MS 10-Q Quarterly Report March 31, 2023 | Alphaminr
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MS 10-Q Quarter ended March 31, 2023

Balance Sheet
Cash Flow
Income Statement
Debt
MORGAN STANLEY
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
Commission File Number 1-11758
mslogo3q20.jpg
(Exact name of Registrant as specified in its charter)
Delaware 1585 Broadway 36-3145972 (212) 761-4000
(State or other jurisdiction of
incorporation or organization) 		New York, NY 10036 (I.R.S. Employer Identification No.) (Registrant’s telephone number, including area code)
(Address of principal executive offices, including zip code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s) 		Name of exchange on
which registered
Common Stock, $0.01 par value MS New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate MS/PA New York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PE New York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PF New York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PI New York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PK New York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th 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.

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QUARTERLY REPORT ON FORM 10-Q
For the quarter ended March 31, 2023
Table of Contents Part Item Page
I
I 2
I 3
I 1
I 4
II
II 1
II 1A
II 2
II 5
II 6

i
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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
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of our business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation,” “Risk Factors” in the 2022 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
March 2023 Form 10-Q
1
Management’s Discussion and Analysis
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Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended March 31, 2023
• The Firm reported net revenues of $14.5 billion and net income of $3.0 billion as our businesses navigated a volatile market environment.
• The Firm delivered ROTCE of 16.9% (see “Selected Non-GAAP Financial Information” herein).
• The Firm’s expense efficiency ratio was 72%. Expenses for the quarter include integration-related expenses of $77 million.
• At March 31, 2023, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%.
• Institutional Securities net revenues of $6.8 billion reflect strong performance in Equity and Fixed Income despite a less favorable market environment compared to a year ago and lower results in Investment Banking.
• Wealth Management net revenues were $6.6 billion, positively impacted by mark-to-market gains on investments associated with certain employee deferred compensation plans compared to losses a year ago. The business delivered a pre-tax margin of 26.1%. Results reflect higher net interest income versus prior year, primarily driven by higher interest rates, even as clients continue to redeploy sweep deposits. These results were partially offset by an increase in expenses as well as higher provisions for credit losses.
• Wealth Management attracted significant net new assets of $110 billion during the quarter.
• Investment Management results reflect net revenues of $1.3 billion on AUM of $1.4 trillion amid declines in asset values from a year ago.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $14.5 billion in the quarter ended March 31, 2023 (“current quarter,” or “1Q 2023”) compared with $14.8 billion in the quarter ended March 31, 2022 (“prior year quarter,” or “1Q 2022”). For the current quarter, net income applicable to Morgan Stanley was $3.0 billion, or $1.70 per diluted common share, compared with $3.7 billion, or $2.02 per diluted common share in the prior year quarter.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Non-interest Expenses 1
($ in millions)
Non-interest Expense - MDA.jpg
1. The percentages on the bars in the chart represent the contribution of compensation and benefits expenses and non-compensation expenses to the total.
• Compensation and benefits expenses of $6,410 million in the current quarter increased 2% from the prior year quarter, primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance, higher stock-based compensation expense driven by the Firm’s share price, and higher salary expenses driven in part by the impact of higher headcount, partially offset by lower discretionary incentive compensation on lower revenues and a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.
• Non-compensation expenses of $4,113 million in the current quarter increased 6% from the prior year quarter, primarily due to higher spend on technology, higher marketing and business development costs and higher legal expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $234 million in the current quarter was primarily related to a deterioration in both the macroeconomic outlook and our expectations of commercial real estate borrowers. The Provision for credit losses on loans and lending commitments in the prior year quarter was $57 million, primarily driven by portfolio growth.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Income Taxes
The effective tax rate of 19.3% for the current quarter was substantially similar to the prior year quarter, both periods reflecting a benefit associated with employee share-based awards, which primarily settled in the first quarter of each year.
Business Segment Results
Net Revenues by Segment 1
($ in millions)
Segment Revenues - MDA.jpg
Net Income Applicable to Morgan Stanley by Segment 1
($ in millions)
Segment Income - MDA.jpg
1. The percentages on the bars in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to 100% due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
• Institutional Securities net revenues of $6,797 million in the current quarter decreased 11% from the elevated levels in the prior year quarter, primarily reflecting lower results from Equity, Investment Banking and Fixed income, partially offset by higher other net revenues.
• Wealth Management net revenues of $6,559 million in the current quarter increased 11% from the prior year quarter, primarily reflecting gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter and higher Net interest revenues, partially offset by lower Asset management revenues driven by lower fee-based asset levels in the current quarter resulting from lower market levels, partially offset by the impact of positive fee-based flows.
