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As Of Filer Filing For·On·As Docs:Size 2/22/24 Morgan Stanley 10-K 12/31/23 224:45M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 9.43M 2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 232K 4: EX-10.20 Material Contract HTML 169K 5: EX-10.21 Material Contract HTML 146K 6: EX-10.22 Material Contract HTML 222K 3: EX-10.4 Material Contract HTML 65K 7: EX-21 Subsidiaries List HTML 66K 8: EX-22 Published Report re: Matters Submitted to a Vote HTML 63K of Security Holders 9: EX-23.1 Consent of Expert or Counsel HTML 68K 14: EX-97 Clawback Policy re: Recovery of Erroneously HTML 95K Awarded Compensation 10: EX-31.1 Certification -- §302 - SOA'02 HTML 67K 11: EX-31.2 Certification -- §302 - SOA'02 HTML 67K 12: EX-32.1 Certification -- §906 - SOA'02 HTML 63K 13: EX-32.2 Certification -- §906 - SOA'02 HTML 64K 20: R1 Cover Page HTML 160K 21: R2 Audit Information HTML 68K 22: R3 Consolidated Income Statements HTML 176K 23: R4 Consolidated Comprehensive Income Statement HTML 107K 24: R5 Consolidated Balance Sheet HTML 186K 25: R6 Consolidated Balance Sheet (Parenthetical) HTML 100K 26: R7 Consolidated Statement of Changes in Total Equity HTML 139K 27: R8 Consolidated Cash Flow Statements HTML 175K 28: R9 Introduction and Basis of Presentation HTML 78K 29: R10 Significant Accounting Policies HTML 171K 30: R11 Cash and Cash Equivalents HTML 72K 31: R12 Fair Values HTML 810K 32: R13 Fair Value Option HTML 116K 33: R14 Derivative Instruments and Hedging Activities HTML 450K 34: R15 Investment Securities HTML 257K 35: R16 Collateralized Transactions HTML 183K 36: R17 Loans, Lending Commitments and Related Allowance HTML 524K for Credit Losses 37: R18 Goodwill and Intangible Assets HTML 136K 38: R19 Other Assets - Equity Method Investments and HTML 114K Leases 39: R20 Deposits HTML 90K 40: R21 Borrowings and Other Secured Financings HTML 178K 41: R22 Commitments, Guarantees and Contingencies HTML 183K 42: R23 Variable Interest Entities and Securitization HTML 297K Activities 43: R24 Regulatory Requirements HTML 187K 44: R25 Total Equity HTML 344K 45: R26 Interest Income and Interest Expense HTML 101K 46: R27 Deferred Compensation Plans and Carried Interest HTML 143K Compensation 47: R28 Employee Benefit Plans HTML 228K 48: R29 Income Taxes HTML 154K 49: R30 Segment, Geographic and Revenue Information HTML 294K 50: R31 Parent Company HTML 203K 51: R32 Significant Accounting Policies (Policies) HTML 232K 52: R33 Significant Accounting Policies (Tables) HTML 78K 53: R34 Cash and Cash Equivalents (Tables) HTML 71K 54: R35 Fair Values (Tables) HTML 987K 55: R36 Fair Value Option (Tables) HTML 110K 56: R37 Derivative Instruments and Hedging Activities HTML 459K (Tables) 57: R38 Investment Securities (Tables) HTML 260K 58: R39 Collateralized Transactions (Tables) HTML 188K 59: R40 Loans, Lending Commitments and Related Allowance HTML 527K for Credit Losses (Tables) 60: R41 Goodwill and Intangible Assets (Tables) HTML 146K 61: R42 Other Assets - Equity Method Investments and HTML 119K Leases (Tables) 62: R43 Deposits (Tables) HTML 90K 63: R44 Borrowings and Other Secured Financings (Tables) HTML 180K 64: R45 Commitments, Guarantees and Contingencies (Tables) HTML 127K 65: R46 Variable Interest Entities and Securitization HTML 286K Activities (Tables) 66: R47 Regulatory Requirements (Tables) HTML 177K 67: R48 Total Equity (Tables) HTML 399K 68: R49 Interest Income and Interest Expense (Tables) HTML 102K 69: R50 Deferred Compensation Plans and Carried Interest HTML 158K Compensation (Tables) 70: R51 Employee Benefit Plans (Tables) HTML 234K 71: R52 Income Taxes (Tables) HTML 160K 72: R53 Segment, Geographic and Revenue Information HTML 303K (Tables) 73: R54 Parent Company (Tables) HTML 204K 74: R55 Significant Accounting Policies - Narrative HTML 87K (Details) 75: R56 Cash and Cash Equivalents - Summary (Details) HTML 73K 76: R57 Fair Values - Assets and Liabilities Measured at HTML 255K Fair Value on a Recurring Basis (Details) 77: R58 Fair Values - Detail of Loans and Lending HTML 83K Commitments at Fair Value and Unsettled Fair Value of Futures Contracts (Details) 78: R59 Fair Values - Activity of Level 3 Assets and HTML 233K Liabilities Measured at Fair Value on a Recurring Basis (Details) 79: R60 Fair Values - Valuation Techniques and Sensitivity HTML 347K of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) 80: R61 Fair Values - Fund Interests Measured Based on Net HTML 86K Asset Value (Details) 81: R62 Fair Values - Assets and Liabilities Measured at HTML 109K Fair Value on a Nonrecurring Basis (Details) 82: R63 Fair Values - Financial Instruments Not Measured HTML 142K at Fair Value (Details) 83: R64 Fair Value Option - Borrowings Measured at Fair HTML 79K Value on a Recurring Basis (Details) 84: R65 Fair Value Option - Net Revenues from Borrowings HTML 71K under the Fair Value Option (Details) 85: R66 Fair Value Option - Gains (Losses) Due to Changes HTML 82K in Instrument-Specific Credit Risk (Details) 86: R67 Fair Value Option - Difference Between Contractual HTML 69K Principal and Fair Value (Details) 87: R68 Fair Value Option - Fair Value Loans on Nonaccrual HTML 67K Status (Details) 88: R69 Derivative Instruments and Hedging Activities - HTML 219K Fair Values of Derivative Contracts (Details) 89: R70 Derivative Instruments and Hedging Activities - HTML 142K Notionals of Derivative Contracts (Details) 90: R71 Derivative Instruments and Hedging Activities - HTML 119K Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) 91: R72 Derivative Instruments and Hedging Activities - HTML 68K Gains (Losses) on Economic Loan Hedges (Details) 92: R73 Derivative Instruments and Hedging Activities - HTML 77K Credit Risk-Related Contingencies (Details) 93: R74 Derivative Instruments and Hedging Activities - HTML 125K Maximum Potential Payout/Notional of Credit Protection Sold (Details) 94: R75 Derivative Instruments and Hedging Activities - HTML 81K Fair Value Asset/(Liability) of Credit Protection Sold (Details) 95: R76 Derivative Instruments and Hedging Activities - HTML 77K Protection Purchased with CDS (Details) 96: R77 Investment Securities - AFS and HTM Securities HTML 118K (Details) 97: R78 Investment Securities - Investment Securities in HTML 101K an Unrealized Loss Position (Details) 98: R79 Investment Securities - Narrative (Details) HTML 71K 99: R80 Investment Securities - Investment Securities by HTML 203K Contractual Maturity (Details) 100: R81 Investment Securities - Gross Realized Gains and HTML 69K Losses on Sales of AFS Securities (Details) 101: R82 Collateralized Transactions - Offsetting of HTML 132K Certain Collateralized Transactions (Details) 102: R83 Collateralized Transactions - Gross Secured HTML 101K Financing Balances (Details) 103: R84 Collateralized Transactions - Assets Loaned or HTML 71K Pledged (Details) 104: R85 Collateralized Transactions - Collateral Received HTML 67K (Details) 105: R86 Collateralized Transactions - Securities HTML 64K Segregated for Regulatory Purposes (Details) 106: R87 Collateralized Transactions - Concentration Based HTML 73K on the Firm's Total Assets (Details) 107: R88 Collateralized Transactions - Customer Margin and HTML 64K Other Lending (Details) 108: R89 Collateralized Transactions - Narrative (Details) HTML 64K 109: R90 Loans, Lending Commitments and Related Allowance HTML 110K for Credit Losses - Loans by Type (Details) 110: R91 Loans, Lending Commitments and Related Allowance HTML 80K for Credit Losses - Loans by Interest Rate Type (Details) 111: R92 Loans, Lending Commitments and Related Allowance HTML 168K for Credit Losses - Loans Held for Investment before Allowance by Origination Year (Details) 112: R93 Loans, Lending Commitments and Related Allowance HTML 85K for Credit Losses - Past Due Status of Loans Held for Investment before Allowance (Details) 113: R94 Loans, Lending Commitments and Related Allowance HTML 78K for Credit Losses - Nonaccrual Loans Held for Investment before Allowance (Details) 114: R95 Loans, Lending Commitments and Related Allowance HTML 98K for Credit Losses - 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Gross Amortizable HTML 81K Intangible Assets by Type (Details) 123: R104 Goodwill and Intangible Assets - Intangible Assets HTML 73K Estimated Future Amortization Expense (Details) 124: R105 Other Assets - Equity Method Investments and HTML 72K Leases - Equity Method Investments (Details) 125: R106 Other Assets - Equity Method Investments and HTML 70K Leases - Investees (Details) 126: R107 Other Assets - Equity Method Investments and HTML 74K Leases - Narrative (Details) 127: R108 Other Assets - Equity Method Investments and HTML 77K Leases - Balance Sheet Amounts Related to Leases (Details) 128: R109 Other Assets - Equity Method Investments and HTML 87K Leases - Lease Liabilities (Details) 129: R110 Other Assets - Equity Method Investments and HTML 72K Leases - Lease Costs (Details) 130: R111 Other Assets - Equity Method Investments and HTML 67K Leases - Cash Flows Statement Supplemental Information (Details) 131: R112 Deposits - Summary (Details) HTML 72K 132: R113 Deposits - Time Deposit Maturities (Details) HTML 91K 133: R114 Deposits - Deposits in U.S Banks from non-U.S. HTML 64K Depositors (Details) 134: R115 Borrowings and Other Secured Financings - HTML 119K Maturities and Terms of Borrowings (Details) 135: R116 Borrowings and Other Secured Financings - HTML 74K Borrowings with Maturities Greater than One Year (Details) 136: R117 Borrowings and Other Secured Financings - Senior HTML 74K Debt Subject to Put Options or Liquidity Obligations (Details) 137: R118 Borrowings and Other Secured Financings - HTML 73K Subordinated Debt (Details) 138: R119 Borrowings and Other Secured Financings - Rates HTML 66K for Long-Term Borrowings (Details) 139: R120 Borrowings and Other Secured Financings - Other HTML 70K Secured Financings (Details) 140: R121 Borrowings and Other Secured Financings - HTML 107K Maturities and Terms of Secured Financings (Details) 141: R122 Borrowings and Other Secured Financings - Failed HTML 81K Sales by Maturity (Details) 142: R123 Commitments, Guarantees and Contingencies - HTML 99K Commitments (Details) 143: R124 Commitments, Guarantees and Contingencies - HTML 124K Obligations under Guarantee Arrangements (Details) 144: R125 Commitments, Guarantees and Contingencies - Legal HTML 64K Expenses (Details) 145: R126 Commitments, Guarantees and Contingencies - HTML 114K Narrative (Details) 146: R127 Variable Interest Entities and Securitization HTML 94K Activities - Assets and Liabilities by Type of Activity (Details) 147: R128 Variable Interest Entities and Securitization HTML 110K Activities - Assets and Liabilities by Balance Sheet Caption (Details) 148: R129 Variable Interest Entities and Securitization HTML 153K Activities - Non-Consolidated VIEs (Details) 149: R130 Variable Interest Entities and Securitization HTML 93K Activities - Mortgage and Asset Backed Securitization Assets (Details) 150: R131 Variable Interest Entities and Securitization HTML 119K Activities - Transfers of Assets with Continuing Involvement (Details) 151: R132 Variable Interest Entities and Securitization HTML 105K Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) 152: R133 Variable Interest Entities and Securitization HTML 73K Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) 153: R134 Variable Interest Entities and Securitization HTML 78K Activities - Assets Sold with Retained Exposure (Details) 154: R135 Regulatory Requirements - Capital Buffer HTML 86K Requirements (Details) 155: R136 Regulatory Requirements - Narrative (Details) HTML 73K 156: R137 Regulatory Requirements - Risk-Based Regulatory HTML 84K Capital Ratio Requirements (Details) 157: R138 Regulatory Requirements - The Firm's Regulatory HTML 98K Capital and Capital Ratios (Details) 158: R139 Regulatory Requirements - U.S. Bank Subsidiaries' HTML 125K Regulatory Capital and Capital Ratios (Details) 159: R140 Regulatory Requirements - U.S. Broker-Dealer HTML 68K Regulatory Capital Requirements (Details) 160: R141 Regulatory Requirements - Restrictions on Payments HTML 64K (Details) 161: R142 Total Equity - Preferred Stock Outstanding HTML 108K (Details) 162: R143 Total Equity - Preferred Stock Issuance HTML 116K Description (Details) 163: R144 Total Equity - Rollforward of Common Stock HTML 72K Outstanding (Details) 164: R145 Total Equity - Share Repurchases (Details) HTML 66K 165: R146 Total Equity - Narrative (Details) HTML 64K 166: R147 Total Equity - Reconciliation of Common Shares HTML 72K Outstanding for Basic and Diluted EPS (Details) 167: R148 Total Equity - Dividends (Details) HTML 106K 168: R149 Total Equity - Accumulated Other Comprehensive HTML 99K Income (Loss) (Details) 169: R150 Total Equity - Components of Period Changes in OCI HTML 160K (Details) 170: R151 Total Equity - Cumulative Foreign Currency HTML 72K Translation Adjustments (Details) 171: R152 Interest Income and Interest Expense - Summary HTML 98K (Details) 172: R153 Interest Income and Interest Expense - Accrued HTML 67K Interest (Details) 173: R154 Deferred Compensation Plans and Carried Interest HTML 82K Compensation - Stock-based Compensation Plans (Details) 174: R155 Deferred Compensation Plans and Carried Interest HTML 65K Compensation - Tax Benefit Related to Stock-Based Compensation Expense (Details) 175: R156 Deferred Compensation Plans and Carried Interest HTML 72K Compensation - Unrecognized Compensation Cost Related to Stock-Based Awards Granted (Details) 176: R157 Deferred Compensation Plans and Carried Interest HTML 65K Compensation - Common Shares Available for Future Awards under Stock-Based Compensation Plans (Details) 177: R158 Deferred Compensation Plans and Carried Interest HTML 107K Compensation - Vested and Unvested RSU Activity (Details) 178: R159 Deferred Compensation Plans and Carried Interest HTML 88K Compensation - Unvested RSU Activity (Details) 179: R160 Deferred Compensation Plans and Carried Interest HTML 76K Compensation - Fair Value of RSU Activity (Details) 180: R161 Deferred Compensation Plans and Carried Interest HTML 82K Compensation - Narrative (Details) 181: R162 Deferred Compensation Plans and Carried Interest HTML 79K Compensation - PSU Awards Fair Value on Award Date (Details) 182: R163 Deferred Compensation Plans and Carried Interest HTML 68K Compensation - Monte Carlo Simulation Assumptions (Details) 183: R164 Deferred Compensation Plans and Carried Interest HTML 71K Compensation - Deferred Cash-Based Compensation Expense (Details) 184: R165 Deferred Compensation Plans and Carried Interest HTML 65K Compensation - Carried Interest Compensation Expense (Details) 185: R166 Employee Benefit Plans - Net Periodic Benefit HTML 85K Expense (Income) (Details) 186: R167 Employee Benefit Plans - Rollforward of Pre-tax HTML 83K AOCI (Details) 187: R168 Employee Benefit Plans - Weighted Average HTML 69K Assumptions Used to Determine Net Periodic Benefit Expense (Income) (Details) 188: R169 Employee Benefit Plans - Rollforward of the HTML 116K Benefit Obligation and Fair Value of Plan Assets (Details) 189: R170 Employee Benefit Plans - Accumulated Benefit HTML 66K Obligation (Details) 190: R171 Employee Benefit Plans - Pension Plans with HTML 72K Projected Benefit Obligations in Excess of the Fair Value of Plan Assets (Details) 191: R172 Employee Benefit Plans - Weighted Average HTML 66K Assumptions Used to Determine Benefit Obligation (Details) 192: R173 Employee Benefit Plans - Fair Value of Plan Assets HTML 138K (Details) 193: R174 Employee Benefit Plans - Rollforward of Level 3 HTML 76K Plan Assets (Details) 194: R175 Employee Benefit Plans - Narrative (Details) HTML 79K 195: R176 Employee Benefit Plans - Expected Future Benefit HTML 76K Payments (Details) 196: R177 Employee Benefit Plans - 401(k) and Defined HTML 69K Contribution Pension Plans (Details) 197: R178 Income Taxes - Components of Provision for HTML 104K (Benefit from) Income Taxes (Details) 198: R179 Income Taxes - Effective Income Tax Rate (Details) HTML 83K 199: R180 Income Taxes - Deferred Tax Assets and Liabilities HTML 90K (Details) 200: R181 Income Taxes - Narrative (Details) HTML 65K 201: R182 Income Taxes - Rollforward of Unrecognized Tax HTML 79K Benefits (Details) 202: R183 Income Taxes - Interest Expense (Benefit), Net of HTML 66K Federal and State Income Tax Benefits (Details) 203: R184 Segment, Geographic and Revenue Information - HTML 173K Selected Financial Information by Business Segment (Details) 204: R185 Segment, Geographic and Revenue Information - HTML 75K Institutional Securities - Investment Banking Revenues (Details) 205: R186 Segment, Geographic and Revenue Information - HTML 79K Trading Revenues by Product Type (Details) 206: R187 Segment, Geographic and Revenue Information - HTML 64K Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) 207: R188 Segment, Geographic and Revenue Information - HTML 64K Investment Management Asset Management Revenues - Reduction of Fees due to Fee Waivers (Details) 208: R189 Segment, Geographic and Revenue Information - HTML 64K Other Expenses - Transaction Taxes (Details) 209: R190 Segment, Geographic and Revenue Information - Net HTML 73K Revenues by Region (Details) 210: R191 Segment, Geographic and Revenue Information - HTML 72K Income from Continuing Operations before Income Tax Expense (Benefit) (Details) 211: R192 Segment, Geographic and Revenue Information - HTML 65K Revenue Recognized from Prior Services (Details) 212: R193 Segment, Geographic and Revenue Information - HTML 65K Receivables from Contracts with Customers (Details) 213: R194 Segment, Geographic and Revenue Information - HTML 78K Assets by Business Segment (Details) 214: R195 Segment, Geographic and Revenue Information - HTML 78K Assets by Region (Details) 215: R196 Parent Company - Condensed Income Statements and HTML 148K Comprehensive Income Statements (Details) 216: R197 Parent Company - Condensed Balance Sheets HTML 203K (Details) 217: R198 Parent Company - Condensed Cash Flow Statements HTML 146K (Details) 218: R199 Parent Company - Parent Company's Borrowings with HTML 81K Original Maturities Greater than One Year (Details) 219: R200 Parent Company - Guarantees (Details) HTML 71K 221: XML IDEA XML File -- Filing Summary XML 440K 224: XML XBRL Instance -- ms-20231231_htm XML 14.91M 220: EXCEL IDEA Workbook of Financial Report Info XLSX 554K 16: EX-101.CAL XBRL Calculations -- ms-20231231_cal XML 554K 17: EX-101.DEF XBRL Definitions -- ms-20231231_def XML 2.56M 18: EX-101.LAB XBRL Labels -- ms-20231231_lab XML 4.95M 19: EX-101.PRE XBRL Presentations -- ms-20231231_pre XML 3.51M 15: EX-101.SCH XBRL Schema -- ms-20231231 XSD 615K 222: JSON XBRL Instance as JSON Data -- MetaLinks 1,222± 1.99M 223: ZIP XBRL Zipped Folder -- 0000895421-24-000300-xbrl Zip 2.13M
ms-20231231 |
i Delaware | i 1585 Broadway | i 36-3145972 | i (212) | i 761-4000 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | i New York, | i NY | i 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 | ||||||
i Common Stock, $0.01 par value | i MS | i New York Stock Exchange | ||||||
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate | i MS/PA | i New York Stock Exchange | ||||||
i 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 | i MS/PE | i New York Stock Exchange | ||||||
i 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 | i MS/PF | i New York Stock Exchange | ||||||
i 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 | i MS/PI | i New York Stock Exchange | ||||||
i 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 | i MS/PK | i New York Stock Exchange | ||||||
i Non-Cumulative Preferred Stock, Series K, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 4.875% | i MS/PL | i New York Stock Exchange | ||||||
i Non-Cumulative Preferred Stock, Series L, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 4.250% | i MS/PO | i New York Stock Exchange | ||||||
i Non-Cumulative Preferred Stock, Series O, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 6.500% | i MS/PP | i New York Stock Exchange | ||||||
i Non-Cumulative Preferred Stock, Series P, $0.01 par value | ||||||||
i Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | i MS/26C | i New York Stock Exchange | ||||||
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto) | ||||||||
i Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 | i MS/29 | i New York Stock Exchange | ||||||
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto) |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
ANNUAL REPORT ON FORM 10-K | |||||
For the year ended December 31, 2023 |
Table of Contents | Part | Item | Page | ||||||||
I | 1 | ||||||||||
1A | |||||||||||
1C | |||||||||||
II | 7 | ||||||||||
7A | |||||||||||
8 | |||||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. i 34) | |||||||||||
Table of Contents | Part | Item | Page | ||||||||
9 | |||||||||||
9A | |||||||||||
9B | |||||||||||
9C | |||||||||||
I | 1B | ||||||||||
2 | |||||||||||
3 | |||||||||||
4 | |||||||||||
II | 5 | ||||||||||
III | 10 | ||||||||||
11 | |||||||||||
12 | |||||||||||
13 | |||||||||||
14 | |||||||||||
IV | 15 | ||||||||||
16 | |||||||||||
5 | December 2023 Form 10-K |
December 2023 Form 10-K | 6 |
7 | December 2023 Form 10-K |
