モルガンスタンレーの四半期報告

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

Commission File Number 1-11758

(Exact name of Registrant as specified in its charter)

Delaware

1585 Broadway

36-3145972

(212)

761-4000

(State or other jurisdiction of
incorporation or organization)

New York,

10036

(I.R.S. Employer Identification No.)

(Registrant’s telephone number, including area code)

(Address of principal executive offices, including zip code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.01 par value	MS	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate	MS/PA	New York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate	MS/PE	New York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate	MS/PF	New York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate	MS/PI	New York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate	MS/PK	New York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%	MS/PL	New York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%	MS/PO	New 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/PP	New York Stock Exchange
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026	MS/26C	New 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 2029	MS/29	New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 28, 2023, there were 1,670,113,691 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.


Table of Contents

QUARTERLY REPORT ON FORM 10-Q

For the quarter ended March 31, 2023


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


			i


Table of Contents

Available Information

We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.

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

You can access information about our corporate governance at www.morganstanley.com/about-us-governance, our sustainability initiatives at www.morganstanley.com/about-us/sustainability-at-morgan-stanley, and our commitment to diversity and inclusion at www.morganstanley.com/about-us/diversity. Our webpages include:

•Amended and Restated Certificate of Incorporation;

•Amended and Restated Bylaws;

•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;

•Corporate Governance Policies;

•Policy Regarding Corporate Political Activities;

•Policy Regarding Shareholder Rights Plan;

•Equity Ownership Commitment;

•Code of Ethics and Business Conduct;

•Code of Conduct;

•Integrity Hotline Information;

•Environmental and Social Policies;

•Sustainability Report;

•Climate Report; and

•Diversity and Inclusion Report.

Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Deputy Chief Financial Officer. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC (“NYSE”) on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.


			ii


Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.

A description of the clients and principal products and services of each of our business segments is as follows:

Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.

Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.

Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.

Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation,” “Risk Factors” in the 2022 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.


March 2023 Form 10-Q			1


Table of Contents
Management’s Discussion and Analysis

Executive Summary

Overview of Financial Results

Consolidated Results—Three Months Ended March 31, 2023

•The Firm reported net revenues of $14.5 billion and net income of $3.0 billion as our businesses navigated a volatile market environment.

•The Firm delivered ROTCE of 16.9% (see “Selected Non-GAAP Financial Information” herein).

•The Firm’s expense efficiency ratio was 72%. Expenses for the quarter include integration-related expenses of $77 million.

•At March 31, 2023, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%.

•Institutional Securities net revenues of $6.8 billion reflect strong performance in Equity and Fixed Income despite a less favorable market environment compared to a year ago and lower results in Investment Banking.

•Wealth Management net revenues were $6.6 billion, positively impacted by mark-to-market gains on investments associated with certain employee deferred compensation plans compared to losses a year ago. The business delivered a pre-tax margin of 26.1%. Results reflect higher net interest income versus prior year, primarily driven by higher interest rates, even as clients continue to redeploy sweep deposits. These results were partially offset by an increase in expenses as well as higher provisions for credit losses.

•Wealth Management attracted significant net new assets of $110 billion during the quarter.

•Investment Management results reflect net revenues of $1.3 billion on AUM of $1.4 trillion amid declines in asset values from a year ago.

Net Revenues

($ in millions)

Net Income Applicable to Morgan Stanley

($ in millions)

Earnings per Diluted Common Share

We reported net revenues of $14.5 billion in the quarter ended March 31, 2023 (“current quarter,” or “1Q 2023”) compared with $14.8 billion in the quarter ended March 31, 2022 (“prior year quarter,” or “1Q 2022”). For the current quarter, net income applicable to Morgan Stanley was $3.0 billion, or $1.70 per diluted common share, compared with $3.7 billion, or $2.02 per diluted common share in the prior year quarter.


			2			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Non-interest Expenses1

($ in millions)

1.The percentages on the bars in the chart represent the contribution of compensation and benefits expenses and non-compensation expenses to the total.

•Compensation and benefits expenses of $6,410 million in the current quarter increased 2% from the prior year quarter, primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance, higher stock-based compensation expense driven by the Firm’s share price, and higher salary expenses driven in part by the impact of higher headcount, partially offset by lower discretionary incentive compensation on lower revenues and a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.

•Non-compensation expenses of $4,113 million in the current quarter increased 6% from the prior year quarter, primarily due to higher spend on technology, higher marketing and business development costs and higher legal expenses.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $234 million in the current quarter was primarily related to a deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The Provision for credit losses on loans and lending commitments in the prior year quarter was $57 million, primarily driven by portfolio growth.

For further information on the Provision for credit losses, see “Credit Risk” herein.

Income Taxes

The effective tax rate of 19.3% for the current quarter was substantially similar to the prior year quarter, both periods reflecting a benefit associated with employee share-based awards, which primarily settled in the first quarter of each year.

Business Segment Results

Net Revenues by Segment1

($ in millions)

Net Income Applicable to Morgan Stanley by Segment1

($ in millions)

1.The percentages on the bars in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to 100% due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.

•Institutional Securities net revenues of $6,797 million in the current quarter decreased 11% from the elevated levels in the prior year quarter, primarily reflecting lower results from Equity, Investment Banking and Fixed income, partially offset by higher other net revenues.

•Wealth Management net revenues of $6,559 million in the current quarter increased 11% from the prior year quarter, primarily reflecting gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter and higher Net interest revenues, partially offset by lower Asset management revenues driven by lower fee-based asset levels in the current quarter resulting from lower market levels, partially offset by the impact of positive fee-based flows.

•Investment Management net revenues of $1,289 million in the current quarter decreased 3% from the prior year quarter, reflecting lower AUM due to the decline in asset values and cumulative outflows over the prior year, partially offset by higher Performance-based income and other revenues.


March 2023 Form 10-Q			3


Table of Contents
Management’s Discussion and Analysis

Net Revenues by Region1, 2

($ in millions)

1.The percentages on the bars in the charts represent the contribution of each region to the total.

2.For a discussion of how the geographic breakdown of net revenues is determined, see Note 23 to the financial statements in the 2022 Form 10-K.

Americas net revenues in the current quarter increased 3% from the prior year quarter, primarily driven by results within the Wealth Management business segment, partially offset by Equity results within the Institutional Securities business segment. EMEA net revenues decreased 25% from the prior year quarter, primarily driven by Fixed income, Investment banking and Equity results within the Institutional Securities business segment. Asia net revenues in the current quarter continued to reflect the strong levels in the prior year quarter.

Selected Financial Information and Other Statistical Data


	Three Months Ended March 31,
$ in millions		2023			2022
Consolidated results
Net revenues		$	14,517		$	14,801
Earnings applicable to Morgan Stanley common shareholders		$	2,836		$	3,542
Earnings per diluted common share		$	1.70		$	2.02
Consolidated financial measures
Expense efficiency ratio1		72		%	69		%

ROE2		12.4		%	14.7		%

ROTCE2, 3		16.9		%	19.8		%

Pre-tax margin4		26		%	31		%
Effective tax rate		19.3		%	19.0		%
Pre-tax margin by segment4
Institutional Securities		28		%	36		%
Wealth Management		26		%	27		%

Investment Management		13		%	17		%


in millions, except per share and employee data	At March 31, 2023			At December 31, 2022
Average liquidity resources for three months ended5	$	321,195		$	312,250
Loans6	$	222,727		$	222,182
Total assets	$	1,199,904		$	1,180,231
Deposits	$	347,523		$	356,646
Borrowings	$	250,182		$	238,058
Common shareholders' equity	$	92,076		$	91,391
Tangible common shareholders’ equity3	$	67,951		$	67,123
Common shares outstanding	1,670			1,675
Book value per common share7	$	55.13		$	54.55
Tangible book value per common share3, 7	$	40.68		$	40.06
Worldwide employees (in thousands)	82			82
Client assets8 (in billions)	$	5,920		$	5,492
Capital Ratios9
Common Equity Tier 1 capital—Standardized	15.1		%	15.3		%
Tier 1 capital—Standardized	17.0		%	17.2		%
Common Equity Tier 1 capital—Advanced	15.6		%	15.6		%
Tier 1 capital—Advanced	17.5		%	17.6		%
Tier 1 leverage	6.7		%	6.7		%
SLR	5.5		%	5.5		%

1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.

2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.

3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.

4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.

5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.

6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet.

7.Book value per common share and tangible book value per common share equal common shareholders’ equity and tangible common shareholders’ equity, respectively, divided by common shares outstanding.

8.Client assets represents Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets are invested in Investment Management products and are also included in Investment Management’s AUM.

9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.


			4			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Economic and Market Conditions

The global economic and geopolitical environment continues to be characterized by elevated inflation, rising interest rates and volatility in global financial markets and deterioration in the macroeconomic outlook. This environment has impacted our businesses, as discussed further in “Business Segments” herein, and, to the extent that it continues to deteriorate, could adversely impact client confidence and related activity. In addition to the aforementioned conditions, certain financial institutions have recently come under significant stress. While the full impact of these events in the U.S. or global banking sector remains uncertain, they have not significantly impacted our results or financial condition. For more information on economic and market conditions and their potential effects on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2022 Form 10-K.

Following the recent failure of several financial institutions and resulting losses to the FDIC’s Deposit Insurance Fund (“DIF”) it is likely that the FDIC will assess certain financial institutions, including the Firm, for additional amounts to be provided to the DIF. While such special assessments have not been determined, they may impact our future operating results.

Selected Non-GAAP Financial Information

We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.

These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.

In the fourth quarter of 2022, we introduced new non-GAAP financial measures and have presented comparable prior year quarter amounts for the first time in the following table. These measures exclude the impact of mark-to-market gains and losses on investments associated with certain employee deferred cash-based compensation plans from net revenues and compensation expenses. These employee deferred cash-

based compensation plans are primarily reflected in our Wealth Management business segment. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the 2022 Form 10-K.

The principal non-GAAP financial measures presented in this document are set forth in the following tables.

Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures


	Three Months Ended March 31,
$ in millions, except per share data		2023		2022
Net revenues		$	14,517	$	14,801
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1		(153)		441
Adjusted Net revenues—non-GAAP		$	14,364	$	15,242
Compensation expense		$	6,410	$	6,274
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1		(193)		288
Adjusted Compensation expense—non-GAAP		$	6,217	$	6,562
Wealth Management Net revenues		$	6,559	$	5,935
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1		(101)		296
Adjusted Wealth Management Net revenues—non-GAAP		$	6,458	$	6,231
Wealth Management Compensation expense		$	3,477	$	3,125
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1		(119)		200
Adjusted Wealth Management Compensation expense—non-GAAP		$	3,358	$	3,325


$ in millions	At March 31, 2023		At December 31, 2022
Tangible equity
Common shareholders’ equity	$	92,076	$	91,391
Less: Goodwill and net intangible assets	(24,125)		(24,268)
Tangible common shareholders’ equity—non-GAAP	$	67,951	$	67,123


		Average Monthly Balance
	Three Months Ended March 31,
$ in millions		2023		2022
Tangible equity
Common shareholders’ equity		$	91,382	$	96,667
Less: Goodwill and net intangible assets		(24,198)		(25,120)
Tangible common shareholders’ equity—non-GAAP		$	67,184	$	71,547

Three Months Ended
March 31,


March 2023 Form 10-Q			5


Table of Contents
Management’s Discussion and Analysis

Non-GAAP Financial Measures by Business Segment


	Three Months Ended March 31,
$ in billions		2023			2022
Average common equity2
Institutional Securities		$	45.6		$	48.8
Wealth Management		28.8			31.0
Investment Management		10.4			10.6
ROE3
Institutional Securities		12		%	17		%
Wealth Management		19		%	16		%
Investment Management		5		%	8		%
Average tangible common equity2
Institutional Securities		$	45.2		$	48.3
Wealth Management		14.8			16.3
Investment Management		0.7			0.8
ROTCE3
Institutional Securities		12		%	17		%
Wealth Management		36		%	30		%
Investment Management		73		%	106		%

1.Net revenues and compensation expense are adjusted for certain employee deferred cash-based compensation plans for both Firm and Wealth Management business segment. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2022 Form 10-K for more information.

2.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent equity.

3.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.

Return on Tangible Common Equity Goal

We have an ROTCE goal of over 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors. See “Risk Factors” and “Forward-Looking Statements” in the 2022 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results. ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.

Business Segments

Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.

For an overview of the components of our business segments, net revenues, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2022 Form 10-K.


			6			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Institutional Securities

Income Statement Information


	Three Months Ended March 31,				% Change
$ in millions	2023		2022
Revenues
Advisory	$	638	$	944	(32)	%
Equity	202		258		(22)	%
Fixed income	407		432		(6)	%
Total Underwriting	609		690		(12)	%
Total Investment banking	1,247		1,634		(24)	%
Equity	2,729		3,174		(14)	%
Fixed income	2,576		2,923		(12)	%
Other	245		(74)		N/M
Net revenues	$	6,797	$	7,657	(11)	%
Provision for credit losses	189		44		N/M
Compensation and benefits	2,365		2,604		(9)	%
Non-compensation expenses	2,351		2,222		6	%
Total non-interest expenses	4,716		4,826		(2)	%
Income before provision for income taxes	1,892		2,787		(32)	%
Provision for income taxes	363		535		(32)	%
Net income	1,529		2,252		(32)	%
Net income applicable to noncontrolling interests	51		61		(16)	%
Net income applicable to Morgan Stanley	$	1,478	$	2,191	(33)	%

Investment Banking

Investment Banking Volumes


	Three Months Ended March 31,
$ in billions		2023		2022
Completed mergers and acquisitions1		$	129	$	331
Equity and equity-related offerings2, 3		10		8
Fixed income offerings2, 4		63		81

Source: Refinitiv data as of April 3, 2023. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.

1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.

2.Based on full credit for single book managers and equal credit for joint book managers.

3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.

4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.

Investment Banking Revenues

Revenues of $1,247 million in the current quarter decreased 24% compared with the prior year quarter, primarily reflecting lower advisory revenues.

•Advisory revenues decreased primarily due to fewer completed M&A transactions.

•Equity underwriting revenues decreased primarily due to lower initial public offerings.

•Fixed income underwriting revenues decreased primarily due to lower non-investment grade loan issuances.

Investment Banking continues to operate in a global economic and geopolitical environment characterized by significantly reduced M&A and underwriting activity amid elevated inflation, rising interest rates and volatility in global financial markets and deterioration in the macroeconomic outlook and client confidence. To the extent that the environment continues to deteriorate, it could adversely impact global announced M&A transactions and underwriting volumes, and as a result, continue to adversely impact our Investment Banking revenues.

See “Investment Banking Volumes” herein.

Equity, Fixed Income and Other Net Revenues

Equity and Fixed Income Net Revenues


	Three Months Ended March 31, 2023
					Net Interest2		All Other3
$ in millions	Trading		Fees1		Net Interest2		All Other3		Total
Financing	$	1,696	$	134	$	(541)	$	32	$	1,321
Execution services	848		619		(59)		—		1,408
Total Equity	$	2,544	$	753	$	(600)	$	32	$	2,729
Total Fixed Income	$	2,478	$	109	$	(89)	$	78	$	2,576


	Three Months Ended March 31, 2022
					Net Interest2		All Other3
$ in millions	Trading		Fees1		Net Interest2		All Other3		Total
Financing	$	1,251	$	132	$	87	$	4	$	1,474
Execution services	924		693		(34)		117		1,700
Total Equity	$	2,175	$	825	$	53	$	121	$	3,174
Total Fixed Income	$	2,258	$	97	$	508	$	60	$	2,923

1.Includes Commissions and fees and Asset management revenues.

2.Includes funding costs, which are allocated to the businesses based on funding usage.

3.Includes Investments and Other revenues.

Equity

Net revenues of $2,729 million in the current quarter decreased 14% compared with the prior year quarter, reflecting a decrease in execution services and financing.

•Financing revenues decreased primarily due to lower average client balances reflective of market declines.

•Execution services revenues decreased primarily due to lower gains from the impact of market conditions on inventory held to facilitate client activity and lower client activity across products compared to the prior year quarter.

Fixed Income

Net revenues of $2,576 million in the current quarter decreased 12% compared with the prior year quarter, primarily reflecting a decrease in foreign exchange products and commodities, partially offset by increases in rates and credit products.

•Global macro products revenues decreased primarily due to a decline in foreign exchange products, partially offset by an increase from market conditions on inventory held to


March 2023 Form 10-Q			7


Table of Contents
Management’s Discussion and Analysis

facilitate client activity in rates products reflective of interest rate volatility across regions.

•Credit products revenues increased, supported by client engagement, reflecting the impact of market conditions on inventory held to facilitate client activity in corporate credit products and municipal securities.

•Commodities products and other fixed income revenues decreased compared to elevated results in the prior year quarter, primarily due to lower gains from the impact of market conditions on inventory held to facilitate client activity and lower client activity in Commodities.

Other Net Revenues

Other net revenues reflected a gain of $245 million in the current quarter compared with a loss of $74 million in the prior year quarter, primarily due to gains compared with losses in the prior year quarter on investments associated with certain employee deferred cash-based compensation plans, higher net interest income on corporate loans, and lower mark-to-market losses on corporate loans inclusive of hedges.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $189 million in the current quarter was primarily related to a deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The Provision for credit losses on loans and lending commitments was $44 million in the prior year quarter, primarily driven by portfolio growth.

For further information on the Provision for credit losses, see “Credit Risk” herein.

Non-interest Expenses

Non-interest expenses of $4,716 million in the current quarter decreased 2% compared with the prior year quarter, primarily due to lower Compensation and benefits expenses, partially offset by higher Non-compensation expenses.

•Compensation and benefits expenses decreased in the current quarter, primarily due to lower discretionary incentive compensation on lower revenues, partially offset by higher stock-based compensation expense driven by the Firm’s share price and higher expenses related to certain deferred cash-based compensation plans linked to investment performance.

•Non-compensation expenses increased in the current quarter, primarily due to an increase in legal expenses and higher marketing and business development costs.


			8			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Wealth Management

Income Statement Information


	Three Months Ended March 31,				% Change
$ in millions	2023		2022
Revenues
Asset management	$	3,382	$	3,626	(7)	%
Transactional1	921		635		45	%
Net interest	2,158		1,540		40	%
Other1	98		134		(27)	%
Net revenues	6,559		5,935		11	%
Provision for credit losses	45		13		N/M
Compensation and benefits	3,477		3,125		11	%
Non-compensation expenses	1,325		1,224		8	%
Total non-interest expenses	4,802		4,349		10	%
Income before provision for income taxes	$	1,712	$	1,573	9	%
Provision for income taxes	336		301		12	%
Net income applicable to Morgan Stanley	$	1,376	$	1,272	8	%

1.Transactional includes Investment banking, Trading, and Commissions and fees revenues. Other includes Investments and Other revenues.

Wealth Management Metrics


$ in billions	At March 31, 2023		At December 31, 2022
Total client assets1	$	4,558	$	4,187
U.S. Bank Subsidiary loans	$	144	$	146
Margin and other lending2	$	21	$	22
Deposits3	$	341	$	351
Annualized weighted average cost of deposits4
Period end	2.05%		1.59%
Period average for three months ended	1.86%		1.32%


	Three Months Ended March 31,
		2023		2022
Net new assets5		$	109.6	$	142.0

1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. See “Self-directed Channel” herein for additional information.

2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.

3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on the U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other, and time deposits. Excludes approximately $2 billion and $6 billion of off-balance sheet deposits as of March 31, 2023 and December 31, 2022, respectively.

4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products, excluding the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2023 and December 31, 2022. The period average is based on daily balances and rates for the period.

5.Net new assets represent client asset inflows, including dividends and interest, and asset acquisitions, less client asset outflows, and exclude activity from business combinations/divestitures and the impact of fees and commissions.

Advisor-led Channel


$ in billions	At March 31, 2023		At December 31, 2022
Advisor-led client assets1	$	3,582	$	3,392
Fee-based client assets2	$	1,769	$	1,678
Fee-based client assets as a percentage of advisor-led client assets	49%		49%


	Three Months Ended March 31,
		2023		2022
Fee-based asset flows3		$	22.4	$	97.2

1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.

2.Fee‐based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.

3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see Fee-based client assets in the 2022 Form 10-K.

Self-directed Channel


$ in billions	At March 31, 2023		At December 31, 2022
Self-directed assets1	$	976	$	795
Self-directed households (in millions)2	8.1		8.0


	Three Months Ended March 31,
		2023	2022
Daily average revenue trades (“DARTs”) (in thousands)3		831	1,016

1.Self-directed assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.

2.Self-directed households represent the total number of households that include at least one account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.

3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.

Workplace Channel1


$ in billions	At March 31, 2023		At December 31, 2022
Stock plan unvested assets2	$	358	$	302
Stock plan participants (in millions)3	6.5		6.3

1.The workplace channel includes equity compensation solutions for companies, their executives and employees.

2.Stock plan unvested assets represent the market value of public company securities at the end of the period.

3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Net Revenues

Asset Management

Asset management revenues of $3,382 million in the current quarter decreased 7% compared with the prior year quarter, primarily due to lower fee-based asset levels in the current quarter resulting from lower market levels, partially offset by the cumulative impact of positive fee-based flows.

See “Fee-Based Client Assets—Rollforwards” herein.

Transactional Revenues

Transactional revenues of $921 million in the current quarter increased 45% compared with the prior year quarter,


March 2023 Form 10-Q			9


Table of Contents
Management’s Discussion and Analysis

primarily due to gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter, partially offset by fewer new issuances and reduced client activity.

For further information on the impact of investments associated with certain employee deferred cash-based compensation plans, see “Selected Non-GAAP Financial Information” herein.

Net Interest

Net interest revenues of $2,158 million in the current quarter increased 40% compared with the prior year quarter, primarily due to the net effect of higher interest rates, partially offset by the impact of a reduction in brokerage sweep deposits in excess of our expectations.

The level and pace of interest rate changes and other macroeconomic factors continue to impact client demand for loans, client preferences for cash allocation to other products and the pace of reallocation of client balances, resulting in changes in the deposit mix and associated interest expense. If these trends persist, net interest income may continue to be impacted in future periods.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $45 million in the current quarter was primarily driven by deterioration in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments was $13 million in the prior year quarter, primarily driven by portfolio growth.