• Investment Management net revenues of $1,289 million in the current quarter decreased 3% from the prior year quarter, reflecting lower AUM due to the decline in asset values and cumulative outflows over the prior year, partially offset by higher Performance-based income and other revenues.
March 2023 Form 10-Q
3
Management’s Discussion and Analysis
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Net Revenues by Region 1, 2
($ in millions)
Regional Revenues - MDA.jpg
1. The percentages on the bars in the charts represent the contribution of each region to the total.
2. For a discussion of how the geographic breakdown of net revenues is determined, see Note 23 to the financial statements in the 2022 Form 10-K.
Americas net revenues in the current quarter increased 3% from the prior year quarter, primarily driven by results within the Wealth Management business segment, partially offset by Equity results within the Institutional Securities business segment. EMEA net revenues decreased 25% from the prior year quarter, primarily driven by Fixed income, Investment banking and Equity results within the Institutional Securities business segment. Asia net revenues in the current quarter continued to reflect the strong levels in the prior year quarter.
Selected Financial Information and Other Statistical Data
Three Months Ended
March 31,
$ in 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 ratio 1
72 % 69 %
ROE 2
12.4 % 14.7 %
ROTCE 2, 3
16.9 % 19.8 %
Pre-tax margin 4
26 % 31 %
Effective tax rate 19.3 % 19.0 %
Pre-tax margin by segment 4
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 ended 5
$ 321,195 $ 312,250
Loans 6
$ 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’ equity 3
$ 67,951 $ 67,123
Common shares outstanding 1,670 1,675
Book value per common share 7
$ 55.13 $ 54.55
Tangible book value per common share 3, 7
$ 40.68 $ 40.06
Worldwide employees (in thousands) 82 82
Client assets 8 (in billions)
$ 5,920 $ 5,492
Capital Ratios 9
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.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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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 plans 1
(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 plans 1
(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 plans 1
(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 plans 1
(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
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Management’s Discussion and Analysis
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Non-GAAP Financial Measures by Business Segment
Three Months Ended
March 31,
$ in billions 2023 2022
Average common equity 2
Institutional Securities $ 45.6 $ 48.8
Wealth Management 28.8 31.0
Investment Management 10.4 10.6
ROE 3
Institutional Securities 12 % 17 %
Wealth Management 19 % 16 %
Investment Management 5 % 8 %
Average tangible common equity 2
Institutional Securities $ 45.2 $ 48.3
Wealth Management 14.8 16.3
Investment Management 0.7 0.8
ROTCE 3
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.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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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 acquisitions 1
$ 129 $ 331
Equity and equity-related offerings 2, 3
10 8
Fixed income offerings 2, 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 . T o 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 Interest 2
All Other 3
$ in millions Trading
Fees 1
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 Interest 2
All Other 3
$ in millions Trading
Fees 1
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
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Management’s Discussion and Analysis
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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.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Wealth Management
Income Statement Information
Three Months Ended
March 31, 		% Change
$ in millions 2023 2022
Revenues
Asset management $ 3,382 $ 3,626 (7) %
Transactional 1
921 635 45 %
Net interest 2,158 1,540 40 %
Other 1
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 assets 1
$ 4,558 $ 4,187
U.S. Bank Subsidiary loans $ 144 $ 146
Margin and other lending 2
$ 21 $ 22
Deposits 3
$ 341 $ 351
Annualized weighted average cost of deposits 4
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 assets 5
$ 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 assets 1
$ 3,582 $ 3,392
Fee-based client assets 2
$ 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 flows 3
$ 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 assets 1
$ 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 Channel 1
$ in billions At March 31,
2023 		At December 31,
2022
Stock plan unvested assets 2
$ 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
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Management’s Discussion and Analysis
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primarily due to gains on investments associated with certain employee deferred cash-based compensation plans compared with losses in the prior year quarter, partially offset by fewer new issuances and reduced client activity.
For further information on the impact of investments associated with certain employee deferred cash-based compensation plans, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $2,158 million in the current quarter increased 40% compared with the prior year quarter, primarily due to the net effect of higher interest rates, partially offset by the impact of a reduction in brokerage sweep deposits in excess of our expectations.
The level and pace of interest rate changes and other macroeconomic factors continue to impact client demand for loans, client preferences for cash allocation to other products and the pace of reallocation of client balances, resulting in changes in the deposit mix and associated interest expense. If these trends persist, net interest income may continue to be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $45 million in the current quarter was primarily driven by deterioration in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments was $13 million in the prior year quarter, primarily driven by portfolio growth.
Non-interest Expenses
