MS 10-Q Quarterly Report June 30, 2024 | Alphaminr

MS 10-Q Quarter ended June 30, 2024

MORGAN STANLEY
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ms:WealthManagementSegmentMember 2023-12-31

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 June 30, 2024
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
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%
MS/PQ
New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 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 July 31, 2024, there were 1,617,863,626 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 June 30, 2024
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

2

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

You can access information about our corporate governance at www.morganstanley.com/about-us-governance , our sustainability initiatives at www.morganstanley.com/about-us/sustainability-at-morgan-stanley , and our commitment to diversity and inclusion at www.morganstanley.com/about-us/diversity . Our webpages include:
Amended and Restated Certificate of Incorporation;
Amended and Restated Bylaws;
Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;
Corporate Governance Policies;
Policy Regarding Corporate Political Activities;
Policy Regarding Shareholder Rights Plan;
Equity Ownership Commitment;
Code of Ethics and Business Conduct;
Code of Conduct;
Integrity Hotline Information;
Environmental and Social Policies; and
2022 ESG Report: Diversity & Inclusion, Climate, and Sustainability.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Deputy Chief Financial Officer. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC (“NYSE”) on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.
3

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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 securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Wealth Management covers: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation” and “Risk Factors” in the 2023 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
June 2024 Form 10-Q

Management’s Discussion and Analysis
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Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended June 30, 2024
The Firm reported net revenues of $15.0 billion, balanced across Wealth Management and Institutional Securities.
The Firm delivered ROE of 13.0% and ROTCE of 17.5% (see “Selected Non-GAAP Financial Information” herein).
The Firm’s expense efficiency ratio was 72% for both the second quarter and first half of the year, benefiting from our scale and intentional expense management.
The Firm accreted $1.5 billion of Common Equity Tier 1 capital while supporting our clients and executing capital actions. At June 30, 2024, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.2%.
Institutional Securities net revenues of $7.0 billion reflect strong performance across the franchise, with notable strength in Equity, driven by higher client activity, and in Investment Banking, on robust debt underwriting results.
Wealth Management delivered a pre-tax margin of 26.8%. Net revenues were $6.8 billion on higher asset management revenues driven by cumulative fee-based asset flows and a positive market environment. Fee-based asset flows were $26 billion for the second quarter and $52 billion for the first half of the year. The business added net new assets of $36 billion in the quarter and $131 billion in the first half of the year.
Investment Management results reflect net revenues of $1.4 billion, primarily driven by increased asset management revenues on higher long-term average AUM.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $15.0 billion in the quarter ended June 30, 2024 (“current quarter,” or “2Q 2024”), which increased by 12% compared with $13.5 billion in the quarter ended June 30, 2023 (“prior year quarter,” or “2Q 2023”). Net income applicable to Morgan Stanley was $3.1 billion in the current quarter, which increased by 41% compared with $2.2 billion in the prior year quarter. Diluted earnings per common share was $1.82, which increased by 47% compared with $1.24 in the prior year quarter.
We reported net revenues of $30.2 billion in the six months ended June 30, 2024 (“current year period,” or “YTD 2024”), which increased by 8% compared with $28.0 billion in the six months ended June 30, 2023 (“prior year period,” or “YTD 2023”). Net income applicable to Morgan Stanley was $6.5 billion in the current year period, which increased by 26%, compared with $5.2 billion in the prior year period. Diluted earnings per common share was $3.85, which increased by 31% compared with $2.95 in the prior year period.
June 2024 Form 10-Q
5

Management’s Discussion and Analysis
Image4.jpg
Non-interest Expenses
($ in millions)
4398046950160

494780233028538
Compensation and benefits expenses of $6,460 million in the current quarter and $13,156 million in the current year period increased 3% and 4%, respectively, compared with the prior year periods, primarily due to higher formulaic payout to Wealth Management representatives driven by higher compensable revenues and higher discretionary compensation on higher revenues. This was partially offset by lower severance costs and lower expenses related to certain employee deferred cash-based compensation plans linked to investment performance (“DCP”).
Non-compensation expenses of $4,409 million in the current quarter and $8,460 million in the current year period increased 4% and 1%, respectively, compared with the prior year periods, primarily due to higher execution-related expenses and increased technology spend, partially offset by lower legal expenses and professional services expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $76 million in the current quarter was primarily related to provisions for certain specific commercial real estate loans, mainly in the office sector and modest growth in the corporate loan portfolio. The Provision for credit losses on loans and lending commitments in the prior year quarter was $161 million, primarily related to credit deterioration in commercial real estate lending, mainly in the office sector, and modest growth in certain other loan portfolios.
The Provision for credit losses on loans and lending commitments of $70 million in the current year period was primarily related to provisions for certain specific commercial real estate loans, mainly in the office sector, modest growth in certain corporate and other loan portfolios and provisions for certain specific securities-based loans. The impact was partially offset by improvements in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments of $395 million in the prior year period was primarily related to credit deterioration in commercial real estate lending, mainly in the office sector, modest growth in certain loan portfolios, as well as deterioration in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment 1
($ in millions)
4398046950171
6
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
494780233028541
Net Income Applicable to Morgan Stanley by Segment 1
($ in millions)
4398046950186
494780233028543
1. The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
Institutional Securities net revenues of $6,982 million in the current quarter and $13,998 million in the current year period increased 23% and 12%, respectively, compared with the prior year periods, primarily reflecting higher Equity, Fixed Income and underwriting results within Investment Banking.

Wealth Management net revenues of $6,792 million in the current quarter and $13,672 million in the current year period increased 2% and 3%, respectively, compared with the prior year periods, primarily reflecting higher Asset management revenues, partially offset by lower Net interest income.
Investment Management net revenues of $1,386 million in the current quarter and $2,763 million in the current year period increased 8% in both periods, compared with the prior year periods, reflecting higher Asset management and related fees and Performance based income and other revenues.
Net Revenues by Region 1
($ in millions)
10445360903041
494780233028546
1. For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2023 Form 10-K.
Americas net revenues increased 8% in both the current quarter and the current year period, primarily driven by higher results across businesses within the Institutional Securities business segment and higher Asset management revenues within the Wealth Management business segment.
EMEA net revenues in the current quarter increased 25% from the prior year quarter, primarily driven by higher results across business segments. EMEA net revenues in the current year period increased 14% from the prior year period, primarily driven by higher results from Equity and Investment Banking within the Institutional Securities business segment.
June 2024 Form 10-Q
7

Management’s Discussion and Analysis
Image4.jpg
Asia net revenues in the current quarter increased 20% from the prior year quarter, primarily driven by higher results from Equity and Investment Banking within the Institutional Securities business segment. Asia net revenues in the current year period increased 2% from the prior year period, primarily driven by higher results from Equity and Investment Banking, partially offset by lower results from Fixed Income within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions, except per share data
2024 2023 2024 2023
Consolidated results
Net revenues $ 15,019 $ 13,457 $ 30,155 $ 27,974
Earnings applicable to Morgan Stanley common shareholders $ 2,942 $ 2,049 $ 6,208 $ 4,885
Earnings per diluted common share $ 1.82 $ 1.24 $ 3.85 $ 2.95
Consolidated financial measures
Expense efficiency ratio 1
72 % 78 % 72 % 75 %
ROE 2
13.0 % 8.9 % 13.8 % 10.7 %
ROTCE 2, 3
17.5 % 12.1 % 18.6 % 14.5 %
Pre-tax margin 4
27 % 21 % 28 % 23 %
Effective tax rate 23.5 % 21.0 % 22.3 % 20.1 %
Pre-tax margin by segment 4
Institutional Securities 29 % 17 % 31 % 23 %
Wealth Management 27 % 25 % 27 % 26 %
Investment Management 16 % 13 % 17 % 13 %
$ in millions, except per share data, worldwide employees and client assets
At
June 30,
2024
At
December 31,
2023
Average liquidity resources for three months ended 5
$ 319,580 $ 314,504
Loans 6
$ 237,696 $ 226,828
Total assets $ 1,212,447 $ 1,193,693
Deposits $ 348,890 $ 351,804
Borrowings $ 275,197 $ 263,732
Common equity
$ 91,964 $ 90,288
Tangible common equity 3
$ 68,484 $ 66,527
Common shares outstanding 1,619 1,627
Book value per common share 7
$ 56.80 $ 55.50
Tangible book value per common share 3, 7
$ 42.30 $ 40.89
Worldwide employees (in thousands) 79 80
Client assets 8 (in billions)
$ 7,208 $ 6,588
Capital Ratios 9
Common Equity Tier 1 capital—Standardized 15.2 % 15.2 %
Tier 1 capital—Standardized 17.1 % 17.1 %
Common Equity Tier 1 capital—Advanced 15.5 % 15.5 %
Tier 1 capital—Advanced 17.3 % 17.4 %
Tier 1 leverage 6.8 % 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 equity and tangible common equity, respectively, divided by common shares outstanding.
8. Client assets represents Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets are invested in Investment Management products and are also included in Investment Management’s AUM.
9. For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
Economic and Market Conditions
The economic environment, client and investor confidence and overall market sentiment improved in the first half of 2024. However, geopolitical risks, inflation and uncertainty regarding the U.S. political cycle and the future path of interest rates, which have remained high relative to recent years, present ongoing risks to the economic environment. These factors have impacted, and could continue to impact capital markets and our businesses, as discussed further in “Business Segments” herein.
For more information on economic and market conditions, and the potential effects of geopolitical events and acts of war or aggression on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2023 Form 10-K.
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
We present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses, net of financing costs on DCP investments from net revenues. We also exclude the impact of mark-to-market gains and losses on DCP from compensation expenses. The impact of DCP investments and DCP are primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying
8
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
operating performance and revenue trends. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses.
Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.
We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these DCP awards. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses.
For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2023 Form 10-K.
Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Net revenues $ 15,019 $ 13,457 $ 30,155 $ 27,974
Adjustment for mark-to-market losses (gains) on DCP 1
54 (114) (133) (267)
Adjusted Net revenues—non-GAAP $ 15,073 $ 13,343 $ 30,022 $ 27,707
Compensation expense $ 6,460 $ 6,262 $ 13,156 $ 12,672
Adjustment for mark-to-market gains (losses) on DCP 1
(55) (178) (304) (371)
Adjusted Compensation expense—non-GAAP $ 6,405 $ 6,084 $ 12,852 $ 12,301
Wealth Management Net revenues $ 6,792 $ 6,660 $ 13,672 $ 13,219
Adjustment for mark-to-market losses (gains) on DCP 1
45 (82) (95) (183)
Adjusted Wealth Management Net revenues—non-GAAP $ 6,837 $ 6,578 $ 13,577 $ 13,036
Wealth Management Compensation expense $ 3,601 $ 3,503 $ 7,389 $ 6,980
Adjustment for mark-to-market gains (losses) on DCP 1
(33) (107) (189) (226)
Adjusted Wealth Management Compensation expense—non-GAAP $ 3,568 $ 3,396 $ 7,200 $ 6,754
$ in millions At
June 30,
2024
At
December 31,
2023
Tangible equity
Common equity
$ 91,964 $ 90,288
Less: Goodwill and net intangible assets (23,480) (23,761)
Tangible common equity—non-GAAP
$ 68,484 $ 66,527
Average Monthly Balance
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Tangible equity
Common equity
$ 90,608 $ 91,615 $ 90,234 $ 91,415
Less: Goodwill and net intangible assets (23,557) (24,049) (23,631) (24,123)
Tangible common equity—non-GAAP
$ 67,051 $ 67,566 $ 66,603 $ 67,292
June 2024 Form 10-Q
9

Management’s Discussion and Analysis
Image4.jpg
Non-GAAP Financial Measures by Business Segment
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in billions 2024 2023 2024 2023
Average common equity 2
Institutional Securities $ 45.0 $ 45.6 $ 45.0 $ 45.6
Wealth Management 29.1 28.8 29.1 28.8
Investment Management 10.8 10.4 10.8 10.4
ROE 3
Institutional Securities 13 % 6 % 14 % 9 %
Wealth Management 19 % 18 % 19 % 18 %
Investment Management 6 % 5 % 7 % 5 %
Average tangible common equity 2
Institutional Securities $ 44.6 $ 45.2 $ 44.6 $ 45.2
Wealth Management 15.5 14.8 15.5 14.8
Investment Management 1.1 0.7 1.1 0.7
ROTCE 3
Institutional Securities 13 % 6 % 14 % 9 %
Wealth Management 35 % 34 % 35 % 35 %
Investment Management 58 % 70 % 63 % 72 %
1. Net revenues and compensation expense are adjusted for DCP investments and DCP for both Firm and Wealth Management business segment. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2023 Form 10-K for more information.
2. Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity.
3. The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
Return on Tangible Common Equity Goal
We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors.
See “Risk Factors” and “Forward-Looking Statements” in the 2023 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Business Segments” in the 2023 Form 10-K.






























10
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg

Institutional Securities
Income Statement Information
Three Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues
Advisory $ 592 $ 455 30 %
Equity 352 225 56 %
Fixed Income
675 395 71 %
Total Underwriting 1,027 620 66 %
Total Investment Banking
1,619 1,075 51 %
Equity 3,018 2,548 18 %
Fixed Income
1,999 1,716 16 %
Other 346 315 10 %
Net revenues $ 6,982 $ 5,654 23 %
Provision for credit losses 54 97 (44) %
Compensation and benefits 2,291 2,215 3 %
Non-compensation expenses 2,591 2,365 10 %
Total non-interest expenses 4,882 4,580 7 %
Income before provision for income taxes 2,046 977 109 %
Provision for income taxes 486 176 176 %
Net income 1,560 801 95 %
Net income applicable to noncontrolling interests 40 42 (5) %
Net income applicable to Morgan Stanley $ 1,520 $ 759 100 %
Six Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues
Advisory $ 1,053 $ 1,093 (4) %
Equity 782 427 83 %
Fixed Income 1,231 802 53 %
Total Underwriting 2,013 1,229 64 %
Total Investment Banking
3,066 2,322 32 %
Equity 5,860 5,277 11 %
Fixed Income
4,484 4,292 4 %
Other 588 560 5 %
Net revenues $ 13,998 $ 12,451 12 %
Provision for credit losses 56 286 (80) %
Compensation and benefits 4,634 4,580 1 %
Non-compensation expenses 4,911 4,716 4 %
Total non-interest expenses 9,545 9,296 3 %
Income before provision for income taxes 4,397 2,869 53 %
Provision for income taxes 968 539 80 %
Net income 3,429 2,330 47 %
Net income applicable to noncontrolling interests 90 93 (3) %
Net income applicable to Morgan Stanley $ 3,339 $ 2,237 49 %
Investment Banking
Investment Banking Volumes
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in billions 2024 2023 2024 2023
Completed mergers and acquisitions 1
$ 228 $ 91 $ 344 $ 219
Equity and equity-related offerings 2, 3
12 9 29 20
Fixed Income offerings 2, 4
81 75 181 138
Source: Refinitiv data as of July 1, 2024. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1. Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2. Based on full credit for single book managers and equal credit for joint book managers.
3. Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4. Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Revenues of $1,619 million in the current quarter increased 51% from the prior year quarter, reflecting increases across businesses.
Advisory revenues increased on higher completed M&A transactions.
Equity underwriting revenues increased on higher private placement offerings, initial public offerings and convertible issuances, partially offset by lower revenues from follow-on offerings.
Fixed Income underwriting revenues increased, primarily in non-investment grade issuances.
Revenues of $3,066 million in the current year period increased 32% compared with the prior year period, primarily reflecting an increase in underwriting revenues.
Advisory revenues decreased primarily due to lower fee realizations.
Equity underwriting revenues increased on higher volumes across products, particularly in initial public offerings.
Fixed Income underwriting revenues increased across products, particularly in non-investment grade issuances.
While Investment Banking results improved from recent quarters, we continue to operate in a market environment with lower completed M&A activity relative to longer-term averages.
See “Investment Banking Volumes” herein.
June 2024 Form 10-Q
11

Management’s Discussion and Analysis
Image4.jpg
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended June 30, 2024
Net Interest 2
All Other 3
$ in millions Trading
Fees 1
Total
Financing $ 2,101 $ 134 $ (719) $ 1 $ 1,517
Execution services 933 613 (83) 38 1,501
Total Equity $ 3,034 $ 747 $ (802) $ 39 $ 3,018
Total Fixed Income $ 2,103 $ 97 $ (234) $ 33 $ 1,999
Three Months Ended June 30, 2023
Net Interest 2
All Other 3
$ in millions Trading
Fees 1
Total
Financing $ 1,869 $ 130 $ (618) $ 6 $ 1,387
Execution services 656 542 (44) 7 1,161
Total Equity $ 2,525 $ 672 $ (662) $ 13 $ 2,548
Total Fixed Income $ 1,935 $ 84 $ (475) $ 172 $ 1,716
Six Months Ended June 30, 2024
Net Interest 2
All Other 3
$ in millions Trading
Fees 1
Total
Financing $ 4,123 $ 270 $ (1,610) $ 2 $ 2,785
Execution services 1,906 1,221 (124) 72 3,075
Total Equity $ 6,029 $ 1,491 $ (1,734) $ 74 $ 5,860
Total Fixed Income $ 4,696 $ 201 $ (524) $ 111 $ 4,484
Six Months Ended June 30, 2023
Net Interest 2
All Other 3
$ in millions Trading
Fees 1
Total
Financing $ 3,565 $ 264 $ (1,159) $ 38 $ 2,708
Execution services 1,505 1,161 (104) 7 2,569
Total Equity $ 5,070 $ 1,425 $ (1,263) $ 45 $ 5,277
Total Fixed Income $ 4,412 $ 193 $ (563) $ 250 $ 4,292
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 $3,018 million in the current quarter increased 18% compared with the prior year quarter, primarily reflecting an increase in Execution services and Financing, particularly in Asia.
Financing revenues increased primarily due to higher average client balances and activity, partially offset by lower spreads driven by changes in the client balance mix and higher funding costs.
Execution services revenues increased on higher gains on inventory held to facilitate client activity and increased client activity in derivatives and cash equities.
Net revenues of $5,860 million in the current year period increased 11% compared with the prior year period, primarily reflecting an increase in Execution services.
Financing revenues increased primarily due to higher average client balances and activity, partially offset by lower gains on inventory held to facilitate client activity in Asia compared with elevated results in the prior year period.
Execution services revenues increased on higher gains on inventory held to facilitate client activity and increased client activity in derivatives and cash equities.
Fixed Income
Net revenues of $1,999 million in the current quarter increased 16% from the prior year quarter, primarily reflecting an increase in Credit and Global macro products.
Global macro products revenues increased primarily due to improved results in foreign exchange products, partially offset by a decline in rates products.
Credit products revenues increased across products, most notably in securitized products.
Commodities products and other fixed income revenues decreased primarily due to decreased client activity, partially offset by gains on inventory held to facilitate client activity.
Net revenues of $4,484 million in the current year period increased 4% compared with the prior year period, primarily reflecting an increase in Credit products.
Global macro products revenues decreased primarily due to a decline in rates products, partially offset by improved results in foreign exchange products.
Credit products revenues increased primarily due to higher gains on securitized products.
Commodities products and other fixed income revenues increased primarily due to higher gains on inventory held to facilitate client activity, partially offset by lower client activity.
Other Net Revenues
Other net revenues were $346 million in the current quarter, compared with $315 million in the prior year quarter, primarily due to higher net interest income and fees and lower mark-to-market losses on corporate loans, inclusive of hedges.
Other net revenues were $588 million in the current year period compared with $560 million in the prior year period, primarily due to higher net interest income and fees, partially offset by higher 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 $54 million in the current quarter was primarily related to provisions for certain specific commercial real estate loans, mainly in the office sector, and modest growth in the corporate loan portfolio. The Provision for credit losses on loans and lending commitments was $97 million in the prior year quarter, primarily related to credit deterioration in commercial real estate lending, mainly in the office sector, and modest growth in certain loan portfolios.
12
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
The Provision for credit losses on loans and lending commitments of $56 million in the current year period was primarily related to provisions for certain specific commercial real estate loans, mainly in the office sector, and modest growth in certain corporate loan portfolios. This was partially offset by improvements in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments was $286 million in the prior year period, primarily related to credit deterioration in commercial real estate lending, mainly in the office sector, modest growth in certain loan portfolios and deterioration in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-interest Expenses
Non-interest expenses of $4,882 million in the current quarter and $9,545 million in the current year period increased 7% and 3%, respectively, compared with the prior year periods, primarily as a result of higher Non-compensation expenses.
Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues, partially offset by lower severance costs.
Non-compensation expenses increased primarily due to higher execution-related expenses and increased technology spend, partially offset by lower legal expenses.
June 2024 Form 10-Q
13

Management’s Discussion and Analysis
Image4.jpg
Wealth Management
Income Statement Information
Three Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues
Asset management $ 3,989 $ 3,452 16 %
Transactional 1
782 869 (10) %
Net interest 1,798 2,156 (17) %
Other 1
223 183 22 %
Net revenues 6,792 6,660 2 %
Provision for credit losses 22 64 (66) %
Compensation and benefits 3,601 3,503 3 %
Non-compensation expenses 1,348 1,412 (5) %
Total non-interest expenses 4,949 4,915 1 %
Income before provision for income taxes $ 1,821 $ 1,681 8 %
Provision for income taxes 418 373 12 %
Net income applicable to Morgan Stanley $ 1,403 $ 1,308 7 %
Six Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues
Asset management $ 7,818 $ 6,834 14 %
Transactional 1
1,815 1,790 1 %
Net interest 3,654 4,314 (15) %
Other 1
385 281 37 %
Net revenues 13,672 13,219 3 %
Provision for credit losses 14 109 (87) %
Compensation and benefits 7,389 6,980 6 %
Non-compensation expenses 2,642 2,737 (3) %
Total non-interest expenses 10,031 9,717 3 %
Income before provision for
income taxes
$ 3,627 $ 3,393 7 %
Provision for income taxes 821 709 16 %
Net income applicable to Morgan Stanley $ 2,806 $ 2,684 5 %
1. Transactional includes Investment banking, Trading, and Commissions and fees revenues. Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billions At June 30,
2024
At December 31,
2023
Total client assets 1
$ 5,690 $ 5,129
U.S. Bank Subsidiary loans $ 151 $ 147
Margin and other lending 2
$ 25 $ 21
Deposits 3
$ 343 $ 346
Annualized weighted average cost of deposits 4
Period end 3.11% 2.92%
Period average for three months ended
3.03% 2.86%
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Net new assets
$ 36.4 $ 89.5 $ 131.3 $ 199.1
1. Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information.
2. Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
3. Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.
4. Annualized weighted average represents the total annualized weighted average cost of the various deposit products, excluding the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2024 and December 31, 2023. The period average is based on daily balances and rates for the period.
Net New Assets
NNA represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, and large idiosyncratic inflows and outflows. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.
Advisor-led Channel
$ in billions At June 30,
2024
At December 31,
2023
Advisor-led client assets 1
$ 4,443 $ 3,979
Fee-based client assets 2
$ 2,188 $ 1,983
Fee-based client assets as a percentage of advisor-led client assets 49% 50%
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Fee-based asset flows 3
$ 26.0 $ 22.7 $ 52.2 $ 45.1
1. Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
2. Fee‐based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
3. Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see Fee-based client assets in the 2023 Form 10-K.
14
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
Self-directed Channel

At June 30,
2024
At December 31,
2023
Self-directed client assets 1 (in billions)
$ 1,247 $ 1,150
Self-directed households 2 (in millions)
8.2 8.1
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Daily average revenue trades (“DARTs”) 3 (in thousands)
781 765 810 798
1. Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.
2. Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.
3. DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.
Workplace Channel 1
At June 30,
2024
At December 31,
2023
Stock plan unvested assets 2 (in billions)
$ 452 $ 416
Stock plan participants 3 (in millions)
6.6 6.6
1. The workplace channel includes equity compensation solutions for companies, their executives and employees.
2. Stock plan unvested assets represent the market value of public company securities at the end of the period.
3. Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.
Net Revenues
Asset Management
Asset management revenues of $3,989 million in the current quarter and $7,818 million in the current year period increased 16% and 14%, respectively, compared with the prior year periods, primarily reflecting higher fee-based asset levels in the current quarter due to higher market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $782 million in the current quarter decreased 10% compared with the prior year quarter, primarily driven by losses on DCP investments compared with gains in the prior year quarter, partially offset by higher equity related transactions.
In the current year period, transactional revenues of $1,815 million increased 1% compared with the prior year period, primarily driven by higher equity related transactions, partially offset by lower gains on DCP investments.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $1,798 million in the current quarter and $3,654 million in the current year period decreased 17% and 15%, respectively, compared with the prior year periods, primarily due to changes in deposit mix, partially offset by the net effect of higher interest rates.
The level and pace of interest rate changes and other macroeconomic factors continued to impact client preferences for cash allocation to higher-yielding products and client demand for loans. Certain of these factors have impacted our net interest income and to the extent they persist, or others arise, such as pricing changes to certain deposit types due to various competitive dynamics, net interest income may be further impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $22 million in the current quarter was primarily related to certain specific securities-based loans. The Provision for credit losses on loans and lending commitments of $64 million in the prior year quarter was primarily related to credit deterioration in commercial real estate lending, mainly in the office sector.