Non-interest Expenses

Non-interest expenses of $4,802 million in the current quarter increased 10% compared with the prior year quarter, as a result of higher Compensation and benefits expenses and higher Non-compensation expenses.

•Compensation and benefits expenses increased in the current quarter primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance and the impact of higher headcount, partially offset by a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.

For further information on the impact of expenses related to certain employee deferred cash-based compensation plans linked to investment performance, see “Selected Non-GAAP Financial Information” herein.

•Non-compensation expenses increased in the current quarter primarily driven by higher spend on technology and higher marketing and business development costs.

Fee-Based Client Assets Rollforwards


$ in billions	At December 31, 2022		Inflows		Outflows		Market Impact		At March 31, 2023
Separately managed1	$	501	$	16	$	(7)	$	18	$	528
Unified managed	408		21		(14)		17		432
Advisor	167		9		(9)		9		176
Portfolio manager	552		26		(20)		20		578
Subtotal	$	1,628	$	72	$	(50)	$	64	$	1,714
Cash management	50		20		(15)		—		55
Total fee-based client assets	$	1,678	$	92	$	(65)	$	64	$	1,769


$ in billions	At December 31, 2021		Inflows2		Outflows		Market Impact		At March 31, 2022
Separately managed1	$	479	$	87	$	(8)	$	7	$	565
Unified managed	467		25		(14)		(31)		447
Advisor	211		9		(11)		(10)		199
Portfolio manager	636		30		(21)		(30)		615
Subtotal	$	1,793	$	151	$	(54)	$	(64)	$	1,826
Cash management	46		9		(8)		—		47
Total fee-based client assets	$	1,839	$	160	$	(62)	$	(64)	$	1,873

1.Includes non-custody account values reflecting prior quarter-end balances due to a lag in the reporting of asset values by third-party custodians.

2.Includes $75 billion of fee-based assets acquired in an asset acquisition in the first quarter of 2022, reflected in Separately managed.

Average Fee Rates1


	Three Months Ended March 31,
Fee rate in bps		2023	2022
Separately managed		13	13
Unified managed		93	94
Advisor		80	81
Portfolio manager		91	92
Subtotal		66	68
Cash management		6	6
Total fee-based client assets		65	67

1.Based on Asset management revenues related to advisory services associated with fee-based assets.

For a description of fee-based client assets and rollforward items in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2022 Form 10-K.


			10			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Investment Management

Income Statement Information


	Three Months Ended March 31,				% Change
$ in millions	2023		2022
Revenues
Asset management and related fees	$	1,248	$	1,388	(10)	%
Performance-based income and other1	41		(53)		177	%
Net revenues	1,289		1,335		(3)	%
Compensation and benefits	568		545		4	%
Non-compensation expenses	555		562		(1)	%
Total non-interest expenses	1,123		1,107		1	%
Income before provision for income taxes	166		228		(27)	%
Provision for income taxes	30		37		(19)	%
Net income	136		191		(29)	%
Net income (loss) applicable to noncontrolling interests	2		(12)		117	%
Net income applicable to Morgan Stanley	$	134	$	203	(34)	%

1.Includes Investments, Trading, Commissions and fees, Net interest, and Other revenues.

Net Revenues

Asset Management and Related Fees

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

Asset management revenues are influenced by the level and relative mix of AUM and related fee rates. The market environment in recent quarters has led to a decline in asset prices, which in turn, negatively impacted our AUM level across asset classes. To the extent the market condition deteriorates further, or we continue to see net outflows of Long-Term AUM, we would expect our Asset management revenue to continue to be negatively impacted.

See “Assets under Management or Supervision” herein.

Performance-based Income and Other

Performance-based income and other revenues were a gain of $41 million in the current quarter, representing an increase from the prior year quarter, primarily due to gains on investments associated with certain employee deferred cash-based compensation plans and mark-to-market gains on public investments compared with losses in the prior year quarter, partially offset by lower accrued carried interest.

Non-interest Expenses

Non-interest expenses of $1,123 million in the current quarter increased 1% from the prior year quarter primarily due to higher Compensation and benefits.

•Compensation and benefits expenses increased in the current quarter primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance, partially offset by lower compensation associated with carried interest.

•Non-compensation expenses were relatively unchanged.

Assets under Management or Supervision Rollforwards


$ in billions	Equity		Fixed Income		Alternatives and Solutions		Long-Term AUM Subtotal		Liquidity and Overlay Services		Total
December 31, 2022	$	259	$	173	$	431	$	863	$	442	$	1,305
Inflows	10		16		18		44		585		629
Outflows	(12)		(17)		(16)		(45)		(568)		(613)
Market Impact	21		4		15		40		6		46
Other	(1)		(1)		—		(2)		(3)		(5)
March 31, 2023	$	277	$	175	$	448	$	900	$	462	$	1,362


$ in billions	Equity		Fixed Income		Alternatives and Solutions		Long-Term AUM Subtotal		Liquidity and Overlay Services		Total
December 31, 2021	$	395	$	207	$	466	$	1,068	$	497	$	1,565
Inflows	19		19		27		65		494		559
Outflows	(26)		(22)		(29)		(77)		(523)		(600)
Market Impact	(48)		(7)		(14)		(69)		(2)		(71)
Other	(3)		(2)		(1)		(6)		—		(6)
March 31, 2022	$	337	$	195	$	449	$	981	$	466	$	1,447

Average AUM


	Three Months Ended March 31,
$ in billions		2023		2022
Equity		$	271	$	355
Fixed income		175		201
Alternatives and Solutions		441		454
Long-term AUM subtotal		887		1010
Liquidity and Overlay Services		442		476
Total AUM		$	1,329	$	1,486

Average Fee Rates1


	Three Months Ended March 31,
Fee rate in bps	2023	2022
Equity	72	70
Fixed income	35	36
Alternatives and Solutions	33	35
Long-term AUM	45	48
Liquidity and Overlay Services	13	7
Total AUM	35	35

1.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.

For a description of the asset classes and rollforward items in the previous tables, see “Management’s Discussion and


March 2023 Form 10-Q			11


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Management’s Discussion and Analysis

Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2022 Form 10-K.


			12			March 2023 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Supplemental Financial Information

U.S. Bank Subsidiaries

Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “U.S. Bank Subsidiaries”), accept deposits, provide loans to a variety of customers, including large corporate and institutional clients as well as high to ultra-high net worth individuals, and invest in securities. Lending activity in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity in the U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.

For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk.” For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.

U.S. Bank Subsidiaries’ Supplemental Financial Information1


$ in billions	At March 31, 2023		At December 31, 2022
Investment securities portfolio:
Investment securities—AFS	$	67.6	$	66.9
Investment securities—HTM	55.7		56.4
Total investment securities	$	123.3	$	123.3
Wealth Management Loans2
Residential real estate	$	55.3	$	54.4
Securities-based lending and Other3	88.4		91.7
Total, net of ACL	$	143.7	$	146.1
Institutional Securities Loans2
Corporate	$	8.3	$	6.9
Secured lending facilities	38.3		37.1
Commercial and Residential real estate	10.5		10.2
Securities-based lending and Other	6.0		6.0
Total, net of ACL	$	63.1	$	60.2
Total Assets	$	384.8	$	391.0
Deposits4	$	340.9	$	350.6

1.Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.

2.For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.

3.Other loans primarily include tailored lending.

4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.

Accounting Development Updates

The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not listed below were assessed and determined to be either not applicable or to not have a material impact on our financial condition or results of operations upon adoption.

We are currently evaluating the following accounting update; However, we do not expect a material impact on our financial condition or results of operations upon adoption:

•Investments—Tax Credit Structures. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received. The net amortization and income tax credits and other income tax benefits are recognized in the income statement as a component of provision for income taxes. The update also requires disclosures of certain information that enable investors and other users of our financial statements to understand the nature of (i) the tax equity investments in projects that generate income tax credits and other income tax benefits from a program for which the proportional amortization method has been elected and (ii) the impact of the tax equity investments and related income tax credits on the financial condition and results of operations. The ASU will be effective January 1, 2024, with early adoption permitted.

Critical Accounting Estimates

Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2022 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 15 to the financial statements in the 2022 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2022 Form 10-K.

Liquidity and Capital Resources

Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and the Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Treasury department, Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.


March 2023 Form 10-Q			13


Table of Contents
Management’s Discussion and Analysis

Balance Sheet

We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.

We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.

Total Assets by Business Segment


	At March 31, 2023
$ in millions	IS		WM		IM		Total
Assets
Cash and cash equivalents	$	84,356	$	26,747	$	155	$	111,258
Trading assets at fair value	310,842		4,560		4,899		320,301
Investment securities	37,386		120,558		—		157,944
Securities purchased under agreements to resell	108,722		13,163		—		121,885
Securities borrowed	145,289		927		—		146,216
Customer and other receivables	43,973		28,907		1,215		74,095
Loans1	71,008		143,684		4		214,696
Other assets2	17,619		24,859		11,031		53,509
Total assets	$	819,195	$	363,405	$	17,304	$	1,199,904


	At December 31, 2022
$ in millions	IS		WM		IM		Total
Assets
Cash and cash equivalents	$	88,362	$	39,539	$	226	$	128,127
Trading assets at fair value	294,884		1,971		4,460		301,315
Investment securities	40,481		119,450		—		159,931
Securities purchased under agreements to resell	102,511		11,396		—		113,907
Securities borrowed	132,619		755		—		133,374
Customer and other receivables	47,515		29,620		1,405		78,540
Loans1	67,676		146,105		4		213,785
Other assets2	15,789		24,469		10,994		51,252
Total assets	$	789,837	$	373,305	$	17,089	$	1,180,231

1.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).

2.Other assets primarily includes Goodwill and Intangible assets, premises, equipment and software, ROU assets related to leases, other investments, and deferred tax assets.

A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities, including management of the investment portfolio. Total assets of $1,200 billion at March 31, 2023 were relatively unchanged from $1,180 billion at December 31, 2022.

Liquidity Risk Management Framework

The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2022 Form 10-K.

At March 31, 2023 and December 31, 2022, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.

Liquidity Resources

We maintain sufficient liquidity resources, which consist of HQLA and cash deposits with banks (“Liquidity Resources”) to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.

The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.

Liquidity Resources by Type of Investment


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2023		December 31, 2022
Cash deposits with central banks	$	65,677	$	58,818
Unencumbered HQLA Securities1:
U.S. government obligations	132,225		136,020
U.S. agency and agency mortgage-backed securities	92,219		87,591
Non-U.S. sovereign obligations2	21,113		20,583
Other investment grade securities	694		694
Total HQLA1	$	311,928	$	303,706
Cash deposits with banks (non-HQLA)	9,267		8,544
Total Liquidity Resources	$	321,195	$	312,250

1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.

2.Primarily composed of unencumbered Japanese, French, U.K., Italian and Spanish government obligations.


			14			March 2023 Form 10-Q


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Management’s Discussion and Analysis

Liquidity Resources by Bank and Non-Bank Legal Entities


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2023		December 31, 2022
Bank legal entities
U.S.	$	140,029	$	134,845
Non-U.S.	6,651		6,980
Total Bank legal entities	146,680		141,825
Non-Bank legal entities
U.S.:
Parent Company	52,315		56,111
Non-Parent Company	58,027		54,813
Total U.S.	110,342		110,924
Non-U.S.	64,173		59,501
Total Non-Bank legal entities	174,515		170,425
Total Liquidity Resources	$	321,195	$	312,250

Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt and estimates of funding needs in a stressed environment, among other factors.

Regulatory Liquidity Framework

Liquidity Coverage Ratio and Net Stable Funding Ratio

We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%. The LCR requires that large banking organizations have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded. The NSFR requires large banking organizations to maintain sufficiently stable sources of funding over a one-year time horizon.

As of March 31, 2023, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.

Liquidity Coverage Ratio


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2023			December 31, 2022
Eligible HQLA1
Cash deposits with central banks	$	58,133		$	52,765
Securities2	185,375			186,551
Total Eligible HQLA1	$	243,508		$	239,316
LCR	135		%	132		%

1.Under the LCR rule, Eligible HQLA is calculated using weightings and excluding certain HQLA held in subsidiaries.

2.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.

Funding Management

We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.

We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.

Secured Financing

For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2022 Form 10-K.

Collateralized Financing Transactions


$ in millions	At March 31, 2023		At December 31, 2022
Securities purchased under agreements to resell and Securities borrowed	$	268,101	$	247,281
Securities sold under agreements to repurchase and Securities loaned	$	76,079	$	78,213
Securities received as collateral1	$	9,867	$	9,954


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2023		December 31, 2022
Securities purchased under agreements to resell and Securities borrowed	$	254,449	$	261,627
Securities sold under agreements to repurchase and Securities loaned	$	77,154	$	77,268

1.Included within Trading assets in the balance sheet.

See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2022 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.

In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are segregated in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by


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collateral maintenance policies and the elements of our Liquidity Risk Management Framework.

Unsecured Financing

For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2022 Form 10-K.

Deposits


$ in millions	At March 31, 2023		At December 31, 2022
Savings and demand deposits:
Brokerage sweep deposits1	$	175,448	$	202,592
Savings and other	122,882		117,356
Total Savings and demand deposits	298,330		319,948
Time deposits	49,193		36,698
Total2	$	347,523	$	356,646

1.Amounts represent balances swept from client brokerage accounts.

2.Excludes approximately $2 billion and $6 billion of off-balance sheet deposits at unaffiliated financial institutions as of March 31, 2023 and December 31, 2022, respectively. This client cash held by third parties is not reflected in our balance sheet and is not immediately available for liquidity purposes.

Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. The decrease in total deposits in the current quarter was primarily driven by a continued reduction in Brokerage sweep deposits due to net outflows to alternative cash-equivalent and long-term products, partially offset by an increase in Time deposits and Savings.

Borrowings by Remaining Maturity at March 31, 20231


$ in millions	Parent Company		Subsidiaries		Total
Original maturities of one year or less	$	—	$	4,587	$	4,587
Original maturities greater than one year
2023	$	4,504	$	6,418	$	10,922
2024	19,858		11,897		31,755
2025	21,666		9,428		31,094
2026	24,066		6,267		30,333
2027	18,855		6,876		25,731
Thereafter	85,715		30,045		115,760
Total	$	174,664	$	70,931	$	245,595
Total Borrowings	$	174,664	$	75,518	$	250,182
Maturities over next 12 months2					$	20,382

1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, remaining maturity represents the earliest put date.

2.Includes only borrowings with original maturities greater than one year.

Borrowings of $250 billion as of March 31, 2023 were relatively unchanged when compared with $238 billion at December 31, 2022.

We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the

unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.

The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.

For further information on Borrowings, see Note 12 to the financial statements.

Credit Ratings

We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2022 Form 10-K.

Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 28, 2023


	Parent Company
	Short-Term Debt	Long-Term Debt	Rating Outlook
DBRS, Inc.	R-1 (middle)	A (high)	Stable
Fitch Ratings, Inc.	F1	A+	Stable
Moody’s Investors Service, Inc.	P-1	A1	Stable
Rating and Investment Information, Inc.	a-1	A	Positive
S&P Global Ratings	A-2	A-	Stable


	MSBNA
	Short-Term Debt	Long-Term Debt	Rating Outlook
Fitch Ratings, Inc.	F1+	AA-	Stable
Moody’s Investors Service, Inc.	P-1	Aa3	Stable
S&P Global Ratings	A-1	A+	Stable


	MSPBNA
	Short-Term Debt	Long-Term Debt	Rating Outlook
Moody’s Investors Service, Inc.	P-1	Aa3	Stable
S&P Global Ratings	A-1	A+	Stable

Incremental Collateral or Terminating Payments

In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional


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Management’s Discussion and Analysis

collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.

While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.

Capital Management

We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.

Common Stock Repurchases


	Three Months Ended March 31,
in millions, except for per share data		2023		2022
Number of shares		16		30
Average price per share		$	95.16	$	95.20
Total		$	1,500	$	2,872

For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein and Note 16 to the financial statements.

For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.

Common Stock Dividend Announcement


Announcement date			April 19, 2023
Amount per share			$0.775
Date to be paid			May 15, 2023
Shareholders of record as of			May 1, 2023

For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.

For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.

Off-Balance Sheet Arrangements

We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.

We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 16 to the financial statements in the 2022 Form 10-K.

For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.

Regulatory Requirements

Regulatory Capital Framework

We are an FHC under the Bank Holding Company Act of 1956, as amended (“BHC Act”) and are subject to the regulation and oversight of the Federal Reserve. The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries provisionally registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are Swap Entities, see Note 15 to the financial statements.

Regulatory Capital Requirements

We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2022 Form 10-K. For additional information on TLAC,


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see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.

Risk-Based Regulatory Capital Ratio Requirements


	At March 31, 2023 and December 31, 2022
	Standardized	Advanced
Capital buffers
Capital conservation buffer	—	2.5%
SCB1	5.8%	N/A
G-SIB capital surcharge2	3.0%	3.0%
CCyB3	0	0
Capital buffer requirement	8.8%	5.5%

1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2022 Form 10-K.

2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2022 Form 10-K.

3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital buffer requirement represents the amount of Common Equity Tier 1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.


	Regulatory Minimum		At March 31, 2023 and December 31, 2022
			Standardized	Advanced
Required ratios1
Common Equity Tier 1 capital ratio	4.5	%	13.3%	10.0%
Tier 1 capital ratio	6.0	%	14.8%	11.5%
Total capital ratio	8.0	%	16.8%	13.5%

1.Required ratios represent the regulatory minimum plus the capital buffer requirement.

Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk

weights. At March 31, 2023 and December 31, 2022, the differences between the actual and required ratios were lower under the Standardized Approach.

Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%.

CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.

Regulatory Capital Ratios


$ in millions	Required Ratio1		At March 31, 2023			At December 31, 2022
Risk-based capital— Standardized
Common Equity Tier 1 capital			$	69,454		$	68,670
Tier 1 capital			77,947			77,191
Total capital			89,794			86,575
Total RWA			459,107			447,849
Common Equity Tier 1 capital ratio	13.3	%	15.1		%	15.3		%
Tier 1 capital ratio	14.8	%	17.0		%	17.2		%
Total capital ratio	16.8	%	19.6		%	19.3		%


$ in millions	Required Ratio1		At March 31, 2023			At December 31, 2022
Risk-based capital— Advanced
Common Equity Tier 1 capital			$	69,454		$	68,670
Tier 1 capital			77,947			77,191
Total capital			89,321			86,159
Total RWA			444,796			438,806
Common Equity Tier 1 capital ratio	10.0	%	15.6		%	15.6		%
Tier 1 capital ratio	11.5	%	17.5		%	17.6		%
Total capital ratio	13.5	%	20.1		%	19.6		%

$ in millions	Required Ratio1		At March 31, 2023			At December 31, 2022
Leverage-based capital
Adjusted average assets2			$	1,168,328		$	1,150,772
Tier 1 leverage ratio	4.0	%	6.7		%	6.7		%
Supplementary leverage exposure3			$	1,422,808		$	1,399,403
SLR	5.0	%	5.5		%	5.5		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

2.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.

3.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.


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Regulatory Capital


$ in millions	At March 31, 2023		At December 31, 2022		Change
Common Equity Tier 1 capital
Common stock and surplus	$	1,395	$	2,782	$	(1,387)
Retained earnings	96,516		95,047		1,469
AOCI	(5,711)		(6,253)		542
Regulatory adjustments and deductions:
Net goodwill	(16,388)		(16,393)		5
Net intangible assets	(5,914)		(6,048)		134
Other adjustments and deductions1	(444)		(465)		21
Total Common Equity Tier 1 capital	$	69,454	$	68,670	$	784
Additional Tier 1 capital
Preferred stock	$	8,750	$	8,750	$	—
Noncontrolling interests	571		552		19
Additional Tier 1 capital	$	9,321	$	9,302	$	19
Deduction for investments in covered funds	(828)		(781)		(47)
Total Tier 1 capital	$	77,947	$	77,191	$	756
Standardized Tier 2 capital
Subordinated debt	$	9,997	$	7,846	$	2,151

Eligible ACL	1,898		1,613		285
Other adjustments and deductions	(48)		(75)		27
Total Standardized Tier 2 capital	$	11,847	$	9,384	$	2,463
Total Standardized capital	$	89,794	$	86,575	$	3,219
Advanced Tier 2 capital
Subordinated debt	$	9,997	$	7,846	$	2,151

Eligible credit reserves	1,425		1,197		228
Other adjustments and deductions	(48)		(75)		27
Total Advanced Tier 2 capital	$	11,374	$	8,968	$	2,406
Total Advanced capital	$	89,321	$	86,159	$	3,162

1.Other adjustments and deductions used in the calculation of Common Equity Tier 1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.

RWA Rollforward


	Three Months Ended March 31, 2023
$ in millions	Standardized		Advanced
Credit risk RWA
Balance at December 31, 2022	$	397,275	$	285,638
Change related to the following items:
Derivatives	1,388		1,399
Securities financing transactions	4,672		1,842
Investment securities	(290)		77
Commitments, guarantees and loans	(1,968)		1,374
Equity investments	(370)		(380)
Other credit risk	5,258		4,714
Total change in credit risk RWA	$	8,690	$	9,026
Balance at March 31, 2023	$	405,965	$	294,664
Market risk RWA
Balance at December 31, 2022	$	50,574	$	50,563
Change related to the following items:
Regulatory VaR	242		242
Regulatory stressed VaR	(1,042)		(1,042)
Incremental risk charge	(405)		(405)
Comprehensive risk measure	24		(84)
Specific risk	3,749		3,749
Total change in market risk RWA	$	2,568	$	2,460
Balance at March 31, 2023	$	53,142	$	53,023
Operational risk RWA
Balance at December 31, 2022	N/A		$	102,605
Change in operational risk RWA	N/A		(5,496)
Balance at March 31, 2023	N/A		$	97,109
Total RWA	$	459,107	$	444,796

Regulatory VaR—VaR for regulatory capital requirements

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

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

The decrease in Operational risk RWA in the current year period reflects lower execution-related losses.

Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements

The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.


