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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)
33.03%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Morgan Stanley - 10-Q quarterly report FY2025 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, 2025
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
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%
MS/PQ
New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $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, 2025, there were 1,604,319,158 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, 2025
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
15
Supplemental Financial Information
  
17
Accounting Development Updates
  
17
Critical Accounting Estimates
  
17
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
  
34
Report of Independent Registered Public Accounting Firm
  
36
Consolidated Financial Statements and Notes
I1
37
Consolidated Income Statement (Unaudited)
  
37
Consolidated Comprehensive Income Statement (Unaudited)
  
37
Consolidated Balance Sheet (Unaudited at March 31, 2025)
  
38
Consolidated Statement of Changes in Total Equity (Unaudited)
  
39
Consolidated Cash Flow Statement (Unaudited)
  
40
Notes to Consolidated Financial Statements (Unaudited)
  
41
1.
Introduction and Basis of Presentation
  
41
2.
Significant Accounting Policies
  
42
3.
Cash and Cash Equivalents
42
4.
Fair Values
  
42
5.
Fair Value Option
47
6.
Derivative Instruments and Hedging Activities
  
48
7.
Investment Securities
  
52
8.
Collateralized Transactions
  
54
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
  
55
10.
Other Assets
  
58
11.
Deposits
  
59
12.
Borrowings and Other Secured Financings
  
59
13.
Commitments, Guarantees and Contingencies
  
60
14.
Variable Interest Entities and Securitization Activities
  
63
15.
Regulatory Requirements
  
66
16.
Total Equity
  
68
17.
Interest Income and Interest Expense
  
70
18.
Income Taxes
  
70
19.
Segment, Geographic and Revenue Information
  
70
Financial Data Supplement (Unaudited)
  
73
Glossary of Common Terms and Acronyms
  
74
Controls and Procedures
I4
75
II 
Legal Proceedings
II1
75
Risk Factors
II1A
75
Unregistered Sales of Equity Securities and Use of Proceeds
II2
75
Other Information
II5
75
Exhibits
II6
75
  
75

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
•2023 ESG Report.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Deputy Chief Financial Officer. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC 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 Markets business, which comprises Equity and Fixed Income, provides 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 clients. 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. Wealth Management covers: 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 and commercial 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; legislative, legal and regulatory developments; and other risk 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 2024 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
March 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended March 31, 2025
•The Firm reported net revenues of $17.7 billion and net income of $4.3 billion reflecting strong results across our business segments.
•The Firm delivered ROE of 17.4% and ROTCE of 23.0% (see “Selected Non-GAAP Financial Information” herein).
•The Firm’s expense efficiency ratio was 68%. Expenses for the quarter included $144 million of severance costs related to a March employee action across our business segments. (See “Non-Interest Expenses” herein for more information).
•The Firm accreted $1.9 billion of Common Equity Tier 1 capital. At March 31, 2025, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.3%.
•Institutional Securities reported net revenues of $9.0 billion reflecting strong performance in Equity and in Investment Banking on higher Fixed Income underwriting revenues.
•Wealth Management delivered a pre-tax margin of 26.6%. Net revenues of $7.3 billion reflect strong Asset management revenues. The business added net new assets of $94 billion and fee-based asset flows were $30 billion.
•Investment Management results reflect net revenues of $1.6 billion, primarily driven by asset management fees on higher average AUM of $1.7 trillion.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $17.7 billion in the quarter ended March 31, 2025 (“current quarter,” or “1Q 2025”), which increased by 17% compared with $15.1 billion in the quarter ended March 31, 2024 (“prior year quarter,” or “1Q 2024”). Net income applicable to Morgan Stanley was $4.3 billion in the current quarter, which increased by 26% compared with $3.4 billion in the prior year quarter. Diluted earnings per common share was $2.60 in the current quarter, which increased by 29% compared with $2.02 in the prior year quarter.
Non-Interest Expenses
($ in millions)
4398046950160
March 2025 Form 10-Q
5
Management’s Discussion and Analysis
Image4.jpg
•Compensation and benefits expenses of $7,521 million in the current quarter increased 12% from the prior year quarter, primarily due to higher discretionary incentive compensation and higher formulaic payout to Wealth Management representatives, both on higher revenues, and higher severance costs, partially offset by lower expenses related to certain employee deferred cash-based compensation plans linked to investment performance (“DCP”).
During the current quarter, as a result of a March employee action, we recognized severance costs associated with a reduction in force (“RIF”) of $144 million, included in Compensation and benefits expenses. The RIF occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. The RIF was related to performance management and the alignment of our workforce to our business needs, rather than a change in strategy or exit of businesses. We recorded severance costs of $78 million in the Institutional Securities business segment, $50 million in the Wealth Management business segment, and $16 million in the Investment Management business segment for the current quarter. These costs were incurred across all regions, with the majority in the Americas.
•Non-compensation expenses of $4,539 million in the current quarter increased 12% from the prior year quarter, primarily due to higher execution-related expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $135 million in the current quarter was primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook. The macroeconomic outlook assumed in our ACL models and Provision for credit losses incorporated the weaker economic outlook and conditions as of March 31, 2025. The Provision for credit losses on loans and lending commitments in the prior year quarter was a net release of $6 million, primarily as a result of improvements in the macroeconomic outlook, partially offset by provisions for certain specific commercial real estate and corporate loans and modest growth in certain other loan portfolios.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment1
($ 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 $8,983 million in the current quarter increased 28% from the prior year quarter, primarily reflecting higher results in Equity and gains on the sale of corporate loans held-for-sale compared with mark-to-market losses, inclusive of hedges, in the prior year quarter within Other net revenues.
•Wealth Management net revenues of $7,327 million in the current quarter increased 6% from the prior year quarter, primarily reflecting higher Asset management revenues, partially offset by lower Transactional revenues.
•Investment Management net revenues of $1,602 million in the current quarter increased 16% from the prior year quarter, reflecting higher Performance-based income and other revenues and higher Asset management and related fees.
6
March 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Net Revenues by Region1
($ 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 2024 Form 10-K.
•Americas net revenues in the current quarter increased 13% from the prior year quarter, driven by higher results across all business segments.
•EMEA net revenues in the current quarter increased 25% from the prior year quarter, primarily driven by higher Equity revenues within the Institutional Securities business segment and higher results within the Investment Management business segment.
•Asia net revenues in the current quarter increased 35% from the prior year quarter, primarily driven by higher Equity revenues within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
 Three Months Ended
March 31,
$ in millions, except per share data
20252024
Consolidated results
Net revenues$17,739 $15,136 
Earnings applicable to Morgan Stanley common shareholders$4,157 $3,266 
Earnings per diluted common share$2.60 $2.02 
Consolidated financial measures
Expense efficiency ratio1
68 %71 %
ROE2
17.4 %14.5 %
ROTCE2, 3
23.0 %19.7 %
Pre-tax margin4
31 %29 %
Effective tax rate21.2 %21.2 %
Pre-tax margin by segment4
Institutional Securities37 %34 %
Wealth Management27 %26 %
Investment Management20 %18 %
$ in millions, except per share data, worldwide employees and client assets
At
March 31,
2025		At
December 31,
2024
Average liquidity resources for three months ended5
$351,740 $345,440 
Loans6
$258,969 $246,814 
Total assets$1,300,296 $1,215,071 
Deposits$381,563 $376,007 
Borrowings$305,390 $288,819 
Common equity
$97,062 $94,761 
Tangible common equity3
$74,044 $71,604 
Common shares outstanding1,607 1,607 
Book value per common share7
$60.41 $58.98 
Tangible book value per common share3, 7
$46.08 $44.57 
Worldwide employees (in thousands)81 80 
Client assets8 (in billions)
$7,662 $7,860 
Capital Ratios9
Common Equity Tier 1 capital—Standardized15.3 %15.9 %
Tier 1 capital—Standardized17.2 %18.0 %
Common Equity Tier 1 capital—Advanced15.7 %15.7 %
Tier 1 capital—Advanced17.7 %17.8 %
Tier 1 leverage6.9 %6.9 %
SLR5.6 %5.6 %
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 the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets are invested in Investment Management products and are therefore also included in Investment Management’s AUM.
9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
March 2025 Form 10-Q
7
Management’s Discussion and Analysis
Image4.jpg
Economic and Market Conditions
The economic environment, client and investor confidence and overall market sentiment deteriorated in 2025, as recent developments around global trade and government policies resulted in increased economic uncertainty and market volatility. Geopolitical risks, inflation, as well as the timing and pace of central bank actions related to interest rates present ongoing risks to the economic environment and growth. These factors have impacted, and could continue to impact capital markets and our businesses, as discussed further in “Business Segments” herein.
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 2024 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, 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 additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2024 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 millions20252024
Net revenues$17,739 $15,136 
Adjustment for mark-to-market losses (gains) on DCP1
149 (187)
Adjusted Net revenues—non-GAAP$17,888 $14,949 
Compensation expense$7,521 $6,696 
Adjustment for mark-to-market gains (losses) on DCP1
2 (249)
Adjusted Compensation expense—non-GAAP$7,523 $6,447 
Wealth Management Net revenues$7,327 $6,880 
Adjustment for mark-to-market losses (gains) on DCP1
131 (140)
Adjusted Wealth Management Net revenues—non-GAAP$7,458 $6,740 
Wealth Management Compensation expense$3,999 $3,788 
Adjustment for mark-to-market gains (losses) on DCP1
17 (156)
Adjusted Wealth Management Compensation expense—non-GAAP$4,016 $3,632 
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 2024 Form 10-K for more information.
$ in millionsAt
March 31,
2025		At
December 31,
2024
Tangible equity
Common equity
$97,062 $94,761 
Less: Goodwill and net intangible assets(23,018)(23,157)
Tangible common equity—non-GAAP
$74,044 $71,604 
8
March 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Average Monthly Balance
 Three Months Ended
March 31,
$ in millions20252024
Tangible equity
Common equity
$95,488 $89,913 
Less: Goodwill and net intangible assets(23,083)(23,705)
Tangible common equity—non-GAAP
$72,405 $66,208 
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
March 31,
$ in billions20252024
Average common equity1
Institutional Securities$48.4 $45.0 
Wealth Management29.4 29.1 
Investment Management10.6 10.8 
ROE2
Institutional Securities20 %15 %
Wealth Management20 %19 %
Investment Management10 %7 %
Average tangible common equity1
Institutional Securities$48.0 $44.6 
Wealth Management16.3 15.5 
Investment Management1.0 1.1 
ROTCE2
Institutional Securities20 %15 %
Wealth Management37 %35 %
Investment Management104 %68 %
1.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.
2.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 2024 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2024 Form 10-K.


March 2025 Form 10-Q
9
Management’s Discussion and Analysis
Image4.jpg
Institutional Securities
Income Statement Information
Three Months Ended
March 31,		% Change
$ in millions20252024
Revenues
Advisory$563 $461 22 %
Equity319 430 (26)%
Fixed Income677 556 22 %
Total Underwriting996 986 1 %
Total Investment Banking
1,559 1,447 8 %
Equity4,128 2,842 45 %
Fixed Income
2,604 2,485 5 %
Other692 242 186 %
Net revenues8,983 7,016 28 %
Provision for credit losses91 2 N/M
Compensation and benefits2,854 2,343 22 %
Non-compensation expenses2,757 2,320 19 %
Total non-interest expenses5,611 4,663 20 %
Income before provision for income taxes3,281 2,351 40 %
Provision for income taxes696 482 44 %
Net income2,585 1,869 38 %
Net income applicable to noncontrolling interests56 50 12 %
Net income applicable to Morgan Stanley$2,529 $1,819 39 %
Investment Banking
Investment Banking Volumes
Three Months Ended
March 31,
$ in billions20252024
Completed mergers and acquisitions1
$140 $116 
Equity and equity-related offerings2, 3
13 17 
Fixed Income offerings2, 4
98 98 
Source: LSEG Data & Risk Analytics (formerly known as Refinitiv) as of April 1, 2025. 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
Net revenues of $1,559 million in the current quarter increased 8% from the prior year quarter, reflecting higher Fixed Income underwriting and Advisory revenues, partially offset by lower Equity underwriting revenues.
•Advisory revenues increased on higher completed M&A transactions.
•Equity underwriting revenues decreased primarily on lower secondary block share trades and initial public offerings.
•Fixed Income underwriting revenues increased primarily in non-investment grade loan issuances.
While Investment Banking results have shown improvement in recent quarters, we continue to operate in a market environment with lower completed M&A activity relative to longer-term averages. The current economic environment may continue to delay expectations of increased 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, 2025
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,267 $156 $(596)$1 $1,828 
Execution services1,469 798 (98)131 2,300 
Total Equity$3,736 $954 $(694)$132 $4,128 
Total Fixed Income$2,407 $107 $19 $71 $2,604 
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 
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 $4,128 million in the current quarter increased 45% compared with the prior year quarter, reflecting an increase in both Execution services and Financing.
•Financing revenues increased primarily due to higher gains on inventory held to facilitate client activity and increased client activity.
•Execution services revenues increased primarily due to higher gains on inventory held to facilitate client activity and increased client activity in derivatives and cash equities.
Fixed Income
Net revenues of $2,604 million in the current quarter increased 5% from the prior year quarter, primarily reflecting an increase in Global macro products, partially offset by a decrease in Commodities and Credit products.
•Global macro products revenues increased primarily on foreign exchange products due to gains compared with
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March 2025 Form 10-Q
Management’s Discussion and Analysis
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losses in the prior year quarter on inventory held to facilitate client activity and increased client activity.
•Credit products revenues decreased primarily due to lower gains on inventory held to facilitate client activity, partially offset by higher lending and securitized products activity.
•Commodities products and other fixed income revenues decreased primarily due to lower gains on inventory held to facilitate client activity.
Other Net Revenues
Other net revenues were $692 million in the current quarter, compared with $242 million in the prior year quarter, primarily reflecting gains on the sale of corporate loans held-for-sale compared with mark-to-market losses, inclusive of hedges, in the prior year quarter.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $91 million in the current quarter was primarily related to portfolio growth in secured lending facilities and corporate loans and deterioration in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments of $2 million in the prior year 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.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $5,611 million in the current quarter increased 20% compared with the prior year quarter as a result of higher Compensation and benefits expenses and Non-compensation expenses.
•Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues, higher expenses related to outstanding deferred cash- and equity-based compensation and higher severance costs associated with a RIF in March.
•Non-compensation expenses increased primarily reflecting higher execution-related expenses.


