Per Share1
Total
Preferred stock series
A$392 $17 $343 $15 
C25 13 25 13 
E445 15 445 15 
F434 15 430 14 
I398 16 398 16 
K366 15 366 15 
L305 6 305 6 
M2
29 12 29 12 
N
2,226 7 2,650 8 
O266 14 266 14 
P406 16 406 16 
Total Preferred stock$146 $144 
Common stock$0.85 $1,390 $0.775 $1,305 
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.

Accumulated Other Comprehensive Income (Loss)1
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
December 31, 2023$(1,153)$(3,094)$(595)$(1,595)$16 $(6,421)
OCI during the period(112)68 4 (568)(28)(636)
March 31, 2024$(1,265)$(3,026)$(591)$(2,163)$(12)$(7,057)
December 31, 2022$(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)
1.Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
Three Months Ended March 31, 2024
$ in millionsPre-tax Gain (Loss)Income Tax Benefit (Provision)After-tax Gain (Loss)Non-controlling InterestsNet
CTA
OCI activity$(70)$(103)$(173)$(61)$(112)
Reclassified to earnings— — — — — 
Net OCI$(70)$(103)$(173)$(61)$(112)
Change in net unrealized gains (losses) on AFS securities
OCI activity$132 $(32)$100 $— $100 
Reclassified to earnings(43)11 (32)— (32)
Net OCI$89 $(21)$68 $— $68 
Pension and other
OCI activity$— $— $— $— $— 
Reclassified to earnings5 (1)4 — 4 
Net OCI$5 $(1)$4 $— $4 
Change in net DVA
OCI activity$(751)$180 $(571)$5 $(576)
Reclassified to earnings10 (2)8 — 8 
Net OCI$(741)$178 $(563)$5 $(568)
Change in fair value of cash flow hedge derivatives
OCI activity $(47)$11 $(36)$— $(36)
Reclassified to earnings11 (3)8 — 8 
Net OCI$(36)$8 $(28)$— $(28)
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 
March 2024 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
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17. Interest Income and Interest Expense
 Three Months Ended
March 31,
$ in millions20242023
Interest income
Cash and cash equivalents1
$903 743 
Investment securities1,197 1,018 
Loans3,305 2,815 
Securities purchased under agreements to resell2
2,530 1,477 
Securities borrowed3
1,376 1,172 
Trading assets, net of Trading liabilities1,382 913 
Customer receivables and Other1, 4
2,237 1,842 
Total interest income$12,930 $9,980 
Interest expense
Deposits$2,476 $1,575 
Borrowings3,223 2,506 
Securities sold under agreements to repurchase5
2,402 1,218 
Securities loaned6
224 164 
Customer payables and Other4, 7
2,809 2,171 
Total interest expense$11,134 $7,634 
Net interest$1,796 $2,346 
1.In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $890 million and no change to net interest income for the first quarter of 2023 for the Institutional Securities segment. See Note 2 for additional information.
5.Includes interest received on Securities sold under agreements to repurchase.
6.Includes fees received on Securities loaned.
7.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,
2024		At December 31,
2023
Customer and other receivables$5,149 $4,206 
Customer and other payables4,942 4,360 
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.
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended March 31, 2024
$ in millionsISWMIMI/ETotal
Investment banking$1,447 $166 $— $(24)$1,589 
Trading4,583 262 (7)14 4,852 
Investments49 19 69 — 137 
Commissions and fees1
691 605 — (69)1,227 
Asset management1,2
157 3,829 1,346 (63)5,269 
Other124 143 3 (4)266 
Total non-interest revenues7,051 5,024 1,411 (146)13,340 
Interest income9,308 3,973 26 (377)12,930 
Interest expense9,343 2,117 60 (386)11,134 
Net interest(35)1,856 (34)9 1,796 
Net revenues$7,016 $6,880 $1,377 $(137)$15,136 
Provision for credit losses$2 $(8)$— $— $(6)
Compensation and benefits2,343 3,788 565 — 6,696 
Non-compensation expenses2,320 1,294 571 (134)4,051 
Total non-interest expenses$4,663 $5,082 $1,136 $(134)$10,747 
Income before provision for income taxes$2,351 $1,806 $241 $(3)$4,395 
Provision for income taxes482 403 49 (1)933 
Net income1,869 1,403 192 (2)3,462 
Net income applicable to noncontrolling interests50 — — — 50 
Net income applicable to Morgan Stanley$1,819 $1,403 $192 $(2)$3,412 
69
March 2024 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 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 income3
6,868 3,627 29 (544)9,980 
Interest expense3
6,645 1,469 67 (547)7,634 
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 
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $890 million and no change to net interest income for the first quarter of 2023 for the Institutional Securities segment. See Note 2 for additional information.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2023 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20242023
Institutional Securities Advisory$461 $638 
Institutional Securities Underwriting986 609 
Firm Investment banking revenues from contracts with customers90 %89 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20242023
Interest rate$1,826 $1,368 
Foreign exchange272 262 
Equity1
2,304 2,212 
Commodity and other595 539 
Credit(145)96 
Total$4,852 $4,477 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, 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,
2024 		At
December 31,
2023
Net cumulative unrealized performance-based fees at risk of reversing$770 $787 
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 millions20242023
Fee waivers$24 $18 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
March 31,
$ in millions20242023
Transaction taxes$206 $214 
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.
March 2024 Form 10-Q
70
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Revenues by Region
 Three Months Ended
March 31,
$ in millions20242023
Americas$11,567 $10,791 
EMEA1,826 1,737 
Asia1,743 1,989 
Total$15,136 $14,517 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2023 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20242023
Non-interest revenues$476 $704 
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,
2024 		At
December 31,
2023
Customer and other receivables$2,570 $2,339 
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,
2024 		At
December 31,
2023
Institutional Securities$832,693 $810,506 
Wealth Management377,924 365,168 
Investment Management17,886 18,019 
Total1
$1,228,503 $1,193,693 
1. Parent assets have been fully allocated to the business segments.