December 2023 Form 10-K | 8 |
9 | December 2023 Form 10-K |
December 2023 Form 10-K | 10 |
Category | Metric | At December 31, 2023 | |||||||||
Employees | Employees by geography (thousands) | Americas | 53 | ||||||||
Asia | 17 | ||||||||||
EMEA | 10 | ||||||||||
Culture | Employee engagement1 | % Proud to work at Morgan Stanley | 92 | % | |||||||
Diversity and Inclusion | Global gender representation | % Women | 40 | % | |||||||
% Women officer2 | 29 | % | |||||||||
U.S. ethnic diversity representation | %
Ethnically diverse3 | 35 | % | ||||||||
% Ethnically diverse officer2,3 | 28 | % | |||||||||
Retention | Voluntary attrition in 2023 | % Global | 8 | % | |||||||
Tenure | Management Committee average length of service (years) | 21 | |||||||||
All employees average length of service (years) | 7 | ||||||||||
Compensation | Compensation and benefits | Total compensation and benefits expense in 2023 (millions) | $ | 24,558 |
11 | December 2023 Form 10-K |
December 2023 Form 10-K | 12 |
13 | December 2023 Form 10-K |
December 2023 Form 10-K | 14 |
15 | December 2023 Form 10-K |
December 2023 Form 10-K | 16 |
17 | December 2023 Form 10-K |
December 2023 Form 10-K | 18 |
19 | December 2023 Form 10-K |
December 2023 Form 10-K | 20 |
21 | December 2023 Form 10-K |
December 2023 Form 10-K | 22 |
23 | December 2023 Form 10-K |
December 2023 Form 10-K | 24 |
25 | December 2023 Form 10-K |
December 2023 Form 10-K | 26 |
27 | December 2023 Form 10-K |
December 2023 Form 10-K | 28 |
Management’s Discussion and Analysis |
29 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 30 |
Management’s Discussion and Analysis |
$
in millions, except per share data | 2023 | 2022 | 2021 | |||||||||||
Consolidated results | ||||||||||||||
Net revenues | $ | 54,143 | $ | 53,668 | $ | 59,755 | ||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | 8,530 | $ | 10,540 | $ | 14,566 | ||||||||
Earnings per diluted common share | $ | 5.18 | $ | 6.15 | $ | 8.03 |
Consolidated financial measures | |||||||||||
Expense efficiency ratio1 | 77 | % | 73 | % | 67 | % | |||||
ROE2 | 9.4 | % | 11.2 | % | 15.0 | % | |||||
ROTCE2,3 | 12.8 | % | 15.3 | % | 19.8 | % | |||||
Pre-tax
margin4 | 22 | % | 26 | % | 33 | % | |||||
Effective tax rate | 21.9 | % | 20.7 | % | 23.1 | % | |||||
Pre-tax margin by segment4 | |||||||||||
Institutional Securities | 19 | % | 28 | % | 40 | % | |||||
Wealth Management | 25 | % | 27 | % | 25 | % | |||||
Investment Management | 16 | % | 15 | % | 27 | % |
$
in millions, except per share data, worldwide employees and client assets | At December 31, 2023 | At December 31, 2022 | ||||||
Average liquidity resources for three months ended5 | $ | 314,504 | $ | 312,250 | ||||
Loans6 | $ | 226,828 | $ | 222,182 | ||||
Total assets | $ | 1,193,693 | $ | 1,180,231 | ||||
Deposits | $ | 351,804 | $ | 356,646 | ||||
Borrowings | $ | 263,732 | $ | 238,058 | ||||
Common shareholders’ equity | $ | 90,288 | $ | 91,391 | ||||
Tangible common shareholders’ equity3 | $ | 66,527 | $ | 67,123 | ||||
Common shares outstanding | 1,627 | 1,675 | ||||||
Book
value per common share7 | $ | 55.50 | $ | 54.55 | ||||
Tangible book value per common share3,7 | $ | 40.89 | $ | 40.06 | ||||
Worldwide employees (in thousands) | 80 | 82 | ||||||
Client
assets8 (in billions) | $ | 6,588 | $ | 5,492 | ||||
Capital
ratios9 | ||||||||
Common Equity Tier 1 capital—Standardized | 15.2 | % | 15.3 | % | ||||
Tier 1 capital—Standardized | 17.1 | % | 17.2 | % | ||||
Common Equity Tier 1 capital—Advanced | 15.5 | % | 15.6 | % | ||||
Tier 1 capital—Advanced | 17.4 | % | 17.6 | % | ||||
Tier 1 leverage | 6.7 | % | 6.7 | % | ||||
SLR | 5.5 | % | 5.5 | % |
31 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Net revenues | $ | 54,143 | $ | 53,668 | $ | 59,755 | |||||
Adjustment
for mark-to-market losses (gains) on DCP1 | (434) | 1,198 | (389) | ||||||||
Adjusted Net revenues—non-GAAP | $ | 53,709 | $ | 54,866 | $ | 59,366 | |||||
Compensation expense | $ | 24,558 | $ | 23,053 | $ | 24,628 | |||||
Adjustment
for mark-to-market losses (gains) on DCP1 | (668) | 716 | (526) | ||||||||
Adjusted Compensation expense—non-GAAP | $ | 23,890 | $ | 23,769 | $ | 24,102 | |||||
Wealth Management Net revenues | $ | 26,268 | $ | 24,417 | $ | 24,243 | |||||
Adjustment
for mark-to-market losses (gains) on DCP1 | (282) | 858 | (210) | ||||||||
Adjusted Wealth Management Net revenues—non-GAAP | $ | 25,986 | $ | 25,275 | $ | 24,033 | |||||
Wealth Management Compensation expense | $ | 13,972 | $ | 12,534 | $ | 13,090 | |||||
Adjustment
for mark-to-market losses (gains) on DCP1 | (412) | 530 | (293) | ||||||||
Adjusted Wealth Management Compensation expense—non-GAAP | $ | 13,560 | $ | 13,064 | $ | 12,797 |
At December 31, | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Tangible equity | |||||||||||
Common shareholders’ equity | $ | 90,288 | $ | 91,391 | $ | 97,691 | |||||
Less: Goodwill and net intangible assets | (23,761) | (24,268) | (25,192) | ||||||||
Tangible common shareholders’ equity—non-GAAP | $ | 66,527 | $ | 67,123 | $ | 72,499 |
Average Monthly Balance | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Tangible equity | |||||||||||
Common shareholders’ equity | $ | 90,819 | $ | 93,873 | $ | 97,094 | |||||
Less: Goodwill and net intangible assets | (24,013) | (24,789) | (23,392) | ||||||||
Tangible common shareholders’ equity—non-GAAP | $ | 66,806 | $ | 69,084 | $ | 73,702 |
December 2023 Form 10-K | 32 |
Management’s Discussion and Analysis |
$ in billions | 2023 | 2022 | 2021 | ||||||||
Average
common equity2 | |||||||||||
Institutional Securities | $ | 45.6 | $ | 48.8 | $ | 43.5 | |||||
Wealth Management | 28.8 | 31.0 | 28.6 | ||||||||
Investment Management | 10.4 | 10.6 | 8.8 | ||||||||
ROE3 | |||||||||||
Institutional Securities | 7 | % | 10 | % | 20 | % | |||||
Wealth Management | 17 | % | 16 | % | 16 | % | |||||
Investment Management | 6 | % | 6 | % | 15 | % | |||||
Average
tangible common equity2 | |||||||||||
Institutional Securities | $ | 45.2 | $ | 48.3 | $ | 42.9 | |||||
Wealth Management | 14.8 | 16.3 | 13.4 | ||||||||
Investment Management | 0.7 | 0.8 | 0.9 | ||||||||
ROTCE3 | |||||||||||
Institutional Securities | 7 | % | 10 | % | 20 | % | |||||
Wealth Management | 33 | % | 31 | % | 34 | % | |||||
Investment Management | 88 | % | 86 | % | 144 | % |
33 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 34 |
Management’s Discussion and Analysis |
35 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 36 |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Revenues | |||||||||||||||||
Advisory | $ | 2,244 | $ | 2,946 | $ | 3,487 | (24) | % | (16) | % | |||||||
Equity | 889 | 851 | 4,437 | 4 | % | (81) | % | ||||||||||
Fixed income | 1,445 | 1,438 | 2,348 | — | % | (39) | % | ||||||||||
Total Underwriting | 2,334 | 2,289 | 6,785 | 2 | % | (66) | % | ||||||||||
Total Investment banking | 4,578 | 5,235 | 10,272 | (13) | % | (49) | % | ||||||||||
Equity | 9,986 | 10,769 | 11,435 | (7) | % | (6) | % | ||||||||||
Fixed income | 7,673 | 9,022 | 7,516 | (15) | % | 20 | % | ||||||||||
Other | 823 | (633) | 610 | N/M | N/M | ||||||||||||
Net revenues | 23,060 | 24,393 | 29,833 | (5) | % | (18) | % | ||||||||||
Provision for credit losses | 401 | 211 | (7) | 90 | % | N/M | |||||||||||
Compensation and benefits | 8,369 | 8,246 | 9,165 | 1 | % | (10) | % | ||||||||||
Non-compensation expenses | 9,814 | 9,221 | 8,861 | 6 | % | 4 | % | ||||||||||
Total non-interest expenses | 18,183 | 17,467 | 18,026 | 4 | % | (3) | % | ||||||||||
Income before provision for income taxes | 4,476 | 6,715 | 11,814 | (33) | % | (43) | % | ||||||||||
Provision for income taxes | 884 | 1,308 | 2,746 | (32) | % | (52) | % | ||||||||||
Net income | 3,592 | 5,407 | 9,068 | (34) | % | (40) | % | ||||||||||
Net income applicable to noncontrolling interests | 139 | 165 | 111 | (16) | % | 49 | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 3,453 | $ | 5,242 | $ | 8,957 | (34) | % | (41) | % |
$ in billions | 2023 | 2022 | 2021 | ||||||||
Completed mergers and acquisitions1 | $ | 655 | $ | 881 | $ | 1,107 | |||||
Equity and equity-related offerings2, 3 | 31 | 23 | 117 | ||||||||
Fixed
income offerings2, 4 | 235 | 229 | 371 |
2023 | |||||||||||||||||
$ in millions | Trading | Fees1 | Net Interest2 | All
Other3 | Total | ||||||||||||
Financing | $ | 7,206 | $ | 524 | $ | (2,886) | $ | 66 | $ | 4,910 | |||||||
Execution services | 2,919 | 2,235 | (190) | 112 | 5,076 | ||||||||||||
Total Equity | $ | 10,125 | $ | 2,759 | $ | (3,076) | $ | 178 | $ | 9,986 | |||||||
Total Fixed income | $ | 7,848 | $ | 375 | $ | (975) | $ | 425 | $ | 7,673 |
2022 | |||||||||||||||||
$ in millions | Trading | Fees1 | Net Interest2 | All
Other3 | Total | ||||||||||||
Financing | $ | 5,223 | $ | 535 | $ | (257) | $ | 36 | $ | 5,537 | |||||||
Execution services | 2,947 | 2,462 | (81) | (96) | 5,232 | ||||||||||||
Total Equity | $ | 8,170 | $ | 2,997 | $ | (338) | $ | (60) | $ | 10,769 | |||||||
Total Fixed income | $ | 7,711 | $ | 341 | $ | 922 | $ | 48 | $ | 9,022 |
2021 | |||||||||||||||||
$ in millions | Trading | Fees1 | Net Interest2 | All
Other3 | Total | ||||||||||||
Financing | $ | 4,110 | $ | 508 | $ | 520 | $ | 8 | $ | 5,146 | |||||||
Execution services | 3,327 | 2,648 | (226) | 540 | 6,289 | ||||||||||||
Total Equity | $ | 7,437 | $ | 3,156 | $ | 294 | $ | 548 | $ | 11,435 | |||||||
Total Fixed income | $ | 5,098 | $ | 307 | $ | 1,835 | $ | 276 | $ | 7,516 |
37 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 38 |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Revenues | |||||||||||||||||
Asset management | $ | 14,019 | $ | 13,872 | $ | 13,966 | 1 | % | (1) | % | |||||||
Transactional1 | 3,556 | 2,473 | 4,259 | 44 | % | (42) | % | ||||||||||
Net interest | 8,118 | 7,429 | 5,393 | 9 | % | 38 | % | ||||||||||
Other1 | 575 | 643 | 625 | (11) | % | 3 | % | ||||||||||
Net revenues | 26,268 | 24,417 | 24,243 | 8 | % | 1 | % | ||||||||||
Provision for credit losses | 131 | 69 | 11 | 90 | % | N/M | |||||||||||
Compensation and benefits | 13,972 | 12,534 | 13,090 | 11 | % | (4) | % | ||||||||||
Non-compensation expenses | 5,635 | 5,231 | 4,961 | 8 | % | 5 | % | ||||||||||
Total non-interest expenses | 19,607 | 17,765 | 18,051 | 10 | % | (2) | % | ||||||||||
Income before provision for income taxes | 6,530 | 6,583 | 6,181 | (1) | % | 7 | % | ||||||||||
Provision for income taxes | 1,508 | 1,444 | 1,447 | 4 | % | — | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 5,022 | $ | 5,139 | $ | 4,734 | (2) | % | 9 | % |
$ in billions | At December 31, 2023 | At December 31, 2022 | ||||||
Total client assets1 | $ | 5,129 | $ | 4,187 | ||||
U.S. Bank Subsidiary loans | $ | 147 | $ | 146 | ||||
Margin and other lending2 | $ | 21 | $ | 22 | ||||
Deposits3 | $ | 346 | $ | 351 | ||||
Annualized weighted average cost of deposits4 | ||||||||
Period end | 2.92% | 1.59% | ||||||
Period average | 2.43% | 0.53% |
2023 | 2022 | 2021 | |||||||||
Net new assets | $ | 282.3 | $ | 311.3 | $ | 437.7 |
$ in billions | At December 31, 2023 | At December 31, 2022 | |||||||||
Advisor-led client assets1 | $ | 3,979 | $ | 3,392 | |||||||
Fee-based client assets2 | $ | 1,983 | $ | 1,678 | |||||||
Fee-based
client assets as a percentage of advisor-led client assets | 50% | 49% |
2023 | 2022 | 2021 | |||||||||
Fee-based asset flows3 | $ | 109.2 | $ | 162.8 | $ | 179.3 |
At
December 31, 2023 | At December 31, 2022 | ||||||||||
Self-directed assets (in billions)1 | $ | 1,150 | $ | 795 | |||||||
Self-directed households (in millions)2 | 8.1 | 8.0 |
2023 | 2022 | 2021 | |||||||||
Daily
average revenue trades (“DARTs”) (in thousands)3 | 759 | 864 | 1,161 |
At December 31, 2023 | At December 31, 2022 | ||||||||||
Workplace unvested assets (in billions)2 | $ | 416 | $ | 302 | |||||||
Number
of participants (in millions)3 | 6.6 | 6.3 |
39 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in billions | At December 31, 2022 | Inflows1 | Outflows2 | Market Impact3 | At December 31, 2023 | ||||||||||||
Separately managed4 | $ | 501 | $ | 70 | $ | (23) | $ | 41 | $ | 589 | |||||||
Unified managed | 408 | 96 | (56) | 53 | 501 | ||||||||||||
Advisor | 167 | 29 | (32) | 24 | 188 | ||||||||||||
Portfolio manager | 552 | 98 | (73) | 68 | 645 | ||||||||||||
Subtotal | $ | 1,628 | $ | 293 | $ | (184) | $ | 186 | $ | 1,923 | |||||||
Cash management | 50 | 60 | (50) | — | 60 | ||||||||||||
Total fee-based client assets | $ | 1,678 | $ | 353 | $ | (234) | $ | 186 | $ | 1,983 |
$ in billions | At December 31, 2021 | Inflows1,5 | Outflows2 | Market Impact3 | At December 31, 2022 | ||||||||||||
Separately managed4 | $ | 479 | $ | 141 | $ | (25) | $ | (94) | $ | 501 | |||||||
Unified managed | 467 | 76 | (50) | (85) | 408 | ||||||||||||
Advisor | 211 | 29 | (35) | (38) | 167 | ||||||||||||
Portfolio manager | 636 | 94 | (67) | (111) | 552 | ||||||||||||
Subtotal | $ | 1,793 | $ | 340 | $ | (177) | $ | (328) | $ | 1,628 | |||||||
Cash management | 46 | 38 | (34) | — | 50 | ||||||||||||
Total fee-based client assets | $ | 1,839 | $ | 378 | $ | (211) | $ | (328) | $ | 1,678 |
$ in billions | At December 31, 2020 | Inflows1,6 | Outflows2 | Market Impact3 | At December 31, 2021 | ||||||||||||
Separately managed4 | $ | 359 | $ | 86 | $ | (20) | $ | 54 | $ | 479 | |||||||
Unified managed | 379 | 100 | (54) | 42 | 467 | ||||||||||||
Advisor | 177 | 42 | (30) | 22 | 211 | ||||||||||||
Portfolio manager | 509 | 113 | (58) | 72 | 636 | ||||||||||||
Subtotal | $ | 1,424 | $ | 341 | $ | (162) | $ | 190 | $ | 1,793 | |||||||
Cash management | 48 | 30 | (32) | — | 46 | ||||||||||||
Total fee-based client assets | $ | 1,472 | $ | 371 | $ | (194) | $ | 190 | $ | 1,839 |
Fee rate in bps | 2023 | 2022 | 2021 | ||||||||
Separately managed | 12 | 12 | 14 | ||||||||
Unified managed | 92 | 94 | 95 | ||||||||
Advisor | 80 | 81 | 82 | ||||||||
Portfolio manager | 91 | 92 | 93 | ||||||||
Subtotal | 65 | 66 | 72 | ||||||||
Cash management | 6 | 6 | 5 | ||||||||
Total fee-based client assets | 64 | 65 | 70 | ||||||||
December 2023 Form 10-K | 40 |
Management’s Discussion and Analysis |
41 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Revenues | |||||||||||||||||
Asset management and related fees | $ | 5,231 | $ | 5,332 | $ | 5,576 | (2) | % | (4) | % | |||||||
Performance-based
income and other1 | 139 | 43 | 644 | N/M | (93) | % | |||||||||||
Net revenues | 5,370 | 5,375 | 6,220 | — | % | (14) | % | ||||||||||
Compensation and benefits | 2,217 | 2,273 | 2,373 | (2) | % | (4) | % | ||||||||||
Non-compensation expenses | 2,311 | 2,295 | 2,169 | 1 | % | 6 | % | ||||||||||
Total non-interest expenses | 4,528 | 4,568 | 4,542 | (1) | % | 1 | % | ||||||||||
Income before provision for income taxes | 842 | 807 | 1,678 | 4 | % | (52) | % | ||||||||||
Provision for income taxes | 199 | 162 | 356 | 23 | % | (54) | % | ||||||||||
Net income | 643 | 645 | 1,322 | — | % | (51) | % | ||||||||||
Net
income applicable to noncontrolling interests | 4 | (15) | (25) | 127 | % | 40 | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 639 | $ | 660 | $ | 1,347 | (3) | % | (51) | % |
December 2023 Form 10-K | 42 |
Management’s Discussion and Analysis |
$ in billions | At Dec 31, 2022 | Inflows1 | Outflows2 | Market Impact3 | Other4,5 | At Dec 31, 2023 | ||||||||||||||
Equity | $ | 259 | $ | 40 | $ | (57) | $ | 57 | $ | (4) | $ | 295 | ||||||||
Fixed
Income | 173 | 56 | (62) | 11 | (7) | 171 | ||||||||||||||
Alternatives and Solutions | 431 | 108 | (91) | 57 | 3 | 508 | ||||||||||||||
Long-Term
AUM | $ | 863 | $ | 204 | $ | (210) | $ | 125 | $ | (8) | $ | 974 | ||||||||
Liquidity and Overlay Services | 442 | 2,282 | (2,244) | 20 | (15) | 485 | ||||||||||||||
Total | $ | 1,305 | $ | 2,486 | $ | (2,454) | $ | 145 | $ | (23) | $ | 1,459 |
$ in billions | At Dec 31, 2021 | Inflows1 | Outflows2 | Market Impact3 | Other4 | At Dec 31, 2022 | ||||||||||||||
Equity | $ | 395 | $ | 56 | $ | (74) | $ | (106) | $ | (12) | $ | 259 | ||||||||
Fixed
Income | 207 | 66 | (78) | (16) | (6) | 173 | ||||||||||||||
Alternatives and Solutions | 466 | 102 | (83) | (47) | (7) | 431 | ||||||||||||||
Long-Term
AUM | $ | 1,068 | $ | 224 | $ | (235) | $ | (169) | $ | (25) | $ | 863 | ||||||||
Liquidity and Overlay Services | 497 | 2,224 | (2,268) | (6) | (5) | 442 | ||||||||||||||
Total | $ | 1,565 | $ | 2,448 | $ | (2,503) | $ | (175) | $ | (30) | $ | 1,305 |
$ in billions | At Dec 31, 2020 | Inflows1 | Outflows2 | Market Impact3 | Other4,6 | At Dec 31, 2021 | ||||||||||||||
Equity | $ | 242 | $ | 100 | $ | (85) | $ | 34 | $ | 104 | $ | 395 | ||||||||
Fixed Income | 98 | 67 | (55) | — | 97 | 207 | ||||||||||||||
Alternatives and Solutions | 153 | 95 | (78) | 51 | 245 | 466 | ||||||||||||||
Long-Term AUM | $ | 493 | $ | 262 | $ | (218) | $ | 85 | $ | 446 | $ | 1,068 | ||||||||
Liquidity and Overlay Services | 288 | 1,940 | (1,852) | 6 | 115 | 497 | ||||||||||||||
Total | $ | 781 | $ | 2,202 | $ | (2,070) | $ | 91 | $ | 561 | $ | 1,565 |
$ in billions | 2023 | 2022 | 2021 | ||||||||
Equity | $ | 279 | $ | 298 | $ | 362 | |||||
Fixed income | 170 | 186 | 181 | ||||||||
Alternatives and Solutions | 466 | 435 | 380 | ||||||||
Long-Term AUM Subtotal | 915 | 919 | 923 | ||||||||
Liquidity and Overlay Services | 464 | 462 | 430 | ||||||||
Total AUM | $ | 1,379 | $ | 1,381 | $ | 1,353 |
Fee rate in bps | 2023 | 2022 | 2021 | ||||||||
Equity | 71 | 70 | 74 | ||||||||
Fixed income | 35 | 35 | 38 | ||||||||
Alternatives and Solutions | 32 | 34 | 36 | ||||||||
Long-Term AUM | 44 | 46 | 51 | ||||||||
Liquidity and Overlay Services | 13 | 11 | 5 | ||||||||
Total AUM | 34 | 34 | 37 |
43 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in billions | At December 31, 2023 | At December 31, 2022 | ||||||
Investment securities: | ||||||||
Available-for-sale at fair value | $ | 66.6 | $ | 66.9 | ||||
Held-to-maturity | 51.4 | 56.4 | ||||||
Total Investment securities | $ | 118.0 | $ | 123.3 | ||||
Wealth
Management Loans2 | ||||||||
Residential real estate | $ | 60.3 | $ | 54.4 | ||||
Securities-based lending and Other3 | 86.2 | 91.7 | ||||||
Total, net of ACL | $ | 146.5 | $ | 146.1 | ||||
Institutional
Securities Loans2 | ||||||||
Corporate | $ | 10.1 | $ | 6.9 | ||||
Secured lending facilities | 40.8 | 37.1 | ||||||
Commercial and Residential real estate | 10.7 | 10.2 | ||||||
Securities-based lending and Other | 4.1 | 6.0 | ||||||
Total, net of ACL | $ | 65.7 | $ | 60.2 | ||||
Total Assets | $ | 396.1 | $ | 391.0 | ||||
Deposits4 | $ | 346.1 | $ | 350.6 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Deferred cash-based awards | $ | 693 | $ | 761 | $ | 810 | |||||
Return on referenced investments | 668 | (716) | 526 | ||||||||
Total recognized in compensation expense | $ | 1,361 | $ | 45 | $ | 1,336 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Institutional Securities | $ | 162 | $ | (97) | $ | 372 | |||||
Wealth Management | 984 | 11 | 798 | ||||||||
Investment Management | 215 | 131 | 166 | ||||||||
Total recognized in compensation expense | $ | 1,361 | $ | 45 | $ | 1,336 |
December 2023 Form 10-K | 44 |
Management’s Discussion and Analysis |
$ in millions | |||||
Award liabilities at December 31, 20232, 3 | $ | 5,331 | |||
Fully vested amounts to be distributed by the end of February 20244 | (905) | ||||
Unrecognized portion of prior awards at December 31, 20233 | 1,373 | ||||
2023
performance year awards granted in 20243 | 357 | ||||
Total5 | $ | 6,156 |
$ in millions | |||||
Estimated to be recognized in: | |||||
2024 | $ | 534 | |||
2025 | 337 | ||||
Thereafter | 859 | ||||
Total | $ | 1,730 |
45 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 46 |
Management’s Discussion and Analysis |
47 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 48 |
Management’s Discussion and Analysis |
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 | ||||||||||
Loans1 | 72,110 | 146,526 | 4 | 218,640 | ||||||||||
Goodwill | 424 | 10,199 | 6,084 | 16,707 | ||||||||||
Intangible
assets | 26 | 3,427 | 3,602 | 7,055 | ||||||||||
Other assets2 | 14,108 | 12,743 | 1,391 | 28,242 | ||||||||||
Total assets | $ | 810,506 | $ | 365,168 | $ | 18,019 | $ | 1,193,693 |
At December 31, 2022 | ||||||||||||||
$ in millions | IS | WM | IM | Total | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 88,362 | $ | 39,539 | $ | 226 | $ | 128,127 | ||||||
Trading assets at fair value | 294,884 | 1,971 | 4,460 | 301,315 | ||||||||||
Investment securities | 40,481 | 119,450 | — | 159,931 | ||||||||||
Securities purchased under agreements to resell | 102,511 | 11,396 | — | 113,907 | ||||||||||
Securities borrowed | 132,619 | 755 | — | 133,374 | ||||||||||
Customer and other receivables | 47,515 | 29,620 | 1,405 | 78,540 | ||||||||||
Loans1 | 67,676 | 146,105 | 4 | 213,785 | ||||||||||
Goodwill | 429 | 10,202 | 6,021 | 16,652 | ||||||||||
Intangible
assets | 36 | 3,911 | 3,671 | 7,618 | ||||||||||
Other assets2 | 15,324 | 10,356 | 1,302 | 26,982 | ||||||||||
Total assets | $ | 789,837 | $ | 373,305 | $ | 17,089 | $ | 1,180,231 |
49 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
Average Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2023 | September 30, 2023 | ||||||
Cash deposits with central banks | $ | 64,205 | $ | 66,330 | ||||
Unencumbered HQLA securities1: | ||||||||
U.S. government obligations | 137,635 | 122,110 | ||||||
U.S. agency and agency mortgage-backed securities | 83,733 | 86,628 | ||||||
Non-U.S.