The Provision for credit losses on loans and lending commitments of $14 million in the current year period was primarily related to certain specific securities-based and commercial real estate loans, mainly in the office sector. This was partially offset by improvements in the macroeconomic outlook. In the prior year period, the Provision for credit losses on loans and lending commitments of $109 million was primarily related to credit deterioration in commercial real estate lending, mainly in the office sector, and deterioration in the macroeconomic outlook.
Non-interest Expenses
Non-interest expenses of $4,949 million in the current quarter and $10,031 million in the current year period increased 1% and 3%, respectively, compared with the prior year periods, as a result of higher Compensation and benefits expenses, partially offset by lower Non-compensation expenses.
Compensation and benefits expenses increased from the prior year periods, primarily as a result of an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues, partially offset by lower severance costs and lower expenses related to DCP.

Non-compensation expense decreased from the prior year periods reflecting lower professional services and legal expenses, partially offset by higher spend on technology.


June 2024 Form 10-Q
15

Management’s Discussion and Analysis
Image4.jpg
Fee-Based Client Assets Rollforwards
$ in billions At
March 31,
2024
Inflows 1
Outflows 2
Market
Impact 3
At
June 30,
2024
Separately managed 4
$ 631 $ 21 $ (13) $ 24 $ 663
Unified managed 545 29 (15) 2 561
Advisor 198 8 (10) 3 199
Portfolio manager 688 32 (26) 10 704
Subtotal $ 2,062 $ 90 $ (64) $ 39 $ 2,127
Cash management 62 23 (24) 61
Total fee-based
client assets
$ 2,124 $ 113 $ (88) $ 39 $ 2,188
$ in billions At
March 31,
2023
Inflows 1
Outflows 2
Market
Impact 3
At
June 30,
2023
Separately managed 4
$ 528 $ 15 $ (10) $ 23 $ 556
Unified managed 432 23 (13) 14 456
Advisor 176 8 (9) 7 182
Portfolio manager 578 28 (19) 20 607
Subtotal $ 1,714 $ 74 $ (51) $ 64 $ 1,801
Cash management 55 16 (16) 55
Total fee-based
client assets
$ 1,769 $ 90 $ (67) $ 64 $ 1,856
$ in billions At
December 31,
2023
Inflows 1
Outflows 2
Market Impact 3
At
June 30,
2024
Separately managed 4
$ 589 $ 36 $ (25) $ 63 $ 663
Unified managed 501 60 (28) 28 561
Advisor 188 15 (19) 15 199
Portfolio manager 645 60 (47) 46 704
Subtotal $ 1,923 $ 171 $ (119) $ 152 $ 2,127
Cash management 60 35 (34) 61
Total fee-based
client assets
$ 1,983 $ 206 $ (153) $ 152 $ 2,188
$ in billions At
December 31,
2022
Inflows 1
Outflows 2
Market Impact 3
At
June 30,
2023
Separately managed 4
$ 501 $ 27 $ (13) $ 41 $ 556
Unified managed 408 42 (25) 31 456
Advisor 167 16 (17) 16 182
Portfolio manager 552 52 (37) 40 607
Subtotal $ 1,628 $ 137 $ (92) $ 128 $ 1,801
Cash management 50 35 (30) 55
Total fee-based
client assets
$ 1,678 $ 172 $ (122) $ 128 $ 1,856
1. Inflows include new accounts, account transfers, deposits, dividends and interest.
2. Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.
3. Market impact includes realized and unrealized gains and losses on portfolio investments.
4. Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.
Average Fee Rates 1
Three Months Ended
June 30,
Six Months Ended
June 30,
Fee rate in bps 2024 2023 2024 2023
Separately managed 12 13 12 13
Unified managed 91 92 91 93
Advisor 79 80 79 80
Portfolio manager 89 91 89 91
Subtotal 65 66 65 66
Cash management 6 6 6 6
Total fee-based client assets 63 64 63 64
1. Based on Asset management revenues related to advisory services associated with fee-based assets.
For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2023 Form 10-K.
16
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
Investment Management
Income Statement Information
Three Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues

Asset management and related fees $ 1,342 $ 1,268 6 %
Performance-based income and other 1
44 13 N/M
Net revenues 1,386 1,281 8 %
Compensation and benefits 568 544 4 %
Non-compensation expenses 596 567 5 %
Total non-interest expenses 1,164 1,111 5 %
Income before provision for income taxes 222 170 31 %
Provision for income taxes 56 46 22 %
Net income 166 124 34 %
Net income (loss) applicable to noncontrolling interests 1 (3) 133 %
Net income applicable to Morgan Stanley $ 165 $ 127 30 %
Six Months Ended
June 30,
% Change
$ in millions 2024 2023
Revenues

Asset management and related fees $ 2,688 $ 2,516 7 %
Performance-based income and other 1
75 54 39 %
Net revenues 2,763 2,570 8 %
Compensation and benefits 1,133 1,112 2 %
Non-compensation expenses 1,167 1,122 4 %
Total non-interest expenses 2,300 2,234 3 %
Income before provision for income taxes 463 336 38 %
Provision for income taxes 105 76 38 %
Net income 358 260 38 %
Net income (loss) applicable to noncontrolling interests 1 (1) 200 %
Net income applicable to Morgan Stanley $ 357 $ 261 37 %
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 $1,342 million in the current quarter and $2,688 million in the current year period increased 6% and 7%, respectively, from the prior year periods, primarily driven by higher average AUM on higher market levels from the prior year periods.

Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, we have continued to see net outflows in the Equity asset class, which may be influenced by the performance of our products relative to their benchmarks, partially offset by
net inflows in the Alternatives and Solutions asset class reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.
See “Assets under Management or Supervision” herein.
Performance-based Income and Other
Performance-based income and other revenues of $44 million in the current quarter and $75 million in the current year period increased, from the prior year periods, primarily due to higher accrued carried interest in certain private funds, partially offset by lower revenues from DCP investments.
Non-interest Expenses
Non-interest expenses of $1,164 million in the current quarter increased 5% from the prior year quarter, as a result of higher Non-compensation expenses and Compensation expenses.
Compensation and benefits expenses increased in the current quarter, primarily due to higher expenses related to compensation associated with carried interest, partially offset by lower expenses related to DCP.
Non-compensation expenses increased in the current quarter, primarily due to increased technology and infrastructure spend.
Non-interest expenses of $2,300 million in the current year period increased 3% from the prior year period, as a result of higher Non-compensation expenses and Compensation expenses.
Compensation and benefits expenses increased in the current year period, primarily due to higher expenses related to compensation associated with carried interest, partially offset by lower expenses related to DCP.
Non-compensation expenses increased in the current year period, primarily due to higher distribution expenses on higher AUM and increased technology and infrastructure spend.

June 2024 Form 10-Q
17

Management’s Discussion and Analysis
Image4.jpg
Assets under Management or Supervision Rollforwards
$ in billions
At
Mar 31,
2024
Inflows 1
Outflows 2
Market Impact 3
Other 4
At
June 30,
2024
Equity $ 310 $ 9 $ (18) $ 2 $ (2) $ 301
Fixed Income
174 14 (12) 1 (1) 176
Alternatives and Solutions 543 33 (26) 10 (2) 558
Long-Term AUM
$ 1,027 $ 56 $ (56) $ 13 $ (5) $ 1,035
Liquidity and Overlay Services 478 567 (561) 5 (6) 483
Total $ 1,505 $ 623 $ (617) $ 18 $ (11) $ 1,518
$ in billions
At
Mar 31,
2023
Inflows 1
Outflows 2
Market Impact 3
Other 4,5
At
June 30,
2023
Equity $ 277 $ 10 $ (15) $ 20 $ (3) $ 289
Fixed Income
175 12 (16) 1 (7) 165
Alternatives and Solutions 448 30 (18) 17 5 482
Long-Term AUM
$ 900 $ 52 $ (49) $ 38 $ (5) $ 936
Liquidity and Overlay Services 462 575 (562) 4 (3) 476
Total $ 1,362 $ 627 $ (611) $ 42 $ (8) $ 1,412
$ in billions
At
Dec 31,
2023
Inflows 1
Outflows 2
Market Impact 3
Other 4
At
June 30,
2024
Equity $ 295 $ 20 $ (34) $ 26 $ (6) $ 301
Fixed Income
171 31 (25) 2 (3) 176
Alternatives and Solutions 508 68 (50) 36 (4) 558
Long-Term AUM
$ 974 $ 119 $ (109) $ 64 $ (13) $ 1,035
Liquidity and Overlay Services 485 1,089 (1,092) 11 (10) 483
Total $ 1,459 $ 1,208 $ (1,201) $ 75 $ (23) $ 1,518
$ in billions
At
Dec 31,
2022
Inflows 1
Outflows 2
Market Impact 3
Other 4,5
At
June 30,
2023
Equity $ 259 $ 20 $ (27) $ 41 $ (4) $ 289
Fixed Income
173 28 (33) 5 (8) 165
Alternatives and Solutions 431 48 (34) 32 5 482
Long-Term AUM
$ 863 $ 96 $ (94) $ 78 $ (7) $ 936
Liquidity and Overlay Services 442 1,160 (1,130) 10 (6) 476
Total $ 1,305 $ 1,256 $ (1,224) $ 88 $ (13) $ 1,412
1. Inflows represent investments or commitments from new and existing clients in new or existing investment products, including reinvestments of client dividends and increases in invested capital. Inflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
2. Outflows represent redemptions from clients’ funds, transition of funds from the committed capital period to the invested capital period and decreases in invested capital. Outflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
3. Market impact includes realized and unrealized gains and losses on portfolio investments. This excludes any funds where market impact does not impact management fees.
4. Other contains both distributions and foreign currency impact for all periods. Distributions represent decreases in invested capital due to returns of capital after the investment period of a fund. It also includes fund dividends that the client has not reinvested. Foreign currency impact reflects foreign currency changes for non-U.S. dollar dominated funds.
5. In 2023, our Retail Municipal and Corporate Fixed Income business (“FIMS”) was combined with our Parametric retail customized solutions business. The impact of the change was a $6 billion movement in AUM from Fixed Income to the Alternatives and Solutions asset class included in Other.

Average AUM
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in billions 2024 2023 2024 2023
Equity $ 300 $ 280 $ 299 $ 275
Fixed income 174 170 173 172
Alternatives and Solutions 545 459 533 451
Long-term AUM subtotal 1,019 909 1,005 898
Liquidity and Overlay Services 479 467 481 454
Total AUM $ 1,498 $ 1,376 $ 1,486 $ 1,352
Average Fee Rates 1
Three Months Ended
June 30,
Six Months Ended
June 30,
Fee rate in bps 2024 2023 2024 2023
Equity 70 71 71 71
Fixed income 36 35 36 35
Alternatives and Solutions 29 32 29 33
Long-term AUM 42 45 43 45
Liquidity and Overlay Services 12 12 12 13
Total AUM 33 34 33 34
1. Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.
For a description of the asset classes in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2023 Form 10-K.
18
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. Bank Subsidiaries, Morgan Stanley Bank N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “U.S. Bank Subsidiaries”), accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities. Lending activity in our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans. Lending activity in our U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Supplemental Financial Information 1
$ in billions At
June 30,
2024
At
December 31,
2023
Investment securities:
Available-for-sale at fair value $ 69.0 $ 66.6
Held-to-maturity 50.2 51.4
Total Investment securities $ 119.2 $ 118.0
Wealth Management Loans 2
Residential real estate $ 63.1 $ 60.3
Securities-based lending and Other 3
87.8 86.2
Total, net of ACL $ 150.9 $ 146.5
Institutional Securities Loans 2
Corporate $ 8.1 $ 10.1
Secured lending facilities 46.4 40.8
Commercial and Residential real estate 11.2 10.7
Securities-based lending and Other 4.3 4.1
Total, net of ACL $ 70.0 $ 65.7
Total Assets $ 400.1 $ 396.1
Deposits 4
$ 342.9 $ 346.1
1. Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
3. Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
4. For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not listed below were assessed and determined to be either not applicable or to not have a material impact on our financial condition or results of operations upon adoption.

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

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

Segment Reporting. This accounting update requires additional reportable segment disclosures on an annual and interim basis, primarily about significant segment expenses and other segment items that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss. This update does not change how operating segments are identified or aggregated, or how quantitative thresholds are applied to determine the reportable segments. The accounting update is effective for fiscal years beginning January 1, 2024, and interim periods within fiscal years beginning January 1, 2025, with early adoption permitted.
Critical Accounting Estimates
Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2023 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2023 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2023 Form 10-K.
June 2024 Form 10-Q
19

Management’s Discussion and Analysis
Image4.jpg
Liquidity and Capital Resources
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At June 30, 2024
$ in millions IS WM IM Total
Assets
Cash and cash equivalents $ 75,675 $ 14,376 $ 109 $ 90,160
Trading assets at fair value 341,502 10,144 5,397 357,043
Investment securities 38,342 117,089 155,431
Securities purchased under agreements to resell 101,619 17,291 118,910
Securities borrowed 121,630 1,079 122,709
Customer and other receivables 52,504 34,723 1,491 88,718
Loans 1
77,336 150,907 4 228,247
Goodwill
442 10,195 6,082 16,719
Intangible assets
32 3,186 3,545 6,763
Other assets 2
15,890 10,745 1,112 27,747
Total assets $ 824,972 $ 369,735 $ 17,740 $ 1,212,447
At December 31, 2023
$ in millions IS WM IM Total
Assets
Cash and cash equivalents $ 72,928 $ 16,172 $ 132 $ 89,232
Trading assets at fair value 353,841 7,962 5,271 367,074
Investment securities 39,212 115,595 154,807
Securities purchased under agreements to resell 90,701 20,039 110,740
Securities borrowed 119,823 1,268 121,091
Customer and other receivables 47,333 31,237 1,535 80,105
Loans 1
72,110 146,526 4 218,640
Goodwill
424 10,199 6,084 16,707
Intangible assets
26 3,427 3,602 7,055
Other assets 2
14,108 12,743 1,391 28,242
Total assets $ 810,506 $ 365,168 $ 18,019 $ 1,193,693
1. Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).
2. Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments, and deferred tax assets.
A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities, including management of the investment portfolio. Total assets of $1,212 billion at June 30, 2024 were relatively unchanged from $1,194 billion at December 31, 2023.
Liquidity Risk Management Framework
The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2023 Form 10-K.
At June 30, 2024 and December 31, 2023, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient liquidity resources, which consist of HQLA and cash deposits with banks (“Liquidity Resources”), to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
20
June 2024 Form 10-Q

Management’s Discussion and Analysis
Image4.jpg
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 June 30,
2024
March 31,
2024
Cash deposits with central banks $ 51,309 $ 63,913
Unencumbered HQLA Securities 1 :
U.S. government obligations 150,798 140,628
U.S. agency and agency mortgage-backed securities 89,413 86,507
Non-U.S. sovereign obligations 2
19,849 19,397
Other investment grade securities 831 969
Total HQLA 1
$ 312,200 $ 311,414
Cash deposits with banks (non-HQLA) 7,380 7,250
Total Liquidity Resources $ 319,580 $ 318,664
1. HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2. Primarily composed of unencumbered French, U.K., Japanese, Italian, German, and Spanish government obligations.
Liquidity Resources by Bank and Non-Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in millions June 30,
2024
March 31,
2024
Bank legal entities
U.S. $ 131,093 $ 139,457
Non-U.S. 5,726 5,661
Total Bank legal entities 136,819 145,118
Non-Bank legal entities
U.S.:
Parent Company 63,909 59,420
Non-Parent Company 58,353 56,059
Total U.S. 122,262 115,479
Non-U.S. 60,499 58,067
Total Non-Bank legal entities 182,761 173,546
Total Liquidity Resources $ 319,580 $ 318,664
Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and estimates of funding needs in a stressed environment, among other factors.
Regulatory Liquidity Framework
Liquidity Coverage Ratio and Net Stable Funding Ratio
We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.
The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising
from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.
The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.
As of June 30, 2024, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millions June 30,
2024
March 31,
2024
Eligible HQLA
Cash deposits with central banks $ 43,887 $ 58,096
Securities 1
215,681 192,944
Total Eligible HQLA
$ 259,568 $ 251,040
Net cash outflows
$ 198,559 $ 200,358
LCR 131 % 125 %
1. Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.
Net Stable Funding Ratio
Average Daily Balance
Three Months Ended
$ in millions June 30,
2024
March 31,
2024
Available stable funding
$ 592,300 $ 575,166
Required stable funding 493,006 477,521
NSFR 120 % 120 %
Funding Management
We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.
Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses
June 2024 Form 10-Q
21

Management’s Discussion and Analysis
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carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.
Secured Financing
For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2023 Form 10-K.
Collateralized Financing Transactions
$ in millions At
June 30,
2024
At
December 31,
2023
Securities purchased under agreements to resell and Securities borrowed $ 241,619 $ 231,831
Securities sold under agreements to repurchase and Securities loaned $ 82,755 $ 77,708
Securities received as collateral 1
$ 4,217 $ 6,219
Average Daily Balance
Three Months Ended
$ in millions June 30,
2024
December 31,
2023
Securities purchased under agreements to resell and Securities borrowed $ 233,824 $ 235,928
Securities sold under agreements to repurchase and Securities loaned $ 90,788 $ 87,285
1. Included within Trading assets in the balance sheet.
See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2023 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.
In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are segregated in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2023 Form 10-K.
Deposits
$ in millions At
June 30,
2024
At
December 31,
2023
Savings and demand deposits:
Brokerage sweep deposits 1
$ 130,771 $ 148,274
Savings and other 146,627 139,978
Total Savings and demand deposits 277,398 288,252
Time deposits 2
71,492 63,552
Total 3
$ 348,890 $ 351,804
1. Amounts represent balances swept from client brokerage accounts.
2. Our Time deposits are predominantly brokered certificates of deposit.
3. Our deposits are primarily held in U.S. offices.
Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current year period were relatively unchanged as a result of a continued reduction in Brokerage sweep deposits, largely due to net outflows to alternative cash equivalent and other investment products, offset by an increase in Time deposits.
Borrowings by Maturity at June 30, 2024 1
$ in millions Parent Company Subsidiaries Total
Original maturities of one year or less $ $ 5,299 $ 5,299
Original maturities greater than one year
2024 $ 3,300 $ 4,393 $ 7,693
2025 14,805 14,639 29,444
2026 24,404 11,698 36,102
2027 20,580 8,183 28,763
2028 13,706 12,776 26,482
Thereafter 103,081 38,332 141,413
Total greater than one year $ 179,876 $ 90,021 $ 269,897
Total $ 179,876 $ 95,320 $ 275,196
Maturities over next 12 months 2
$ 18,797
1. Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.
2. Includes only borrowings with original maturities greater than one year.
Borrowings of $275 billion as of June 30, 2024 increased when compared with $264 billion at December 31, 2023 primarily due to issuances net of maturities and redemptions.
We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.
The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall
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June 2024 Form 10-Q

Management’s Discussion and Analysis
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availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.
For further information on Borrowings, see Note 12 to the financial statements.
Credit Ratings
We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2023 Form 10-K.
Parent Company and U.S. Bank Subsidiaries Issuer Ratings at July 31, 2024
Parent Company
Short-Term Debt Long-Term Debt Rating Outlook
DBRS, Inc. R-1 (middle) A (high) Positive
Fitch Ratings, Inc. F1 A+ Stable
Moody’s Investors Service, Inc. P-1 A1 Stable
Rating and Investment Information, Inc. a-1 A+ Stable
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 collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.
While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number
of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.
Capital Management
We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.
Common Stock Repurchases
Three Months Ended
June 30,
Six Months Ended
June 30,
in millions, except for per share data 2024 2023 2024 2023
Number of shares 8 12 19 28
Average price per share $ 95.96 $ 83.86 $ 90.50 $ 90.29
Total $ 750 $ 1,000 $ 1,750 $ 2,500
For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein and Note 16 to the financial statements.
For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
Common Stock Dividend Announcement
Announcement date July 16, 2024
Amount per share $0.925
Date to be paid August 15, 2024
Shareholders of record as of July 31, 2024
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.
Off-Balance Sheet Arrangements
We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.
June 2024 Form 10-Q
23

Management’s Discussion and Analysis
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We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2023 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Regulatory Requirements
Regulatory Capital Framework
We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended (“BHC Act”) and are subject to the regulation and oversight of the Federal Reserve. The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2023 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At June 30, 2024 and December 31, 2023
Standardized Advanced
Capital buffers
Capital conservation buffer 2.5%
SCB 1
5.4% N/A
G-SIB capital surcharge 2
3.0% 3.0%
CCyB 3
0% 0%
Capital buffer requirement 8.4% 5.5%
1. For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2023 Form 10-K.
2. For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2023 Form 10-K.
3. The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Regulatory Minimum
At June 30, 2024 and December 31, 2023
Standardized Advanced
Required ratios 1
CET1 capital ratio
4.5 % 12.9% 10.0%
Tier 1 capital ratio 6.0 % 14.4% 11.5%
Total capital ratio 8.0 % 16.4% 13.5%
1. Required ratios represent the regulatory minimum plus the capital buffer requirement.
Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At June 30, 2024 and December 31, 2023, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%.
CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our
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June 2024 Form 10-Q

Management’s Discussion and Analysis
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RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Regulatory Capital Ratios
Risk-based capital
Standardized Advanced
$ in millions
At June 30, 2024
At Dec 31, 2023
At June 30, 2024
At Dec 31, 2023
Risk-based
capital
CET1 capital $ 71,791 $ 69,448 $ 71,791 $ 69,448
Tier 1 capital 80,513 78,183 80,513 78,183
Total capital 92,240 88,874 91,463 88,190
Total RWA 472,102 456,053 464,605 448,154
Risk-based capital ratios
CET1 capital 15.2 % 15.2 % 15.5 % 15.5 %
Tier 1 capital 17.1 % 17.1 % 17.3 % 17.4 %
Total capital 19.5 % 19.5 % 19.7 % 19.7 %
Required ratios 1
CET1 capital 12.9 % 12.9 % 10.0 % 10.0 %
Tier 1 capital 14.4 % 14.4 % 11.5 % 11.5 %
Total capital 16.4 % 16.4 % 13.5 % 13.5 %
1. Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millions
At June 30,
2024
At December 31, 2023
Leveraged-based capital
Adjusted average assets 1
$ 1,185,506 $ 1,159,626
Supplementary leverage exposure 2
1,473,391 1,429,552
Leveraged-based capital ratios
Tier 1 leverage 6.8 % 6.7 %
SLR 5.5 % 5.5 %
Required ratios 3
Tier 1 leverage 4.0 % 4.0 %
SLR 5.0 % 5.0 %
1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3. Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital
$ in millions At
June 30,
2024
At
December 31,
2023
Change
CET1 capital
Common shareholders' equity
$ 91,964 $ 90,288 $ 1,676
Regulatory adjustments and deductions:
Net goodwill (16,373) (16,394) 21
Net intangible assets (5,265) (5,509) 244
Impact of CECL transition
62 124 (62)
Other adjustments and deductions 1
1,403 939 464
Total CET1 capital
$ 71,791 $ 69,448 $ 2,343
Additional Tier 1 capital
Preferred stock $ 8,750 $ 8,750 $
Noncontrolling interests 779 758 21
Additional Tier 1 capital $ 9,529 $ 9,508 $ 21
Deduction for investments in covered funds (807) (773) (34)
Total Tier 1 capital $ 80,513 $ 78,183 $ 2,330
Standardized Tier 2 capital
Subordinated debt $ 9,657 $ 8,760 $ 897
Eligible ACL 2,117 2,051 66
Other adjustments and deductions (47) (120) 73
Total Standardized Tier 2 capital $ 11,727 $ 10,691 $ 1,036
Total Standardized capital $ 92,240 $ 88,874 $ 3,366
Advanced Tier 2 capital
Subordinated debt $ 9,657 $ 8,760 $ 897
Eligible credit reserves 1,340 1,367 (27)
Other adjustments and deductions (47) (120) 73
Total Advanced Tier 2 capital $ 10,950 $ 10,007 $ 943
Total Advanced capital $ 91,463 $ 88,190 $ 3,273
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.
June 2024 Form 10-Q
25

Management’s Discussion and Analysis
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RWA Rollforward
Six Months Ended
June 30, 2024
$ in millions Standardized Advanced
Credit risk RWA
Balance at December 31, 2023 $ 407,731 $ 297,858
Change related to the following items:
Derivatives (1,656) (4,663)
Securities financing transactions 4,692 788
Investment securities (549) (1,573)
Commitments, guarantees and loans 3,664 12,733
Equity investments 387 184
Other credit risk 3,812 3,172
Total change in credit risk RWA $ 10,350 $ 10,641
Balance at June 30, 2024 $ 418,081 $ 308,499
Market risk RWA
Balance at December 31, 2023 $ 48,322 $ 48,201
Change related to the following items:
Regulatory VaR 131 131
Regulatory stressed VaR 2,922 2,922
Incremental risk charge 1,306 1,306
Comprehensive risk measure 358 480
Specific risk 982 981
Total change in market risk RWA $ 5,699 $ 5,820
Balance at June 30, 2024 $ 54,021 $ 54,021
Operational risk RWA
Balance at December 31, 2023 N/A $ 102,095
Change in operational risk RWA N/A (10)
Balance at June 30, 2024 N/A $ 102,085
Total RWA $ 472,102 $ 464,605
Regulatory VaR—VaR for regulatory capital requirements

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

Market risk RWA increased in the current year period under both the Standardized and Advanced Approaches, primarily due to higher Regulatory Stressed VaR, higher Specific risk charges on non-securitization standardized charges, and increased Incremental risk charges.