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Required and Actual TLAC and Eligible LTD Ratios


					Actual Amount/Ratio
$ in millions	Regulatory Minimum		Required Ratio1		At March 31, 2023			At December 31, 2022
External TLAC2					$	250,191		$	245,951
External TLAC as a % of RWA	18.0	%	21.5	%	54.5		%	54.9		%
External TLAC as a % of leverage exposure	7.5	%	9.5	%	17.6		%	17.6		%
Eligible LTD3					$	162,775		$	159,444
Eligible LTD as a % of RWA	9.0	%	9.0	%	35.5		%	35.6		%
Eligible LTD as a % of leverage exposure	4.5	%	4.5	%	11.4		%	11.4		%

1.Required ratios are inclusive of applicable buffers.

2.External TLAC consists of Common Equity Tier 1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.

3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.

We are in compliance with all TLAC requirements as of March 31, 2023 and December 31, 2022.

For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2022 Form 10-K.

Capital Plans, Stress Tests and the Stress Capital Buffer

The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.

We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As banks with less than $250 billion of total assets, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements.

As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.

Our SCB will remain at 5.8% through September 30, 2023. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 13.3%.

Our Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant.

For the 2023 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2023. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2023. We are required to disclose a summary of the results of our company-run stress tests within 15 days of the date the Federal Reserve discloses the results of the supervisory stress tests.

For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2022 Form 10-K.

Attribution of Average Common Equity According to the Required Capital Framework

Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.

The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent common equity. We generally hold Parent common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.

Average Common Equity Attribution under the Required Capital Framework1


	Three Months Ended March 31,
$ in billions		2023		2022
Institutional Securities		$	45.6	$	48.8
Wealth Management		28.8		31.0
Investment Management		10.4		10.6
Parent		6.6		6.3
Total		$	91.4	$	96.7

1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.

We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.


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Resolution and Recovery Planning

We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2021 targeted resolution plan on June 30, 2021. In November 2022, we received joint feedback on our 2021 resolution plan from the Federal Reserve and the FDIC (“Agencies”). The feedback indicated that there are no shortcomings or deficiencies in our 2021 resolution plan and that we had successfully addressed a prior shortcoming identified by the Agencies in the review of our 2019 full resolution plan. Our next resolution plan submission will be a full resolution plan in July 2023.

As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its contributable assets to our supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our supported entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.

For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2022 Form 10-K.

Regulatory Developments and Other Matters

Covered Funds Restrictions under the Volcker Rule

The Volcker Rule prohibits certain investments and relationships by banking entities with covered funds, as defined in the Volcker Rule. During the current quarter, we determined and began implementing various conformance options permitted under the Volcker Rule with respect to interests in certain legacy illiquid funds for which we previously received a conformance extension until July 21, 2023. These conformance options include selling a portion or all of our interests, restructuring our investments, and relying on other applicable exemptions and exclusions under the Volcker Rule. As of March 31, 2023, the carrying value of our investments in those legacy illiquid funds approximated $210 million. For additional information on the Volcker Rule, see “Business—Supervision and Regulation—Financial Holding Company—Activities Restrictions Under the Volcker Rule” in the 2022 Form 10-K. For information on investments measured at NAV, see Note 4 to the financial statements.

Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rate Benchmarks

Central banks around the world, including the Federal Reserve, have sponsored initiatives in recent years to replace LIBOR and replace or reform certain other interest rate benchmarks (collectively, the “IBORs”). A transition away from use of the IBORs to alternative rates and other potential interest rate benchmark reforms is underway and is a multi-year initiative.

The publication of most non-U.S. dollar LIBOR rates ceased as of the end of December 2021, although certain Sterling and Yen LIBOR rates have been published for a limited period following this date on the basis of a “synthetic” methodology (known as “synthetic LIBOR”). The synthetic Yen LIBOR rates ceased as of the end of December 2022 and following the announcement of the U.K. Financial Conduct Authority (“UK FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), publication of the one- and six-month tenors of synthetic Sterling LIBOR ceased at the end of March 2023 and publication of the three-month synthetic Sterling LIBOR will cease at the end of March 2024.

U.S. dollar LIBOR rates are expected to cease being published as of the end of June 2023. On March 15, 2022 the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. While some states have already adopted LIBOR legislation, the federal legislation expressly preempts any provision of any state or local law, statute, rule, regulation or standard. In addition, the UK FCA has announced that it will require ICE Benchmark Administration


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Management’s Discussion and Analysis

to continue the publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a synthetic basis until the end of September 2024. This may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation to remain on synthetic U.S. dollar LIBOR until the end of this period.

As of March 31, 2023, our LIBOR-referenced contracts were primarily concentrated in derivative contracts and, to a lesser extent, loans, floating rate notes, preferred shares, securitizations and mortgages. A significant majority of our derivative contracts, and a majority of our non-derivative contracts, contain fallback provisions or otherwise have an expected path that will allow for the transition to an alternative reference rate upon the cessation of the applicable LIBOR rate.

While we have made substantial progress in the transition away from the IBORs, we nonetheless currently remain party to a significant number of U.S. dollar LIBOR-linked contracts. For the limited number of U.S. dollar LIBOR-linked contracts without a current market standard fallback, or to which the federal legislation does not apply, we are actively developing appropriate transition plans in light of the planned June 30, 2023 cessation date for the remaining U.S. dollar LIBOR tenors.

Our IBOR transition plan is overseen by a global steering committee, with senior management oversight, and we continue to execute against our Firm-wide IBOR transition plan to complete the transition to alternative reference rates.

See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” and “Risk Factors—Risk Management” in the 2022 Form 10-K for a further discussion of the replacement of the IBORs and/or reform of other interest rate benchmarks and related risks.


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Quantitative and Qualitative Disclosures about Risk

Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2022 Form 10-K.

Market Risk

Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2022 Form 10-K.

Trading Risks

We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.

The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.

For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2022 Form 10-K.

95%/One-Day Management VaR for the Trading Portfolio


	Three Months Ended
	March 31, 2023
$ in millions	Period End		Average		High1		Low1
Interest rate and credit spread	$	32	$	36	$	43	$	31
Equity price	29		25		31		16
Foreign exchange rate	10		10		18		6
Commodity price	21		24		35		16
Less: Diversification benefit2	(44)		(47)		N/A		N/A
Primary Risk Categories	$	48	$	48	$	60	$	39
Credit Portfolio	21		19		21		18
Less: Diversification benefit2	(19)		(12)		N/A		N/A
Total Management VaR	$	50	$	55	$	72	$	45


	Three Months Ended
	December 31, 2022
$ in millions	Period End		Average		High1		Low1
Interest rate and credit spread	$	37	$	36	$	43	$	32
Equity price	16		20		28		16
Foreign exchange rate	10		9		12		7
Commodity price	26		30		41		20
Less: Diversification benefit2	(36)		(39)		N/A		N/A
Primary Risk Categories	$	53	$	56	$	65	$	47
Credit Portfolio	19		18		19		15
Less: Diversification benefit2	(9)		(10)		N/A		N/A
Total Management VaR	$	63	$	64	$	71	$	56

1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.

2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days; similar diversification benefits also are taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories decreased from the three months ended December 31, 2022, primarily due to reduced exposures in the commodity price category and increased diversification benefits.

Distribution of VaR Statistics and Net Revenues

We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were 2 loss days in the current quarter, one of which exceeded 95% Total Management VaR.


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Daily 95%/One-Day Total Management VaR for the Current Quarter

($ in millions)

Daily Net Trading Revenues for the Current Quarter

($ in millions)

The previous histogram shows the distribution of daily net trading revenues for the current quarter. Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit Portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.

Non-Trading Risks

We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading risk in our portfolio.

Credit Spread Risk Sensitivity1


$ in millions	At March 31, 2023		At December 31, 2022
Derivatives	$	6	$	7
Borrowings carried at fair value	42		39

1.Amounts represent the potential gain for each 1 bps widening of our credit spread.

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

The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.

Wealth Management Net Interest Income Sensitivity Analysis


$ in millions	At March 31, 2023		At December 31, 2022
Basis point change
+100	$	533	$	643
-100	(637)		(745)

The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted business activity, including deposit forecasts as a key assumption.

We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment to optimize across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.

Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in increasing interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent products available to depositors. Further, rising interest rates could also impact client demand for loans. Net interest income sensitivity to interest rates at March 31, 2023


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Risk Disclosures

decreased from December 31, 2022, primarily driven by the effects of changes in the mix of our assets and liabilities.

Investments Sensitivity, Including Related Carried Interest


	Loss from 10% Decline
$ in millions	At March 31, 2023		At December 31, 2022
Investments related to Investment Management activities	$	449	$	431
Other investments:
MUMSS	144		143
Other Firm investments	375		378

We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable.

Investments sensitivity changed between March 31, 2023 and December 31, 2022 with an increase in sensitivity in Investments related to Investment Management activity primarily due to new investments in public funds.

Asset Management Revenue Sensitivity

Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.

Credit Risk

Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2022 Form 10-K.

Loans and Lending Commitments


	At March 31, 2023
$ in millions	HFI		HFS		FVO2		Total
Institutional Securities:
Corporate	$	7,435	$	11,150	$	—	$	18,585
Secured lending facilities	37,187		3,006		6		40,199
Commercial and Residential real estate	8,601		948		2,535		12,084
Securities-based lending and Other	3,430		16		5,276		8,722
Total Institutional Securities	56,653		15,120		7,817		79,590
Wealth Management:
Residential real estate	55,400		25		—		55,425
Securities-based lending and Other	88,463		1		—		88,464
Total Wealth Management	143,863		26		—		143,889
Total Investment Management1	4		—		214		218
Total loans	200,520		15,146		8,031		223,697
ACL	(970)						(970)
Total loans, net of ACL	$	199,550	$	15,146	$	8,031	$	222,727
Lending commitments3							$	140,096
Total exposure							$	362,823


	At December 31, 2022
$ in millions	HFI		HFS		FVO2		Total
Institutional Securities:
Corporate	$	6,589	$	10,634	$	—	$	17,223
Secured lending facilities	35,606		3,176		6		38,788
Commercial and Residential real estate	8,515		926		2,548		11,989
Securities-based lending and Other	2,865		39		5,625		8,529
Total Institutional Securities	53,575		14,775		8,179		76,529
Wealth Management:
Residential real estate	54,460		4		—		54,464
Securities-based lending and Other	91,797		9		—		91,806
Total Wealth Management	146,257		13		—		146,270
Total Investment Management1	4		—		218		222
Total loans	199,836		14,788		8,397		223,021
ACL	(839)						(839)
Total loans, net of ACL	$	198,997	$	14,788	$	8,397	$	222,182
Lending commitments3							$	136,960
Total exposure							$	359,142

Total exposure—consists of Total loans, net of ACL, and Lending commitments

1.Investment Management business segment loans are related to certain of our activities as an investment advisor and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.

2.FVO also includes the fair value of certain unfunded lending commitments.

3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.

We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2022 Form 10-K.

Total loans and lending commitments increased by approximately $4 billion since December 31, 2022, primarily


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Risk Disclosures

due to an increase in Corporate lending within the Institutional Securities business segment.

See Notes 4, 5, 9 and 13 to the financial statements for further information.

Allowance for Credit Losses—Loans and Lending Commitments


$ in millions
ACL—Loans	$	839
ACL—Lending Commitments	504
Total at December 31, 2022	1,343
Gross charge-offs	(71)


Provision for credit losses	234
Other	3
Total at March 31, 2023	$	1,509
ACL—Loans	$	970
ACL—Lending commitments	539

Provision for Credit Losses by Business Segment


	Three Months Ended March 31, 2023
$ in millions		IS		WM		Total
Loans		$	160	$	41	$	201
Lending commitments		29		4		33
Total		$	189	$	45	$	234

Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial strength, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.

The allowance for credit losses for loans and lending commitments increased since December 31, 2022, reflecting deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers.

The base scenario used in our ACL models as of March 31, 2023 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models, and assumes an economic contraction in 2023, followed by a recovery in 2024. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”).

Forecasted U.S. Real GDP Growth Rates in Base Scenario


	4Q 2023		4Q 2024
Year-over-year growth rate	(0.1)	%	2.0	%

See Note 9 to the financial statements for further information. See Note 2 to the financial statements in the 2022 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.

Status of Loans Held for Investment


	At March 31, 2023				At December 31, 2022
	IS		WM		IS		WM
Accrual	98.9	%	99.9	%	99.3	%	99.9	%
Nonaccrual1	1.1	%	0.1	%	0.7	%	0.1	%

1.These loans are on nonaccrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt.

Net Charge-off Ratios for Loans Held for Investment


$ in millions	Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
For the Three Months Ended March 31, 2023
Net charge-off (recovery) ratio1	0.01		%	—		%	0.81		%	—		%	—		%	0.04		%
Average loans	$	6,953		$	36,322		$	8,568		$	54,802		$	93,021		$	199,666
For the Three Months Ended March 31, 2022
Net charge-off ratio1	—		%	0.01		%	0.09		%	—		%	—		%	0.01		%
Average loans	$	5,802		$	31,353		$	7,805		$	45,521		$	87,900		$	178,381

1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.

Institutional Securities Loans and Lending Commitments1


	At March 31, 2023
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		>15		Total
Loans
AA	$	48	$	—	$	105	$	—	$	153
A	1,184		2,020		186		—		3,390
BBB	5,157		11,706		453		—		17,316
BB	13,020		17,732		623		377		31,752
Other NIG	7,942		11,081		3,440		181		22,644
Unrated2	72		956		586		1,956		3,570
Total loans, net of ACL	27,423		43,495		5,393		2,514		78,825
Lending commitments
AAA	—		50		—		—		50
AA	2,273		2,775		289		—		5,337
A	5,336		19,947		407		—		25,690
BBB	11,852		41,144		747		—		53,743
BB	3,680		17,212		863		171		21,926
Other NIG	1,226		13,411		861		3		15,501
Unrated2	2		5		—		—		7
Total lending commitments	24,369		94,544		3,167		174		122,254
Total exposure	$	51,792	$	138,039	$	8,560	$	2,688	$	201,079


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Risk Disclosures


	At December 31, 2022
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		>15		Total
Loans
AA	$	66	$	—	$	139	$	—	$	205
A	1,331		787		185		—		2,303
BBB	5,632		10,712		465		—		16,809
BB	11,045		19,219		796		162		31,222
Other NIG	7,274		10,249		3,945		139		21,607
Unrated2	95		924		624		2,066		3,709
Total loans, net of ACL	25,443		41,891		6,154		2,367		75,855
Lending commitments
AAA	—		50		—		—		50
AA	2,515		2,935		11		—		5,461
A	5,030		19,717		202		330		25,279
BBB	10,263		39,615		566		—		50,444
BB	3,691		17,656		1,416		96		22,859
Other NIG	1,173		13,872		530		—		15,575
Unrated2	—		20		—		3		23
Total lending commitments	22,672		93,865		2,725		429		119,691
Total exposure	$	48,115	$	135,756	$	8,879	$	2,796	$	195,546

NIG–Non-investment grade

1.Counterparty credit ratings are internally determined by the CRM.

2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.

Institutional Securities Loans and Lending Commitments by Industry


$ in millions	At March 31, 2023		At December 31, 2022
Industry
Financials	$	52,298	$	54,222
Real estate	36,203		32,358
Communications services	14,857		15,336
Industrials	14,620		14,557
Information technology	14,379		13,790
Healthcare	12,506		12,353
Utilities	11,730		10,542
Consumer discretionary	11,540		11,592
Consumer staples	10,317		7,823
Energy	8,672		9,115
Materials	6,210		6,102
Insurance	5,979		5,925
Other	1,768		1,831
Total exposure	$	201,079	$	195,546

Institutional Securities Lending Activities

The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial real estate and Securities-based lending and Other. As of March 31, 2023, over 90% of our total lending exposure, which consists of loans and lending commitments, is investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2022 Form 10-K.

Institutional Securities Event-Driven Loans and Lending Commitments


	At March 31, 2023
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		Total
Loans, net of ACL	$	2,361	$	1,193	$	2,401	$	5,955
Lending commitments	4,507		481		459		5,447
Total exposure	$	6,868	$	1,674	$	2,860	$	11,402


	At December 31, 2022
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		Total
Loans, net of ACL	$	2,385	$	1,441	$	2,771	$	6,597
Lending commitments	3,079		861		603		4,543
Total exposure	$	5,464	$	2,302	$	3,374	$	11,140

Event-driven loans and lending commitments are associated with an underwriting and/or syndication to finance a specific transaction, such as merger, acquisition, recapitalization or project finance activities. Balances may fluctuate as such lending is related to transactions that vary in timing and size from period to period.

Institutional Securities Loans and Lending Commitments Held for Investment


	At March 31, 2023
$ in millions	Loans		Lending Commitments		Total
Corporate	$	7,435	$	82,758	$	90,193
Secured lending facilities	37,187		13,893		51,080
Commercial real estate	8,601		371		8,972
Securities-based lending and Other	3,430		955		4,385
Total, before ACL	$	56,653	$	97,977	$	154,630
ACL	$	(765)	$	(515)	$	(1,280)


	At December 31, 2022
$ in millions		Loans		Lending Commitments		Total
Corporate		$	6,589	$	79,882	$	86,471
Secured lending facilities		35,606		12,803		48,409
Commercial real estate		8,515		374		8,889
Securities-based lending and Other		2,865		985		3,850
Total, before ACL		$	53,575	$	94,044	$	147,619
ACL		$	(674)	$	(484)	$	(1,158)


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Institutional Securities Commercial Real Estate Loans and Lending Commitments

By Region


	At March 31, 2023						At December 31, 2022
$ in millions	Loans1		LC1		Total		Loans1		LC1		Total
Americas	$	6,103	$	367	$	6,470	$	6,320	$	378	$	6,698
EMEA	3,367		84		3,451		3,040		79		3,119
Asia	427		5		432		445		5		450
Total	$	9,897	$	456	$	10,353	$	9,805	$	462	$	10,267

By Property Type


	At March 31, 2023						At December 31, 2022
$ in millions	Loans1		LC1		Total		Loans1		LC1		Total
Office	$	3,869	$	273	$	4,142	$	3,861	$	301	$	4,162
Industrial	2,689		18		2,707		2,561		25		2,586
Multifamily	1,647		82		1,729		1,889		85		1,974
Retail	846		6		852		659		6		665
Hotel	834		77		911		780		45		825
Other	12		—		12		55		—		55
Total	$	9,897	$	456	$	10,353	$	9,805	$	462	$	10,267

LC–Lending Commitments

1. Amounts include HFI, HFS and FVO. HFI loans are presented net of ACL.

The current economic environment and changes in business and consumer behavior post-COVID have adversely impacted commercial real estate borrowers due to pressure from higher interest rates, tenant lease renewals, and elevated refinancing risks, among other issues. While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given the sector’s sensitivity to economic and secular factors, credit conditions, and difficulties specific to certain property types, most notably office.

As of March 31, 2023, our lending against commercial real estate properties totaled $10.4 billion within the Institutional Securities business segment. Commercial real estate loans are originated for experienced sponsors and are generally secured by institutional commercial real estate properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.

Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments


$ in millions	Corporate		Secured Lending Facilities		Commercial Real Estate		Other		Total
ACL—Loans	$	235	$	153	$	275	$	11	$	674
ACL—Lending commitments	411		51		15		7		484
Total at December 31, 2022	$	646	$	204	$	290	$	18	$	1,158
Gross charge-offs	(1)		—		(69)		—		(70)


Provision for credit losses	53		—		136		—		189
Other	2		(1)		—		2		3
Total at March 31, 2023	$	700	$	203	$	357	$	20	$	1,280
ACL—Loans	$	265	$	152	$	335	$	13	$	765
ACL—Lending commitments	435		51		22		7		515

Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance


	At March 31, 2023		At December 31, 2022
Corporate	3.6	%	3.6	%
Secured lending facilities	0.4	%	0.4	%
Commercial real estate	3.9	%	3.2	%
Securities-based lending and Other	0.4	%	0.4	%
Total Institutional Securities loans	1.4	%	1.3	%

Wealth Management Loans and Lending Commitments


	At March 31, 2023
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		>15		Total
Securities-based lending and Other loans	$	76,801	$	9,789	$	1,647	$	137	$	88,374
Residential real estate loans	1		39		1,351		53,919		55,310
Total loans, net of ACL	$	76,802	$	9,828	$	2,998	$	54,056	$	143,684
Lending commitments	12,985		4,492		32		333		17,842
Total exposure	$	89,787	$	14,320	$	3,030	$	54,389	$	161,526


	At December 31, 2022
	Contractual Years to Maturity
$ in millions	<1		1-5		5-15		>15		Total
Securities-based lending and Other loans	$	80,526	$	9,371	$	1,692	$	140	$	91,729
Residential real estate loans	1		32		1,375		52,968		54,376
Total loans, net of ACL	$	80,527	$	9,403	$	3,067	$	53,108	$	146,105
Lending commitments	12,408		4,501		37		323		17,269
Total exposure	$	92,935	$	13,904	$	3,104	$	53,431	$	163,374

The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.

Securities-based lending allows clients to borrow money against the value of qualifying securities, generally for any purpose other than purchasing, trading or carrying securities or refinancing margin debt. Other loans include structured loans originated through the Firm’s private banking platform to high and ultra-high net worth clients that are mostly secured by various types of collateral, including stock, private investments, commercial real estate and other financial assets. For more information about our Securities-based lending and


			28			March 2023 Form 10-Q


Table of Contents
Risk Disclosures

Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2022 Form 10-K.

Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type


	At March 31, 2023						At December 31, 2022
$ in millions	Loans1		LC		Total		Loans1		LC		Total
Office	$	1,669	$	1	$	1,670	$	1,675	$	1	$	1,676
Industrial	330		—		330		330		—		330
Multifamily	1,848		140		1,988		1,661		142		1,803
Retail	2,125		9		2,134		2,135		6		2,141
Hotel	418		—		418		419		—		419
Other	185		10		195		183		10		193
Total	$	6,575	$	160	$	6,735	$	6,403	$	159	$	6,562

LC–Lending Commitments

1.Amounts include HFI Loans net of ACL.

As of March 31, 2023, our lending against commercial real estate properties totaled $6.7 billion within the Wealth Management business and are included within Securities-based lending and Other. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients. All of our lending against commercial real estate properties within Wealth Management are in the Americas region. At both March 31, 2023 and December 31, 2022, greater than 95% of the commercial real estate loans balance in the Wealth Management business segment benefited from full or partial guarantees from high or ultra-high net worth clients.