sovereign obligations2 | 20,117 | 23,416 | ||||||
Other investment grade securities | 678 | 693 | ||||||
Total HQLA1 | $ | 306,368 | $ | 299,177 | ||||
Cash deposits with banks (non-HQLA) | 8,136 | 8,190 | ||||||
Total Liquidity Resources | $ | 314,504 | $ | 307,367 |
Average
Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2023 | September 30, 2023 | ||||||
Bank legal entities | ||||||||
U.S. | $ | 132,870 | $ | 132,663 | ||||
Non-U.S. | 5,359 | 6,101 | ||||||
Total Bank legal entities | 138,229 | 138,764 | ||||||
Non-Bank legal entities | ||||||||
U.S.: | ||||||||
Parent Company | 58,494 | 53,681 | ||||||
Non-Parent Company | 56,459 | 58,839 | ||||||
Total U.S. | 114,953 | 112,520 | ||||||
Non-U.S. | 61,322 | 56,083 | ||||||
Total Non-Bank legal entities | 176,275 | 168,603 | ||||||
Total Liquidity Resources | $ | 314,504 | $ | 307,367 |
December 2023 Form 10-K | 50 |
Management’s Discussion and Analysis |
Average
Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2023 | September 30, 2023 | ||||||
Eligible HQLA1 | ||||||||
Cash deposits with central banks | $ | 58,047 | $ | 60,163 | ||||
Securities2 | 194,970 | 181,010 | ||||||
Total
Eligible HQLA1 | $ | 253,017 | $ | 241,173 | ||||
Net cash outflows | $ | 196,488 | $ | 190,336 | ||||
LCR | 129 | % | 127 | % |
Average Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2023 | September 30, 2023 | ||||||
Available stable funding | $ | 555,884 | $ | 553,413 | ||||
Required stable funding | 465,226 | 468,290 | ||||||
NSFR | 120 | % | 118 | % |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Securities purchased under agreements to resell and Securities borrowed | $ | 231,831 | $ | 247,281 | ||||
Securities sold under agreements to repurchase and Securities loaned | $ | 77,708 | $ | 78,213 | ||||
Securities received as collateral1 | $ | 6,219 | $ | 9,954 |
Average
Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2023 | December 31, 2022 | ||||||
Securities purchased under agreements to resell and Securities borrowed | $ | 235,928 | $ | 261,627 | ||||
Securities sold under agreements to repurchase and Securities loaned | $ | 87,285 | $ | 77,268 |
51 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Savings and demand deposits: | ||||||||
Brokerage
sweep deposits1 | $ | 148,274 | $ | 202,592 | ||||
Savings and other | 139,978 | 117,356 | ||||||
Total Savings and demand deposits | 288,252 | 319,948 | ||||||
Time deposits | 63,552 | 36,698 | ||||||
Total2 | $ | 351,804 | $ | 356,646 |
$ in millions | Parent Company | Subsidiaries | Total | ||||||||
Original maturities of one year or less | $ | — | $ | 3,188 | $ | 3,188 | |||||
Original maturities greater than one year | |||||||||||
2024 | $ | 8,915 | $ | 11,236 | $ | 20,151 | |||||
2025 | 22,030 | 13,493 | 35,523 | ||||||||
2026 | 24,516 | 10,907 | 35,423 | ||||||||
2027 | 19,282 | 6,056 | 25,338 | ||||||||
2028 | 11,432 | 9,807 | 21,239 | ||||||||
Thereafter | 90,635 | 32,235 | 122,870 | ||||||||
Total greater than one year | $ | 176,810 | $ | 83,734 | $ | 260,544 | |||||
Total | $ | 176,810 | $ | 86,922 | $ | 263,732 |
December 2023 Form 10-K | 52 |
Management’s Discussion and Analysis |
Parent Company | |||||||||||
Short-Term Debt | Long-Term Debt | Rating Outlook | |||||||||
DBRS, Inc. | R-1 (middle) | A (high) | Stable | ||||||||
Fitch Ratings, Inc. | F1 | A+ | Stable | ||||||||
Moody’s Investors Service, Inc. | P-1 | A1 | Stable | ||||||||
Rating and Investment Information, Inc. | a-1 | A+ | 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 |
in millions, except for per share data | 2023 | 2022 | 2021 | ||||||||
Number of shares | 62 | 113 | 126 | ||||||||
Average price per share | $ | 85.35 | $ | 87.25 | $ | 91.13 | |||||
Total | $ | 5,300 | $ | 9,865 | $ | 11,464 |
Announcement date | January 16, 2024 | ||||
Amount per share | $0.85 | ||||
Date paid | February 15, 2024 | ||||
Shareholders of record as of | January 31, 2024 |
53 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
At December 31, 2023 | At December 31, 2022 | ||||||||||||||||
Standardized | Standardized | Advanced | |||||||||||||||
Capital buffers | |||||||||||||||||
Capital conservation buffer | — | — | 2.5% | ||||||||||||||
SCB1 | 5.4% | 5.8% | N/A | ||||||||||||||
G-SIB capital surcharge2 | 3.0% | 3.0% | 3.0% | ||||||||||||||
CCyB3 | 0% | 0% | 0% | ||||||||||||||
Capital buffer requirement | 8.4% | 8.8% | 5.5% | ||||||||||||||
Regulatory Minimum | At December 31, 2023 | At December 31, 2022 | ||||||||||||
Standardized | Standardized | Advanced | ||||||||||||
Required ratios1 | ||||||||||||||
Common Equity Tier 1 capital ratio | 4.5 | % | 12.9% | 13.3% | 10.0% | |||||||||
Tier 1 capital ratio | 6.0 | % | 14.4% | 14.8% | 11.5% | |||||||||
Total capital ratio | 8.0 | % | 16.4% | 16.8% | 13.5% |
December 2023 Form 10-K | 54 |
Management’s Discussion and Analysis |
$ in millions | Required Ratio1 | At December 31, 2023 | Required Ratio1 | At December 31, 2022 | ||||||||||
Risk-based capital— Standardized | ||||||||||||||
Common Equity Tier 1 capital | $ | 69,448 | $ | 68,670 | ||||||||||
Tier 1 capital | 78,183 | 77,191 | ||||||||||||
Total capital | 88,874 | 86,575 | ||||||||||||
Total RWA | 456,053 | 447,849 | ||||||||||||
Common Equity Tier 1 capital ratio | 12.9 | % | 15.2 | % | 13.3 | % | 15.3 | % | ||||||
Tier 1 capital ratio | 14.4 | % | 17.1 | % | 14.8 | % | 17.2 | % | ||||||
Total capital ratio | 16.4 | % | 19.5 | % | 16.8 | % | 19.3 | % | ||||||
$ in millions | Required Ratio1 | At December 31, 2023 | At December 31, 2022 | |||||||||||
Risk-based capital— Advanced | ||||||||||||||
Common Equity Tier 1 capital | $ | 69,448 | $ | 68,670 | ||||||||||
Tier 1 capital | 78,183 | 77,191 | ||||||||||||
Total capital | 88,190 | 86,159 | ||||||||||||
Total RWA | 448,154 | 438,806 | ||||||||||||
Common Equity Tier 1 capital ratio | 10.0 | % | 15.5 | % | 15.6 | % | ||||||||
Tier 1 capital ratio | 11.5 | % | 17.4 | % | 17.6 | % | ||||||||
Total capital ratio | 13.5 | % | 19.7 | % | 19.6 | % | ||||||||
$ in millions | Required
Ratio1 | At December 31, 2023 | At December 31, 2022 | |||||||||||
Leverage-based capital | ||||||||||||||
Adjusted average assets2 | $ | 1,159,626 | $ | 1,150,772 | ||||||||||
Tier 1 leverage ratio | 4.0 | % | 6.7 | % | 6.7 | % | ||||||||
Supplementary
leverage exposure3 | $ | 1,429,552 | $ | 1,399,403 | ||||||||||
SLR | 5.0 | % | 5.5 | % | 5.5 | % |
$ in millions | At December 31, 2023 | At December 31, 2022 | Change | |||||||||||
Common Equity Tier 1 capital | ||||||||||||||
Common
shareholders’ equity | $ | 90,288 | $ | 91,391 | $ | (1,103) | ||||||||
Regulatory adjustments and deductions: | ||||||||||||||
Net goodwill | (16,394) | (16,393) | (1) | |||||||||||
Net intangible assets | (5,509) | (6,048) | 539 | |||||||||||
Impact of CECL transition | 124 | 185 | (61) | |||||||||||
Other
adjustments and deductions1 | 939 | (465) | 1,404 | |||||||||||
Total Common Equity Tier 1 capital | $ | 69,448 | $ | 68,670 | $ | 778 | ||||||||
Additional Tier 1 capital | ||||||||||||||
Preferred stock | $ | 8,750 | $ | 8,750 | $ | — | ||||||||
Noncontrolling interests | 758 | 552 | 206 | |||||||||||
Additional Tier 1 capital | $ | 9,508 | $ | 9,302 | $ | 206 | ||||||||
Deduction for investments in covered funds | (773) | (781) | 8 | |||||||||||
Total Tier 1 capital | $ | 78,183 | $ | 77,191 | $ | 992 | ||||||||
Standardized Tier 2 capital | ||||||||||||||
Subordinated debt | $ | 8,760 | $ | 7,846 | $ | 914 | ||||||||
Eligible ACL | 2,051 | 1,613 | 438 | |||||||||||
Other adjustments and deductions | (120) | (75) | (45) | |||||||||||
Total Standardized Tier 2 capital | $ | 10,691 | $ | 9,384 | $ | 1,307 | ||||||||
Total Standardized capital | $ | 88,874 | $ | 86,575 | $ | 2,299 | ||||||||
Advanced Tier 2 capital | ||||||||||||||
Subordinated debt | $ | 8,760 | $ | 7,846 | $ | 914 | ||||||||
Eligible credit reserves | 1,367 | 1,197 | 170 | |||||||||||
Other
adjustments and deductions | (120) | (75) | (45) | |||||||||||
Total Advanced Tier 2 capital | $ | 10,007 | $ | 8,968 | $ | 1,039 | ||||||||
Total Advanced capital | $ | 88,190 | $ | 86,159 | $ | 2,031 |
55 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | Standardized | Advanced | ||||||
Credit risk RWA | ||||||||
Balance at December 31, 2022 | $ | 397,275 | $ | 285,638 | ||||
Change related to the following items: | ||||||||
Derivatives | 6,065 | 660 | ||||||
Securities financing transactions | 2,924 | (354) | ||||||
Investment securities | (1,316) | 385 | ||||||
Commitments, guarantees and loans | (2,606) | 6,903 | ||||||
Equity investments | 1,621 | 1,964 | ||||||
Other credit risk | 3,768 | 2,662 | ||||||
Total change in credit risk RWA | $ | 10,456 | $ | 12,220 | ||||
Balance at December 31, 2023 | $ | 407,731 | $ | 297,858 | ||||
Market risk RWA | ||||||||
Balance at December 31, 2022 | $ | 50,574 | $ | 50,563 | ||||
Change related to the following items: | ||||||||
Regulatory VaR | (3,946) | (3,946) | ||||||
Regulatory stressed VaR | (5,017) | (5,017) | ||||||
Incremental risk charge | 94 | 94 | ||||||
Comprehensive risk measure | 341 | 231 | ||||||
Specific risk | 6,276 | 6,276 | ||||||
Total change in market risk RWA | $ | (2,252) | $ | (2,362) | ||||
Balance at December 31, 2023 | $ | 48,322 | $ | 48,201 | ||||
Operational risk RWA | ||||||||
Balance at December 31, 2022 | N/A | $ | 102,605 | |||||
Change in operational risk RWA | N/A | (510) | ||||||
Balance at December 31, 2023 | N/A | $ | 102,095 | |||||
Total RWA | $ | 456,053 | $ | 448,154 |
December 2023 Form 10-K | 56 |
Management’s Discussion and Analysis |
Actual Amount/Ratio | ||||||||||||||
$ in millions | Regulatory Minimum | Required Ratio1 | At December 31, 2023 | At December 31, 2022 | ||||||||||
External TLAC2 | $ | 250,914 | $ | 245,951 | ||||||||||
External TLAC as a % of RWA | 18.0 | % | 21.5 | % | 55.0 | % | 54.9 | % | ||||||
External TLAC as a % of leverage exposure | 7.5 | % | 9.5 | % | 17.6 | % | 17.6 | % | ||||||
Eligible LTD3 | $ | 162,547 | $ | 159,444 | ||||||||||
Eligible LTD as a % of RWA | 9.0 | % | 9.0 | % | 35.6 | % | 35.6 | % | ||||||
Eligible LTD as a % of leverage exposure | 4.5 | % | 4.5 | % | 11.4 | % | 11.4 | % |
57 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
$ in billions | 2023 | 2022 | 2021 | ||||||||
Institutional Securities | $ | 45.6 | $ | 48.8 | $ | 43.5 | |||||
Wealth
Management | 28.8 | 31.0 | 28.6 | ||||||||
Investment Management2 | 10.4 | 10.6 | 8.8 | ||||||||
Parent | 6.0 | 3.5 | 16.2 | ||||||||
Total | $ | 90.8 | $ | 93.9 | $ | 97.1 |
December 2023 Form 10-K | 58 |
Management’s Discussion and Analysis |
59 | December 2023 Form 10-K |
Management’s Discussion and Analysis |
December 2023 Form 10-K | 60 |
61 | December 2023 Form 10-K |
Risk Disclosures |
December 2023 Form 10-K | 62 |
Risk Disclosures |
63 | December 2023 Form 10-K |
Risk Disclosures |
December 2023 Form 10-K | 64 |
Risk Disclosures |
65 | December 2023 Form 10-K |
Risk Disclosures |
2023 | ||||||||||||||
$ in millions | Period End | Average | High1 | Low1 | ||||||||||
Interest rate and credit spread | $ | 29 | $ | 34 | $ | 43 | $ | 27 | ||||||
Equity price | 19 | 24 | 38 | 15 | ||||||||||
Foreign exchange rate | 6 | 9 | 18 | 5 | ||||||||||
Commodity price | 11 | 17 | 35 | 10 | ||||||||||
Less:
Diversification benefit2 | (27) | (40) | N/A | N/A | ||||||||||
Primary Risk Categories | $ | 38 | $ | 44 | $ | 60 | $ | 33 | ||||||
Credit Portfolio | 25 | 21 | 25 | 18 | ||||||||||
Less: Diversification benefit2 | (22) | (15) | N/A | N/A | ||||||||||
Total Management VaR | $ | 41 | $ | 50 | $ | 72 | $ | 41 |
2022 | ||||||||||||||
$ in millions | Period End | Average | High1 | Low1 | ||||||||||
Interest rate and credit spread | $ | 37 | $ | 31 | $ | 43 | $ | 21 | ||||||
Equity price | 16 | 23 | 41 | 16 | ||||||||||
Foreign exchange rate | 10 | 8 | 19 | 3 | ||||||||||
Commodity price | 26 | 27 | 41 | 15 | ||||||||||
Less: Diversification benefit2 | (36) | (40) | N/A | N/A | ||||||||||
Primary Risk Categories | $ | 53 | $ | 49 | $ | 65 | $ | 31 | ||||||
Credit Portfolio | 19 | 15 | 19 | 12 | ||||||||||
Less: Diversification benefit2 | (9) | (11) | N/A | N/A | ||||||||||
Total Management VaR | $ | 63 | $ | 53 | $ | 74 | $ | 32 |
December 2023 Form 10-K | 66 |
Risk Disclosures |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Derivatives | $ | 6 | $ | 7 | ||||
Borrowings carried at fair value | 48 | 39 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Basis point change | ||||||||
+100 | $ | 585 | $ | 643 | ||||
-100 | (609) | (745) |
67 | December 2023 Form 10-K |
Risk Disclosures |
Loss from 10% Decline | ||||||||
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Investments related to Investment Management activities | $ | 481 | $ | 431 | ||||
Other investments: | ||||||||
MUMSS | 134 | 143 | ||||||
Other Firm investments | 399 | 378 |
December 2023 Form 10-K | 68 |
Risk Disclosures |
At December 31, 2023 | ||||||||||||||
$ in millions | HFI | HFS | FVO1 | 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 Management2 | 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 commitments3 | $ | 149,973 | ||||||||||||
Total exposure | $ | 376,801 |
At December 31, 2022 | ||||||||||||||
$ in millions | HFI | HFS | FVO1 | Total | ||||||||||
Institutional Securities: | ||||||||||||||
Corporate | $ | 6,589 | $ | 10,634 | $ | — | $ | 17,223 | ||||||
Secured lending facilities | 35,606 | 3,176 | 6 | 38,788 | ||||||||||
Commercial and Residential real estate | 8,515 | 926 | 2,548 | 11,989 | ||||||||||
Securities-based lending and Other | 2,865 | 39 | 5,625 | 8,529 | ||||||||||
Total Institutional Securities | 53,575 | 14,775 | 8,179 | 76,529 | ||||||||||
Wealth Management: | ||||||||||||||
Residential real estate | 54,460 | 4 | — | 54,464 | ||||||||||
Securities-based lending and Other | 91,797 | 9 | — | 91,806 | ||||||||||
Total Wealth Management | 146,257 | 13 | — | 146,270 | ||||||||||
Total Investment Management2 | 4 | — | 218 | 222 | ||||||||||
Total
loans | 199,836 | 14,788 | 8,397 | 223,021 | ||||||||||
ACL | (839) | (839) | ||||||||||||
Total loans, net of ACL | $ | 198,997 | $ | 14,788 | $ | 8,397 | $ | 222,182 | ||||||
Lending
commitments3 | $ | 136,960 | ||||||||||||
Total exposure | $ | 359,142 |
69 | December 2023 Form 10-K |
Risk Disclosures |
$ in millions | 2023 | ||||
ACL—Loans | |||||
Beginning balance | $ | 839 | |||
Gross charge-offs | (167) | ||||
Recoveries | 2 | ||||
Net (charge-offs) recoveries | (165) | ||||
Provision for credit losses | 488 | ||||
Other | 7 | ||||
Ending balance | $ | 1,169 | |||
ACL—Lending commitments | |||||
Beginning balance | $ | 504 | |||
Provision for credit losses | 44 | ||||
Other | 3 | ||||
Ending balance | $ | 551 | |||
Total ending balance | $ | 1,720 |
Year Ended December 31, 2023 | ||||||||||||||||||||
$ in millions | IS | WM | Total | |||||||||||||||||
Loans | $ | 356 | $ | 132 | $ | 488 | ||||||||||||||
Lending commitments | 45 | (1) | 44 | |||||||||||||||||
Total | $ | 401 | $ | 131 | $ | 532 |
4Q 2024 | 4Q 2025 | |||||||
Year-over-year growth rate | 0.9 | % | 2.0 | % |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
IS | WM | IS | WM | |||||||||||
Accrual | 98.9 | % | 99.8 | % | 99.3 | % | 99.9 | % | ||||||
Nonaccrual1 | 1.1 | % | 0.2 | % | 0.7 | % | 0.1 | % |
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
2023 | ||||||||||||||||||||
Net charge-off ratio1 | 0.47 | % | — | % | 1.50 | % | — | % | — | % | 0.08 | % | ||||||||
Average loans | $ | 7,062 | $ | 37,702 | $ | 8,590 | $ | 57,177 | $ | 91,126 | $ | 201,657 | ||||||||
2022 | ||||||||||||||||||||
Net charge-off
ratio1 | (0.09) | % | 0.01 | % | 0.09 | % | — | % | 0.02 | % | 0.01 | % | ||||||||
Average loans | $ | 6,544 | $ | 33,172 | $ | 8,234 | $ | 49,937 | $ | 93,427 | $ | 191,314 | ||||||||
2021 | ||||||||||||||||||||
Net
charge-off ratio1 | 0.44 | % | 0.24 | % | 0.38 | % | — | % | 0.01 | % | 0.08 | % | ||||||||
Average loans | $ | 5,184 | $ | 27,833 | $ | 7,089 | $ | 39,111 | $ | 75,230 | $ | 154,447 |
December 2023 Form 10-K | 70 |
Risk Disclosures |
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 | ||||||||||||||||||
Unrated2 | 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 | ||||||||||||||||||
Unrated2 | 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 |
At December 31, 2022 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | < 1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Loans | |||||||||||||||||||||||
AA | $ | 66 | $ | — | $ | 139 | $ | — | $ | 205 | |||||||||||||
A | 1,331 | 787 | 185 | — | 2,303 | ||||||||||||||||||
BBB | 5,632 | 10,712 | 465 | — | 16,809 | ||||||||||||||||||
BB | 11,045 | 19,219 | 796 | 162 | 31,222 | ||||||||||||||||||
Other NIG | 7,274 | 10,249 | 3,945 | 139 | 21,607 | ||||||||||||||||||
Unrated2 | 95 | 924 | 624 | 2,066 | 3,709 | ||||||||||||||||||
Total loans, net of ACL | 25,443 | 41,891 | 6,154 | 2,367 | 75,855 | ||||||||||||||||||
Lending commitments | |||||||||||||||||||||||
AAA | — | 50 | — | — | 50 | ||||||||||||||||||
AA | 2,515 | 2,935 | 11 | — | 5,461 | ||||||||||||||||||
A | 5,030 | 19,717 | 202 | 330 | 25,279 | ||||||||||||||||||
BBB | 10,263 | 39,615 | 566 | — | 50,444 | ||||||||||||||||||
BB | 3,691 | 17,656 | 1,416 | 96 | 22,859 | ||||||||||||||||||
Other NIG | 1,173 | 13,872 | 530 | — | 15,575 | ||||||||||||||||||
Unrated2 | — | 20 | — | 3 | 23 | ||||||||||||||||||
Total
lending commitments | 22,672 | 93,865 | 2,725 | 429 | 119,691 | ||||||||||||||||||
Total exposure | $ | 48,115 | $ | 135,756 | $ | 8,879 | $ | 2,796 | $ | 195,546 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Financials | $ | 57,804 | $ | 54,222 | ||||
Real estate | 35,342 | 32,358 | ||||||
Industrials | 18,056 | 14,557 | ||||||
Communications services | 15,301 | 15,336 | ||||||
Healthcare | 14,274 | 12,353 | ||||||
Information technology | 12,430 | 13,790 | ||||||
Consumer discretionary | 12,190 | 11,592 | ||||||
Utilities | 11,522 | 10,542 | ||||||
Consumer staples | 9,305 | 7,823 | ||||||
Energy | 9,156 | 9,115 | ||||||
Materials | 6,503 | 6,102 | ||||||
Insurance | 6,486 | 5,925 | ||||||
Other | 1,835 | 1,831 | ||||||
Total exposure | $ | 210,204 | $ | 195,546 |
71 | December 2023 Form 10-K |
Risk Disclosures |
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 |
At December 31, 2022 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||||||||
Loans, net of ACL | $ | 2,385 | $ | 1,441 | $ | 2,771 | $ | 6,597 | |||||||||||||||
Lending commitments | 3,079 | 861 | 603 | 4,543 | |||||||||||||||||||
Total exposure | $ | 5,464 | $ | 2,302 | $ | 3,374 | $ | 11,140 |
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 | ||||||||||||||
Other | 2,818 | 915 | 3,733 | ||||||||||||||
Total, before ACL | $ | 57,752 | $ | 108,522 | $ | 166,274 | |||||||||||
ACL | $ | (874) | $ | (533) | $ | (1,407) |
At December 31, 2022 | |||||||||||||||||
$ in millions | Loans | Lending Commitments | Total | ||||||||||||||
Corporate | $ | 6,589 | $ | 79,882 | $ | 86,471 | |||||||||||
Secured lending facilities | 35,606 | 12,803 | 48,409 | ||||||||||||||
Commercial real estate | 8,515 | 374 | 8,889 | ||||||||||||||
Other | 2,865 | 985 | 3,850 | ||||||||||||||
Total, before ACL | $ | 53,575 | $ | 94,044 | $ | 147,619 | |||||||||||
ACL | $ | (674) | $ | (484) | $ | (1,158) |
At December 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC1 | Total | Loans1 | LC1 | Total | |||||||||||||||||
Americas | $ | 5,410 | $ | 289 | $ | 5,699 | $ | 6,320 | $ | 378 | $ | 6,698 | |||||||||||
EMEA | 3,127 | 56 | 3,183 | 3,040 | 79 | 3,119 | |||||||||||||||||
Asia | 485 | — | 485 | 445 | 5 | 450 | |||||||||||||||||
Total | $ | 9,022 | $ | 345 | $ | 9,367 | $ | 9,805 | $ | 462 | $ | 10,267 |
At December 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC1 | Total | Loans1 | LC1 | Total | |||||||||||||||||
Office | $ | 3,310 | $ | 186 | $ | 3,496 | $ | 3,861 | $ | 301 | $ | 4,162 | |||||||||||
Industrial | 2,435 | 5 | 2,440 | 2,561 | 25 | 2,586 | |||||||||||||||||