March 2025 Form 10-Q
11
Management’s Discussion and Analysis
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Wealth Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20252024
Revenues
Asset management$4,396 $3,829 15 %
Transactional1
873 1,033 (15)%
Net interest1,902 1,856 2 %
Other2
156 162 (4)%
Net revenues7,327 6,880 6 %
Provision for credit losses44 (8)N/M
Compensation and benefits3,999 3,788 6 %
Non-compensation expenses1,333 1,294 3 %
Total non-interest expenses5,332 5,082 5 %
Income before provision for
income taxes
1,951 1,806 8 %
Provision for income taxes419 403 4 %
Net income applicable to Morgan Stanley $1,532 $1,403 9 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues.
2.Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt March 31,
2025		At December 31,
2024
Total client assets1
$6,015$6,194
U.S. Bank Subsidiary loans$163$160
Margin and other lending2
$28$28
Deposits3
$375$370
Annualized weighted average cost of deposits4
Period end2.77%2.73%
 Period average for three months ended
2.77%2.94%
Three Months Ended
March 31,
20252024
Net new assets
$93.8$94.9
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. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2025 and December 31, 2024. The period average is based on daily balances and rates for the period.
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, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows. These 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,
2025		At December 31,
2024
Advisor-led client assets1
$4,719$4,758
Fee-based client assets2
$2,349$2,347
Fee-based client assets as a percentage of advisor-led client assets50%49%
Three Months Ended
March 31,
20252024
Fee-based asset flows3
$29.8$26.2
1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
2.Fee‐based client assets represent the amount of client assets 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 herein.
Self-Directed Channel

At March 31,
2025		At December 31,
2024
Self-directed client assets1 (in billions)
$1,295$1,437
Self-directed households2 (in millions)
8.38.3
Three Months Ended
March 31,
20252024
Daily average revenue trades (“DARTs”)3 (in thousands)
1,003841
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,
2025		At December 31,
2024
Stock plan unvested assets2 (in billions)
$431$475
Stock plan participants3 (in millions)
6.76.6
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 $4,396 million in the current quarter increased 15% compared with the prior quarter, primarily reflecting higher fee-based assets due to higher
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Management’s Discussion and Analysis
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market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $873 million in the current quarter decreased 15% compared with the prior year quarter, primarily driven by losses on DCP investments compared with gains in the prior year quarter, partially offset by higher client activity particularly in equity-related transactions.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $1,902 million in the current quarter increased 2% compared with the prior year quarter, primarily due to lending growth and higher yields on the investment portfolio, partially offset by lower average sweep deposits.
The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences for cash allocation to higher-yielding products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics, have impacted our net interest income. To the extent they persist, or other factors arise, such as central bank actions and changes in the path of interest rates, net interest income may be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $44 million in the current quarter was primarily related to certain specific loans, including residential real estate loans related to the California wildfires. The Provision for credit losses on loans and lending commitments was a net release of $8 million in the prior year quarter as a result of improvements in the macroeconomic outlook. This was partially offset by provisions for certain specific commercial real estate loans.
Non-Interest Expenses
Non-interest expenses of $5,332 million in the current quarter increased 5% compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses.
•Compensation and benefits expenses increased in the current quarter, primarily as a result of an increase in the formulaic payout to Wealth Management representatives on higher compensable revenues and higher severance costs associated with a RIF in March, partially offset by lower expenses related to DCP.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
•Non-compensation expenses were relatively unchanged compared with the prior year quarter.
Fee-Based Client Assets Rollforwards
$ in billions
At
Dec 31,
2024
Inflows1
Outflows2
Market Impact3
At
March 31,
2025
Separately managed4
$719 $20 $(12)$(5)$722 
Unified managed613 35 (18)(7)623 
Advisor207 9 (11)(4)201 
Portfolio manager750 33 (27)(13)743 
Subtotal$2,289 $97 $(68)$(29)$2,289 
Cash management58 11 (9)— 60 
Total fee-based
client assets		$2,347 $108 $(77)$(29)$2,349 
$ in billions
At
Dec 31,
2023
Inflows1
Outflows2
Market Impact3
At
Mar 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 
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.
March 2025 Form 10-Q
13
Management’s Discussion and Analysis
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Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20252024
Separately managed12 12 
Unified managed90 91 
Advisor79 79 
Portfolio manager88 90 
Subtotal64 65 
Cash management7 6 
Total fee-based client assets63 63 
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 2024 Form 10-K.
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March 2025 Form 10-Q
Management’s Discussion and Analysis
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Investment Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20252024
Revenues

Asset management and related fees$1,451 $1,346 8 %
Performance-based income and other1
151 31 N/M
Net revenues1,602 1,377 16 %
Compensation and benefits668 565 18 %
Non-compensation expenses611 571 7 %
Total non-interest expenses1,279 1,136 13 %
Income before provision for income taxes323 241 34 %
Provision for income taxes61 49 24 %
Net income262 192 36 %
Net income applicable to Morgan Stanley $262 $192 36 %
1.Includes Investments and Trading, Net interest, and Other revenues.
Net Revenues
Asset Management and Related Fees
Asset management and related fees of $1,451 million in the current quarter increased 8% from the prior year quarter, primarily driven by higher average AUM on higher market levels.
Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes reflecting client preferences. 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 $151 million in the current quarter increased from the prior year quarter, as a result of higher accrued carried interest in infrastructure funds.
Non-Interest Expenses
Non-interest expenses of $1,279 million in the current quarter increased 13% from 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 higher compensation
associated with carried interest and higher severance costs associated with a RIF in March.
•Non-compensation expenses increased in the current quarter, primarily due to higher distribution expenses on higher average AUM.
Assets Under Management or Supervision Rollforwards
$ in billions
At
Dec 31,
2024
Inflows1
Outflows2
Market Impact3
Other4
At
Mar 31,
2025
Equity$312 $11 $(16)$(9)$3 $301 
Fixed Income
192 18 (13)3 (1)199 
Alternatives and Solutions593 40 (32)(10)— 591 
Long-Term AUM
$1,097 $69 $(61)$(16)$2 $1,091 
Liquidity and Overlay Services569 687 (702)6 (4)556 
Total$1,666 $756 $(763)$(10)$(2)$1,647 
$ 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 
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 denominated funds.
Average AUM
 Three Months Ended
March 31,
$ in billions20252024
Equity $313 $302 
Fixed income197 172 
Alternatives and Solutions599 523 
Long-term AUM subtotal1,109 997 
Liquidity and Overlay Services560 482 
Total AUM$1,669 $1,479 
March 2025 Form 10-Q
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Management’s Discussion and Analysis
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Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20252024
Equity 70 71
Fixed income36 36
Alternatives and Solutions28 29
Long-term AUM41 43
Liquidity and Overlay Services13 13
Total AUM32 33 
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 2024 Form 10-K.
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March 2025 Form 10-Q
Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. Bank Subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “U.S. Bank Subsidiaries”), accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities. Lending activity in 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,
2025		At
December 31,
2024
Investment securities:
Available-for-sale at fair value$78.2 $76.5 
Held-to-maturity47.2 47.8 
Total Investment securities$125.4 $124.3 
Wealth Management loans2
Residential real estate$67.5 $66.6 
Securities-based lending and Other3
95.0 92.9 
Total Wealth Management loans
$162.5 $159.5 
Institutional Securities loans2
Corporate$10.9 $7.1 
Secured lending facilities54.0 50.2 
Commercial and Residential real estate11.2 10.5 
Securities-based lending and Other6.1 5.6 
Total Institutional Securities loans
$82.2 $73.4 
Total assets
$442.4 $434.8 
Deposits4
$375.5 $369.7 
1.Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2.Represents loans, net of ACL. 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 referenced 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 continue to evaluate accounting updates disclosed in the “Accounting Development Updates” section of the 2024 Form 10-K, including the implementation of the Income Tax Disclosures accounting update, and do not expect a material impact on our financial condition or results of operations upon adoption.
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 2024 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 2024 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 2024 Form 10-K.
Liquidity and Capital Resources
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our 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
March 2025 Form 10-Q
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Management’s Discussion and Analysis
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needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At March 31, 2025
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$73,451 $17,204 $84 $90,739 
Trading assets at fair value385,402 9,614 5,227 400,243 
Investment securities34,722 123,560 — 158,282 
Securities purchased under agreements to resell94,954 24,094 — 119,048 
Securities borrowed139,436 790 — 140,226 
Customer and other receivables53,650 37,018 1,485 92,153 
Loans1
86,402 162,497 4 248,903 
Goodwill
438 10,192 6,084 16,714 
Intangible assets
25 2,818 3,462 6,305 
Other assets2
15,239 11,192 1,252 27,683 
Total assets$883,719 $398,979 $17,598 $1,300,296 
At December 31, 2024
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$74,079 $31,072 $235 $105,386 
Trading assets at fair value320,003 6,915 4,966 331,884 
Investment securities38,096 121,583 — 159,679 
Securities purchased under agreements to resell100,404 18,161 — 118,565 
Securities borrowed121,901 1,958 — 123,859 
Customer and other receivables47,321 37,196 1,641 86,158 
Loans1
78,607 159,542 4 238,153 
Goodwill
435 10,190 6,081 16,706 
Intangible assets
27 2,939 3,487 6,453 
Other assets2
15,735 11,292 1,201 28,228 
Total assets$796,608 $400,848 $17,615 $1,215,071 
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.
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 2024 Form 10-K.
At March 31, 2025 and December 31, 2024, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient liquidity resources, which consist of HQLA and cash deposits with banks (“Liquidity Resources”), to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.
Liquidity Resources by Type of Investment
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2025		December 31,
2024
Cash deposits with central banks$58,279 $58,493 
Unencumbered HQLA Securities1:
U.S. government obligations167,173 161,952 
U.S. agency and agency mortgage-backed securities92,728 94,512 
Non-U.S. sovereign obligations2
26,132 22,646 
Other investment grade securities182 600 
Total HQLA1
$344,494 $338,203 
Cash deposits with banks (non-HQLA)7,246 7,237 
Total Liquidity Resources$351,740 $345,440 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered French, U.K., Japanese, Italian, German, and Spanish government obligations.
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March 2025 Form 10-Q
Management’s Discussion and Analysis
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Liquidity Resources by Non-Bank and Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2025		December 31,
2024
Non-Bank legal entities
U.S.:
Parent Company
$79,172 $71,981 
Non-Parent Company
58,994 61,684 
Total U.S.138,166 133,665 
Non-U.S.63,092 61,432 
Total Non-Bank legal entities201,258 195,097 
Bank legal entities
U.S.144,302 144,735 
Non-U.S.6,180 5,608 
Total Bank legal entities150,482 150,343 
Total Liquidity Resources$351,740 $345,440 
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, 2025, 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,
2025		December 31,
2024
Eligible HQLA
Cash deposits with central banks$53,674 $53,836 
Securities1
221,883 213,394 
Total Eligible HQLA
$275,557 $267,230 
Net cash outflows
$212,276 $205,780 
LCR130 %130 %
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 Resources—Funding Management—Secured Financing” in the 2024 Form 10-K.
Collateralized Financing Transactions
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Securities purchased under agreements to resell and Securities borrowed$259,274 $242,424 
Securities sold under agreements to repurchase and Securities loaned$85,876 $65,293 
Securities received as collateral1
$3,159 $9,625 
1.Included within Trading assets in the balance sheet.
March 2025 Form 10-Q
19
Management’s Discussion and Analysis
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 Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2025		December 31,
2024
Securities purchased under agreements to resell and Securities borrowed$237,750 $250,354 
Securities sold under agreements to repurchase and Securities loaned$84,782 $74,949 
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 2024 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 2024 Form 10-K.
Deposits
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Savings and demand deposits:
Brokerage sweep deposits1
$138,013 $142,550 
Savings and other163,877 157,348 
Total Savings and demand deposits301,890 299,898 
Time deposits2
79,673 76,109 
Total3
$381,563 $376,007 
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 increased primarily due to increases in Savings and Time Deposits, partially offset by a reduction in Brokerage sweep deposits, largely due to net outflows to alternative cash equivalent and other investment products.
Borrowings by Maturity at March 31, 20251
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $8,393 $8,393 
Original maturities greater than one year
2025$5,874 $10,644 $16,518 
202622,605 13,799 36,404 
202721,175 13,500 34,675 
202814,025 16,682 30,707 
202916,636 13,466 30,102 
Thereafter 106,898 41,693 148,591 
Total greater than one year$187,213 $109,784 $296,997 
Total$187,213 $118,177 $305,390 
Maturities over next 12 months2
 $22,963 
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 $305 billion as of March 31, 2025 increased compared with $289 billion at December 31, 2024, 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 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 2024 Form 10-K.
20
March 2025 Form 10-Q
Management’s Discussion and Analysis
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Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 30, 2025
Parent Company
Short-Term DebtLong-Term DebtRating Outlook
DBRS, Inc.R-1 (middle)A (high)Positive
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
Fitch Ratings, Inc.F1+AA-Stable
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, such as the SCB, 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 data20252024
Number of shares8 12 
Average price per share$125.88 $86.79 
Total$1,000 $1,000 
For additional information on our common stock repurchases, see 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 11, 2025
Amount per share
$0.925
Date to be paid
May 15, 2025
Shareholders of record as of
April 30, 2025
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 2024 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Regulatory Requirements
Regulatory Capital Framework
We are 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 Board of Governors of the Federal Reserve System (“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
March 2025 Form 10-Q
21
Management’s Discussion and Analysis
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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 2024 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, 2025 and December 31, 2024
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB1
6.0%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
0%0%
Capital buffer requirement9.0%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2024 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 2024 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, 2025 and December 31, 2024
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5 %13.5%10.0%
Tier 1 capital ratio6.0 %15.0%11.5%
Total capital ratio8.0 %17.0%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, 2025 and December 31, 2024, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%.
CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
22
March 2025 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Capital Ratios
Risk-based capital
StandardizedAdvanced
$ in millionsAt
March 31,
2025 		At
Dec 31,
2024 		At
March 31,
2025 		At
Dec 31,
2024
Risk-based
capital
CET1 capital$76,975 $75,095 $76,975 $75,095 
Tier 1 capital86,674 84,790 86,674 84,790 
Total capital97,772 95,567 97,020 94,846 
Total RWA502,622 471,834 489,316 477,331 
Risk-based capital ratios
CET1 capital15.3 %15.9 %15.7 %15.7 %
Tier 1 capital17.2 %18.0 %17.7 %17.8 %
Total capital19.5 %20.3 %19.8 %19.9 %
Required ratios1
CET1 capital13.5 %13.5 %10.0 %10.0 %
Tier 1 capital15.0 %15.0 %11.5 %11.5 %
Total capital17.0 %17.0 %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,
2025		At December 31,
2024
Leveraged-based capital
Adjusted average assets1
$1,251,047 $1,223,779 
Supplementary leverage exposure2
1,552,615 1,517,687 
Leveraged-based capital ratios
Tier 1 leverage6.9 %6.9 %
SLR5.6 %5.6 %
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,
2025		At
December 31,
2024 		Change
CET1 capital
Common shareholders' equity
$97,062 $94,761 $2,301 
Regulatory adjustments and deductions:
Net goodwill(16,371)(16,354)(17)
Net intangible assets(4,888)(5,003)115 
Impact of CECL transition
— 62 (62)
Other adjustments and deductions1
1,172 1,629 (457)
Total CET1 capital
$76,975 $75,095 $1,880 
Additional Tier 1 capital
Preferred stock$9,750 $9,750 $— 
Noncontrolling interests881 807 74 
Additional Tier 1 capital$10,631 $10,557 $74 
Deduction for investments in covered funds(932)(862)(70)
Total Tier 1 capital$86,674 $84,790 $1,884 
Standardized Tier 2 capital
Subordinated debt$9,051 $8,851 $200 
Eligible ACL2,299 2,065 234 
Other adjustments and deductions(252)(139)(113)
Total Standardized Tier 2 capital$11,098 $10,777 $321 
Total Standardized capital$97,772 $95,567 $2,205 
Advanced Tier 2 capital
Subordinated debt$9,051 $8,851 $200 
Eligible credit reserves1,547 1,344 203 
Other adjustments and deductions(252)(139)(113)
Total Advanced Tier 2 capital$10,346 $10,056 $290 
Total Advanced capital$97,020 $94,846 $2,174 
1.Other adjustments and deductions used in the calculation of CET1 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.
March 2025 Form 10-Q
23
Management’s Discussion and Analysis
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RWA Rollforward
 Three Months Ended
March 31, 2025
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2024$417,982 $316,429 
Change related to the following items:
Derivatives8,764 5,652 
Securities financing transactions9,844 1,763 
Investment securities(949)49 
Commitments, guarantees and loans1,513 (4,314)
Equity investments302 306 
Other credit risk6,167 5,143 
Total change in credit risk RWA$25,641 $8,599 
Balance at March 31, 2025$443,623 $325,028 
Market risk RWA
Balance at December 31, 2024$53,852 $54,322 
Change related to the following items:
Regulatory VaR1,037 1,037 
Regulatory stressed VaR1,370 1,370 
Incremental risk charge(1,983)(1,983)
Comprehensive risk measure(233)(437)
Specific risk4,956 4,956 
Total change in market risk RWA$5,147 $4,943 
Balance at March 31, 2025$58,999 $59,265 
Operational risk RWA
Balance at December 31, 2024N/A$106,580 
Change in operational risk RWAN/A(1,557)
Balance at March 31, 2025N/A$105,023 
Total RWA $502,622 $489,316 
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, Derivatives exposures, Other credit risk driven by higher deferred tax assets and securitizations, and growth in lending. Under the Advanced Approach, the increase was primarily due to higher Derivatives exposures, Securities financing transactions and Other credit risk driven by higher deferred tax assets and securitizations, partially offset by decreased Corporate lending commitments.