Wealth Management Allowance for Credit Losses—Loans and Lending Commitments


$ in millions
ACL—Loans	$	165
ACL—Lending commitments	20
Total at December 31, 2022	185
Gross charge-offs	(1)


Provision for credit losses	45

Total at March 31, 2023	$	229
ACL—Loans	$	205
ACL—Lending commitments	24

At March 31, 2023, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.

Customer and Other Receivables

Margin Loans and Other Lending


$ in millions	At March 31, 2023		At December 31, 2022
Institutional Securities	$	18,304	$	16,591
Wealth Management	21,050		21,933
Total	$	39,354	$	38,524

The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.

Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2022 Form 10-K.

Employee Loans

For information on employee loans and related ACL, see Note 9 to the financial statements.


March 2023 Form 10-Q			29


Table of Contents
Risk Disclosures

Derivatives

Fair Value of OTC Derivative Assets


	Counterparty Credit Rating1
$ in millions	AAA		AA		A		BBB		NIG		Total
At March 31, 2023
Less than 1 year	$	2,071	$	15,151	$	32,023	$	29,160	$	9,933	$	88,338
1-3 years	1,520		7,243		14,507		16,267		7,213		46,750
3-5 years	633		6,542		7,117		8,750		3,196		26,238
Over 5 years	3,959		39,743		38,447		37,361		6,011		125,521
Total, gross	$	8,183	$	68,679	$	92,094	$	91,538	$	26,353	$	286,847
Counterparty netting	(3,599)		(55,095)		(66,179)		(71,713)		(14,946)		(211,532)
Cash and securities collateral	(2,929)		(11,078)		(22,797)		(13,729)		(5,456)		(55,989)
Total, net	$	1,655	$	2,506	$	3,118	$	6,096	$	5,951	$	19,326


	Counterparty Credit Rating1
$ in millions	AAA		AA		A		BBB		NIG		Total
At December 31, 2022
Less than 1 year	$	2,903	$	18,166	$	40,825	$	32,373	$	10,730	$	104,997
1-3 years	1,818		8,648		17,113		19,365		6,974		53,918
3-5 years	655		6,834		8,632		9,105		4,049		29,275
Over 5 years	4,206		42,613		45,488		46,660		8,244		147,211
Total, gross	$	9,582	$	76,261	$	112,058	$	107,503	$	29,997	$	335,401
Counterparty netting	(4,037)		(60,451)		(79,334)		(85,786)		(17,415)		(247,023)
Cash and securities collateral	(3,632)		(13,402)		(28,776)		(14,457)		(5,198)		(65,465)
Total, net	$	1,913	$	2,408	$	3,948	$	7,260	$	7,384	$	22,913


$ in millions	At March 31, 2023		At December 31, 2022
Industry
Financials	$	5,677	$	6,294
Utilities	4,562		5,656
Regional governments	1,839		2,052
Energy	1,480		2,851
Industrials	1,287		1,433
Communications services	1,036		1,051
Consumer staples	707		687
Healthcare	509		565
Information technology	468		480
Consumer Discretionary	453		290
Materials	310		317
Not-for-profit organizations	214		204
Insurance	174		185
Sovereign governments	162		410
Real estate	113		95
Other	335		343
Total	$	19,326	$	22,913

1.Counterparty credit ratings are determined internally by the CRM.

We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2022 Form 10-K and Note 6 to the financial statements.

Country Risk

Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2022 Form 10-K.

Top 10 Non-U.S. Country Exposures at March 31, 2023


$ in millions	United Kingdom		Germany		Japan		France		Australia
Sovereign
Net inventory1	$	(419)	$	(611)	$	300	$	75	$	132
Net counterparty exposure2	10		118		196		12		88


Exposure before hedges	(409)		(493)		496		87		220
Hedges3	(56)		(273)		(187)		(6)		—
Net exposure	$	(465)	$	(766)	$	309	$	81	$	220

Non-sovereign
Net inventory1	$	1,491	$	190	$	1,140	$	17	$	498
Net counterparty exposure2	9,992		3,819		4,572		3,487		881
Loans	5,481		990		329		1,001		1,494
Lending commitments	6,760		4,108		—		2,742		1,084
Exposure before hedges	23,724		9,107		6,041		7,247		3,957
Hedges3	(2,026)		(1,706)		(625)		(2,210)		(297)
Net exposure	$	21,698	$	7,401	$	5,416	$	5,037	$	3,660
Total net exposure	$	21,233	$	6,635	$	5,725	$	5,118	$	3,880


$ in millions	Brazil		China		India		Canada		Spain
Sovereign
Net inventory1	$	2,555	$	290	$	1,356	$	242	$	141
Net counterparty exposure2	5		197		—		67		51


Exposure before hedges	2,560		487		1,356		309		192
Hedges3	(195)		(65)		—		—		(8)
Net exposure	$	2,365	$	422	$	1,356	$	309	$	184

Non-sovereign
Net inventory1	$	167	$	2,048	$	1,028	$	510	$	305
Net counterparty exposure2	574		188		1,006		1,094		375
Loans	308		568		135		382		2,171
Lending commitments	404		652		—		1,381		857
Exposure before hedges	1,453		3,456		2,169		3,367		3,708
Hedges3	(42)		(125)		—		(183)		(584)
Net exposure	$	1,411	$	3,331	$	2,169	$	3,184	$	3,124
Total net exposure	$	3,776	$	3,753	$	3,525	$	3,493	$	3,308

1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).

2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place. For more information, see “Additional Information—Top 10 Non-U.S. Country Exposures” herein.

3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2022 Form 10-K.


			30			March 2023 Form 10-Q


Table of Contents
Risk Disclosures

Additional Information—Top 10 Non-U.S. Country Exposures

Collateral Held against Net Counterparty Exposure1


$ in millions		At March 31, 2023
Country of Risk	Collateral2
United Kingdom	U.K., U.S. and France	$	8,122
Germany	France, Spain, and Portugal	6,442
Other	Japan, France, and Spain	15,217

1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at March 31, 2023.

2.Primarily consists of cash and government obligations of the countries listed.

Operational Risk

Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events (e.g., cyber attacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., information technology and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2022 Form 10-K.

Model Risk

Model risk refers to the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision making or damage to our reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2022 Form 10-K.

Liquidity Risk

Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2022 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.

Legal and Compliance Risk

Legal and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal and Compliance Risk” in the 2022 Form 10-K.

Climate Risk

Climate change manifests as physical and transition risks. The physical risks of climate change include acute events, such as flooding, hurricanes, heatwaves and wildfires, and chronic, longer-term shifts in climate patterns, such as increasing global average temperatures, rising sea levels, and droughts. Transition risks are policy, legal, technological, and market changes to address climate risks and include changes in consumer behavior, shareholder preferences, and any additional regulatory and legislative requirements, such as carbon taxes. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near-term, is an overarching risk that can impact other categories of risk over the longer-term. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2022 Form 10-K.


March 2023 Form 10-Q			31


Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2023, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2022, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 24, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2022 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ Deloitte & Touche LLP
New York, New York
May 2, 2023


			32			March 2023 Form 10-Q


Table of Contents
Consolidated Income Statement (Unaudited)


	Three Months Ended March 31,
in millions, except per share data		2023		2022
Revenues
Investment banking		$	1,330	$	1,758
Trading		4,477		3,983
Investments		145		75
Commissions and fees		1,239		1,416
Asset management		4,728		5,119
Other		252		234
Total non-interest revenues		12,171		12,585
Interest income		10,870		2,650
Interest expense		8,524		434
Net interest		2,346		2,216
Net revenues		14,517		14,801
Provision for credit losses		234		57
Non-interest expenses
Compensation and benefits		6,410		6,274
Brokerage, clearing and exchange fees		881		882
Information processing and communications		915		829
Professional services		710		705
Occupancy and equipment		440		427
Marketing and business development		247		175
Other		920		864
Total non-interest expenses		10,523		10,156
Income before provision for income taxes		3,760		4,588
Provision for income taxes		727		873
Net income		$	3,033	$	3,715
Net income applicable to noncontrolling interests		53		49
Net income applicable to Morgan Stanley		$	2,980	$	3,666
Preferred stock dividends		144		124
Earnings applicable to Morgan Stanley common shareholders		$	2,836	$	3,542
Earnings per common share
Basic		$	1.72	$	2.04
Diluted		$	1.70	$	2.02
Average common shares outstanding
Basic		1,645		1,733
Diluted		1,663		1,755

Consolidated Comprehensive Income Statement

(Unaudited)


	Three Months Ended March 31,
$ in millions		2023		2022
Net income		$	3,033	$	3,715
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		20		(105)
Change in net unrealized gains (losses) on available-for-sale securities		512		(2,395)
Pension and other		(1)		5
Change in net debt valuation adjustment		(15)		660
Net change in cash flow hedges		7		—
Total other comprehensive income (loss)		$	523	$	(1,835)
Comprehensive income		$	3,556	$	1,880
Net income applicable to noncontrolling interests		53		49
Other comprehensive income (loss) applicable to noncontrolling interests		(19)		(35)
Comprehensive income applicable to Morgan Stanley		$	3,522	$	1,866


See Notes to Consolidated Financial Statements			33			March 2023 Form 10-Q


Table of Contents
Consolidated Balance Sheet


$ in millions, except share data	(Unaudited) At March 31, 2023		At December 31, 2022
Assets
Cash and cash equivalents	$	111,258	$	128,127
Trading assets at fair value ($127,205 and $124,411 were pledged to various parties)	320,301		301,315
Investment securities:
Available-for-sale at fair value (amortized cost of $88,738 and $89,772)	83,932		84,297
Held-to-maturity (fair value of $64,419 and $65,006)	74,012		75,634
Securities purchased under agreements to resell (includes $8 and $8 at fair value)	121,885		113,907
Securities borrowed	146,216		133,374
Customer and other receivables	74,095		78,540
Loans:
Held for investment (net of allowance for credit losses of $970 and $839)	199,550		198,997
Held for sale	15,146		14,788
Goodwill	16,657		16,652
Intangible assets (net of accumulated amortization of $4,404 and $4,253)	7,470		7,618
Other assets	29,382		26,982
Total assets	$	1,199,904	$	1,180,231
Liabilities
Deposits (includes $5,042 and $4,796 at fair value)	$	347,523	$	356,646
Trading liabilities at fair value	170,764		154,438
Securities sold under agreements to repurchase (includes $872 and $864 at fair value)	60,491		62,534
Securities loaned	15,588		15,679
Other secured financings (includes $5,005 and $4,550 at fair value)	8,670		8,158
Customer and other payables	220,700		216,134
Other liabilities and accrued expenses	24,032		27,353
Borrowings (includes $86,422 and $78,720 at fair value)	250,182		238,058
Total liabilities	1,097,950		1,079,000
Commitments and contingent liabilities (see Note 13)
Equity
Morgan Stanley shareholders’ equity:
Preferred stock	8,750		8,750
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,670,318,320 and 1,675,487,409	20		20
Additional paid-in capital	28,856		29,339
Retained earnings	96,392		94,862
Employee stock trusts	5,343		4,881
Accumulated other comprehensive income (loss)	(5,711)		(6,253)
Common stock held in treasury at cost, $0.01 par value (368,575,659 and 363,406,570 shares)	(27,481)		(26,577)
Common stock issued to employee stock trusts	(5,343)		(4,881)
Total Morgan Stanley shareholders’ equity	100,826		100,141
Noncontrolling interests	1,128		1,090
Total equity	101,954		101,231
Total liabilities and equity	$	1,199,904	$	1,180,231


March 2023 Form 10-Q			34			See Notes to Consolidated Financial Statements


Table of Contents
Consolidated Statement of Changes in Total Equity (Unaudited)


	Three Months Ended March 31,
$ in millions		2023		2022
Preferred Stock
Beginning and ending balance		$	8,750	$	7,750



Common Stock
Beginning and ending balance		20		20
Additional Paid-in Capital
Beginning balance		29,339		28,841
Share-based award activity		(483)		(834)


Ending balance		28,856		28,007
Retained Earnings
Beginning balance		94,862		89,432
Net income applicable to Morgan Stanley		2,980		3,666
Preferred stock dividends1		(144)		(124)
Common stock dividends1		(1,305)		(1,252)
Other net increases (decreases)		(1)		—
Ending balance		96,392		91,722
Employee Stock Trusts
Beginning balance		4,881		3,955
Share-based award activity		462		1,020
Ending balance		5,343		4,975
Accumulated Other Comprehensive Income (Loss)
Beginning balance		(6,253)		(3,102)
Net change in Accumulated other comprehensive income (loss)		542		(1,800)
Ending balance		(5,711)		(4,902)
Common Stock Held in Treasury at Cost
Beginning balance		(26,577)		(17,500)
Share-based award activity		1,304		1,485
Repurchases of common stock and employee tax withholdings		(2,208)		(3,681)
Ending balance		(27,481)		(19,696)
Common Stock Issued to Employee Stock Trusts
Beginning balance		(4,881)		(3,955)
Share-based award activity		(462)		(1,020)
Ending balance		(5,343)		(4,975)
Noncontrolling Interests
Beginning balance		1,090		1,157
Net income applicable to noncontrolling interests		53		49
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests		(19)		(35)
Other net increases (decreases)		4		3
Ending balance		1,128		1,174
Total Equity		$	101,954	$	104,075

1.See Note 16 for information regarding dividends per share for each class of stock.


See Notes to Consolidated Financial Statements			35			March 2023 Form 10-Q


Table of Contents
Consolidated Cash Flow Statement (Unaudited)


	Three Months Ended March 31,
$ in millions	2023		2022
Cash flows from operating activities
Net income	$	3,033	$	3,715
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense	558		431
Depreciation and amortization	940		942
Provision for credit losses	234		57
Other operating adjustments	66		51
Changes in assets and liabilities:
Trading assets, net of Trading liabilities	2,582		5,069
Securities borrowed	(12,842)		(21,282)
Securities loaned	(91)		1,923
Customer and other receivables and other assets	4,899		1,227
Customer and other payables and other liabilities	777		17,994
Securities purchased under agreements to resell	(7,978)		(7,768)
Securities sold under agreements to repurchase	(2,043)		(2,120)
Net cash provided by (used for) operating activities	(9,865)		239
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software	(719)		(652)
Changes in loans, net	(822)		(7,479)
AFS securities1:
Purchases	(3,475)		(14,125)
Proceeds from sales	1,466		18,469
Proceeds from paydowns and maturities	3,460		4,301
HTM securities1:
Purchases	—		(3,334)
Proceeds from paydowns and maturities	1,617		3,102
Other investing activities	(2,568)		(124)
Net cash provided by (used for) investing activities	(1,041)		158
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings	356		(636)
Deposits	(9,084)		5,834
Proceeds from issuance of Borrowings	21,219		20,284
Payments for:
Borrowings	(15,201)		(11,094)
Repurchases of common stock and employee tax withholdings	(2,205)		(3,681)
Cash dividends	(1,406)		(1,314)
Other financing activities	33		(102)
Net cash provided by (used for) financing activities	(6,288)		9,291
Effect of exchange rate changes on cash and cash equivalents	325		(1,327)
Net increase (decrease) in cash and cash equivalents	(16,869)		8,361
Cash and cash equivalents, at beginning of period	128,127		127,725
Cash and cash equivalents, at end of period	$	111,258	$	136,086
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest	$	8,912	$	623
Income taxes, net of refunds	307		383

1.The prior period amounts have been revised to present Purchases, Proceeds from sales and Proceeds from paydowns and maturities separately between AFS securities and HTM securities.


March 2023 Form 10-Q			36			See Notes to Consolidated Financial Statements


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

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:

generally served through intermediaries, including affiliated and non-affiliated distributors.

Basis of Financial Information

The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.

The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.

The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2022 Form 10-K. Certain footnote disclosures included in the 2022 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.

Consolidation

The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.

For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2022 Form 10-K.

2. Significant Accounting Policies

For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting


			37			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

updates adopted in the prior year, see Note 2 to the financial statements in the 2022 Form 10-K.

During the three months ended March 31, 2023 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting update adopted.

Accounting Update Adopted in 2023

Financial Instruments - Credit Losses

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

This accounting update eliminates the accounting guidance for troubled debt restructurings (“TDRs”) and requires new disclosures regarding certain modifications of financing receivables (i.e., principal forgiveness, interest rate reductions, other-than-insignificant payment delays and term extensions) to borrowers experiencing financial difficulty. The update also requires disclosure of current period gross charge-offs by year of origination for financing receivables measured at amortized cost. Refer to Note 9, Loans, Lending Commitments and Related Allowance for Credit Losses, for the new disclosures.

3. Cash and Cash Equivalents


$ in millions	At March 31, 2023		At December 31, 2022
Cash and due from banks	$	5,336	$	5,409
Interest bearing deposits with banks	105,922		122,718
Total Cash and cash equivalents	$	111,258	$	128,127
Restricted cash	$	33,229	$	35,380

For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2022 Form 10-K.

4. Fair Values

Recurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At March 31, 2023
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	53,525	$	40,345	$	1	$	—	$	93,871
Other sovereign government obligations	29,842		5,785		196		—		35,823
State and municipal securities	—		1,685		3		—		1,688
MABS	—		1,540		454		—		1,994
Loans and lending commitments2	—		5,974		2,057		—		8,031
Corporate and other debt	—		27,804		2,243		—		30,047
Corporate equities3	97,102		944		144		—		98,190
Derivative and other contracts:
Interest rate	5,112		153,365		647		—		159,124
Credit	—		9,437		356		—		9,793
Foreign exchange	64		83,371		180		—		83,615
Equity	1,900		46,948		307		—		49,155
Commodity and other	4,184		14,300		3,546		—		22,030
Netting1	(10,169)		(233,264)		(1,103)		(38,758)		(283,294)
Total derivative and other contracts	1,091		74,157		3,933		(38,758)		40,423
Investments4	795		711		955		—		2,461
Physical commodities	—		2,349		—		—		2,349
Total trading assets4	182,355		161,294		9,986		(38,758)		314,877
Investment securities—AFS	53,047		30,885		—		—		83,932
Securities purchased under agreements to resell	—		8		—		—		8
Total assets at fair value	$	235,402	$	192,187	$	9,986	$	(38,758)	$	398,817


	At March 31, 2023
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	5,013	$	29	$	—	$	5,042
Trading liabilities:
U.S. Treasury and agency securities	23,790		32		—		—		23,822
Other sovereign government obligations	35,965		2,531		73		—		38,569
Corporate and other debt	—		11,007		46		—		11,053
Corporate equities3	67,878		371		41		—		68,290
Derivative and other contracts:
Interest rate	5,094		145,101		864		—		151,059
Credit	—		9,703		308		—		10,011
Foreign exchange	55		81,981		114		—		82,150
Equity	2,194		52,453		1,084		—		55,731
Commodity and other	4,616		12,695		1,947		—		19,258
Netting1	(10,169)		(233,264)		(1,103)		(44,644)		(289,180)
Total derivative and other contracts	1,790		68,669		3,214		(44,644)		29,029
Total trading liabilities	129,423		82,610		3,374		(44,644)		170,763
Securities sold under agreements to repurchase	—		358		514		—		872
Other secured financings	—		4,890		115		—		5,005
Borrowings	—		84,773		1,649		—		86,422
Total liabilities at fair value	$	129,423	$	177,644	$	5,681	$	(44,644)	$	268,104


March 2023 Form 10-Q			38


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	At December 31, 2022
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	38,462	$	42,263	$	17	$	—	$	80,742
Other sovereign government obligations	24,644		4,769		169		—		29,582
State and municipal securities	—		1,503		145		—		1,648
MABS	—		1,774		416		—		2,190
Loans and lending commitments2	—		6,380		2,017		—		8,397
Corporate and other debt	—		23,351		2,096		—		25,447
Corporate equities3	97,869		1,019		116		—		99,004
Derivative and other contracts:
Interest rate	4,481		166,392		517		—		171,390
Credit	—		7,876		425		—		8,301
Foreign exchange	49		115,766		183		—		115,998
Equity	2,778		40,171		406		—		43,355
Commodity and other	5,609		21,152		3,701		—		30,462
Netting1	(9,618)		(258,821)		(1,078)		(55,777)		(325,294)
Total derivative and other contracts	3,299		92,536		4,154		(55,777)		44,212
Investments4	652		685		923		—		2,260
Physical commodities	—		2,379		—		—		2,379
Total trading assets4	164,926		176,659		10,053		(55,777)		295,861
Investment securities—AFS	53,866		30,396		35		—		84,297
Securities purchased under agreements to resell	—		8		—		—		8
Total assets at fair value	$	218,792	$	207,063	$	10,088	$	(55,777)	$	380,166


	At December 31, 2022
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	4,776	$	20	$	—	$	4,796
Trading liabilities:
U.S. Treasury and agency securities	20,776		228		—		—		21,004
Other sovereign government obligations	23,235		2,688		3		—		25,926
Corporate and other debt	—		8,786		29		—		8,815
Corporate equities3	59,998		518		42		—		60,558
Derivative and other contracts:
Interest rate	3,446		161,044		668		—		165,158
Credit	—		7,987		315		—		8,302
Foreign exchange	89		113,383		117		—		113,589
Equity	3,266		46,923		1,142		—		51,331
Commodity and other	6,187		17,574		2,618		—		26,379
Netting1	(9,618)		(258,821)		(1,078)		(57,107)		(326,624)
Total derivative and other contracts	3,370		88,090		3,782		(57,107)		38,135
Total trading liabilities	107,379		100,310		3,856		(57,107)		154,438
Securities sold under agreements to repurchase	—		352		512		—		864
Other secured financings	—		4,459		91		—		4,550
Borrowings	—		77,133		1,587		—		78,720
Total liabilities at fair value	$	107,379	$	187,030	$	6,066	$	(57,107)	$	243,368

MABS—Mortgage- and asset-backed securities

1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.

2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.

3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.

4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.

Detail of Loans and Lending Commitments at Fair Value


$ in millions	At March 31, 2023		At December 31, 2022

Secured lending facilities	$	6	$	6
Commercial Real Estate	581		528
Residential Real Estate	1,954		2,020
Securities-based lending and Other loans	5,490		5,843
Total	$	8,031	$	8,397

Unsettled Fair Value of Futures Contracts1


$ in millions	At March 31, 2023		At December 31, 2022
Customer and other receivables (payables), net	$	788	$	1,219

1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.

For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 5 to the financial statements in the 2022 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.