Multifamily | 1,715 | 74 | 1,789 | 1,889 | 85 | 1,974 | |||||||||||||||||
Retail | 842 | 7 | 849 | 659 | 6 | 665 | |||||||||||||||||
Hotel | 718 | 73 | 791 | 780 | 45 | 825 | |||||||||||||||||
Other | 2 | — | 2 | 55 | — | 55 | |||||||||||||||||
Total | $ | 9,022 | $ | 345 | $ | 9,367 | $ | 9,805 | $ | 462 | $ | 10,267 |
December 2023 Form 10-K | 72 |
Risk Disclosures |
Year
Ended December 31, 2023 | |||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Other | Total | ||||||||||||
ACL—Loans | |||||||||||||||||
Beginning balance | $ | 235 | $ | 153 | $ | 275 | $ | 11 | $ | 674 | |||||||
Gross
charge-offs | (34) | — | (129) | (1) | (164) | ||||||||||||
Recoveries | 1 | — | — | — | 1 | ||||||||||||
Net (charge-offs) recoveries | (33) | — | (129) | (1) | (163) | ||||||||||||
Provision (release) | 37 | — | 314 | 5 | 356 | ||||||||||||
Other | 2 | — | 3 | 2 | 7 | ||||||||||||
Ending balance | $ | 241 | $ | 153 | $ | 463 | $ | 17 | $ | 874 | |||||||
ACL—Lending commitments | |||||||||||||||||
Beginning balance | $ | 411 | $ | 51 | $ | 15 | $ | 7 | $ | 484 | |||||||
Provision
(release) | 16 | 18 | 11 | — | 45 | ||||||||||||
Other | 4 | 1 | — | (1) | 4 | ||||||||||||
Ending
balance | $ | 431 | $ | 70 | $ | 26 | $ | 6 | $ | 533 | |||||||
Total ending balance | $ | 672 | $ | 223 | $ | 489 | $ | 23 | $ | 1,407 | |||||||
At December 31, 2023 | At December 31, 2022 | |||||||
Corporate | 3.6 | % | 3.6 | % | ||||
Secured lending facilities | 0.4 | % | 0.4 | % | ||||
Commercial real estate | 5.3 | % | 3.2 | % | ||||
Securities-based lending and Other | 0.6 | % | 0.4 | % | ||||
Total Institutional Securities loans | 1.5 | % | 1.3 | % |
At December 31, 2023 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Securities-based lending and Other loans | $ | 76,923 | $ | 7,679 | $ | 1,494 | $ | 133 | $ | 86,229 | |||||||||||||
Residential
real estate loans | 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 | |||||||||||||
At December 31, 2022 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Securities-based lending and Other loans | $ | 80,526 | $ | 9,371 | $ | 1,692 | $ | 140 | $ | 91,729 | |||||||||||||
Residential real estate loans | 1 | 32 | 1,375 | 52,968 | 54,376 | ||||||||||||||||||
Total loans, net of ACL | $ | 80,527 | $ | 9,403 | $ | 3,067 | $ | 53,108 | $ | 146,105 | |||||||||||||
Lending commitments | 12,408 | 4,501 | 37 | 323 | 17,269 | ||||||||||||||||||
Total exposure | $ | 92,935 | $ | 13,904 | $ | 3,104 | $ | 53,431 | $ | 163,374 | |||||||||||||
At December 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC1 | Total | Loans1 | LC1 | Total | |||||||||||||||||
Retail | $ | 2,180 | $ | 3 | $ | 2,183 | $ | 2,135 | $ | 6 | $ | 2,141 | |||||||||||
Multifamily | 1,891 | 159 | 2,050 | 1,661 | 142 | 1,803 | |||||||||||||||||
Office | 1,736 | 16 | 1,752 | 1,675 | 1 | 1,676 | |||||||||||||||||
Industrial | 454 | — | 454 | 330 | — | 330 | |||||||||||||||||
Hotel | 400 | — | 400 | 419 | — | 419 | |||||||||||||||||
Other | 253 | — | 253 | 183 | 10 | 193 | |||||||||||||||||
Total | $ | 6,914 | $ | 178 | $ | 7,092 | $ | 6,403 | $ | 159 | $ | 6,562 |
73 | December 2023 Form 10-K |
Risk Disclosures |
Year Ended December 31, 2023 | |||||||||||
$ in millions | Residential Real Estate | SBL and Other | Total | ||||||||
ACL—Loans | |||||||||||
Beginning balance | $ | 87 | $ | 78 | $ | 165 | |||||
Gross charge-offs | — | (3) | (3) | ||||||||
Recoveries | 1 | — | 1 | ||||||||
Net (charge-offs) recoveries | 1 | (3) | (2) | ||||||||
Provision (release) | 13 | 119 | 132 | ||||||||
Other | (1) | 1 | — | ||||||||
Ending balance | $ | 100 | $ | 195 | $ | 295 | |||||
ACL—Lending commitments | |||||||||||
Beginning balance | $ | 4 | $ | 16 | $ | 20 | |||||
Provision
(release) | — | (1) | (1) | ||||||||
Other | — | (1) | (1) | ||||||||
Ending balance | $ | 4 | $ | 14 | $ | 18 | |||||
Total ending balance | $ | 104 | $ | 209 | $ | 313 | |||||
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Institutional Securities | $ | 24,208 | $ | 16,591 | ||||
Wealth Management | 21,436 | 21,933 | ||||||
Total | $ | 45,644 | $ | 38,524 |
Counterparty
Credit Rating1 | ||||||||||||||||||||
$ 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 |
Counterparty
Credit Rating1 | ||||||||||||||||||||
$ in millions | AAA | AA | A | BBB | NIG | Total | ||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Less than 1 year | $ | 2,903 | $ | 18,166 | $ | 40,825 | $ | 32,373 | $ | 10,730 | $ | 104,997 | ||||||||
1-3 years | 1,818 | 8,648 | 17,113 | 19,365 | 6,974 | 53,918 | ||||||||||||||
3-5 years | 655 | 6,834 | 8,632 | 9,105 | 4,049 | 29,275 | ||||||||||||||
Over 5 years | 4,206 | 42,613 | 45,488 | 46,660 | 8,244 | 147,211 | ||||||||||||||
Total, gross | $ | 9,582 | $ | 76,261 | $ | 112,058 | $ | 107,503 | $ | 29,997 | $ | 335,401 | ||||||||
Counterparty netting | (4,037) | (60,451) | (79,334) | (85,786) | (17,415) | (247,023) | ||||||||||||||
Cash and securities collateral | (3,632) | (13,402) | (28,776) | (14,457) | (5,198) | (65,465) | ||||||||||||||
Total, net | $ | 1,913 | $ | 2,408 | $ | 3,948 | $ | 7,260 | $ | 7,384 | $ | 22,913 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Industry | ||||||||
Financials | $ | 7,215 | $ | 6,294 | ||||
Utilities | 4,267 | 5,656 | ||||||
Regional governments | 1,319 | 2,052 | ||||||
Industrials | 937 | 1,433 | ||||||
Communications services | 841 | 1,051 | ||||||
Consumer discretionary | 684 | 290 | ||||||
Information technology | 677 | 480 | ||||||
Energy | 533 | 2,851 | ||||||
Consumer staples | 515 | 687 | ||||||
Healthcare | 468 | 565 | ||||||
Materials | 383 | 317 | ||||||
Sovereign governments | 262 | 410 | ||||||
Real estate | 167 | 95 | ||||||
Not-for-profit organizations | 166 | 204 | ||||||
Insurance | 156 | 185 | ||||||
Other | 583 | 343 | ||||||
Total | $ | 19,173 | $ | 22,913 |
December 2023 Form 10-K | 74 |
Risk Disclosures |
75 | December 2023 Form 10-K |
Risk Disclosures |
At December 31, 2023 | |||||||||||||||||
$ in millions | United Kingdom | Korea | France | Brazil | China | ||||||||||||
Sovereign | |||||||||||||||||
Net inventory1 | $ | (407) | $ | 6,475 | $ | 419 | $ | 3,630 | $ | 754 | |||||||
Net
counterparty exposure2 | 9 | 338 | — | 2 | 141 | ||||||||||||
Exposure before hedges | (398) | 6,813 | 419 | 3,632 | 895 | ||||||||||||
Hedges3 | (55) | — | (6) | (164) | — | ||||||||||||
Net exposure | $ | (453) | $ | 6,813 | $ | 413 | $ | 3,468 | $ | 895 | |||||||
Non-sovereign | |||||||||||||||||
Net
inventory1 | $ | 1,335 | $ | 65 | $ | 1,524 | $ | 127 | $ | 2,022 | |||||||
Net counterparty exposure2 | 6,566 | 643 | 2,670 | 428 | 136 | ||||||||||||
Loans | 8,035 | 14 | 858 | 424 | 455 | ||||||||||||
Lending commitments | 7,966 | 49 | 3,166 | 310 | 637 | ||||||||||||
Exposure before hedges | 23,902 | 771 | 8,218 | 1,289 | 3,250 | ||||||||||||
Hedges3 | (1,952) | — | (1,984) | (18) | (1) | ||||||||||||
Net exposure | $ | 21,950 | $ | 771 | $ | 6,234 | $ | 1,271 | $ | 3,249 | |||||||
Total net exposure | $ | 21,497 | $ | 7,584 | $ | 6,647 | $ | 4,739 | $ | 4,144 |
$ in millions | Australia | Canada | Spain | India | Germany | ||||||||||||
Sovereign | |||||||||||||||||
Net inventory1 | $ | 286 | $ | 264 | $ | 197 | $ | 1,563 | $ | (3,745) | |||||||
Net
counterparty exposure2 | 79 | 62 | — | — | 77 | ||||||||||||
Exposure before hedges | 365 | 326 | 197 | 1,563 | (3,668) | ||||||||||||
Hedges3 | — | — | (8) | — | (262) | ||||||||||||
Net exposure | $ | 365 | $ | 326 | $ | 189 | $ | 1,563 | $ | (3,930) | |||||||
Non-sovereign | |||||||||||||||||
Net
inventory1 | $ | 201 | $ | 407 | $ | 330 | $ | 925 | $ | 872 | |||||||
Net counterparty exposure2 | 575 | 1,058 | 332 | 950 | 2,696 | ||||||||||||
Loans | 1,696 | 402 | 1,952 | 118 | 896 | ||||||||||||
Lending commitments | 1,093 | 1,592 | 1,135 | — | 4,618 | ||||||||||||
Exposure before hedges | 3,565 | 3,459 | 3,749 | 1,993 | 9,082 | ||||||||||||
Hedges3 | (14) | (91) | (340) | — | (1,937) | ||||||||||||
Net exposure | $ | 3,551 | $ | 3,368 | $ | 3,409 | $ | 1,993 | $ | 7,145 | |||||||
Total net exposure | $ | 3,916 | $ | 3,694 | $ | 3,598 | $ | 3,556 | $ | 3,215 |
$ in millions | ||||||||
Country of Risk | Collateral2 | |||||||
United Kingdom | U.K., U.S., and France | $ | 7,828 | |||||
Germany | France, Romania, and Switzerland | 4,616 | ||||||
Other | U.S., Spain, and Italy | 14,592 |
December 2023 Form 10-K | 76 |
Risk Disclosures |
77 | December 2023 Form 10-K |
Risk Disclosures |
December 2023 Form 10-K | 78 |
Risk Disclosures |
79 | December 2023 Form 10-K |
December 2023 Form 10-K | 80 |
81 | December 2023 Form 10-K |
Consolidated Income Statement |
in millions, except per share data | 2023 | 2022 | 2021 | ||||||||
Revenues | |||||||||||
Investment banking | $ | i 4,948 | $ | i 5,599 | $ | i 10,994 | |||||
Trading | i 15,263 | i 13,928 | i 12,810 | ||||||||
Investments | i 573 | i 15 | i 1,376 | ||||||||
Commissions and fees | i 4,537 | i 4,938 | i 5,521 | ||||||||
Asset management | i 19,617 | i 19,578 | i 19,967 | ||||||||
Other | i 975 | i 283 | i 1,042 | ||||||||
Total non-interest revenues | i 45,913 | i 44,341 | i 51,710 | ||||||||
Interest income | i 50,281 | i 21,595 | i 9,411 | ||||||||
Interest expense | i 42,051 | i 12,268 | i 1,366 | ||||||||
Net interest | i 8,230 | i 9,327 | i 8,045 | ||||||||
Net revenues | i 54,143 | i 53,668 | i 59,755 | ||||||||
Provision for credit losses | i 532 | i 280 | i 4 | ||||||||
Non-interest expenses | |||||||||||
Compensation and benefits | i 24,558 | i 23,053 | i 24,628 | ||||||||
Brokerage, clearing and exchange fees | i 3,476 | i 3,458 | i 3,341 | ||||||||
Information processing and communications | i 3,775 | i 3,493 | i 3,119 | ||||||||
Professional services | i 3,058 | i 3,070 | i 2,933 | ||||||||
Occupancy and equipment | i 1,895 | i 1,729 | i 1,725 | ||||||||
Marketing and business development | i 898 | i 905 | i 643 | ||||||||
Other | i 4,138 | i 3,591 | i 3,694 | ||||||||
Total non-interest expenses | i 41,798 | i 39,299 | i 40,083 | ||||||||
Income before provision for income taxes | i 11,813 | i 14,089 | i 19,668 | ||||||||
Provision for income taxes | i 2,583 | i 2,910 | i 4,548 | ||||||||
Net income | $ | i 9,230 | $ | i 11,179 | $ | i 15,120 | |||||
Net income applicable to noncontrolling interests | i 143 | i 150 | i 86 | ||||||||
Net income applicable to Morgan Stanley | $ | i 9,087 | $ | i 11,029 | $ | i 15,034 | |||||
Preferred stock dividends | i 557 | i 489 | i 468 | ||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | i 8,530 | $ | i 10,540 | $ | i 14,566 | |||||
Earnings per common share | |||||||||||
Basic | $ | i 5.24 | $ | i 6.23 | $ | i 8.16 | |||||
Diluted | i 5.18 | i 6.15 | i 8.03 | ||||||||
Average common shares outstanding | |||||||||||
Basic | i 1,628 | i 1,691 | i 1,785 | ||||||||
Diluted | i 1,646 | i 1,713 | i 1,814 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Net income | $ | i 9,230 | $ | i 11,179 | $ | i 15,120 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | ( i 20) | ( i 337) | ( i 331) | ||||||||
Change in net unrealized gains (losses) on available-for-sale securities | i 1,098 | ( i 4,437) | ( i 1,542) | ||||||||
Pension and other | ( i 87) | i 43 | ( i 53) | ||||||||
Change in net debt valuation adjustment | ( i 1,290) | i 1,502 | i 696 | ||||||||
Net change in cash flow hedges | i 20 | ( i 4) | i — | ||||||||
Total other comprehensive income (loss) | $ | ( i 279) | $ | ( i 3,233) | $ | ( i 1,230) | |||||
Comprehensive income | $ | i 8,951 | $ | i 7,946 | $ | i 13,890 | |||||
Net income applicable to noncontrolling interests | i 143 | i 150 | i 86 | ||||||||
Other comprehensive income (loss) applicable to noncontrolling interests | ( i 111) | ( i 82) | ( i 90) | ||||||||
Comprehensive income applicable to Morgan Stanley | $ | i 8,919 | $ | i 7,878 | $ | i 13,894 |
December 2023 Form 10-K | 82 | See Notes to Consolidated Financial Statements |
Consolidated Balance Sheet |
$ in millions, except share data | At | At | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 89,232 | $ | i 128,127 | ||||
Trading
assets at fair value ($ i 162,698 and $ i 124,411 were pledged to various parties) | i 367,074 | i 301,315 | ||||||
Investment
securities: | ||||||||
Available-for-sale at fair value (amortized cost of $ i 92,149 and $ i 89,772) | i 88,113 | i 84,297 | ||||||
Held-to-maturity
(fair value of $ i 57,453 and $ i 65,006) | i 66,694 | i 75,634 | ||||||
Securities
purchased under agreements to resell (includes $ i 7 and $ i 8
at fair value) | i 110,740 | i 113,907 | ||||||
Securities borrowed | i 121,091 | i 133,374 | ||||||
Customer and other receivables | i 80,105 | i 78,540 | ||||||
Loans: | ||||||||
Held
for investment (net of allowance for credit losses of $ i 1,169 and $ i 839) | i 203,385 | i 198,997 | ||||||
Held for sale | i 15,255 | i 14,788 | ||||||
Goodwill | i 16,707 | i 16,652 | ||||||
Intangible
assets (net of accumulated amortization of $ i 4,847 and $ i 4,253) | i 7,055 | i 7,618 | ||||||
Other assets | i 28,242 | i 26,982 | ||||||
Total assets | $ | i 1,193,693 | $ | i 1,180,231 | ||||
Liabilities | ||||||||
Deposits
(includes $ i 6,472 and $ i 4,796 at fair value) | $ | i 351,804 | $ | i 356,646 | ||||
Trading liabilities at fair value | i 151,513 | i 154,438 | ||||||
Securities
sold under agreements to repurchase (includes $ i 1,020 and $ i 864
at fair value) | i 62,651 | i 62,534 | ||||||
Securities loaned | i 15,057 | i 15,679 | ||||||
Other secured financings (includes $ i 9,899
and $ i 4,550 at fair value) | i 12,655 | i 8,158 | ||||||
Customer and other payables | i 208,148 | i 216,134 | ||||||
Other liabilities and accrued expenses | i 28,151 | i 27,353 | ||||||
Borrowings
(includes $ i 93,900 and $ i 78,720 at fair value) | i 263,732 | i 238,058 | ||||||
Total liabilities | i 1,093,711 | i 1,079,000 | ||||||
Commitments and contingent liabilities (see Note 14) | i | i | ||||||
Equity | ||||||||
Morgan Stanley shareholders’ equity: | ||||||||
Preferred stock | i 8,750 | i 8,750 | ||||||
Common
stock, $ i i 0.01 / par value: | ||||||||
Shares
authorized: i i 3,500,000,000 / ; Shares issued: i i 2,038,893,979 / ;
Shares outstanding: i 1,626,828,437 and i 1,675,487,409 | i 20 | i 20 | ||||||
Additional paid-in capital | i 29,832 | i 29,339 | ||||||
Retained earnings | i 97,996 | i 94,862 | ||||||
Employee stock trusts | i 5,314 | i 4,881 | ||||||
Accumulated other comprehensive income (loss) | ( i 6,421) | ( i 6,253) | ||||||
Common
stock held in treasury at cost, $ i i 0.01 / par value ( i 412,065,542
and i 363,406,570 shares) | ( i 31,139) | ( i 26,577) | ||||||
Common stock issued to employee stock trusts | ( i 5,314) | ( i 4,881) | ||||||
Total Morgan Stanley shareholders’ equity | i 99,038 | i 100,141 | ||||||
Noncontrolling interests | i 944 | i 1,090 | ||||||
Total equity | i 99,982 | i 101,231 | ||||||
Total liabilities and equity | $ | i 1,193,693 | $ | i 1,180,231 |
See Notes to Consolidated Financial Statements | 83 | December 2023 Form 10-K |
Consolidated Statement of Changes in Total Equity |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Preferred Stock | |||||||||||
Beginning balance | $ | i 8,750 | $ | i 7,750 | $ | i 9,250 | |||||
Issuance of preferred stock | i — | i 1,000 | i 1,300 | ||||||||
Redemption of preferred stock | i — | i — | ( i 2,800) | ||||||||
Ending balance | i 8,750 | i 8,750 | i 7,750 | ||||||||
Common Stock | |||||||||||
Beginning and ending balance | i i 20 / | i i 20 / | i i 20 / | ||||||||
Additional Paid-in Capital | |||||||||||
Beginning balance | i 29,339 | i 28,841 | i 25,546 | ||||||||
Share-based award activity | i 493 | i 503 | i 1,117 | ||||||||
Issuance of preferred stock | i — | ( i 6) | ( i 25) | ||||||||
Issuance of common stock for the acquisition of Eaton Vance | i — | i — | i 2,185 | ||||||||
Other net increases (decreases) | i — | i 1 | i 18 | ||||||||
Ending balance | i 29,832 | i 29,339 | i 28,841 | ||||||||
Retained Earnings | |||||||||||
Beginning balance | i 94,862 | i 89,432 | i 78,694 | ||||||||
Net income applicable to Morgan Stanley | i 9,087 | i 11,029 | i 15,034 | ||||||||
Preferred
stock dividends1 | ( i 557) | ( i 489) | ( i 468) | ||||||||
Common
stock dividends1 | ( i 5,393) | ( i 5,108) | ( i 3,818) | ||||||||
Other net increases (decreases) | ( i 3) | ( i 2) | ( i 10) | ||||||||
Ending balance | i 97,996 | i 94,862 | i 89,432 | ||||||||
Employee Stock Trusts | |||||||||||
Beginning balance | i 4,881 | i 3,955 | i 3,043 | ||||||||
Share-based award activity | i 433 | i 926 | i 912 | ||||||||
Ending balance | i 5,314 | i 4,881 | i 3,955 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Beginning balance | ( i 6,253) | ( i 3,102) | ( i 1,962) | ||||||||
Net change in Accumulated other comprehensive income (loss) | ( i 168) | ( i 3,151) | ( i 1,140) | ||||||||
Ending balance | ( i 6,421) | ( i 6,253) | ( i 3,102) | ||||||||
Common Stock Held in Treasury at Cost | |||||||||||
Beginning balance | ( i 26,577) | ( i 17,500) | ( i 9,767) | ||||||||
Share-based award activity | i 1,654 | i 1,794 | i 1,210 | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 6,216) | ( i 10,871) | ( i 12,075) | ||||||||
Issuance of common stock for the acquisition of Eaton Vance | i — | i — | i 3,132 | ||||||||
Ending balance | ( i 31,139) | ( i 26,577) | ( i 17,500) | ||||||||
Common Stock Issued to Employee Stock Trusts | |||||||||||
Beginning balance | ( i 4,881) | ( i 3,955) | ( i 3,043) | ||||||||
Share-based award activity | ( i 433) | ( i 926) | ( i 912) | ||||||||
Ending balance | ( i 5,314) | ( i 4,881) | ( i 3,955) | ||||||||
Noncontrolling Interests | |||||||||||
Beginning balance | i 1,090 | i 1,157 | i 1,368 | ||||||||
Net income applicable to noncontrolling interests | i 143 | i 150 | i 86 | ||||||||
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests | ( i 111) | ( i 82) | ( i 90) | ||||||||
Other net increases (decreases) | ( i 178) | ( i 135) | ( i 207) | ||||||||
Ending balance | i 944 | i 1,090 | i 1,157 | ||||||||
Total Equity | $ | i 99,982 | $ | i 101,231 | $ | i 106,598 |
December 2023 Form 10-K | 84 | See Notes to Consolidated Financial Statements |
Consolidated Cash Flow Statement |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | i 9,230 | $ | i 11,179 | $ | i 15,120 | |||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
Deferred income taxes | ( i 463) | ( i 849) | i 4 | ||||||||
Stock-based compensation expense | i 1,709 | i 1,875 | i 2,085 | ||||||||
Depreciation and amortization | i 4,256 | i 3,998 | i 4,216 | ||||||||
Provision for credit losses | i 532 | i 280 | i 4 | ||||||||
Other operating adjustments | i 308 | i 618 | ( i 147) | ||||||||
Changes in assets and liabilities: | |||||||||||
Trading assets, net of Trading liabilities | ( i 61,026) | ( i 39,422) | i 9,075 | ||||||||
Securities borrowed | i 12,283 | ( i 3,661) | ( i 17,322) | ||||||||
Securities loaned | ( i 622) | i 3,380 | i 4,568 | ||||||||
Customer and other receivables and other assets | i 602 | i 14,664 | i 774 | ||||||||
Customer and other payables and other liabilities | ( i 3,629) | ( i 4,897) | i 7,758 | ||||||||
Securities purchased under agreements to resell | i 3,167 | i 6,092 | ( i 3,765) | ||||||||
Securities sold under agreements to repurchase | i 117 | i 346 | i 11,601 | ||||||||
Net cash provided by (used for) operating activities | ( i 33,536) | ( i 6,397) | i 33,971 | ||||||||
Cash flows from investing activities | |||||||||||
Proceeds from (payments for): | |||||||||||
Other assets—Premises, equipment and software | ( i 3,412) | ( i 3,078) | ( i 2,308) | ||||||||
Changes in loans, net | ( i 4,059) | ( i 23,652) | ( i 36,106) | ||||||||
AFS securities: | |||||||||||
Purchases | ( i 23,078) | ( i 24,602) | ( i 42,469) | ||||||||
Proceeds from sales | i 5,929 | i 22,014 | i 20,652 | ||||||||
Proceeds from paydowns and maturities | i 14,316 | i 13,435 | i 26,375 | ||||||||
HTM securities: | |||||||||||
Purchases | i — | ( i 5,231) | ( i 27,102) | ||||||||