Operational risk RWA in the current year period remained relatively unchanged.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements
The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized
through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
Actual Amount/Ratio
$ in millions Regulatory Minimum
Required Ratio 1
At
June 30,
2024
At
December 31,
2023
External TLAC 2
$ 261,207 $ 250,914
External TLAC as a % of RWA 18.0 % 21.5 % 55.3 % 55.0 %
External TLAC as a % of leverage exposure 7.5 % 9.5 % 17.7 % 17.6 %
Eligible LTD 3
$ 170,840 $ 162,547
Eligible LTD as a % of RWA 9.0 % 9.0 % 36.2 % 35.6 %
Eligible LTD as a % of leverage exposure 4.5 % 4.5 % 11.6 % 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 June 30, 2024 and December 31, 2023.
For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2023 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.
We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As banks with less than $250 billion of total assets, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements.
As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.
Our SCB will remain at 5.4% through September 30, 2024. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 12.9%.
For the 2024 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2024. On June 26, 2024,
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June 2024 Form 10-Q

Management’s Discussion and Analysis
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the Federal Reserve published summary results of its supervisory stress tests of each large BHC, in which the projected decline in our Common Equity Tier 1 ratio in the severely adverse scenario increased from the prior annual supervisory stress test by 50 basis points, from 4.1% to 4.6%. Following the publication of the supervisory stress test results, we announced that our SCB is expected to be 6.0% from October 1, 2024 through September 30, 2025. In addition to the projected decline in our Common Equity Tier 1 ratio in the severely adverse scenario, our expected SCB reflects the increase in our common stock dividend in the dividend add-on. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach Common Equity Tier 1 ratio of 13.5%. Generally, our SCB is determined annually based on the results of the supervisory stress test.

We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website and increased our quarterly common stock dividend to $0.925 per share from $0.85, beginning with the common stock dividend announced on July 16, 2024.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2023 Form 10-K.
Attribution of Average Common Equity According to the Required Capital Framework
Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.
The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs ( e.g ., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.
Average Common Equity Attribution under the Required Capital Framework 1
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in billions 2024 2023 2024 2023
Institutional Securities $ 45.0 $ 45.6 $ 45.0 $ 45.6
Wealth Management 29.1 28.8 29.1 28.8
Investment Management 10.8 10.4 10.8 10.4
Parent Company
5.7 6.8 5.3 6.6
Total $ 90.6 $ 91.6 $ 90.2 $ 91.4
1. The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.
Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC (“Agencies”) a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2023 full resolution plan on June 30, 2023. In June 2024, we received joint feedback on our 2023 resolution plan from the Agencies, with no shortcomings or deficiencies identified.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its contributable assets to our supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our supported entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2023 Form 10-K.
June 2024 Form 10-Q
27

Management’s Discussion and Analysis
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Regulatory Developments and Other Matters
FDIC Final Rulemaking on Insured Depository Institution Resolution Plans

On June 20, 2024, the FDIC adopted a final rule to modify the required cadence and informational content of covered insured depository institution ("IDI") resolution plan submissions, which describe the IDI's strategy for a rapid and orderly resolution in the event of material financial distress or failure of the IDI. As a result of the final rule, our U.S. Bank Subsidiaries will be required to submit full resolution plans every two years and interim targeted information at certain times between full resolution plan submissions. In addition, the new rule introduces a new credibility standard that will be used to evaluate full resolution plan submissions, which would be subject to FDIC enforcement action. The final rule is effective beginning October 1, 2024, and the first submission for our U.S. Bank Subsidiaries under the new rule will be in 2026. For more information on our resolution plan-related submissions and associated regulatory actions, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning" in the 2023 Form 10-K.
FDIC Final Rulemaking on Special Assessment

Following the failures of certain banks and resulting losses to the FDIC’s Deposit Insurance Fund in the first half of 2023, the FDIC adopted a final rule on November 16, 2023 to implement a special assessment to recover the cost associated with protecting uninsured depositors. Under the final rule, the assessment base for the special assessment is equal to an IDI’s estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The $5 billion exclusion is applied once to the aggregate uninsured deposits of our U.S. Bank Subsidiaries. The final rule provides that, starting in 2024, the FDIC will collect the special assessment at a quarterly rate of 3.36 basis points over eight quarterly assessment periods, subject to change depending on any adjustments to the loss estimate, mergers, failures, or amendments to reported estimates of uninsured deposits. We recorded the cost of the special assessment of $286 million in Non-interest expenses when the final rule was published in the Federal Register, in the fourth quarter of 2023. We recorded the incremental estimated cost of $50 million during the first half of 2024 based on subsequent notifications received from the FDIC which contained the revised estimated losses as well as the estimated recoveries from its receivership residual interests from those bank failures.
Basel III Endgame and G-SIB Surcharge Proposals
On July 27, 2023, U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to us and our U.S. Bank Subsidiaries (“Basel III Endgame Proposal”). For more information on the Basel III Endgame Proposal, as well as the proposed revisions to the G-SIB capital surcharge framework, see “Management’s Discussion and Analysis of
Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters” in the 2023 Form 10-K.
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June 2024 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 2023 Form 10-K.
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2023 Form 10-K.
Trading Risks
We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.
The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.
For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2023 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
Three Months Ended
June 30, 2024
$ in millions Period End Average
High 1
Low 1
Interest rate and credit spread $ 29 $ 28 $ 46 $ 23
Equity price 27 25 31 22
Foreign exchange rate 11 10 13 9
Commodity price 17 17 23 10
Less: Diversification benefit 2
(44) (40) N/A N/A
Primary Risk Categories $ 40 $ 40 $ 52 $ 35
Credit Portfolio 24 24 26 22
Less: Diversification benefit 2
(14) (16) N/A N/A
Total Management VaR $ 50 $ 48 $ 66 $ 44
Three Months Ended
March 31, 2024
$ in millions Period End Average
High 1
Low 1
Interest rate and credit spread $ 40 $ 40 $ 52 $ 27
Equity price 23 21 24 17
Foreign exchange rate 8 9 15 6
Commodity price 18 13 18 10
Less: Diversification benefit 2
(36) (35) N/A N/A
Primary Risk Categories $ 53 $ 48 $ 58 $ 38
Credit Portfolio 25 24 25 22
Less: Diversification benefit 2
(18) (18) N/A N/A
Total Management VaR $ 60 $ 54 $ 62 $ 43
1. The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.
2. Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also are taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories decreased from the three months ended March 31, 2024, primarily driven by reduced exposure in interest rates.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There was one trading loss day in the current quarter, which did not exceed 95% Total Management VaR.
June 2024 Form 10-Q
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Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit Portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.
Non-Trading Risks
We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading risk in our portfolio.
Credit Spread Risk Sensitivity 1
$ in millions At
June 30,
2024
At
March 31,
2024
Derivatives $ 6 $ 5
Borrowings carried at fair value 48 49
1. Amounts represent the potential gain for each 1 bps widening of our credit spread.
The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.
Wealth Management Net Interest Income Sensitivity Analysis
$ in millions At
June 30,
2024
At
March 31,
2024
Basis point change
+200
$ 869 $ 1,071
+100 462 561
-100 (494) (590)
-200
(1,048) (1,235)
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.
Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities,
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June 2024 Form 10-Q

Risk Disclosures
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resulting in higher net interest income in increasing interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent products available to depositors. Further, the level of interest rates could also impact client demand for loans.
Net interest income sensitivity to interest rates at June 30, 2024 decreased from March 31, 2024, primarily driven by the effect of changes in the mix of our assets and liabilities.
Investments Sensitivity, Including Related Carried Interest
Loss from 10% Decline
$ in millions At
June 30,
2024
At
March 31,
2024
Investments related to Investment Management activities $ 548 $ 528
Other investments:
MUMSS 117 129
Other Firm investments 419 408
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.
Asset Management Revenue Sensitivity
Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.
Loans and Lending Commitments
At June 30, 2024
$ in millions HFI HFS
FVO 1
Total
Institutional Securities:
Corporate $ 6,764 $ 11,134 $ $ 17,898
Secured lending facilities 44,869 3,569 48,438
Commercial and Residential real estate 8,804 573 3,724 13,101
Securities-based lending and Other 2,483 5 5,248 7,736
Total Institutional Securities 62,920 15,281 8,972 87,173
Wealth Management:
Residential real estate 63,161 1 63,162
Securities-based lending and Other 88,054 1 88,055
Total Wealth Management 151,215 2 151,217
Total Investment Management 2
4 477 481
Total loans 214,139 15,283 9,449 238,871
ACL (1,175) (1,175)
Total loans, net of ACL $ 212,964 $ 15,283 $ 9,449 $ 237,696
Lending commitments 3
$ 136,215 $ 23,256 $ 657 $ 160,128
Total exposure $ 349,179 $ 38,539 $ 10,106 $ 397,824
At December 31, 2023
$ in millions HFI HFS
FVO 1
Total
Institutional Securities:
Corporate $ 6,758 $ 11,862 $ $ 18,620
Secured lending facilities 39,498 3,161 42,659
Commercial and Residential real estate 8,678 209 3,331 12,218
Securities-based lending and Other 2,818 4,402 7,220
Total Institutional Securities 57,752 15,232 7,733 80,717
Wealth Management:
Residential real estate 60,375 22 60,397
Securities-based lending and Other 86,423 1 86,424
Total Wealth Management 146,798 23 146,821
Total Investment Management 2
4 455 459
Total loans 204,554 15,255 8,188 227,997
ACL (1,169) (1,169)
Total loans, net of ACL $ 203,385 $ 15,255 $ 8,188 $ 226,828
Lending commitments 3
$ 128,134 $ 21,329 $ 510 $ 149,973
Total exposure $ 331,519 $ 36,584 $ 8,698 $ 376,801
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1. FVO includes the fair value of certain unfunded lending commitments.
2. Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.
3. Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
June 2024 Form 10-Q
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Risk Disclosures
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We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2023 Form 10-K.
Total loans and lending commitments increased by approximately $21 billion since December 31, 2023, primarily due to an increase in Corporate lending commitments and Secured lending facilities within the Institutional Securities business segment, and growth in Residential real estate loans within the Wealth Management business segment.
See Notes 4, 5, 9 and 13 to the financial statements for further information.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millions Six Months Ended June 30, 2024
ACL—Loans
Beginning balance $ 1,169
Gross charge-offs (54)
Recoveries 4
Net (charge-offs) recoveries (50)
Provision for credit losses 63
Other (7)
Ending balance
$ 1,175
ACL—Lending commitments
Beginning balance $ 551
Provision for credit losses 7
Other (3)
Ending balance
$ 555
Total ending balance
$ 1,730
Provision for Credit Losses by Business Segment
Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
$ in millions IS WM Total IS WM Total
Loans $ 63 $ 22 $ 85 $ 47 $ 16 $ 63
Lending commitments (9) (9) 9 (2) 7
Total $ 54 $ 22 $ 76 $ 56 $ 14 $ 70
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, 2023, primarily related to provisions for certain specific commercial real estate loans, mainly in the office sector, modest growth in certain corporate and other loan portfolios and provisions for certain specific securities-based loans. The impact was partially offset by improvements in the macroeconomic outlook. Charge-offs in the current year period were primarily related to Commercial real estate and Secured lending facilities.
The base scenario used in our ACL models as of June 30, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2024, followed by a gradual improvement in 2025 as well as lower credit spreads and higher interest rates relative to the prior forecast. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”).
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 2024
4Q 2025
Year-over-year growth rate 1.6 % 1.9 %
See Note 2 to the financial statements in the 2023 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Status of Loans Held for Investment
At June 30, 2024 At December 31, 2023
IS WM IS WM
Accrual 99.1 % 99.7 % 98.9 % 99.8 %
Nonaccrual 1
0.9 % 0.3 % 1.1 % 0.2 %
1. Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more.
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 Six Months Ended June 30, 2024
Net charge-off (recovery) ratio 1
% 0.03 % 0.43 % % % 0.02 %
Average loans $ 7,058 $ 40,622 $ 8,660 $ 61,474 $ 89,468 $ 207,282
For the Six Months Ended June 30, 2023
Net charge-off (recovery) ratio 1
0.43 % % 0.80 % % % 0.05 %
Average loans $ 7,051 $ 36,883 $ 8,608 $ 55,476 $ 92,206 $ 200,224
CRE—Commercial real estate
SBL—Securities-based lending
1. Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
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Institutional Securities Loans and Lending Commitments 1
At June 30, 2024
Contractual Years to Maturity
$ in millions <1 1-5 5-15 >15 Total
Loans
AA $ $ 11 $ 9 $ $ 20
A 1,114 939 177 2,230
BBB 5,230 10,542 403 131 16,306
BB 11,042 22,243 2,276 270 35,831
Other NIG 9,117 12,985 3,955 142 26,199
Unrated 2
239 2,012 295 3,176 5,722
Total loans, net of ACL 26,742 48,732 7,115 3,719 86,308
Lending commitments
AAA 50 50
AA 2,428 3,323 230 5,981
A 7,412 20,710 748 28,870
BBB 8,299 51,260 594 140 60,293
BB 3,100 19,286 2,537 711 25,634
Other NIG 1,510 16,458 2,147 2 20,117
Unrated 2
54 161 5 220
Total lending commitments 22,803 111,248 6,261 853 141,165
Total exposure $ 49,545 $ 159,980 $ 13,376 $ 4,572 $ 227,473
At December 31, 2023
Contractual Years to Maturity
$ in millions <1 1-5 5-15 >15 Total
Loans
AA $ 3 $ 11 $ 216 $ $ 230
A 1,054 950 182 2,186
BBB 7,117 10,076 346 17,539
BB 11,723 16,367 1,775 277 30,142
Other NIG 9,586 12,961 2,924 156 25,627
Unrated 2
111 1,036 62 2,910 4,119
Total loans, net of ACL 29,594 41,401 5,505 3,343 79,843
Lending commitments
AAA 50 50
AA 2,610 3,064 154 5,828
A 7,704 21,256 593 29,553
BBB 9,161 46,304 106 55,571
BB 4,069 16,431 1,594 414 22,508
Other NIG 1,916 13,842 1,077 3 16,838
Unrated 2
6 7 13
Total lending commitments 25,466 100,954 3,524 417 130,361
Total exposure $ 55,060 $ 142,355 $ 9,029 $ 3,760 $ 210,204
NIG–Non-investment grade
1. Counterparty credit ratings are internally determined by the CRM.
2. Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millions At
June 30,
2024
At
December 31,
2023
Industry
Financials $ 65,290 $ 57,804
Real estate 38,824 35,342
Industrials 18,334 18,056
Communications services 16,709 15,301
Consumer discretionary 14,659 12,190
Information technology 13,755 12,430
Healthcare 13,107 14,274
Utilities 10,851 11,522
Consumer staples 9,251 9,305
Energy 9,111 9,156
Materials 8,294 6,503
Insurance 6,889 6,486
Other 2,399 1,835
Total exposure $ 227,473 $ 210,204
Institutional Securities Lending Activities
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of June 30, 2024 and December 31, 2023, over 90% of our total lending exposure, which consists of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.
Institutional Securities Event-Driven Loans and Lending Commitments
At June 30, 2024
Contractual Years to Maturity
$ in millions <1 1-5 5-15 Total
Loans, net of ACL $ 2,394 $ 1,315 $ 3,648 $ 7,357
Lending commitments 405 3,972 1,935 6,312
Total exposure $ 2,799 $ 5,287 $ 5,583 $ 13,669
At December 31, 2023
Contractual Years to Maturity
$ in millions <1 1-5 5-15 Total
Loans, net of ACL $ 1,974 $ 2,564 $ 2,580 $ 7,118
Lending commitments 3,564 685 549 4,798
Total exposure $ 5,538 $ 3,249 $ 3,129 $ 11,916
Event-driven loans and lending commitments are associated with certain underwritings and/or syndications to finance a specific transaction, such as merger, acquisition, recapitalization or project finance activities. Balances may fluctuate as such lending is related to transactions that vary in timing and size from period to period.
June 2024 Form 10-Q
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Institutional Securities Loans and Lending Commitments Held for Investment
At June 30, 2024
$ in millions Loans Lending Commitments Total
Corporate $ 6,764 $ 98,724 $ 105,488
Secured lending facilities 44,869 17,110 61,979
Commercial real estate 8,804 563 9,367
Securities-based lending and Other 2,483 855 3,338
Total, before ACL $ 62,920 $ 117,252 $ 180,172
ACL $ (865) $ (538) $ (1,403)
At December 31, 2023
$ in millions Loans Lending Commitments Total
Corporate $ 6,758 $ 91,752 $ 98,510
Secured lending facilities 39,498 15,589 55,087
Commercial real estate 8,678 266 8,944
Securities-based lending and Other 2,818 915 3,733
Total, before ACL $ 57,752 $ 108,522 $ 166,274
ACL $ (874) $ (533) $ (1,407)
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At June 30, 2024 At December 31, 2023
$ in millions
Loans 1
LC 1
Total
Loans 1
LC 1
Total
Americas $ 5,950 $ 1,141 $ 7,091 $ 5,410 $ 289 $ 5,699
EMEA 3,631 153 3,784 3,127 56 3,183
Asia 523 27 550 485 485
Total
$ 10,104 $ 1,321 $ 11,425 $ 9,022 $ 345 $ 9,367
By Property Type
At June 30, 2024 At December 31, 2023
$ in millions
Loans 1
LC 1
Total
Loans 1
LC 1
Total
Industrial $ 2,772 $ 1,007 $ 3,779 $ 2,435 $ 5 $ 2,440
Office 2,904 163 3,067 3,310 186 3,496
Multifamily 2,856 80 2,936 1,715 74 1,789
Retail 884 7 891 842 7 849
Hotel 688 64 752 718 73 791
Other 2 2
Total
$ 10,104 $ 1,321 $ 11,425 $ 9,022 $ 345 $ 9,367
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.
The current economic environment and changes in business and consumer behavior have adversely impacted commercial real estate borrowers due to pressure from higher interest rates, tenant lease renewals, and elevated refinancing risks for loans with near-term maturities, among other issues. While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given the sector’s sensitivity to economic and secular factors, credit conditions, and difficulties specific to certain property types, most notably office.

As of June 30, 2024 and December 31, 2023 , our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $11.4 billion and $9.4 billion, respectively. This represents 5.0% and 4.5%, respectively, of total exposure reflected in the Institutional
Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or s ecuritized on a full or partial basis, reducing our ongoing exposure.
In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Six Months Ended June 30, 2024
$ in millions Corporate Secured Lending Facilities
CRE
Other Total
ACL—Loans
Beginning balance
$ 241 $ 153 $ 463 $ 17 $ 874
Gross charge-offs (11) (41) (52)
Recoveries 4 4
Net (charge-offs) recoveries (11) (37) (48)
Provision (release)
1 2 46 (2) 47
Other (1) (1) (3) (3) (8)
Ending balance
$ 241 $ 143 $ 469 $ 12 $ 865
ACL—Lending commitments
Beginning balance
$ 431 $ 70 $ 26 $ 6 $ 533
Provision (release)
8 3 (2) 9
Other (5) (1) 2 (4)
Ending balance
$ 434 $ 69 $ 29 $ 6 $ 538
Total ending balance
$ 675 $ 212 $ 498 $ 18 $ 1,403
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
June 30,
2024
At
December 31,
2023
Corporate 3.6 % 3.6 %
Secured lending facilities 0.3 % 0.4 %
Commercial real estate 5.3 % 5.3 %
Securities-based lending and Other 0.5 % 0.6 %
Total Institutional Securities loans 1.4 % 1.5 %
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Wealth Management Loans and Lending Commitments
At June 30, 2024
Contractual Years to Maturity
$ in millions <1 1-5 5-15 >15 Total
Securities-based lending and Other
$ 78,038 $ 8,367 $ 1,291 $ 143 $ 87,839
Residential real estate
1 107 1,185 61,775 63,068
Total loans, net of ACL $ 78,039 $ 8,474 $ 2,476 $ 61,918 $ 150,907
Lending commitments 16,442 2,125 28 368 18,963
Total exposure $ 94,481 $ 10,599 $ 2,504 $ 62,286 $ 169,870
At December 31, 2023
Contractual Years to Maturity
$ in millions <1 1-5 5-15 >15 Total
Securities-based lending and Other
$ 76,923 $ 7,679 $ 1,494 $ 133 $ 86,229
Residential real estate
1 91 1,255 58,950 60,297
Total loans, net of ACL $ 76,924 $ 7,770 $ 2,749 $ 59,083 $ 146,526
Lending commitments 16,312 2,937 19 344 19,612
Total exposure $ 93,236 $ 10,707 $ 2,768 $ 59,427 $ 166,138
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
Securities-based lending allows clients to borrow money against the value of qualifying securities, generally for any purpose other than purchasing, trading or carrying securities or refinancing margin debt. Other loans primarily include tailored lending, which typically consist of bespoke lending arrangements provided to ultra-high net worth clients. Securities-based lending and Other loans are generally secured by various types of eligible collateral, including marketable securities, private investments, commercial real estate and other financial assets. For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At June 30, 2024 At December 31, 2023
$ in millions
Loans 1
LC 1
Total
Loans 1
LC 1
Total
Retail $ 2,286 $ $ 2,286 $ 2,180 $ 3 $ 2,183
Multifamily 2,003 216 2,219 1,891 159 2,050
Office 1,877 16 1,893 1,736 16 1,752
Industrial 458 458 454 454
Hotel 387 387 400 400
Other 286 286 253 253
Total
$ 7,297 $ 232 $ 7,529 $ 6,914 $ 178 $ 7,092
LC–Lending Commitments
1. Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of June 30, 2024 and December 31, 2023 , our direct lending against CRE properties totaled $7.5 billion and $7.1 billion, respectively, within the Wealth Management business segment. This represents 4.4% and 4.3% , respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our p rivate banking platform, are both
secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both June 30, 2024 and December 31, 2023, greater than 95% of the CRE loans balance in the Wealth Management business segment received gua rantees. All of our lending against CRE properties within Wealth Management are in the Americas region.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
Six Months Ended June 30, 2024
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance $ 100 $ 195 $ 295
Gross charge-offs (2) (2)
Provision (release) (6) 22 16
Other 1 1
Ending balance
$ 94 $ 216 $ 310
ACL—Lending commitments
Beginning balance $ 4 $ 14 $ 18
Provision (release) (2) (2)
Other 1 1
Ending balance
$ 4 $ 13 $ 17
Total ending balance
$ 98 $ 229 $ 327
As of June 30, 2024 and December 31, 2023, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores ( i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.
Customer and Other Receivables
Margin Loans and Other Lending
$ in millions At
June 30,
2024
At
December 31,
2023
Institutional Securities $ 29,139 $ 24,208
Wealth Management 25,433 21,436
Total $ 54,572 $ 45,644
The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when
June 2024 Form 10-Q
35

Risk Disclosures
Image17.jpg
collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2023 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
Derivatives
Fair Value of OTC Derivative Assets
Counterparty Credit Rating 1
$ in millions AAA AA A BBB NIG Total
At June 30, 2024
Less than 1 year $ 1,245 $ 12,778 $ 36,630 $ 18,798 $ 8,700 $ 78,151
1-3 years 856 6,701 18,451 10,994 6,525 43,527
3-5 years 1,054 6,918 8,940 5,574 3,474 25,960
Over 5 years 3,116 28,675 48,555 27,409 6,404 114,159
Total, gross $ 6,271 $ 55,072 $ 112,576 $ 62,775 $ 25,103 $ 261,797
Counterparty netting (3,139) (41,685) (83,152) (44,695) (13,973) (186,644)
Cash and securities collateral (2,316) (11,285) (26,447) (12,241) (5,659) (57,948)
Total, net $ 816 $ 2,102 $ 2,977 $ 5,839 $ 5,471 $ 17,205
Counterparty Credit Rating 1
$ in millions AAA AA A BBB NIG Total
At December 31, 2023
Less than 1 year $ 2,013 $ 16,885 $ 37,517 $ 25,529 $ 10,084 $ 92,028
1-3 years 1,013 7,274 18,451 12,757 7,360 46,855
3-5 years 504 8,897 8,814 5,989 3,825 28,029
Over 5 years 3,955 29,511 50,512 28,003 6,597 118,578
Total, gross $ 7,485 $ 62,567 $ 115,294 $ 72,278 $ 27,866 $ 285,490
Counterparty netting (3,691) (48,821) (86,826) (53,178) (15,888) (208,404)
Cash and securities collateral (2,709) (10,704) (25,921) (13,025) (5,554) (57,913)
Total, net $ 1,085 $ 3,042 $ 2,547 $ 6,075 $ 6,424 $ 19,173
$ in millions At
June 30,
2024
At
December 31,
2023
Industry
Financials $ 5,382 $ 7,215
Utilities 4,554 4,267
Regional governments 1,058 1,319
Communications services 965 841
Industrials 932 937
Energy 645 533
Consumer discretionary 617 684
Information technology 553 677
Consumer staples 549 515
Materials 406 383
Healthcare 392 468
Sovereign governments 200 262
Insurance 166 156
Not-for-profit organizations 123 166
Real estate 122 167
Other 541 583
Total $ 17,205 $ 19,173
1. Counterparty credit ratings are determined internally by the CRM.
We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2023 Form 10-K and Note 6 to the financial statements.
36
June 2024 Form 10-Q