Non-interest expenses of $4,802 million in the current quarter increased 10% compared with the prior year quarter, as a result of higher Compensation and benefits expenses and higher Non-compensation expenses.
• Compensation and benefits expenses increased in the current quarter primarily due to higher expenses related to certain deferred cash-based compensation plans linked to investment performance and the impact of higher headcount, partially offset by a decrease in the formulaic payout to Wealth Management representatives driven by lower compensable revenues.
For further information on the impact of expenses related to certain employee deferred cash-based compensation plans linked to investment performance, see “Selected Non-GAAP Financial Information” herein.
• Non-compensation expenses increased in the current quarter primarily driven by higher spend on technology and higher marketing and business development costs.
Fee-Based Client Assets Rollforwards
$ in billions At
December 31,
2022 		Inflows Outflows Market
Impact 		At
March 31,
2023
Separately managed 1
$ 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
Inflows 2
Outflows Market
Impact 		At
March 31,
2022
Separately managed 1
$ 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 Rates 1
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.
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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 other 1
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 Rates 1
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
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Management’s Discussion and Analysis
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Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2022 Form 10-K.
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Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “U.S. Bank Subsidiaries”), accept deposits, provide loans to a variety of customers, including large corporate and institutional clients as well as high to ultra-high net worth individuals, and invest in securities. Lending activity in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity in the U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk.” For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Supplemental Financial Information 1
$ 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 Loans 2
Residential real estate $ 55.3 $ 54.4
Securities-based lending and Other 3
88.4 91.7
Total, net of ACL $ 143.7 $ 146.1
Institutional Securities Loans 2
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
Deposits 4
$ 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.
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Management’s Discussion and Analysis
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Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At March 31, 2023
$ in 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
Loans 1
71,008 143,684 4 214,696
Other assets 2
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
Loans 1
67,676 146,105 4 213,785
Other assets 2
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 Securities 1 :
U.S. government obligations 132,225 136,020
U.S. agency and agency mortgage-backed securities 92,219 87,591
Non-U.S. sovereign obligations 2
21,113 20,583
Other investment grade securities 694 694
Total HQLA 1
$ 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.
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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Liquidity Resources by Bank and Non-Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in 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 HQLA 1
Cash deposits with central banks $ 58,133 $ 52,765
Securities 2
185,375 186,551
Total Eligible HQLA 1
$ 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 collateral 1
$ 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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Management’s Discussion and Analysis
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collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2022 Form 10-K.
Deposits
$ in millions At
March 31,
2023 		At
December 31,
2022
Savings and demand deposits:
Brokerage sweep deposits 1
$ 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
Total 2
$ 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, 2023 1
$ 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 months 2
$ 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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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,
March 2023 Form 10-Q
17
Management’s Discussion and Analysis
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see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At March 31, 2023 and December 31, 2022
Standardized Advanced
Capital buffers
Capital conservation buffer — 2.5%
SCB 1
5.8% N/A
G-SIB capital surcharge 2
3.0% 3.0%
CCyB 3
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 ratios 1
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
Ratio 1
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
Ratio 1
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
Ratio 1
At March 31,
2023 		At December 31, 2022
Leverage-based capital
Adjusted average assets 2
$ 1,168,328 $ 1,150,772
Tier 1 leverage ratio 4.0 % 6.7 % 6.7 %
Supplementary leverage exposure 3
$ 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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March 2023 Form 10-Q
Management’s Discussion and Analysis
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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 deductions 1
(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.
March 2023 Form 10-Q
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Management’s Discussion and Analysis
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Required and Actual TLAC and Eligible LTD Ratios
Actual Amount/Ratio
$ in millions Regulatory Minimum
Required Ratio 1
At
March 31,
2023 		At
December 31,
2022
External TLAC 2
$ 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 LTD 3
$ 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 Framework 1
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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March 2023 Form 10-Q
Management’s Discussion and Analysis