Proceeds from paydowns and maturities | i 8,143 | i 9,829 | i 14,541 | ||||||||
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | i — | i — | ( i 2,648) | ||||||||
Other investing activities | ( i 923) | ( i 347) | ( i 832) | ||||||||
Net cash provided by (used for) investing activities | ( i 3,084) | ( i 11,632) | ( i 49,897) | ||||||||
Cash flows from financing activities | |||||||||||
Net proceeds from (payments for): | |||||||||||
Other secured financings | i 796 | ( i 884) | ( i 625) | ||||||||
Deposits | ( i 5,075) | i 1,659 | i 36,897 | ||||||||
Issuance of preferred stock, net of issuance costs | i — | i 994 | i 1,275 | ||||||||
Proceeds from issuance of Borrowings | i 78,424 | i 72,460 | i 90,273 | ||||||||
Payments for: | |||||||||||
Borrowings | ( i 64,805) | ( i 34,898) | ( i 70,124) | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 6,178) | ( i 10,871) | ( i 12,075) | ||||||||
Cash dividends | ( i 5,763) | ( i 5,401) | ( i 4,171) | ||||||||
Other financing activities | ( i 125) | ( i 345) | i 97 | ||||||||
Net cash provided by (used for) financing activities | ( i 2,726) | i 22,714 | i 41,547 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | i 451 | ( i 4,283) | ( i 3,550) | ||||||||
Net increase (decrease) in cash and cash equivalents | ( i 38,895) | i 402 | i 22,071 | ||||||||
Cash and cash equivalents, at beginning of period | i 128,127 | i 127,725 | i 105,654 | ||||||||
Cash and cash equivalents, at end of period | $ | i 89,232 | $ | i 128,127 | $ | i 127,725 | |||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash payments for: | |||||||||||
Interest | $ | i 41,940 | $ | i 9,819 | $ | i 1,303 | |||||
Income taxes, net of refunds | i 2,035 | i 4,147 | i 4,231 |
See Notes to Consolidated Financial Statements | 85 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 86 |
Notes to Consolidated Financial Statements |
87 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 88 |
Notes to Consolidated Financial Statements |
89 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 90 |
Notes to Consolidated Financial Statements |
ACL | Provision
for Credit Losses | |||||||
AFS securities | Contra investment securities | Other revenue |
91 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 92 |
Notes to Consolidated Financial Statements |
ACL | Provision for Credit Losses | |||||||
Held for investment loans | Contra asset | Provision for credit losses | ||||||
Other instruments measured at amortized cost (e.g., HTM securities and customer and other receivables) | Contra asset | Other revenues | ||||||
Employee loans | Contra asset | Compensation and benefits expenses | ||||||
Held for investment lending commitments | Other liabilities and accrued expenses | Provision for credit losses | ||||||
Other off-balance
sheet instruments (e.g., certain guarantees) | Other liabilities and accrued expenses | Other expenses |
93 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
in years | Estimated Useful Life | ||||
Buildings | i 39 | ||||
Leasehold improvements—Building | term of lease to i 25 | ||||
Leasehold improvements—Other | term of lease to i 15 | ||||
Furniture and fixtures | i 7 | ||||
Computer and communications equipment | i 3
to i 9 | ||||
Power generation assets | i 15 to i 29 | ||||
Capitalized software costs | i 2 to i 10 |
December 2023 Form 10-K | 94 |
Notes to Consolidated Financial Statements |
95 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 96 |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Cash and due from banks | $ | i 7,323 | $ | i 5,409 | ||||
Interest bearing deposits with banks | i 81,909 | i 122,718 | ||||||
Total Cash and cash equivalents | $ | i 89,232 | $ | i 128,127 | ||||
Restricted cash | $ | i 30,571 | $ | i 35,380 |
At December 31, 2023 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | i 56,459 | $ | i 53,741 | $ | i — | $ | — | $ | i 110,200 | |||||||
Other sovereign government obligations | i 22,580 | i 9,946 | i 94 | — | i 32,620 | ||||||||||||
State and municipal securities | i — | i 2,148 | i 34 | — | i 2,182 | ||||||||||||
MABS | i — | i 1,540 | i 489 | — | i 2,029 | ||||||||||||
Loans
and lending commitments2 | i — | i 6,122 | i 2,066 | — | i 8,188 | ||||||||||||
Corporate and other debt | i — | i 35,833 | i 1,983 | — | i 37,816 | ||||||||||||
Corporate
equities3,5 | i 126,772 | i 929 | i 199 | — | i 127,900 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | i 7,284 | i 140,139 | i 784 | — | i 148,207 | ||||||||||||
Credit | i — | i 10,244 | i 393 | — | i 10,637 | ||||||||||||
Foreign exchange | i 12 | i 93,218 | i 20 | — | i 93,250 | ||||||||||||
Equity | i 2,169 | i 55,319 | i 587 | — | i 58,075 | ||||||||||||
Commodity and other | i 1,608 | i 11,862 | i 2,811 | — | i 16,281 | ||||||||||||
Netting1 | ( i 7,643) | ( i 237,497) | ( i 1,082) | ( i 42,915) | ( i 289,137) | ||||||||||||
Total derivative and other contracts | i 3,430 | i 73,285 | i 3,513 | ( i 42,915) | i 37,313 | ||||||||||||
Investments4,5 | i 781 | i 836 | i 949 | — | i 2,566 | ||||||||||||
Physical commodities | i — | i 736 | i — | — | i 736 | ||||||||||||
Total
trading assets4 | i 210,022 | i 185,116 | i 9,327 | ( i 42,915) | i 361,550 | ||||||||||||
Investment securities —AFS | i 57,405 | i 30,708 | i — | — | i 88,113 | ||||||||||||
Securities purchased under agreements to resell | i — | i 7 | i — | — | i 7 | ||||||||||||
Total assets at fair value | $ | i 267,427 | $ | i 215,831 | $ | i 9,327 | $ | ( i 42,915) | $ | i 449,670 |
At December 31, 2023 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | i — | $ | i 6,439 | $ | i 33 | $ | — | $ | i 6,472 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | i 27,708 | i 16 | i — | — | i 27,724 | ||||||||||||
Other sovereign government obligations | i 26,829 | i 3,955 | i 6 | — | i 30,790 | ||||||||||||
Corporate and other debt | i — | i 10,560 | i 9 | — | i 10,569 | ||||||||||||
Corporate
equities3 | i 46,809 | i 300 | i 45 | — | i 47,154 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | i 8,000 | i 129,983 | i 857 | — | i 138,840 | ||||||||||||
Credit | i — | i 10,795 | i 297 | — | i 11,092 | ||||||||||||
Foreign exchange | i 96 | i 89,880 | i 385 | — | i 90,361 | ||||||||||||
Equity | i 2,411 | i 64,794 | i 1,689 | — | i 68,894 | ||||||||||||
Commodity and other | i 1,642 | i 11,904 | i 1,521 | — | i 15,067 | ||||||||||||
Netting1 | ( i 7,643) | ( i 237,497) | ( i 1,082) | ( i 42,757) | ( i 288,979) | ||||||||||||
Total derivative and other contracts | i 4,506 | i 69,859 | i 3,667 | ( i 42,757) | i 35,275 | ||||||||||||
Total trading liabilities | i 105,852 | i 84,690 | i 3,727 | ( i 42,757) | i 151,512 | ||||||||||||
Securities sold under agreements to repurchase | i — | i 571 | i 449 | — | i 1,020 | ||||||||||||
Other secured financings | i — | i 9,807 | i 92 | — | i 9,899 | ||||||||||||
Borrowings | i — | i 92,022 | i 1,878 | — | i 93,900 | ||||||||||||
Total liabilities at fair value | $ | i 105,852 | $ | i 193,529 | $ | i 6,179 | $ | ( i 42,757) | $ | i 262,803 |
At December 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | i 38,462 | $ | i 42,263 | $ | i 17 | $ | — | $ | i 80,742 | |||||||
Other sovereign government obligations | i 24,644 | i 4,769 | i 169 | — | i 29,582 | ||||||||||||
State and municipal securities | i — | i 1,503 | i 145 | — | i 1,648 | ||||||||||||
MABS | i — | i 1,774 | i 416 | — | i 2,190 | ||||||||||||
Loans
and lending commitments2 | i — | i 6,380 | i 2,017 | — | i 8,397 | ||||||||||||
Corporate and other debt | i — | i 23,351 | i 2,096 | — | i 25,447 | ||||||||||||
Corporate
equities3 | i 97,869 | i 1,019 | i 116 | — | i 99,004 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | i 4,481 | i 166,392 | i 517 | — | i 171,390 | ||||||||||||
Credit | i — | i 7,876 | i 425 | — | i 8,301 | ||||||||||||
Foreign exchange | i 49 | i 115,766 | i 183 | — | i 115,998 | ||||||||||||
Equity | i 2,778 | i 40,171 | i 406 | — | i 43,355 | ||||||||||||
Commodity and other | i 5,609 | i 21,152 | i 3,701 | — | i 30,462 | ||||||||||||
Netting1 | ( i 9,618) | ( i 258,821) | ( i 1,078) | ( i 55,777) | ( i 325,294) | ||||||||||||
Total derivative and other contracts | i 3,299 | i 92,536 | i 4,154 | ( i 55,777) | i 44,212 | ||||||||||||
Investments4 | i 652 | i 685 | i 923 | — | i 2,260 | ||||||||||||
Physical commodities | i — | i 2,379 | i — | — | i 2,379 | ||||||||||||
Total
trading assets4 | i 164,926 | i 176,659 | i 10,053 | ( i 55,777) | i 295,861 | ||||||||||||
Investment securities —AFS | i 53,866 | i 30,396 | i 35 | — | i 84,297 | ||||||||||||
Securities purchased under agreements to resell | i — | i 8 | i — | — | i 8 | ||||||||||||
Total assets at fair value | $ | i 218,792 | $ | i 207,063 | $ | i 10,088 | $ | ( i 55,777) | $ | i 380,166 |
97 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | i — | $ | i 4,776 | $ | i 20 | $ | — | $ | i 4,796 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | i 20,776 | i 228 | i — | — | i 21,004 | ||||||||||||
Other sovereign government obligations | i 23,235 | i 2,688 | i 3 | — | i 25,926 | ||||||||||||
Corporate and other debt | i — | i 8,786 | i 29 | — | i 8,815 | ||||||||||||
Corporate
equities3 | i 59,998 | i 518 | i 42 | — | i 60,558 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | i 3,446 | i 161,044 | i 668 | — | i 165,158 | ||||||||||||
Credit | i — | i 7,987 | i 315 | — | i 8,302 | ||||||||||||
Foreign exchange | i 89 | i 113,383 | i 117 | — | i 113,589 | ||||||||||||
Equity | i 3,266 | i 46,923 | i 1,142 | — | i 51,331 | ||||||||||||
Commodity and other | i 6,187 | i 17,574 | i 2,618 | — | i 26,379 | ||||||||||||
Netting1 | ( i 9,618) | ( i 258,821) | ( i 1,078) | ( i 57,107) | ( i 326,624) | ||||||||||||
Total derivative and other contracts | i 3,370 | i 88,090 | i 3,782 | ( i 57,107) | i 38,135 | ||||||||||||
Total trading liabilities | i 107,379 | i 100,310 | i 3,856 | ( i 57,107) | i 154,438 | ||||||||||||
Securities sold under agreements to repurchase | i — | i 352 | i 512 | — | i 864 | ||||||||||||
Other secured financings | i — | i 4,459 | i 91 | — | i 4,550 | ||||||||||||
Borrowings | i — | i 77,133 | i 1,587 | — | i 78,720 | ||||||||||||
Total liabilities at fair value | $ | i 107,379 | $ | i 187,030 | $ | i 6,066 | $ | ( i 57,107) | $ | i 243,368 |
$ in millions | At | At | ||||||
Secured lending facilities | $ | i — | $ | i 6 | ||||
Commercial real estate | i 422 | i 528 | ||||||
Residential real estate | i 2,909 | i 2,020 | ||||||
Securities-based lending and Other loans | i 4,857 | i 5,843 | ||||||
Total | $ | i 8,188 | $ | i 8,397 |
$ in millions | At | At | ||||||
Customer and other receivables, net | $ | i 1,062 | $ | i 1,219 |
December 2023 Form 10-K | 98 |
Notes to Consolidated Financial Statements |
99 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 100 |
Notes to Consolidated Financial Statements |
101 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
U.S. Treasury and agency securities | |||||||||||
Beginning balance | $ | i 17 | $ | i 2 | $ | i 9 | |||||
Realized and unrealized gains (losses) | i — | ( i 3) | i — | ||||||||
Purchases | i — | i 14 | i 2 | ||||||||
Sales | ( i 10) | ( i 1) | ( i 9) | ||||||||
Net transfers | ( i 7) | i 5 | i — | ||||||||
Ending balance | $ | i — | $ | i 17 | $ | i 2 | |||||
Unrealized gains (losses) | $ | i — | $ | ( i 1) | $ | i — | |||||
Other sovereign government obligations | |||||||||||
Beginning balance | $ | i 169 | $ | i 211 | $ | i 268 | |||||
Realized and unrealized gains (losses) | i 5 | ( i 5) | ( i 1) | ||||||||
Purchases | i 38 | i 116 | i 146 | ||||||||
Sales | ( i 86) | ( i 107) | ( i 192) | ||||||||
Net transfers | ( i 32) | ( i 46) | ( i 10) | ||||||||
Ending balance | $ | i 94 | $ | i 169 | $ | i 211 | |||||
Unrealized gains (losses) | $ | i 2 | $ | ( i 14) | $ | i — | |||||
State and municipal securities | |||||||||||
Beginning balance | $ | i 145 | $ | i 13 | $ | i — | |||||
Realized and unrealized gains (losses) | i — | ( i 4) | i — | ||||||||
Purchases | i 9 | i 91 | i 4 | ||||||||
Sales | ( i 6) | ( i 82) | ( i 4) | ||||||||
Net transfers | ( i 114) | i 127 | i 13 | ||||||||
Ending balance | $ | i 34 | $ | i 145 | $ | i 13 | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | i — | |||||
MABS | |||||||||||
Beginning balance | $ | i 416 | $ | i 344 | $ | i 322 | |||||
Realized and unrealized gains (losses) | ( i 2) | ( i 342) | i 51 | ||||||||
Purchases | i 232 | i 511 | i 254 | ||||||||
Sales | ( i 165) | ( i 130) | ( i 215) | ||||||||
Net transfers | i 8 | i 33 | ( i 68) | ||||||||
Ending balance | $ | i 489 | $ | i 416 | $ | i 344 | |||||
Unrealized gains (losses) | $ | ( i 14) | $ | i 2 | $ | ( i 10) | |||||
Loans and lending commitments | |||||||||||
Beginning balance | $ | i 2,017 | $ | i 3,806 | $ | i 5,759 | |||||
Realized and unrealized gains (losses) | ( i 189) | ( i 80) | i 51 | ||||||||
Purchases and originations | i 1,502 | i 793 | i 2,446 | ||||||||
Sales | ( i 477) | ( i 740) | ( i 2,609) | ||||||||
Settlements | ( i 843) | ( i 1,526) | ( i 1,268) | ||||||||
Net
transfers1 | i 56 | ( i 236) | ( i 573) | ||||||||
Ending balance | $ | i 2,066 | $ | i 2,017 | $ | i 3,806 | |||||
Unrealized gains (losses) | $ | ( i 76) | $ | i 29 | $ | ( i 7) | |||||
Corporate and other debt | |||||||||||
Beginning balance | $ | i 2,096 | $ | i 1,973 | $ | i 3,435 | |||||
Realized and unrealized gains (losses) | i 145 | i 456 | ( i 140) | ||||||||
Purchases and originations | i 623 | i 1,165 | i 1,355 | ||||||||
Sales | ( i 664) | ( i 1,889) | ( i 785) | ||||||||
Settlements | ( i 33) | ( i 27) | i — | ||||||||
Net
transfers2 | ( i 184) | i 418 | ( i 1,892) | ||||||||
Ending balance | $ | i 1,983 | $ | i 2,096 | $ | i 1,973 | |||||
Unrealized gains (losses) | $ | ( i 10) | $ | i 160 | $ | i 25 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Corporate equities | |||||||||||
Beginning balance | $ | i 116 | $ | i 115 | $ | i 86 | |||||
Realized and unrealized gains (losses) | i 12 | ( i 97) | ( i 8) | ||||||||
Purchases | i 85 | i 73 | i 121 | ||||||||
Sales | ( i 41) | ( i 22) | ( i 50) | ||||||||
Net transfers | i 27 | i 47 | ( i 34) | ||||||||
Ending balance | $ | i 199 | $ | i 116 | $ | i 115 | |||||
Unrealized gains (losses) | $ | i 19 | $ | i 11 | $ | ( i 3) | |||||
Investments | |||||||||||
Beginning balance | $ | i 923 | $ | i 1,125 | $ | i 828 | |||||
Realized and unrealized gains (losses) | i 35 | ( i 409) | i 382 | ||||||||
Purchases | i 158 | i 63 | i 226 | ||||||||
Sales | ( i 183) | ( i 107) | ( i 115) | ||||||||
Net transfers | i 16 | i 251 | ( i 196) | ||||||||
Ending balance | $ | i 949 | $ | i 923 | $ | i 1,125 | |||||
Unrealized gains (losses) | $ | i 27 | $ | ( i 397) | $ | i 359 | |||||
Investment securities—AFS | |||||||||||
Beginning balance | $ | i 35 | $ | i — | $ | i 2,804 | |||||
Realized and unrealized gains (losses) | i — | ( i 3) | ( i 4) | ||||||||
Sales | ( i 32) | i — | ( i 203) | ||||||||
Net
transfers3 | ( i 3) | i 38 | ( i 2,597) | ||||||||
Ending balance | $ | i — | $ | i 35 | $ | i — | |||||
Unrealized gains (losses) | $ | i — | $ | ( i 3) | $ | i — | |||||
Securities purchased under agreements to resell | |||||||||||
Beginning balance | $ | i — | $ | i — | $ | i 3 | |||||
Net transfers | i — | i — | ( i 3) | ||||||||
Ending balance | $ | i — | $ | i — | $ | i — | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | i — | |||||
Net derivatives: Interest rate | |||||||||||
Beginning balance | $ | ( i 151) | $ | i 708 | $ | i 682 | |||||
Realized and unrealized gains (losses) | ( i 336) | ( i 643) | i 284 | ||||||||
Purchases | i 140 | i 1 | i 67 | ||||||||
Issuances | ( i 43) | i — | ( i 52) | ||||||||
Settlements | i 241 | ( i 92) | i 14 | ||||||||
Net transfers | i 76 | ( i 125) | ( i 287) | ||||||||
Ending balance | $ | ( i 73) | $ | ( i 151) | $ | i 708 | |||||
Unrealized gains (losses) | $ | ( i 210) | $ | ( i 327) | $ | i 292 | |||||
Net derivatives: Credit | |||||||||||
Beginning balance | $ | i 110 | $ | i 98 | $ | i 49 | |||||
Realized and unrealized gains (losses) | i 5 | i 84 | i 95 | ||||||||
Purchases | i — | i 5 | i 18 | ||||||||
Issuances | i — | ( i 10) | ( i 46) | ||||||||
Settlements | ( i 21) | ( i 61) | i 58 | ||||||||
Net transfers | i 2 | ( i 6) | ( i 76) | ||||||||
Ending balance | $ | i 96 | $ | i 110 | $ | i 98 | |||||
Unrealized gains (losses) | $ | i 2 | $ | i 70 | $ | i 122 | |||||
Net derivatives: Foreign exchange | |||||||||||
Beginning balance | $ | i 66 | $ | i 52 | $ | i 61 | |||||
Realized and unrealized gains (losses) | ( i 290) | ( i 8) | ( i 89) | ||||||||
Purchases | i — | i 1 | i 2 | ||||||||
Issuances | ( i 1) | i — | ( i 15) | ||||||||
Settlements | ( i 15) | ( i 46) | i 16 | ||||||||
Net transfers | ( i 125) | i 67 | i 77 | ||||||||
Ending balance | $ | ( i 365) | $ | i 66 | $ | i 52 | |||||
Unrealized gains (losses) | $ | ( i 277) | $ | i 43 | $ | ( i 62) |
December 2023 Form 10-K | 102 |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Net derivatives: Equity | |||||||||||
Beginning balance | $ | ( i 736) | $ | ( i 945) | $ | ( i 2,231) | |||||
Realized and unrealized gains (losses) | ( i 91) | i 201 | i 344 | ||||||||
Purchases | i 221 | i 77 | i 70 | ||||||||
Issuances | ( i 572) | ( i 339) | ( i 443) | ||||||||
Settlements | i 87 | i 348 | i 160 | ||||||||
Net
transfers2 | ( i 11) | ( i 78) | i 1,155 | ||||||||
Ending balance | $ | ( i 1,102) | $ | ( i 736) | $ | ( i 945) | |||||
Unrealized gains (losses) | $ | ( i 201) | $ | i 328 | $ | ( i 103) | |||||
Net derivatives: Commodity and other | |||||||||||
Beginning balance | $ | i 1,083 | $ | i 1,529 | $ | i 1,709 | |||||
Realized and unrealized gains (losses) | i 910 | i 315 | i 529 | ||||||||
Purchases | i 78 | i 185 | i 44 | ||||||||
Issuances | ( i 136) | ( i 210) | ( i 86) | ||||||||
Settlements | ( i 701) | ( i 510) | ( i 599) | ||||||||
Net transfers | i 56 | ( i 226) | ( i 68) | ||||||||
Ending balance | $ | i 1,290 | $ | i 1,083 | $ | i 1,529 | |||||
Unrealized gains (losses) | $ | i 243 | $ | ( i 935) | $ | i 141 | |||||
Deposits | |||||||||||
Beginning balance | $ | i 20 | $ | i 67 | $ | i 126 | |||||
Realized and unrealized losses (gains) | i 1 | i — | i — | ||||||||
Issuances | i 25 | i 11 | i — | ||||||||
Settlements | i — | ( i 3) | ( i 10) | ||||||||
Net transfers | ( i 13) | ( i 55) | ( i 49) | ||||||||
Ending balance | $ | i 33 | $ | i 20 | $ | i 67 | |||||
Unrealized losses (gains) | $ | i 1 | $ | i — | $ | i — | |||||
Nonderivative trading liabilities | |||||||||||
Beginning balance | $ | i 74 | $ | i 61 | $ | i 79 | |||||
Realized and unrealized losses (gains) | i 8 | ( i 86) | ( i 21) | ||||||||
Purchases | ( i 38) | ( i 35) | ( i 30) | ||||||||
Sales | i 22 | i 93 | i 43 | ||||||||
Net transfers | ( i 6) | i 41 | ( i 10) | ||||||||
Ending balance | $ | i 60 | $ | i 74 | $ | i 61 | |||||
Unrealized losses (gains) | $ | i 8 | $ | i 17 | $ | ( i 21) | |||||
Securities sold under agreements to repurchase | |||||||||||
Beginning balance | $ | i 512 | $ | i 651 | $ | i 444 | |||||
Realized and unrealized losses (gains) | i 2 | ( i 8) | i 1 | ||||||||
Issuances | i 1 | i 17 | i — | ||||||||
Settlements | ( i 9) | ( i 22) | i — | ||||||||
Net transfers | ( i 57) | ( i 126) | i 206 | ||||||||
Ending balance | $ | i 449 | $ | i 512 | $ | i 651 | |||||
Unrealized losses (gains) | $ | i 2 | $ | i — | $ | i 1 | |||||
Other secured financings | |||||||||||
Beginning balance | $ | i 91 | $ | i 403 | $ | i 516 | |||||
Realized and unrealized losses (gains) | i 5 | ( i 6) | ( i 17) | ||||||||
Issuances | i 83 | i 39 | i 449 | ||||||||
Settlements | ( i 99) | ( i 342) | ( i 518) | ||||||||
Net transfers | i 12 | ( i 3) | ( i 27) | ||||||||
Ending balance | $ | i 92 | $ | i 91 | $ | i 403 | |||||
Unrealized losses (gains) | $ | i 5 | $ | ( i 6) | $ | ( i 16) |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Borrowings | |||||||||||
Beginning balance | $ | i 1,587 | $ | i 2,157 | $ | i 4,374 | |||||