Market risk RWA increased in the current quarter under both the Standardized and Advanced Approaches, primarily driven by higher charges on Specific risk, and higher Regulatory Stressed VaR and Regulatory VaR, partially offset by decreased charges on incremental risk.

The decrease in Operational risk RWA in the current quarter is related to lower execution-related losses.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements
The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-
absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
 Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
March 31,
2025 		At
December 31,
2024
External TLAC2
$268,879 $266,146 
External TLAC as a % of RWA18.0 %21.5 %53.5 %55.8 %
External TLAC as a % of leverage exposure7.5 %9.5 %17.3 %17.5 %
Eligible LTD3
$169,619 $169,690 
Eligible LTD as a % of RWA9.0 %9.0 %33.7 %35.5 %
Eligible LTD as a % of leverage exposure4.5 %4.5 %10.9 %11.2 %
1.Required ratios are inclusive of applicable buffers.
2.External TLAC consists of CET1 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, 2025 and December 31, 2024.
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 2024 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 6.0% through September 30, 2025. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 13.5%.
For the 2025 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results
24
March 2025 Form 10-Q
Management’s Discussion and Analysis
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to the Federal Reserve on April 7, 2025. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2025. 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 2024 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 billions20252024
Institutional Securities$48.4 $45.0 
Wealth Management29.4 29.1 
Investment Management10.6 10.8 
Parent Company
7.1 5.0 
Total$95.5 $89.9 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
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. Our next resolution plan submission is due in July 2025.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses 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 2024 Form 10-K.
Regulatory Developments and Other Matters
Proposed Changes to Capital Requirements

On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years. Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program.
March 2025 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 2024 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 2024 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 2024 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 Three Months Ended
March 31, 2025
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$25 $30 $39 $22 
Equity price23 23 26 19 
Foreign exchange rate9 11 15 7 
Commodity price22 17 27 12 
Less: Diversification benefit2
(40)(35)N/AN/A
Primary Risk Categories$39 $46 $54 $39 
Credit Portfolio18 19 23 18 
Less: Diversification benefit2
(11)(15)N/AN/A
Total Management VaR$46 $50 $60 $43 
 Three Months Ended
December 31, 2024
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$23 $28 $43 $19 
Equity price21 24 39 18 
Foreign exchange rate10 9 13 6 
Commodity price18 15 20 11 
Less: Diversification benefit2
(37)(36)N/AN/A
Primary Risk Categories$35 $40 $59 $32 
Credit Portfolio20 21 23 20 
Less: Diversification benefit2
(16)(15)N/AN/A
Total Management VaR$39 $46 $64 $39 
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 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, 2024, primarily driven by increased exposure in credit spread risk category and higher market volatility.
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 was one trading loss day in the current quarter, which did not exceed 95% Total Management VaR.
26
March 2025 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 market risk in our portfolio.
Credit Spread Risk Sensitivity1
$ in millionsAt
March 31,
2025		At
December 31,
2024
Derivatives$6 $6 
Borrowings carried at fair value52 49 
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,
2025		At
December 31,
2024
Basis point change
+200
$563 $699 
+100285 350
-100(313)(371)
-200
(697)(803)
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.
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,
March 2025 Form 10-Q
27
Risk Disclosures
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resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower 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.

Net interest income sensitivity to interest rates at March 31, 2025 decreased from December 31, 2024, primarily driven by the effects of changes in the mix of our assets and liabilities and changes in market rates.
Investments Sensitivity, Including Related Carried Interest
 Loss from 10% Decline
$ in millionsAt
March 31,
2025		At
December 31,
2024
Investments related to Investment Management activities$537 $571 
Other investments:
MUMSS132 122 
Other Firm investments475 463 
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. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss.
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 2024 Form 10-K.
Loans and Lending Commitments
 At March 31, 2025
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$7,733 $11,994 $— $19,727 
Secured lending facilities51,329 3,680 — 55,009 
Commercial and Residential real estate8,610 290 3,344 12,244 
Securities-based lending and Other3,372 147 6,471 9,990 
Total Institutional Securities71,044 16,111 9,815 96,970 
Wealth Management:
Residential real estate67,579 — — 67,579 
Securities-based lending and Other95,298 — — 95,298 
Total Wealth Management162,877 — — 162,877 
Total Investment Management2
4 — 251 255 
Total loans233,925 16,111 10,066 260,102 
ACL(1,133)(1,133)
Total loans, net of ACL$232,792 $16,111 $10,066 $258,969 
Lending commitments3
$151,574 $27,924 $562 $180,060 
Total exposure$384,366 $44,035 $10,628 $439,029 
 At December 31, 2024
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$6,889 $9,183 $— $16,072 
Secured lending facilities48,842 2,507 — 51,349 
Commercial and Residential real estate8,412 628 2,420 11,460 
Securities-based lending and Other2,876 — 6,041 8,917 
Total Institutional Securities67,019 12,318 8,461 87,798 
Wealth Management:
Residential real estate66,738 — — 66,738 
Securities-based lending and Other93,139 1 — 93,140 
Total Wealth Management159,877 1 — 159,878 
Total Investment Management2
4 — 200 204 
Total loans226,900 12,319 8,661 247,880 
ACL(1,066)(1,066)
Total loans, net of ACL$225,834 $12,319 $8,661 $246,814 
Lending commitments3
$148,818 $26,955 $758 $176,531 
Total exposure$374,652 $39,274 $9,419 $423,345 
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 2025 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 2024 Form 10-K.
Total loans and lending commitments increased by approximately $16 billion since December 31, 2024, primarily due to an increase in Secured lending facilities and Corporate lending within the Institutional Securities business segment and growth in Securities-based loans within the Wealth Management 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, 2025
ACL—Loans
Beginning balance$1,066 
Gross charge-offs(31)
Recoveries8 
Net (charge-offs)/recoveries
(23)
Provision for credit losses81 
Other9 
Ending balance
$1,133 
ACL—Lending commitments
Beginning balance$656 
Provision for credit losses54 
Other8 
Ending balance
$718 
Total ending balance
$1,851 
Provision for Credit Losses by Business Segment
Three Months Ended March 31, 2025
$ in millionsISWMTotal
Loans$37 $44 $81 
Lending commitments54 — 54 
Total$91 $44 $135 
Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial strength, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.
The allowance for credit losses for loans and lending commitments increased since December 31, 2024, primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook. Charge-offs in the current quarter were primarily related to commercial real estate loans.
The base scenario used in our ACL models as of March 31, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes slower economic growth as well as higher interest rates relative to the prior quarter forecast. The revised real GDP growth rates assumed in our ACL models incorporated the weaker economic outlook and conditions as of March 31, 2025. The ACL calculation incorporates key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL calculation varies depending on portfolio composition and economic conditions.
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 20254Q 2026
Year-over-year growth rate1.5 %1.9 %
Other key macroeconomic variables used in the ACL calculation include corporate credit spreads, interest rates and commercial real estate indices. See Note 2 to the financial statements in the 2024 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Recent developments around global trade policies have the potential to adversely impact our credit portfolios. The magnitude of such impacts, as well as the implications for global growth, will depend on specific details of how global trade policies evolve and also how effectively our clients adapt. While we are carefully monitoring all of our exposures, certain types of borrowers and counterparties are more vulnerable to trade policy effects. There remains significant uncertainty as to how trade policies will evolve; therefore, the borrowers and counterparties impacted may change over time.
Status of Loans Held for Investment
At March 31, 2025At December 31, 2024
ISWMISWM
Accrual99.1 %99.7 %99.2 %99.7 %
Nonaccrual1
0.9 %0.3 %0.8 %0.3 %
1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more.
March 2025 Form 10-Q
29
Risk Disclosures
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Net Charge-off Ratios for Loans Held for Investment
$ in millionsCorporate Secured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
For the Three Months Ended March 31, 2025
Net charge-off/(recovery) ratio1
— %— %0.27 %— %— %0.01 %
Average loans$7,210 $50,310 $8,493 $51,572 $97,249 $214,834 
CRE—Commercial real estate
SBL—Securities-based lending
1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
There were no material charge-offs during the three months ended March 31, 2024.
Institutional Securities Loans and Lending Commitments1
 At March 31, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$1,452 $— $8 $— $1,460 
A883 763 164 — 1,810 
BBB5,282 14,272 111 157 19,822 
BB10,144 29,329 2,466 498 42,437 
Other NIG7,954 11,369 5,508 149 24,980 
Unrated2
324 1,334 1,117 2,933 5,708 
Total loans, net of ACL26,039 57,067 9,374 3,737 96,217 
Lending commitments
AAA— 75 — — 75 
AA2,345 3,051 855 — 6,251 
A5,233 21,385 2,036 — 28,654 
BBB10,100 57,465 948 158 68,671 
BB1,754 25,493 7,026 902 35,175 
Other NIG1,828 17,699 2,223 2 21,752 
Unrated2
81 27 4 — 112 
Total lending commitments21,341 125,195 13,092 1,062 160,690 
Total exposure$47,380 $182,262 $22,466 $4,799 $256,907 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$3 $575 $187 $— $765 
A894 588 164 — 1,646 
BBB5,165 13,185 91 124 18,565 
BB11,235 24,467 2,592 358 38,652 
Other NIG8,520 12,776 1,673 145 23,114 
Unrated2
227 1,176 420 2,503 4,326 
Total loans, net of ACL26,044 52,767 5,127 3,130 87,068 
Lending commitments
AAA— 75 — — 75 
AA2,560 4,285 88 — 6,933 
A8,226 21,372 1,091 — 30,689 
BBB10,135 54,752 1,507 146 66,540 
BB3,174 23,239 3,062 941 30,416 
Other NIG1,074 17,436 3,956 2 22,468 
Unrated2
14 93 33 — 140 
Total lending commitments25,183 121,252 9,737 1,089 157,261 
Total exposure$51,227 $174,019 $14,864 $4,219 $244,329 
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,
2025 		At
December 31,
2024
Industry
Financials$76,168 $68,512 
Real estate41,535 40,041 
Industrials22,748 20,024 
Information technology18,652 15,666 
Communications services18,532 20,425 
Consumer discretionary15,406 14,699 
Healthcare14,827 15,455 
Utilities12,071 11,755 
Consumer staples10,617 12,098 
Energy8,593 9,036 
Materials7,144 7,378 
Insurance6,848 6,812 
Other3,766 2,428 
Total exposure$256,907 $244,329 
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, 2025 and December 31, 2024, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was 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 2024 Form 10-K.
30
March 2025 Form 10-Q
Risk Disclosures
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Institutional Securities Event-Driven Loans and Lending Commitments
At March 31, 2025
Contractual Years to Maturity
$ in millions<11-55-15Total
Loans, net of ACL$2,782 $1,165 $4,743 $8,690 
Lending commitments3,464 2,865 3,208 9,537 
Total exposure$6,246 $4,030 $7,951 $18,227 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15Total
Loans, net of ACL$2,253 $2,839 $733 $5,825 
Lending commitments5,153 2,152 2,918 10,223 
Total exposure$7,406 $4,991 $3,651 $16,048 
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, 2025
$ in millionsLoansLending CommitmentsTotal
Corporate$7,733 $107,667 $115,400 
Secured lending facilities51,329 23,001 74,330 
Commercial real estate8,610 303 8,913 
Securities-based lending and Other3,372 1,233 4,605 
Total, before ACL$71,044 $132,204 $203,248 
ACL$(753)$(702)$(1,455)
At December 31, 2024
$ in millionsLoansLending CommitmentsTotal
Corporate$6,889 $105,824 $112,713 
Secured lending facilities48,842 20,971 69,813 
Commercial real estate8,412 1,249 9,661 
Securities-based lending and Other2,876 1,504 4,380 
Total, before ACL$67,019 $129,548 $196,567 
ACL$(730)$(640)$(1,370)
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At March 31, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Americas$5,238 $177 $5,415 $5,066 $820 $5,886 
EMEA3,861 204 4,065 3,806 522 4,328 
Asia420 17 437 467 13 480 
Total
$9,519 $398 $9,917 $9,339 $1,355 $10,694 
By Property Type
At March 31, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Office$2,941 $108 $3,049 $2,846 $109 $2,955 
Industrial2,709 145 2,854 2,610 125 2,735 
Multifamily1,988 76 2,064 2,042 80 2,122 
Retail1,007 13 1,020 1,105 971 2,076 
Hotel874 56 930 736 70 806 
Total$9,519 $398 $9,917 $9,339 $1,355 $10,694 
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, 2025 and December 31, 2024, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $9.9 billion and $10.7 billion, respectively. This represents 3.9% and 4.4%, respectively, 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.
March 2025 Form 10-Q
31
Risk Disclosures
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Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Three Months Ended March 31, 2025
$ in millionsCorporate Secured Lending Facilities
CRE
SBL and Other
Total
ACL—Loans
Beginning balance
$200 $140 $373 $17 $730 
Gross charge-offs— — (31)— (31)
Recoveries— — 8 — 8 
Net (charge-offs)/ recoveries
— — (23)— (23)
Provision (release)
2 7 24 4 37 
Other3 2 5 (1)9 
Ending balance
$205 $149 $379 $20 $753 
ACL—Lending commitments
Beginning balance
$507 $88 $40 $5 $640 
Provision (release)
37 41 (27)3 54 
Other5 1 — 2 8 
Ending balance
$549 $130 $13 $10 $702 
Total ending balance
$754 $279 $392 $30 $1,455 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
March 31,
2025 		At
December 31,
2024
Corporate2.7 %2.9 %
Secured lending facilities0.3 %0.3 %
Commercial real estate4.4 %4.4 %
Securities-based lending and Other0.6 %0.6 %
Total Institutional Securities loans1.1 %1.1 %
Wealth Management Loans and Lending Commitments
 At March 31, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$83,582 $10,326 $986 $144 $95,038 
Residential real estate
1 111 1,084 66,263 67,459 
Total loans, net of ACL$83,583 $10,437 $2,070 $66,407 $162,497 
Lending commitments16,061 2,861 49 399 19,370 
Total exposure$99,644 $13,298 $2,119 $66,806 $181,867 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$82,788 $8,944 $1,024 $145 $92,901 
Residential real estate
1 111 1,106 65,423 66,641 
Total loans, net of ACL$82,789 $9,055 $2,130 $65,568 $159,542 
Lending commitments16,318 2,523 43 386 19,270 
Total exposure$99,107 $11,578 $2,173 $65,954 $178,812 
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2024 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At March 31, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total exposure
Loans1
LC1
Total exposure
Retail$2,304 $— $2,304 $2,293 $— $2,293 
Multifamily1,931 231 2,162 1,928 261 2,189 
Office2,013 1 2,014 1,951 11 1,962 
Industrial466 — 466 456 — 456 
Hotel442 — 442 442 — 442 
Other394 — 394 309 — 309 
Total
$7,550 $232 $7,782 $7,379 $272 $7,651 
LC–Lending Commitments
1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of March 31, 2025 and December 31, 2024, our direct lending against CRE properties totaled $7.8 billion and $7.7 billion, respectively, within the Wealth Management business segment. This represents 4.3% and 4.3%, respectively, 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, 2025 and December 31, 2024, 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, 2025
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance$97 $239 $336 
Provision (release)23 21 44 
Ending balance
$120 $260 $380 
ACL—Lending commitments
Beginning balance$4 $12 $16 
Ending balance
$4 $12 $16 
Total ending balance
$124 $272 $396 
As of March 31, 2025 and December 31, 2024, 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.
32
March 2025 Form 10-Q
Risk Disclosures
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Customer and Other Receivables
Margin Loans and Other Lending
$ in millionsAt
March 31,
2025		At
December 31,
2024
Institutional Securities$28,564 $27,612 
Wealth Management28,284 28,270 
Total$56,848 $55,882 
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 2024 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
Derivatives
Fair Value of OTC Derivative Assets
At March 31, 2025
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$1,319 $13,363 $33,083 $17,284 $9,978 $75,027 
1-3 years354 5,091 15,176 9,060 6,256 35,937 
3-5 years963 6,676 9,215 5,777 3,755 26,386 
Over 5 years3,254 24,739 48,670 26,922 6,604 110,189 
Total, gross$5,890 $49,869 $106,144 $59,043 $26,593 $247,539 
Counterparty netting(2,976)(38,471)(77,888)(41,466)(14,907)(175,708)
Cash and securities collateral(2,335)(9,703)(24,219)(12,667)(5,592)(54,516)
Total, net$579 $1,695 $4,037 $4,910 $6,094 $17,315 
At December 31, 2024
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$1,711 $17,625 $50,643 $22,643 $9,793 $102,415 
1-3 years541 6,249 19,068 10,248 6,095 42,201 
3-5 years973 7,308 9,821 5,631 3,750 27,483 
Over 5 years3,330 25,406 49,469 28,206 6,398 112,809 
Total, gross$6,555 $56,588 $129,001 $66,728 $26,036 $284,908 
Counterparty netting(3,320)(44,604)(98,598)(47,132)(14,691)(208,345)
Cash and securities collateral(2,559)(10,632)(25,568)(13,729)(5,558)(58,046)
Total, net$676 $1,352 $4,835 $5,867 $5,787 $18,517 
$ in millionsAt
March 31,
2025		At
December 31,
2024
Industry
Financials$5,437 $5,678 
Utilities3,719 3,733 
Industrials1,004 1,315 
Energy949 987 
Consumer discretionary912 1,046 
Communications services837 914 
Regional governments760 799 
Information technology590 634 
Consumer staples588 734 
Sovereign governments511 683 
Healthcare458 353 
Materials377 409 
Insurance153 207 
Real estate124 91 
Not-for-profit organizations124 94 
Other772 840 
Total$17,315 $18,517 
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 2024 Form 10-K and Note 6 to the financial statements.
March 2025 Form 10-Q
33
Risk Disclosures
Image17.jpg
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and 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 2024 Form 10-K.
Top 10 Non-U.S. Country Exposures
At March 31, 2025
$ in millionsUnited KingdomFrance
Germany
Brazil
Japan
Sovereign
Net inventory1
$(289)$4,943 $(1,796)$5,926 $2,393 
Net counterparty exposure2
13 2 72 — 9 
Exposure before hedges(276)4,945 (1,724)5,926 2,402 
Hedges3
(55)(162)(242)(134)(173)
Net exposure$(331)$4,783 $(1,966)$5,792 $2,229 
Non-sovereign
Net inventory1
$2,355 $1,698 $1,407 $37 $756 
Net counterparty exposure2
9,790 3,553 2,905 334 3,239 
Loans8,384 575 2,557 162 668 
Lending commitments9,451 3,198 5,717 404 — 
Exposure before hedges29,980 9,024 12,586 937 4,663 
Hedges3
(1,838)(1,443)(1,825)(57)(222)
Net exposure$28,142 $7,581 $10,761 $880 $4,441 
Total net exposure$27,811 $12,364 $8,795 $6,672 $6,670 
$ in millions
Spain
Netherlands
Korea
India
Italy
Sovereign
Net inventory1
$1,136 $509 $2,737 $2,176 $2,092 
Net counterparty exposure2
— — 338 — 12 
Exposure before hedges1,136 509 3,075 2,176 2,104 
Hedges3
(8)(12)(35)— (29)
Net exposure$1,128 $497 $3,040 $2,176 $2,075 
Non-sovereign
Net inventory1
$712 $759 $180 $953 $167 
Net counterparty exposure2
427 674 963 749 843 
Loans2,158 1,397 — 52 174 
Lending commitments689 974 — — 881 
Exposure before hedges3,986 3,804 1,143 1,754 2,065 
Hedges3
(277)(130)(35)(10)(335)
Net exposure$3,709 $3,674 $1,108 $1,744 $1,730 
Total net exposure$4,837 $4,171 $4,148 $3,920 $3,805 
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.
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 2024 Form 10-K.
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors (e.g., inappropriate or unlawful conduct) or 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., IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2024 Form 10-K.
Model Risk
Model risk is 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, noncompliance with applicable laws and/or regulations or damage to the Firm's 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 2024 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 2024 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,
34
March 2025 Form 10-Q
Risk Disclosures
Image17.jpg
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 2024 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 risks of climate change include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure or regulation of carbon emissions. 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 2024 Form 10-K.
March 2025 Form 10-Q
35