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Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2021 targeted resolution plan on June 30, 2021. In November 2022, we received joint feedback on our 2021 resolution plan from the Federal Reserve and the FDIC (“Agencies”). The feedback indicated that there are no shortcomings or deficiencies in our 2021 resolution plan and that we had successfully addressed a prior shortcoming identified by the Agencies in the review of our 2019 full resolution plan. Our next resolution plan submission will be a full resolution plan in July 2023.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its contributable assets to our supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our supported entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2022 Form 10-K.
Regulatory Developments and Other Matters
Covered Funds Restrictions under the Volcker Rule
The Volcker Rule prohibits certain investments and relationships by banking entities with covered funds, as defined in the Volcker Rule. During the current quarter, we determined and began implementing various conformance options permitted under the Volcker Rule with respect to interests in certain legacy illiquid funds for which we previously received a conformance extension until July 21, 2023. These conformance options include selling a portion or all of our interests, restructuring our investments, and relying on other applicable exemptions and exclusions under the Volcker Rule. As of March 31, 2023, the carrying value of our investments in those legacy illiquid funds approximated $210 million. For additional information on the Volcker Rule, see “Business—Supervision and Regulation—Financial Holding Company—Activities Restrictions Under the Volcker Rule” in the 2022 Form 10-K. For information on investments measured at NAV, see Note 4 to the financial statements.
Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rate Benchmarks
Central banks around the world, including the Federal Reserve, have sponsored initiatives in recent years to replace LIBOR and replace or reform certain other interest rate benchmarks (collectively, the “IBORs”). A transition away from use of the IBORs to alternative rates and other potential interest rate benchmark reforms is underway and is a multi-year initiative.
The publication of most non-U.S. dollar LIBOR rates ceased as of the end of December 2021, although certain Sterling and Yen LIBOR rates have been published for a limited period following this date on the basis of a “synthetic” methodology (known as “synthetic LIBOR”). The synthetic Yen LIBOR rates ceased as of the end of December 2022 and following the announcement of the U.K. Financial Conduct Authority (“UK FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), publication of the one- and six-month tenors of synthetic Sterling LIBOR ceased at the end of March 2023 and publication of the three-month synthetic Sterling LIBOR will cease at the end of March 2024.
U.S. dollar LIBOR rates are expected to cease being published as of the end of June 2023. On March 15, 2022 the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. While some states have already adopted LIBOR legislation, the federal legislation expressly preempts any provision of any state or local law, statute, rule, regulation or standard. In addition, the UK FCA has announced that it will require ICE Benchmark Administration
March 2023 Form 10-Q
21
Management’s Discussion and Analysis
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to continue the publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a synthetic basis until the end of September 2024. This may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation to remain on synthetic U.S. dollar LIBOR until the end of this period.
As of March 31, 2023, our LIBOR-referenced contracts were primarily concentrated in derivative contracts and, to a lesser extent, loans, floating rate notes, preferred shares, securitizations and mortgages. A significant majority of our derivative contracts, and a majority of our non-derivative contracts, contain fallback provisions or otherwise have an expected path that will allow for the transition to an alternative reference rate upon the cessation of the applicable LIBOR rate.
While we have made substantial progress in the transition away from the IBORs, we nonetheless currently remain party to a significant number of U.S. dollar LIBOR-linked contracts. For the limited number of U.S. dollar LIBOR-linked contracts without a current market standard fallback, or to which the federal legislation does not apply, we are actively developing appropriate transition plans in light of the planned June 30, 2023 cessation date for the remaining U.S. dollar LIBOR tenors.
Our IBOR transition plan is overseen by a global steering committee, with senior management oversight, and we continue to execute against our Firm-wide IBOR transition plan to complete the transition to alternative reference rates.
See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” and “Risk Factors—Risk Management” in the 2022 Form 10-K for a further discussion of the replacement of the IBORs and/or reform of other interest rate benchmarks and related risks.
22
March 2023 Form 10-Q
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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
High 1
Low 1
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 benefit 2
(44) (47) N/A N/A
Primary Risk Categories $ 48 $ 48 $ 60 $ 39
Credit Portfolio 21 19 21 18
Less: Diversification benefit 2
(19) (12) N/A N/A
Total Management VaR $ 50 $ 55 $ 72 $ 45
Three Months Ended
December 31, 2022
$ in millions Period End Average
High 1
Low 1
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 benefit 2
(36) (39) N/A N/A
Primary Risk Categories $ 53 $ 56 $ 65 $ 47
Credit Portfolio 19 18 19 15
Less: Diversification benefit 2
(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.
March 2023 Form 10-Q
23
Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
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 Sensitivity 1
$ 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
24
March 2023 Form 10-Q
Risk Disclosures
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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
FVO 2
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 Management 1
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 commitments 3
$ 140,096
Total exposure