Risk Disclosures
Image17.jpg
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2023 Form 10-K.
Top 10 Non-U.S. Country Exposures
At June 30, 2024
$ in millions United Kingdom France
Japan
Brazil
Germany
Sovereign
Net inventory 1
$ (561) $ 3,666 $ 541 $ 4,816 $ (2,491)
Net counterparty exposure 2
7 1 44 11 71
Exposure before hedges (554) 3,667 585 4,827 (2,420)
Hedges 3
(55) (6) (153) (253)
Net exposure $ (609) $ 3,661 $ 585 $ 4,674 $ (2,673)
Non-sovereign
Net inventory 1
$ 1,627 $ 1,442 $ 1,434 $ 196 $ 865
Net counterparty exposure 2
6,084 3,057 4,160 445 2,972
Loans 8,523 511 40 292 1,793
Lending commitments 8,788 2,863 421 4,907
Exposure before hedges 25,022 7,873 5,634 1,354 10,537
Hedges 3
(1,889) (1,543) (4) (29) (1,927)
Net exposure $ 23,133 $ 6,330 $ 5,630 $ 1,325 $ 8,610
Total net exposure $ 22,524 $ 9,991 $ 6,215 $ 5,999 $ 5,937
$ in millions
Australia
Korea
China
Ireland
Canada
Sovereign
Net inventory 1
$ 858 $ 3,253 $ 634 $ 19 $ 371
Net counterparty exposure 2
50 355 154 4 20
Exposure before hedges 908 3,608 788 23 391
Hedges 3
Net exposure $ 908 $ 3,608 $ 788 $ 23 $ 391
Non-sovereign
Net inventory 1
$ 309 $ 101 $ 2,214 $ 456 $ 454
Net counterparty exposure 2
486 738 324 416 834
Loans 1,788 185 2,028 418
Lending commitments 1,141 743 780 1,666
Exposure before hedges 3,724 839 3,466 3,680 3,372
Hedges 3
(14) (4) (4) (132)
Net exposure $ 3,710 $ 839 $ 3,462 $ 3,676 $ 3,240
Total net exposure $ 4,618 $ 4,447 $ 4,250 $ 3,699 $ 3,631
1. Net inventory represents exposure to both long and short single-name and index positions ( i.e ., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).
2. Net counterparty exposure ( e.g ., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place. For more information, see “Additional Information—Top 10 Non-U.S. Country Exposures” herein.
3. Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2023 Form 10-K.
Additional Information—Top 10 Non-U.S. Country Exposures
Collateral Held Against Net Counterparty Exposure 1
$ in millions At
June 30,
2024
Country of Risk
Collateral 2
United Kingdom U.K., U.S., and Japan $ 8,296
Japan Japan and U.S. 7,691
Other France, Italy, and U.S. 15,835
1. The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at June 30, 2024.
2. Primarily consists of cash and government obligations of the countries listed.
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events ( e.g. , cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups ( e.g. , information technology and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2023 Form 10-K.
Model Risk
Model risk refers to the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making or damage to our reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2023 Form 10-K.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2023 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
June 2024 Form 10-Q
37

Risk Disclosures
Image17.jpg
Legal, Regulatory and Compliance Risk
Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2023 Form 10-K.
Climate Risk
Climate change manifests as physical and transition risks. The physical risks of climate change include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. The transition risk of climate change include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer behavior and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure or carbon taxes. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2023 Form 10-K.
38
June 2024 Form 10-Q



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of June 30, 2024, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and six-month periods ended June 30, 2024 and 2023, and the cash flow statements for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2023, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

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






/s/ Deloitte & Touche LLP
New York, New York
August 5, 2024


June 2024 Form 10-Q
39

Consolidated Income Statement
(Unaudited)
Image20.jpg

Three Months Ended
June 30,
Six Months Ended
June 30,
in millions, except per share data 2024 2023 2024 2023
Revenues
Investment banking $ 1,735 $ 1,155 $ 3,324 $ 2,485
Trading 4,131 3,802 8,983 8,279
Investments 157 95 294 240
Commissions and fees 1,183 1,090 2,410 2,329
Asset management 5,424 4,817 10,693 9,545
Other 322 488 588 740
Total non-interest revenues 12,952 11,447 26,292 23,618
Interest income 1
13,529 10,913 26,459 20,893
Interest expense 1
11,462 8,903 22,596 16,537
Net interest 2,067 2,010 3,863 4,356
Net revenues 15,019 13,457 30,155 27,974
Provision for credit losses 76 161 70 395
Non-interest expenses
Compensation and benefits 6,460 6,262 13,156 12,672
Brokerage, clearing and exchange fees 995 875 1,916 1,756
Information processing and communications 1,011 926 1,987 1,841
Professional services 753 767 1,392 1,477
Occupancy and equipment 464 471 905 911
Marketing and business development 245 236 462 483
Other 941 947 1,798 1,867
Total non-interest expenses 10,869 10,484 21,616 21,007
Income before provision for income taxes 4,074 2,812 8,469 6,572
Provision for income taxes 957 591 1,890 1,318
Net income $ 3,117 $ 2,221 $ 6,579 $ 5,254
Net income applicable to noncontrolling interests 41 39 91 92
Net income applicable to Morgan Stanley $ 3,076 $ 2,182 $ 6,488 $ 5,162
Preferred stock dividends 134 133 280 277
Earnings applicable to Morgan Stanley common shareholders $ 2,942 $ 2,049 $ 6,208 $ 4,885
Earnings per common share
Basic $ 1.85 $ 1.25 $ 3.89 $ 2.98
Diluted $ 1.82 $ 1.24 $ 3.85 $ 2.95
Average common shares outstanding
Basic 1,594 1,635 1,597 1,640
Diluted 1,611 1,651 1,614 1,657
1. Prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.
Consolidated Comprehensive Income Statement
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Net income $ 3,117 $ 2,221 $ 6,579 $ 5,254
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments ( 142 ) ( 111 ) ( 315 ) ( 91 )
Change in net unrealized gains (losses) on available-for-sale securities 109 ( 21 ) 177 491
Pension and other 9 ( 1 ) 13 ( 2 )
Change in net debt valuation adjustment 275 ( 531 ) ( 288 ) ( 546 )
Net change in cash flow hedges ( 20 ) ( 28 ) ( 13 )
Total other comprehensive income (loss) $ 251 $ ( 684 ) $ ( 441 ) $ ( 161 )
Comprehensive income $ 3,368 $ 1,537 $ 6,138 $ 5,093
Net income applicable to noncontrolling interests 41 39 91 92
Other comprehensive income (loss) applicable to noncontrolling interests ( 46 ) ( 95 ) ( 102 ) ( 114 )
Comprehensive income applicable to Morgan Stanley $ 3,373 $ 1,593 $ 6,149 $ 5,115
June 2024 Form 10-Q
40
See Notes to Consolidated Financial Statements

Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
June 30,
2024
At
December 31,
2023
Assets
Cash and cash equivalents $ 90,160 $ 89,232
Trading assets at fair value ( $ 161,797 and $ 162,698 were pledged to various parties)
357,043 367,074
Investment securities:
Available-for-sale at fair value (amortized cost of $ 95,042 and $ 92,149 )
91,238 88,113
Held-to-maturity (fair value of $ 53,960 and $ 57,453 )
64,193 66,694
Securities purchased under agreements to resell (includes $ and $ 7 at fair value)
118,910 110,740
Securities borrowed 122,709 121,091
Customer and other receivables 88,718 80,105
Loans:
Held for investment (net of allowance for credit losses of $ 1,175 and $ 1,169 )
212,964 203,385
Held for sale 15,283 15,255
Goodwill 16,719 16,707
Intangible assets (net of accumulated amortization of $ 5,148 and $ 4,847 )
6,763 7,055
Other assets 27,747 28,242
Total assets $ 1,212,447 $ 1,193,693
Liabilities
Deposits (includes $ 6,792 and $ 6,472 at fair value)
$ 348,890 $ 351,804
Trading liabilities at fair value 155,018 151,513
Securities sold under agreements to repurchase (includes $ 1,012 and $ 1,020 at fair value)
65,677 62,651
Securities loaned 17,078 15,057
Other secured financings (includes $ 13,123 and $ 9,899 at fair value)
17,140 12,655
Customer and other payables 205,897 208,148
Other liabilities and accrued expenses 25,944 28,151
Borrowings (includes $ 97,055 and $ 93,900 at fair value)
275,197 263,732
Total liabilities 1,110,841 1,093,711
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: 1,619,075,147 and 1,626,828,437
20 20
Additional paid-in capital 29,459 29,832
Retained earnings 101,374 97,996
Employee stock trusts 5,110 5,314
Accumulated other comprehensive income (loss) ( 6,760 ) ( 6,421 )
Common stock held in treasury at cost, $ 0.01 par value ( 419,818,832 and 412,065,542 shares)
( 32,129 ) ( 31,139 )
Common stock issued to employee stock trusts ( 5,110 ) ( 5,314 )
Total Morgan Stanley shareholders’ equity 100,714 99,038
Noncontrolling interests 892 944
Total equity 101,606 99,982
Total liabilities and equity $ 1,212,447 $ 1,193,693

See Notes to Consolidated Financial Statements
41
June 2024 Form 10-Q

Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Preferred Stock
Beginning and ending balance $ 8,750 $ 8,750 $ 8,750 $ 8,750
Common Stock
Beginning and ending balance 20 20 20 20
Additional Paid-in Capital
Beginning balance 29,046 28,856 29,832 29,339
Share-based award activity 413 389 ( 373 ) ( 94 )
Ending balance 29,459 29,245 29,459 29,245
Retained Earnings
Beginning balance 99,811 96,392 97,996 94,862
Cumulative adjustment related to the adoption of an accounting standard update 1
( 60 )
Net income applicable to Morgan Stanley 3,076 2,182 6,488 5,162
Preferred stock dividends 2
( 134 ) ( 133 ) ( 280 ) ( 277 )
Common stock dividends 2
( 1,377 ) ( 1,292 ) ( 2,767 ) ( 2,597 )
Other net increases (decreases) ( 2 ) 2 ( 3 ) 1
Ending balance 101,374 97,151 101,374 97,151
Employee Stock Trusts
Beginning balance 5,250 5,343 5,314 4,881
Share-based award activity ( 140 ) ( 85 ) ( 204 ) 377
Ending balance 5,110 5,258 5,110 5,258
Accumulated Other Comprehensive Income (Loss)
Beginning balance ( 7,057 ) ( 5,711 ) ( 6,421 ) ( 6,253 )
Net change in Accumulated other comprehensive income (loss) 297 ( 589 ) ( 339 ) ( 47 )
Ending balance ( 6,760 ) ( 6,300 ) ( 6,760 ) ( 6,300 )
Common Stock Held in Treasury at Cost
Beginning balance ( 31,372 ) ( 27,481 ) ( 31,139 ) ( 26,577 )
Share-based award activity 70 98 1,555 1,402
Repurchases of common stock and employee tax withholdings ( 827 ) ( 1,097 ) ( 2,545 ) ( 3,305 )
Ending balance ( 32,129 ) ( 28,480 ) ( 32,129 ) ( 28,480 )
Common Stock Issued to Employee Stock Trusts
Beginning balance ( 5,250 ) ( 5,343 ) ( 5,314 ) ( 4,881 )
Share-based award activity 140 85 204 ( 377 )
Ending balance ( 5,110 ) ( 5,258 ) ( 5,110 ) ( 5,258 )
Noncontrolling Interests
Beginning balance 942 1,128 944 1,090
Net income applicable to noncontrolling interests 41 39 91 92
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests ( 46 ) ( 95 ) ( 102 ) ( 114 )
Other net increases (decreases) ( 45 ) ( 97 ) ( 41 ) ( 93 )
Ending balance 892 975 892 975
Total Equity $ 101,606 $ 101,361 $ 101,606 $ 101,361
1. The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 for further information.
2. See Note 16 for information regarding dividends per share for each class of stock.

June 2024 Form 10-Q
42
See Notes to Consolidated Financial Statements

Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

Six Months Ended
June 30,
$ in millions 2024 2023
Cash flows from operating activities
Net income $ 6,579 $ 5,254
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense 859 981
Depreciation and amortization 2,246 1,862
Provision for credit losses 70 395
Other operating adjustments 75 116
Changes in assets and liabilities:
Trading assets, net of Trading liabilities 10,375 ( 31,849 )
Securities borrowed ( 1,618 ) ( 5,752 )
Securities loaned 2,021 ( 2,310 )
Customer and other receivables and other assets ( 7,736 ) 3,032
Customer and other payables and other liabilities ( 842 ) ( 1,082 )
Securities purchased under agreements to resell ( 8,170 ) 15,993
Securities sold under agreements to repurchase 3,026 ( 6,171 )
Net cash provided by (used for) operating activities 6,885 ( 19,531 )
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software ( 1,667 ) ( 1,570 )
Changes in loans, net ( 9,727 ) ( 1,654 )
AFS securities:
Purchases ( 18,368 ) ( 6,413 )
Proceeds from sales 5,535 4,739
Proceeds from paydowns and maturities 9,531 6,890
HTM securities:
Purchases ( 2,940 )
Proceeds from paydowns and maturities 5,492 3,386
Other investing activities ( 470 ) ( 178 )
Net cash provided by (used for) investing activities ( 12,614 ) 5,200
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings 1,360 ( 138 )
Deposits ( 2,941 ) ( 8,134 )
Proceeds from issuance of Borrowings 54,470 40,061
Payments for:
Borrowings ( 38,736 ) ( 34,259 )
Repurchases of common stock and employee tax withholdings ( 2,541 ) ( 3,294 )
Cash dividends ( 2,963 ) ( 2,785 )
Other financing activities ( 196 ) ( 232 )
Net cash provided by (used for) financing activities 8,453 ( 8,781 )
Effect of exchange rate changes on cash and cash equivalents ( 1,796 ) ( 21 )
Net increase (decrease) in cash and cash equivalents 928 ( 23,133 )
Cash and cash equivalents, at beginning of period 89,232 128,127
Cash and cash equivalents, at end of period $ 90,160 $ 104,994
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest $ 23,020 $ 19,162
Income taxes, net of refunds 1,043 978

See Notes to Consolidated Financial Statements
43
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Wealth Management covers: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are
generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2023 Form 10-K. Certain footnote disclosures included in the 2023 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2023 Form 10-K.

June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2023 Form 10-K.
In the first quarter of 2024, the Firm implemented certain presentation changes that impacted interest income and interest expense but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the income statement in 2023 and accordingly, prior period amounts were adjusted to conform with the current presentation.
During the six months ended June 30, 2024 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting update adopted.
Accounting Updates Adopted in 2024
Investments - Tax Credit Structures

The Firm adopted the Investments - Equity Method and Joint Ventures - Tax Credit Structures accounting update on January 1, 2024 using the modified retrospective method. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received and recognized net in the income statement as a component of provision for income taxes. The update requires a separate accounting policy election to be made for each tax credit program. Additional disclosures are required regarding (i) the nature of our tax equity investments and (ii) the effect of our tax equity investments and related income tax credits on the financial condition and results of operations (see Note 10).
The adoption resulted in a decrease to Retained earnings of $ 60 million as of January 1, 2024, net of tax, and a corresponding reduction to Other assets.
3. Cash and Cash Equivalents
$ in millions At
June 30,
2024
At
December 31,
2023
Cash and due from banks $ 6,626 $ 7,323
Interest bearing deposits with banks 83,534 81,909
Total Cash and cash equivalents $ 90,160 $ 89,232
Restricted cash $ 29,044 $ 30,571
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2023 Form 10-K.
4. Fair Values
Recurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At June 30, 2024
$ in millions Level 1 Level 2 Level 3
Netting 1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities $ 55,809 $ 50,739 $ $ $ 106,548
Other sovereign government obligations 33,634 9,237 74 42,945
State and municipal securities 2,712 2,712
MABS 1,806 423 2,229
Loans and lending commitments 2
7,273 2,176 9,449
Corporate and other debt 36,889 1,925 38,814
Corporate equities 3,5
105,247 1,308 217 106,772
Derivative and other contracts:
Interest rate 2,415 133,091 572 136,078
Credit 8,804 386 9,190
Foreign exchange 50 79,109 79,159
Equity 1,080 74,519 622 76,221
Commodity and other 1,917 11,578 2,717 16,212
Netting 1
( 4,816 ) ( 232,020 ) ( 792 ) ( 40,627 ) ( 278,255 )
Total derivative and other contracts 646 75,081 3,505 ( 40,627 ) 38,605
Investments 4,5
998 881 843 2,722
Physical commodities 575 575
Total trading assets 4
196,334 186,501 9,163 ( 40,627 ) 351,371
Investment securities—AFS 62,777 28,461 91,238
Total assets at fair value $ 259,111 $ 214,962 $ 9,163 $ ( 40,627 ) $ 442,609
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June 2024 Form 10-Q

Notes to Consolidated Financial Statements
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At June 30, 2024
$ in millions Level 1 Level 2 Level 3
Netting 1
Total
Liabilities at fair value
Deposits $ $ 6,758 $ 34 $ $ 6,792
Trading liabilities:
U.S. Treasury and agency securities 22,448 28 22,476
Other sovereign government obligations 27,708 1,725 2 29,435
Corporate and other debt 12,473 12 12,485
Corporate equities 3
58,013 217 28 58,258
Derivative and other contracts:
Interest rate 2,345 123,736 310 126,391
Credit 9,328 262 9,590
Foreign exchange 218 73,141 118 73,477
Equity 1,180 89,144 1,677 92,001
Commodity and other 1,961 10,934 1,514 14,409
Netting 1
( 4,816 ) ( 232,020 ) ( 792 ) ( 45,877 ) ( 283,505 )
Total derivative and other contracts 888 74,263 3,089 ( 45,877 ) 32,363
Total trading liabilities 109,057 88,706 3,131 ( 45,877 ) 155,017
Securities sold under agreements to repurchase 563 449 1,012
Other secured financings 13,032 91 13,123
Borrowings 95,079 1,976 97,055
Total liabilities at fair value $ 109,057 $ 204,138 $ 5,681 $ ( 45,877 ) $ 272,999
At December 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 $ 56,459 $ 53,741 $ $ $ 110,200
Other sovereign government obligations 22,580 9,946 94 32,620
State and municipal securities 2,148 34 2,182
MABS 1,540 489 2,029
Loans and lending commitments 2
6,122 2,066 8,188
Corporate and other debt 35,833 1,983 37,816
Corporate equities 3,5
126,772 929 199 127,900
Derivative and other contracts:
Interest rate 7,284 140,139 784 148,207
Credit 10,244 393 10,637
Foreign exchange 12 93,218 20 93,250
Equity 2,169 55,319 587 58,075
Commodity and other 1,608 11,862 2,811 16,281
Netting 1
( 7,643 ) ( 237,497 ) ( 1,082 ) ( 42,915 ) ( 289,137 )
Total derivative and other contracts 3,430 73,285 3,513 ( 42,915 ) 37,313
Investments 4
781 836 949 2,566
Physical commodities 736 736
Total trading assets 4
210,022 185,116 9,327 ( 42,915 ) 361,550
Investment securities—AFS 57,405 30,708 88,113
Securities purchased under agreements to resell 7 7
Total assets at fair value $ 267,427 $ 215,831 $ 9,327 $ ( 42,915 ) $ 449,670
At December 31, 2023
$ in millions Level 1 Level 2 Level 3
Netting 1
Total
Liabilities at fair value
Deposits $ $ 6,439 $ 33 $ $ 6,472
Trading liabilities:
U.S. Treasury and agency securities 27,708 16 27,724
Other sovereign government obligations 26,829 3,955 6 30,790
Corporate and other debt 10,560 9 10,569
Corporate equities 3
46,809 300 45 47,154
Derivative and other contracts:
Interest rate 8,000 129,983 857 138,840
Credit 10,795 297 11,092
Foreign exchange 96 89,880 385 90,361
Equity 2,411 64,794 1,689 68,894
Commodity and other 1,642 11,904 1,521 15,067
Netting 1
( 7,643 ) ( 237,497 ) ( 1,082 ) ( 42,757 ) ( 288,979 )
Total derivative and other contracts 4,506 69,859 3,667 ( 42,757 ) 35,275
Total trading liabilities 105,852 84,690 3,727 ( 42,757 ) 151,512
Securities sold under agreements to repurchase 571 449 1,020
Other secured financings 9,807 92 9,899
Borrowings 92,022 1,878 93,900
Total liabilities at fair value $ 105,852 $ 193,529 $ 6,179 $ ( 42,757 ) $ 262,803
MABS—Mortgage- and asset-backed securities
1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.
2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
5. At June 30, 2024 and December 31, 2023, the Firm's Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Detail of Loans and Lending Commitments at Fair Value
$ in millions At
June 30,
2024
At
December 31,
2023
Commercial Real Estate $ 411 $ 422
Residential Real Estate 3,313 2,909
Securities-based lending and Other loans 5,725 4,857
Total $ 9,449 $ 8,188
Unsettled Fair Value of Futures Contracts 1
$ in millions At
June 30,
2024
At
December 31,
2023
Customer and other receivables (payables), net $ 1,638 $ 1,062
1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2023 Form 10-K. During the current quarter,
June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
U.S. Treasury and agency securities
Beginning balance $ $ 1 $ $ 17
Sales ( 1 ) ( 17 )
Ending balance $ $ $ $
Unrealized gains (losses) $ $ $ $
Other sovereign government obligations
Beginning balance $ 64 $ 196 $ 94 $ 169
Realized and unrealized gains (losses) 3 ( 3 ) 6
Purchases 23 6 27 29
Sales ( 30 ) ( 44 ) ( 49 ) ( 73 )
Net transfers 17 ( 33 ) 5 ( 3 )
Ending balance $ 74 $ 128 $ 74 $ 128
Unrealized gains (losses) $ $ $ $ 4
State and municipal securities
Beginning balance $ 102 $ 3 $ 34 $ 145
Realized and unrealized gains (losses) 1 3
Purchases 45 2 50
Sales ( 100 ) ( 33 ) ( 130 )
Net transfers ( 102 ) 91 ( 3 ) ( 28 )
Ending balance $ $ 40 $ $ 40
Unrealized gains (losses) $ $ 1 $ $ 3
MABS
Beginning balance $ 457 $ 454 $ 489 $ 416
Realized and unrealized gains (losses) 10 7 17 15
Purchases 56 42 118 177
Sales ( 118 ) ( 44 ) ( 154 ) ( 160 )
Net transfers 18 27 ( 47 ) 38
Ending balance $ 423 $ 486 $ 423 $ 486
Unrealized gains (losses) $ ( 3 ) $ 7 $ ( 2 ) $ 14
Loans and lending commitments
Beginning balance $ 1,895 $ 2,057 $ 2,066 $ 2,017
Realized and unrealized gains (losses) 6 ( 34 ) ( 2 ) ( 70 )
Purchases and originations 1,022 656 1,382 924
Sales ( 709 ) ( 256 ) ( 1,022 ) ( 290 )
Settlements ( 38 ) ( 177 ) ( 160 ) ( 236 )
Net transfers 154 ( 88 ) 55
Ending balance $ 2,176 $ 2,400 $ 2,176 $ 2,400
Unrealized gains (losses) $ ( 2 ) $ ( 57 ) $ ( 15 ) $ ( 86 )
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Corporate and other debt
Beginning balance $ 2,042 $ 2,243 $ 1,983 $ 2,096
Realized and unrealized gains (losses) ( 143 ) ( 43 ) 9 41
Purchases and originations 904 134 1,164 330
Sales ( 830 ) ( 239 ) ( 997 ) ( 401 )
Settlements ( 11 )
Net transfers ( 48 ) 128 ( 223 ) 157
Ending balance $ 1,925 $ 2,223 $ 1,925 $ 2,223
Unrealized gains (losses) $ ( 24 ) $ ( 31 ) $ 45 $ 77
Corporate equities
Beginning balance $ 268 $ 144 $ 199 $ 116
Realized and unrealized gains (losses) ( 6 ) ( 24 ) ( 70 ) ( 24 )
Purchases 115 18 256 35
Sales ( 164 ) ( 22 ) ( 168 ) ( 30 )
Net transfers 4 50 69
Ending balance $ 217 $ 166 $ 217 $ 166
Unrealized gains (losses) $ $ ( 21 ) $ ( 6 ) $ ( 17 )
Investments
Beginning balance $ 970 $ 955 $ 949 $ 923
Realized and unrealized gains (losses) ( 9 ) ( 11 ) 11 8
Purchases 9 100 24 147
Sales ( 139 ) ( 84 ) ( 142 ) ( 107 )
Net transfers 12 8 1 ( 3 )
Ending balance $ 843 $ 968 $ 843 $ 968
Unrealized gains (losses) $ ( 13 ) $ ( 16 ) $ ( 18 ) $ ( 2 )
Investment securities—AFS
Beginning balance $ $ $ $ 35
Realized and unrealized gains (losses) 1
Net transfers ( 36 )
Ending balance $ $ $ $
Unrealized gains (losses) $ $ $ $
Net derivatives: Interest rate
Beginning balance $ 48 $ ( 217 ) $ ( 73 ) $ ( 151 )
Realized and unrealized gains (losses) 32 116 156 ( 174 )
Purchases 31 2 43 8
Issuances ( 28 ) ( 6 ) ( 37 ) ( 4 )
Settlements 55 32 ( 84 ) 282
Net transfers 124 122 257 88
Ending balance $ 262 $ 49 $ 262 $ 49
Unrealized gains (losses) $ 47 $ ( 30 ) $ 64 $ 8
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June 2024 Form 10-Q