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, 2025, 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, 2025 and 2024, 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, 2024, 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 21, 2025, 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, 2024, 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 5, 2025


36
March 2025 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg

 Three Months Ended
March 31,
in millions, except per share data20252024
Revenues
Investment banking$1,711 $1,589 
Trading5,111 4,852 
Investments369 137 
Commissions and fees1,481 1,227 
Asset management5,963 5,269 
Other751 266 
Total non-interest revenues15,386 13,340 
Interest income
13,748 12,930 
Interest expense
11,395 11,134 
Net interest2,353 1,796 
Net revenues17,739 15,136 
Provision for credit losses135 (6)
Non-interest expenses
Compensation and benefits7,521 6,696 
Brokerage, clearing and exchange fees1,222 921 
Information processing and communications1,050 976 
Professional services674 639 
Occupancy and equipment449 441 
Marketing and business development238 217 
Other906 857 
Total non-interest expenses12,060 10,747 
Income before provision for income taxes5,544 4,395 
Provision for income taxes1,173 933 
Net income$4,371 $3,462 
Net income applicable to noncontrolling interests56 50 
Net income applicable to Morgan Stanley$4,315 $3,412 
Preferred stock dividends 158 146 
Earnings applicable to Morgan Stanley common shareholders$4,157 $3,266 
Earnings per common share
Basic$2.62 $2.04 
Diluted$2.60 $2.02 
Average common shares outstanding
Basic1,584 1,601 
Diluted1,600 1,616 
Consolidated Comprehensive Income Statement
(Unaudited)
 Three Months Ended
March 31,
$ in millions20252024
Net income$4,371 $3,462 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments188 (173)
Change in net unrealized gains (losses) on available-for-sale securities358 68 
Pension and other2 4 
Change in net debt valuation adjustment338 (563)
Net change in cash flow hedges17 (28)
Total other comprehensive income (loss)$903 $(692)
Comprehensive income$5,274 $2,770 
Net income applicable to noncontrolling interests56 50 
Other comprehensive income (loss) applicable to noncontrolling interests50 (56)
Comprehensive income applicable to Morgan Stanley$5,168 $2,776 
See Notes to Consolidated Financial Statements
37
March 2025 Form 10-Q
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
March 31,
2025
At
December 31,
2024
Assets
Cash and cash equivalents$90,739 $105,386 
Trading assets at fair value ($203,124 and $148,945 pledged as collateral)
400,243 331,884 
Investment securities:
Available-for-sale at fair value (amortized cost of $101,770 and $101,960)
98,888 98,608 
Held-to-maturity (fair value of $50,549 and $51,203)
59,394 61,071 
Securities purchased under agreements to resell (includes $— and $— at fair value)
119,048 118,565 
Securities borrowed140,226 123,859 
Customer and other receivables92,153 86,158 
Loans:
Held for investment (net of allowance for credit losses of $1,133 and $1,066)
232,792 225,834 
Held for sale16,111 12,319 
Goodwill16,714 16,706 
Intangible assets (net of accumulated amortization of $5,585 and $5,445)
6,305 6,453 
Other assets27,683 28,228 
Total assets$1,300,296 $1,215,071 
Liabilities
Deposits (includes $6,681 and $6,499 at fair value)
$381,563 $376,007 
Trading liabilities at fair value170,009 153,764 
Securities sold under agreements to repurchase (includes $986 and $956 at fair value)
69,272 50,067 
Securities loaned16,604 15,226 
Other secured financings (includes $17,757 and $14,088 at fair value)
22,267 21,602 
Customer and other payables201,731 175,938 
Other liabilities and accrued expenses25,613 28,220 
Borrowings (includes $112,094 and $103,332 at fair value)
305,390 288,819 
Total liabilities1,192,449 1,109,643 
Commitments and contingent liabilities (see Note 13)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock9,750 9,750 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,606,806,297 and 1,606,653,706
20 20 
Additional paid-in capital29,773 30,179 
Retained earnings107,653 104,989 
Employee stock trusts5,277 5,103 
Accumulated other comprehensive income (loss)(5,961)(6,814)
Common stock held in treasury at cost, $0.01 par value (432,087,682 and 432,240,273 shares)
(34,423)(33,613)
Common stock issued to employee stock trusts(5,277)(5,103)
Total Morgan Stanley shareholders’ equity106,812 104,511 
Noncontrolling interests1,035 917 
Total equity107,847 105,428 
Total liabilities and equity$1,300,296 $1,215,071 
March 2025 Form 10-Q
38
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg
                                                                                                                                                                                                                                                                
Three Months Ended
March 31,
$ in millions20252024
Preferred stock
Beginning and ending balance
$9,750 $8,750 
Common stock
Beginning and ending balance20 20 
Additional paid-in capital
Beginning balance30,179 29,832 
Share-based award activity(406)(786)
Ending balance29,773 29,046 
Retained earnings
Beginning balance104,989 97,996 
Cumulative adjustment related to the adoption of an accounting standard update1
— (60)
Net income applicable to Morgan Stanley4,315 3,412 
Preferred stock dividends2
(158)(146)
Common stock dividends2
(1,492)(1,390)
Other net increases (decreases)(1)(1)
Ending balance107,653 99,811 
Employee stock trusts
Beginning balance5,103 5,314 
Share-based award activity174 (64)
Ending balance5,277 5,250 
Accumulated other comprehensive income (loss)
Beginning balance(6,814)(6,421)
Net change in Accumulated other comprehensive income (loss)853 (636)
Ending balance(5,961)(7,057)
Common stock held in treasury at cost
Beginning balance(33,613)(31,139)
Share-based award activity1,220 1,485 
Repurchases of common stock and employee tax withholdings(2,030)(1,718)
Ending balance(34,423)(31,372)
Common stock issued to employee stock trusts
Beginning balance(5,103)(5,314)
Share-based award activity(174)64 
Ending balance(5,277)(5,250)
Noncontrolling interests
Beginning balance917 944 
Net income applicable to noncontrolling interests56 50 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests50 (56)
Other net increases (decreases)12 4 
Ending balance1,035 942 
Total equity
$107,847 $100,140 
1.The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 to the financial statements in the 2024 Form 10-K for further information.
2. See Note 16 for information regarding dividends per share for each class of stock.

See Notes to Consolidated Financial Statements
39
March 2025 Form 10-Q
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

 Three Months Ended
March 31,
$ in millions20252024
Cash flows from operating activities
Net income$4,371 $3,462 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense539 442 
Depreciation and amortization865 975 
Provision for credit losses135 (6)
Other operating adjustments(2)(12)
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(48,968)(1,395)
Securities borrowed(16,367)(11,761)
Securities loaned1,378 888 
Customer and other receivables and other assets(9,109)272 
Customer and other payables and other liabilities24,460 3,735 
Securities purchased under agreements to resell(483)(11,993)
Securities sold under agreements to repurchase19,205 19,753 
Net cash provided by (used for) operating activities(23,976)4,360 
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(713)(816)
Changes in loans, net(6,486)(355)
AFS securities:
Purchases(6,562)(9,019)
Proceeds from sales1,714 4,548 
Proceeds from paydowns and maturities5,314 5,308 
HTM securities:
Purchases— (1,453)
Proceeds from paydowns and maturities1,723 3,112 
Other investing activities(24)(271)
Net cash provided by (used for) investing activities(5,034)1,054 
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings(683)1,225 
Deposits5,520 534 
Proceeds from issuance of Borrowings32,439 28,079 
Payments for:
Borrowings(20,845)(17,721)
Repurchases of common stock and employee tax withholdings(2,030)(1,718)
Cash dividends(1,616)(1,496)
Other financing activities260 (46)
Net cash provided by (used for) financing activities13,045 8,857 
Effect of exchange rate changes on cash and cash equivalents1,318 (1,198)
Net increase (decrease) in cash and cash equivalents(14,647)13,073 
Cash and cash equivalents, at beginning of period105,386 89,232 
Cash and cash equivalents, at end of period$90,739 $102,305 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$12,464 $11,878 
Income taxes, net of refunds534 233 

March 2025 Form 10-Q
40
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides 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 clients. 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. Wealth Management covers: 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 and commercial 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 2024 Form 10-K. Certain footnote disclosures included in the 2024 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 2024 Form 10-K.