Realized and unrealized losses (gains) | i 219 | ( i 133) | ( i 99) | ||||||||
Issuances | i 708 | i 513 | i 717 | ||||||||
Settlements | ( i 391) | ( i 285) | ( i 448) | ||||||||
Net
transfers2 | ( i 245) | ( i 665) | ( i 2,387) | ||||||||
Ending balance | $ | i 1,878 | $ | i 1,587 | $ | i 2,157 | |||||
Unrealized losses (gains) | $ | i 182 | $ | ( i 138) | $ | ( i 114) | |||||
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA | i 29 | ( i 35) | ( i 17) |
Balance / Range (Average1) | ||||||||
$
in millions, except inputs | At December 31, 2023 | At December 31, 2022 | ||||||
Assets at Fair Value on a Recurring Basis | ||||||||
Other sovereign government obligations | $ | i 94 | $ | i 169 | ||||
Comparable pricing: | ||||||||
Bond price | i 61 to i 110 points ( i 87
points) | i 57 to i 124 points ( i 89
points) | ||||||
State and municipal securities | $ | i 34 | $ | i 145 | ||||
Comparable pricing: | ||||||||
Bond price | N/M | i 86 to i 100
points ( i 97 points) | ||||||
MABS | $ | i 489 | $ | i 416 | ||||
Comparable pricing: | ||||||||
Bond price | i 0 to i 88 points ( i 61
points) | i 0 to i 95 points ( i 68
points) |
103 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At December 31, 2023 | At December 31, 2022 | ||||||
Loans and lending commitments | $ | i 2,066 | $ | i 2,017 | ||||
Margin loan model: | ||||||||
Margin loan rate | i 2% to i 4% ( i 3%) | i 2%
to i 4% ( i 3%) | ||||||
Comparable pricing: | ||||||||
Loan price | i 85
to i 102 points ( i 98 points) | i 87
to i 105 points ( i 99 points) | ||||||
Corporate and other debt | $ | i 1,983 | $ | i 2,096 | ||||
Comparable pricing: | ||||||||
Bond price | i 28 to i 135 points ( i 82
points) | i 51 to i 132 points ( i 90
points) | ||||||
Discounted cash flow: | ||||||||
Loss given default | i 54% to i 84%
( i 62% / i 54%) | i 54%
to i 84% ( i 62% / i 54%) | ||||||
Corporate equities | $ | i 199 | $ | i 116 | ||||
Comparable pricing: | ||||||||
Equity price | i 100% | i 100% | ||||||
Investments | $ | i 949 | $ | i 923 | ||||
Discounted cash flow: | ||||||||
WACC | i 16% to i 18% ( i 17%) | i 15%
to i 17% ( i 16%) | ||||||
Exit multiple | i 9
to i 17 times ( i 15 times) | i 7
to i 17 times ( i 14 times) | ||||||
Market approach: | ||||||||
EBITDA multiple | i 22
times | i 7 to i 21 times ( i 11
times) | ||||||
Comparable pricing: | ||||||||
Equity price | i 24% to i 100%
( i 86%) | i 24% to i 100%
( i 89%) | ||||||
Net derivative and other contracts: | ||||||||
Interest rate | $ | ( i 73) | $ | ( i 151) | ||||
Option model: | ||||||||
IR volatility skew | i 70% to i 100% ( i 81%
/ i 93%) | i 105% to i 130%
( i 113% / i 109%) | ||||||
IR curve correlation | i 49%
to i 99% ( i 77% / i 79%) | i 47%
to i 100% ( i 80% / i 84%) | ||||||
Bond volatility | i 79% to i 85% ( i 82%
/ i 85%) | N/M | ||||||
Inflation volatility | i 27% to i 70%
( i 43% / i 39%) | i 22%
to i 65% ( i 43% / i 38%) | ||||||
IR curve | N/M | i 4% to i 5% ( i 5%
/ i 5%) | ||||||
Credit | $ | i 96 | $ | i 110 | ||||
Credit default swap model: | ||||||||
Cash-synthetic basis | i 7 points | i 7 points | ||||||
Bond price | i 0 to i 92 points ( i 46
points) | i 0 to i 83 points ( i 43
points) | ||||||
Credit spread | i 10 to i 404 bps ( i 94
bps) | i 10 to i 528 bps ( i 115
bps) | ||||||
Funding spread | i 18 to i 590 bps ( i 67
bps) | i 18 to i 590 bps ( i 93
bps) | ||||||
Foreign exchange2 | $ | ( i 365) | $ | i 66 | ||||
Option model: | ||||||||
IR curve | - i 4% to i 26%
( i 7% / i 5%) | - i 2%
to i 38% ( i 8% / i 4%) | ||||||
Foreign exchange volatility skew | - i 3% to i 12% ( i 2%
/ i 0% ) | i 10% to i 10%
( i 10% / i 10%) | ||||||
Contingency probability | i 95% | i 95% | ||||||
Equity2 | $ | ( i 1,102) | $ | ( i 736) | ||||
Option model: | ||||||||
Equity volatility | i 6% to i 97% ( i 23%) | i 5%
to i 96% ( i 25%) | ||||||
Equity volatility skew | - i 1%
to i 0% ( i 0%) | - i 4%
to i 0% (- i 1%) | ||||||
Equity correlation | i 25%
to i 97% ( i 49%) | i 10%
to i 93% ( i 71%) | ||||||
FX correlation | - i 79%
to i 40% (- i 28%) | - i 79%
to i 65% (- i 26%) | ||||||
IR correlation | i 10%
to i 30% ( i 15%) | i 10%
to i 30% ( i 14%) |
Balance
/ Range (Average1) | ||||||||
$ in millions, except inputs | At December 31, 2023 | At December 31, 2022 | ||||||
Commodity and other | $ | i 1,290 | $ | i 1,083 | ||||
Option model: | ||||||||
Forward power price | $ i 0 to $ i 220 ($ i 49)
per MWh | $ i 1 to $ i 292 ($ i 43)
per MWh | ||||||
Commodity volatility | i 8% to i 123% ( i 31%) | i 12%
to i 169% ( i 34%) | ||||||
Cross-commodity correlation | i 54%
to i 100% ( i 94%) | i 70%
to i 100% ( i 94%) | ||||||
Liabilities at Fair Value on a Recurring Basis | ||||||||
Securities sold under agreements to repurchase | $ | i 449 | $ | i 512 | ||||
Discounted cash flow: | ||||||||
Funding spread | i 28 to i 135
bps ( i 79 bps) | i 96 to i 165
bps ( i 131 bps) | ||||||
Other secured financings | $ | i 92 | $ | i 91 | ||||
Comparable pricing: | ||||||||
Loan price | i 22 to i 101 points ( i 76
points) | i 23 to i 101 points ( i 75
points) | ||||||
Borrowings | $ | i 1,878 | $ | i 1,587 | ||||
Option model: | ||||||||
Equity volatility | i 6% to i 69% ( i 13%) | i 7%
to i 86% ( i 23%) | ||||||
Equity volatility skew | - i 2%
to i 0% ( i 0%) | - i 2%
to i 0% ( i 0%) | ||||||
Equity correlation | i 41%
to i 97% ( i 79%) | i 39%
to i 98% ( i 86%) | ||||||
Equity - FX correlation | - i 65%
to i 40% (- i 30%) | - i 50%
to i 0% (- i 21%) | ||||||
IR curve correlation | i 50%
to i 89% ( i 71% / i 70%) | N/M | ||||||
IR - Volatility skew | N/M | i 47% to i 136% ( i 74%
/ i 59%) | ||||||
Discounted cash flow: | ||||||||
Loss given default | i 54% to i 84%
( i 62% / i 54%) | i 54%
to i 84% ( i 62% / i 54%) | ||||||
Nonrecurring Fair Value Measurement | ||||||||
Loans | $ | i 4,532 | $ | i 6,610 | ||||
Corporate loan model: | ||||||||
Credit spread | i 99 to i 1467 bps ( i 1015
bps) | i 91 to i 1276 bps ( i 776
bps) | ||||||
Comparable pricing: | ||||||||
Loan price | i 25 to i 93
points ( i 70 points) | i 36 to i 80
points ( i 65 points) | ||||||
Warehouse model: | ||||||||
Credit spread | i 115
to i 268 bps ( i 185 bps) | i 110
to i 319 bps ( i 245 bps) | ||||||
December 2023 Form 10-K | 104 |
Notes to Consolidated Financial Statements |
105 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | Carrying Value | Commitment | Carrying Value | Commitment | ||||||||||
Private equity | $ | i 2,685 | $ | i 720 | $ | i 2,622 | $ | i 638 | ||||||
Real estate | i 2,765 | i 240 | i 2,642 | i 239 | ||||||||||
Hedge | i 74 | i 3 | i 190 | i 3 | ||||||||||
Total | $ | i 5,524 | $ | i 963 | $ | i 5,454 | $ | i 880 |
Carrying Value at December 31, 2023 | ||||||||
$ in millions | Private Equity | Real Estate | ||||||
Less than 5 years | $ | i 1,413 | $ | i 947 | ||||
5-10 years | i 1,186 | i 1,778 | ||||||
Over 10 years | i 86 | i 40 | ||||||
Total | $ | i 2,685 | $ | i 2,765 |
At December 31, 2023 | |||||||||||
$ in millions | Level 2 | Level 31 | Total | ||||||||
Assets | |||||||||||
Loans | $ | i 4,215 | $ | i 4,532 | $ | i 8,747 | |||||
Other assets—Other investments | i — | i 4 | i 4 | ||||||||
Other assets—ROU assets | i 23 | i — | i 23 | ||||||||
Total | $ | i 4,238 | $ | i 4,536 | $ | i 8,774 | |||||
Liabilities | |||||||||||
Other liabilities and accrued expenses—Lending commitments | $ | i 110 | $ | i 60 | $ | i 170 | |||||
Total | $ | i 110 | $ | i 60 | $ | i 170 |
At December 31, 2022 | |||||||||||
$ in millions | Level 2 | Level 31 | Total | ||||||||
Assets | |||||||||||
Loans | $ | i 4,193 | $ | i 6,610 | $ | i 10,803 | |||||
Other assets—Other investments | i — | i 7 | i 7 | ||||||||
Other assets—ROU assets | i 4 | i — | i 4 | ||||||||
Total | $ | i 4,197 | $ | i 6,617 | $ | i 10,814 | |||||
Liabilities | |||||||||||
Other liabilities and accrued expenses—Lending commitments | $ | i 275 | $ | i 153 | $ | i 428 | |||||
Total | $ | i 275 | $ | i 153 | $ | i 428 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Assets | |||||||||||
Loans2 | $ | ( i 426) | $ | ( i 563) | $ | ( i 89) | |||||
Goodwill | i — | i — | ( i 8) | ||||||||
Intangibles | i — | i — | ( i 3) | ||||||||
Other
assets—Other investments3 | ( i 15) | ( i 14) | ( i 57) | ||||||||
Other
assets—Premises, equipment and software4 | ( i 8) | ( i 6) | ( i 14) | ||||||||
Other
assets—ROU assets5 | ( i 35) | ( i 11) | ( i 25) | ||||||||
Total | $ | ( i 484) | $ | ( i 594) | $ | ( i 196) | |||||
Liabilities | |||||||||||
Other
liabilities and accrued expenses—Lending commitments2 | $ | i 75 | $ | ( i 137) | $ | i 37 | |||||
Total | $ | i 75 | $ | ( i 137) | $ | i 37 |
December 2023 Form 10-K | 106 |
Notes to Consolidated Financial Statements |
At December 31, 2023 | |||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | i 89,232 | $ | i 89,232 | $ | i — | $ | i — | $ | i 89,232 | |||||||
Investment securities—HTM | i 66,694 | i 21,937 | i 34,411 | i 1,105 | i 57,453 | ||||||||||||
Securities
purchased under agreements to resell | i 110,733 | i — | i 108,099 | i 2,674 | i 110,773 | ||||||||||||
Securities borrowed | i 121,091 | i — | i 121,091 | i — | i 121,091 | ||||||||||||
Customer and other receivables | i 74,337 | i — | i 70,110 | i 4,031 | i 74,141 | ||||||||||||
Loans1,2: | |||||||||||||||||
Held
for investment | i 203,385 | i — | i 20,125 | i 176,291 | i 196,416 | ||||||||||||
Held
for sale | i 15,255 | i — | i 8,652 | i 6,672 | i 15,324 | ||||||||||||
Other assets | i 704 | i — | i 704 | i — | i 704 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | i 345,332 | $ | i — | $ | i 345,391 | $ | i — | $ | i 345,391 | |||||||
Securities sold under agreements to repurchase | i 61,631 | i — | i 61,621 | i — | i 61,621 | ||||||||||||
Securities loaned | i 15,057 | i — | i 15,055 | i — | i 15,055 | ||||||||||||
Other secured financings | i 2,756 | i — | i 2,756 | i — | i 2,756 | ||||||||||||
Customer and other payables | i 208,015 | i — | i 208,015 | i — | i 208,015 | ||||||||||||
Borrowings | i 169,832 | i — | i 171,009 | i 4 | i 171,013 | ||||||||||||
Commitment Amount | |||||||||||||||||
Lending
commitments3 | $ | i 149,464 | $ | i — | $ | i 1,338 | $ | i 749 | $ | i 2,087 |
At December 31, 2022 | |||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | i 128,127 | $ | i 128,127 | $ | i — | $ | i — | $ | i 128,127 | |||||||
Investment securities—HTM | i 75,634 | i 26,754 | i 37,218 | i 1,034 | i 65,006 | ||||||||||||
Securities
purchased under agreements to resell | i 113,899 | i — | i 111,188 | i 2,681 | i 113,869 | ||||||||||||
Securities borrowed | i 133,374 | i — | i 133,370 | i — | i 133,370 | ||||||||||||
Customer and other receivables | i 73,248 | i — | i 69,268 | i 3,664 | i 72,932 | ||||||||||||
Loans1,
2: | |||||||||||||||||
Held for investment | i 198,997 | i — | i 17,278 | i 173,778 | i 191,056 | ||||||||||||
Held
for sale | i 14,788 | i — | i 6,875 | i 7,783 | i 14,658 | ||||||||||||
Other assets | i 704 | i — | i 704 | i — | i 704 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | i 351,850 | $ | i — | $ | i 351,721 | $ | i — | $ | i 351,721 | |||||||
Securities sold under agreements to repurchase | i 61,670 | i — | i 61,620 | i — | i 61,620 | ||||||||||||
Securities loaned | i 15,679 | i — | i 15,673 | i — | i 15,673 | ||||||||||||
Other secured financings | i 3,608 | i — | i 3,608 | i — | i 3,608 | ||||||||||||
Customer and other payables | i 216,018 | i — | i 216,018 | i — | i 216,018 | ||||||||||||
Borrowings | i 159,338 | i — | i 157,780 | i 4 | i 157,784 | ||||||||||||
Commitment Amount | |||||||||||||||||
Lending
commitments3 | $ | i 136,241 | $ | i — | $ | i 1,789 | $ | i 1,077 | $ | i 2,866 |
$ in millions | At | At | ||||||
Business Unit Responsible for Risk Management | ||||||||
Equity | $ | i 46,073 | $ | i 38,945 | ||||
Interest rates | i 31,055 | i 26,077 | ||||||
Commodities | i 12,798 | i 10,717 | ||||||
Credit | i 2,400 | i 1,564 | ||||||
Foreign exchange | i 1,574 | i 1,417 | ||||||
Total | $ | i 93,900 | $ | i 78,720 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Trading revenues | $ | ( i 7,991) | $ | i 12,370 | $ | i 899 | |||||
Interest expense | i 503 | i 293 | i 305 | ||||||||
Net
revenues1 | $ | ( i 8,494) | $ | i 12,077 | $ | i 594 |
$ in millions | Trading Revenues | OCI | ||||||
2023 | ||||||||
Loans
and other receivables1 | $ | ( i 123) | $ | i — | ||||
Lending commitments | i 14 | i — | ||||||
Deposits | i — | i 17 | ||||||
Borrowings | ( i 19) | ( i 1,726) | ||||||
2022 | ||||||||
Loans
and other receivables1 | $ | ( i 108) | $ | i — | ||||
Lending commitments | ( i 12) | i — | ||||||
Deposits | i — | ( i 24) | ||||||
Borrowings | i — | i 2,006 | ||||||
2021 | ||||||||
Loans
and other receivables1 | $ | i 278 | $ | i — | ||||
Lending commitments | i 2 | i — | ||||||
Deposits | i — | i 17 | ||||||
Borrowings | ( i 36) | i 901 | ||||||
107 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ | ( i 2,166) | $ | ( i 457) |
$ in millions | At | At | ||||||
Loans and other receivables2 | $ | i 11,086 | $ | i 11,916 | ||||
Nonaccrual
loans2 | i 8,566 | i 9,128 | ||||||
Borrowings3 | i 3,030 | i 5,203 |
$ in millions | At | At | ||||||
Nonaccrual loans | $ | i 440 | $ | i 585 | ||||
Nonaccrual
loans 90 or more days past due | $ | i 75 | $ | i 116 |
Assets at December 31, 2023 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 25 | $ | i — | $ | i — | $ | i 25 | ||||||
Foreign exchange | i 5 | i 5 | i — | i 10 | ||||||||||
Total | i 30 | i 5 | i — | i 35 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 2 | i 27 | i — | i 29 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 127,414 | i 19,914 | i 854 | i 148,182 | ||||||||||
Credit | i 5,712 | i 4,896 | i — | i 10,608 | ||||||||||
Foreign exchange | i 90,654 | i 2,570 | i 16 | i 93,240 | ||||||||||
Equity | i 20,338 | i — | i 37,737 | i 58,075 | ||||||||||
Commodity and other | i 13,928 | i — | i 2,353 | i 16,281 | ||||||||||
Total | i 258,048 | i 27,407 | i 40,960 | i 326,415 | ||||||||||
Total gross derivatives | $ | i 258,078 | $ | i 27,412 | $ | i 40,960 | $ | i 326,450 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 184,553) | ( i 23,851) | ( i 38,510) | ( i 246,914) | ||||||||||
Cash collateral netting | ( i 39,493) | ( i 2,730) | i — | ( i 42,223) | ||||||||||
Total in Trading assets | $ | i 34,032 | $ | i 831 | $ | i 2,450 | $ | i 37,313 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 15,690) | i — | i — | ( i 15,690) | ||||||||||
Net amounts | $ | i 18,342 | $ | i 831 | $ | i 2,450 | $ | i 21,623 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 2,641 |
Liabilities
at December 31, 2023 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 467 | $ | i — | $ | i — | $ | i 467 | ||||||
Foreign exchange | i 414 | i 43 | i — | i 457 | ||||||||||
Total | i 881 | i 43 | i — | i 924 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 43 | i 702 | i — | i 745 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 120,604 | i 17,179 | i 590 | i 138,373 | ||||||||||
Credit | i 5,920 | i 4,427 | i — | i 10,347 | ||||||||||
Foreign exchange | i 87,104 | i 2,694 | i 106 | i 89,904 | ||||||||||
Equity | i 31,545 | i — | i 37,349 | i 68,894 | ||||||||||
Commodity and other | i 12,237 | i — | i 2,830 | i 15,067 | ||||||||||
Total | i 257,453 | i 25,002 | i 40,875 | i 323,330 | ||||||||||
Total gross derivatives | $ | i 258,334 | $ | i 25,045 | $ | i 40,875 | $ | i 324,254 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 184,553) | ( i 23,851) | ( i 38,510) | ( i 246,914) | ||||||||||
Cash collateral netting | ( i 41,082) | ( i 983) | i — | ( i 42,065) | ||||||||||
Total in Trading liabilities | $ | i 32,699 | $ | i 211 | $ | i 2,365 | $ | i 35,275 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 6,864) | ( i 8) | ( i 37) | ( i 6,909) | ||||||||||
Net amounts | $ | i 25,835 | $ | i 203 | $ | i 2,328 | $ | i 28,366 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 5,911 |
December 2023 Form 10-K | 108 |
Notes to Consolidated Financial Statements |
Assets
at December 31, 2022 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 62 | $ | i 1 | $ | i — | $ | i 63 | ||||||
Foreign exchange | i 15 | i 44 | i — | i 59 | ||||||||||
Total | i 77 | i 45 | i — | i 122 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 2 | i 59 | i — | i 61 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 141,291 | i 29,007 | i 1,029 | i 171,327 | ||||||||||
Credit | i 5,888 | i 2,352 | i — | i 8,240 | ||||||||||
Foreign exchange | i 113,540 | i 2,337 | i 62 | i 115,939 | ||||||||||
Equity | i 16,505 | i — | i 26,850 | i 43,355 | ||||||||||
Commodity and other | i 24,298 | i — | i 6,164 | i 30,462 | ||||||||||
Total | i 301,524 | i 33,755 | i 34,105 | i 369,384 | ||||||||||
Total gross derivatives | $ | i 301,601 | $ | i 33,800 | $ | i 34,105 | $ | i 369,506 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 214,773) | ( i 32,250) | ( i 32,212) | ( i 279,235) | ||||||||||
Cash collateral netting | ( i 44,711) | ( i 1,348) | i — | ( i 46,059) | ||||||||||
Total in Trading assets | $ | i 42,117 | $ | i 202 | $ | i 1,893 | $ | i 44,212 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 19,406) | i — | i — | ( i 19,406) | ||||||||||
Net amounts | $ | i 22,711 | $ | i 202 | $ | i 1,893 | $ | i 24,806 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 4,318 |
Liabilities
at December 31, 2022 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 457 | $ | i 4 | $ | i — | $ | i 461 | ||||||
Foreign exchange | i 550 | i 101 | i — | i 651 | ||||||||||
Total | i 1,007 | i 105 | i — | i 1,112 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 9 | i 368 | i — | i 377 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 135,661 | i 28,581 | i 455 | i 164,697 | ||||||||||
Credit | i 5,535 | i 2,390 | i — | i 7,925 | ||||||||||
Foreign exchange | i 110,322 | i 2,512 | i 104 | i 112,938 | ||||||||||
Equity | i 23,138 | i — | i 28,193 | i 51,331 | ||||||||||
Commodity and other | i 19,631 | i — | i 6,748 | i 26,379 | ||||||||||
Total | i 294,296 | i 33,851 | i 35,500 | i 363,647 | ||||||||||
Total gross derivatives | $ | i 295,303 | $ | i 33,956 | $ | i 35,500 | $ | i 364,759 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 214,773) | ( i 32,250) | ( i 32,212) | ( i 279,235) | ||||||||||
Cash collateral netting | ( i 45,884) | ( i 1,505) | i — | ( i 47,389) | ||||||||||
Total in Trading liabilities | $ | i 34,646 | $ | i 201 | $ | i 3,288 | $ | i 38,135 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 2,545) | i — | ( i 1,139) | ( i 3,684) | ||||||||||
Net amounts | $ | i 32,101 | $ | i 201 | $ | i 2,149 | $ | i 34,451 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 6,430 |
Assets
at December 31, 2023 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i — | $ | i 92 | $ | i — | $ | i 92 | ||||||
Foreign exchange | i 1 | i 1 | i — | i 2 | ||||||||||
Total | i 1 | i 93 | i — | i 94 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i — | i 1 | i — | i 1 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 4,153 | i 8,357 | i 560 | i 13,070 | ||||||||||
Credit | i 214 | i 176 | i — | i 390 | ||||||||||
Foreign exchange | i 3,378 | i 165 | i 7 | i 3,550 | ||||||||||
Equity | i 528 | i — | i 440 | i 968 | ||||||||||
Commodity and other | i 142 | i — | i 65 | i 207 | ||||||||||
Total | i 8,415 | i 8,699 | i 1,072 | i 18,186 | ||||||||||
Total gross derivatives | $ | i 8,416 | $ | i 8,792 | $ | i 1,072 | $ | i 18,280 |
Liabilities
at December 31, 2023 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 3 | $ | i 183 | $ | i — | $ | i 186 | ||||||
Foreign exchange | i 14 | i 3 | i — | i 17 | ||||||||||
Total | i 17 | i 186 | i — | i 203 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 2 | i 22 | i — | i 24 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 4,631 | i 8,197 | i 455 | i 13,283 | ||||||||||
Credit | i 229 | i 155 | i — | i 384 | ||||||||||
Foreign exchange | i 3,496 | i 167 | i 33 | i 3,696 | ||||||||||