Notes to Consolidated Financial Statements
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Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Net derivatives: Credit
Beginning balance $ 127 $ 48 $ 96 $ 110
Realized and unrealized gains (losses) 6 40 ( 6 ) 7
Settlements 4 ( 6 ) 28 ( 19 )
Net transfers ( 13 ) 14 6 ( 2 )
Ending balance $ 124 $ 96 $ 124 $ 96
Unrealized gains (losses) $ 12 $ 47 $ ( 3 ) $ 11
Net derivatives: Foreign exchange
Beginning balance $ 20 $ 66 $ ( 365 ) $ 66
Realized and unrealized gains (losses) 288 18 224 ( 40 )
Issuances ( 2 )
Settlements ( 335 ) 19 ( 44 ) 38
Net transfers ( 91 ) ( 75 ) 67 ( 34 )
Ending balance $ ( 118 ) $ 28 $ ( 118 ) $ 28
Unrealized gains (losses) $ 128 $ 25 $ 91 $ ( 32 )
Net derivatives: Equity
Beginning balance $ ( 989 ) $ ( 777 ) $ ( 1,102 ) $ ( 736 )
Realized and unrealized gains (losses) 250 ( 100 ) 655 ( 50 )
Purchases 141 57 204 99
Issuances ( 351 ) ( 208 ) ( 547 ) ( 320 )
Settlements ( 153 ) 68 ( 78 ) 97
Net transfers 47 185 ( 187 ) 135
Ending balance $ ( 1,055 ) $ ( 775 ) $ ( 1,055 ) $ ( 775 )
Unrealized gains (losses) $ 198 $ ( 102 ) $ 629 $ ( 115 )
Net derivatives: Commodity and other
Beginning balance $ 1,210 $ 1,599 $ 1,290 $ 1,083
Realized and unrealized gains (losses) 375 195 718 604
Purchases 202 1 269 36
Issuances ( 106 ) ( 7 ) ( 116 ) ( 27 )
Settlements ( 434 ) ( 126 ) ( 695 ) ( 205 )
Net transfers ( 44 ) ( 246 ) ( 263 ) ( 75 )
Ending balance $ 1,203 $ 1,416 $ 1,203 $ 1,416
Unrealized gains (losses) $ ( 7 ) $ 39 $ 26 $ 287
Deposits
Beginning balance $ 51 $ 29 $ 33 $ 20
Realized and unrealized losses (gains) ( 1 ) 14 ( 1 ) 19
Issuances 2 3
Settlements ( 2 ) ( 1 )
Net transfers ( 16 ) ( 7 ) ( 3 )
Ending balance $ 34 $ 36 $ 34 $ 36
Unrealized losses (gains) $ ( 1 ) $ $ ( 1 ) $
Nonderivative trading liabilities
Beginning balance $ 73 $ 160 $ 60 $ 74
Realized and unrealized losses (gains) ( 25 ) ( 22 ) ( 12 )
Purchases ( 38 ) ( 82 ) ( 58 ) ( 127 )
Sales 48 24 61 120
Net transfers ( 16 ) ( 13 ) 1 34
Ending balance $ 42 $ 89 $ 42 $ 89
Unrealized losses (gains) $ $ ( 1 ) $ $ ( 12 )
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Securities sold under agreements to repurchase
Beginning balance $ 460 $ 514 $ 449 $ 512
Realized and unrealized losses (gains) ( 11 ) ( 3 ) 7
Issuances 1
Settlements ( 9 )
Net transfers ( 57 ) ( 57 )
Ending balance $ 449 $ 454 $ 449 $ 454
Unrealized losses (gains) $ ( 11 ) $ ( 4 ) $ $ 7
Other secured financings
Beginning balance $ 74 $ 115 $ 92 $ 91
Realized and unrealized losses (gains) 1 ( 4 ) 3
Issuances 31 2 38 43
Settlements ( 22 ) ( 28 ) ( 43 ) ( 47 )
Net transfers 8 8
Ending balance $ 91 $ 90 $ 91 $ 90
Unrealized losses (gains) $ $ 1 $ ( 4 ) $ 3
Borrowings
Beginning balance $ 2,027 $ 1,649 $ 1,878 $ 1,587
Realized and unrealized losses (gains) ( 108 ) 1 ( 60 ) 44
Issuances 172 257 267 512
Settlements ( 130 ) ( 52 ) ( 150 ) ( 181 )
Net transfers 15 ( 68 ) 41 ( 175 )
Ending balance $ 1,976 $ 1,787 $ 1,976 $ 1,787
Unrealized losses (gains) $ ( 105 ) $ ( 1 ) $ ( 62 ) $ 26
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA ( 9 ) 11 4 22
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.




June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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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 June 30, 2024 At December 31, 2023
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations $ 74 $ 94
Comparable pricing:
Bond price
70 to 100 points ( 80 points)
61 to 110 points ( 87 points)
MABS $ 423 $ 489
Comparable pricing:
Bond price
1 to 88 points ( 59 points)
0 to 88 points ( 61 points)
Loans and lending commitments $ 2,176 $ 2,066
Margin loan model:
Margin loan rate
2 % to 4 % ( 3 %)
2 % to 4 % ( 3 %)
Comparable pricing:
Loan price
83 to 101 points ( 95 points)
85 to 102 points ( 98 points)
Corporate and other debt $ 1,925 $ 1,983
Comparable pricing:
Bond price
29 to 128 points ( 83 points)
28 to 135 points ( 82 points)
Discounted cash flow:
Loss given default
54 % to 84 % ( 62 % / 54 %)
54 % to 84 % ( 62 % / 54 %)
Corporate equities $ 217 $ 199
Comparable pricing:
Equity price
100 %
100 %
Investments $ 843 $ 949
Discounted cash flow:
WACC
12 % to 18 % ( 16 %)
16 % to 18 % ( 17 %)
Exit multiple
9 to 10 times ( 10 times)
9 to 17 times ( 15 times)
Market approach:
EBITDA multiple
23 times
22 times
Comparable pricing:
Equity price
24 % to 100 % ( 81 %)
24 % to 100 % ( 86 %)
Net derivative and other contracts:
Interest rate $ 262 $ ( 73 )
Option model:
IR volatility skew
74 % to 91 % ( 79 % / 79 %)
70 % to 100 % ( 81 % / 93 %)
IR curve correlation
54 % to 98 % ( 82 % / 83 %)
49 % to 99 % ( 77 % / 79 %)
Bond volatility
N/M
79 % to 85 % ( 82 % / 85 %)
Inflation volatility
31 % to 70 % ( 45 % / 41 %)
27 % to 70 % ( 43 % / 39 %)
Credit $ 124 $ 96
Credit default swap model:
Cash-synthetic
basis
7 points
7 points
Bond price
0 to 92 points ( 46 points)
0 to 92 points ( 46 points)
Credit spread
10 to 360 bps ( 86 bps)
10 to 404 bps ( 94 bps)
Funding spread
18 to 590 bps ( 110 bps)
18 to 590 bps ( 67 bps)
Balance / Range (Average 1 )
$ in millions, except inputs At June 30, 2024 At December 31, 2023
Foreign exchange 2
$ ( 118 ) $ ( 365 )
Option model:
IR curve
- 1 % to 13 % ( 4 % / 3 %)
- 4 % to 26 % ( 7 % / 5 %)
Foreign exchange volatility skew
N/M
- 3 % to 12 % ( 2 % / 0 %)
Contingency probability
70 % to 95 % ( 87 % / 95 %)
95 %
Equity 2
$ ( 1,055 ) $ ( 1,102 )
Option model:
Equity volatility
11 % to 93 % ( 25 %)
6 % to 97 % ( 23 %)
Equity volatility skew
- 1 % to 0 % ( 0 %)
- 1 % to 0 % ( 0 %)
Equity correlation
16 % to 93 % ( 55 %)
25 % to 97 % ( 49 %)
FX correlation
- 60 % to 60 % (- 15 %)
- 79 % to 40 % (- 28 %)
IR correlation
- 10 % to 5 % ( 2 %)
10 % to 30 % ( 15 %)
Commodity and other $ 1,203 $ 1,290
Option model:
Forward power price
$ 0 to $ 168 ($ 49 ) per MWh
$ 0 to $ 220 ($ 49 ) per MWh
Commodity volatility
17 % to 165 % ( 37 %)
8 % to 123 % ( 31 %)
Cross-commodity correlation
55 % to 99 % ( 92 %)
54 % to 100 % ( 94 %)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase $ 449 $ 449
Discounted cash flow:
Funding spread
8 to 136 bps ( 49 / 39 bps)
28 to 135 bps ( 79 bps)
Other secured financings $ 91 $ 92
Comparable pricing:
Loan price
23 to 100 points ( 65 points)
22 to 101 points ( 76 points)
Borrowings $ 1,976 $ 1,878
Option model:
Equity volatility
7 % to 64 % ( 21 %)
6 % to 69 % ( 13 %)
Equity volatility skew
- 1 % to 0 % ( 0 %)
- 2 % to 0 % ( 0 %)
Equity correlation
17 % to 94 % ( 62 %)
41 % to 97 % ( 79 %)
Equity - FX correlation
- 60 % to 48 % (- 32 %)
- 65 % to 40 % (- 30 %)
IR curve correlation
68 % to 99 % ( 81 % / 79 %)
50 % to 89 % ( 71 % / 70 %)
Credit default swap model:
Credit spread
363 to 526 bps ( 445 bps)
N/M
Discounted cash flow:
Loss given default
54 % to 84 % ( 62 % / 54 %)
54 % to 84 % ( 62 % / 54 %)
Nonrecurring Fair Value Measurement
Loans $ 4,855 $ 4,532
Corporate loan model:
Credit spread
109 to 9415 bps ( 1180 bps)
99 to 1467 bps ( 1015 bps)
Comparable pricing:
Loan price
29 to 88 points ( 65 points)
25 to 93 points ( 70 points)
Warehouse model:
Credit spread
119 to 269 bps ( 163 bps)
115 to 268 bps ( 185 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
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June 2024 Form 10-Q

Notes to Consolidated Financial Statements
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1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2. Includes derivative contracts with multiple risks ( i.e. , hybrid products).
The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2023 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
Net Asset Value Measurements
Fund Interests
At June 30, 2024 At December 31, 2023
$ in millions Carrying
Value
Commitment Carrying
Value
Commitment
Private equity $ 2,570 $ 648 $ 2,685 $ 720
Real estate 3,030 226 2,765 240
Hedge
72 3 74 3
Total $ 5,672 $ 877 $ 5,524 $ 963
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2023 Form 10-K.
See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
Carrying Value at June 30, 2024
$ in millions Private Equity Real Estate
Less than 5 years $ 1,107 $ 1,808
5-10 years 1,365 1,152
Over 10 years 98 70
Total $ 2,570 $ 3,030
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
At June 30, 2024
Fair Value
$ in millions Level 2
Level 3 1
Total
Assets
Loans $ 2,938 $ 4,855 $ 7,793
Other assets—Other investments 58 58
Total $ 2,938 $ 4,913 $ 7,851
Liabilities
Other liabilities and accrued expenses—Lending commitments $ 58 $ 44 $ 102
Total $ 58 $ 44 $ 102
At December 31, 2023
Fair Value
$ in millions Level 2
Level 3 1
Total
Assets
Loans $ 4,215 $ 4,532 $ 8,747
Other assets—Other investments 4 4
Other assets—ROU assets 23 23
Total $ 4,238 $ 4,536 $ 8,774
Liabilities
Other liabilities and accrued expenses—Lending commitments $ 110 $ 60 $ 170
Total $ 110 $ 60 $ 170
1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
Gains (Losses) from Nonrecurring Fair Value Remeasurements 1
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Assets
Loans 2
$ ( 109 ) $ ( 87 ) $ ( 131 ) $ ( 116 )
Other assets—Other investments 3
( 7 ) ( 1 ) ( 7 ) ( 1 )
Other assets—Premises, equipment and software 4
( 2 ) ( 1 ) ( 2 ) ( 4 )
Other assets—ROU assets 5
( 10 ) ( 10 )
Total $ ( 118 ) $ ( 99 ) $ ( 140 ) $ ( 131 )
Liabilities
Other liabilities and accrued expenses—Lending commitments 2
$ ( 2 ) $ 5 $ 1 $ 30
Total $ ( 2 ) $ 5 $ 1 $ 30
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.
June 2024 Form 10-Q
50

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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
Financial Instruments Not Measured at Fair Value
At June 30, 2024
Carrying
Value
Fair Value
$ in millions Level 1 Level 2 Level 3 Total
Financial assets
Cash and cash equivalents $ 90,160 $ 90,160 $ $ $ 90,160
Investment securities—HTM 64,193 17,777 34,957 1,226 53,960
Securities purchased under agreements to resell 118,910 117,016 1,902 118,918
Securities borrowed 122,709 122,709 122,709
Customer and other receivables 82,186 78,022 3,952 81,974
Loans 1,2
Held for investment 212,964 16,802 188,031 204,833
Held for sale 15,283 8,025 7,351 15,376
Other assets 704 704 704
Financial liabilities
Deposits $ 342,098 $ $ 342,143 $ $ 342,143
Securities sold under agreements to repurchase 64,665 64,645 64,645
Securities loaned 17,078 17,078 17,078
Other secured financings 4,017 4,015 4,015
Customer and other payables 205,520 205,520 205,520
Borrowings 178,142 180,435 97 180,532
Commitment
Amount
Lending commitments 3
$ 159,471 $ $ 1,218 $ 813 $ 2,031
At December 31, 2023
Carrying
Value
Fair Value
$ in millions Level 1 Level 2 Level 3 Total
Financial assets
Cash and cash equivalents $ 89,232 $ 89,232 $ $ $ 89,232
Investment securities—HTM 66,694 21,937 34,411 1,105 57,453
Securities purchased under agreements to resell 110,733 108,099 2,674 110,773
Securities borrowed 121,091 121,091 121,091
Customer and other receivables 74,337 70,110 4,031 74,141
Loans 1,2
Held for investment
203,385 20,125 176,291 196,416
Held for sale
15,255 8,652 6,672 15,324
Other assets 704 704 704
Financial liabilities
Deposits $ 345,332 $ $ 345,391 $ $ 345,391
Securities sold under agreements to repurchase 61,631 61,621 61,621
Securities loaned 15,057 15,055 15,055
Other secured financings 2,756 2,756 2,756
Customer and other payables 208,015 208,015 208,015
Borrowings 169,832 171,009 4 171,013
Commitment
Amount
Lending commitments 3
$ 149,464 $ $ 1,338 $ 749 $ 2,087
1. Amounts include loans measured at fair value on a nonrecurring basis.
2. Loans amounts have been disaggregated into HFI and HFS for the first time in the fourth quarter of 2023. Prior period amounts have been revised to match the current period presentation.
3. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
5. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millions At
June 30,
2024
At
December 31,
2023
Business Unit Responsible for Risk Management
Equity $ 48,186 $ 46,073
Interest rates 31,490 31,055
Commodities 13,463 12,798
Credit 2,388 2,400
Foreign exchange 1,528 1,574
Total $ 97,055 $ 93,900
51
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Revenues from Borrowings under the Fair Value Option
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Trading revenues $ 949 $ ( 513 ) $ 835 $ ( 4,891 )
Interest expense 155 119 299 227
Net revenues 1
$ 794 $ ( 632 ) $ 536 $ ( 5,118 )
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 June 30,
2024 2023
$ in millions Trading Revenues OCI Trading Revenues OCI
Loans and other receivables 1
$ ( 24 ) $ $ ( 61 ) $
Lending commitments 2
Deposits 15 ( 76 )
Borrowings ( 7 ) 347 ( 3 ) ( 625 )
Six Months Ended June 30,
2024 2023
$ in millions Trading
Revenues
OCI Trading
Revenues
OCI
Loans and other receivables 1
$ 2 $ $ ( 104 ) $
Lending commitments ( 1 ) 11
Deposits 11 17
Borrowings ( 17 ) ( 390 ) ( 9 ) ( 742 )
$ in millions At
June 30,
2024
At
December 31,
2023
Cumulative pre-tax DVA gain (loss) recognized in AOCI $ ( 2,545 ) $ ( 2,166 )
1. Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
Difference Between Contractual Principal and Fair Value 1
$ in millions At
June 30,
2024
At
December 31,
2023
Loans and other receivables 2
$ 10,304 $ 11,086
Nonaccrual loans 2
7,575 8,566
Borrowings 3
3,621 3,030
1. Amounts indicate contractual principal greater than or (less than) fair value.
2. The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.
3. Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.
The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.
Fair Value Loans on Nonaccrual Status
$ in millions At
June 30,
2024
At
December 31,
2023
Nonaccrual loans $ 449 $ 440
Nonaccrual loans 90 or more days past due 21 75
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
Assets at June 30, 2024
$ in millions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ 3 $ $ $ 3
Foreign exchange 138 66 204
Total 141 66 207
Not designated as accounting hedges
Economic hedges of loans
Credit 43 43
Other derivatives
Interest rate 119,039 16,808 228 136,075
Credit 5,513 3,634 9,147
Foreign exchange 75,928 2,957 70 78,955
Equity 24,099 52,122 76,221
Commodity and other 13,569 2,643 16,212
Total 238,148 23,442 55,063 316,653
Total gross derivatives $ 238,289 $ 23,508 $ 55,063 $ 316,860
Amounts offset
Counterparty netting ( 165,846 ) ( 20,798 ) ( 51,776 ) ( 238,420 )
Cash collateral netting ( 38,098 ) ( 1,737 ) ( 39,835 )
Total in Trading assets $ 34,345 $ 973 $ 3,287 $ 38,605
Amounts not offset 1
Financial instruments collateral ( 18,113 ) ( 18,113 )
Net amounts $ 16,232 $ 973 $ 3,287 $ 20,492
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,581
52
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Liabilities at June 30, 2024
$ in millions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ 513 $ 1 $ $ 514
Foreign exchange 15 16 31
Total 528 17 545
Not designated as accounting hedges
Economic hedges of loans
Credit 54 762 816
Other derivatives
Interest rate 110,719 14,912 246 125,877
Credit 5,412 3,362 8,774
Foreign exchange 70,296 2,923 227 73,446
Equity 40,693 51,308 92,001
Commodity and other 11,603 2,806 14,409
Total 238,777 21,959 54,587 315,323
Total gross derivatives $ 239,305 $ 21,976 $ 54,587 $ 315,868
Amounts offset
Counterparty netting ( 165,846 ) ( 20,798 ) ( 51,776 ) ( 238,420 )
Cash collateral netting ( 44,244 ) ( 841 ) ( 45,085 )
Total in Trading liabilities $ 29,215 $ 337 $ 2,811 $ 32,363
Amounts not offset 1
Financial instruments collateral ( 4,474 ) ( 308 ) ( 4,782 )
Net amounts $ 24,741 $ 337 $ 2,503 $ 27,581
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 5,426
Assets at December 31, 2023
$ in millions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ 25 $ $ $ 25
Foreign exchange 5 5 10
Total 30 5 35
Not designated as accounting hedges
Economic hedges of loans
Credit 2 27 29
Other derivatives
Interest rate 127,414 19,914 854 148,182
Credit 5,712 4,896 10,608
Foreign exchange 90,654 2,570 16 93,240
Equity 20,338 37,737 58,075
Commodity and other 13,928 2,353 16,281
Total 258,048 27,407 40,960 326,415
Total gross derivatives $ 258,078 $ 27,412 $ 40,960 $ 326,450
Amounts offset
Counterparty netting ( 184,553 ) ( 23,851 ) ( 38,510 ) ( 246,914 )
Cash collateral netting ( 39,493 ) ( 2,730 ) ( 42,223 )
Total in Trading assets $ 34,032 $ 831 $ 2,450 $ 37,313
Amounts not offset 1
Financial instruments collateral ( 15,690 ) ( 15,690 )
Net amounts $ 18,342 $ 831 $ 2,450 $ 21,623
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,641
Liabilities at December 31, 2023
$ in millions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ 467 $ $ $ 467
Foreign exchange 414 43 457
Total 881 43 924
Not designated as accounting hedges
Economic hedges of loans
Credit 43 702 745
Other derivatives
Interest rate 120,604 17,179 590 138,373
Credit 5,920 4,427 10,347
Foreign exchange 87,104 2,694 106 89,904
Equity 31,545 37,349 68,894
Commodity and other 12,237 2,830 15,067
Total 257,453 25,002 40,875 323,330
Total gross derivatives $ 258,334 $ 25,045 $ 40,875 $ 324,254
Amounts offset
Counterparty netting ( 184,553 ) ( 23,851 ) ( 38,510 ) ( 246,914 )
Cash collateral netting ( 41,082 ) ( 983 ) ( 42,065 )
Total in Trading liabilities $ 32,699 $ 211 $ 2,365 $ 35,275
Amounts not offset 1
Financial instruments collateral ( 6,864 ) ( 8 ) ( 37 ) ( 6,909 )
Net amounts $ 25,835 $ 203 $ 2,328 $ 28,366
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 5,911
1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
Notionals of Derivative Contracts
Assets at June 30, 2024
$ in billions Bilateral OTC Cleared OTC Exchange- Traded Total
Designated as accounting hedges
Interest rate $ $ 103 $ $ 103
Foreign exchange 10 2 12
Total 10 105 115
Not designated as accounting hedges
Economic hedges of loans
Credit 1 1
Other derivatives
Interest rate 3,947 7,559 454 11,960
Credit 225 138 363
Foreign exchange 3,690 204 13 3,907
Equity 609 544 1,153
Commodity and other 130 84 214
Total 8,601 7,902 1,095 17,598
Total gross derivatives $ 8,611 $ 8,007 $ 1,095 $ 17,713
53
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Liabilities at June 30, 2024
$ in billions Bilateral OTC Cleared OTC Exchange- Traded Total
Designated as accounting hedges
Interest rate $ 2 $ 191 $ $ 193
Foreign exchange 5 2 7
Total 7 193 200
Not designated as accounting hedges
Economic hedges of loans
Credit 2 22 24
Other derivatives
Interest rate 4,231 7,485 423 12,139
Credit 237 122 359
Foreign exchange 3,695 198 29 3,922
Equity 695 819 1,514
Commodity and other 115 95 210
Total 8,975 7,827 1,366 18,168
Total gross derivatives $ 8,982 $ 8,020 $ 1,366 $ 18,368
Assets at December 31, 2023
$ in billions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ $ 92 $ $ 92
Foreign exchange 1 1 2
Total 1 93 94
Not designated as accounting hedges
Economic hedges of loans
Credit 1 1
Other derivatives
Interest rate 4,153 8,357 560 13,070
Credit 214 176 390
Foreign exchange 3,378 165 7 3,550
Equity 528 440 968
Commodity and other 142 65 207
Total 8,415 8,699 1,072 18,186
Total gross derivatives $ 8,416 $ 8,792 $ 1,072 $ 18,280
Liabilities at December 31, 2023
$ in billions Bilateral OTC Cleared OTC Exchange-Traded Total
Designated as accounting hedges
Interest rate $ 3 $ 183 $ $ 186
Foreign exchange 14 3 17
Total 17 186 203
Not designated as accounting hedges
Economic hedges of loans
Credit 2 22 24
Other derivatives
Interest rate 4,631 8,197 455 13,283
Credit 229 155 384
Foreign exchange 3,496 167 33 3,696
Equity 587 712 1,299
Commodity and other 101 79 180
Total 9,046 8,541 1,279 18,866
Total gross derivatives $ 9,063 $ 8,727 $ 1,279 $ 19,069
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the
benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2023 Form 10-K.
Gains (Losses) on Accounting Hedges
Three Months Ended Six Months Ended
June 30, June 30,
$ in millions 2024 2023 2024 2023
Fair value hedges—Recognized in Interest income
Interest rate contracts $ 19 $ 569 $ 591 $ 198
Investment Securities—AFS 5 ( 565 ) ( 547 ) ( 184 )
Fair value hedges—Recognized in Interest expense
Interest rate contracts $ ( 24 ) $ ( 2,349 ) $ ( 2,151 ) $ ( 64 )
Deposits ( 18 ) 38 ( 8 ) ( 16 )
Borrowings 49 2,316 2,158 75
Net investment hedges—Foreign exchange contracts
Recognized in OCI $ 285 $ 95 $ 655 $ 6
Forward points excluded from hedge effectiveness testing—Recognized in Interest income 42 63 90 106
Cash flow hedges—Interest rate contracts 1
Recognized in OCI $ ( 13 ) $ ( 25 ) $ ( 60 ) $ ( 18 )
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income ( 12 ) ( 2 ) ( 23 ) ( 3 )
Net change in cash flow hedges included within AOCI ( 1 ) ( 23 ) ( 37 ) ( 15 )
1. For the current quarter ended June 30, 2024, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of June 30, 2024, is approximately $( 56 ) million. The maximum length of time over which forecasted cash flows are hedged is 18 months.
Fair Value Hedges—Hedged Items
$ in millions At
June 30,
2024
At
December 31,
2023
Investment Securities—AFS
Amortized cost basis currently or previously hedged $ 50,820 $ 47,179
Basis adjustments included in amortized cost 1
$ ( 1,082 ) $ ( 732 )
Deposits
Carrying amount currently or previously hedged
$ 17,645 $ 10,569
Basis adjustments included in carrying amount 1
$ ( 23 ) $ ( 31 )
Borrowings
Carrying amount currently or previously hedged
$ 164,105 $ 158,659
Basis adjustments included in carrying amount Outstanding hedges
$ ( 11,348 ) $ ( 9,219 )
Basis adjustments included in carrying amount Terminated hedges
$ ( 660 ) $ ( 671 )
1. Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
Three Months Ended Six Months Ended
June 30, June 30,
$ in millions 2024 2023 2024 2023
Recognized in Other revenues
Credit contracts 1
$ ( 24 ) $ ( 84 ) $ ( 147 ) $ ( 226 )
1. Amounts related to hedges of certain held-for-investment and held-for-sale loans.
June 2024 Form 10-Q
54