$ 362,823
At December 31, 2022
$ in millions HFI HFS
FVO 2
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 Management 1
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 commitments 3
$ 136,960
Total exposure



$ 359,142
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1. Investment Management business segment loans are related to certain of our activities as an investment advisor and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.
2. FVO also includes the fair value of certain unfunded lending commitments.
3. Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2022 Form 10-K.
Total loans and lending commitments increased by approximately $4 billion since December 31, 2022, primarily
March 2023 Form 10-Q
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Risk Disclosures
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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 %
Nonaccrual 1
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) ratio 1
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 ratio 1
— % 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 Commitments 1
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
Unrated 2
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
Unrated 2
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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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
Unrated 2
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
Unrated 2
— 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)
March 2023 Form 10-Q
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Risk Disclosures
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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
Loans 1
LC 1
Total
Loans 1
LC 1
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
Loans 1
LC 1
Total
Loans 1
LC 1
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
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Risk Disclosures
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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
Loans 1
LC Total
Loans 1
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
Risk Disclosures
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Derivatives
Fair Value of OTC Derivative Assets
Counterparty Credit Rating 1
$ 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 Rating 1
$ 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 inventory 1
$ (419) $ (611) $ 300 $ 75 $ 132
Net counterparty exposure 2
10 118 196 12 88
Exposure before hedges (409) (493) 496 87 220
Hedges 3
(56) (273) (187) (6) —
Net exposure $ (465) $ (766) $ 309 $ 81 $ 220
Non-sovereign
Net inventory 1
$ 1,491 $ 190 $ 1,140 $ 17 $ 498
Net counterparty exposure 2
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
Hedges 3
(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 inventory 1
$ 2,555 $ 290 $ 1,356 $ 242 $ 141
Net counterparty exposure 2
5 197 — 67 51
Exposure before hedges 2,560 487 1,356 309 192
Hedges 3
(195) (65) — — (8)
Net exposure $ 2,365 $ 422 $ 1,356 $ 309 $ 184
Non-sovereign
Net inventory 1
$ 167 $ 2,048 $ 1,028 $ 510 $ 305
Net counterparty exposure 2
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
Hedges 3
(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.
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March 2023 Form 10-Q
Risk Disclosures
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Additional Information—Top 10 Non-U.S. Country Exposures
Collateral Held against Net Counterparty Exposure 1
$ in millions At
March 31,
2023
Country of Risk
Collateral 2
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