			39			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Three Months Ended March 31,
$ in millions		2023		2022
U.S. Treasury and agency securities
Beginning balance		$	17	$	2

Purchases		—		1
Sales		(9)		—

Net transfers		(7)		5
Ending balance		$	1	$	8
Unrealized gains (losses)		$	—	$	—
Other sovereign government obligations
Beginning balance		$	169	$	211
Realized and unrealized gains (losses)		4		—
Purchases		78		6
Sales		(54)		(40)

Net transfers		(1)		11
Ending balance		$	196	$	188
Unrealized gains (losses)		$	4	$	—
State and municipal securities
Beginning balance		$	145	$	13


Sales		(40)		—

Net transfers		(102)		(13)
Ending balance		$	3	$	—
Unrealized gains (losses)		$	—	$	—
MABS
Beginning balance		$	416	$	344
Realized and unrealized gains (losses)		2		(1)
Purchases		57		56
Sales		(45)		(96)

Net transfers		24		48
Ending balance		$	454	$	351
Unrealized gains (losses)		$	1	$	(3)
Loans and lending commitments
Beginning balance		$	2,017	$	3,806
Realized and unrealized gains (losses)		(26)		26
Purchases and originations		535		369
Sales		(193)		(210)
Settlements		(235)		(409)
Net transfers		(41)		(441)
Ending balance		$	2,057	$	3,141
Unrealized gains (losses)		$	(25)	$	22
Corporate and other debt
Beginning balance		$	2,096	$	1,973
Realized and unrealized gains (losses)		34		12
Purchases and originations		508		71
Sales		(446)		(160)

Net transfers		51		(143)
Ending balance		$	2,243	$	1,753
Unrealized gains (losses)		$	64	$	7
Corporate equities
Beginning balance		$	116	$	115
Realized and unrealized gains (losses)		(8)		—
Purchases		19		24
Sales		(25)		(82)

Net transfers		42		182
Ending balance		$	144	$	239
Unrealized gains (losses)		$	(2)	$	—


	Three Months Ended March 31,
$ in millions		2023		2022
Investments
Beginning balance		$	923	$	1,125
Realized and unrealized gains (losses)		14		(24)
Purchases		47		20
Sales		(24)		(4)

Net transfers		(5)		3
Ending balance		$	955	$	1,120
Unrealized gains (losses)		$	10	$	(26)
Investment securities—AFS
Beginning balance		$	35	$	—
Realized and unrealized gains (losses)		1		—



Net transfers		(36)		—
Ending balance		$	—	$	—
Unrealized gains (losses)		$	1	$	—









Net derivatives: Interest rate
Beginning balance		$	(151)	$	708
Realized and unrealized gains (losses)		(149)		39
Purchases		10		3
Issuances		(8)		(2)
Settlements		189		(21)
Net transfers		(108)		(93)
Ending balance		$	(217)	$	634
Unrealized gains (losses)		$	29	$	147
Net derivatives: Credit
Beginning balance		$	110	$	98
Realized and unrealized gains (losses)		(27)		43
Purchases		—		8
Issuances		—		(8)
Settlements		(31)		(68)
Net transfers		(4)		20
Ending balance		$	48	$	93
Unrealized gains (losses)		$	(28)	$	28
Net derivatives: Foreign exchange
Beginning balance		$	66	$	52
Realized and unrealized gains (losses)		(11)		(145)
Purchases		—		5
Issuances		(3)		—
Settlements		40		81
Net transfers		(26)		(26)
Ending balance		$	66	$	(33)
Unrealized gains (losses)		$	(10)	$	(138)
Net derivatives: Equity
Beginning balance		$	(736)	$	(945)
Realized and unrealized gains (losses)		16		98
Purchases		39		28
Issuances		(161)		(68)
Settlements		(30)		117
Net transfers		95		116
Ending balance		$	(777)	$	(654)
Unrealized gains (losses)		$	(30)	$	88


March 2023 Form 10-Q			40


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended March 31,
$ in millions		2023		2022
Net derivatives: Commodity and other
Beginning balance		$	1,083	$	1,529
Realized and unrealized gains (losses)		446		4
Purchases		16		9
Issuances		(3)		(11)
Settlements		(103)		(47)
Net transfers		160		(50)
Ending balance		$	1,599	$	1,434
Unrealized gains (losses)		$	211	$	(216)
Deposits
Beginning balance		$	20	$	67


Issuances		6		—
Settlements		—		(5)
Net transfers		3		(36)
Ending balance		$	29	$	26
Unrealized losses (gains)		$	—	$	—
Nonderivative trading liabilities
Beginning balance		$	74	$	61
Realized and unrealized losses (gains)		(7)		(3)
Purchases		(44)		(33)
Sales		113		11

Net transfers		24		12
Ending balance		$	160	$	48
Unrealized losses (gains)		$	(5)	$	(3)
Securities sold under agreements to repurchase
Beginning balance		$	512	$	651
Realized and unrealized losses (gains)		11		2



Settlements		(9)		(10)
Net transfers		—		(127)
Ending balance		$	514	$	516
Unrealized losses (gains)		$	11	$	2
Other secured financings
Beginning balance		$	91	$	403
Realized and unrealized losses (gains)		2		(3)

Issuances		41		28
Settlements		(19)		(305)
Net transfers		—		(3)
Ending balance		$	115	$	120
Unrealized losses (gains)		$	2	$	(3)
Borrowings
Beginning balance		$	1,587	$	2,157
Realized and unrealized losses (gains)		48		(143)

Issuances		239		161
Settlements		(82)		(42)
Net transfers		(143)		266
Ending balance		$	1,649	$	2,399
Unrealized losses (gains)		$	45	$	(143)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA		9		(29)

Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.

The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.

Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.

Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

Valuation Techniques and Unobservable Inputs


	Balance / Range (Average1)
$ in millions, except inputs	At March 31, 2023		At December 31, 2022
Assets at Fair Value on a Recurring Basis



Other sovereign government obligations	$	196	$	169
Comparable pricing:
Bond price	61 to 119 points (92 points)		57 to 124 points (89 points)
State and municipal securities	$	3	$	145
Comparable pricing:
Bond price	N/M		86 to 100 points (97 points)
MABS	$	454	$	416
Comparable pricing:
Bond price	0 to 95 points (60 points)		0 to 95 points (68 points)
Loans and lending commitments	$	2,057	$	2,017
Margin loan model:



Margin loan rate	2% to 4% (3%)		2% to 4% (3%)
Comparable pricing:
Loan price	88 to 104 points (99 points)		87 to 105 points (99 points)
Corporate and other debt	$	2,243	$	2,096
Comparable pricing:
Bond price	51 to 129 points (88 points)		51 to 132 points (90 points)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)



Corporate equities	$	144	$	116
Comparable pricing:
Equity price	100%		100%
Investments	$	955	$	923
Discounted cash flow:
WACC	15% to 17% (16%)		15% to 17% (16%)
Exit multiple	7 to 17 times (14 times)		7 to 17 times (14 times)
Market approach:
EBITDA multiple	6 to 21 times (11 times)		7 to 21 times (11 times)
Comparable pricing:
Equity price	24% to 100% (89%)		24% to 100% (89%)


			41			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	Balance / Range (Average1)
$ in millions, except inputs	At March 31, 2023		At December 31, 2022
Net derivative and other contracts:
Interest rate	$	(217)	$	(151)
Option model:
IR volatility skew	36% to 138% (90% / 84%)		105% to 130% (113% / 109%)
IR curve correlation	53% to 99% (83% / 86%)		47% to 100% (80% / 84%)
Bond volatility	1% to 2% (1% / 1%)		N/M
Inflation volatility	22% to 70% (43% / 39%)		22% to 65% (43% / 38%)
IR curve	4% to 11% (6% / 5%)		4% to 5% (5% / 5%)
Credit	$	48	$	110
Credit default swap model:
Cash-synthetic basis	7 points		7 points
Bond price	0 to 92 bps (49 points)		0 to 83 points (43 points)
Credit spread	10 to 449 bps (111 bps)		10 to 528 bps (115 bps)
Funding spread	18 to 590 bps (81 bps)		18 to 590 bps (93 bps)


Foreign exchange2	$	66	$	66
Option model:


IR curve	-8% to 18% (5% / 4%)		-2% to 38% (8% / 4%)
Foreign exchange volatility skew	-18% to 30% (2% / 0%)		10% to 10% (10% / 10%)
Contingency probability	95% to 95% (95% / 95%)		95% to 95% (95% / 95%)
Equity2	$	(777)	$	(736)
Option model:
Equity volatility	6% to 95% (22%)		5% to 96% (25%)
Equity volatility skew	-5% to 0% (-1%)		-4% to 0% (-1%)
Equity correlation	17% to 95% (83%)		10% to 93% (71%)
FX correlation	-79% to 65% (-25%)		-79% to 65% (-26%)
IR correlation	10% to 30% (13%)		10% to 30% (-14%)
Commodity and other	$	1,599	$	1,083
Option model:
Forward power price	$0 to $282 ($45) per MWh		$1 to $292 ($43) per MWh
Commodity volatility	8% to 113% (35%)		12% to 169% (34%)
Cross-commodity correlation	54% to 100% (93%)		70% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis







Securities sold under agreements to repurchase	$	514	$	512
Discounted cash flow:
Funding spread	80 to 157 bps (118 bps)		96 to 165 bps (131 bps)
Other secured financings	$	115	$	91


Comparable pricing:
Loan price	23 to 101 points (82 points)		23 to 101 points (75 points)


	Balance / Range (Average1)
$ in millions, except inputs	At March 31, 2023		At December 31, 2022
Borrowings	$	1,649	$	1,587
Option model:
Equity volatility	6% to 66% (22%)		7% to 86% (23%)
Equity volatility skew	-1% to 0% (0%)		-2% to 0% (0%)
Equity correlation	41% to 95% (80%)		39% to 98% (86%)
Equity - FX correlation	-55% to 6% (-26%)		-50% to 0% (-21%)

IR curve correlation	49% to 98% (85% / 90%)		N/M
IR volatility skew	N/M		47% to 136% (74% / 59%)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans	$	5,812	$	6,610
Corporate loan model:
Credit spread	105 to 1286 bps (830 bps)		91 to 1276 bps (776 bps)
Comparable pricing:
Loan price	17 to 97 points (66 points)		36 to 80 points (65 points)
Warehouse model:
Credit spread	108 to 311 bps (246 bps)		110 to 319 bps (245 bps)

Points—Percentage of par

IR—Interest rate

FX—Foreign exchange

1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.

2.Includes derivative contracts with multiple risks (i.e., hybrid products).

The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.

For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 5 to the financial statements in the 2022 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.


March 2023 Form 10-Q			42


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Net Asset Value Measurements

Fund Interests


	At March 31, 2023				At December 31, 2022
$ in millions	Carrying Value		Commitment		Carrying Value		Commitment
Private equity	$	2,664	$	637	$	2,622	$	638
Real estate	2,566		256		2,642		239
Hedge1	194		3		190		3
Total	$	5,424	$	896	$	5,454	$	880

1.Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively.

Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.

For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 5 to the financial statements in the 2022 Form 10-K.

See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.

Nonredeemable Funds by Contractual Maturity


	Carrying Value at March 31, 2023
$ in millions	Private Equity		Real Estate
Less than 5 years	$	1,085	$	975
5-10 years	1,515		1,554
Over 10 years	64		37
Total	$	2,664	$	2,566

Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis


	At March 31, 2023
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	5,083	$	5,812	$	10,895


Other assets—Other investments	—		—		—

Other assets—ROU assets	—		—		—
Total	$	5,083	$	5,812	$	10,895
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	195	$	97	$	292
Total	$	195	$	97	$	292


	At December 31, 2022
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	4,193	$	6,610	$	10,803
Other assets—Other investments	—		7		7
Other assets—ROU assets	4		—		4
Total	$	4,197	$	6,617	$	10,814
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	275	$	153	$	428
Total	$	275	$	153	$	428

1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.

Gains (Losses) from Nonrecurring Fair Value Remeasurements1


	Three Months Ended March 31,
$ in millions	2023		2022
Assets
Loans2	$	19	$	(43)


Other assets—Other investments3	—		(2)
Other assets—Premises, equipment and software4	(3)		(1)
Other assets—ROU assets5	—		(2)
Total	$	16	$	(48)
Liabilities
Other liabilities and accrued expenses—Lending commitments2	$	34	$	(49)
Total	$	34	$	(49)

1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.

2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.

3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.

4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

5.Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.


			43			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Financial Instruments Not Measured at Fair Value


	At March 31, 2023
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	111,258	$	111,258	$	—	$	—	$	111,258
Investment securities—HTM	74,012		26,253		37,090		1,076		64,419
Securities purchased under agreements to resell	121,877		—		119,067		2,826		121,893
Securities borrowed	146,216		—		146,216		—		146,216
Customer and other receivables	69,249		—		65,219		3,750		68,969
Loans1	214,696		—		24,842		183,035		207,877
Other assets	3,139		—		3,139		—		3,139
Financial liabilities
Deposits	$	342,481	$	—	$	342,312	$	—	$	342,312
Securities sold under agreements to repurchase	59,619		—		59,599		—		59,599
Securities loaned	15,588		—		15,583		—		15,583
Other secured financings	3,665		—		3,665		—		3,665
Customer and other payables	220,556		—		220,556		—		220,556
Borrowings	163,760		—		163,329		4		163,333
	Commitment Amount
Lending commitments2	$	139,447	$	—	$	1,814	$	914	$	2,728


	At December 31, 2022
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	128,127	$	128,127	$	—	$	—	$	128,127
Investment securities—HTM	75,634		26,754		37,218		1,034		65,006
Securities purchased under agreements to resell	113,899		—		111,188		2,681		113,869
Securities borrowed	133,374		—		133,370		—		133,370
Customer and other receivables	73,248		—		69,268		3,664		72,932
Loans1	213,785		—		24,153		181,561		205,714
Other assets	704		—		704		—		704
Financial liabilities
Deposits	$	351,850	$	—	$	351,721	$	—	$	351,721
Securities sold under agreements to repurchase	61,670		—		61,620		—		61,620
Securities loaned	15,679		—		15,673		—		15,673
Other secured financings	3,608		—		3,608		—		3,608
Customer and other payables	216,018		—		216,018		—		216,018
Borrowings	159,338		—		157,780		4		157,784
	Commitment Amount
Lending commitments2	$	136,241	$	—	$	1,789	$	1,077	$	2,866

1.Amounts include loans measured at fair value on a nonrecurring basis.

2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.

The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.

5. Fair Value Option

The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.

Borrowings Measured at Fair Value on a Recurring Basis


$ in millions	At March 31, 2023		At December 31, 2022
Business Unit Responsible for Risk Management
Equity	$	43,705	$	38,945
Interest rates	27,791		26,077
Commodities	11,187		10,717
Credit	1,954		1,564
Foreign exchange	1,785		1,417
Total	$	86,422	$	78,720

Net Revenues from Borrowings under the Fair Value Option


	Three Months Ended March 31,
$ in millions		2023		2022
Trading revenues		$	(4,378)	$	4,655
Interest expense		108		72
Net revenues1		$	(4,486)	$	4,583

1.Amounts do not reflect any gains or losses from related economic hedges.

Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.

Gains (Losses) Due to Changes in Instrument-Specific Credit Risk


	Three Months Ended March 31,
	2023				2022
$ in millions	Trading Revenues		OCI		Trading Revenues		OCI
Loans and other receivables1	$	(43)	$	—	$	24	$	—
Lending commitments	11		—		—		—
Deposits	—		93		—		(7)
Borrowings	(6)		(117)		—		878


$ in millions	At March 31, 2023		At December 31, 2022
Cumulative pre-tax DVA gain (loss) recognized in AOCI	$	(481)	$	(457)

1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.


March 2023 Form 10-Q			44


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Difference Between Contractual Principal and Fair Value1


$ in millions	At March 31, 2023		At December 31, 2022
Loans and other receivables2	$	11,794	$	11,916
Nonaccrual loans2	9,071		9,128
Borrowings3	4,282		5,203

1.Amounts indicate contractual principal greater than or (less than) fair value.

2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.

3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.

The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.

Fair Value Loans on Nonaccrual Status


$ in millions	At March 31, 2023		At December 31, 2022
Nonaccrual loans	$	504	$	585
Nonaccrual loans 90 or more days past due	55		116

6. Derivative Instruments and Hedging Activities

Fair Values of Derivative Contracts


	Assets at March 31, 2023
$ in millions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	14	$	4	$	—	$	18
Foreign exchange	44		28		—		72
Total	58		32		—		90
Not designated as accounting hedges
Economic hedges of loans
Credit	1		58		—		59
Other derivatives
Interest rate	130,291		27,241		1,574		159,106
Credit	6,952		2,782		—		9,734
Foreign exchange	81,249		2,222		72		83,543
Equity	18,623		—		30,532		49,155
Commodity and other	17,338		—		4,692		22,030
Total	254,454		32,303		36,870		323,627
Total gross derivatives	$	254,512	$	32,335	$	36,870	$	323,717
Amounts offset
Counterparty netting	(181,978)		(29,554)		(33,832)		(245,364)
Cash collateral netting	(35,948)		(1,982)		—		(37,930)
Total in Trading assets	$	36,586	$	799	$	3,038	$	40,423
Amounts not offset1
Financial instruments collateral	(18,059)		—		—		(18,059)
Net amounts	$	18,527	$	799	$	3,038	$	22,364
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable							$	3,076


	Liabilities at March 31, 2023
$ in millions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	363	$	—	$	—	$	363
Foreign exchange	126		65		—		191
Total	489		65		—		554
Not designated as accounting hedges
Economic hedges of loans
Credit	10		489		—		499
Other derivatives
Interest rate	124,206		25,480		1,010		150,696
Credit	6,659		2,853		—		9,512
Foreign exchange	79,661		2,229		69		81,959
Equity	26,072		—		29,659		55,731
Commodity and other	14,096		—		5,162		19,258
Total	250,704		31,051		35,900		317,655
Total gross derivatives	$	251,193	$	31,116	$	35,900	$	318,209
Amounts offset
Counterparty netting	(181,978)		(29,554)		(33,832)		(245,364)
Cash collateral netting	(42,260)		(1,556)		—		(43,816)
Total in Trading liabilities	$	26,955	$	6	$	2,068	$	29,029
Amounts not offset1
Financial instruments collateral	(2,008)		—		(202)		(2,210)
Net amounts	$	24,947	$	6	$	1,866	$	26,819
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable							5,497


	Assets at December 31, 2022
$ in millions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	62	$	1	$	—	$	63
Foreign exchange	15		44		—		59
Total	77		45		—		122
Not designated as accounting hedges
Economic hedges of loans
Credit	2		59		—		61
Other derivatives
Interest rate	141,291		29,007		1,029		171,327
Credit	5,888		2,352		—		8,240
Foreign exchange	113,540		2,337		62		115,939
Equity	16,505		—		26,850		43,355
Commodity and other	24,298		—		6,164		30,462
Total	301,524		33,755		34,105		369,384
Total gross derivatives	$	301,601	$	33,800	$	34,105	$	369,506
Amounts offset
Counterparty netting	(214,773)		(32,250)		(32,212)		(279,235)
Cash collateral netting	(44,711)		(1,348)		—		(46,059)
Total in Trading assets	$	42,117	$	202	$	1,893	$	44,212
Amounts not offset1
Financial instruments collateral	(19,406)		—		—		(19,406)
Net amounts	$	22,711	$	202	$	1,893	$	24,806
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable							$	4,318


			45			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	Liabilities at December 31, 2022
$ in millions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	457	$	4	$	—	$	461
Foreign exchange	550		101		—		651
Total	1,007		105		—		1,112
Not designated as accounting hedges
Economic hedges of loans
Credit	9		368		—		377
Other derivatives
Interest rate	135,661		28,581		455		164,697
Credit	5,535		2,390		—		7,925
Foreign exchange	110,322		2,512		104		112,938
Equity	23,138		—		28,193		51,331
Commodity and other	19,631		—		6,748		26,379
Total	294,296		33,851		35,500		363,647
Total gross derivatives	$	295,303	$	33,956	$	35,500	$	364,759
Amounts offset
Counterparty netting	(214,773)		(32,250)		(32,212)		(279,235)
Cash collateral netting	(45,884)		(1,505)		—		(47,389)
Total in Trading liabilities	$	34,646	$	201	$	3,288	$	38,135
Amounts not offset1
Financial instruments collateral	(2,545)		—		(1,139)		(3,684)
Net amounts	$	32,101	$	201	$	2,149	$	34,451
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable							$	6,430

1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.

Notionals of Derivative Contracts


	Assets at March 31, 2023
$ in billions	Bilateral OTC		Cleared OTC		Exchange- Traded		Total
Designated as accounting hedges
Interest rate	$	—	$	66	$	—	$	66
Foreign exchange	4		1		—		5
Total	4		67		—		71
Not designated as accounting hedges
Economic hedges of loans
Credit	—		2		—		2
Other derivatives
Interest rate	3,679		9,530		696		13,905
Credit	214		136		—		350
Foreign exchange	3,803		190		16		4,009
Equity	521		—		390		911
Commodity and other	141		—		66		207
Total	8,358		9,858		1,168		19,384
Total gross derivatives	$	8,362	$	9,925	$	1,168	$	19,455


	Liabilities at March 31, 2023
$ in billions	Bilateral OTC		Cleared OTC		Exchange- Traded		Total
Designated as accounting hedges
Interest rate	$	2	$	183	$	—	$	185
Foreign exchange	10		3		—		13
Total	12		186		—		198
Not designated as accounting hedges
Economic hedges of loans
Credit	—		18		—		18
Other derivatives
Interest rate	3,975		8,944		432		13,351
Credit	205		136		—		341
Foreign exchange	3,910		147		34		4,091
Equity	542		—		582		1,124
Commodity and other	97		—		87		184
Total	8,729		9,245		1,135		19,109
Total gross derivatives	$	8,741	$	9,431	$	1,135	$	19,307


	Assets at December 31, 2022
$ in billions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	2	$	62	$	—	$	64
Foreign exchange	2		2		—		4
Total	4		64		—		68
Not designated as accounting hedges
Economic hedges of loans
Credit	—		3		—		3
Other derivatives
Interest rate	3,404		7,609		614		11,627
Credit	190		130		—		320
Foreign exchange	3,477		126		15		3,618
Equity	488		—		358		846
Commodity and other	141		—		59		200
Total	7,700		7,868		1,046		16,614
Total gross derivatives	$	7,704	$	7,932	$	1,046	$	16,682


	Liabilities at December 31, 2022
$ in billions	Bilateral OTC		Cleared OTC		Exchange-Traded		Total
Designated as accounting hedges
Interest rate	$	3	$	187	$	—	$	190
Foreign exchange	12		2		—		14
Total	15		189		—		204
Not designated as accounting hedges
Economic hedges of loans
Credit	—		15		—		15
Other derivatives
Interest rate	3,436		7,761		497		11,694
Credit	199		125		—		324
Foreign exchange	3,516		123		35		3,674
Equity	488		—		552		1,040
Commodity and other	101		—		79		180
Total	7,740		8,024		1,163		16,927
Total gross derivatives	$	7,755	$	8,213	$	1,163	$	17,131

The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the


March 2023 Form 10-Q			46


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

benefit of legally enforceable netting arrangements or risk mitigating transactions.