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Net Derivative Liabilities and Collateral Posted
$ in millions At
June 30,
2024
At
December 31,
2023
Net derivative liabilities with credit risk-related contingent features $ 21,335 $ 21,957
Collateral posted 14,583 16,389
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millions At
June 30,
2024
One-notch downgrade $ 532
Two-notch downgrade 429
Bilateral downgrade agreements included in the amounts above 1
$ 840
1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold 1
Years to Maturity at June 30, 2024
$ in billions < 1 1-3 3-5 Over 5 Total
Single-name CDS
Investment grade $ 18 $ 29 $ 38 $ 10 $ 95
Non-investment grade 7 15 16 1 39
Total $ 25 $ 44 $ 54 $ 11 $ 134
Index and basket CDS
Investment grade $ 9 $ 19 $ 78 $ 2 $ 108
Non-investment grade 8 16 79 16 119
Total $ 17 $ 35 $ 157 $ 18 $ 227
Total CDS sold $ 42 $ 79 $ 211 $ 29 $ 361
Other credit contracts 3 3
Total credit protection sold $ 42 $ 79 $ 211 $ 32 $ 364
CDS protection sold with identical protection purchased $ 303
Years to Maturity at December 31, 2023
$ in billions < 1 1-3 3-5 Over 5 Total
Single-name CDS
Investment grade $ 19 $ 29 $ 39 $ 10 $ 97
Non-investment grade 7 14 17 1 39
Total $ 26 $ 43 $ 56 $ 11 $ 136
Index and basket CDS
Investment grade $ 8 $ 19 $ 85 $ 4 $ 116
Non-investment grade 8 14 95 17 134
Total $ 16 $ 33 $ 180 $ 21 $ 250
Total CDS sold $ 42 $ 76 $ 236 $ 32 $ 386
Other credit contracts 3 3
Total credit protection sold $ 42 $ 76 $ 236 $ 35 $ 389
CDS protection sold with identical protection purchased $ 330
Fair Value Asset (Liability) of Credit Protection Sold 1
$ in millions At
June 30,
2024
At
December 31,
2023
Single-name CDS
Investment grade $ 1,876 $ 1,904
Non-investment grade 395 399
Total $ 2,271 $ 2,303
Index and basket CDS
Investment grade $ 1,496 $ 1,929
Non-investment grade ( 604 ) 45
Total $ 892 $ 1,974
Total CDS sold $ 3,163 $ 4,277
Other credit contracts 144 314
Total credit protection sold $ 3,307 $ 4,591
1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billions At
June 30,
2024
At
December 31,
2023
Single name $ 162 $ 166
Index and basket 187 213
Tranched index and basket 34 30
Total $ 383 $ 409
Fair Value Asset (Liability)
$ in millions At
June 30,
2024
At
December 31,
2023
Single name $ ( 2,696 ) $ ( 2,799 )
Index and basket 84 ( 1,208 )
Tranched index and basket ( 1,089 ) ( 1,012 )
Total $ ( 3,701 ) $ ( 5,019 )
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further
55
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2023 Form 10-K.
7. Investment Securities
AFS and HTM Securities
At June 30, 2024
$ in millions
Amortized Cost 1
Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
U.S. Treasury securities $ 63,439 $ 24 $ 686 $ 62,777
U.S. agency securities 2
24,436 4 2,733 21,707
Agency CMBS 5,724 418 5,306
State and municipal securities 747 16 3 760
FFELP student loan ABS 3
696 1 9 688
Total AFS securities 95,042 45 3,849 91,238
HTM securities
U.S. Treasury securities 19,103 1,326 17,777
U.S. agency securities 2
42,471 6 8,675 33,802
Agency CMBS 1,270 115 1,155
Non-agency CMBS 1,349 2 125 1,226
Total HTM securities 64,193 8 10,241 53,960
Total investment securities $ 159,235 $ 53 $ 14,090 $ 145,198
At December 31, 2023
$ in millions
Amortized Cost 1
Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
U.S. Treasury securities $ 58,484 $ 24 $ 1,103 $ 57,405
U.S. agency securities 2
25,852 4 2,528 23,328
Agency CMBS 5,871 456 5,415
State and municipal securities 1,132 46 5 1,173
FFELP student loan ABS 3
810 18 792
Total AFS securities 92,149 74 4,110 88,113
HTM securities
U.S. Treasury securities 23,222 1,285 21,937
U.S. agency securities 2
40,894 7,699 33,195
Agency CMBS 1,337 121 1,216
Non-agency CMBS 1,241 2 138 1,105
Total HTM securities 66,694 2 9,243 57,453
Total investment securities $ 158,843 $ 76 $ 13,353 $ 145,566
1. Amounts are net of any ACL.
2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.
3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95 % of the principal balance and interest outstanding.
AFS Securities in an Unrealized Loss Position
At
June 30,
2024
At
December 31,
2023
$ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months $ 13,972 $ 29 $ 14,295 $ 22
12 months or longer 27,444 657 33,458 1,081
Total 41,416 686 47,753 1,103
U.S. agency securities
Less than 12 months 357 1 4,297 43
12 months or longer 20,415 2,732 18,459 2,485
Total 20,772 2,733 22,756 2,528
Agency CMBS
12 months or longer 5,282 418 5,415 456
Total 5,282 418 5,415 456
State and municipal securities
Less than 12 months 419 2 524 3
12 months or longer 35 1 35 2
Total 454 3 559 5
FFELP student loan ABS
Less than 12 months 26 56 1
12 months or longer 526 9 616 17
Total 552 9 672 18
Total AFS securities in an unrealized loss position
Less than 12 months 14,774 32 19,172 69
12 months or longer 53,702 3,817 57,983 4,041
Total $ 68,476 $ 3,849 $ 77,155 $ 4,110
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2023 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of June 30, 2024 and December 31, 2023, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at June 30, 2024 and December 31, 2023 reflect an ACL of $ 47 million and $ 44 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2023 Form 10-K for a description of the ACL methodology used for HTM Securities. As of June 30, 2024 and December 31, 2023, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade.
See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.


June 2024 Form 10-Q
56

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Investment Securities by Contractual Maturity
At June 30, 2024
$ in millions
Amortized Cost 1
Fair Value
Annualized Average Yield 2,3
AFS securities
U.S. Treasury securities:
Due within 1 year $ 16,131 $ 15,928 1.7 %
After 1 year through 5 years 39,883 39,427 3.2 %
After 5 years through 10 years 7,425 7,422 4.2 %
Total 63,439 62,777
U.S. agency securities:
Due within 1 year 10 10 ( 0.4 ) %
After 1 year through 5 years 313 296 1.6 %
After 5 years through 10 years 481 439 1.8 %
After 10 years 23,632 20,962 3.7 %
Total 24,436 21,707
Agency CMBS:
Due within 1 year 1 1 ( 2.2 ) %
After 1 year through 5 years 3,534 3,405 2.0 %
After 5 years through 10 years 1,053 991 2.0 %
After 10 years 1,136 909 1.4 %
Total 5,724 5,306
State and municipal securities:
Due within 1 year 29 29 5.1 %
After 1 year through 5 years 307 306 4.8 %
After 5 years through 10 years 90 90 5.3 %
After 10 Years 321 335 4.3 %
Total 747 760
FFELP student loan ABS:
Due within 1 year 13 13 6.0 %
After 1 year through 5 years 126 122 6.3 %
After 5 years through 10 years 28 28 6.3 %
After 10 years 529 525 6.4 %
Total 696 688
Total AFS securities $ 95,042 $ 91,238 3.1 %
At June 30, 2024
$ in millions
Amortized Cost 1
Fair Value
Annualized Average Yield 2
HTM securities
U.S. Treasury securities:
Due within 1 year $ 4,896 $ 4,788 1.6 %
After 1 year through 5 years 12,147 11,488 2.1 %
After 5 years through 10 years 503 411 1.1 %
After 10 years 1,557 1,090 2.3 %
Total 19,103 17,777
U.S. agency securities:
After 1 year through 5 years 5 5 1.8 %
After 5 years through 10 years 259 242 2.1 %
After 10 years 42,207 33,555 2.0 %
Total 42,471 33,802
Agency CMBS:
Due within 1 year 144 140 1.6 %
After 1 year through 5 years 894 826 1.4 %
After 5 years through 10 years 120 101 1.5 %
After 10 years 112 88 1.5 %
Total 1,270 1,155
Non-agency CMBS:
Due within 1 year 169 151 4.1 %
After 1 year through 5 years 464 440 4.9 %
After 5 years through 10 years 592 515 3.6 %
After 10 years 124 120 7.0 %
Total 1,349 1,226
Total HTM securities $ 64,193 $ 53,960 2.1 %
Total investment securities $ 159,235 $ 145,198 2.7 %
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 June 30, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.5 % for AFS securities contractually maturing within 1 year and 4.1 % for all AFS securities.
Gross Realized Gains (Losses) on Sales of AFS Securities
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Gross realized gains $ 7 $ 7 $ 50 $ 51
Gross realized (losses) ( 17 ) ( 20 )
Total 1
$ 7 $ ( 10 ) $ 50 $ 31
1. Realized gains and losses are recognized in Other revenues in the income statement.
57
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
At June 30, 2024
$ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts
Amounts Not Offset 1
Net Amounts
Assets
Securities purchased under agreements to resell $ 330,717 $ ( 211,807 ) $ 118,910 $ ( 115,646 ) $ 3,264
Securities borrowed 157,216 ( 34,507 ) 122,709 ( 118,221 ) 4,488
Liabilities
Securities sold under agreements to repurchase $ 277,484 $ ( 211,807 ) $ 65,677 $ ( 61,102 ) $ 4,575
Securities loaned 51,585 ( 34,507 ) 17,078 ( 17,059 ) 19
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell $ 2,753
Securities borrowed 486
Securities sold under agreements to repurchase 3,047
Securities loaned 2
At December 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 $ 300,242 $ ( 189,502 ) $ 110,740 $ ( 108,893 ) $ 1,847
Securities borrowed 142,453 ( 21,362 ) 121,091 ( 115,969 ) 5,122
Liabilities
Securities sold under agreements to repurchase $ 252,153 $ ( 189,502 ) $ 62,651 $ ( 58,357 ) $ 4,294
Securities loaned 36,419 ( 21,362 ) 15,057 ( 15,046 ) 11
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell $ 1,741
Securities borrowed 607
Securities sold under agreements to repurchase 3,014
Securities loaned 2
1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2023 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
At June 30, 2024
$ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total
Securities sold under agreements to repurchase $ 132,518 $ 83,661 $ 24,790 $ 36,515 $ 277,484
Securities loaned 35,874 314 15,397 51,585
Total included in the offsetting disclosure $ 168,392 $ 83,661 $ 25,104 $ 51,912 $ 329,069
Trading liabilities—
Obligation to return securities received as collateral
11,983 11,983
Total $ 180,375 $ 83,661 $ 25,104 $ 51,912 $ 341,052
At December 31, 2023
$ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total
Securities sold under agreements to repurchase $ 80,376 $ 114,826 $ 25,510 $ 31,441 $ 252,153
Securities loaned 21,508 1,345 709 12,857 36,419
Total included in the offsetting disclosure $ 101,884 $ 116,171 $ 26,219 $ 44,298 $ 288,572
Trading liabilities—
Obligation to return securities received as collateral
13,528 13,528
Total $ 115,412 $ 116,171 $ 26,219 $ 44,298 $ 302,100
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millions At
June 30,
2024
At
December 31,
2023
Securities sold under agreements to repurchase
U.S. Treasury and agency securities $ 101,261 $ 98,377
Other sovereign government obligations 148,643 122,342
Corporate equities 15,348 18,144
Other 12,232 13,290
Total $ 277,484 $ 252,153
Securities loaned
Other sovereign government obligations $ 124 $ 1,379
Corporate equities 50,686 34,434
Other 775 606
Total $ 51,585 $ 36,419
Total included in the offsetting disclosure $ 329,069 $ 288,572
Trading liabilities—Obligation to return securities received as collateral
Corporate equities $ 11,972 $ 13,502
Other 11 26
Total $ 11,983 $ 13,528
Total $ 341,052 $ 302,100
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millions At
June 30,
2024
At
December 31,
2023
Trading assets $ 38,110 $ 37,522
The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral.
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheet.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millions At
June 30,
2024
At
December 31,
2023
Collateral received with right to sell or repledge $ 834,763 $ 735,830
Collateral that was sold or repledged 1
638,941 553,386
1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
June 2024 Form 10-Q
58

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
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
June 30,
2024
At
December 31,
2023
Segregated securities 1
$ 28,808 $ 20,670
1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.
Customer Margin and Other Lending
$ in millions At
June 30,
2024
At
December 31,
2023
Margin and other lending $ 54,572 $ 45,644
The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.
For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2023 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.
Other Secured Financings
The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12. Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $ 1,473 million at June 30, 2024 and $ 3,472 million at December 31, 2023.
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
At June 30, 2024
$ in millions HFI Loans HFS Loans Total Loans
Corporate $ 6,764 $ 11,134 $ 17,898
Secured lending facilities 44,869 3,569 48,438
Commercial real estate 8,804 573 9,377
Residential real estate 63,161 1 63,162
Securities-based lending and Other
90,541 6 90,547
Total loans 214,139 15,283 229,422
ACL ( 1,175 ) ( 1,175 )
Total loans, net $ 212,964 $ 15,283 $ 228,247
Loans to non-U.S. borrowers, net $ 23,523 $ 5,183 $ 28,706
At December 31, 2023
$ in millions HFI Loans HFS Loans Total Loans
Corporate $ 6,758 $ 11,862 $ 18,620
Secured lending facilities 39,498 3,161 42,659
Commercial real estate 8,678 209 8,887
Residential real estate 60,375 22 60,397
Securities-based lending and Other
89,245 1 89,246
Total loans 204,554 15,255 219,809
ACL ( 1,169 ) ( 1,169 )
Total loans, net $ 203,385 $ 15,255 $ 218,640
Loans to non-U.S. borrowers, net $ 21,152 $ 5,043 $ 26,195
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2023 Form 10-K.
Loans by Interest Rate Type
At June 30, 2024 At December 31, 2023
$ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate
Corporate $ $ 17,898 $ $ 18,620
Secured lending facilities 48,438 42,659
Commercial real estate 142 9,235 141 8,746
Residential real estate 29,911 33,251 28,934 31,464
Securities-based lending and Other
23,972 66,575 23,922 65,323
Total loans, before ACL $ 54,025 $ 175,397 $ 52,997 $ 166,812
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.

59
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At June 30, 2024 At December 31, 2023
Corporate
$ in millions IG NIG Total IG NIG Total
Revolving
$ 2,133 $ 4,256 $ 6,389 $ 2,350 $ 3,863 $ 6,213
2024 52 6 58
2023 50 50 88 88
2022 59 59 166 166
2021 15 75 90 15 89 104
2020 9 26 35 29 25 54
Prior
83 83 133 133
Total
$ 2,292 $ 4,472 $ 6,764 $ 2,394 $ 4,364 $ 6,758
At June 30, 2024 At December 31, 2023
Secured Lending Facilities
$ in millions IG NIG Total IG NIG Total
Revolving
$ 9,271 $ 25,033 $ 34,304 $ 9,494 $ 22,240 $ 31,734
2024 463 3,276 3,739
2023 1,489 1,377 2,866 1,535 1,459 2,994
2022 293 2,301 2,594 392 2,390 2,782
2021 323 323 365 365
2020 80 80
Prior
60 983 1,043 356 1,187 1,543
Total
$ 11,576 $ 33,293 $ 44,869 $ 11,777 $ 27,721 $ 39,498
At June 30, 2024 At December 31, 2023
Commercial Real Estate
$ in millions IG NIG Total IG NIG Total
Revolving
$ $ 172 $ 172 $ $ 170 $ 170
2024 1,333 1,333
2023 364 950 1,314 261 1,067 1,328
2022 383 1,744 2,127 284 1,900 2,184
2021 296 1,554 1,850 370 1,494 1,864
2020 747 747 756 756
Prior
1,261 1,261 195 2,181 2,376
Total
$ 1,043 $ 7,761 $ 8,804 $ 1,110 $ 7,568 $ 8,678
At June 30, 2024
Residential Real Estate
by FICO Scores by LTV Ratio Total
$ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80%
Revolving $ 117 $ 35 $ 5 $ 157 $ $ 157
2024 4,024 724 72 4,379 441 4,820
2023 7,089 1,468 214 7,845 926 8,771
2022 10,612 2,372 380 12,311 1,053 13,364
2021 10,807 2,314 234 12,444 911 13,355
2020 6,691 1,382 100 7,752 421 8,173
Prior 11,106 3,004 411 13,466 1,055 14,521
Total $ 50,446 $ 11,299 $ 1,416 $ 58,354 $ 4,807 $ 63,161
At December 31, 2023
Residential Real Estate
by FICO Scores by LTV Ratio Total
$ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80%
Revolving $ 108 $ 33 $ 8 $ 149 $ $ 149
2023 7,390 1,517 230 8,168 969 9,137
2022 10,927 2,424 389 12,650 1,090 13,740
2021 11,075 2,376 239 12,763 927 13,690
2020 6,916 1,430 104 8,017 433 8,450
Prior
11,642 3,131 436 14,106 1,103 15,209
Total $ 48,058 $ 10,911 $ 1,406 $ 55,853 $ 4,522 $ 60,375
At June 30, 2024
Securities-based Lending 1
Other 2
$ in millions IG NIG Total
Revolving $ 71,825 $ 5,814 $ 1,616 $ 79,255
2024 403 221 332 956
2023 1,214 635 386 2,235
2022 924 443 1,184 2,551
2021 100 166 491 757
2020 39 280 463 782
Prior 225 1,352 2,428 4,005
Total $ 74,730 $ 8,911 $ 6,900 $ 90,541
At December 31, 2023
Securities-based Lending 1
Other 2
$ in millions IG NIG Total
Revolving $ 71,474 $ 5,230 $ 1,362 $ 78,066
2023 1,612 627 346 2,585
2022 1,128 816 804 2,748
2021 165 330 377 872
2020 435 414 849
Prior 215 2,096 1,814 4,125
Total $ 74,594 $ 9,534 $ 5,117 $ 89,245
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at June 30, 2024 and December 31, 2023, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2023 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance 1
$ in millions At June 30, 2024 At December 31, 2023
Corporate $ $ 47
Commercial real estate 228 185
Residential real estate 165 160
Securities-based lending and Other
1
Total $ 393 $ 393
1. As of June 30, 2024, the majority of the amounts are 90 days or more past due. As of December 31, 2023, the majority of the amounts are past due for a period of less than 90 days.
Nonaccrual Loans Held for Investment before Allowance 1
$ in millions At June 30, 2024 At December 31, 2023
Corporate $ 72 $ 95
Secured lending facilities 7 87
Commercial real estate 506 426
Residential real estate 113 95
Securities-based lending and Other
286 174
Total
$ 984 $ 877
Nonaccrual loans without an ACL $ 70 $ 86
1. There were no loans held for investment that were 90 days or more past due and still accruing as of June 30, 2024 and December 31, 2023. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2023 Form 10-K.
See Note 2 to the financial statements in the 2023 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.
June 2024 Form 10-Q
60

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower's financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods 1 :
Three Months Ended June 30,
2024 2023
$ in millions Amortized Cost
% of Total Loans 2
Amortized Cost
% of Total Loans 2
Term Extension
Corporate $ 70 1.0 % $ 2 %
Secured lending facilities % 83 0.2 %
Commercial real estate % 21 0.2 %
Securities-based lending and Other 98 0.1 % 30 %
Total $ 168 0.2 % $ 136 0.1 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate $ % $ 40 0.5 %
Residential real estate 1 % %
Total $ 1 % $ 40 0.5 %
Total Modifications $ 169 0.1 % $ 176 0.1 %
Six Months Ended June 30,
2024 2023
$ in millions Amortized Cost
% of Total Loans 2
Amortized Cost
% of Total Loans 2
Term Extension
Corporate $ 126 1.9 % $ 23 0.3 %
Secured lending facilities % 83 0.2 %
Commercial real estate 79 0.9 % 21 0.2 %
Securities-based lending and Other 139 0.2 % 30 %
Total $ 344 0.3 % $ 158 0.1 %
Other-than-insignificant Payment Delay
Commercial real estate $ % $ 67 0.8 %
Total $ % $ 67 0.8 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate $ 40 0.5 % $ 40 0.5 %
Residential real estate 1 % 1 %
Total $ 41 0.5 % $ 41 0.5 %
Total Modifications $ 385 0.2 % $ 266 0.1 %
1. Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the three months ended June 30, 2024 and 2023, are $ 116 million and $ 74 million, as of June 30, 2024 and June 30, 2023, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the six months ended June 30, 2024 and 2023, are $ 439 million and $ 661 million, as of June 30, 2024 and June 30, 2023, respectively.
2. Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended June 30, 2024 1
Term Extension
(Months)
Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate 28 0 %
Securities-based lending and Other 15 0 %
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate 120 0 1 %
Three Months Ended June 30, 2023 1
Term Extension
(Months)
Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate 51 0 $ %
Secured lending facilities 3 0 %
Commercial real estate 1 0 %
Securities-based lending and Other 26 0 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate 6 6 $ %
Six Months Ended June 30, 2024 1
Term Extension
(Months)
Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate 28 0 $ %
Commercial real estate 4 0 %
Securities-based lending and Other 21 0 %
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate 120 0 1 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate 16 16 %
Six Months Ended June 30, 2023 1
Term Extension
(Months)
Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate 14 0 $ %
Secured lending facilities 3 0 %
Commercial real estate 4 8 %
Residential real estate 4 0 %
Securities-based lending and Other 26 0 %
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate 7 6 %
1. In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
61
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Past Due Loans Held for Investment Modified in the Last 12 months
At June 30, 2024
$ in millions 30-89 Days Past Due 90+ Days
Past Due
Total
Commercial real estate 67 67
Total $ 67 $ $ 67

As of June 30, 2023, there were no past due loans held for investment modified during the 12 months prior. There were no loans held for investment that had been modified in the 12 months prior and subsequently defaulted during the six months ended June 30, 2024.
Provision for Credit Losses
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Loans $ 85 $ 138 $ 63 $ 339
Lending commitments ( 9 ) 23 7 56
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Six Months Ended June 30, 2024
$ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total
ACL—Loans
Beginning balance
$ 241 $ 153 $ 463 $ 100 $ 212 $ 1,169
Gross charge-offs ( 11 ) ( 41 ) ( 2 ) ( 54 )
Recoveries 4 4
Net (charge-offs) recoveries ( 11 ) ( 37 ) ( 2 ) ( 50 )
Provision (release) 1 2 46 ( 6 ) 20 63
Other ( 1 ) ( 1 ) ( 3 ) ( 2 ) ( 7 )
Ending balance $ 241 $ 143 $ 469 $ 94 $ 228 $ 1,175
Percent of loans to total loans 1
3 % 21 % 4 % 30 % 42 % 100 %
ACL—Lending commitments
Beginning balance $ 431 $ 70 $ 26 $ 4 $ 20 $ 551
Provision (release) 8 3 ( 4 ) 7
Other ( 5 ) ( 1 ) 3 ( 3 )
Ending balance $ 434 $ 69 $ 29 $ 4 $ 19 $ 555
Total ending balance
$ 675 $ 212 $ 498 $ 98 $ 247 $ 1,730
Six Months Ended June 30, 2023
$ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total
ACL—Loans
Beginning balance $ 235 $ 153 $ 275 $ 87 $ 89 $ 839
Gross charge-offs
( 30 ) ( 69 ) ( 2 ) ( 101 )
Provision (release) 50 3 178 25 83 339
Other 2 1 1 4
Ending balance $ 257 $ 156 $ 385 $ 112 $ 171 $ 1,081
Percent of loans to total loans 1
4 % 19 % 4 % 28 % 45 % 100 %
ACL—Lending commitments
Beginning balance $ 411 $ 51 $ 15 $ 4 $ 23 $ 504
Provision (release) 35 10 7 1 3 56
Other 2 2
Ending balance $ 448 $ 61 $ 22 $ 5 $ 26 $ 562
Total ending balance
$ 705 $ 217 $ 407 $ 117 $ 197 $ 1,643
CRE—Commercial real estate
SBL—Securities-based lending
1. Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment.
The allowance for credit losses for loans and lending commitments increased for the six months ended June 30, 2024, reflecting provisions for certain specific commercial real estate loans, mainly in the office sector, modest growth in certain corporate and other loan portfolios and provisions for certain specific securities-based loans. The impact was partially offset by improvements in the macroeconomic outlook. Charge-offs in the current year period primarily related to Commercial real estate and Secured lending facilities. The base scenario used in our ACL models as of June 30, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2024, followed by a gradual improvement in 2025 as well as lower credit spreads and higher interest rates relative to the prior forecast. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product (“GDP”). For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2023 Form 10-K.
Selected Credit Ratios
At
June 30,
2024
At
December 31,
2023
ACL for loans to total HFI loans 0.5 % 0.6 %
Nonaccrual HFI loans to total HFI loans
0.5 % 0.4 %
ACL for loans to nonaccrual HFI loans
119.4 % 133.3 %
June 2024 Form 10-Q
62