41
March 2025 Form 10-Q
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 2024 Form 10-K.
During the three months ended March 31, 2025 there were no significant updates to the Firm’s significant accounting policies.
3. Cash and Cash Equivalents
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Cash and due from banks$4,450 $4,436 
Interest bearing deposits with banks86,289 100,950 
Total Cash and cash equivalents$90,739 $105,386 
Restricted cash$29,904 $29,643 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2024 Form 10-K.
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At March 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$57,324 $52,857 $— $— $110,181 
Other sovereign government obligations40,899 14,769 29 — 55,697 
State and municipal securities— 2,695 — — 2,695 
MABS— 2,216 346 — 2,562 
Loans and lending commitments2
— 8,040 2,026 — 10,066 
Corporate and other debt— 36,936 1,434 — 38,370 
Corporate equities3,5
129,155 977 163 — 130,295 
Derivative and other contracts:
Interest rate3,194 123,090 285 — 126,569 
Credit— 10,997 338 — 11,335 
Foreign exchange24 72,661 383 — 73,068 
Equity1,576 73,907 694 — 76,177 
Commodity and other543 13,521 1,875 — 15,939 
Netting1
(3,946)(222,991)(601)(39,325)(266,863)
Total derivative and other contracts1,391 71,185 2,974 (39,325)36,225 
Investments4,5
789 1,108 779 — 2,676 
Physical commodities— 5,018 — — 5,018 
Total trading assets4
229,558 195,801 7,751 (39,325)393,785 
Investment securities—AFS70,482 28,406 — — 98,888 
Total assets at fair value$300,040 $224,207 $7,751 $(39,325)$492,673 
At March 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,678 $3 $— $6,681 
Trading liabilities:
U.S. Treasury and agency securities24,209 56 — — 24,265 
Other sovereign government obligations27,326 3,767 4 — 31,097 
Corporate and other debt— 14,938 11 — 14,949 
Corporate equities3
63,777 106 13 — 63,896 
Derivative and other contracts:
Interest rate3,161 111,591 408 — 115,160 
Credit1 11,436 209 — 11,646 
Foreign exchange196 67,957 78 — 68,231 
Equity1,807 90,903 1,579 — 94,289 
Commodity and other584 12,688 1,013 — 14,285 
Netting1
(3,946)(222,991)(601)(40,270)(267,808)
Total derivative and other contracts1,803 71,584 2,686 (40,270)35,803 
Total trading liabilities117,115 90,451 2,714 (40,270)170,010 
Securities sold under agreements to repurchase— 326 660 — 986 
Other secured financings— 17,322 435 — 17,757 
Borrowings— 111,192 902 — 112,094 
Total liabilities at fair value$117,115 $225,969 $4,714 $(40,270)$307,528 
 At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$54,436 $44,332 $— $— $98,768 
Other sovereign government obligations25,179 9,969 17 — 35,165 
State and municipal securities— 2,993 — — 2,993 
MABS— 2,231 281 — 2,512 
Loans and lending commitments2
— 7,602 1,059 — 8,661 
Corporate and other debt— 30,394 1,258 — 31,652 
Corporate equities3,5
102,874 606 154 — 103,634 
Derivative and other contracts:
Interest rate4,154 124,309 343 — 128,806 
Credit— 8,783 367 — 9,150 
Foreign exchange65 108,037 620 — 108,722 
Equity2,704 72,532 446 — 75,682 
Commodity and other1,366 12,370 2,195 — 15,931 
Netting1
(6,471)(251,771)(645)(40,835)(299,722)
Total derivative and other contracts1,818 74,260 3,326 (40,835)38,569 
Investments4,5
808 933 754 — 2,495 
Physical commodities— 1,229 — — 1,229 
Total trading assets4
185,115 174,549 6,849 (40,835)325,678 
Investment securities—AFS69,834 28,774 — — 98,608 
Total assets at fair value$254,949 $203,323 $6,849 $(40,835)$424,286 
March 2025 Form 10-Q
42
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,498 $1 $— $6,499 
Trading liabilities:
U.S. Treasury and agency securities21,505 3 — — 21,508 
Other sovereign government obligations20,724 3,712 84 — 24,520 
Corporate and other debt— 9,032 11 — 9,043 
Corporate equities3
60,653 95 15 — 60,763 
Derivative and other contracts:
Interest rate3,615 114,179 396 — 118,190 
Credit— 9,302 270 — 9,572 
Foreign exchange147 104,793 31 — 104,971 
Equity3,241 90,639 1,594 — 95,474 
Commodity and other1,461 11,215 887 — 13,563 
Netting1
(6,471)(251,771)(645)(44,953)(303,840)
Total derivative and other contracts1,993 78,357 2,533 (44,953)37,930 
Total trading liabilities104,875 91,199 2,643 (44,953)153,764 
Securities sold under agreements to repurchase— 512 444 — 956 
Other secured financings— 14,012 76 — 14,088 
Borrowings— 102,385 947 — 103,332 
Total liabilities at fair value$104,875 $214,606 $4,111 $(44,953)$278,639 
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, 2025 and December 31, 2024, 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,
2025		At
December 31,
2024
Commercial real estate
$823 $498 
Residential real estate
2,521 1,922 
Securities-based lending and Other loans6,722 6,241 
Total$10,066 $8,661 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
March 31,
2025		At
December 31,
2024
Customer and other receivables (payables), net
$1,823 $1,914 
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 2024 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
March 31,
$ in millions20252024
Other sovereign government obligations
Beginning balance$17 $94 
Realized and unrealized gains (losses)(1)(2)
Purchases5 3 
Sales(3)(8)
Net transfers11 (23)
Ending balance$29 $64 
Unrealized gains (losses)$— $1 
State and municipal securities
Beginning balance$— $34 
Purchases— 2 
Sales— (32)
Net transfers— 98 
Ending balance$— $102 
Unrealized gains (losses)$— $— 
MABS
Beginning balance$281 $489 
Realized and unrealized gains (losses)— 6 
Purchases92 48 
Sales(78)(84)
Net transfers51 (2)
Ending balance$346 $457 
Unrealized gains (losses)$— $(8)
Loans and lending commitments
Beginning balance$1,059 $2,066 
Realized and unrealized gains (losses)6 (10)
Purchases and originations759 483 
Sales(432)(410)
Settlements(12)(122)
Net transfers646 (112)
Ending balance$2,026 $1,895 
Unrealized gains (losses)$7 $(10)
Corporate and other debt
Beginning balance$1,258 $1,983 
Realized and unrealized gains (losses)(33)50 
Purchases and originations426 196 
Sales(275)(122)
Settlements— (2)
Net transfers58 (63)
Ending balance$1,434 $2,042 
Unrealized gains (losses)$(1)$108 
Corporate equities
Beginning balance$154 $199 
Realized and unrealized gains (losses)(21)(64)
Purchases52 10 
Sales(57)(12)
Net transfers35 135 
Ending balance$163 $268 
Unrealized gains (losses)$— $(2)
43
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
March 31,
$ in millions20252024
Investments
Beginning balance$754 $949 
Realized and unrealized gains (losses)22 20 
Purchases24 3 
Sales(25)(2)
Net transfers4 — 
Ending balance$779 $970 
Unrealized gains (losses)$10 $(5)
Net derivatives: Interest rate
Beginning balance$(53)$(73)
Realized and unrealized gains (losses)(119)113 
Purchases10 31 
Issuances(12)(16)
Settlements18 (112)
Net transfers33 105 
Ending balance$(123)$48 
Unrealized gains (losses)$(116)$119 
Net derivatives: Credit
Beginning balance$97 $96 
Realized and unrealized gains (losses)(22)(11)
Settlements34 48 
Net transfers20 (6)
Ending balance$129 $127 
Unrealized gains (losses)$(54)$(9)
Net derivatives: Foreign exchange
Beginning balance$589 $(365)
Realized and unrealized gains (losses)(243)301 
Purchases— 9 
Settlements(30)(28)
Net transfers(11)103 
Ending balance$305 $20 
Unrealized gains (losses)$(201)$348 
Net derivatives: Equity
Beginning balance$(1,148)$(1,102)
Realized and unrealized gains (losses)380 171 
Purchases175 47 
Issuances(144)(49)
Settlements(288)77 
Net transfers140 (133)
Ending balance$(885)$(989)
Unrealized gains (losses)$298 $192 
Net derivatives: Commodity and other
Beginning balance$1,308 $1,290 
Realized and unrealized gains (losses)23 44 
Purchases22 87 
Issuances(22)(44)
Settlements(64)(153)
Net transfers(405)(14)
Ending balance$862 $1,210 
Unrealized gains (losses)$(5)$(132)
Deposits
Beginning balance$1 $33 
Realized and unrealized losses (gains)— 1 
Issuances2 2 
Settlements(1)(1)
Net transfers1 16 
Ending balance$3 $51 
Unrealized losses (gains)$— $1 
Three Months Ended
March 31,
$ in millions20252024
Nonderivative trading liabilities
Beginning balance$110 $60 
Realized and unrealized losses (gains)(4)4 
Purchases(26)(38)
Sales25 27 
Net transfers(77)20 
Ending balance$28 $73 
Unrealized losses (gains)$— $4 
Securities sold under agreements to repurchase
Beginning balance$444 $449 
Realized and unrealized losses (gains)13 11 
Net transfers203 — 
Ending balance$660 $460 
Unrealized losses (gains)$13 $11 
Other secured financings
Beginning balance$76 $92 
Realized and unrealized losses (gains)10 (4)
Issuances139 7 
Settlements(5)(21)
Net transfers215 — 
Ending balance$435 $74 
Unrealized losses (gains)$10 $(4)
Borrowings
Beginning balance$947 $1,878 
Realized and unrealized losses (gains)7 51 
Issuances91 217 
Settlements(86)(109)
Net transfers(57)(10)
Ending balance$902 $2,027 
Unrealized losses (gains)$3 $50 
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA(2)22 
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 2025 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, 2025At December 31, 2024
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$29 $17 
Comparable pricing:
Bond price
60 to 104 points (92 points)
45 to 104 points (75 points)
MABS$346 $281 
Comparable pricing:
Bond price
29 to 98 points (71 points)
27 to 98 points (67 points)
Loans and lending commitments$2,026 $1,059 
Margin loan model:
Margin loan rate
1% to 3% (2%)
1% to 4% (3%)
Comparable pricing:
Loan price
50 to 102 points (94 points)
49 to 102 points (90 points)
Corporate and other debt$1,434 $1,258 
Comparable pricing:
Bond price
28 to 131 points (84 points)
28 to 130 points (83 points)
Discounted cash flow:
Loss given default
54% to 85% (68% / 54%)
54% to 84% (62% / 54%)
Corporate equities$163 $154 
Comparable pricing:
Equity price
100%
100%
Investments$779 $754 
Discounted cash flow:
WACC
10% to 21% (15%)
12% to 21% (16%)
Exit multiple
9 to 10 times (10 times)
9 to 10 times (10 times)
Market approach:
EBITDA multiple
18 times
20 times
Comparable pricing:
Equity price
24% to 100% (85%)
24% to 100% (84%)
Net derivative and other contracts:
Interest rate$(123)$(53)
Option model:
IR volatility skew
44% to 97% (74% / 78%)
72% to 97% (81% / 79%)
IR curve correlation
28% to 98% (82% / 85%)
28% to 99% (83% / 86%)
Bond volatility
81% to 152% (100% / 98%)
78% to 148% (92% / 92%)
Inflation volatility
32% to 67% (44% / 40%)
30% to 68% (44% / 38%)
Credit$129 $97 
Credit default swap model:
Cash-synthetic
   basis
7 points
7 points
Bond price
0 to 92 points (46 points)
0 to 90 points (48 points)
Credit spread
40 to 1,667 bps (158 bps)
10 to 360 bps (90 bps)
Funding spread
10 to 597 bps (73 bps)
10 to 590 bps (76 bps)
Foreign exchange2
$305 $589 
Option model:
IR curve
10% to 10% (10% / 10%)
5% to 10% (8% / 8%)
Contingency probability
90% to 95% (91% / 95%)
90% to 95% (91% / 95%)
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2025At December 31, 2024
Equity2
$(885)$(1,148)
Option model:
Equity volatility
6% to 92% (18%)
7% to 98% (20%)
Equity volatility skew
 -2% to 0% (-1%)
 -2% to 0% (-1%)
Equity correlation
15% to 96% (59%)
20% to 94% (58%)
FX correlation
 -67% to 60% (-32%)
 -68% to 60% (-36%)
IR correlation
 10% to 15% (10%)
N/M
Commodity and other$862 $1,308 
Option model:
Forward power price
$1 to $173 ($53) per MWh
$0 to $185 ($48) per MWh
Commodity volatility
17% to 100% (34%)
0% to 165% (37%)
Cross-commodity correlation
69% to 99% (94%)
54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase$660 $444 
Discounted cash flow:
Funding spread
21 to 132 bps (68 / 69 bps)
11 to 102 bps (36 / 26 bps)
Other secured financings$435 $76 
Comparable pricing:
Loan price
0 to 106 points (96 points)
0 to 100 points (33 points)
Borrowings$902 $947 
Option model:
Equity volatility
 5% to 68% (26%)
7% to 71% (21%)
Equity volatility skew
 -2% to 1% (-1%)
 -2% to 0% (0%)
Equity correlation
41% to 94% (78%)
53% to 64% (58%)
Equity - FX correlation
 -62% to 27% (-23%)
 -52% to 24% (-12%)
Credit default swap model:
Credit spread
341 to 539 bps (440 bps)
247 to 433 bps (340 bps)
Discounted cash flow:
Loss given default
54% to 85% (68% / 54%)
54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans$2,332 $4,518 
Corporate loan model:
Credit spread
94 to 1,086 bps (468 bps)
109 to 1,469 bps (1,007 bps)
Comparable pricing:
Loan price
25 to 100 points (84 points)
25 to 100 points (71 points)
Warehouse model:
Credit spread
202 to 285 bps (255 bps)
207 to 280 bps (254 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).
The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide
45
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 2024 Form 10-K. During the three months ended March 31, 2025, 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, 2025At December 31, 2024
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity and other$2,916 $616 $2,653 $644 
Real estate3,446 198 3,461 214 
Hedge
96 2 92 2 
Total$6,458 $816 $6,206 $860 
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 and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2024 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, 2025
$ in millions
Private Equity and Other
Real Estate
Less than 5 years$1,074 $2,070 
5-10 years1,670 1,245 
Over 10 years172 131 
Total$2,916 $3,446 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At March 31, 2025
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$1,749 $2,332 $4,081 
Other assets—Other investments— 59 59 
Total$1,749 $2,391 $4,140 
Liabilities
Other liabilities and accrued expenses—Lending commitments$56 $23 $79 
Total$56 $23 $79 
 At December 31, 2024
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$1,607 $4,518 $6,125 
Other assets—Other investments— 58 58 
Other assets—ROU assets23 — 23 
Total$1,630 $4,576 $6,206 
Liabilities
Other liabilities and accrued expenses—Lending commitments$48 $33 $81 
Total$48 $33 $81 
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 millions20252024
Assets
Loans2
$19 $(22)
Other assets—Other investments3
(6)— 
Other assets—Premises, equipment and software4
(5)— 
Total$8 $(22)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$(8)$1 
Total$(8)$1 
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.
March 2025 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
Financial Instruments Not Measured at Fair Value
 At March 31, 2025
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$90,739 $90,739 $— $— $90,739 
Investment securities—HTM59,394 15,064 34,283 1,202 50,549 
Securities purchased under agreements to resell119,048 — 117,539 1,550 119,089 
Securities borrowed140,226 — 140,226 — 140,226 
Customer and other receivables85,428 — 81,167 4,131 85,298 
Loans1
Held for investment232,792 — 15,388 212,932 228,320 
Held for sale16,111 — 11,181 5,043 16,224 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$374,882 $— $375,281 $— $375,281 
Securities sold under agreements to repurchase68,286 — 68,268 — 68,268 
Securities loaned16,604 — 16,598 — 16,598 
Other secured financings4,510 — 4,507 — 4,507 
Customer and other payables201,626 — 201,626 — 201,626 
Borrowings193,296 — 195,133 173 195,306 
 Commitment
Amount
Lending commitments2
$179,499 $— $1,207 $1,046 $2,253 
 At December 31, 2024
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$105,386 $105,386 $— $— $105,386 
Investment securities—HTM61,071 15,803 34,180 1,220 51,203 
Securities purchased under agreements to resell118,565 — 117,151 1,450 118,601 
Securities borrowed123,859 — 123,859 — 123,859 
Customer and other receivables79,586 — 75,361 4,056 79,417 
Loans1
Held for investment
225,834 — 17,859 202,297 220,156 
Held for sale
12,319 — 6,324 6,115 12,439 
Other assets839 — 839 — 839 
Financial liabilities
Deposits$369,508 $— $370,039 $— $370,039 
Securities sold under agreements to repurchase49,111 — 49,103 — 49,103 
Securities loaned15,226 — 15,228 — 15,228 
Other secured financings7,514 — 7,511 — 7,511 
Customer and other payables175,890 — 175,890 — 175,890 
Borrowings185,487 — 188,269 93 188,362 
 Commitment
Amount
Lending commitments2
$175,774 $— $1,094 $839 $1,933 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
5. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millionsAt
March 31,
2025		At
December 31,
2024
Business Unit Responsible for Risk Management
Equity$54,584 $49,144 
Interest rates38,261 34,451 
Commodities13,594 14,829 
Credit4,022 3,306 
Foreign exchange1,633 1,602 
Total$112,094 $103,332 
47
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Revenues from Liabilities under the Fair Value Option
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Three Months Ended March 31, 2025
Borrowings$(1,788)$200 $(1,988)
Deposits(37)53 (90)
Three Months Ended March 31, 2024
Borrowings$(114)$144 $(258)
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,
 20252024
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$(6)$— $26 $— 
Lending commitments(1)— (3)— 
Deposits— 50 — (4)
Borrowings(9)398 (10)(737)
$ in millionsAt
March 31,
2025		At
December 31,
2024
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(2,420)$(2,868)
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,
2025		At
December 31,
2024
Loans and other receivables2
$10,430 $10,207 
Nonaccrual loans2
7,821 7,719 
Borrowings3
3,483 3,249 
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,
2025		At
December 31,
2024
Nonaccrual loans$993 $647 
Nonaccrual loans 90 or more days past due169 155 
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at March 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $1 $— $4 
Foreign exchange24 36 — 60 
Total27 37 — 64 
Not designated as accounting hedges
Economic hedges of loans
Credit10 41 — 51 
Other derivatives
Interest rate112,780 13,552 233 126,565 
Credit5,334 5,950 — 11,284 
Foreign exchange69,758 3,201 49 73,008 
Equity23,812 — 52,365 76,177 
Commodity and other13,037 — 2,902 15,939 
Total224,731 22,744 55,549 303,024 
Total gross derivatives$224,758 $22,781 $55,549 $303,088 
Amounts offset
Counterparty netting(155,334)(20,374)(52,628)(228,336)
Cash collateral netting(36,365)(2,162)— (38,527)
Total in Trading assets$33,059 $245 $2,921 $36,225 
Amounts not offset1
Financial instruments collateral(15,989)— — (15,989)
Net amounts$17,070 $245 $2,921 $20,236 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$2,816 
 Liabilities at March 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$471 $— $— $471 
Foreign exchange51 12 — 63 
Total522 12 — 534 
Not designated as accounting hedges
Economic hedges of loans
Credit45 629 — 674 
Other derivatives
Interest rate102,629 11,842 218 114,689 
Credit5,458 5,514 — 10,972 
Foreign exchange64,762 3,190 216 68,168 
Equity39,848 — 54,441 94,289 
Commodity and other11,322 1 2,962 14,285 
Total224,064 21,176 57,837 303,077 
Total gross derivatives$224,586 $21,188 $57,837 $303,611 
Amounts offset
Counterparty netting(155,333)(20,374)(52,628)(228,335)
Cash collateral netting(38,682)(791)— (39,473)
Total in Trading liabilities$30,571 $23 $5,209 $35,803 
Amounts not offset1
Financial instruments collateral(5,475)— (3,451)(8,926)
Net amounts$25,096 $23 $1,758 $26,877 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable4,733 
48
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Assets at December 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $— $— $4 
Foreign exchange185 122 — 307 
Total189 122 — 311 
Not designated as accounting hedges
Economic hedges of loans
Credit— 28 — 28 
Other derivatives
Interest rate115,520 13,163 119 128,802 
Credit4,711 4,411 — 9,122 
Foreign exchange104,024 4,301 90 108,415 
Equity24,368 — 51,314 75,682 
Commodity and other14,071 — 1,860 15,931 
Total262,694 21,903 53,383 337,980 
Total gross derivatives$262,883 $22,025 $53,383 $338,291 
Amounts offset
Counterparty netting(188,069)(20,276)(51,168)(259,513)
Cash collateral netting(38,511)(1,698)— (40,209)
Total in Trading assets$36,303 $51 $2,215 $38,569 
Amounts not offset1
Financial instruments collateral(17,837)— — (17,837)
Net amounts$18,466 $51 $2,215 $20,732 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$3,354 
 Liabilities at December 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$533 $— $— $533 
Foreign exchange3 — — 3 
Total536 — — 536 
Not designated as accounting hedges
Economic hedges of loans
Credit53 718 — 771 
Other derivatives
Interest rate104,495 13,038 124 117,657 
Credit4,941 3,860 — 8,801 
Foreign exchange100,730 4,085 153 104,968 
Equity42,332 — 53,142 95,474 
Commodity and other11,584 — 1,979 13,563 
Total264,135 21,701 55,398 341,234 
Total gross derivatives$264,671 $21,701 $55,398 $341,770 
Amounts offset
Counterparty netting(188,070)(20,276)(51,168)(259,514)
Cash collateral netting(43,126)(1,200)— (44,326)
Total in Trading liabilities$33,475 $225 $4,230 $37,930 
Amounts not offset1
Financial instruments collateral(6,338)— (2,658)(8,996)
Net amounts$27,137 $225 $1,572 $28,934 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$4,321 
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, 2025
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $135 $— $135 
Foreign exchange6 2 — 8 
Total6 137 — 143 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate4,170 6,122 487 10,779 
Credit259 215 — 474 
Foreign exchange3,805 254 14 4,073 
Equity665 — 701 1,366 
Commodity and other138 — 82 220 
Total9,037 6,591 1,284 16,912 
Total gross derivatives$9,043 $6,728 $1,284 $17,055 
 Liabilities at March 31, 2025
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$2 $219 $— $221 
Foreign exchange10 1 — 11 
Total12 220 — 232 
Not designated as accounting hedges
Economic hedges of loans
Credit2 22 — 24 
Other derivatives
Interest rate4,265 6,748 465 11,478 
Credit269 192 — 461 
Foreign exchange3,981 240 36 4,257 
Equity835 — 1,079 1,914 
Commodity and other118 — 82 200 
Total9,470 7,202 1,662 18,334 
Total gross derivatives$9,482 $7,422 $1,662 $18,566 
 Assets at December 31, 2024
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $108 $— $108 
Foreign exchange14 4 — 18 
Total14 112 — 126 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate3,713 4,367 442 8,522 
Credit208 149 — 357 
Foreign exchange2,717 171 9 2,897 
Equity591 — 609 1,200 
Commodity and other137 — 77 214 
Total7,366 4,687 1,137 13,190 
Total gross derivatives$7,380 $4,799 $1,137 $13,316 
49
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Liabilities at December 31, 2024
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$2 $193 $— $195 
Foreign exchange1 — — 1 
Total3 193 — 196 
Not designated as accounting hedges
Economic hedges of loans
Credit2 20 — 22 
Other derivatives
Interest rate3,626 4,468 417 8,511 
Credit230 133 — 363 
Foreign exchange2,763 178 18 2,959 
Equity754 — 826 1,580 
Commodity and other100 — 89 189 
Total7,475 4,799 1,350 13,624 
Total gross derivatives$7,478 $4,992 $1,350 $13,820 
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 2024 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months Ended
March 31,
$ in millions20252024
Fair value hedges—Recognized in Interest income
Interest rate contracts$(493)$572 
Investment Securities—AFS503 (552)
Fair value hedges—Recognized in Interest expense
Interest rate contracts$2,317 $(2,127)
Deposits(49)10 
Borrowings(2,272)2,109 
Net investment hedges—Foreign exchange contracts
Recognized in OCI$(435)$371 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income17 48 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$17 $(47)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(5)(11)
Net change in cash flow hedges included within AOCI22 (36)
1.During the three months ended March 31, 2025, 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, 2025, is approximately $(21) million. The maximum length of time over which forecasted cash flows are hedged is 32 months.
Fair Value Hedges—Hedged Items 
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Investment Securities—AFS
Amortized cost basis currently or previously hedged1
$54,849 $54,809 
Basis adjustments included in amortized cost2
$(214)$(741)
Deposits
Carrying amount currently or previously hedged
$27,536 $21,524 
Basis adjustments included in carrying amount2
$93 $44 
Borrowings
Carrying amount currently or previously hedged
$177,477 $171,834 
Basis adjustments included in carrying amount—Outstanding hedges
$(7,821)$(10,072)
Basis adjustments included in carrying amount—Terminated hedges
$(642)$(648)
1.Carrying amount represents the amortized cost. At March 31, 2025 and December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $325 million, of which $178 million was designated as hedged. The cumulative amount of basis adjustments was immaterial as of March 31, 2025 and $(2) million as of December 31, 2024. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 7 herein for additional information.
2.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
 Three Months Ended
March 31,
$ in millions20252024
Recognized in Other revenues
Credit contracts1
$(17)$(123)
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,
2025 		At
December 31,
2024
Net derivative liabilities with credit risk-related contingent features$19,944 $22,414 
Collateral posted14,630 16,252 
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,
2025
One-notch downgrade$255 
Two-notch downgrade437 
Bilateral downgrade agreements included in the amounts above1
$558 
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
March 2025 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 Years to Maturity at March 31, 2025
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$16 $33 $40 $15 $104 
Non-investment grade8 16 17 4 45 
Total$24 $49 $57 $19 $149 
Index and basket CDS
Investment grade$4 $12 $7 $3 $26 
Non-investment grade10 22 172 92 296 
Total$14 $34 $179 $95 $322 
Total CDS sold$38 $83 $236 $114 $471 
Other credit contracts— — — 3 3 
Total credit protection sold$38 $83 $236 $117 $474 
CDS protection sold with identical protection purchased$410 
 Years to Maturity at December 31, 2024
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$15 $31 $37 $10 $93 
Non-investment grade7 16 16 1 40 
Total$22 $47 $53 $11 $133 
Index and basket CDS
Investment grade$3 $12 $10 $— $25 
Non-investment grade11 22 158 16 207 
Total$14 $34 $168 $16 $232 
Total CDS sold$36 $81 $221 $27 $365 
Other credit contracts— — — 3 3 
Total credit protection sold$36 $81 $221 $30 $368 
CDS protection sold with identical protection purchased$303 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Single-name CDS
Investment grade$2,029 $1,890 
Non-investment grade512 585 
Total$2,541 $2,475 
Index and basket CDS
Investment grade$916 $799 
Non-investment grade1,357 489 
Total$2,273 $1,288 
Total CDS sold$4,814 $3,763 
Other credit contracts125 133 
Total credit protection sold$4,939 $3,896 
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,
2025 		At
December 31,
2024
Single name$169 $156 
Index and basket288 193 
Tranched index and basket29 28 
Total$486 $377 
Fair Value Asset (Liability)
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Single name$(2,639)$(2,693)
Index and basket(1,741)(654)
Tranched index and basket(872)(962)
Total$(5,252)$(4,309)
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 2024 Form 10-K.