For a discussion of the Firm’s derivative instruments and hedging activities, see Note 7 to the financial statements in the 2022 Form 10-K.

Gains (Losses) on Accounting Hedges


	Three Months Ended
	March 31,
$ in millions		2023		2022
Fair value hedges—Recognized in Interest income
Interest rate contracts		$	(372)	$	795
Investment Securities—AFS		381		(751)
Fair value hedges—Recognized in Interest expense
Interest rate contracts		$	2,284	$	(6,233)
Deposits		(54)		88
Borrowings		(2,240)		6,155
Net investment hedges—Foreign exchange contracts
Recognized in OCI		$	(89)	$	139
Forward points excluded from hedge effectiveness testing—Recognized in Interest income		43		(41)
Cash flow hedges—Interest rate contracts1
Recognized in OCI		$	7	$	—
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income		(1)		—
Net change in cash flow hedges included within AOCI		8		—

1.For the current quarter ended March 31, 2023, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of March 31, 2023 is approximately $(7) million. The maximum length of time over which forecasted cash flows are hedged is 2 years.

Fair Value Hedges—Hedged Items


$ in millions	At March 31, 2023		At December 31, 2022
Investment Securities—AFS
Amortized cost basis currently or previously hedged	$	34,559	$	34,073
Basis adjustments included in amortized cost1	$	(1,152)	$	(1,628)
Deposits
Carrying amount currently or previously hedged	$	6,162	$	3,735
Basis adjustments included in carrying amount1	$	(65)	$	(119)
Borrowings
Carrying amount currently or previously hedged	$	147,736	$	146,025
Basis adjustments included in carrying amount—Outstanding hedges	$	(10,510)	$	(12,748)
Basis adjustments included in carrying amount—Terminated hedges	$	(692)	$	(715)

1.Hedge accounting basis adjustments are primarily related to outstanding hedges.

Gains (Losses) on Economic Hedges of Loans


	Three Months Ended
	March 31,
$ in millions		2023		2022
Recognized in Other revenues
Credit contracts1		$	(161)	$	51

1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.

Net Derivative Liabilities and Collateral Posted


$ in millions	At March 31, 2023		At December 31, 2022
Net derivative liabilities with credit risk-related contingent features	$	18,180	$	20,287
Collateral posted	13,064		12,268

The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.

Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade


$ in millions	At March 31, 2023
One-notch downgrade	$	497
Two-notch downgrade	359
Bilateral downgrade agreements included in the amounts above1	$	748

1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.

The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.

Maximum Potential Payout/Notional of Credit Protection Sold1


	Years to Maturity at March 31, 2023
$ in billions	< 1		1-3		3-5		Over 5		Total
Single-name CDS
Investment grade	$	12	$	30	$	33	$	15	$	90
Non-investment grade	5		13		17		6		41
Total	$	17	$	43	$	50	$	21	$	131
Index and basket CDS
Investment grade	$	3	$	9	$	14	$	1	$	27
Non-investment grade	8		21		104		49		182
Total	$	11	$	30	$	118	$	50	$	209
Total CDS sold	$	28	$	73	$	168	$	71	$	340
Other credit contracts	—		—		—		—		—
Total credit protection sold	$	28	$	73	$	168	$	71	$	340
CDS protection sold with identical protection purchased									$	282


			47			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	Years to Maturity at December 31, 2022
$ in billions	< 1		1-3		3-5		Over 5		Total
Single-name CDS
Investment grade	$	12	$	29	$	29	$	9	$	79
Non-investment grade	5		13		16		2		36
Total	$	17	$	42	$	45	$	11	$	115
Index and basket CDS
Investment grade	$	3	$	13	$	37	$	3	$	56
Non-investment grade	8		17		108		19		152
Total	$	11	$	30	$	145	$	22	$	208
Total CDS sold	$	28	$	72	$	190	$	33	$	323
Other credit contracts	—		—		—		—		—
Total credit protection sold	$	28	$	72	$	190	$	33	$	323
CDS protection sold with identical protection purchased									$	262

Fair Value Asset (Liability) of Credit Protection Sold1


$ in millions	At March 31, 2023		At December 31, 2022
Single-name CDS
Investment grade	$	1,168	$	762
Non-investment grade	(722)		(808)
Total	$	446	$	(46)
Index and basket CDS
Investment grade	$	924	$	859
Non-investment grade	(2,110)		(1,812)
Total	$	(1,186)	$	(953)
Total CDS sold	$	(740)	$	(999)
Other credit contracts	6		(1)
Total credit protection sold	$	(734)	$	(1,000)

1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.

Protection Purchased with CDS


	Notional
$ in billions	At March 31, 2023		At December 31, 2022
Single name	$	159	$	140
Index and basket	181		173
Tranched index and basket	31		26
Total	$	371	$	339


	Fair Value Asset (Liability)
$ in millions	At March 31, 2023		At December 31, 2022
Single name	$	(645)	$	(33)
Index and basket	1,595		1,248
Tranched index and basket	(428)		(217)
Total	$	522	$	998

The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.

The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further

information on credit derivatives and other credit contracts, see Note 7 to the financial statements in the 2022 Form 10-K.

7. Investment Securities

AFS and HTM Securities


	At March 31, 2023
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	54,861	$	31	$	1,845	$	53,047
U.S. agency securities2	25,272		2		2,508		22,766
Agency CMBS	6,020		—		465		5,555


State and municipal securities	1,492		32		22		1,502
FFELP student loan ABS3	1,093		—		31		1,062

Total AFS securities	88,738		65		4,871		83,932
HTM securities
U.S. Treasury securities	27,709		—		1,456		26,253
U.S. agency securities2	43,343		—		7,885		35,458
Agency CMBS	1,770		—		138		1,632
Non-agency CMBS	1,190		2		116		1,076
Total HTM securities	74,012		2		9,595		64,419
Total investment securities	$	162,750	$	67	$	14,466	$	148,351


	At December 31, 2022
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	56,103	$	17	$	2,254	$	53,866
U.S. agency securities2	23,926		1		2,753		21,174
Agency CMBS	5,998		—		470		5,528
Non-agency CMBS	—		—		—		—
Corporate bonds	—		—		—		—
State and municipal securities	2,598		71		42		2,627
FFELP student loan ABS3	1,147		—		45		1,102

Total AFS securities	89,772		89		5,564		84,297
HTM securities
U.S. Treasury securities	28,599		—		1,845		26,754
U.S. agency securities2	44,038		—		8,487		35,551
Agency CMBS	1,819		—		152		1,667
Non-agency CMBS	1,178		—		144		1,034
Total HTM securities	75,634		—		10,628		65,006
Total investment securities	$	165,406	$	89	$	16,192	$	149,303

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.


March 2023 Form 10-Q			48


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

AFS Securities in an Unrealized Loss Position


	At March 31, 2023				At December 31, 2022
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	22,043	$	1,078	$	42,144	$	1,711
12 months or longer	24,271		767		11,454		543
Total	46,314		1,845		53,598		2,254
U.S. agency securities
Less than 12 months	8,293		485		13,662		1,271
12 months or longer	13,505		2,023		7,060		1,482
Total	21,798		2,508		20,722		2,753
Agency CMBS
Less than 12 months	5,299		436		5,343		448
12 months or longer	256		29		185		22
Total	5,555		465		5,528		470








State and municipal securities
Less than 12 months	231		1		2,106		40
12 months or longer	516		21		65		2
Total	747		22		2,171		42
FFELP student loan ABS
Less than 12 months	475		11		627		23
12 months or longer	573		20		476		22
Total	1,048		31		1,103		45




Total AFS securities in an unrealized loss position
Less than 12 months	36,341		2,011		63,882		3,493
12 months or longer	39,121		2,860		19,240		2,071
Total	$	75,462	$	4,871	$	83,122	$	5,564

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2022 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of March 31, 2023 and December 31, 2022, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at March 31, 2023 and December 31, 2022 reflect an ACL of $30 million and $34 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2022 Form 10-K for a description of the ACL methodology used for HTM Securities. As of March 31, 2023 and December 31, 2022, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade.

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity


	At March 31, 2023
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	16,150	$	15,862	1.0	%
After 1 year through 5 years	38,017		36,492		1.3	%
After 5 years through 10 years	694		693		3.6	%

Total	54,861		53,047
U.S. agency securities:
Due within 1 year	23		22		(0.2)	%
After 1 year through 5 years	422		394		1.5	%
After 5 years through 10 years	716		659		1.8	%
After 10 years	24,111		21,691		3.1	%
Total	25,272		22,766
Agency CMBS:

After 1 year through 5 years	1,773		1,676		1.8	%
After 5 years through 10 years	2,992		2,823		2.0	%
After 10 years	1,255		1,056		1.3	%
Total	6,020		5,555












State and municipal securities:
Due within 1 year	12		12		3.8	%
After 1 year through 5 years	48		49		3.9	%
After 5 years through 10 years	88		90		3.8	%
After 10 Years	1,344		1,351		3.9	%
Total	1,492		1,502
FFELP student loan ABS:

After 1 year through 5 years	110		105		5.5	%
After 5 years through 10 years	114		109		5.4	%
After 10 years	869		848		5.6	%
Total	1,093		1,062






Total AFS securities	88,738		83,932		1.9	%


			49			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	At March 31, 2023
$ in millions	Amortized Cost1	Fair Value	Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	6,634	6,515	1.8	%
After 1 year through 5 years	15,649	14,907	1.9	%
After 5 years through 10 years	3,866	3,614	2.4	%
After 10 years	1,560	1,217	2.3	%
Total	27,709	26,253
U.S. agency securities:

After 1 year through 5 years	8	7	1.8	%
After 5 years through 10 years	351	326	2.1	%
After 10 years	42,984	35,125	1.8	%
Total	43,343	35,458
Agency CMBS:
Due within 1 year	329	322	0.8	%
After 1 year through 5 years	1,136	1,053	1.4	%
After 5 years through 10 years	174	150	1.4	%
After 10 years	131	107	1.6	%
Total	1,770	1,632
Non-agency CMBS:
Due within 1 year	198	195	4.0	%
After 1 year through 5 years	251	233	4.1	%
After 5 years through 10 years	706	617	3.8	%
After 10 years	35	31	3.6	%
Total	1,190	1,076
Total HTM securities	74,012	64,419	1.9	%
Total investment securities	162,750	148,351	1.9	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At March 31, 2023, the annualized average yield, including the interest rate swap accrual of related hedges, was 1.0% for AFS securities contractually maturing within 1 year and 2.6% for all AFS securities.

Gross Realized Gains (Losses) on Sales of AFS Securities


	Three Months Ended March 31,
$ in millions		2023		2022
Gross realized gains		$	44	$	126
Gross realized (losses)		(3)		(82)
Total1		$	41	$	44

1.Realized gains and losses are recognized in Other revenues in the income statement.

8. Collateralized Transactions

Offsetting of Certain Collateralized Transactions


	At March 31, 2023
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	223,056	$	(101,171)	$	121,885	$	(118,330)	$	3,555
Securities borrowed	157,967		(11,751)		146,216		(142,775)		3,441
Liabilities
Securities sold under agreements to repurchase	$	161,662	$	(101,171)	$	60,491	$	(56,242)	$	4,249
Securities loaned	27,339		(11,751)		15,588		(15,135)		453
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	3,252
Securities borrowed									620
Securities sold under agreements to repurchase									3,368
Securities loaned									215


	At December 31, 2022
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	240,355	$	(126,448)	$	113,907	$	(109,902)	$	4,005
Securities borrowed	145,340		(11,966)		133,374		(128,073)		5,301
Liabilities
Securities sold under agreements to repurchase	$	188,982	$	(126,448)	$	62,534	$	(57,395)	$	5,139
Securities loaned	27,645		(11,966)		15,679		(15,199)		480
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	1,696
Securities borrowed									624
Securities sold under agreements to repurchase									3,861
Securities loaned									250

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For further discussion of the Firm’s collateralized transactions, see Note 2 and Note 9 to the financial statements in the 2022 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At March 31, 2023
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	63,922	$	41,521	$	17,262	$	38,957	$	161,662
Securities loaned	14,786		1		987		11,565		27,339
Total included in the offsetting disclosure	$	78,708	$	41,522	$	18,249	$	50,522	$	189,001
Trading liabilities— Obligation to return securities received as collateral	25,112		—		—		—		25,112
Total	$	103,820	$	41,522	$	18,249	$	50,522	$	214,113


March 2023 Form 10-Q			50


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	At December 31, 2022
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	54,551	$	77,359	$	20,586	$	36,486	$	188,982
Securities loaned	15,150		882		1,984		9,629		27,645
Total included in the offsetting disclosure	$	69,701	$	78,241	$	22,570	$	46,115	$	216,627
Trading liabilities— Obligation to return securities received as collateral	22,880		—		—		—		22,880
Total	$	92,581	$	78,241	$	22,570	$	46,115	$	239,507

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At March 31, 2023		At December 31, 2022
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	46,714	$	57,761
Other sovereign government obligations	78,048		98,839
Corporate equities	20,250		19,340
Other	16,650		13,042
Total	$	161,662	$	188,982
Securities loaned
Other sovereign government obligations	$	913	$	862
Corporate equities	25,312		26,289
Other	1,114		494
Total	$	27,339	$	27,645
Total included in the offsetting disclosure	$	189,001	$	216,627
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	25,025	$	22,833
Other	87		47
Total	$	25,112	$	22,880
Total	$	214,113	$	239,507

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge


$ in millions	At March 31, 2023		At December 31, 2022
	$	34,669	$	34,524

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge


$ in millions	At March 31, 2023		At December 31, 2022
Collateral received with right to sell or repledge	$	681,133	$	637,941
Collateral that was sold or repledged1	525,199		486,820

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes


$ in millions	At March 31, 2023		At December 31, 2022
Segregated securities1	$	28,959	$	32,254

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending


$ in millions	At March 31, 2023		At December 31, 2022
Margin and other lending	$	39,354	$	38,524

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 9 to the financial statements in the 2022 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on non-bank entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.


			51			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

9. Loans, Lending Commitments and Related Allowance for Credit Losses

Loans by Type


	At March 31, 2023
$ in millions	HFI Loans		HFS Loans		Total Loans
Corporate	$	7,435	$	11,150	$	18,585
Secured lending facilities	37,187		3,006		40,193
Commercial real estate	8,601		948		9,549
Residential real estate	55,400		25		55,425
Securities-based lending and Other loans	91,897		17		91,914
Total loans	200,520		15,146		215,666
ACL	(970)				(970)
Total loans, net	$	199,550	$	15,146	$	214,696
Loans to non-U.S. borrowers, net					$	24,395


	At December 31, 2022
$ in millions	HFI Loans		HFS Loans		Total Loans
Corporate	$	6,589	$	10,634	$	17,223
Secured lending facilities	35,606		3,176		38,782
Commercial real estate	8,515		926		9,441
Residential real estate	54,460		4		54,464
Securities-based lending and Other loans	94,666		48		94,714
Total loans	199,836		14,788		214,624
ACL	(839)				(839)
Total loans, net	$	198,997	$	14,788	$	213,785
Loans to non-U.S. borrowers, net					$	23,651

For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 10 to the financial statements in the 2022 Form 10-K.

Loans by Interest Rate Type


	At March 31, 2023				At December 31, 2022
$ in millions	Fixed Rate		Floating or Adjustable Rate		Fixed Rate		Floating or Adjustable Rate
Corporate	$	—	$	18,584	$	—	$	17,223
Secured lending facilities	—		40,193		—		38,782
Commercial real estate	204		9,346		204		9,237
Residential real estate	25,515		29,909		24,903		29,561
Securities-based lending and Other loans	22,253		69,662		24,077		70,637
Total loans, before ACL	$	47,972	$	167,694	$	49,184	$	165,440

See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.

Loans Held for Investment before Allowance by Origination Year


	At March 31, 2023						At December 31, 2022
	Corporate
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	2,907	$	4,004	$	6,911	$	2,554	$	3,456	$	6,010
2023	—		13		13
2022	—		143		143		6		107		113
2021	—		137		137		—		139		139
2020	—		59		59		—		58		58
2019	—		153		153		—		154		154
Prior	—		19		19		115		—		115
Total	$	2,907	$	4,528	$	7,435	$	2,675	$	3,914	$	6,589


	At March 31, 2023						At December 31, 2022
	Secured Lending Facilities
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	9,338	$	21,713	$	31,051	$	9,445	$	21,243	$	30,688
2023	956		255		1,211
2022	1,090		1,489		2,579		1,135		1,336		2,471
2021	257		211		468		254		208		462
2020	—		88		88		—		98		98
2019	60		418		478		60		486		546
Prior	212		1,100		1,312		215		1,126		1,341
Total	$	11,913	$	25,274	$	37,187	$	11,109	$	24,497	$	35,606


	At March 31, 2023						At December 31, 2022
	Commercial Real Estate
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	—	$	175	$	175	$	—	$	204	$	204
2023	—		297		297
2022	388		2,067		2,455		379		2,201		2,580
2021	310		1,554		1,864		239		1,609		1,848
2020	—		739		739		—		728		728
2019	559		1,218		1,777		659		1,152		1,811
Prior	185		1,109		1,294		211		1,133		1,344
Total	$	1,442	$	7,159	$	8,601	$	1,488	$	7,027	$	8,515


	At March 31, 2023
	Residential Real Estate
	by FICO Scores						by LTV Ratio				Total
$ in millions	≥ 740		680-739		≤ 679		≤ 80%		> 80%
Revolving	$	85	$	30	$	5	$	120	$	—	$	120
2023	1,365		293		72		1,514		216		1,730
2022	11,347		2,503		407		13,123		1,134		14,257
2021	11,486		2,467		254		13,240		967		14,207
2020	7,198		1,489		112		8,349		450		8,799
2019	4,151		929		137		4,899		318		5,217
Prior	8,280		2,448		342		10,200		870		11,070
Total	$	43,912	$	10,159	$	1,329	$	51,445	$	3,955	$	55,400


	At December 31, 2022
	Residential Real Estate
	by FICO Scores						by LTV Ratio				Total
$ in millions	≥ 740		680-739		≤ 679		≤ 80%		> 80%
Revolving	$	90	$	29	$	5	$	124	$	—	$	124
2022	11,481		2,533		411		13,276		1,149		14,425
2021	11,604		2,492		257		13,378		975		14,353
2020	7,292		1,501		115		8,452		456		8,908
2019	4,208		946		137		4,968		323		5,291
2018	1,635		447		52		1,965		169		2,134
Prior	6,853		2,072		300		8,492		733		9,225
Total	$	43,163	$	10,020	$	1,277	$	50,655	$	3,805	$	54,460


March 2023 Form 10-Q			52


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)


	At March 31, 2023
	Securities-based Lending1		Other2
$ in millions			IG		NIG		Total
Revolving	$	73,763	$	5,988	$	1,089	$	80,840
2023	468		138		148		754
2022	1,514		1,115		729		3,358
2021	701		481		295		1,477
2020	—		579		376		955
2019	16		970		545		1,531
Prior	202		1,706		1,074		2,982
Total	$	76,664	$	10,977	$	4,256	$	91,897


	December 31, 2022
	Securities-based Lending1		Other2
$ in millions			IG		NIG		Total
Revolving	$	77,115	$	5,760	$	1,480	$	84,355
2022	1,425		1,572		269		3,266
2021	725		525		223		1,473
2020	—		580		418		998
2019	16		913		644		1,573
2018	202		268		304		774
Prior	—		1,581		646		2,227
Total	$	79,483	$	11,199	$	3,984	$	94,666

IG—Investment Grade

NIG—Non-investment Grade

1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2023 and December 31, 2022, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2022 Form 10-K.

2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment.

Past Due Loans Held for Investment before Allowance1


$ in millions	At March 31, 2023		At December 31, 2022
Corporate	$	46	$	112
Secured lending facilities	80		85

Residential real estate	126		158
Securities-based lending and Other loans	19		1
Total	$	271	$	356

1.The majority of the amounts are past due for a period of greater than 90 days.

Nonaccrual Loans Held for Investment before Allowance


$ in millions	At March 31, 2023		At December 31, 2022
Corporate	$	177	$	71
Secured lending facilities	89		94
Commercial real estate	353		209
Residential real estate	125		118
Securities-based lending and Other loans	66		10
Total1	$	810	$	502
Nonaccrual loans without an ACL	$	140	$	117

1.Includes all loans held for investment that are 90 days or more past due as of March 31, 2023 and December 31, 2022.

See Note 2 to the financial statements in the 2022 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.

The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower's financial difficulties, and these modifications include interest rate reductions,

principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses. As of March 31, 2023, there were no loans held for investment modified in the current quarter with subsequent default or past due.

Modified Loans Held for Investment1


	At March 31, 20232
$ in millions	Amortized Cost		% of Total Loans3














	Term Extension
Corporate	$	17	0.2	%

Commercial real estate	62		0.7	%
Residential real estate	1		—	%

Total	$	80
	Other-than-insignificant Payment Delay


Commercial real estate	$	67	0.8	%

1.Lending commitments to borrowers for which the Firm has modified terms of the receivable are $607 million as of March 31, 2023.

2.Loans held for investment that were modified during the current quarter.

3.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Impact on Modified Loans Held for Investment


			At March 31, 2023












			Term Extension
Corporate			Added a weighted-average 8 months to the life of modified loans.

Commercial real estate			Added a weighted-average 2 months to the life of modified loans.
Residential real estate			Added 4 months to the life of the modified loan.