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Employee Loans
$ in millions At
June 30,
2024
At
December 31,
2023
Currently employed by the Firm 1
$ 4,191 $ 4,257
No longer employed by the Firm 2
95 92
Employee loans $ 4,286 $ 4,349
ACL ( 121 ) ( 121 )
Employee loans, net of ACL $ 4,165 $ 4,228
Remaining repayment term, weighted average in years 5.7 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 2023 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
10. Other Assets
Equity Method Investments
$ in millions At
June 30,
2024
At
December 31,
2023
Investments $ 1,885 $ 1,915
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Income (loss) $ 54 $ 61 $ 110 $ 86
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
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Income (loss) from investment in MUMSS $ 36 $ 63 $ 77 $ 92
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2023 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments.
Effective January 1, 2024, the Firm made an election to account for certain renewable energy and other tax equity investments programs using the proportional amortization method under newly adopted accounting guidance.
Tax Equity Investments under the Proportional Amortization Method
$ in millions At
June 30,
2024
At
December 31,
2023
Low-income housing 1
$ 1,790 $ 1,699
Renewable energy and other 2
34
Total 3
$ 1,824 $ 1,699
1. Amounts include unfunded equity contributions of $ 637 million and $ 661 million as of June 30, 2024 and December 31, 2023, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2. Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method.
3. At June 30, 2024, this amount excludes $ 47 million of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Income tax credits and other income tax benefits $ 78 $ 53 $ 153 $ 124
Proportional amortization ( 59 ) ( 50 ) ( 119 ) ( 99 )
Net benefits $ 19 $ 3 $ 34 $ 25
11. Deposits
Deposits
$ in millions At
June 30,
2024
At
December 31,
2023
Savings and demand deposits $ 277,398 $ 288,252
Time deposits 71,492 63,552
Total $ 348,890 $ 351,804
Deposits subject to FDIC insurance $ 278,178 $ 276,598
Deposits not subject to FDIC insurance $ 70,712 $ 75,206
Time Deposit Maturities
$ in millions At
June 30,
2024
2024 $ 18,929
2025 26,123
2026 11,324
2027 7,115
2028 5,048
Thereafter 2,953
Total $ 71,492
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Notes to Consolidated Financial Statements
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12 . Borrowings and Other Secured Financings
Borrowings
$ in millions At
June 30,
2024
At
December 31,
2023
Original maturities of one year or less $ 5,299 $ 3,188
Original maturities greater than one year
Senior $ 256,280 $ 248,174
Subordinated 13,618 12,370
Total greater than one year $ 269,898 $ 260,544
Total $ 275,197 $ 263,732
Weighted average stated maturity, in years 1
6.5 6.6
1. Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millions At
June 30,
2024
At
December 31,
2023
Original maturities:
One year or less $ 10,484 $ 5,732
Greater than one year 6,656 6,923
Total $ 17,140 $ 12,655
Transfers of assets accounted for as secured financings $ 8,568 $ 5,848
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.
13. Commitments, Guarantees and Contingencies
Commitments
Years to Maturity at June 30, 2024
$ in millions Less than 1 1-3 3-5 Over 5 Total
Lending:
Corporate $ 14,194 $ 40,150 $ 59,255 $ 3,477 $ 117,076
Secured lending facilities 7,399 5,819 4,882 3,232 21,332
Commercial and Residential real estate 1,081 44 120 383 1,628
Securities-based lending and Other 16,571 2,719 385 417 20,092
Forward-starting secured financing receivables 1
114,543 53 114,596
Central counterparty 300 12,809 13,109
Investment activities 1,937 116 76 478 2,607
Letters of credit and other financial guarantees 62 15 7 84
Total $ 156,087 $ 48,916 $ 64,718 $ 20,803 $ 290,524
Lending commitments participated to third parties $ 8,998
1. Forward-starting secured financing receivables are generally settled within three business days.
Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
For a further description of these commitments, refer to Note 14 to the financial statements in the 2023 Form 10-K.
Guarantees
At June 30, 2024
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
$ 1,286,435 $ 748,523 $ 169,086 $ 454,869 $ ( 37,812 )
Standby letters of credit and other financial guarantees issued 2,3
1,667 1,262 1,073 2,556 5
Liquidity facilities 2,196 2
Whole loan sales guarantees 3 83 23,074
Securitization representations and warranties 4
83,563 ( 3 )
General partner guarantees 299 32 133 28 ( 91 )
Client clearing guarantees 184
1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.
2. These amounts include certain issued standby letters of credit participated to third parties, totaling $ 0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3. As of June 30, 2024, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $ 64 million.
4. Related to commercial and residential mortgage securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2023 Form 10-K.
Other Guarantees and Indemnities
In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2023 Form 10-K.
June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our sales and trading businesses and our activities in the capital markets.
The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.
The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to
income, including with respect to certain of the individual proceedings or investigations described below.
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Legal expenses $ 12 $ 45 $ ( 14 ) $ 196
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm.
In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.
While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not
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June 2024 Form 10-Q

Notes to Consolidated Financial Statements
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yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.
Antitrust Related Matters
The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation . Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, among other relief, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 11, 2024, the court granted preliminary approval of the settlement.

In August of 2017, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. Plaintiffs’ motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. On May 20, 2023, the Firm
reached an agreement in principle to settle the litigation. On September 1, 2023, the court granted preliminary approval of the settlement.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, along with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). Plaintiffs seek, among other relief, treble damages. The class action complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On October 5, 2023, defendants petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision, which was granted on February 5, 2024.
European Matters
Tax
In matters styled Case number 15/3637 and Case number 15/4353 , the Dutch Tax Authority (“Dutch Authority”) is challenging in the Dutch courts the prior set-off by the Firm of approximately € 124 million (approximately $ 133 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and to keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority's appeal in matters re-styled Case number 18/00318 and Case number 18/00319 . On January 19, 2024, the Dutch High Court granted the Firm’s appeal in matters re-styled Case number 20/01884 and referred the case to the Court of Appeal in The Hague.
On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns for 2007 to 2012. The Dutch criminal authorities have requested additional information, and the Firm is continuing
June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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to respond to them in connection with their ongoing investigation.
Danish Underwriting Matter

On October 5, 2017, various institutional investors filed a claim against the Firm and another bank in a matter now styled Case number B-803-18 (previously BS 99-6998/2017 ), in the City Court of Copenhagen, Denmark concerning their roles as underwriters of the initial public offering (“IPO”) in March 2014 of the Danish company OW Bunker A/S. The claim seeks damages of approximately DKK 529 million (approximately $ 76 million) plus interest in respect of alleged losses arising from investing in shares in OW Bunker, which entered into bankruptcy in November 2014. Separately, on November 29, 2017, another group of institutional investors joined the Firm and another bank as defendants to pending proceedings in the High Court of Eastern Denmark against various other parties involved in the IPO in a matter styled Case number B-2073-16 . The claim brought against the Firm and the other bank has been given its own Case number B-2564-17 . The investors claim damages of approximately DKK 767 million (approximately $ 110 million) plus interest from the Firm and the other bank on a joint and several basis with the Defendants to these proceedings. Both claims are based on alleged prospectus liability; the second claim also alleges professional liability of banks acting as financial intermediaries. On June 8, 2018, the City Court of Copenhagen, Denmark ordered that the matters now styled Case number B-803-18 , Case number B-2073-16 , and Case number B-2564-17 (“the Cases”) be heard together before the High Court of Eastern Denmark. On July 1, 2024, defendants reached a conditional settlement agreement with the plaintiffs in the Cases. A conditional settlement agreement has also been reached in an additional related claim to which the Firm is not a party but which forms part of the complex of cases proceeding before the High Court of Eastern Denmark in connection with the bankruptcy of OW Bunker ( Case number B-407-17 ). The conditional settlement agreements are conditioned upon approval of the settlement of Case number B-407-17 by the 14th Division of the Danish Court of Appeal Eastern Division.
U.K. Government Bond Matter

The Firm is engaging with the U.K. Competition and Markets Authority in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm's activities concerning certain liquid fixed income products between 2009 and 2012. On May 24, 2023, the U.K. Competition and Markets Authority issued a Statement of Objections setting out its provisional findings that the Firm had breached U.K. competition law by sharing competitively sensitive information in connection with gilts and gilt asset swaps between 2009 and 2012. The Firm is contesting the provisional findings. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District
Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al. , alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. On September 28, 2023, the defendants filed a joint motion to dismiss the complaint, which has been fully briefed.
Other

On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”) a purported class action complaint alleging violations of the federal securities laws against ViacomCBS (“Viacom”), certain of its officers and directors, and the underwriters, including the Firm, of two March 2021 Viacom offerings: a $ 1.7 billion Viacom Class B Common Stock offering and a $ 1 billion offering of 5.75 % Series A Mandatory Convertible Preferred Stock (collectively, the “Offerings”). The complaint alleges, inter alia, that the Viacom offering documents for both issuances contained material omissions because they did not disclose that certain of the underwriters, including the Firm, had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos Capital Management LP, (“Archegos”), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint, which seeks, among other things, unspecified compensatory damages, alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including the Firm, had intended to unwind Archegos’s Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying the motions to dismiss as to the Firm and the other underwriters, but granted the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including the Firm, filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court’s decision as to the Firm and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the Appellate Division denied the plaintiff’s and the Firm’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification. On February 14,
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June 2024 Form 10-Q

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2024, the defendants filed their notice of appeal of the court’s grant of class certification.

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to plaintiffs was approximately $ 133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to plaintiffs by the Firm was approximately $ 116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On October 1, 2024, trial is scheduled to begin.
The Firm has been named in two putative class actions regarding cash sweep programs for retail clients. On February 1, 2024, E*TRADE Securities LLC (E*TRADE) and Morgan Stanley Smith Barney LLC (MSSB) were named in Burmin, et al. v. E*TRADE Securities LLC, et al. , filed in the United States District Court for the District of New Jersey, alleging that, from February 2018 to present, E*TRADE (and post-merger MSSB) breached customer agreements by failing to pay a reasonable rate of interest to Individual Retirement Account holders on cash balances swept to affiliate bank deposit programs. A motion to dismiss is pending. On June 14, 2024, MSSB and other Firm entities were named in Estate of Sherlip, et al. v. Morgan Stanley, et al. , filed in the United States District Court for the SDNY, alleging the defendants failed to pay a reasonable rate of interest to brokerage, retirement, and advisory account holders on cash balances swept to affiliate bank deposit programs. The class action complaints seek, among other relief, certification of the class of plaintiffs and unspecified damages.

Since April 2024, the Firm has been engaged with and is responding to requests for information from the Enforcement Division of the SEC regarding advisory account cash balances swept to affiliate bank deposit programs and compliance with the Investment Advisers Act of 1940.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
At June 30, 2024 At December 31, 2023
$ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities
MABS 1
$ 711 $ 258 $ 597 $ 256
Investment vehicles 2
817 539 753 502
MTOB 667 619 582 520
Other 389 96 378 97
Total $ 2,584 $ 1,512 $ 2,310 $ 1,375
MTOB—Municipal tender option bonds
1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
2. Amounts include investment funds and CLOs.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millions At
June 30,
2024
At
December 31,
2023
Assets
Cash and cash equivalents $ 182 $ 164
Trading assets at fair value 2,073 1,557
Investment securities 274 492
Securities purchased under agreements to resell 33 67
Customer and other receivables 20 26
Other assets 2 4
Total $ 2,584 $ 2,310
Liabilities
Trading liabilities at fair value $ 4 $
Other secured financings 1,322 1,222
Other liabilities and accrued expenses 123 121
Borrowings 63 32
Total $ 1,512 $ 1,375
Noncontrolling interests $ 52 $ 54
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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Non-consolidated VIEs
At June 30, 2024
$ in millions
MABS 1
CDO MTOB OSF
Other 2
VIE assets (UPB) $ 163,588 $ 2,518 $ 3,325 $ 3,106 $ 58,886
Maximum exposure to loss 3
Debt and equity interests $ 25,651 $ 122 $ $ 2,302 $ 10,446
Derivative and other contracts 2,196 4,147
Commitments, guarantees and other 5,464 155
Total $ 31,115 $ 122 $ 2,196 $ 2,302 $ 14,748
Carrying value of variable interests—Assets
Debt and equity interests $ 25,651 $ 122 $ $ 1,910 $ 10,446
Derivative and other contracts 4 1,564
Total $ 25,651 $ 122 $ 4 $ 1,910 $ 12,010
Additional VIE assets owned 4
$ 15,108
Carrying value of variable interests—Liabilities
Derivative and other contracts $ $ $ 2 $ $ 412
Total $ $ $ 2 $ $ 412
At December 31, 2023
$ in millions
MABS 1
CDO MTOB OSF
Other 2
VIE assets (UPB) $ 144,906 $ 1,526 $ 3,152 $ 3,102 $ 50,052
Maximum exposure to loss 3
Debt and equity interests $ 21,203 $ 52 $ $ 2,049 $ 9,076
Derivative and other contracts 2,092 4,452
Commitments, guarantees and other 3,439 55
Total $ 24,642 $ 52 $ 2,092 $ 2,049 $ 13,583
Carrying value of variable interests Assets
Debt and equity interests $ 21,203 $ 52 $ $ 1,682 $ 9,075
Derivative and other contracts 2 1,330
Total $ 21,203 $ 52 $ 2 $ 1,682 $ 10,405
Additional VIE assets owned 4
$ 15,002
Carrying value of variable interests—Liabilities
Derivative and other contracts $ $ $ 3 $ $ 452
1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.
2. Other primarily includes exposures to commercial real estate property and investment funds.
3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.
4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).
The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.
The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any
reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.
Liabilities issued by VIEs generally are non-recourse to the Firm.
Detail of Mortgage- and Asset-Backed Securitization Assets
At June 30, 2024 At December 31, 2023
$ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests
Residential mortgages $ 15,888 $ 3,395 $ 17,346 $ 3,355
Commercial mortgages 79,211 9,050 74,590 8,342
U.S. agency collateralized mortgage obligations 44,289 6,825 42,917 6,675
Other consumer or commercial loans 24,200 6,381 10,053 2,831
Total $ 163,588 $ 25,651 $ 144,906 $ 21,203
Transferred Assets with Continuing Involvement
At June 30, 2024
$ in millions RML CML U.S. Agency CMO
CLN and Other 1
SPE assets (UPB) 2,3
$ 4,764 $ 74,725 $ 17,686 $ 12,431
Retained interests
Investment grade $ 141 $ 650 $ 1,095 $
Non-investment grade 108 768 78
Total $ 249 $ 1,418 $ 1,095 $ 78
Interests purchased in the secondary market 3
Investment grade $ 10 $ 35 $ 46 $
Non-investment grade 9 13 14
Total $ 19 $ 48 $ 60 $
Derivative assets $ $ $ $ 1,270
Derivative liabilities 413
At December 31, 2023
$ in millions RML CML U.S. Agency CMO
CLN and Other 1
SPE assets (UPB) 2,3
$ 4,333 $ 73,818 $ 12,083 $ 12,438
Retained interests
Investment grade $ 149 $ 653 $ 460 $
Non-investment grade 83 788 69
Total $ 232 $ 1,441 $ 460 $ 69
Interests purchased in the secondary market 3
Investment grade $ 20 $ 22 $ 42 $
Non-investment grade 16
Total $ 20 $ 38 $ 42 $
Derivative assets $ $ $ $ 1,073
Derivative liabilities 426
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Fair Value At June 30, 2024
$ in millions Level 2 Level 3 Total
Retained interests
Investment grade $ 1,172 $ $ 1,172
Non-investment grade 8 73 81
Total $ 1,180 $ 73 $ 1,253
Interests purchased in the secondary market 3
Investment grade $ 88 $ 3 $ 91
Non-investment grade 27 9 36
Total $ 115 $ 12 $ 127
Derivative assets $ 1,270 $ $ 1,270
Derivative liabilities 413 413
Fair Value at December 31, 2023
$ in millions Level 2 Level 3 Total
Retained interests
Investment grade $ 576 $ $ 576
Non-investment grade 10 56 66
Total $ 586 $ 56 $ 642
Interests purchased in the secondary market 3
Investment grade $ 77 $ 7 $ 84
Non-investment grade 12 4 16
Total $ 89 $ 11 $ 100
Derivative assets $ 1,073 $ $ 1,073
Derivative liabilities 426 426
RML—Residential mortgage loans
CML—Commercial mortgage loans
1. Amounts include CLO transactions managed by unrelated third parties.
2. Amounts include assets transferred by unrelated transferors.
3. Amounts include transactions where the Firm also holds retained interests as part of the transfer.
The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2023 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.
Proceeds from New Securitization Transactions and Sales of Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
New transactions 1
$ 9,717 $ 3,605 $ 16,599 $ 6,126
Retained interests 2,091 1,077 4,191 2,652
1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).
Assets Sold with Retained Exposure
$ in millions At
June 30,
2024
At
December 31,
2023
Gross cash proceeds from sale of assets 1
$ 81,873 $ 60,766
Fair value
Assets sold $ 83,567 $ 62,221
Derivative assets recognized in the balance sheet 2,104 1,546
Derivative liabilities recognized in the balance sheet 417 93
1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.
The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.
For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2023 Form 10-K.
15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2023 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At June 30, 2024 and December 31, 2023, the differences between the actual and required ratios were lower under the Standardized Approach.
CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1,
June 2024 Form 10-Q
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2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.
Capital Buffer Requirements
At June 30, 2024 and December 31, 2023
Standardized Advanced
Capital buffers
Capital conservation buffer 2.5 %
SCB 5.4 % N/A
G-SIB capital surcharge 3.0 % 3.0 %
CCyB 1
0 % 0 %
Capital buffer requirement 8.4 % 5.5 %
1. The CCyB can be set up to 2.5 %, but is currently set by the Federal Reserve at zero .
The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of the 2.5 % capital conservation buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At June 30, 2024 and December 31, 2023
Standardized Advanced
Required ratios 1
CET1 capital ratio
4.5 % 12.9 % 10.0 %
Tier 1 capital ratio 6.0 % 14.4 % 11.5 %
Total capital ratio 8.0 % 16.4 % 13.5 %
1. Required ratios represent the regulatory minimum plus the capital buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millions
At June 30,
2024
At December 31, 2023
Risk-based capital
CET1 capital $ 71,791 $ 69,448
Tier 1 capital 80,513 78,183
Total capital 92,240 88,874
Total RWA 472,102 456,053
Risk-based capital ratio
CET1 capital 15.2 % 15.2 %
Tier 1 capital 17.1 % 17.1 %
Total capital 19.5 % 19.5 %
Required ratio 1
CET1 capital 12.9 % 12.9 %
Tier 1 capital 14.4 % 14.4 %
Total capital 16.4 % 16.4 %
1. Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millions
At June 30, 2024
At December 31, 2023
Leveraged-based capital
Adjusted average assets 1
$ 1,185,506 $ 1,159,626
Supplementary leverage exposure 2
1,473,391 1,429,552
Leveraged-based capital ratio
Tier 1 leverage 6.8 % 6.7 %
SLR 5.5 % 5.5 %
Required ratio 3
Tier 1 leverage 4.0 % 4.0 %
SLR 5.0 % 5.0 %
1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3. Required ratios are inclusive of any buffers applicable as of the date presented.
U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.
The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition,
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Notes to Consolidated Financial Statements
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failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At June 30, 2024 and December 31, 2023, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.
MSBNA’s Regulatory Capital
Well-Capitalized Requirement
Required Ratio 1
At June 30, 2024 At December 31, 2023
$ in millions Amount Ratio Amount Ratio
Risk-based capital
CET1 capital 6.5 % 7.0 % $ 23,263 22.2 % $ 21,925 21.7 %
Tier 1 capital 8.0 % 8.5 % 23,263 22.2 % 21,925 21.7 %
Total capital 10.0 % 10.5 % 24,163 23.0 % 22,833 22.6 %
Leverage-based capital
Tier 1 leverage 5.0 % 4.0 % $ 23,263 11.2 % $ 21,925 10.6 %
SLR 6.0 % 3.0 % 23,263 8.4 % 21,925 8.2 %
MSPBNA’s Regulatory Capital
Well-Capitalized Requirement
Required Ratio 1
At June 30, 2024 At December 31, 2023
$ in millions Amount Ratio Amount Ratio
Risk-based capital
CET1 capital 6.5 % 7.0 % $ 16,541 26.9 % $ 15,388 25.8 %
Tier 1 capital 8.0 % 8.5 % 16,541 26.9 % 15,388 25.8 %
Total capital 10.0 % 10.5 % 16,844 27.4 % 15,675 26.3 %
Leverage-based capital
Tier 1 leverage 5.0 % 4.0 % $ 16,541 8.1 % $ 15,388 7.5 %
SLR 6.0 % 3.0 % 16,541 7.8 % 15,388 7.2 %
1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.
Other Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millions At June 30,
2024
At December 31,
2023
Net capital $ 18,298 $ 18,121
Excess net capital 13,791 13,676
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,
respectively, and is registered as a swap dealer with the CFTC.
As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At June 30, 2024 and December 31, 2023, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of June 30, 2024 and December 31, 2023, as applicable:
MSSB,
MSIP,
MSESE,
MSMS,
MSCS, and
MSCG
See Note 16 to the financial statements in the 2023 Form 10-K for further information.
16. Total Equity
Preferred Stock
Shares Outstanding Carrying Value
$ in millions, except per share data At
June 30,
2024
Liquidation
Preference
per Share
At
June 30,
2024
At
December 31,
2023
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 17 to the financial statements in the 2023 Form 10-K. The Firm’s preferred stock has a preference over its
June 2024 Form 10-Q
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Notes to Consolidated Financial Statements
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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 June 30, Six Months Ended June 30,
$ in millions 2024 2023 2024 2023
Repurchases of common stock under the Firm’s Share Repurchase Authorization $ 750 $ 1,000 $ 1,750 $ 2,500
On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $ 20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2024, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 17 to the financial statements in the 2023 Form 10-K.
On July 30, 2024, the Firm issued 40 million depositary shares of Series Q Preferred Stock, for an aggregate price of $ 1.0 billion. Each depositary share represents a 1/1000th interest in a share of 6.625 % Non-Cumulative Preferred Stock, Series Q, $ 0.01 par value (“Series Q Preferred Stock”). The Series Q Preferred Stock is redeemable at the Firm’s option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2029 or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of this series), in each case at a redemption price of $ 25,000 per share (equivalent to $ 25 per depositary share). The Series Q Preferred Stock also has a preference over the Firm’s common stock upon liquidation and qualifies as Tier 1 capital.
Common Shares Outstanding for Basic and Diluted EPS
Three Months Ended
June 30,
Six Months Ended
June 30,
in millions 2024 2023 2024 2023
Weighted average common shares outstanding, basic 1,594 1,635 1,597 1,640
Effect of dilutive RSUs and PSUs 17 16 17 17
Weighted average common shares outstanding and common stock equivalents, diluted 1,611 1,651 1,614 1,657
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 5 4
Dividends
$ in millions, except per
share data
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
Per Share 1
Total
Per Share 1
Total
Preferred stock series
A $ 398 $ 18 $ 377 $ 17
C 25 13 25 13
E 450 16 445 16
F 434 14 430 15
I 398 16 398 16
K 366 14 366 14
L 305 6 305 6
N 3
2,285 7 2,051 6
O 266 14 266 14
P 406 16 406 16
Total Preferred stock $ 134 $ 133
Common stock $ 0.850 $ 1,377 $ 0.775 $ 1,292
$ in millions, except per
share data
Six Months Ended
June 30, 2024
Six Months Ended
June 30, 2023
Per Share 1
Total
Per Share 1
Total
Preferred stock series
A $ 790 $ 35 $ 720 $ 32
C 50 26 50 26
E 896 31 891 31
F 869 29 859 29
I 797 32 797 32
K 731 29 731 29
L 609 12 609 12
M 2
29 12 29 12
N 3
4,511 14 4,701 14
O 531 28 531 28
P 813 32 813 32
Total Preferred stock $ 280 $ 277
Common stock $ 1.70 $ 2,767 $ 1.55 $ 2,597
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.
Accumulated Other Comprehensive Income (Loss) 1
$ in millions CTA AFS Securities Pension and Other DVA Cash Flow Hedges Total
March 31, 2024 $ ( 1,265 ) $ ( 3,026 ) $ ( 591 ) $ ( 2,163 ) $ ( 12 ) $ ( 7,057 )
OCI during the period ( 90 ) 109 9 269 297
June 30, 2024 $ ( 1,355 ) $ ( 2,917 ) $ ( 582 ) $ ( 1,894 ) $ ( 12 ) $ ( 6,760 )
March 31, 2023 $ ( 1,172 ) $ ( 3,680 ) $ ( 509 ) $ ( 353 ) $ 3 $ ( 5,711 )
OCI during the period ( 27 ) ( 21 ) ( 1 ) ( 520 ) ( 20 ) ( 589 )
June 30, 2023 $ ( 1,199 ) $ ( 3,701 ) $ ( 510 ) $ ( 873 ) $ ( 17 ) $ ( 6,300 )
December 31, 2023 $ ( 1,153 ) $ ( 3,094 ) $ ( 595 ) $ ( 1,595 ) $ 16 $ ( 6,421 )
OCI during the period ( 202 ) 177 13 ( 299 ) ( 28 ) ( 339 )
June 30, 2024 $ ( 1,355 ) $ ( 2,917 ) $ ( 582 ) $ ( 1,894 ) $ ( 12 ) $ ( 6,760 )
December 31, 2022 $ ( 1,204 ) $ ( 4,192 ) $ ( 508 ) $ ( 345 ) $ ( 4 ) $ ( 6,253 )
OCI during the period 5 491 ( 2 ) ( 528 ) ( 13 ) ( 47 )
June 30, 2023 $ ( 1,199 ) $ ( 3,701 ) $ ( 510 ) $ ( 873 ) $ ( 17 ) $ ( 6,300 )
1. Amounts are net of tax and noncontrolling interests.
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June 2024 Form 10-Q