Equity | i 587 | i — | i 712 | i 1,299 | ||||||||||
Commodity and other | i 101 | i — | i 79 | i 180 | ||||||||||
Total | i 9,046 | i 8,541 | i 1,279 | i 18,866 | ||||||||||
Total gross derivatives | $ | i 9,063 | $ | i 8,727 | $ | i 1,279 | $ | i 19,069 |
Assets
at December 31, 2022 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 2 | $ | i 62 | $ | i — | $ | i 64 | ||||||
Foreign exchange | i 2 | i 2 | i — | i 4 | ||||||||||
Total | i 4 | i 64 | i — | i 68 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i — | i 3 | i — | i 3 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 3,404 | i 7,609 | i 614 | i 11,627 | ||||||||||
Credit | i 190 | i 130 | i — | i 320 | ||||||||||
Foreign exchange | i 3,477 | i 126 | i 15 | i 3,618 | ||||||||||
Equity | i 488 | i — | i 358 | i 846 | ||||||||||
Commodity and other | i 141 | i — | i 59 | i 200 | ||||||||||
Total | i 7,700 | i 7,868 | i 1,046 | i 16,614 | ||||||||||
Total gross derivatives | $ | i 7,704 | $ | i 7,932 | $ | i 1,046 | $ | i 16,682 |
109 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
Liabilities
at December 31, 2022 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 3 | $ | i 187 | $ | i — | $ | i 190 | ||||||
Foreign exchange | i 12 | i 2 | i — | i 14 | ||||||||||
Total | i 15 | i 189 | i — | i 204 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i — | i 15 | i — | i 15 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 3,436 | i 7,761 | i 497 | i 11,694 | ||||||||||
Credit | i 199 | i 125 | i — | i 324 | ||||||||||
Foreign exchange | i 3,516 | i 123 | i 35 | i 3,674 | ||||||||||
Equity | i 488 | i — | i 552 | i 1,040 | ||||||||||
Commodity and other | i 101 | i — | i 79 | i 180 | ||||||||||
Total | i 7,740 | i 8,024 | i 1,163 | i 16,927 | ||||||||||
Total gross derivatives | $ | i 7,755 | $ | i 8,213 | $ | i 1,163 | $ | i 17,131 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Fair value hedges—Recognized in Interest income | |||||||||||
Interest rate contracts | $ | ( i 576) | $ | i 1,928 | $ | i 742 | |||||
Investment Securities—AFS | i 638 | ( i 1,838) | ( i 629) | ||||||||
Fair value hedges—Recognized in Interest expense | |||||||||||
Interest rate contracts | $ | i 3,664 | $ | ( i 15,159) | $ | ( i 4,306) | |||||
Deposits | ( i 88) | i 124 | i 88 | ||||||||
Borrowings | ( i 3,564) | i 15,042 | i 4,214 | ||||||||
Net investment hedges—Foreign exchange contracts | |||||||||||
Recognized in OCI | $ | ( i 168) | $ | i 657 | $ | i 664 | |||||
Forward
points excluded from hedge effectiveness testing—Recognized in Interest income | i 211 | ( i 33) | ( i 53) | ||||||||
Cash
flow hedges—Interest rate contracts1 | |||||||||||
Recognized in OCI | $ | i 9 | $ | ( i 4) | $ | i — | |||||
Less:
Realized gains (losses) (pre-tax) reclassified from AOCI to interest income | ( i 16) | i — | i — | ||||||||
Net change in cash flow hedges included within AOCI | i 25 | ( i 4) | i — |
$ in millions | At | At | ||||||
Investment securities—AFS | ||||||||
Amortized cost basis currently or previously hedged | $ | i 47,179 | $ | i 34,073 | ||||
Basis
adjustments included in amortized cost1 | $ | ( i 732) | $ | ( i 1,628) | ||||
Deposits | ||||||||
Carrying amount currently or previously hedged | $ | i 10,569 | $ | i 3,735 | ||||
Basis
adjustments included in carrying amount1 | $ | ( i 31) | $ | ( i 119) | ||||
Borrowings | ||||||||
Carrying amount currently or previously hedged | $ | i 158,659 | $ | i 146,025 | ||||
Basis adjustments included in carrying amount—Outstanding hedges | $ | ( i 9,219) | $ | ( i 12,748) | ||||
Basis
adjustments included in carrying amount—Terminated hedges | $ | ( i 671) | $ | ( i 715) |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Recognized in Other revenues | |||||||||||
Credit contracts1 | ( i 522) | ( i 62) | ( i 285) |
$ in millions | At | At | ||||||
Net derivative liabilities with credit risk-related contingent features | $ | i 21,957 | $ | i 20,287 | ||||
Collateral posted | i 16,389 | i 12,268 |
$ in millions | At | ||||
One-notch downgrade | $ | i 450 | |||
Two-notch downgrade | i 394 | ||||
Bilateral
downgrade agreements included in the amounts above1 | $ | i 692 |
December 2023 Form 10-K | 110 |
Notes to Consolidated Financial Statements |
Years to Maturity at December 31, 2023 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | i 19 | $ | i 29 | $ | i 39 | $ | i 10 | $ | i 97 | |||||||
Non-investment grade | i 7 | i 14 | i 17 | i 1 | i 39 | ||||||||||||
Total | $ | i 26 | $ | i 43 | $ | i 56 | $ | i 11 | $ | i 136 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | i 8 | $ | i 19 | $ | i 85 | $ | i 4 | $ | i 116 | |||||||
Non-investment grade | i 8 | i 14 | i 95 | i 17 | i 134 | ||||||||||||
Total | $ | i 16 | $ | i 33 | $ | i 180 | $ | i 21 | $ | i 250 | |||||||
Total CDS sold | $ | i 42 | $ | i 76 | $ | i 236 | $ | i 32 | $ | i 386 | |||||||
Other credit contracts | i — | i — | i — | i 3 | i 3 | ||||||||||||
Total credit protection sold | $ | i 42 | $ | i 76 | $ | i 236 | $ | i 35 | $ | i 389 | |||||||
CDS protection sold with identical protection purchased | $ | i 330 |
Years to Maturity at December 31, 2022 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | i 12 | $ | i 29 | $ | i 29 | $ | i 9 | $ | i 79 | |||||||
Non-investment grade | i 5 | i 13 | i 16 | i 2 | i 36 | ||||||||||||
Total | $ | i 17 | $ | i 42 | $ | i 45 | $ | i 11 | $ | i 115 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | i 3 | $ | i 13 | $ | i 37 | $ | i 3 | $ | i 56 | |||||||
Non-investment grade | i 8 | i 17 | i 108 | i 19 | i 152 | ||||||||||||
Total | $ | i 11 | $ | i 30 | $ | i 145 | $ | i 22 | $ | i 208 | |||||||
Total CDS sold | $ | i 28 | $ | i 72 | $ | i 190 | $ | i 33 | $ | i 323 | |||||||
Other credit contracts | i — | i — | i — | i — | i — | ||||||||||||
Total credit protection sold | $ | i 28 | $ | i 72 | $ | i 190 | $ | i 33 | $ | i 323 | |||||||
CDS protection sold with identical protection purchased | $ | i 262 |
$ in millions | At | At | ||||||
Single-name CDS | ||||||||
Investment grade | $ | i 1,904 | $ | i 762 | ||||
Non-investment grade | i 399 | ( i 808) | ||||||
Total | $ | i 2,303 | $ | ( i 46) | ||||
Index and basket CDS | ||||||||
Investment grade | $ | i 1,929 | $ | i 859 | ||||
Non-investment grade | i 45 | ( i 1,812) | ||||||
Total | $ | i 1,974 | $ | ( i 953) | ||||
Total CDS sold | $ | i 4,277 | $ | ( i 999) | ||||
Other credit contracts | i 314 | ( i 1) | ||||||
Total credit protection sold | $ | i 4,591 | $ | ( i 1,000) |
Notional | ||||||||
$ in billions | At December 31, 2023 | At December 31, 2022 | ||||||
Single name | $ | i 166 | $ | i 140 | ||||
Index and basket | i 213 | i 173 | ||||||
Tranched index and basket | i 30 | i 26 | ||||||
Total | $ | i 409 | $ | i 339 |
Fair Value Asset (Liability) | ||||||||
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Single name | $ | ( i 2,799) | $ | ( i 33) | ||||
Index and basket | ( i 1,208) | i 1,248 | ||||||
Tranched index and basket | ( i 1,012) | ( i 217) | ||||||
Total | $ | ( i 5,019) | $ | i 998 |
111 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | ||||||||||||||
$ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
AFS securities | ||||||||||||||
U.S. Treasury securities | $ | i 58,484 | $ | i 24 | $ | i 1,103 | i 57,405 | |||||||
U.S. agency securities2 | i 25,852 | i 4 | i 2,528 | i 23,328 | ||||||||||
Agency CMBS | i 5,871 | i — | i 456 | i 5,415 | ||||||||||
State and municipal securities | i 1,132 | i 46 | i 5 | i 1,173 | ||||||||||
FFELP
student loan ABS3 | i 810 | i — | i 18 | i 792 | ||||||||||
Total AFS securities | i 92,149 | i 74 | i 4,110 | i 88,113 | ||||||||||
HTM securities | ||||||||||||||
U.S. Treasury securities | i 23,222 | i — | i 1,285 | i 21,937 | ||||||||||
U.S.
agency securities2 | i 40,894 | i — | i 7,699 | i 33,195 | ||||||||||
Agency CMBS | i 1,337 | i — | i 121 | i 1,216 | ||||||||||
Non-agency CMBS | i 1,241 | i 2 | i 138 | i 1,105 | ||||||||||
Total HTM securities | i 66,694 | i 2 | i 9,243 | i 57,453 | ||||||||||
Total investment securities | $ | i 158,843 | $ | i 76 | $ | i 13,353 | $ | i 145,566 |
At December 31, 2022 | ||||||||||||||
$ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
AFS securities | ||||||||||||||
U.S. Treasury securities | $ | i 56,103 | $ | i 17 | $ | i 2,254 | $ | i 53,866 | ||||||
U.S.
agency securities2 | i 23,926 | i 1 | i 2,753 | i 21,174 | ||||||||||
Agency CMBS | i 5,998 | i — | i 470 | i 5,528 | ||||||||||
State and municipal securities | i 2,598 | i 71 | i 42 | i 2,627 | ||||||||||
FFELP student loan
ABS3 | i 1,147 | i — | i 45 | i 1,102 | ||||||||||
Total AFS securities | i 89,772 | i 89 | i 5,564 | i 84,297 | ||||||||||
HTM securities | ||||||||||||||
U.S. Treasury securities | i 28,599 | i — | i 1,845 | i 26,754 | ||||||||||
U.S.
agency securities2 | i 44,038 | i — | i 8,487 | i 35,551 | ||||||||||
Agency CMBS | i 1,819 | i — | i 152 | i 1,667 | ||||||||||
Non-agency CMBS | i 1,178 | i — | i 144 | i 1,034 | ||||||||||
Total HTM securities | i 75,634 | i — | i 10,628 | i 65,006 | ||||||||||
Total investment securities | $ | i 165,406 | $ | i 89 | $ | i 16,192 | $ | i 149,303 |
At
December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||
U.S. Treasury securities | ||||||||||||||
Less than12 months | $ | i 14,295 | $ | i 22 | $ | i 42,144 | $ | i 1,711 | ||||||
12 months or longer | i 33,458 | i 1,081 | i 11,454 | i 543 | ||||||||||
Total | i 47,753 | i 1,103 | i 53,598 | i 2,254 | ||||||||||
U.S. agency securities | ||||||||||||||
Less than12 months | i 4,297 | i 43 | i 13,662 | i 1,271 | ||||||||||
12 months or longer | i 18,459 | i 2,485 | i 7,060 | i 1,482 | ||||||||||
Total | i 22,756 | i 2,528 | i 20,722 | i 2,753 | ||||||||||
Agency CMBS | ||||||||||||||
Less than12 months | i — | i — | i 5,343 | i 448 | ||||||||||
12 months or longer | i 5,415 | i 456 | i 185 | i 22 | ||||||||||
Total | i 5,415 | i 456 | i 5,528 | i 470 | ||||||||||
State
and municipal securities | ||||||||||||||
Less than12 months | i 524 | i 3 | i 2,106 | i 40 | ||||||||||
12 months or longer | i 35 | i 2 | i 65 | i 2 | ||||||||||
Total | i 559 | i 5 | i 2,171 | i 42 | ||||||||||
FFELP student loan ABS | ||||||||||||||
Less than12 months | i 56 | i 1 | i 627 | i 23 | ||||||||||
12 months or longer | i 616 | i 17 | i 476 | i 22 | ||||||||||
Total | i 672 | i 18 | i 1,103 | i 45 | ||||||||||
Total AFS securities in an unrealized loss position | ||||||||||||||
Less than12 months | i 19,172 | i 69 | i 63,882 | i 3,493 | ||||||||||
12 months or longer | i 57,983 | i 4,041 | i 19,240 | i 2,071 | ||||||||||
Total | $ | i 77,155 | $ | i 4,110 | $ | i 83,122 | $ | i 5,564 |
December 2023 Form 10-K | 112 |
Notes to Consolidated Financial Statements |
At December 31, 2023 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2,3 | ||||||||
AFS securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | i 16,311 | $ | i 16,030 | i 1.2 | % | |||||
After 1 year through 5 years | i 40,412 | i 39,620 | i 2.6 | % | |||||||
After 5 years through 10 years | i 1,761 | i 1,755 | i 4.0 | % | |||||||
Total | i 58,484 | i 57,405 | |||||||||
U.S. agency securities: | |||||||||||
Due within 1 year | i 23 | i 23 | ( i 0.6) | % | |||||||
After 1 year through 5 years | i 397 | i 375 | i 1.6 | % | |||||||
After 5 years through 10 years | i 547 | i 504 | i 1.8 | % | |||||||
After 10 years | i 24,885 | i 22,426 | i 3.6 | % | |||||||
Total | i 25,852 | i 23,328 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | i 1 | i 1 | ( i 2.2) | % | |||||||
After 1 year through 5 years | i 2,491 | i 2,392 | i 1.8 | % | |||||||
After 5 years through 10 years | i 2,176 | i 2,043 | i 2.0 | % | |||||||
After 10 years | i 1,203 | i 979 | i 1.4 | % | |||||||
Total | i 5,871 | i 5,415 | |||||||||
State and municipal securities: | |||||||||||
Due within 1 year | i 27 | i 28 | i 5.2 | % | |||||||
After 1 year through 5 years | i 185 | i 184 | i 4.7 | % | |||||||
After 5 years through 10 years | i 6 | i 9 | i 4.1 | % | |||||||
After 10 years | i 914 | i 952 | i 4.2 | % | |||||||
Total | i 1,132 | i 1,173 | |||||||||
FFELP student loan ABS: | |||||||||||
After 1 year through 5 years | i 96 | i 91 | i 6.1 | % | |||||||
After 5 years through 10 years | i 99 | i 95 | i 6.0 | % | |||||||
After 10 years | i 615 | i 606 | i 6.2 | % | |||||||
Total | i 810 | i 792 | |||||||||
Total AFS securities | i 92,149 | i 88,113 | i 2.6 | % | |||||||
At December 31, 2023 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | ||||||||
HTM securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | i 6,403 | $ | i 6,317 | i 2.1 | % | |||||
After 1 year through 5 years | i 12,059 | i 11,497 | i 1.8 | % | |||||||
After 5 years through 10 years | i 3,202 | i 2,965 | i 2.4 | % | |||||||
After 10 years | i 1,558 | i 1,158 | i 2.3 | % | |||||||
Total | i 23,222 | i 21,937 | |||||||||
U.S. agency securities: | |||||||||||
After 1 year through 5 years | i 6 | i 6 | i 1.8 | % | |||||||
After 5 years through 10 years | i 294 | i 276 | i 2.1 | % | |||||||
After 10 years | i 40,594 | i 32,913 | i 1.8 | % | |||||||
Total | i 40,894 | i 33,195 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | i 30 | i 30 | i 2.5 | % | |||||||
After 1 year through 5 years | i 1,063 | i 985 | i 1.4 | % | |||||||
After 5 years through 10 years | i 117 | i 99 | i 1.4 | % | |||||||
After 10 years | i 127 | i 102 | i 1.6 | % | |||||||
Total | i 1,337 | i 1,216 | |||||||||
Non-agency CMBS: | |||||||||||
Due within 1 year | i 208 | i 185 | i 4.0 | % | |||||||
After 1 year through 5 years | i 343 | i 321 | i 4.6 | % | |||||||
After 5 years through 10 years | i 641 | i 551 | i 3.7 | % | |||||||
After 10 years | i 49 | i 48 | i 5.7 | % | |||||||
Total | i 1,241 | i 1,105 | |||||||||
Total HTM securities | i 66,694 | i 57,453 | i 1.9 | % | |||||||
Total investment securities | $ | i 158,843 | $ | i 145,566 | i 2.3 | % |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Gross realized gains | $ | i 70 | $ | i 164 | $ | i 237 | |||||
Gross realized (losses) | ( i 21) | ( i 94) | ( i 27) | ||||||||
Total1 | $ | i 49 | $ | i 70 | $ | i 210 |
113 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 300,242 | $ | ( i 189,502) | $ | i 110,740 | $ | ( i 108,893) | $ | i 1,847 | |||||||
Securities borrowed | i 142,453 | ( i 21,362) | i 121,091 | ( i 115,969) | i 5,122 | ||||||||||||
Liabilities | |||||||||||||||||
Securities sold under agreements to repurchase | $ | i 252,153 | $ | ( i 189,502) | $ | i 62,651 | $ | ( i 58,357) | $ | i 4,294 | |||||||
Securities loaned | i 36,419 | ( i 21,362) | i 15,057 | ( i 15,046) | i 11 | ||||||||||||
Net amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 1,741 | |||||||||||||||
Securities borrowed | i 607 | ||||||||||||||||
Securities sold under agreements to repurchase | i 3,014 | ||||||||||||||||
Securities loaned | i 2 |
At December 31, 2022 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 240,355 | $ | ( i 126,448) | $ | i 113,907 | $ | ( i 109,902) | $ | i 4,005 | |||||||
Securities borrowed | i 145,340 | ( i 11,966) | i 133,374 | ( i 128,073) | i 5,301 | ||||||||||||
Liabilities | |||||||||||||||||
Securities sold under agreements to repurchase | $ | i 188,982 | $ | ( i 126,448) | $ | i 62,534 | $ | ( i 57,395) | $ | i 5,139 | |||||||
Securities loaned | i 27,645 | ( i 11,966) | i 15,679 | ( i 15,199) | i 480 | ||||||||||||
Net amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 1,696 | |||||||||||||||
Securities borrowed | i 624 | ||||||||||||||||
Securities sold under agreements to repurchase | i 3,861 | ||||||||||||||||
Securities loaned | i 250 |
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 | $ | i 80,376 | $ | i 114,826 | $ | i 25,510 | $ | i 31,441 | $ | i 252,153 | |||||||
Securities loaned | i 21,508 | i 1,345 | i 709 | i 12,857 | i 36,419 | ||||||||||||
Total included in the offsetting disclosure | $ | i 101,884 | $ | i 116,171 | $ | i 26,219 | $ | i 44,298 | $ | i 288,572 | |||||||
Trading liabilities—Obligation to return securities received as collateral | i 13,528 | i — | i — | i — | i 13,528 | ||||||||||||
Total | $ | i 115,412 | $ | i 116,171 | $ | i 26,219 | $ | i 44,298 | $ | i 302,100 | |||||||
At December 31, 2022 | |||||||||||||||||
$ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | i 54,551 | $ | i 77,359 | $ | i 20,586 | $ | i 36,486 | $ | i 188,982 | |||||||
Securities loaned | i 15,150 | i 882 | i 1,984 | i 9,629 | i 27,645 | ||||||||||||
Total included in the offsetting disclosure | $ | i 69,701 | $ | i 78,241 | $ | i 22,570 | $ | i 46,115 | $ | i 216,627 | |||||||
Trading liabilities—Obligation to return securities received as collateral | i 22,880 | i — | i — | i — | i 22,880 | ||||||||||||
Total | $ | i 92,581 | $ | i 78,241 | $ | i 22,570 | $ | i 46,115 | $ | i 239,507 |
$ in millions | At | At | ||||||
Securities sold under agreements to repurchase | ||||||||
U.S. Treasury and agency securities | $ | i 98,377 | $ | i 57,761 | ||||
Other sovereign government obligations | i 122,342 | i 98,839 | ||||||
Corporate equities | i 18,144 | i 19,340 | ||||||
Other | i 13,290 | i 13,042 | ||||||
Total | $ | i 252,153 | $ | i 188,982 | ||||
Securities loaned | ||||||||
Other sovereign government obligations | $ | i 1,379 | $ | i 862 | ||||
Corporate equities | i 34,434 | i 26,289 | ||||||
Other | i 606 | i 494 | ||||||
Total | $ | i 36,419 | $ | i 27,645 | ||||
Total included in the offsetting disclosure | $ | i 288,572 | $ | i 216,627 | ||||
Trading liabilities—Obligation to return securities received as collateral | ||||||||
Corporate equities | $ | i 13,502 | $ | i 22,833 | ||||
Other | i 26 | i 47 | ||||||
Total | $ | i 13,528 | $ | i 22,880 | ||||
Total | $ | i 302,100 | $ | i 239,507 |
$ in millions | At | At | ||||||
Trading assets | $ | i 37,522 | $ | i 34,524 | ||||
December 2023 Form 10-K | 114 |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Collateral received with right to sell or repledge | $ | i 735,830 | $ | i 637,941 | ||||
Collateral
that was sold or repledged1 | i 553,386 | i 486,820 |
$ in millions | At | At | ||||||
Segregated securities1 | $ | i 20,670 | $ | i 32,254 |
At | At | |||||||
U.S. government and agency securities and other sovereign government obligations | ||||||||
Trading assets1 | i 12 | % | i 9 | % | ||||
Off
balance sheet—Collateral received2 | i 11 | % | i 12 | % |
$ in millions | At | At | ||||||
Margin and other lending | $ | i 45,644 | $ | i 38,524 |
115 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | |||||||||||
$ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||
Corporate | $ | i 6,758 | $ | i 11,862 | $ | i 18,620 | |||||
Secured lending facilities | i 39,498 | i 3,161 | i 42,659 | ||||||||
Commercial real estate | i 8,678 | i 209 | i 8,887 | ||||||||
Residential real estate | i 60,375 | i 22 | i 60,397 | ||||||||
Securities-based lending and Other loans | i 89,245 | i 1 | i 89,246 | ||||||||
Total loans | i 204,554 | i 15,255 | i 219,809 | ||||||||
ACL | ( i 1,169) | ( i 1,169) | |||||||||
Total loans, net | $ | i 203,385 | $ | i 15,255 | $ | i 218,640 | |||||
Loans to non-U.S. borrowers, net | $ | i 21,152 | $ | i 5,043 | $ | i 26,195 |
At December 31, 2022 | |||||||||||
$ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||
Corporate | $ | i 6,589 | $ | i 10,634 | $ | i 17,223 | |||||
Secured lending facilities | i 35,606 | i 3,176 | i 38,782 | ||||||||
Commercial real estate | i 8,515 | i 926 | i 9,441 | ||||||||
Residential real estate | i 54,460 | i 4 | i 54,464 | ||||||||
Securities-based lending and Other loans | i 94,666 | i 48 | i 94,714 | ||||||||
Total loans | i 199,836 | i 14,788 | i 214,624 | ||||||||
ACL | ( i 839) | ( i 839) | |||||||||
Total loans, net | $ | i 198,997 | $ | i 14,788 | $ | i 213,785 | |||||
Loans to non-U.S. borrowers, net | $ | i 17,979 | $ | i 5,672 | $ | i 23,651 |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | Fixed Rate | Floating or Adjustable Rate | Fixed Rate | Floating or Adjustable Rate | ||||||||||