			Other-than-insignificant Payment Delay


Commercial real estate			Provided a forbearance period of 8 months to the borrower of the modified loan.

Troubled Debt Restructurings


$ in millions	At December 31, 2022
Loans, before ACL	$	29

Allowance for credit losses	—

TDRs included modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 to the financial statements in the 2022 Form 10-K for further information on TDRs guidance. The accounting guidance for TDRs was eliminated for the Firm, beginning on January 1, 2023. See Note 2 for further information herein.

Gross Charge-offs by Origination Year


	Three Months Ended March 31, 2023
$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
Revolving	$	(1)	$	—	$	—	$	—	$	—	$	(1)





2019	—		—		(29)		—		(1)		(30)
Prior	—		—		(40)		—		—		(40)
Total	$	(1)	$	—	$	(69)	$	—	$	(1)	$	(71)


			53			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Allowance for Credit Losses Rollforward and Allocation—Loans


$ in millions	Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
December 31, 2022	$	235		$	153		$	275		$	87		$	89		$	839
Gross charge-offs	(1)			—			(69)			—			(1)			(71)


Provision (release)	31			—			129			26			15			201
Other	—			(1)			—			—			2			1
March 31, 2023	$	265		$	152		$	335		$	113		$	105		$	970
Percent of loans to total loans1	4		%	18		%	4		%	28		%	46		%	100		%


$ in millions	Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
December 31, 2021	$	165		$	163		$	206		$	60		$	60		$	654
Gross charge-offs	—			(3)			(7)			—			(1)			(11)


Provision (release)	6			12			6			13			2			39
Other	(1)			—			(2)			—			—			(3)
March 31, 2022	$	170		$	172		$	203		$	73		$	61		$	679
Percent of loans to total loans1	3		%	16		%	5		%	26		%	50		%	100		%

CRE—Commercial real estate

SBL—Securities-based lending

1.Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment.

Allowance for Credit Losses Rollforward—Lending Commitments


$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
December 31, 2022	$	411	$	51	$	15	$	4	$	23	$	504
Provision (release)	22		—		7		1		3		33
Other	2		—		—		—		—		2
March 31, 2023	$	435	$	51	$	22	$	5	$	26	$	539


$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
December 31, 2021	$	356	$	41	$	20	$	1	$	26	$	444
Provision (release)	20		8		(7)		—		(3)		18
Other	(3)		—		—		—		—		(3)
March 31, 2022	$	373	$	49	$	13	$	1	$	23	$	459

The allowance for credit losses for loans and lending commitments increased in the current quarter, reflecting deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The base scenario used in our ACL models as of March 31, 2023 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models, and assumes an economic contraction in 2023, followed by a recovery in 2024. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”). For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 10 to the financial statements in the 2022 Form 10-K.

Selected Credit Ratios


	At March 31, 2023		At December 31, 2022
ACL for loans to total HFI loans	0.5	%	0.4	%
Nonaccrual HFI loans to total HFI loans1	0.4	%	0.3	%
ACL for loans to nonaccrual HFI loans	119.8	%	167.1	%

1.These loans are on nonaccrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt.

Employee Loans


$ in millions	At March 31, 2023		At December 31, 2022
Currently employed by the Firm1	$	4,065	$	4,023
No longer employed by the Firm2	105		97
Employee loans	$	4,170	$	4,120
ACL	(138)		(139)
Employee loans, net of ACL	$	4,032	$	3,981
Remaining repayment term, weighted average in years	5.8		5.8

1.These loans are predominantly current.

2.These loans are predominantly past due for a period of 90 days or more.

Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2022 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.

10. Other Assets—Equity Method Investments

Equity Method Investments


$ in millions	At March 31, 2023		At December 31, 2022
Investments	$	1,962	$	1,927


	Three Months Ended March 31,
$ in millions		2023		2022
Income (loss)		$	25	$	6

Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.

Japanese Securities Joint Venture


	Three Months Ended March 31,
$ in millions		2023		2022
Income (loss) from investment in MUMSS		$	29	$	4


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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

For more information on MUMSS and other relationships with MUFG, see Note 12 to the financial statements in the 2022 Form 10-K.

11. Deposits

Deposits


$ in millions	At March 31, 2023		At December 31, 2022
Savings and demand deposits	$	298,330	$	319,948
Time deposits	49,193		36,698
Total	$	347,523	$	356,646
Deposits subject to FDIC insurance	$	263,420	$	260,420
Deposits not subject to FDIC insurance	$	84,103	$	96,226

Time Deposit Maturities


$ in millions	At March 31, 2023
2023	$	22,647
2024	15,815
2025	5,204
2026	1,982
2027	1,847
Thereafter	1,698
Total	$	49,193

12. Borrowings and Other Secured Financings

Borrowings


$ in millions	At March 31, 2023		At December 31, 2022
Original maturities of one year or less	$	4,587	$	4,191
Original maturities greater than one year
Senior	$	231,205	$	221,667
Subordinated	14,390		12,200
Total	$	245,595	$	233,867
Total borrowings	$	250,182	$	238,058
Weighted average stated maturity, in years1	6.7		6.7

1.Only includes borrowings with original maturities greater than one year.

Other Secured Financings


$ in millions	At March 31, 2023		At December 31, 2022
Original maturities:
One year or less	$	980	$	944
Greater than one year	7,690		7,214
Total	$	8,670	$	8,158
Transfers of assets accounted for as secured financings	$	1,138	$	1,119

Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.

For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.

13. Commitments, Guarantees and Contingencies

Commitments


	Years to Maturity at March 31, 2023
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Lending:
Corporate	$	16,630	$	26,698	$	57,883	$	1,819	$	103,030
Secured lending facilities	7,379		5,943		2,884		1,027		17,233
Commercial and Residential real estate	171		201		19		336		727
Securities-based lending and Other	13,175		4,995		414		522		19,106
Forward-starting secured financing receivables1	70,011		—		—		—		70,011
Central counterparty	300		—		—		7,255		7,555
Underwriting	300		—		—		—		300
Investment activities	1,313		290		118		356		2,077
Letters of credit and other financial guarantees	107		35		—		8		150
Total	$	109,386	$	38,162	$	61,318	$	11,323	$	220,189
Lending commitments participated to third parties									$	7,509

1.Forward-starting secured financing receivables are generally settled within three business days.

Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.

For a further description of these commitments, refer to Note 15 to the financial statements in the 2022 Form 10-K.

Guarantees


	At March 31, 2023
	Maximum Potential Payout/Notional of Obligations by Years to Maturity								Carrying Amount Asset (Liability)
$ in millions	Less than 1		1-3		3-5		Over 5
Non-credit derivatives1	$	1,418,449	$	1,132,093	$	347,086	$	692,818	$	(60,437)
Standby letters of credit and other financial guarantees issued2	1,634		635		1,389		2,676		(6)
Market value guarantees	2		—		—		—		—
Liquidity facilities	2,593		—		—		—		(2)
Whole loan sales guarantees	—		52		34		23,079		—
Securitization representations and warranties3	—		—		—		78,695		(3)
General partner guarantees	364		30		143		37		(87)
Client clearing guarantees	45		—		—		—		—

1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.

2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of March 31, 2023, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $77 million.

3.Related to commercial and residential mortgage securitizations.


			55			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.

For more information on the nature of the obligations and related business activities for our guarantees, see Note 15 to the financial statements in the 2022 Form 10-K.

Other Guarantees and Indemnities

In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 15 to the financial statements in the 2022 Form 10-K.

In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.

Finance Subsidiary

The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.

Contingencies

Legal

In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or are in

financial distress. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our sales and trading businesses, and our activities in the capital markets.

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

While the Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible and reasonably estimable.

The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss, the Firm accrues the estimated loss by a charge to income.


	Three Months Ended March 31,
$ in millions		2023		2022
Legal expenses		$	151	$	84

The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government investigations and private litigation affecting global financial services firms, including the Firm.

In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss, particularly for proceedings and investigations where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved before a loss or additional loss, or range of loss or additional range of loss, can be reasonably estimated for a proceeding or investigation, including through potentially lengthy discovery and determination of important factual matters, determination of


March 2023 Form 10-Q			56


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

issues related to class certification and the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued but does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, other than the matter referred to in the following paragraph.

Tax

In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) is challenging in the Dutch courts the prior set-off by the Firm of approximately €124 million (approximately $135 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and to keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319. On June 22, 2020, the Firm filed an appeal against the decision of the Court of Appeal in Amsterdam before the Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court issued an advisory opinion on the Firm’s appeal, which rejected the Firm’s principal grounds of appeal. On February 11, 2021, the Firm and the Dutch Authority each responded to this opinion. On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns and the maintenance of its books and records for 2007 to 2012. The Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.

For certain other legal proceedings and investigations including the following matter, the Firm can estimate probable losses but does not believe, based on current knowledge and after consultation with counsel, that additional loss in excess of amounts accrued could have a material adverse effect on the Firm’s financial statements as a whole.

Antitrust Related Matter

In August of 2017, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. Plaintiffs’ motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. The motion for class certification and the parties’ objections to the report and recommendation are pending before the District Court.

14. Variable Interest Entities and Securitization Activities

Consolidated VIE Assets and Liabilities by Type of Activity


	At March 31, 2023				At December 31, 2022
$ in millions	VIE Assets		VIE Liabilities		VIE Assets		VIE Liabilities
MABS1	$	944	$	659	$	1,153	$	520
Investment vehicles2	634		272		638		272
MTOB	664		614		371		322
Other	572		199		519		199
Total	$	2,814	$	1,744	$	2,681	$	1,313

MTOB—Municipal tender option bonds

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.

2.Amounts include investment funds and CLOs.


			57			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Consolidated VIE Assets and Liabilities by Balance Sheet Caption


$ in millions	At March 31, 2023		At December 31, 2022
Assets
Cash and cash equivalents	$	141	$	142


Trading assets at fair value	1,885		2,066
Investment securities	577		255
Securities purchased under agreements to resell	200		200
Customer and other receivables	9		16


Other assets	2		2
Total	$	2,814	$	2,681
Liabilities
Other secured financings	$	1,618	$	1,185
Other liabilities and accrued expenses	122		124
Borrowings	4		4
Total	$	1,744	$	1,313
Noncontrolling interests	$	75	$	71

Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.

In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.

Non-consolidated VIEs


	At March 31, 2023
$ in millions	MABS1		CDO		MTOB		OSF		Other2
VIE assets (UPB)	$	132,049	$	926	$	3,688	$	2,619	$	52,661
Maximum exposure to loss3
Debt and equity interests	$	16,917	$	74	$	—	$	1,749	$	11,751
Derivative and other contracts	—		—		2,593		—		5,615
Commitments, guarantees and other	1,290		—		—		—		892
Total	$	18,207	$	74	$	2,593	$	1,749	$	18,258
Carrying value of variable interests—Assets
Debt and equity interests	$	16,917	$	74	$	—	$	1,558	$	11,751
Derivative and other contracts	—		—		3		—		1,731
Total	$	16,917	$	74	$	3	$	1,558	$	13,482
Additional VIE assets owned4									$	14,419
Carrying value of variable interests—Liabilities

Derivative and other contracts	$	—	$	—	$	5	$	—	$	306


	At December 31, 2022
$ in millions	MABS1		CDO		MTOB		OSF		Other2
VIE assets (UPB)	$	123,601	$	3,162	$	4,632	$	2,403	$	50,178
Maximum exposure to loss3
Debt and equity interests	$	13,104	$	274	$	—	$	1,694	$	11,596
Derivative and other contracts	—		—		3,200		—		5,211
Commitments, guarantees and other	674		—		—		—		1,410
Total	$	13,778	$	274	$	3,200	$	1,694	$	18,217
Carrying value of variable interests–Assets
Debt and equity interests	$	13,104	$	274	$	—	$	1,577	$	11,596
Derivative and other contracts	—		—		3		—		1,564
Total	$	13,104	$	274	$	3	$	1,577	$	13,160
Additional VIE assets owned4									$	13,708
Carrying value of variable interests—Liabilities
Derivative and other contracts	$	—	$	—	$	3	$	—	$	281

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.

2.Other primarily includes exposures to commercial real estate property and investment funds.

3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.

4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.

The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).

The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.

The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.

Liabilities issued by VIEs generally are non-recourse to the Firm.

Detail of Mortgage- and Asset-Backed Securitization Assets


	At March 31, 2023				At December 31, 2022
$ in millions	UPB		Debt and Equity Interests		UPB		Debt and Equity Interests
Residential mortgages	$	16,999	$	2,441	$	20,428	$	2,570
Commercial mortgages	69,821		4,594		67,540		4,236
U.S. agency collateralized mortgage obligations	39,959		5,959		32,567		4,729
Other consumer or commercial loans	5,270		3,923		3,066		1,569
Total	$	132,049	$	16,917	$	123,601	$	13,104


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Notes to Consolidated Financial Statements (Unaudited)

Transferred Assets with Continuing Involvement


	At March 31, 2023
$ in millions	RML		CML		U.S. Agency CMO		CLN and Other1
SPE assets (UPB)2,3	$	4,095	$	72,848	$	7,061	$	10,689
Retained interests
Investment grade	$	138	$	888	$	424	$	—
Non-investment grade	81		512		—		42
Total	$	219	$	1,400	$	424	$	42
Interests purchased in the secondary market3
Investment grade	$	17	$	49	$	10	$	—
Non-investment grade	6		16		—		—
Total	$	23	$	65	$	10	$	—
Derivative assets	$	—	$	—	$	—	$	1,151
Derivative liabilities	—		—		—		288


	At December 31, 2022
$ in millions	RML		CML		U.S. Agency CMO		CLN and Other1
SPE assets (UPB)2,3	$	3,732	$	73,069	$	6,448	$	10,928
Retained interests
Investment grade	$	137	$	927	$	367	$	—
Non-investment grade	26		465		11		44
Total	$	163	$	1,392	$	378	$	44
Interests purchased in the secondary market3
Investment grade	$	82	$	51	$	10	$	—
Non-investment grade	35		23		—		—
Total	$	117	$	74	$	10	$	—
Derivative assets	$	—	$	—	$	—	$	1,114
Derivative liabilities	—		—		—		201


	Fair Value At March 31, 2023
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	561	$	—	$	561
Non-investment grade	17		51		68
Total	$	578	$	51	$	629
Interests purchased in the secondary market3
Investment grade	$	74	$	2	$	76
Non-investment grade	13		9		22
Total	$	87	$	11	$	98
Derivative assets	$	1,151	$	—	$	1,151
Derivative liabilities	288		—		288


	Fair Value at December 31, 2022
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	489	$	—	$	489
Non-investment grade	25		16		41
Total	$	514	$	16	$	530
Interests purchased in the secondary market3
Investment grade	$	140	$	3	$	143
Non-investment grade	42		16		58
Total	$	182	$	19	$	201
Derivative assets	$	1,114	$	—	$	1,114
Derivative liabilities	153		48		201

RML—Residential mortgage loans

CML—Commercial mortgage loans

1.Amounts include CLO transactions managed by unrelated third parties.

2.Amounts include assets transferred by unrelated transferors.

3.Amounts are only included for transactions where the Firm also holds retained interests as part of the transfer.

The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2022 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.

Proceeds from New Securitization Transactions and Sales of Loans


	Three Months Ended March 31,
$ in millions		2023		2022
New transactions1		$	2,521	$	8,260
Retained interests		1,575		1,622
Sales of corporate loans to CLO SPEs1, 2		—		4

1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.

2.Sponsored by non-affiliates.

The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).

Assets Sold with Retained Exposure


$ in millions	At March 31, 2023		At December 31, 2022
Gross cash proceeds from sale of assets1	$	49,167	$	49,059
Fair value
Assets sold	$	49,824	$	47,281
Derivative assets recognized in the balance sheet	885		116
Derivative liabilities recognized in the balance sheet	228		1,893

1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.

For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 16 to the financial statements in the 2022 Form 10-K.


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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

15. Regulatory Requirements

Regulatory Capital Framework and Requirements

For a discussion of the Firm’s regulatory capital framework, see Note 17 to the financial statements in the 2022 Form 10-K.

The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2023 and December 31, 2022, the differences between the actual and required ratios were lower under the Standardized Approach.

CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.

Capital Buffer Requirements


	At March 31, 2023 and December 31, 2022
	Standardized	Advanced
Capital buffers
Capital conservation buffer	—	2.5%
SCB	5.8%	N/A
G-SIB capital surcharge	3.0%	3.0%
CCyB1	0%	0%
Capital buffer requirement	8.8%	5.5%

1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and opeational risk RWA (“Advanced Approach”) is equal to the

2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.

Risk-Based Regulatory Capital Ratio Requirements


	Regulatory Minimum		At March 31, 2023 and December 31, 2022
			Standardized	Advanced
Required ratios1
Common Equity Tier 1 capital ratio	4.5	%	13.3%	10.0%
Tier 1 capital ratio	6.0	%	14.8%	11.5%
Total capital ratio	8.0	%	16.8%	13.5%

1.Required ratios represent the regulatory minimum plus the capital buffer requirement.

The Firm’s Regulatory Capital and Capital Ratios


$ in millions	Required Ratio1		At March 31, 2023			At December 31, 2022
Risk-based capital
Common Equity Tier 1 capital			$	69,454		$	68,670
Tier 1 capital			77,947			77,191
Total capital			89,794			86,575
Total RWA			459,107			447,849
Common Equity Tier 1 capital ratio	13.3	%	15.1		%	15.3		%
Tier 1 capital ratio	14.8	%	17.0		%	17.2		%
Total capital ratio	16.8	%	19.6		%	19.3		%

$ in millions	Required Ratio1		At March 31, 2023			At December 31, 2022
Leverage-based capital
Adjusted average assets2			$	1,168,328		$	1,150,772
Tier 1 leverage ratio	4.0	%	6.7		%	6.7		%
Supplementary leverage exposure3			$	1,422,808		$	1,399,403
SLR	5.0	%	5.5		%	5.5		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

2.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm’s own capital instruments, certain defined tax assets and other capital deductions.

3.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection, offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.

U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios

The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.

The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum


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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.

At March 31, 2023 and December 31, 2022, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.

MSBNA’s Regulatory Capital


	Well-Capitalized Requirement		Required Ratio1		At March 31, 2023				At December 31, 2022
$ in millions					Amount		Ratio		Amount		Ratio
Risk-based capital
Common Equity Tier 1 capital	6.5	%	7.0	%	$	21,485	21.5	%	$	20,043	20.5	%
Tier 1 capital	8.0	%	8.5	%	21,485		21.5	%	20,043		20.5	%
Total capital	10.0	%	10.5	%	22,221		22.3	%	20,694		21.1	%
Leverage-based capital
Tier 1 leverage	5.0	%	4.0	%	$	21,485	10.5	%	$	20,043	10.1	%
SLR	6.0	%	3.0	%	21,485		8.3	%	20,043		8.1	%

MSPBNA’s Regulatory Capital


	Well-Capitalized Requirement		Required Ratio1		At March 31, 2023				At December 31, 2022
$ in millions					Amount		Ratio		Amount		Ratio
Risk-based capital
Common Equity Tier 1 capital	6.5	%	7.0	%	$	16,321	28.3	%	$	15,546	27.5	%
Tier 1 capital	8.0	%	8.5	%	16,321		28.3	%	15,546		27.5	%
Total capital	10.0	%	10.5	%	16,521		28.6	%	15,695		27.8	%
Leverage-based capital
Tier 1 leverage	5.0	%	4.0	%	$	16,321	8.1	%	$	15,546	7.6	%
SLR	6.0	%	3.0	%	16,321		7.8	%	15,546		7.4	%

1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.

Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is provisionally registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.

Other Regulatory Capital Requirements

MS&Co. Regulatory Capital


$ in millions	At March 31, 2023		At December 31, 2022
Net capital	$	17,616	$	17,224
Excess net capital	13,134		12,861

MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,

respectively, and provisionally registered as a swap dealer with the CFTC.

As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and provisionally-registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2023 and December 31, 2022, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.

Other Regulated Subsidiaries

Certain subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of March 31, 2023 and December 31, 2022, as applicable:

•MSSB,

•MSIP,

•MSESE,

•MSMS,

•MSCS,

•MSCG, and

•E*TRADE Securities LLC.

MSESE is subject to stand-alone capital requirements beginning on January 1, 2023. Previously, requirements were met at the consolidated level of the MSEHSE Group.

See Note 17 to the financial statements in the 2022 Form 10-K for further information.


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Notes to Consolidated Financial Statements (Unaudited)

16. Total Equity

Preferred Stock


	Shares Outstanding			Carrying Value
$ in millions, except per share data	At March 31, 2023	Liquidation Preference per Share		At March 31, 2023		At December 31, 2022
Series
A	44,000	$	25,000	$	1,100	$	1,100
C1	519,882	1,000		408		408
E	34,500	25,000		862		862
F	34,000	25,000		850		850
I	40,000	25,000		1,000		1,000
K	40,000	25,000		1,000		1,000
L	20,000	25,000		500		500
M	400,000	1,000		430		430
N	3,000	100,000		300		300
O	52,000	25,000		1,300		1,300
P	40,000	25,000		1,000		1,000
Total				$	8,750	$	8,750
Shares authorized						30,000,000

1.Series C preferred stock is held by MUFG.

For a description of Series A through Series P preferred stock, see Note 18 to the financial statements in the 2022 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).

Share Repurchases


	Three Months Ended March 31,
$ in millions		2023		2022
Repurchases of common stock under the Firm’s Share Repurchase Authorization		$	1,500	$	2,872

On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 18 to the financial statements in the 2022 Form 10-K.

Common Shares Outstanding for Basic and Diluted EPS


	Three Months Ended March 31,
in millions	2023	2022
Weighted average common shares outstanding, basic	1,645	1,733
Effect of dilutive RSUs and PSUs	18	22
Weighted average common shares outstanding and common stock equivalents, diluted	1,663	1,755
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)	4	5

Dividends


$ in millions, except per share data	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Per Share1		Total		Per Share1		Total
Preferred stock series
A	$	343	$	15	$	242	$	11
C	25		13		25		13
E	445		15		445		15
F	430		14		430		14
I	398		16		398		16
K	366		15		366		15
L	305		6		305		6
M2	29		12		29		12
N3	2,650		8		2,650		8
O4	266		14		266		14
P	406		16		—		—
Total Preferred stock			$	144			$	124
Common stock	$	0.775	$	1,305	$	0.700	$	1,252

1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.