51
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
7. Investment Securities
AFS and HTM Securities
 At March 31, 2025
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$70,638 $83 $239 $70,482 
U.S. agency securities2
24,317 5 2,362 21,960 
Agency CMBS5,697 — 349 5,348 
State and municipal securities522 — 14 508 
FFELP student loan ABS3
596 2 8 590 
Unallocated basis adjustment4
— — — — 
Total AFS securities101,770 90 2,972 98,888 
HTM securities
U.S. Treasury securities15,951 — 887 15,064 
U.S. agency securities2
40,865 28 7,823 33,070 
Agency CMBS1,115 — 72 1,043 
Non-agency CMBS1,463 7 98 1,372 
Total HTM securities59,394 35 8,880 50,549 
Total investment securities$161,164 $125 $11,852 $149,437 
 At December 31, 2024
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$70,160 $62 $388 $69,834 
U.S. agency securities2
24,113 6 2,652 21,467 
Agency CMBS5,704 — 388 5,316 
State and municipal securities1,373 18 4 1,387 
FFELP student loan ABS3
612 1 9 604 
Unallocated basis adjustment4
(2)2 — — 
Total AFS securities101,960 89 3,441 98,608 
HTM securities
U.S. Treasury securities16,885 — 1,082 15,803 
U.S. agency securities2
41,582 4 8,592 32,994 
Agency CMBS1,154 — 88 1,066 
Non-agency CMBS1,450 3 113 1,340 
Total HTM securities61,071 7 9,875 51,203 
Total investment securities$163,031 $96 $13,316 $149,811 
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.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 6 herein for additional information.