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2023, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2022, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 24, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2022 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.






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


32
March 2023 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg
Three Months Ended
March 31,
in millions, except per share 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
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
March 31,
2023
At
December 31,
2022
Assets
Cash and cash equivalents $ 111,258 $ 128,127
Trading assets at fair value ( $ 127,205 and $ 124,411 were pledged to various parties)
320,301 301,315
Investment securities:
Available-for-sale at fair value (amortized cost of $ 88,738 and $ 89,772 )
83,932 84,297
Held-to-maturity (fair value of $ 64,419 and $ 65,006 )
74,012 75,634
Securities purchased under agreements to resell (includes $ 8 and $ 8 at fair value)
121,885 113,907
Securities 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
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg

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 dividends 1
( 144 ) ( 124 )
Common stock dividends 1
( 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
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

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 securities 1 :
Purchases ( 3,475 ) ( 14,125 )
Proceeds from sales 1,466 18,469
Proceeds from paydowns and maturities 3,460 4,301
HTM securities 1 :
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are
generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2022 Form 10-K. Certain footnote disclosures included in the 2022 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2022 Form 10-K.
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting
37
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
updates adopted in the prior year, see Note 2 to the financial statements in the 2022 Form 10-K.
During the three months ended March 31, 2023 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting update adopted.
Accounting Update Adopted in 2023
Financial Instruments - Credit Losses

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

This accounting update eliminates the accounting guidance for troubled debt restructurings (“TDRs”) and requires new disclosures regarding certain modifications of financing receivables ( i.e ., principal forgiveness, interest rate reductions, other-than-insignificant payment delays and term extensions) to borrowers experiencing financial difficulty. The update also requires disclosure of current period gross charge-offs by year of origination for financing receivables measured at amortized cost. Refer to Note 9, Loans, Lending Commitments and Related Allowance for Credit Losses, for the new disclosures.
3. Cash and Cash Equivalents
$ in 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
Netting 1
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 commitments 2
— 5,974 2,057 — 8,031
Corporate and other debt — 27,804 2,243 — 30,047
Corporate equities 3
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
Netting 1
( 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
Investments 4
795 711 955 — 2,461
Physical commodities — 2,349 — — 2,349
Total trading assets 4
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
Netting 1
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 equities 3
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
Netting 1
( 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2022
$ in millions Level 1 Level 2 Level 3
Netting 1
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 commitments 2
— 6,380 2,017 — 8,397
Corporate and other debt — 23,351 2,096 — 25,447
Corporate equities 3
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
Netting 1
( 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
Investments 4
652 685 923 — 2,260
Physical commodities — 2,379 — — 2,379
Total trading assets 4
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
Netting 1
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 equities 3
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
Netting 1
( 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 Contracts 1
$ 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
March 31,
$ in 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 (Average 1 )
$ 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Balance / Range (Average 1 )
$ 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 exchange 2
$ 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 %)
Equity 2
$ ( 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 (Average 1 )
$ 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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
Hedge 1
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 3 1
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 3 1
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 Remeasurements 1
Three Months Ended
March 31,
$ in millions 2023 2022
Assets
Loans 2
$ 19 $ ( 43 )
Other assets—Other investments 3
— ( 2 )
Other assets—Premises, equipment and software 4
( 3 ) ( 1 )
Other assets—ROU assets 5
— ( 2 )
Total $ 16 $ ( 48 )
Liabilities
Other liabilities and accrued expenses—Lending commitments 2
$ 34 $ ( 49 )
Total $ 34 $ ( 49 )
1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
2. Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3. Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4. Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
5. Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.
43
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Financial Instruments Not Measured at Fair Value
At March 31, 2023
Carrying
Value 		Fair Value
$ in 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
Loans 1
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 commitments 2
$ 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
Loans 1
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 commitments 2
$ 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 revenues 1
$ ( 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 receivables 1
$ ( 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Difference Between Contractual Principal and Fair Value 1
$ in millions At
March 31,
2023 		At
December 31,
2022
Loans and other receivables 2
$ 11,794 $ 11,916
Nonaccrual loans 2
9,071 9,128
Borrowings 3
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 offset 1
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 offset 1
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 offset 1
Financial instruments collateral ( 19,406 ) — — ( 19,406 )
Net amounts $ 22,711 $ 202 $ 1,893 $ 24,806
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,318
45
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Liabilities at December 31, 2022
$ in 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 offset 1
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 7 to the financial statements in the 2022 Form 10-K.
Gains (Losses) on Accounting Hedges
Three Months Ended
March 31,
$ in 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 contracts 1
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 cost 1
$ ( 1,152 ) $ ( 1,628 )
Deposits
Carrying amount currently or previously hedged
$ 6,162 $ 3,735
Basis adjustments included in carrying amount 1
$ ( 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 contracts 1
$ ( 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 above 1
$ 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 Sold 1
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 Sold 1
$ 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 Cost 1
Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
U.S. Treasury securities $ 54,861 $ 31 $ 1,845 $ 53,047
U.S. agency securities 2
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 ABS 3
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 securities 2
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 Cost 1
Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
U.S. Treasury securities $ 56,103 $ 17 $ 2,254 $ 53,866
U.S. agency securities 2
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 ABS 3
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 securities 2
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 Cost 1
Fair Value
Annualized Average Yield 2,3
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At March 31, 2023
$ in millions
Amortized Cost 1
Fair Value
Annualized Average Yield 2
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 )
Total 1
$ 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 Offset 1
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 Offset 1
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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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 repledged 1
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 securities 1
$ 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
At March 31, 2023
$ in 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
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At March 31, 2023
Securities-based Lending 1
Other 2
$ 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 Lending 1
Other 2
$ 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 Allowance 1
$ 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
Total 1
$ 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 Investment 1
At March 31, 2023 2
$ in millions Amortized Cost
% of Total Loans 3
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 )
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Notes to Consolidated Financial Statements
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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 loans 1
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 loans 1
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 loans 1
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 Firm 1
$ 4,065 $ 4,023
No longer employed by the Firm 2
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
March 2023 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
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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 years 1
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 receivables 1
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 derivatives 1
$ 1,418,449 $ 1,132,093 $ 347,086 $ 692,818 $ ( 60,437 )
Standby letters of credit and other financial guarantees issued 2
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 warranties 3
— — — 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
Notes to Consolidated Financial Statements
(Unaudited)
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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
Notes to Consolidated Financial Statements
(Unaudited)
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issues related to class certification and the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.
For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued but does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, other than the matter referred to in the following paragraph.
Tax
In matters styled Case number 15/3637 and Case number 15/4353 , the Dutch Tax Authority (“Dutch Authority”) is challenging in the Dutch courts the prior set-off by the Firm of approximately € 124 million (approximately $ 135 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and to keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319 . On June 22, 2020, the Firm filed an appeal against the decision of the Court of Appeal in Amsterdam before the Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court issued an advisory opinion on the Firm’s appeal, which rejected the Firm’s principal grounds of appeal. On February 11, 2021, the Firm and the Dutch Authority each responded to this opinion. On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns and the maintenance of its books and records for 2007 to 2012. The Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.
For certain other legal proceedings and investigations including the following matter, the Firm can estimate probable losses but does not believe, based on current knowledge and after consultation with counsel, that additional loss in excess of amounts accrued could have a material adverse effect on the Firm’s financial statements as a whole.
Antitrust Related Matter