71
March 2024 Form 10-Q
Financial Data Supplement
(Unaudited)
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Average Balances and Interest Rates and Net Interest Income
 Three Months Ended March 31,
 20242023
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and Cash Equivalents1:
U.S.
$52,696 $633 4.8 %$61,795 $531 3.5 %
Non-U.S.
43,661 270 2.5 %53,663 212 1.6 %
Investment securities2
153,866 1,197 3.1 %159,061 1,018 2.6 %
Loans2
217,921 3,305 6.1 %214,185 2,815 5.3 %
Securities purchased under agreements to resell3:
U.S.52,260 1,496 11.5 %46,847 932 8.1 %
Non-U.S.49,595 1,034 8.4 %65,713 545 3.4 %
Securities borrowed4:
U.S.108,288 1,257 4.7 %123,206 1,095 3.6 %
Non-U.S.18,835 119 2.5 %18,683 77 1.7 %
Trading assets, net of Trading liabilities:
U.S.107,970 1,175 4.4 %87,631 786 3.6 %
Non-U.S.18,329 207 4.5 %7,264 127 7.1 %
Customer receivables and Other1,10:
U.S.47,180 1,700 14.5 %45,260 1,252 11.2 %
Non-U.S.17,502 537 12.3 %15,625 590 15.3 %
Total$888,103 $12,930 5.9 %$898,933 $9,980 4.5 %
Interest bearing liabilities
Deposits2
$346,946 $2,476 2.9 %$346,973 $1,575 1.8 %
Borrowings2,5
251,956 3,223 5.1 %245,600 2,506 4.1 %
Securities sold under agreements to repurchase6,8:
U.S.24,410 1,221 20.1 %21,075 670 12.9 %
Non-U.S.58,316 1,181 8.1 %41,071 548 5.4 %
Securities loaned7,8:
U.S.5,790 17 1.2 %4,992 13 1.1 %
Non-U.S.8,979 207 9.3 %10,016 151 6.1 %
Customer payables and Other9,10:
U.S.124,018 1,891 6.1 %137,766 1,402 4.1 %
Non-U.S.64,756 918 5.7 %65,818 769 4.7 %
Total$885,171 $11,134 5.1 %$873,311 $7,634 3.5 %
Net interest income and net interest rate spread$1,796 0.8 % $2,346 1.0 %
1.In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
2.Amounts include primarily U.S. balances.
3.Includes interest paid on Securities purchased under agreements to resell.
4.Includes fees paid on Securities borrowed.
5.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.
6.Includes interest received on Securities sold under agreements to repurchase.
7.Includes fees received on Securities loaned.
8.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.
9.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
10.Certain prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.


March 2024 Form 10-Q
72
Glossary of Common Terms and Acronyms
Image29.jpg
2023 Form 10-K
Annual report on Form 10-K for year ended December 31, 2023 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
CET1
Common Equity Tier 1
CFTCU.S. Commodity Futures Trading Commission
CLNCredit-linked note(s)
CLOCollateralized loan obligation(s)
CMBSCommercial mortgage-backed securities
CMOCollateralized mortgage obligation(s)
CRE Commercial real estate
CRMCredit Risk Management Department
CTACumulative foreign currency translation adjustments
DCP
Employee deferred cash-based compensation plans linked to investment performance
DCP investments
Investments associated with certain DCP
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-SIB
Global systemically important bank
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-GAAP
Non-generally accepted accounting principles in the U.S.
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
S&PStandard & Poor’s
SPESpecial purpose entity
SPOESingle point of entry
TLACTotal loss-absorbing capacity
U.K.United Kingdom
UPBUnpaid principal balance
U.S.United States of America
U.S. Bank Subsidiaries
Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”)
U.S. GAAP
Accounting principles generally accepted in the U.S.
VaRValue-at-Risk
VIEVariable interest entity
WACCImplied weighted average cost of capital
WMWealth Management

73
March 2024 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
See “Contingencies—Legal” in Note 13 to the Financial
Statements for information about our material legal
proceedings.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share
Total Shares Purchased as Part of Share Repurchase Authorization2,3
Dollar Value of Remaining Authorized Repurchase
January8,995,283 $86.00 1,878,800 $17,039 
February6,331,034 $86.05 5,213,800 $16,590 
March4,536,567 $88.02 4,429,444 $16,200 
Three Months Ended March 31, 202419,862,884 $86.48 11,522,044 
1.Includes 8,340,840 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, 2024.
2.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.
3.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 30, 2023, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2023, 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.”
Other Information
None.
Exhibits
Exhibit No.Description
15
Letter of awareness from Deloitte & Touche LLP, dated May 3, 2024, 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 3, 2024
March 2024 Form 10-Q
74

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