AFS Securities in an Unrealized Loss Position
 At
March 31,
2025 		At
December 31,
2024
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$10,689 $21 $18,338 $65 
12 months or longer15,825 218 19,629 323 
Total26,514 239 37,967 388 
U.S. agency securities
Less than 12 months1,397 8 765 11 
12 months or longer18,627 2,354 18,996 2,641 
Total20,024 2,362 19,761 2,652 
Agency CMBS
12 months or longer5,004 349 5,018 388 
Total5,004 349 5,018 388 
State and municipal securities
Less than 12 months385 10 242 2 
12 months or longer57 4 62 2 
Total442 14 304 4 
FFELP student loan ABS
Less than 12 months8 — — — 
12 months or longer432 8 442 9 
Total440 8 442 9 
Total AFS securities in an unrealized loss position
Less than 12 months12,479 39 19,345 78 
12 months or longer39,945 2,933 44,147 3,363 
Total$52,424 $2,972 $63,492 $3,441 
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 2024 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, 2025 and December 31, 2024, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at March 31, 2025 and December 31, 2024 reflect an ACL of $59 million and $52 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2024 Form 10-K for a description of the ACL methodology used for HTM Securities.
As of March 31, 2025 and December 31, 2024, 98% of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at March 31, 2025 and December 31, 2024.
March 2025 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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, 2025
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$19,725 $19,580 2.5 %
After 1 year through 5 years46,075 46,066 3.8 %
After 5 years through 10 years4,838 4,836 4.2 %
After 10 years— — — %
Total70,638 70,482 
U.S. agency securities:
Due within 1 year17 17 0.2 %
After 1 year through 5 years206 198 1.7 %
After 5 years through 10 years426 394 1.8 %
After 10 years23,668 21,351 3.4 %
Total24,317 21,960 
Agency CMBS:
Due within 1 year74 72 1.8 %
After 1 year through 5 years4,153 4,018 1.9 %
After 5 years through 10 years382 375 1.6 %
After 10 years1,088 883 1.5 %
Total5,697 5,348 
State and municipal securities:
Due within 1 year27 27 4.9 %
After 1 year through 5 years203 202 4.7 %
After 5 years through 10 years47 44 5.3 %
After 10 Years245 235 4.2 %
Total522 508 
FFELP student loan ABS:
Due within 1 year11 11 5.1 %
After 1 year through 5 years111 108 5.1 %
After 5 years through 10 years23 23 5.3 %
After 10 years451 448 5.2 %
Total596 590 
Unallocated basis adjustment4
— — — 
Total AFS securities$101,770 $98,888 3.4 %
 At March 31, 2025
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year$6,511 $6,417 1.5 %
After 1 year through 5 years7,382 7,129 2.4 %
After 5 years through 10 years503 427 1.1 %
After 10 years1,555 1,091 2.3 %
Total15,951 15,064 
U.S. agency securities:
Due within 1 year— — — %
After 1 year through 5 years9 9 1.9 %
After 5 years through 10 years205 194 2.1 %
After 10 years40,651 32,867 2.1 %
Total40,865 33,070 
Agency CMBS:
Due within 1 year377 370 1.4 %
After 1 year through 5 years530 499 1.3 %
After 5 years through 10 years157 132 1.6 %
After 10 years51 42 1.3 %
Total1,115 1,043 
Non-agency CMBS:
Due within 1 year135 118 4.2 %
After 1 year through 5 years695 665 4.3 %
After 5 years through 10 years401 361 4.2 %
After 10 years232 228 7.4 %
Total1,463 1,372 
Total HTM securities$59,394 $50,549 2.1 %
Total investment securities$161,164 $149,437 2.9 %
1.Amounts are net of any ACL.
2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.
3.At March 31, 2025, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.8% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 6 herein for additional information.
Gross Realized Gains (Losses) on Sales of AFS Securities
 Three Months Ended
March 31,
$ in millions20252024
Gross realized gains$21 $43 
Gross realized (losses)— — 
Total1
$21 $43 
1.Realized gains and losses are recognized in Other revenues in the income statement.
53
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At March 31, 2025
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$458,756 $(339,708)$119,048 $(117,355)$1,693 
Securities borrowed194,241 (54,015)140,226 (133,353)6,873 
Liabilities
Securities sold under agreements to repurchase$408,980 $(339,708)$69,272 $(63,573)$5,699 
Securities loaned70,619 (54,015)16,604 (16,580)24 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$1,566 
Securities borrowed2,005 
Securities sold under agreements to repurchase3,958 
 At December 31, 2024
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$409,635 $(291,070)$118,565 $(116,157)$2,408 
Securities borrowed165,642 (41,783)123,859 (117,573)6,286 
Liabilities
Securities sold under agreements to repurchase$341,137 $(291,070)$50,067 $(45,520)$4,547 
Securities loaned57,009 (41,783)15,226 (15,211)15 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$2,054 
Securities borrowed2,079 
Securities sold under agreements to repurchase3,448 
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 2024 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
 At March 31, 2025
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$196,112 $136,728 $34,558 $41,582 $408,980 
Securities loaned55,564 — 485 14,570 70,619 
Total included in the offsetting disclosure$251,676 $136,728 $35,043 $56,152 $479,599 
Trading liabilities—
Obligation to return securities received as collateral		7,567 — — — 7,567 
Total$259,243 $136,728 $35,043 $56,152 $487,166 
 At December 31, 2024
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$180,793 $104,551 $25,071 $30,722 $341,137 
Securities loaned42,473 — 317 14,219 57,009 
Total included in the offsetting disclosure$223,266 $104,551 $25,388 $44,941 $398,146 
Trading liabilities—
Obligation to return securities received as collateral		18,067 — — — 18,067 
Total$241,333 $104,551 $25,388 $44,941 $416,213 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$196,508 $177,464 
Other sovereign government obligations175,107 135,806 
Corporate equities17,175 14,993 
Other20,190 12,874 
Total$408,980 $341,137 
Securities loaned
Other sovereign government obligations$2,506 $1,805 
Corporate equities66,370 54,144 
Other1,743 1,060 
Total$70,619 $57,009 
Total included in the offsetting disclosure$479,599 $398,146 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$7,557 $18,059 
Other10 8 
Total$7,567 $18,067 
Total$487,166 $416,213 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Trading assets$39,331 $30,867 
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.
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.
March 2025 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Collateral received with right to sell or repledge$1,029,009 $932,626 
Collateral that was sold or repledged1
789,978 724,177 
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,
2025 		At
December 31,
2024
Segregated securities1
$33,236 $26,329 
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,
2025 		At
December 31,
2024
Margin and other lending$56,848 $55,882 
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 2024 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 $1,896 million and $437 million as of March 31, 2025 and December 31, 2024, respectively.
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At March 31, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,733 $11,994 $19,727 
Secured lending facilities51,329 3,680 55,009 
Commercial real estate8,610 290 8,900 
Residential real estate67,579 — 67,579 
Securities-based lending and Other
98,674 147 98,821 
Total loans233,925 16,111 250,036 
ACL(1,133)(1,133)
Total loans, net$232,792 $16,111 $248,903 
Loans to non-U.S. borrowers, net$26,936 $7,064 $34,000 
 At December 31, 2024
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$6,889 $9,183 $16,072 
Secured lending facilities48,842 2,507 51,349 
Commercial real estate8,412 628 9,040 
Residential real estate66,738 — 66,738 
Securities-based lending and Other
96,019 1 96,020 
Total loans226,900 12,319 239,219 
ACL(1,066)(1,066)
Total loans, net$225,834 $12,319 $238,153 
Loans to non-U.S. borrowers, net$23,335 $4,763 $28,098 
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 2024 Form 10-K.
Loans by Interest Rate Type
 At March 31, 2025At December 31, 2024
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$11 $19,715 $— $16,071 
Secured lending facilities— 55,008 — 51,349 
Commercial real estate240 8,661 — 9,041 
Residential real estate31,327 36,252 31,014 35,724 
Securities-based lending and Other
24,890 73,932 25,478 70,542 
Total loans, before ACL$56,468 $193,568 $56,492 $182,727 
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.
55
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At March 31, 2025At December 31, 2024
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$3,084 $4,422 $7,506 $2,668 $3,963 $6,631 
2025— — — 
202476 50 126 76 58 134 
2023— 50 50 — 50 50 
2022— 26 26 — 25 25 
202115 — 15 15 — 15 
Prior9 1 10 31 3 34 
Total
$3,184 $4,549 $7,733 $2,790 $4,099 $6,889 
At March 31, 2025At December 31, 2024
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$11,829 $29,083 $40,912 $11,405 $27,753 $39,158 
20252 1,354 1,356 
2024938 3,171 4,109 818 2,863 3,681 
2023588 1,217 1,805 1,371 1,359 2,730 
2022271 1,748 2,019 279 1,909 2,188 
2021— 210 210 — 198 198 
Prior100 818 918 100 787 887 
Total
$13,728 $37,601 $51,329 $13,973 $34,869 $48,842 
At March 31, 2025At December 31, 2024
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$— $147 $147 $— $161 $161 
2025— 266 266 
2024153 2,395 2,548 147 2,202 2,349 
2023356 667 1,023 351 772 1,123 
2022313 1,448 1,761 305 1,488 1,793 
2021170 1,608 1,778 166 1,603 1,769 
Prior— 1,087 1,087 — 1,217 1,217 
Total
$992 $7,618 $8,610 $969 $7,443 $8,412 
At March 31, 2025
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$143 $34 $5 $182 $— $182 
20251,656 348 30 1,848 186 2,034 
20248,481 1,592 189 9,284 978 10,262 
20236,595 1,398 198 7,322 869 8,191 
202210,172 2,252 368 11,785 1,007 12,792 
202110,374 2,221 224 11,944 875 12,819 
Prior16,745 4,074 480 19,939 1,360 21,299 
Total$54,166 $11,919 $1,494 $62,304 $5,275 $67,579 
At December 31, 2024
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$136 $39 $5 $180 $— $180 
20248,653 1,607 191 9,458 993 10,451 
20236,778 1,431 201 7,529 881 8,410 
202210,294 2,298 370 11,941 1,021 12,962 
202110,510 2,247 228 12,094 891 12,985 
Prior
17,088 4,171 491 20,355 1,395 21,750 
Total$53,459 $11,793 $1,486 $61,557 $5,181 $66,738 
At March 31, 2025
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $78,213 $6,552 $1,600 $86,365 
2025358 37 300 695 
20241,464 908 285 2,657 
2023949 370 769 2,088 
2022375 441 1,086 1,902 
2021100 18 534 652 
Prior278 1,360 2,677 4,315 
Total$81,737 $9,686 $7,251 $98,674 
At December 31, 2024
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$76,432 $6,342 $1,551 $84,325 
20241,291 719 453 2,463 
2023949 424 685 2,058 
2022449 472 1,053 1,974 
2021100 14 538 652 
Prior270 1,430 2,847 4,547 
Total$79,491 $9,401 $7,127 $96,019 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2025 and December 31, 2024, 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 2024 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, 2025At December 31, 2024
Commercial real estate$343 $272 
Residential real estate204 186 
Securities-based lending and Other
92 86 
Total$639 $544 
1.As of March 31, 2025 and December 31, 2024, the majority of the amounts are 90 days or more past due.
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2025At December 31, 2024
Corporate$164 $108 
Secured lending facilities6 6 
Commercial real estate454 447 
Residential real estate189 160 
Securities-based lending and Other
308 298 
Total
$1,121 $1,019 
Nonaccrual loans without an ACL$173 $162 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2025 and December 31, 2024. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2024 Form 10-K.
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,
March 2025 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
 Three Months Ended March 31,
20252024
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$42 0.5 %$52 0.7 %
Secured lending facilities41 0.1 %— — %
Commercial real estate292 3.4 %127 1.5 %
Securities-based lending and Other 34 — %41 — %
Total$409 0.2 %$220 0.2 %
Other-than-insignificant Payment Delay
Securities-based lending and Other$30 — %$— — %
Total$30 — %$— — %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate— — %40 0.5 %
Total $— — %$40 0.5 %
Total Modifications$439 0.3 %$260 0.2 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended March 31, 2025 and 2024, were $214 million and $301 million, as of March 31, 2025 and 2024, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended March 31, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate370$— — %
Secured lending facilities30— — %
Commercial real estate10— — %
Securities-based lending and Other1211— — %
Three Months Ended March 31, 20241
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate300$— — %
Commercial real estate50— — %
Securities-based lending and Other360— — %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate1616$— — %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Past Due Loans Held for Investment Modified in the Last 12 months
 At March 31, 2025
$ in millions30-89 Days Past Due90+ Days
Past Due		Total
Commercial real estate$— $63 $63 
 At March 31, 2024
$ in millions30-89 Days Past Due90+ days
Past Due		Total
Commercial real estate$— $45 $45 
At March 31, 2025, there was one commercial real estate loan held for investment with an amortized cost of $63 million that defaulted during the three months ended March 31, 2025 and had been modified in the 12 month period prior to default. There were no loans held for investment that defaulted during the three months ended March 31, 2024 that had been modified in the 12 month period prior.
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$200 $140 $373 $97 $256 $1,066 
Gross charge-offs— — (31)— — (31)
Recoveries— — 8 — — 8 
Net (charge-offs)/ recoveries
— — (23)— — (23)
Provision (release)2 7 24 23 25 81 
Other3 2 5 — (1)9 
Ending balance$205 $149 $379 $120 $280 $1,133 
Percent of loans to total loans1
3 %22 %4 %29 %42 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)37 41 (27)— 3 54 
Other5 1 — — 2 8 
Ending balance$549 $130 $13 $4 $22 $718 
Total ending balance
$754 $279 $392 $124 $302 $1,851 
57
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 
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 increased during the three months ended March 31, 2025, primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook. Charge-offs in the current quarter were primarily related to commercial real estate loans.
The base scenario used in our ACL models as of March 31, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes slower economic growth as well as higher interest rates relative to the prior quarter forecast. The revised real GDP growth rates assumed in our ACL models incorporated the weaker economic outlook and conditions as of March 31, 2025. The ACL calculation incorporates key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL calculation varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in the ACL calculation include corporate credit spreads, interest rates and commercial real estate indices.
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 2024 Form 10-K.
Gross Charge-offs by Origination Year
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
2022— — $(10)$— $— $(10)
2021— — (1)— — (1)
Prior
— — (20)— — (20)
Total
$— $— $(31)$— $— $(31)
CRE—Commercial real estate
SBL—Securities-based lending

There were no charge-offs during the three months ended March 31, 2024.
Selected Credit Ratios
At
March 31,
2025 		At
December 31,
2024
ACL for loans to total HFI loans0.5 %0.5 %
Nonaccrual HFI loans to total HFI loans
0.5 %0.4 %
ACL for loans to nonaccrual HFI loans
101.1 %104.6 %
Employee Loans
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Currently employed by the Firm1
$4,287 $4,255 
No longer employed by the Firm2
89 83 
Employee loans$4,376 $4,338 
ACL(115)(112)
Employee loans, net of ACL$4,261 $4,226 
Remaining repayment term, weighted average in years5.65.6
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 2024 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,
2025 		At
December 31,
2024
Investments$1,984 $1,869 
 Three Months Ended
March 31,
$ in millions20252024
Income (loss)$62 $56 
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
March 2025 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 millions20252024
Income (loss) from investment in MUMSS$36 $40 
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2024 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.
The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Low-income housing
$1,847 $1,787 
Renewable energy and other
25 67 
Total1,2
$1,872 $1,854 
1.Amounts include unfunded equity contributions of $648 million and $613 million as of March 31, 2025 and December 31, 2024, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2.Amounts exclude $48 million and $48 million as of March 31, 2025 and December 31, 2024, respectively, 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 millions20252024
Income tax credits and other income tax benefits$75 $75 
Proportional amortization(62)(60)
Net benefits$13 $15 
11. Deposits
Deposits
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Savings and demand deposits$301,890 $299,898 
Time deposits79,673 76,109 
Total$381,563 $376,007 
Deposits subject to FDIC insurance$304,589 $298,351 
Deposits not subject to FDIC insurance$76,974 $77,656 
Time Deposit Maturities
$ in millionsAt
March 31,
2025
2025$28,663 
202624,531 
202712,662 
20287,548 
20294,840 
Thereafter1,429 
Total$79,673 
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Original maturities of one year or less$8,393 $4,512 
Original maturities greater than one year
Senior$283,049 $270,594 
Subordinated13,948 13,713 
Total greater than one year$296,997 $284,307 
Total$305,390 $288,819 
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,
2025 		At
December 31,
2024
Original maturities:
One year or less$15,332 $17,133 
Greater than one year6,935 4,469 
Total$22,267 $21,602 
Transfers of assets accounted for as secured financings$11,589 $10,275 
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.
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13. Commitments, Guarantees and Contingencies
Commitments
 Years to Maturity at March 31, 2025 
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$14,629 $40,433 $67,573 $7,491 $130,126 
Secured lending facilities6,480 7,232 8,489 6,228 28,429 
Commercial and Residential real estate72 134 133 430 769 
Securities-based lending and Other16,222 3,688 372 454 20,736 
Forward-starting secured financing receivables1
200,590 1,196 — — 201,786 
Central counterparty300 — — 20,979 21,279 
Underwriting89 — — — 89 
Investment activities1,823 82 140 368 2,413 
Letters of credit and other financial guarantees30 — — 4 34 
Total$240,235 $52,765 $76,707 $35,954 $405,661 
Lending commitments participated to third parties$11,418 
1.These amounts primarily include secured financing receivables yet to settle as of March 31, 2025, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.
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 2024 Form 10-K.
Guarantees
 At March 31, 2025
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,395,280 $648,411 $210,570 $515,558 $(42,768)
Standby letters of credit and other financial guarantees issued2,3
1,613 736 1,249 2,556 14 
Liquidity facilities2,432 — — — 2 
Whole loan sales guarantees50 34 — 23,050 — 
Securitization representations and warranties4
— — — 90,735 — 
General partner guarantees191 133 74 14 (99)
Client clearing guarantees1,257 — — — — 
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 $0.5 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3.As of March 31, 2025, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $56 million.
4.Related to commercial, residential mortgage and asset backed 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 2024 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, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2024 Form 10-K.
In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the 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
March 2025 Form 10-Q
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Notes to Consolidated Financial Statements
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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 wealth management businesses, 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.
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 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 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, inter alia, 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. On July 11,
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March 2025 Form 10-Q
Notes to Consolidated Financial Statements
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2024, 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, together 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”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The 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 February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision.
European Matters
Tax
In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) challenged 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 alleged 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. 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 November 11, 2024, the Firm reached an agreement to settle the Dutch Authority’s challenges for the tax years 2007 to 2012 and made payment of the prior set-off amounts and interest indicated above. The case has been withdrawn.
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 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, and is engaging with them as the criminal process progresses.
U.K. Government Bond Matter

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, 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. 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. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.
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 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 seeks certification of the class of plaintiffs and unspecified compensatory damages and alleges, inter alia, that the Viacom offering documents for both issuances contained material misrepresentations and 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 also alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at 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
March 2025 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
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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 motions to dismiss as to the Firm and the other underwriters, but granting 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 July 25, 2024, the Appellate Division denied the plaintiff’s and the Firm’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification, which the defendants appealed. In February of 2025, the parties reached an agreement in principle to settle the litigation. On April 3, 2025, the court granted preliminary approval of the settlement.

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 the 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 the plaintiff 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, inter alia, 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 the plaintiff 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. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed.
Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. The cases are at an early stage with motions for consolidation and transfer currently pending. Together, the complaints seek, inter alia, certification of a class of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages.