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Components of Period Changes in OCI
Three Months Ended June 30, 2024
$ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net
CTA
OCI activity $ ( 59 ) $ ( 83 ) $ ( 142 ) $ ( 52 ) $ ( 90 )
Reclassified to earnings
Net OCI $ ( 59 ) $ ( 83 ) $ ( 142 ) $ ( 52 ) $ ( 90 )
Change in net unrealized gains (losses) on AFS securities
OCI activity $ 150 $ ( 35 ) $ 115 $ $ 115
Reclassified to earnings ( 7 ) 1 ( 6 ) ( 6 )
Net OCI $ 143 $ ( 34 ) $ 109 $ $ 109
Pension and other
OCI activity $ 5 $ $ 5 $ $ 5
Reclassified to earnings 5 ( 1 ) 4 4
Net OCI $ 10 $ ( 1 ) $ 9 $ $ 9
Change in net DVA
OCI activity $ 355 $ ( 86 ) $ 269 $ 6 $ 263
Reclassified to earnings 7 ( 1 ) 6 6
Net OCI $ 362 $ ( 87 ) $ 275 $ 6 $ 269
Change in fair value of cash flow hedge derivatives
OCI activity $ ( 12 ) $ 3 $ ( 9 ) $ $ ( 9 )
Reclassified to earnings 12 ( 3 ) 9 9
Net OCI $ $ $ $ $
Three Months Ended June 30, 2023
$ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net
CTA
OCI activity $ ( 88 ) $ ( 23 ) $ ( 111 ) $ ( 84 ) $ ( 27 )
Reclassified to earnings
Net OCI $ ( 88 ) $ ( 23 ) $ ( 111 ) $ ( 84 ) $ ( 27 )
Change in net unrealized gains (losses) on AFS securities
OCI activity $ ( 38 ) $ 10 $ ( 28 ) $ $ ( 28 )
Reclassified to earnings 10 ( 3 ) 7 7
Net OCI $ ( 28 ) $ 7 $ ( 21 ) $ $ ( 21 )
Pension and other
OCI activity $ ( 1 ) $ $ ( 1 ) $ $ ( 1 )
Reclassified to earnings
Net OCI $ ( 1 ) $ $ ( 1 ) $ $ ( 1 )
Change in net DVA
OCI activity $ ( 704 ) $ 171 $ ( 533 ) $ ( 11 ) $ ( 522 )
Reclassified to earnings 3 ( 1 ) 2 2
Net OCI $ ( 701 ) $ 170 $ ( 531 ) $ ( 11 ) $ ( 520 )
Change in fair value of cash flow hedge derivatives
OCI activity $ ( 25 ) $ 4 $ ( 21 ) $ $ ( 21 )
Reclassified to earnings 2 ( 1 ) 1 1
Net OCI $ ( 23 ) $ 3 $ ( 20 ) $ $ ( 20 )
Six Months Ended June 30, 2024
$ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net
CTA
OCI activity $ ( 129 ) $ ( 186 ) $ ( 315 ) $ ( 113 ) $ ( 202 )
Reclassified to earnings
Net OCI $ ( 129 ) $ ( 186 ) $ ( 315 ) $ ( 113 ) $ ( 202 )
Change in net unrealized gains (losses) on AFS securities
OCI activity $ 282 $ ( 67 ) $ 215 $ $ 215
Reclassified to earnings ( 50 ) 12 ( 38 ) ( 38 )
Net OCI $ 232 $ ( 55 ) $ 177 $ $ 177
Pension and other
OCI activity $ 5 $ $ 5 $ $ 5
Reclassified to earnings 10 ( 2 ) 8 8
Net OCI $ 15 $ ( 2 ) $ 13 $ $ 13
Change in net DVA
OCI activity $ ( 396 ) $ 94 $ ( 302 ) $ 11 $ ( 313 )
Reclassified to earnings 17 ( 3 ) 14 14
Net OCI $ ( 379 ) $ 91 $ ( 288 ) $ 11 $ ( 299 )
Change in fair value of cash flow hedge derivatives
OCI activity $ ( 59 ) $ 14 $ ( 45 ) $ $ ( 45 )
Reclassified to earnings 23 ( 6 ) 17 17
Net OCI $ ( 36 ) $ 8 $ ( 28 ) $ $ ( 28 )
Six Months Ended June 30, 2023
$ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net
CTA
OCI activity $ ( 98 ) $ 7 $ ( 91 ) $ ( 96 ) $ 5
Reclassified to earnings
Net OCI $ ( 98 ) $ 7 $ ( 91 ) $ ( 96 ) $ 5
Change in net unrealized gains (losses) on AFS securities
OCI activity $ 672 $ ( 157 ) $ 515 $ $ 515
Reclassified to earnings ( 31 ) 7 ( 24 ) ( 24 )
Net OCI $ 641 $ ( 150 ) $ 491 $ $ 491
Pension and other
OCI activity $ ( 1 ) $ $ ( 1 ) $ $ ( 1 )
Reclassified to earnings ( 1 ) ( 1 ) ( 1 )
Net OCI $ ( 2 ) $ $ ( 2 ) $ $ ( 2 )
Change in net DVA
OCI activity $ ( 734 ) $ 181 $ ( 553 ) $ ( 18 ) $ ( 535 )
Reclassified to earnings 9 ( 2 ) 7 7
Net OCI $ ( 725 ) $ 179 $ ( 546 ) $ ( 18 ) $ ( 528 )
Change in fair value of cash flow hedge derivatives
OCI activity $ ( 18 ) $ 3 $ ( 15 ) $ $ ( 15 )
Reclassified to earnings 3 ( 1 ) 2 2
Net OCI $ ( 15 ) $ 2 $ ( 13 ) $ $ ( 13 )
June 2024 Form 10-Q
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17. Interest Income and Interest Expense
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Interest income
Cash and cash equivalents 1
$ 733 $ 810 $ 1,636 1,553
Investment securities 1,277 850 2,474 1,868
Loans 3,483 3,045 6,787 5,855
Securities purchased under agreements to resell 2
3,011 1,829 5,542 3,306
Securities borrowed 3
1,358 1,370 2,735 2,541
Trading assets, net of Trading liabilities 1,531 934 2,913 1,851
Customer receivables and Other 1, 4
2,136 2,075 4,372 3,919
Total interest income $ 13,529 $ 10,913 $ 26,459 $ 20,893
Interest expense
Deposits $ 2,551 $ 1,946 $ 5,026 $ 3,521
Borrowings 3,327 2,770 6,551 5,274
Securities sold under agreements to repurchase 5
2,723 1,452 5,127 2,669
Securities loaned 6
269 203 493 367
Customer payables and Other 4, 7
2,592 2,532 5,399 4,706
Total interest expense $ 11,462 $ 8,903 $ 22,596 $ 16,537
Net interest $ 2,067 $ 2,010 $ 3,863 $ 4,356
1. In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
2. Includes interest paid on Securities purchased under agreements to resell.
3. Includes fees paid on Securities borrowed.
4. Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $ 1,135 million and $ 2,025 million for the three months and six months ended, June 30, 2023, respectively. There was no change to net interest income for the Institutional Securities segment. See Note 2 for additional information.
5. Includes interest received on Securities sold under agreements to repurchase.
6. Includes fees received on Securities loaned.
7. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
$ in millions At June 30,
2024
At December 31,
2023
Customer and other receivables $ 5,375 $ 4,206
Customer and other payables 5,337 4,360
18. Income Taxes
The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York.
The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a
material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.
It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months.
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
Three Months Ended June 30, 2024
$ in millions IS WM IM I/E Total
Investment banking $ 1,619 $ 150 $ $ ( 34 ) $ 1,735
Trading 4,047 76 ( 3 ) 11 4,131
Investments 54 24 79 157
Commissions and fees 1
684 556 ( 57 ) 1,183
Asset management 1,2
160 3,989 1,342 ( 67 ) 5,424
Other 120 199 4 ( 1 ) 322
Total non-interest revenues 6,684 4,994 1,422 ( 148 ) 12,952
Interest income 9,911 4,026 27 ( 435 ) 13,529
Interest expense 9,613 2,228 63 ( 442 ) 11,462
Net interest 298 1,798 ( 36 ) 7 2,067
Net revenues $ 6,982 $ 6,792 $ 1,386 $ ( 141 ) $ 15,019
Provision for credit losses $ 54 $ 22 $ $ $ 76
Compensation and benefits 2,291 3,601 568 6,460
Non-compensation expenses 2,591 1,348 596 ( 126 ) 4,409
Total non-interest expenses $ 4,882 $ 4,949 $ 1,164 $ ( 126 ) $ 10,869
Income before provision for income taxes $ 2,046 $ 1,821 $ 222 $ ( 15 ) $ 4,074
Provision for income taxes 486 418 56 ( 3 ) 957
Net income 1,560 1,403 166 ( 12 ) 3,117
Net income applicable to noncontrolling interests 40 1 41
Net income applicable to Morgan Stanley $ 1,520 $ 1,403 $ 165 $ ( 12 ) $ 3,076
75
June 2024 Form 10-Q

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended June 30, 2023
$ in millions IS WM IM I/E Total
Investment banking $ 1,075 $ 109 $ $ ( 29 ) $ 1,155
Trading 3,594 208 ( 10 ) 10 3,802
Investments 23 22 50 95
Commissions and fees 1
605 552 ( 67 ) 1,090
Asset management 1,2
150 3,452 1,268 ( 53 ) 4,817
Other 325 161 5 ( 3 ) 488
Total non-interest revenues 5,772 4,504 1,313 ( 142 ) 11,447
Interest income 7,681 3,700 29 ( 497 ) 10,913
Interest expense 7,799 1,544 61 ( 501 ) 8,903
Net interest ( 118 ) 2,156 ( 32 ) 4 2,010
Net revenues $ 5,654 $ 6,660 $ 1,281 $ ( 138 ) $ 13,457
Provision for credit losses $ 97 $ 64 $ $ $ 161
Compensation and benefits 2,215 3,503 544 6,262
Non-compensation expenses 2,365 1,412 567 ( 122 ) 4,222
Total non-interest expenses $ 4,580 $ 4,915 $ 1,111 $ ( 122 ) $ 10,484
Income before provision for income taxes $ 977 $ 1,681 $ 170 $ ( 16 ) $ 2,812
Provision for income taxes 176 373 46 ( 4 ) 591
Net income 801 1,308 124 ( 12 ) 2,221
Net income applicable to noncontrolling interests 42 ( 3 ) 39
Net income applicable to Morgan Stanley $ 759 $ 1,308 $ 127 $ ( 12 ) $ 2,182

Six Months Ended June 30, 2024
$ in millions IS WM IM I/E Total
Investment banking $ 3,066 $ 316 $ $ ( 58 ) $ 3,324
Trading 8,630 338 ( 10 ) 25 8,983
Investments 103 43 148 294
Commissions and fees 1
1,375 1,161 ( 126 ) 2,410
Asset management 1,2
317 7,818 2,688 ( 130 ) 10,693
Other 244 342 7 ( 5 ) 588
Total non-interest revenues 13,735 10,018 2,833 ( 294 ) 26,292
Interest income 19,219 7,999 53 ( 812 ) 26,459
Interest expense 18,956 4,345 123 ( 828 ) 22,596
Net interest 263 3,654 ( 70 ) 16 3,863
Net revenues $ 13,998 $ 13,672 $ 2,763 $ ( 278 ) $ 30,155
Provision for credit losses $ 56 $ 14 $ $ $ 70
Compensation and benefits 4,634 7,389 1,133 13,156
Non-compensation expenses 4,911 2,642 1,167 ( 260 ) 8,460
Total non-interest expenses $ 9,545 $ 10,031 $ 2,300 $ ( 260 ) $ 21,616
Income before provision for income taxes $ 4,397 $ 3,627 $ 463 $ ( 18 ) $ 8,469
Provision for income taxes 968 821 105 ( 4 ) 1,890
Net income 3,429 2,806 358 ( 14 ) 6,579
Net income applicable to noncontrolling interests 90 1 91
Net income applicable to Morgan Stanley $ 3,339 $ 2,806 $ 357 $ ( 14 ) $ 6,488
Six Months Ended June 30, 2023
$ in millions IS WM IM I/E Total
Investment banking $ 2,322 $ 213 $ $ ( 50 ) $ 2,485
Trading 7,851 435 ( 26 ) 19 8,279
Investments 51 38 151 240
Commissions and fees 1
1,319 1,142 ( 132 ) 2,329
Asset management 1,2
298 6,834 2,516 ( 103 ) 9,545
Other 505 243 ( 1 ) ( 7 ) 740
Total non-interest revenues 12,346 8,905 2,640 ( 273 ) 23,618
Interest income 3
14,549 7,327 58 ( 1,041 ) 20,893
Interest expense 3
14,444 3,013 128 ( 1,048 ) 16,537
Net interest 105 4,314 ( 70 ) 7 4,356
Net revenues $ 12,451 $ 13,219 $ 2,570 $ ( 266 ) $ 27,974
Provision for credit losses $ 286 $ 109 $ $ $ 395
Compensation and benefits 4,580 6,980 1,112 12,672
Non-compensation expenses 4,716 2,737 1,122 ( 240 ) 8,335
Total non-interest expenses $ 9,296 $ 9,717 $ 2,234 $ ( 240 ) $ 21,007
Income before provision for income taxes $ 2,869 $ 3,393 $ 336 $ ( 26 ) $ 6,572
Provision for income taxes 539 709 76 ( 6 ) 1,318
Net income 2,330 2,684 260 ( 20 ) 5,254
Net income applicable to noncontrolling interests 93 ( 1 ) 92
Net income applicable to Morgan Stanley $ 2,237 $ 2,684 $ 261 $ ( 20 ) $ 5,162
1. Substantially all revenues are from contracts with customers.
2. Includes certain fees that may relate to services performed in prior periods.
3. Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $ 1,135 million and $ 2,025 million for the three months and six months ended, June 30, 2023, respectively. There was no change to net interest income for Institutional Securities segment. See Note 2 for additional information.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2023 Form 10-K.
Detail of Investment Banking Revenues
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Institutional Securities Advisory $ 592 $ 455 $ 1,053 $ 1,093
Institutional Securities Underwriting 1,027 620 2,013 1,229
Firm Investment banking revenues from contracts with customers 87 % 92 % 89 % 91 %
Trading Revenues by Product Type
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Interest rate $ 1,495 $ 1,209 $ 3,321 $ 2,577
Foreign exchange 269 126 541 388
Equity 1
2,323 2,403 4,627 4,615
Commodity and other 481 335 1,076 874
Credit ( 437 ) ( 271 ) ( 582 ) ( 175 )
Total $ 4,131 $ 3,802 $ 8,983 $ 8,279
1. Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and
June 2024 Form 10-Q
76

Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millions At
June 30,
2024
At
December 31,
2023
Net cumulative unrealized performance-based fees at risk of reversing $ 799 $ 787
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Fee waivers $ 25 $ 28 $ 46 $ 46
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Transaction taxes $ 235 $ 247 $ 441 $ 461
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
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Americas $ 11,268 $ 10,394 $ 22,835 $ 21,185
EMEA 1,871 1,500 3,697 3,237
Asia 1,880 1,563 3,623 3,552
Total $ 15,019 $ 13,457 $ 30,155 $ 27,974
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2023 Form 10-K.
Revenues Recognized from Prior Services
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions 2024 2023 2024 2023
Non-interest revenues $ 549 $ 469 $ 984 $ 1,060
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
June 30,
2024
At
December 31,
2023
Customer and other receivables $ 2,569 $ 2,339
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millions At
June 30,
2024
At
December 31,
2023
Institutional Securities $ 824,972 $ 810,506
Wealth Management 369,735 365,168
Investment Management 17,740 18,019
Total 1
$ 1,212,447 $ 1,193,693
1. Parent assets have been fully allocated to the business segments.

77
June 2024 Form 10-Q

Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
Three Months Ended June 30,
2024 2023
$ in millions Average Daily Balance Interest Annualized Average Rate Average Daily Balance Interest Annualized Average Rate
Interest earning assets
Cash and Cash Equivalents 1 :
U.S.
$ 42,486 $ 448 4.2 % $ 51,974 $ 552 4.3 %
Non-U.S.
44,003 285 2.6 % 52,037 258 2.0 %
Investment securities 2
$ 155,203 1,277 3.3 % 154,096 850 2.2 %
Loans 2
225,021 3,483 6.2 % 215,216 3,045 5.7 %
Securities purchased under agreements to resell 3:
U.S. 58,540 1,694 11.6 % 52,976 1,132 8.6 %
Non-U.S. 48,632 1,317 10.9 % 64,011 697 4.4 %
Securities borrowed 4:
U.S. 107,767 1,252 4.7 % 124,709 1,269 4.1 %
Non-U.S. 18,885 106 2.3 % 18,508 101 2.2 %
Trading assets, net of Trading liabilities:
U.S. 112,542 1,291 4.6 % 87,230 781 3.6 %
Non-U.S. 13,405 240 7.2 % 10,105 153 6.1 %
Customer receivables and Other 1,10 :
U.S. 53,719 1,553 11.6 % 44,917 1,587 14.2 %
Non-U.S. 15,668 583 15.0 % 14,777 488 13.2 %
Total $ 895,871 $ 13,529 6.1 % $ 890,556 $ 10,913 4.9 %
Interest bearing liabilities
Deposits 2
$ 344,225 $ 2,551 3.0 % $ 340,791 $ 1,946 2.3 %
Borrowings 2,5
259,441 3,327 5.2 % 249,509 2,770 4.5 %
Securities sold under agreements to repurchase 6,8:
U.S. 18,264 1,294 28.5 % 19,155 750 15.7 %
Non-U.S. 55,924 1,429 10.3 % 45,269 702 6.2 %
Securities loaned 7,8 :
U.S. 10,719 24 0.9 % 3,899 17 1.7 %
Non-U.S. 5,881 245 16.8 % 10,252 186 7.3 %
Customer payables and Other 9,10 :
U.S. 130,943 1,636 5.0 % 135,987 1,710 5.0 %
Non-U.S. 62,693 956 6.1 % 67,067 822 4.9 %
Total $ 888,090 $ 11,462 5.2 % $ 871,929 $ 8,903 4.1 %
Net interest income and net interest rate spread $ 2,067 0.9 % $ 2,010 0.8 %
Six Months Ended June 30,
2024 2023
$ in millions Average Daily Balance Interest Annualized Average Rate Average Daily Balance Interest Annualized Average Rate
Interest earning assets
Cash and Cash Equivalents 1 :
U.S.
$ 47,198 $ 1,081 4.6 % $ 56,783 $ 1,083 3.8 %
Non-U.S.
43,722 555 2.6 % 52,847 470 1.8 %
Investment securities 2
154,534 2,474 3.2 % 156,565 1,868 2.4 %
Loans 2
221,471 6,787 6.2 % 214,704 5,855 5.5 %
Securities purchased under agreements to resell 3 :
U.S. 55,786 3,190 11.5 % 50,350 2,064 8.3 %
Non-U.S. 48,728 2,352 9.7 % 64,435 1,242 3.9 %
Securities borrowed 4 :
U.S. 107,683 2,510 4.7 % 123,635 2,363 3.8 %
Non-U.S. 19,205 225 2.4 % 18,922 178 1.9 %
Trading assets, net of Trading liabilities:
U.S. 110,365 2,466 4.5 % 87,385 1,572 3.6 %
Non-U.S. 12,200 447 7.4 % 8,733 279 6.4 %
Customer receivables and Other 1,10 :
U.S. 51,518 3,252 12.7 % 45,111 2,843 12.7 %
Non-U.S. 15,517 1,120 14.5 % 15,176 1,076 14.2 %
Total $ 887,927 $ 26,459 6.0 % $ 894,646 $ 20,893 4.7 %
Interest bearing liabilities
Deposits 2
$ 345,609 $ 5,026 2.9 % $ 343,869 $ 3,521 2.1 %
Borrowings 2,5
255,686 6,551 5.2 % 247,566 5,274 4.3 %
Securities sold under agreements to repurchase 6,8 :
U.S. 21,178 2,515 23.9 % 20,125 1,419 14.2 %
Non-U.S. 57,280 2,612 9.2 % 43,166 1,250 5.8 %
Securities loaned 7,8 :
U.S. 8,287 41 1.0 % 4,470 30 1.4 %
Non-U.S. 7,400 452 12.3 % 10,107 337 6.7 %
Customer payables and Other 9,10 :
U.S. 128,931 3,525 5.5 % 136,970 3,113 4.6 %
Non-U.S. 62,229 1,874 6.1 % 66,367 1,593 4.8 %
Total $ 886,600 $ 22,596 5.1 % $ 872,640 $ 16,537 3.8 %
Net interest income and net interest rate spread $ 3,863 0.9 % $ 4,356 0.9 %
1. In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
2. Amounts include primarily U.S. balances.
3. Includes interest paid on Securities purchased under agreements to resell.
4. Includes fees paid on Securities borrowed.
5. Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
6. Includes interest received on Securities sold under agreements to repurchase.
7. Includes fees received on Securities loaned.
8. The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.
9. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
10. Certain prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.


June 2024 Form 10-Q
78

Glossary of Common Terms and Acronyms
Image29.jpg
2023 Form 10-K
Annual report on Form 10-K for year ended December 31, 2023 filed with the SEC
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
CET1
Common Equity Tier 1
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)
CRE Commercial real estate
CRM Credit Risk Management Department
CTA Cumulative foreign currency translation adjustments
DCP
Employee deferred cash-based compensation plans linked to investment performance
DCP investments
Investments associated with certain DCP
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 bank
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
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 in the U.S.
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
S&P Standard & Poor’s
SPE Special purpose entity
SPOE Single point of entry
TLAC Total loss-absorbing capacity
U.K. United Kingdom
UPB Unpaid principal balance
U.S. United States of America
U.S. Bank Subsidiaries
MSBNA and MSPBNA
U.S. GAAP
Accounting principles generally accepted in the U.S.
VaR Value-at-Risk
VIE Variable interest entity
WACC Implied weighted average cost of capital
WM Wealth Management

79
June 2024 Form 10-Q

Image30.jpg
Controls and Procedures
Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.
No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Legal Proceedings
See “Contingencies—Legal” in Note 13 to the Financial
Statements for information about our material legal
proceedings.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares 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
April 2,186,759 $ 92.71 1,449,300 $ 16,067
May 3,976,536 $ 97.03 3,948,300 $ 15,683
June 2,435,362 $ 96.53 2,418,148 $ 15,450
Three Months Ended June 30, 2024 8,598,657 $ 95.79 7,815,748
1. Includes 782,909 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 June 30, 2024.
2. Excludes excise tax of $4 million levied on share repurchases, net of issuances, payable in April 2025.
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. On June 30, 2023, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”) from time to time as conditions warrant and subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase Authorization has no set expiration or termination date.
On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a
set expiration date, beginning in the third quarter of 2024, which will be exercised from time to time as conditions warrant. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”
Other Information
None.
Exhibits
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: August 5, 2024
June 2024 Form 10-Q
80
TABLE OF CONTENTS