2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.

3.Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.

4.Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly.

Accumulated Other Comprehensive Income (Loss)1


$ in millions	CTA		AFS Securities		Pension and Other		DVA		Cash Flow Hedges		Total






December 31, 2022	$	(1,204)	$	(4,192)	$	(508)	$	(345)	$	(4)	$	(6,253)
OCI during the period	32		512		(1)		(8)		7		542
March 31, 2023	$	(1,172)	$	(3,680)	$	(509)	$	(353)	$	3	$	(5,711)
December 31, 2021	$	(1,002)	$	245	$	(551)	$	(1,794)	$	—	$	(3,102)
OCI during the period	(48)		(2,395)		5		638		—		(1,800)
March 31, 2022	$	(1,050)	$	(2,150)	$	(546)	$	(1,156)	$	—	$	(4,902)

1.Amounts are net of tax and noncontrolling interests.


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Notes to Consolidated Financial Statements (Unaudited)

Components of Period Changes in OCI


	Three Months Ended March 31, 2023
$ in millions	Pre-tax Gain (Loss)		Income Tax Benefit (Provision)		After-tax Gain (Loss)		Non-controlling Interests		Net
CTA
OCI activity	$	(10)	$	30	$	20	$	(12)	$	32
Reclassified to earnings	—		—		—		—		—
Net OCI	$	(10)	$	30	$	20	$	(12)	$	32
Change in net unrealized gains (losses) on AFS securities
OCI activity	$	710	$	(167)	$	543	$	—	$	543
Reclassified to earnings	(41)		10		(31)		—		(31)
Net OCI	$	669	$	(157)	$	512	$	—	$	512
Pension and other
OCI activity	$	—	$	—	$	—	$	—	$	—
Reclassified to earnings	(1)		—		(1)		—		(1)
Net OCI	$	(1)	$	—	$	(1)	$	—	$	(1)
Change in net DVA
OCI activity	$	(30)	$	10	$	(20)	$	(7)	$	(13)
Reclassified to earnings	6		(1)		5		—		5
Net OCI	$	(24)	$	9	$	(15)	$	(7)	$	(8)
Change in fair value of cash flow hedge derivatives
OCI activity	$	7	$	(1)	$	6	$	—	$	6
Reclassified to earnings	1		—		1		—		1
Net OCI	$	8	$	(1)	$	7	$	—	$	7


	Three Months Ended March 31, 2022
$ in millions	Pre-tax Gain (Loss)		Income Tax Benefit (Provision)		After-tax Gain (Loss)		Non-controlling Interests		Net
CTA
OCI activity	$	(60)	$	(45)	$	(105)	$	(57)	$	(48)
Reclassified to earnings	—		—		—		—		—
Net OCI	$	(60)	$	(45)	$	(105)	$	(57)	$	(48)
Change in net unrealized gains (losses) on AFS securities
OCI activity	$	(3,084)	$	723	$	(2,361)	$	—	$	(2,361)
Reclassified to earnings	(44)		10		(34)		—		(34)
Net OCI	$	(3,128)	$	733	$	(2,395)	$	—	$	(2,395)
Pension and other
OCI activity	$	—	$	—	$	—	$	—	$	—
Reclassified to earnings	5		—		5		—		5
Net OCI	$	5	$	—	$	5	$	—	$	5
Change in net DVA
OCI activity	$	871	$	(211)	$	660	$	22	$	638
Reclassified to earnings	—		—		—		—		—
Net OCI	$	871	$	(211)	$	660	$	22	$	638

17. Interest Income and Interest Expense


	Three Months Ended March 31,
$ in millions		2023		2022
Interest income
Investment securities		$	1,018	$	777
Loans		2,815		1,156
Securities purchased under agreements to resell1		1,477		13
Securities borrowed2		1,172		(217)
Trading assets, net of Trading liabilities		913		524
Customer receivables and Other3		3,475		397
Total interest income		$	10,870	$	2,650

Interest expense
Deposits		$	1,575	$	73
Borrowings		2,506		685
Securities sold under agreements to repurchase4		1,218		49
Securities loaned5		164		93
Customer payables and Other6		3,061		(466)
Total interest expense		$	8,524	$	434
Net interest		$	2,346	$	2,216

1.Includes interest paid on Securities purchased under agreements to resell.

2.Includes fees paid on Securities borrowed.

3.Includes interest from Cash and cash equivalents.

4.Includes interest received on Securities sold under agreements to repurchase.

5.Includes fees received on Securities loaned.

6.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.

Accrued Interest


$ in millions	At March 31, 2023		At December 31, 2022
Customer and other receivables	$	3,842	$	4,139
Customer and other payables	3,957		4,273

18. Income Taxes

The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York.

The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.

It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months.


			63			March 2023 Form 10-Q


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

19. Segment, Geographic and Revenue Information

Selected Financial Information by Business Segment


	Three Months Ended March 31, 2023
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,247	$	104	$	—	$	(21)	$	1,330
Trading	4,257		227		(16)		9		4,477
Investments	28		16		101		—		145
Commissions and fees1	714		590		—		(65)		1,239
Asset management1,2	148		3,382		1,248		(50)		4,728
Other	180		82		(6)		(4)		252
Total non-interest revenues	6,574		4,401		1,327		(131)		12,171
Interest income	7,758		3,627		29		(544)		10,870
Interest expense	7,535		1,469		67		(547)		8,524
Net interest	223		2,158		(38)		3		2,346
Net revenues	$	6,797	$	6,559	$	1,289	$	(128)	$	14,517
Provision for credit losses	$	189	$	45	$	—	$	—	$	234
Compensation and benefits	2,365		3,477		568		—		6,410
Non-compensation expenses	2,351		1,325		555		(118)		4,113
Total non-interest expenses	$	4,716	$	4,802	$	1,123	$	(118)	$	10,523
Income before provision for income taxes	$	1,892	$	1,712	$	166	$	(10)	$	3,760
Provision for income taxes	363		336		30		(2)		727


Net income	1,529		1,376		136		(8)		3,033
Net income applicable to noncontrolling interests	51		—		2		—		53
Net income applicable to Morgan Stanley	$	1,478	$	1,376	$	134	$	(8)	$	2,980


	Three Months Ended March 31, 2022
$ in millions	IS		WM		IM		I/E		Total
Investment banking	$	1,634	$	143	$	—	$	(19)	$	1,758
Trading	4,205		(231)		(9)		18		3,983
Investments	99		12		(36)		—		75
Commissions and fees1	774		723		—		(81)		1,416
Asset management1,2	147		3,626		1,388		(42)		5,119
Other	117		122		(2)		(3)		234
Total non-interest revenues	6,976		4,395		1,341		(127)		12,585
Interest income	1,062		1,637		7		(56)		2,650
Interest expense	381		97		13		(57)		434
Net interest	681		1,540		(6)		1		2,216
Net revenues	$	7,657	$	5,935	$	1,335	$	(126)	$	14,801
Provision for credit losses	$	44	$	13	$	—	$	—	$	57
Compensation and benefits	2,604		3,125		545		—		6,274
Non-compensation expenses	2,222		1,224		562		(126)		3,882
Total non-interest expenses	$	4,826	$	4,349	$	1,107	$	(126)	$	10,156
Income before provision for income taxes	$	2,787	$	1,573	$	228	$	—	$	4,588
Provision for income taxes	535		301		37		—		873


Net income	2,252		1,272		191		—		3,715
Net income applicable to noncontrolling interests	61		—		(12)		—		49
Net income applicable to Morgan Stanley	$	2,191	$	1,272	$	203	$	—	$	3,666

1.Substantially all revenues are from contracts with customers.

2.Includes certain fees that may relate to services performed in prior periods.

For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2022 Form 10-K.

Detail of Investment Banking Revenues


	Three Months Ended March 31,
$ in millions		2023			2022
Institutional Securities Advisory		$	638		$	944
Institutional Securities Underwriting		609			690
Firm Investment banking revenues from contracts with customers		89		%	90		%

Trading Revenues by Product Type


	Three Months Ended March 31,
$ in millions		2023		2022
Interest rate		$	1,368	$	391
Foreign exchange		262		648
Equity1		2,212		2,007
Commodity and other		539		525
Credit		96		412
Total		$	4,477	$	3,983

1.Dividend income is included within equity contracts.

The previous table summarizes realized and unrealized gains and losses, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest


$ in millions	At March 31, 2023		At December 31, 2022
Net cumulative unrealized performance-based fees at risk of reversing	$	815	$	819

The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers


	Three Months Ended March 31,
$ in millions		2023		2022
Fee waivers		$	18	$	124

The Firm waives a portion of its fees in the Investment Management business segment from certain registered money


March 2023 Form 10-Q			64


Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

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 millions		2023		2022
Transaction taxes		$	214	$	258

Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.

Net Revenues by Region


	Three Months Ended March 31,
$ in millions		2023		2022
Americas		$	10,791	$	10,464
EMEA		1,737		2,311
Asia		1,989		2,026
Total		$	14,517	$	14,801

For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2022 Form 10-K.

Revenues Recognized from Prior Services


	Three Months Ended March 31,
$ in millions		2023		2022
Non-interest revenues		$	704	$	1,005

The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.

Receivables from Contracts with Customers


$ in millions	At March 31, 2023		At December 31, 2022
Customer and other receivables	$	2,182	$	2,577

Receivables from contracts with customers, which are included within Customer and other receivables in the balance

sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.

Assets by Business Segment


$ in millions	At March 31, 2023		At December 31, 2022
Institutional Securities	$	819,195	$	789,837
Wealth Management	363,405		373,305
Investment Management	17,304		17,089
Total1	$	1,199,904	$	1,180,231

1. Parent assets have been fully allocated to the business segments.


			65			March 2023 Form 10-Q


Table of Contents
Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income


	Three Months Ended March 31,
	2023						2022
$ in millions	Average Daily Balance		Interest		Annualized Average Rate		Average Daily Balance		Interest		Annualized Average Rate
Interest earning assets
Investment securities1	$	159,061	$	1,018	2.6	%	$	177,572	$	777	1.8	%
Loans1	214,185		2,815		5.3	%	191,551		1,156		2.4	%
Securities purchased under agreements to resell2:
U.S.	46,847		932		8.1	%	52,389		36		0.3	%
Non-U.S.	65,713		545		3.4	%	64,150		(23)		(0.1)	%
Securities borrowed3:
U.S.	123,206		1,095		3.6	%	122,203		(176)		(0.6)	%
Non-U.S.	18,683		77		1.7	%	21,229		(41)		(0.8)	%
Trading assets, net of Trading liabilities4:
U.S.	87,631		786		3.6	%	79,509		430		2.2	%
Non-U.S.	7,264		127		7.1	%	16,606		94		2.3	%
Customer receivables and Other5:
U.S.	107,055		2,428		9.2	%	129,162		355		1.1	%
Non-U.S.	69,288		1,047		6.1	%	76,545		42		0.2	%
Total	$	898,933	$	10,870	4.9	%	$	930,916	$	2,650	1.2	%
Interest bearing liabilities
Deposits1	$	346,973	$	1,575	1.8	%	$	348,916	$	73	0.1	%
Borrowings1,6	245,600		2,506		4.1	%	228,942		685		1.2	%
Securities sold under agreements to repurchase7,9:
U.S.	21,075		670		12.9	%	22,979		40		0.7	%
Non-U.S.	41,071		548		5.4	%	36,148		9		0.1	%
Securities loaned8,9:
U.S.	4,992		13		1.1	%	5,489		(1)		(0.1)	%
Non-U.S.	10,016		151		6.1	%	7,771		94		4.9	%
Customer payables and Other10:
U.S.	137,766		2,045		6.0	%	136,407		(368)		(1.1)	%
Non-U.S.	65,818		1,016		6.3	%	74,919		(98)		(0.5)	%
Total	$	873,311	$	8,524	4.0	%	$	861,571	$	434	0.2	%
Net interest income and net interest rate spread			$	2,346	0.9	%			$	2,216	1.0	%

1.Amounts include primarily U.S. balances.

2.Includes interest paid on Securities purchased under agreements to resell.

3.Includes fees paid on Securities borrowed.

4.Excludes non-interest earning assets and non-interest bearing liabilities, such as equity securities.

5.Includes Cash and cash equivalents.

6.Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.

7.Includes interest received on Securities sold under agreements to repurchase.

8.Includes fees received on Securities loaned.

9.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.

10.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.


March 2023 Form 10-Q			66


Table of Contents
Glossary of Common Terms and Acronyms


2022 Form 10-K			Annual report on Form 10-K for year ended December 31, 2022 filed with the SEC
ABS			Asset-backed securities
ACL			Allowance for credit losses
AFS			Available-for-sale
AML			Anti-money laundering
AOCI			Accumulated other comprehensive income (loss)
AUM			Assets under management or supervision
Balance sheet			Consolidated balance sheet
BHC			Bank holding company
bps			Basis points; one basis point equals 1/100th of 1%
Cash flow statement			Consolidated cash flow statement
CCAR			Comprehensive Capital Analysis and Review
CCyB			Countercyclical capital buffer
CDO			Collateralized debt obligation(s), including Collateralized loan obligation(s)
CDS			Credit default swaps
CECL			Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CFTC			U.S. Commodity Futures Trading Commission
CLN			Credit-linked note(s)
CLO			Collateralized loan obligation(s)
CMBS			Commercial mortgage-backed securities
CMO			Collateralized mortgage obligation(s)
CRM			Credit Risk Management Department
CTA			Cumulative foreign currency translation adjustments

DVA			Debt valuation adjustment
EBITDA			Earnings before interest, taxes, depreciation and amortization

EMEA			Europe, Middle East and Africa
EPS			Earnings per common share

FDIC			Federal Deposit Insurance Corporation
FFELP			Federal Family Education Loan Program

FHC			Financial holding company

FICO			Fair Isaac Corporation
Financial statements			Consolidated financial statements

FVO			Fair value option
G-SIB			Global systemically important banks

HFI			Held-for-investment
HFS			Held-for-sale
HQLA			High-quality liquid assets
HTM			Held-to-maturity
I/E			Intersegment eliminations
IHC			Intermediate holding company
IM			Investment Management
Income statement			Consolidated income statement
IRS			Internal Revenue Service
IS			Institutional Securities


LCR			Liquidity coverage ratio, as adopted by the U.S. banking agencies
LIBOR			London Interbank Offered Rate
LTV			Loan-to-value
M&A			Merger, acquisition and restructuring transaction
MSBNA			Morgan Stanley Bank, N.A.
MS&Co.			Morgan Stanley & Co. LLC
MSCG			Morgan Stanley Capital Group Inc.
MSCS			Morgan Stanley Capital Services LLC
MSEHSE			Morgan Stanley Europe Holdings SE
MSESE			Morgan Stanley Europe SE
MSIP			Morgan Stanley & Co. International plc
MSMS			Morgan Stanley MUFG Securities Co., Ltd.
MSPBNA			Morgan Stanley Private Bank, National Association
MSSB			Morgan Stanley Smith Barney LLC
MUFG			Mitsubishi UFJ Financial Group, Inc.
MUMSS			Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWh			Megawatt hour
N/A			Not Applicable
N/M			Not Meaningful
NAV			Net asset value
Non-GAAP			Non-generally accepted accounting principles
NSFR			Net stable funding ratio, as adopted by the U.S. banking agencies
OCC			Office of the Comptroller of the Currency
OCI			Other comprehensive income (loss)

OTC			Over-the-counter

PSU			Performance-based stock unit

ROE			Return on average common equity
ROTCE			Return on average tangible common equity
ROU			Right-of-use
RSU			Restricted stock unit
RWA			Risk-weighted assets
SCB			Stress capital buffer
SEC			U.S. Securities and Exchange Commission
SLR			Supplementary leverage ratio
SOFR			Secured Overnight Financing Rate
S&P			Standard & Poor’s
SPE			Special purpose entity
SPOE			Single point of entry
TDR			Troubled debt restructuring
TLAC			Total loss-absorbing capacity
U.K.			United Kingdom
UPB			Unpaid principal balance
U.S.			United States of America
U.S. GAAP			Accounting principles generally accepted in the United States of America
VaR			Value-at-Risk
VIE			Variable interest entity
WACC			Implied weighted average cost of capital
WM			Wealth Management


			67			March 2023 Form 10-Q


Table of Contents

Controls and Procedures

Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.

No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Legal Proceedings

The following developments have occurred since previously reporting certain matters in the Firm’s 2022 Form 10-K. See also the disclosures set forth under “Legal Proceedings” in the 2022 Form 10-K.

Block Trading Matter

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

Residential Mortgage and Credit Crisis Matters

On March 1, 2023, the court in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. In March 2023, both parties appealed the decision.

On March 3, 2023, the parties in Deutsche Bank National Trust Company, as Trustee for the Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC1 v. Morgan Stanley ABS Capital I, Inc. executed an agreement to settle the litigation.

On March 3, 2023, the parties in Deutsche Bank National Trust Company, solely in its capacity as Trustee for Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC3 v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. executed an agreement to settle the litigation.

European Matter

In connection with the Dutch tax matters, the Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.

Other

On March 10, 2023, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed a Notice of Appeal of the dismissal of Viacom and the individual Viacom defendants.

Risk Factors

For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2022 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities


$ in millions, except per share data	Total Number of Shares Purchased1	Average Price Paid per Share2		Total Shares Purchased as Part of Share Repurchase Authorization3,4	Dollar Value of Remaining Authorized Repurchase
January	8,974,630	$	96.61	2,725,102	$	15,484
February	7,212,253	$	98.48	6,284,841	$	14,865
March	6,830,645	$	92.29	6,752,720	$	14,245
Three Months Ended March 31, 2023	23,017,528	$	95.91	15,762,663

1.Includes 7,254,865 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended March 31, 2023.

2.Includes excise tax levied on share repurchases, net of issuances, payable in April 2024.

3.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.

4.The Firm’s Board of Directors has approved the repurchase of the Firm’s outstanding common stock under a share repurchase authorization (the “Share Repurchase Authorization”) from time to time as conditions warrant and subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase Authorization has no set expiration or termination date.

On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”


March 2023 Form 10-Q			68


Table of Contents

Other Information

On April 26, 2023, the Compensation, Management Development and Succession Committee of the Company’s Board of Directors approved that Raja J. Akram, Deputy Chief Financial Officer, Chief Accounting Officer and Controller, be treated as retirement-eligible for purposes of any year-end deferred incentive compensation awards and, accordingly, any such awards will vest upon Mr. Akram’s resignation of employment from the Company, subject to certain conditions, and remain subject to all other provisions of the awards, including specified cancellation and clawback provisions, until the applicable distribution date.

Exhibits


Exhibit No.			Description
15			Letter of awareness from Deloitte & Touche LLP, dated M ay 2 , 2023 , concerning unaudited interim financial information.
31.1			Rule 13a-14(a) Certification of Chief Executive Officer.
31.2			Rule 13a-14(a) Certification of Chief Financial Officer.
32.1			Section 1350 Certification of Chief Executive Officer.
32.2			Section 1350 Certification of Chief Financial Officer.
101			Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104			Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


MORGAN STANLEY (Registrant)

By:			/s/ SHARON YESHAYA
			Sharon Yeshaya Executive Vice President and Chief Financial Officer

By:			/s/ RAJA J. AKRAM
			Raja J. Akram Deputy Chief Financial Officer, Chief Accounting Officer and Controller

Date: May 2, 2023


			69			March 2023 Form 10-Q

EX-15 2 exhibit15q12023_10-q.htm EX-15 Document

EXHIBIT 15

To the Shareholders and the Board of Directors of Morgan Stanley:

We are aware that our report dated May 2, 2023, on our review of the interim financial information of Morgan Stanley appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, is incorporated by reference in the following Registration Statements of the Firm:

Filed on Form S-3:

Registration Statement No. 333-250103

Registration Statement No. 333-250103-01

Registration Statement No. 333-253728

Filed on Form S-8:

Registration Statement No. 33-63024

Registration Statement No. 33-63026

Registration Statement No. 33-78038

Registration Statement No. 33-79516

Registration Statement No. 33-82240

Registration Statement No. 33-82242

Registration Statement No. 33-82244

Registration Statement No. 333-04212

Registration Statement No. 333-28141

Registration Statement No. 333-28263

Registration Statement No. 333-62869

Registration Statement No. 333-78081

Registration Statement No. 333-95303

Registration Statement No. 333-55972

Registration Statement No. 333-85148

Filed on Form S-8:

Registration Statement No. 333-85150

Registration Statement No. 333-108223

Registration Statement No. 333-142874

Registration Statement No. 333-146954

Registration Statement No. 333-159503

Registration Statement No. 333-159504

Registration Statement No. 333-159505

Registration Statement No. 333-168278

Registration Statement No. 333-172634

Registration Statement No. 333-177454

Registration Statement No. 333-183595

Registration Statement No. 333-188649

Registration Statement No. 333-192448

Registration Statement No. 333-204504

Registration Statement No. 333-211723

Registration Statement No. 333-218377

Registration Statement No. 333-231913

Registration Statement No. 333-256493

Registration Statement No. 333-266612


/s/ Deloitte & Touche LLP
New York, New York
May 2, 2023

EX-31.1 3 exhibit311q12023_10-q.htm EX-31.1 Document

EXHIBIT 31.1

Certification

I, James P. Gorman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Morgan Stanley;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:			May 2, 2023


/s/ JAMES P. GORMAN
James P. Gorman
Chairman of the Board and Chief Executive Officer

EX-31.2 4 exhibit312q12023_10-q.htm EX-31.2 Document

EXHIBIT 31.2

Certification

I, Sharon Yeshaya, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Morgan Stanley;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:			May 2, 2023


/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and Chief Financial Officer

EX-32.1 5 exhibit321q12023_10-q.htm EX-32.1 Document

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Morgan Stanley (the “Firm”) on Form 10-Q for the quarter ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James P. Gorman, Chairman of the Board and Chief Executive Officer of the Firm, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Firm.


/s/ JAMES P. GORMAN
James P. Gorman
Chairman of the Board and
Chief Executive Officer


Date:			May 2, 2023

EX-32.2 6 exhibit322q12023_10-q.htm EX-32.2 Document

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Morgan Stanley (the “Firm”) on Form 10-Q for the quarter ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sharon Yeshaya, Executive Vice President and Chief Financial Officer of the Firm, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Firm.


/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer


Date:			May 2, 2023