The Firm was engaged with and responded to requests for information from the Enforcement Division of the SEC regarding advisory account cash balances swept to the affiliate bank deposit program and compliance with the Investment Advisers Act of 1940, and is responding to requests from a state securities regulator regarding brokerage account cash balances swept to the affiliate bank deposit program. On March 11, 2025, the Enforcement Division of the SEC informed the Firm that it had concluded its investigation and did not intend to recommend an enforcement action against the Firm.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
 At March 31, 2025At December 31, 2024
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$389 $223 $575 $236 
Investment vehicles2
497 289 378 189 
MTOB485 461 619 578 
Other132 6 156 4 
Total$1,503 $979 $1,728 $1,007 
MTOB—Municipal tender option bonds
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
2.Amounts include investment funds and CLOs.
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March 2025 Form 10-Q
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Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Assets
Cash and cash equivalents$27 $37 
Trading assets at fair value1,258 1,395 
Investment securities196 278 
Customer and other receivables20 16 
Other assets2 2 
Total$1,503 $1,728 
Liabilities
Trading liabilities at fair value$1 $— 
Other secured financings$883 $921 
Other liabilities and accrued expenses91 82 
Borrowings4 4 
Total$979 $1,007 
Noncontrolling interests$61 $42 
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
Non-consolidated VIEs
 At March 31, 2025
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$204,184 $2,710 $3,615 $3,821 $78,188 
Maximum exposure to loss3
Debt and equity interests$32,048 $110 $— $2,441 $12,229 
Derivative and other contracts— — 2,432 — 4,427 
Commitments, guarantees and other10,230 — — — 213 
Total$42,278 $110 $2,432 $2,441 $16,869 
Carrying value of variable interests—Assets
Debt and equity interests$32,048 $110 $— $1,873 $12,198 
Derivative and other contracts— — 6 — 1,856 
Total$32,048 $110 $6 $1,873 $14,054 
Additional VIE assets owned4
$16,144 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $3 $— $451 
Total$— $— $3 $— $451 
 At December 31, 2024
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$179,686 $1,621 $3,654 $3,603 $74,665 
Maximum exposure to loss3
Debt and equity interests$26,974 $62 $— $2,267 $12,097 
Derivative and other contracts— — 2,454 — 3,936 
Commitments, guarantees and other8,554 — — — 535 
Total$35,528 $62 $2,454 $2,267 $16,568 
Carrying value of variable interests–Assets
Debt and equity interests$26,974 $62 $— $1,821 $12,067 
Derivative and other contracts— — 6 — 1,772 
Total$26,974 $62 $6 $1,821 $13,839 
Additional VIE assets owned4
$15,777 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $4 $— $448 
OSF–Other structured financings
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.
March 2025 Form 10-Q
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Notes to Consolidated Financial Statements
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Detail of Mortgage- and Asset-Backed Securitization Assets
 At March 31, 2025At December 31, 2024
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$17,831 $3,176 $17,316 $2,497 
Commercial mortgages84,923 9,877 82,730 8,445 
U.S. agency collateralized mortgage obligations57,053 6,449 39,317 6,260 
Other consumer or commercial loans44,377 12,546 40,323 9,772 
Total$204,184 $32,048 $179,686 $26,974 
Transferred Assets with Continuing Involvement
 At March 31, 2025
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$8,384 $76,839 $18,899 $13,911 
Retained interests
Investment grade$277 $530 $802 $— 
Non-investment grade202 931 — 116 
Total$479 $1,461 $802 $116 
Interests purchased in the secondary market3
Investment grade$75 $77 $61 $— 
Non-investment grade16 31 — — 
Total$91 $108 $61 $— 
Derivative assets$— $— $— $1,493 
Derivative liabilities — — — 399 
 At December 31, 2024
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$6,989 $78,232 $18,174 $12,725 
Retained interests
Investment grade$198 $543 $967 $— 
Non-investment grade175 923 — 71 
Total$373 $1,466 $967 $71 
Interests purchased in the secondary market3
Investment grade$45 $34 $79 $— 
Non-investment grade5 24 — — 
Total$50 $58 $79 $— 
Derivative assets$— $— $— $1,408 
Derivative liabilities— — — 400 
 Fair Value At March 31, 2025
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$998 $— $998 
Non-investment grade84 76 160 
Total$1,082 $76 $1,158 
Interests purchased in the secondary market3
Investment grade$213 $— $213 
Non-investment grade25 22 47 
Total$238 $22 $260 
Derivative assets$1,493 $— $1,493 
Derivative liabilities399 — 399 
 Fair Value At December 31, 2024
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,080 $— $1,080 
Non-investment grade71 50 121 
Total$1,151 $50 $1,201 
Interests purchased in the secondary market3
Investment grade$158 $— $158 
Non-investment grade18 11 29 
Total$176 $11 $187 
Derivative assets$1,408 $— $1,408 
Derivative liabilities400 — 400 
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 2024 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 millions20252024
New transactions1
$14,310 $6,550 
Retained interests2,780 2,099 
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.
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).
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March 2025 Form 10-Q
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Assets Sold with Retained Exposure
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Gross cash proceeds from sale of assets1
$84,321 $92,229 
Fair value
Assets sold$80,576 $92,580 
Derivative assets recognized in the balance sheet282 998 
Derivative liabilities recognized in the balance sheet4,037 648 
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 2024 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 2024 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, 2025 and December 31, 2024, 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, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
Capital Buffer Requirements
At March 31, 2025 and December 31, 2024
StandardizedAdvanced
Capital buffers
Capital conservation buffer—2.5%
SCB6.0%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
0%0%
Capital buffer requirement9.0%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 CET1 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, 2025 and December 31, 2024
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5 %13.5%10.0%
Tier 1 capital ratio6.0 %15.0%11.5%
Total capital ratio8.0 %17.0%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
March 2025 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millionsAt March 31,
2025		At December 31,
2024
Risk-based capital
CET1 capital$76,975 $75,095 
Tier 1 capital86,674 84,790 
Total capital97,772 95,567 
Total RWA502,622 471,834 
Risk-based capital ratio
CET1 capital15.3 %15.9 %
Tier 1 capital17.2 %18.0 %
Total capital19.5 %20.3 %
Required ratio1
CET1 capital13.5 %13.5 %
Tier 1 capital15.0 %15.0 %
Total capital17.0 %17.0 %
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt March 31,
2025		At December 31,
2024
Leveraged-based capital
Adjusted average assets1
$1,251,047 $1,223,779 
Supplementary leverage exposure2
1,552,615 1,517,687 
Leveraged-based capital ratio
Tier 1 leverage6.9 %6.9 %
SLR5.6 %5.6 %
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,
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, 2025 and December 31, 2024, 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, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
MSBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At March 31, 2025At December 31, 2024
$ in millionsAmountRatioAmount Ratio
Risk-based capital
CET1 capital6.5 %7.0 %$23,477 20.6 %$22,165 20.1 %
Tier 1 capital8.0 %8.5 %23,477 20.6 %22,165 20.1 %
Total capital10.0 %10.5 %24,368 21.4 %22,993 20.9 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$23,477 10.1 %$22,165 9.7 %
SLR6.0 %3.0 %23,477 7.6 %22,165 7.4 %
MSPBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At March 31, 2025At December 31, 2024
$ in millionsAmountRatioAmountRatio
Risk-based capital
CET1 capital6.5 %7.0 %$17,318 26.5 %$16,672 26.1 %
Tier 1 capital8.0 %8.5 %17,318 26.5 %16,672 26.1 %
Total capital10.0 %10.5 %17,703 27.0 %17,004 26.6 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$17,318 7.9 %$16,672 7.7 %
SLR6.0 %3.0 %17,318 7.6 %16,672 7.5 %
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,
2025		At December 31,
2024
Net capital$18,353 $18,483 
Excess net capital13,595 13,883 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,
67
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS, and
•MSCG.
See Note 16 to the financial statements in the 2024 Form 10-K for further information.
16. Total Equity
Preferred Stock
 Shares Outstanding Carrying Value
$ in millions, except per share dataAt
March 31,
2025 		Liquidation
Preference
per Share		At
March 31,
2025 		At
December 31,
2024
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 
Q
40,000 25,000 1,000 1,000 
Total$9,750 $9,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2024
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 millions20252024
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,000 $1,000 
On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2024, 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 2024 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
March 31,
in millions20252024
Weighted average common shares outstanding, basic1,584 1,601 
Effect of dilutive RSUs and PSUs16 15 
Weighted average common shares outstanding and common stock equivalents, diluted1,600 1,616 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)4 — 
March 2025 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Dividends
$ in millions, except per
share data		Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Per Share1
Total
Per Share1
Total
Preferred stock series
A$329 $14 $392 $17 
C25 13 25 13 
E445 15 445 15 
F430 15 434 15 
I398 16 398 16 
K366 15 366 15 
L305 6 305 6 
M2
29 12 29 12 
N
1,967 6 2,226 7 
O266 14 226 14 
P406 16 406 16 
Q414 16 — — 
Total Preferred stock$158 $146 
Common stock$0.925 $1,492 $0.85 $1,390 
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, 2024$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)
OCI during the period145 358 2 331 17 853 
March 31, 2025$(1,332)$(2,215)$(581)$(1,815)$(18)$(5,961)
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)
1.Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
Three Months Ended March 31, 2025
$ in millionsPre-tax Gain (Loss)Income Tax Benefit (Provision)After-tax Gain (Loss)Non-controlling InterestsNet
CTA
OCI activity$54 $134 $188 $43 $145 
Reclassified to earnings— — — — — 
Net OCI$54 $134 $188 $43 $145 
Change in net unrealized gains (losses) on AFS securities
OCI activity$491 $(117)$374 $— $374 
Reclassified to earnings(21)5 (16)— (16)
Net OCI$470 $(112)$358 $— $358 
Pension and other
OCI activity$— $— $— $— $— 
Reclassified to earnings5 (3)2 — 2 
Net OCI$5 $(3)$2 $— $2 
Change in net DVA
OCI activity$439 $(108)$331 $7 $324 
Reclassified to earnings9 (2)7 — 7 
Net OCI$448 $(110)$338 $7 $331 
Change in fair value of cash flow hedge derivatives
OCI activity $17 $(4)$13 $— $13 
Reclassified to earnings5 (1)4 — 4 
Net OCI$22 $(5)$17 $— $17 
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)
69
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
17. Interest Income and Interest Expense
 Three Months Ended
March 31,
$ in millions20252024
Interest income
Cash and cash equivalents
$659 903 
Investment securities1,280 1,197 
Loans3,325 3,305 
Securities purchased under agreements to resell1
3,416 2,530 
Securities borrowed2
1,116 1,376 
Trading assets, net of Trading liabilities1,439 1,382 
Customer receivables and Other
2,513 2,237 
Total interest income$13,748 $12,930 
Interest expense
Deposits$2,522 $2,476 
Borrowings3,018 3,223 
Securities sold under agreements to repurchase3
3,069 2,402 
Securities loaned4
256 224 
Customer payables and Other5
2,530 2,809 
Total interest expense$11,395 $11,134 
Net interest$2,353 $1,796 
1.Includes interest paid on Securities purchased under agreements to resell.
2.Includes fees paid on Securities borrowed.
3.Includes interest received on Securities sold under agreements to repurchase.
4.Includes fees received on Securities loaned.
5.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,
2025		At December 31,
2024
Customer and other receivables$3,737 $3,322 
Customer and other payables3,790 3,938 
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.


19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended March 31, 2025
$ in millionsISWMIMI/ETotal
Investment banking$1,559$190$—$(38)$1,711
Trading5,113(12)(7)17 5,111
Investments14933187— 369
Commissions and fees1
869695—(83)1,481
Asset management1,2
1914,3961,451 (75)5,963
Other633123—(5)751
Total non-interest revenues8,5145,4251,631 (184)15,386
Interest income10,0733,95923(307)13,748
Interest expense9,6042,05752(318)11,395
Net interest4691,902(29)11 2,353
Net revenues$8,983$7,327$1,602$(173)$17,739
Provision for credit losses9144—— 135
Compensation and benefits3
2,8543,999668— 7,521
Non-compensation expenses3
2,7571,333611(162)4,539
Total non-interest expenses$5,611 $5,332 $1,279 $(162)$12,060 
Income before provision for income taxes3,2811,951323(11)5,544
Provision for income taxes69641961(3)1,173
Net income2,5851,532262(8)4,371
Net income applicable to noncontrolling interests56——— 56
Net income applicable to Morgan Stanley$2,529 $1,532 $262$(8)$4,315
Pre-tax margin4
37 %27 %20 %N/M31 %

 Three Months Ended March 31, 2024
$ in millionsISWMIMI/ETotal
Investment banking$1,447$166$—$(24)$1,589
Trading4,583262(7)14 4,852
Investments491969— 137
Commissions and fees1
691605—(69)1,227
Asset management1,2
1573,8291,346(63)5,269
Other1241433(4)266
Total non-interest revenues7,0515,0241,411(146)13,340
Interest income
9,3083,97326(377)12,930
Interest expense
9,3432,11760(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 losses2(8)—— (6)
Compensation and benefits3
2,3433,788565— 6,696
Non-compensation expenses3
2,3201,294571(134)4,051
Total non-interest expenses$4,663 $5,082 $1,136 $(134)$10,747 
Income before provision for income taxes2,3511,806241(3)4,395
Provision for income taxes48240349(1)933
Net income1,8691,403192(2)3,462
Net income applicable to noncontrolling interests50——— 50
Net income applicable to Morgan Stanley$1,819$1,403$192$(2)$3,412
Pre-tax margin4
34 %26 %18 %N/M29 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
March 2025 Form 10-Q
70
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2024 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20252024
Institutional Securities Advisory$563 $461 
Institutional Securities Underwriting996 986 
Firm Investment banking revenues from contracts with customers81 %90 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20252024
Interest rate$1,373 $1,826 
Foreign exchange628 272 
Equity1
3,027 2,304 
Commodity and other324 595 
Credit(241)(145)
Total$5,111 $4,852 
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,
2025 		At
December 31,
2024
Net cumulative unrealized performance-based fees at risk of reversing$855 $796 
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 returns 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 millions20252024
Fee waivers$30 $24 
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 millions20252024
Transaction taxes$266 $206 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 Three Months Ended
March 31,
$ in millions20252024
Americas$13,103 $11,567 
EMEA2,291 1,826 
Asia2,345 1,743 
Total$17,739 $15,136 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2024 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20252024
Non-interest revenues$595 $476 
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.
71
March 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Receivables from Contracts with Customers
$ in millionsAt
March 31,
2025 		At
December 31,
2024
Customer and other receivables$2,515 $2,628 
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,
2025 		At
December 31,
2024
Institutional Securities$883,719 $796,608 
Wealth Management398,979 400,848 
Investment Management17,598 17,615 
Total1
$1,300,296 $1,215,071 
1. Parent assets have been fully allocated to the business segments.

March 2025 Form 10-Q
72
Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
 Three Months Ended March 31,
 20252024
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$55,223 $447 3.3 %$52,696 $633 4.8 %
Non-U.S.
42,083 212 2.0 %43,661 270 2.5 %
Investment securities1
158,395 1,280 3.3 %153,866 1,197 3.1 %
Loans1
241,885 3,325 5.6 %217,921 3,305 6.1 %
Securities purchased under agreements to resell2:
U.S.66,638 2,213 13.5 %52,260 1,496 11.5 %
Non-U.S.41,448 1,203 11.8 %49,595 1,034 8.4 %
Securities borrowed3:
U.S.113,539 1,048 3.7 %108,288 1,257 4.7 %
Non-U.S.16,125 68 1.7 %18,835 119 2.5 %
Trading assets, net of Trading liabilities:
U.S.111,891 1,248 4.5 %107,970 1,175 4.4 %
Non-U.S.18,435 191 4.2 %18,329 207 4.5 %
Customer receivables and Other:
U.S.60,918 2,006 13.4 %47,180 1,700 14.5 %
Non-U.S.16,474 507 12.5 %17,502 537 12.3 %
Total$943,054 $13,748 5.9 %$888,103 $12,930 5.9 %
Interest bearing liabilities
Deposits1
$370,745 $2,522 2.8 %$346,946 $2,476 2.9 %
Borrowings1,4
282,999 3,018 4.3 %251,956 3,223 5.1 %
Securities sold under agreements to repurchase5,7:
U.S.18,108 1,786 40.0 %24,410 1,221 20.1 %
Non-U.S.50,533 1,283 10.3 %58,316 1,181 8.1 %
Securities loaned6,7:
U.S.10,093 29 1.2 %5,790 17 1.2 %
Non-U.S.6,048 227 15.2 %8,979 207 9.3 %
Customer payables and Other8:
U.S.119,309 1,776 6.0 %124,018 1,891 6.1 %
Non-U.S.58,052 754 5.3 %64,756 918 5.7 %
Total$915,887 $11,395 5.0 %$885,171 $11,134 5.1 %
Net interest income and net interest rate spread$2,353 0.9 % $1,796 0.8 %
1.Amounts include primarily U.S. balances.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.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.
5.Includes interest received on Securities sold under agreements to repurchase.
6.Includes fees received on Securities loaned.
7.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.
8.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.



73
March 2025 Form 10-Q
Glossary of Common Terms and Acronyms
Image29.jpg
2024 Form  10-K
Annual report on Form 10-K for year ended December 31, 2024 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
CECL
Current 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
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
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
MSBNA and 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

March 2025 Form 10-Q
74
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 2024 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share2
Total Shares Purchased as Part of Share Repurchase Authorization2,3
Dollar Value of Remaining Authorized Repurchase
January7,818,953 $136.00 1,115,300 $18,347 
February3,124,925 $135.90 2,378,100 $18,023 
March4,594,211 $117.94 4,450,384 $17,500 
Three Months Ended March 31, 202515,538,089 $130.64 7,943,784 
1.Includes 7,594,305 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, 2025.
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 announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (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 28, 2024, 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 2024, 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
On May 2, 2025, Victoria Worster, age 52, was appointed Chief Accounting Officer and Controller, effective May 15, 2025.

Ms. Worster joined the Firm in 1998 and has served as the Chief Financial Officer of the U.S. Bank Subsidiaries since February 2025. Previously, Ms. Worster served in various leadership roles within the Firm’s Finance Division, including as Asia Pacific Chief Financial Officer, Co-Global Head of Legal Entity Control and Head of International Accounting and Regulatory Policy.
Exhibits
Exhibit No.Description
15
Letter of awareness from Deloitte & Touche LLP, dated May 5, 2025, 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 5, 2025
75
March 2025 Form 10-Q

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