In August of 2017, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. Plaintiffs’ motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. The motion for class certification and the parties’ objections to the report and recommendation are pending before the District Court.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
At March 31, 2023 At December 31, 2022
$ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities
MABS 1
$ 944 $ 659 $ 1,153 $ 520
Investment vehicles 2
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
Notes to Consolidated Financial Statements
(Unaudited)
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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
MABS 1
CDO MTOB OSF
Other 2
VIE assets (UPB) $ 132,049 $ 926 $ 3,688 $ 2,619 $ 52,661
Maximum exposure to loss 3
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 owned 4
$ 14,419
Carrying value of variable interests—Liabilities
Derivative and other contracts $ — $ — $ 5 $ — $ 306
At December 31, 2022
$ in millions
MABS 1
CDO MTOB OSF
Other 2
VIE assets (UPB) $ 123,601 $ 3,162 $ 4,632 $ 2,403 $ 50,178
Maximum exposure to loss 3
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 owned 4
$ 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
March 2023 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
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Transferred Assets with Continuing Involvement
At March 31, 2023
$ in millions RML CML U.S. Agency CMO
CLN and Other 1
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 market 3
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 Other 1
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 market 3
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 market 3
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 market 3
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 transactions 1
$ 2,521 $ 8,260
Retained interests 1,575 1,622
Sales of corporate loans to CLO SPEs 1, 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 assets 1
$ 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.
59
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 17 to the financial statements in the 2022 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2023 and December 31, 2022, the differences between the actual and required ratios were lower under the Standardized Approach.

CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Capital Buffer Requirements
At March 31, 2023 and December 31, 2022
Standardized Advanced
Capital buffers
Capital conservation buffer — 2.5 %
SCB 5.8 % N/A
G-SIB capital surcharge 3.0 % 3.0 %
CCyB 1
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 ratios 1
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
Ratio 1
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
Ratio 1
At March 31,
2023 		At December 31, 2022
Leverage-based capital
Adjusted average assets 2
$ 1,168,328 $ 1,150,772
Tier 1 leverage ratio 4.0 % 6.7 % 6.7 %
Supplementary leverage exposure 3
$ 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
March 2023 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
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capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At March 31, 2023 and December 31, 2022, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 50% from January 1, 2023. The deferral impacts will become fully phased-in beginning on January 1, 2025.
MSBNA’s Regulatory Capital
Well-Capitalized Requirement
Required Ratio 1
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 Ratio 1
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.
61
March 2023 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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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
C 1
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 Share 1
Total
Per Share 1
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
M 2
29 12 29 12
N 3
2,650 8 2,650 8
O 4
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.
March 2023 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
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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 resell 1
1,477 13
Securities borrowed 2
1,172 ( 217 )
Trading assets, net of Trading liabilities 913 524
Customer receivables and Other 3
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 repurchase 4
1,218 49
Securities loaned 5
164 93
Customer payables and Other 6
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
Notes to Consolidated Financial Statements
(Unaudited)
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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 fees 1
714 590 — ( 65 ) 1,239
Asset management 1,2
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 fees 1
774 723 — ( 81 ) 1,416
Asset management 1,2
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
Equity 1
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
Notes to Consolidated Financial Statements
(Unaudited)
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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
Total 1
$ 1,199,904 $ 1,180,231
1. Parent assets have been fully allocated to the business segments.

65
March 2023 Form 10-Q
Financial Data Supplement
(Unaudited)
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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 securities 1
$ 159,061 $ 1,018 2.6 % $ 177,572 $ 777 1.8 %
Loans 1
214,185 2,815 5.3 % 191,551 1,156 2.4 %
Securities purchased under agreements to resell 2 :
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 borrowed 3 :
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 liabilities 4 :
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 Other 5 :
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
Deposits 1
$ 346,973 $ 1,575 1.8 % $ 348,916 $ 73 0.1 %
Borrowings 1,6
245,600 2,506 4.1 % 228,942 685 1.2 %
Securities sold under agreements to repurchase 7,9 :
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 loaned 8,9 :
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 Other 10 :
U.S. 137,766 2,045 6.0 % 136,407 (368) (1.1) %
Non-U.S. 65,818 1,016 6.3 % 74,919 (98) (0.5) %
Total $ 873,311 $ 8,524 4.0 % $ 861,571 $ 434 0.2 %
Net interest income and net interest rate spread $ 2,346 0.9 % $ 2,216 1.0 %
1. Amounts include primarily U.S. balances.
2. Includes interest paid on Securities purchased under agreements to resell.
3. Includes fees paid on Securities borrowed.
4. Excludes non-interest earning assets and non-interest bearing liabilities, such as equity securities.
5. Includes Cash and cash equivalents.
6. Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
7. Includes interest received on Securities sold under agreements to repurchase.
8. Includes fees received on Securities loaned.
9. The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.
10. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.



March 2023 Form 10-Q
66
Glossary of Common Terms and Acronyms
Image29.jpg
2022 Form 10-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
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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 Purchased 1
Average Price Paid per Share 2
Total Shares Purchased as Part of Share Repurchase Authorization 3,4
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
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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
31.1
31.2
32.1
32.2
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/ S HARON Y ESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer
By:
/s/ R AJA J. A KRAM
Raja J. Akram
Deputy Chief Financial Officer,
Chief Accounting Officer and Controller
Date: May 2, 2023
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March 2023 Form 10-Q
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