Corporate | $ | i — | $ | i 18,620 | $ | i — | $ | i 17,223 | ||||||
Secured lending facilities | i — | i 42,659 | i — | i 38,782 | ||||||||||
Commercial real estate | i 141 | i 8,746 | i 204 | i 9,237 | ||||||||||
Residential real estate | i 28,934 | i 31,464 | i 24,903 | i 29,561 | ||||||||||
Securities-based lending and Other loans | i 23,922 | i 65,323 | i 24,077 | i 70,637 | ||||||||||
Total loans, before ACL | $ | i 52,997 | $ | i 166,812 | $ | i 49,184 | $ | i 165,440 |
December 2023 Form 10-K | 116 |
Notes to Consolidated Financial Statements |
At December 31, 2023 | At December 31, 2022 | |||||||||||||||||||
Corporate | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i 2,350 | $ | i 3,863 | $ | i 6,213 | $ | i 2,554 | $ | i 3,456 | $ | i 6,010 | ||||||||
2023 | i — | i 88 | i 88 | |||||||||||||||||
2022 | i — | i 166 | i 166 | i 6 | i 107 | i 113 | ||||||||||||||
2021 | i 15 | i 89 | i 104 | i — | i 139 | i 139 | ||||||||||||||
2020 | i 29 | i 25 | i 54 | i — | i 58 | i 58 | ||||||||||||||
2019 | i — | i 133 | i 133 | i — | i 154 | i 154 | ||||||||||||||
Prior | i — | i — | i — | i 115 | i — | i 115 | ||||||||||||||
Total | $ | i 2,394 | $ | i 4,364 | $ | i 6,758 | $ | i 2,675 | $ | i 3,914 | $ | i 6,589 |
At December 31, 2023 | At December 31, 2022 | |||||||||||||||||||
Secured Lending Facilities | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i 9,494 | $ | i 22,240 | $ | i 31,734 | $ | i 9,445 | $ | i 21,243 | $ | i 30,688 | ||||||||
2023 | i 1,535 | i 1,459 | i 2,994 | |||||||||||||||||
2022 | i 392 | i 2,390 | i 2,782 | i 1,135 | i 1,336 | i 2,471 | ||||||||||||||
2021 | i — | i 365 | i 365 | i 254 | i 208 | i 462 | ||||||||||||||
2020 | i — | i 80 | i 80 | i — | i 98 | i 98 | ||||||||||||||
2019 | i 60 | i 333 | i 393 | i 60 | i 486 | i 546 | ||||||||||||||
Prior | i 296 | i 854 | i 1,150 | i 215 | i 1,126 | i 1,341 | ||||||||||||||
Total | $ | i 11,777 | $ | i 27,721 | $ | i 39,498 | $ | i 11,109 | $ | i 24,497 | $ | i 35,606 |
At December 31, 2023 | At December 31, 2022 | |||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i — | $ | i 170 | $ | i 170 | $ | i — | $ | i 204 | $ | i 204 | ||||||||
2023 | i 261 | i 1,067 | i 1,328 | |||||||||||||||||
2022 | i 284 | i 1,900 | i 2,184 | i 379 | i 2,201 | i 2,580 | ||||||||||||||
2021 | i 370 | i 1,494 | i 1,864 | i 239 | i 1,609 | i 1,848 | ||||||||||||||
2020 | i — | i 756 | i 756 | i — | i 728 | i 728 | ||||||||||||||
2019 | i 195 | i 1,369 | i 1,564 | i 659 | i 1,152 | i 1,811 | ||||||||||||||
Prior | i — | i 812 | i 812 | i 211 | i 1,133 | i 1,344 | ||||||||||||||
Total | $ | i 1,110 | $ | i 7,568 | $ | i 8,678 | $ | i 1,488 | $ | i 7,027 | $ | i 8,515 |
At December 31, 2023 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | i 108 | $ | i 33 | $ | i 8 | $ | i 149 | $ | i — | $ | i 149 | ||||||||||||||
2023 | i 7,390 | i 1,517 | i 230 | i 8,168 | i 969 | i 9,137 | ||||||||||||||||||||
2022 | i 10,927 | i 2,424 | i 389 | i 12,650 | i 1,090 | i 13,740 | ||||||||||||||||||||
2021 | i 11,075 | i 2,376 | i 239 | i 12,763 | i 927 | i 13,690 | ||||||||||||||||||||
2020 | i 6,916 | i 1,430 | i 104 | i 8,017 | i 433 | i 8,450 | ||||||||||||||||||||
2019 | i 3,965 | i 890 | i 131 | i 4,686 | i 300 | i 4,986 | ||||||||||||||||||||
Prior | i 7,677 | i 2,241 | i 305 | i 9,420 | i 803 | i 10,223 | ||||||||||||||||||||
Total | $ | i 48,058 | $ | i 10,911 | $ | i 1,406 | $ | i 55,853 | $ | i 4,522 | $ | i 60,375 |
At December 31, 2022 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | i 90 | $ | i 29 | $ | i 5 | $ | i 124 | $ | i — | $ | i 124 | ||||||||||||||
2022 | i 11,481 | i 2,533 | i 411 | i 13,276 | i 1,149 | i 14,425 | ||||||||||||||||||||
2021 | i 11,604 | i 2,492 | i 257 | i 13,378 | i 975 | i 14,353 | ||||||||||||||||||||
2020 | i 7,292 | i 1,501 | i 115 | i 8,452 | i 456 | i 8,908 | ||||||||||||||||||||
2019 | i 4,208 | i 946 | i 137 | i 4,968 | i 323 | i 5,291 | ||||||||||||||||||||
Prior | i 8,488 | i 2,519 | i 352 | i 10,457 | i 902 | i 11,359 | ||||||||||||||||||||
Total | $ | i 43,163 | $ | i 10,020 | $ | i 1,277 | $ | i 50,655 | $ | i 3,805 | $ | i 54,460 |
At December 31, 2023 | ||||||||||||||
Securities-based Lending1 | Other2 | |||||||||||||
$ in millions | IG | NIG | Total | |||||||||||
Revolving | $ | i 71,474 | $ | i 5,230 | $ | i 1,362 | $ | i 78,066 | ||||||
2023 | i 1,612 | i 627 | i 346 | i 2,585 | ||||||||||
2022 | i 1,128 | i 816 | i 804 | i 2,748 | ||||||||||
2021 | i 165 | i 330 | i 377 | i 872 | ||||||||||
2020 | i — | i 435 | i 414 | i 849 | ||||||||||
2019 | i 13 | i 769 | i 628 | i 1,410 | ||||||||||
Prior | i 202 | i 1,327 | i 1,186 | i 2,715 | ||||||||||
Total | $ | i 74,594 | $ | i 9,534 | $ | i 5,117 | $ | i 89,245 |
At December 31, 2022 | ||||||||||||||
Securities-based Lending1 | Other2 | |||||||||||||
$ in millions | IG | NIG | Total | |||||||||||
Revolving | $ | i 77,115 | $ | i 5,760 | $ | i 1,480 | $ | i 84,355 | ||||||
2022 | i 1,425 | i 1,572 | i 269 | i 3,266 | ||||||||||
2021 | i 725 | i 525 | i 223 | i 1,473 | ||||||||||
2020 | i — | i 580 | i 418 | i 998 | ||||||||||
2019 | i 16 | i 913 | i 644 | i 1,573 | ||||||||||
Prior | i 202 | i 1,849 | i 950 | i 3,001 | ||||||||||
Total | $ | i 79,483 | $ | i 11,199 | $ | i 3,984 | $ | i 94,666 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Corporate | $ | i 47 | $ | i 112 | ||||
Secured lending facilities | i — | i 85 | ||||||
Commercial real estate | i 185 | i — | ||||||
Residential real estate | i 160 | i 158 | ||||||
Securities-based lending and Other loans | i 1 | i 1 | ||||||
Total | $ | i 393 | $ | i 356 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Corporate | $ | i 95 | $ | i 71 | ||||
Secured lending facilities | i 87 | i 94 | ||||||
Commercial real estate | i 426 | i 209 | ||||||
Residential real estate | i 95 | i 118 | ||||||
Securities-based lending and Other loans | i 174 | i 10 | ||||||
Total | $ | i 877 | $ | i 502 | ||||
Nonaccrual loans without an ACL | $ | i 86 | $ | i 117 |
117 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
Modified
during the year ended December 31, 20231 | ||||||||
At December 31, 2023 | ||||||||
$ in millions | Amortized Cost | % of Total Loans2 | ||||||
Term Extension | ||||||||
Corporate | $ | i 183 | i 2.7 | % | ||||
Commercial real estate | i 199 | i 2.3 | % | |||||
Residential real estate | i 1 | i 0.1 | % | |||||
Securities-based lending and Other loans | i 145 | i 0.2 | % | |||||
Total | $ | i 528 | ||||||
Other-than-insignificant Payment Delay | ||||||||
Securities-based lending and Other loans | $ | i 71 | i 0.1 | % | ||||
Total | $ | i 71 | ||||||
Combination
- Multiple Modifications3 | ||||||||
Commercial real estate | $ | i 24 | i 0.3 | % | ||||
Residential real estate | i 1 | i — | % | |||||
Total | $ | i 25 |
Modified
during the year ended December 31, 20231 | |||||||||||
At December 31, 2023 | |||||||||||
Term
Extension | |||||||||||
Corporate | Added i 1 year, 10 months to the life of the modified loan(s) | ||||||||||
Commercial real estate | Added
i 4 years, 2 months to the life of the modified loan(s) | ||||||||||
Residential real estate | Added i 4
months to the life of the modified loan(s) | ||||||||||
Securities-based lending and Other loans | Added i 7 months to the life of the modified loan(s) | ||||||||||
Other-than-insignificant Payment Delay | |||||||||||
Securities-based lending and Other loans | Added i 6 months to the life of the modified loan(s) | ||||||||||
Combination - Multiple Modification | |||||||||||
Commercial real estate | Added i 7 months of Term extension and i 6 months of Other-than-insignificant payment delay to the life of the modified loan(s) | ||||||||||
Residential real estate | Added i 10 years of Term extension and reduced the interest rate by i 1%
on the modified loan(s) | ||||||||||
At December 31, 2023 | ||||||||||||||
$ in millions | 30-89 Days Past Due | 90+ Days Past Due | Total | |||||||||||
Commercial real estate | $ | i 24 | $ | i 21 | $ | i 45 | ||||||||
Residential real estate | i — | i 1 | i 1 | |||||||||||
Total | $ | i 24 | $ | i 22 | $ | i 46 |
Year Ended December 31, 2023 | ||||||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
Revolving | $ | ( i 34) | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 34) | ||||||||
2020 | i — | i — | i — | i — | ( i 3) | ( i 3) | ||||||||||||||
2019 | i — | i — | ( i 85) | i — | ( i 1) | ( i 86) | ||||||||||||||
Prior | i — | i — | ( i 44) | i — | i — | ( i 44) | ||||||||||||||
Total | $ | ( i 34) | $ | i — | $ | ( i 129) | $ | i — | $ | ( i 4) | $ | ( i 167) | ||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
ACL—Loans | ||||||||||||||||||||
Beginning balance | $ | i 235 | $ | i 153 | $ | i 275 | $ | i 87 | $ | i 89 | $ | i 839 | ||||||||
Gross charge-offs | ( i 34) | i — | ( i 129) | i — | ( i 4) | ( i 167) | ||||||||||||||
Recoveries | i 1 | i — | i — | i 1 | i — | i 2 | ||||||||||||||
Net (charge-offs) recoveries | ( i 33) | i — | ( i 129) | i 1 | ( i 4) | ( i 165) | ||||||||||||||
Provision (release) | i 37 | i — | i 314 | i 13 | i 124 | i 488 | ||||||||||||||
Other | i 2 | i — | i 3 | ( i 1) | i 3 | i 7 | ||||||||||||||
Ending balance | $ | i 241 | $ | i 153 | $ | i 463 | $ | i 100 | $ | i 212 | $ | i 1,169 | ||||||||
Percent
of loans to total loans1 | i 3 | % | i 19 | % | i 4 | % | i 30 | % | i 44 | % | i 100 | % | ||||||||
ACL—Lending
commitments | ||||||||||||||||||||
Beginning balance | $ | i 411 | $ | i 51 | $ | i 15 | $ | i 4 | $ | i 23 | $ | i 504 | ||||||||
Provision (release) | i 16 | i 18 | i 11 | i — | ( i 1) | i 44 | ||||||||||||||
Other | i 4 | i 1 | i — | i — | ( i 2) | i 3 | ||||||||||||||
Ending balance | $ | i 431 | $ | i 70 | $ | i 26 | $ | i 4 | $ | i 20 | $ | i 551 | ||||||||
Total
ending balance | $ | i 672 | $ | i 223 | $ | i 489 | $ | i 104 | $ | i 232 | $ | i 1,720 | ||||||||
Year
Ended December 31, 2022 | ||||||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
ACL—Loans | ||||||||||||||||||||
Beginning balance | $ | i 165 | $ | i 163 | $ | i 206 | $ | i 60 | $ | i 60 | $ | i 654 | ||||||||
Gross charge-offs | i — | ( i 3) | ( i 7) | i — | ( i 21) | ( i 31) | ||||||||||||||
Recoveries | i 6 | i — | i — | i 1 | i — | i 7 | ||||||||||||||
Net (charge-offs) recoveries | i 6 | ( i 3) | ( i 7) | i 1 | ( i 21) | ( i 24) | ||||||||||||||
Provision (release) | i 65 | ( i 6) | i 80 | i 26 | i 51 | i 216 | ||||||||||||||
Other | ( i 1) | ( i 1) | ( i 4) | i — | ( i 1) | ( i 7) | ||||||||||||||
Ending balance | $ | i 235 | $ | i 153 | $ | i 275 | $ | i 87 | $ | i 89 | $ | i 839 | ||||||||
Percent
of loans to total loans1 | i i 3 / | % | i i 18 / | % | i i 4 / | % | i i 27 / | % | i i 48 / | % | i 100 | % | ||||||||
ACL—Lending
commitments | ||||||||||||||||||||
Beginning balance | $ | i 356 | $ | i 41 | $ | i 20 | $ | i 1 | $ | i 26 | $ | i 444 | ||||||||
Provision (release) | i 59 | i 10 | ( i 5) | i 3 | ( i 3) | i 64 | ||||||||||||||
Other | ( i 4) | i — | i — | i — | i — | ( i 4) | ||||||||||||||
Ending balance | $ | i 411 | $ | i 51 | $ | i 15 | $ | i 4 | $ | i 23 | $ | i 504 | ||||||||
Total
ending balance | $ | i 646 | $ | i 204 | $ | i 290 | $ | i 91 | $ | i 112 | $ | i 1,343 | ||||||||
December 2023 Form 10-K | 118 |
Notes to Consolidated Financial Statements |
Year
Ended December 31, 2021 | ||||||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
ACL—Loans | ||||||||||||||||||||
Beginning balance | $ | i 309 | $ | i 198 | $ | i 211 | $ | i 59 | $ | i 58 | $ | i 835 | ||||||||
Gross charge-offs | ( i 23) | ( i 67) | ( i 27) | ( i 1) | ( i 8) | ( i 126) | ||||||||||||||
Provision (release) | ( i 119) | i 34 | i 25 | i 1 | i 11 | ( i 48) | ||||||||||||||
Other | ( i 2) | ( i 2) | ( i 3) | i 1 | ( i 1) | ( i 7) | ||||||||||||||
Ending balance | $ | i 165 | $ | i 163 | $ | i 206 | $ | i 60 | $ | i 60 | $ | i 654 | ||||||||
Percent
of loans to total loans1 | i i 3 / | % | i i 18 / | % | i i 4 / | % | i i 25 / | % | i i 50 / | % | i 100 | % | ||||||||
ACL—Lending
commitments | ||||||||||||||||||||
Beginning balance | $ | i 323 | $ | i 38 | $ | i 11 | $ | i 1 | $ | i 23 | $ | i 396 | ||||||||
Provision (release) | i 37 | i 2 | i 10 | i — | i 3 | i 52 | ||||||||||||||
Other | ( i 4) | i 1 | ( i 1) | i — | i — | ( i 4) | ||||||||||||||
Ending balance | $ | i 356 | $ | i 41 | $ | i 20 | $ | i 1 | $ | i 26 | $ | i 444 | ||||||||
Total
ending balance | $ | i 521 | $ | i 204 | $ | i 226 | $ | i 61 | $ | i 86 | $ | i 1,098 | ||||||||
At December 31, 2023 | At December 31, 2022 | |||||||
ACL for loans to total HFI loans | i 0.6 | % | i 0.4 | % | ||||
Nonaccrual
HFI loans to total HFI loans | i 0.4 | % | i 0.3 | % | ||||
ACL
for loans to nonaccrual HFI loans | i 133.3 | % | i 167.1 | % |
$ in millions | At | At | ||||||
Currently employed by the Firm1 | $ | i 4,257 | $ | i 4,023 | ||||
No
longer employed by the Firm2 | i 92 | i 97 | ||||||
Employee loans | $ | i 4,349 | $ | i 4,120 | ||||
ACL | ( i 121) | ( i 139) | ||||||
Employee loans, net of ACL | $ | i 4,228 | $ | i 3,981 | ||||
Remaining repayment term, weighted average in years | i 5.8 | i 5.8 |
$ in millions | IS | WM | IM | Total | ||||||||||
At December 31, 2021¹ | $ | i 475 | $ | i 10,325 | $ | i 6,033 | $ | i 16,833 | ||||||
Foreign
currency | ( i 39) | ( i 7) | ( i 12) | ( i 58) | ||||||||||
Disposals | ( i 7) | ( i 116) | i — | ( i 123) | ||||||||||
At December 31, 2022¹ | $ | i 429 | $ | i 10,202 | $ | i 6,021 | $ | i 16,652 | ||||||
Foreign currency | ( i 5) | i 2 | i 7 | i 4 | ||||||||||
Acquired | i — | i — | i 56 | i 56 | ||||||||||
Disposals | i — | ( i 5) | i — | ( i 5) | ||||||||||
At December 31, 2023¹ | $ | i 424 | $ | i 10,199 | $ | i 6,084 | $ | i 16,707 | ||||||
Accumulated
impairments2 | $ | i 673 | $ | i — | $ | i 27 | $ | i 700 |
$ in millions | IS | WM | IM | Total | ||||||||||
At December 31, 2021 | $ | i 104 | $ | i 4,463 | $ | i 3,793 | $ | i 8,360 | ||||||
Acquired | i 23 | i 41 | i — | i 64 | ||||||||||
Disposals | ( i 75) | ( i 106) | i — | ( i 181) | ||||||||||
Amortization expense | ( i 16) | ( i 483) | ( i 111) | ( i 610) | ||||||||||
Other | i — | ( i 4) | ( i 11) | ( i 15) | ||||||||||
At December 31, 2022 | $ | i 36 | $ | i 3,911 | $ | i 3,671 | $ | i 7,618 | ||||||
Acquired | i — | i 9 | i 37 | i 46 | ||||||||||
Disposals | i — | ( i 13) | i — | ( i 13) | ||||||||||
Amortization expense | ( i 10) | ( i 481) | ( i 110) | ( i 601) | ||||||||||
Other | i — | i 1 | i 4 | i 5 | ||||||||||
At December 31, 2023 | $ | i 26 | $ | i 3,427 | $ | i 3,602 | $ | i 7,055 |
Non-amortizable | Amortizable | ||||||||||
$ in millions | Gross Carrying Amount | Gross Carrying Amount | Accumulated Amortization | ||||||||
At December 31, 2023 | |||||||||||
Management contracts | $ | i 2,113 | $ | i 245 | $ | i 72 | |||||
Customer relationships | i — | i 8,763 | i 4,582 | ||||||||
Trade
names | i — | i 767 | i 187 | ||||||||
Other | i — | i 14 | i 6 | ||||||||
Total | $ | i 2,113 | $ | i 9,789 | $ | i 4,847 | |||||
At December 31, 2022 | |||||||||||
Management contracts | i 2,110 | i 245 | i 51 | ||||||||
Customer relationships | i — | i 8,766 | i 4,046 | ||||||||
Trade
names | i — | i 736 | i 151 | ||||||||
Other | i — | i 14 | i 5 | ||||||||
Total | $ | i 2,110 | $ | i 9,761 | $ | i 4,253 | |||||
119 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | |||||||
2024 | $ | i 600 | ||||||
2025 | i 455 | |||||||
2026 | i 348 | |||||||
2027 | i 343 | |||||||
2028 | i 337 | |||||||
$ in millions | At | At | ||||||
Investments | $ | i 1,915 | $ | i 1,927 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Income (loss) | $ | i 124 | $ | i 39 | $ | i 104 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Income (loss) from investment in MUMSS | $ | i 129 | $ | i 35 | $ | i 168 |
$ in millions | At | At | ||||||
Other assets—ROU assets | $ | i 4,368 | $ | i 4,073 | ||||
Other liabilities and accrued expenses—Lease liabilities | i 5,417 | i 4,901 | ||||||
Weighted average: | ||||||||
Remaining lease term, in years | i 8.7 | i 8.6 | ||||||
Discount rate | i 4.0 | % | i 3.3 | % |
$ in millions | At | At | ||||||
2023 | $ | i 870 | ||||||
2024 | $ | i 913 | i 785 | |||||
2025 | i 846 | i 673 | ||||||
2026 | i 774 | i 604 | ||||||
2027 | i 716 | i 548 | ||||||
2028 | i 644 | i 462 | ||||||
Thereafter | i 2,637 | i 1,747 | ||||||
Total undiscounted cash flows | i 6,530 | i 5,689 | ||||||
Imputed interest | ( i 1,113) | ( i 788) | ||||||
Amount on balance sheet | $ | i 5,417 | $ | i 4,901 | ||||
Committed leases not yet commenced | $ | i 248 | $ | i 970 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Fixed costs | $ | i 938 | $ | i 841 | $ | i 852 | |||||
Variable
costs1 | i 206 | i 170 | i 187 | ||||||||
Less: Sublease income | ( i 10) | ( i 7) | ( i 6) | ||||||||
Total lease cost, net | $ | i 1,134 | $ | i 1,004 | $ | i 1,033 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Cash outflows—Lease liabilities | $ | i 892 | $ | i 881 | $ | i 879 | |||||
Non-cash—ROU assets recorded for new and modified leases | i 1,055 | i 544 | i 578 |
December 2023 Form 10-K | 120 |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Savings and demand deposits | $ | i 288,252 | $ | i 319,948 | ||||
Time deposits | i 63,552 | i 36,698 | ||||||
Total deposits | $ | i 351,804 | $ | i 356,646 | ||||
Deposits subject to FDIC insurance | $ | i 276,598 | $ | i 260,420 | ||||
Deposits not subject to FDIC insurance | $ | i 75,206 | $ | i 96,226 | ||||
$ in millions | At | ||||
2024 | $ | i 33,649 | |||
2025 | i 16,220 | ||||
2026 | i 5,726 | ||||
2027 | i 3,757 | ||||
2028 | i 3,708 | ||||
Thereafter | i 492 | ||||
Total | $ | i 63,552 |
$ in millions | At December 31, 2023 | ||||
Less than 3 months | $ | i 1,602 | |||
3 - 6 months | i 540 | ||||
6 - 12 months | i 381 | ||||
Over 12 months | i 48 | ||||
Total | $ | i 2,571 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Deposits in U.S. bank subsidiaries from non-U.S. depositors | $ | i 880 | $ | i 1,220 |
Parent Company | Subsidiaries | At | At | |||||||||||||||||
$ in millions | Fixed Rate1 | Variable Rate2 | Fixed Rate1 | Variable
Rate2 | ||||||||||||||||
Original maturities of one year or less: | ||||||||||||||||||||
Next 12 months | $ | i — | $ | i — | $ | i 84 | $ | i 3,104 | $ | i 3,188 | $ | i 4,191 | ||||||||
Original maturities greater than one year: | ||||||||||||||||||||
2023 | $ | i 18,910 | ||||||||||||||||||
2024 | $ | i 8,526 | $ | i 389 | $ | i 607 | $ | i 10,629 | $ | i 20,151 | i 29,842 | |||||||||
2025 | i 18,994 | i 3,036 | i 2,655 | i 10,838 | i 35,523 | i 30,235 | ||||||||||||||
2026 | i 23,038 | i 1,478 | i 3,764 | i 7,143 | i 35,423 | i 28,998 | ||||||||||||||
2027 | i 18,935 | i 347 | i 973 | i 5,083 | i 25,338 | i 23,561 | ||||||||||||||
2028 | i 11,058 | i 374 | i 622 | i 9,185 | i 21,239 | i 15,698 | ||||||||||||||
Thereafter | i 87,841 | i 2,794 | i 9,392 | i 22,843 | i 122,870 | i 86,623 | ||||||||||||||
Total
greater than one year | $ | i 168,392 | $ | i 8,418 | $ | i 18,013 | $ | i 65,721 | $ | i 260,544 | $ | i 233,867 | ||||||||
Total | $ | i 168,392 | $ | i 8,418 | $ | i 18,097 | $ | i 68,825 | $ | i 263,732 | $ | i 238,058 |
Weighted
average coupon at period end3 | i i 3.5 / | % | i i 6.1 / | % | i i 5.2 / | % | N/M | i i 3.6 / | % | i i 3.2 / | % |
$ in millions | At | At | ||||||
Senior | $ | i 248,174 | $ | i 221,667 | ||||
Subordinated | i 12,370 | i 12,200 | ||||||
Total | $ | i 260,544 | $ | i 233,867 | ||||
Weighted average stated maturity, in years | i 6.6 | i 6.7 |
121 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Put options embedded in debt agreements | $ | i 1,571 | $ | i 496 | ||||
Liquidity
obligations1 | $ | i 3,166 | $ | i 2,423 |
2023 | 2022 | |||||||
Contractual weighted average coupon | i 4.3 | % | i 4.1 | % |
At December 31, | |||||||||||
2023 | 2022 | 2021 | |||||||||
Contractual
weighted average coupon1 | i 3.6 | % | i 3.2 | % | i 2.7 | % | |||||
Weighted average coupon after swaps | i 6.5 | % | i 5.1 | % | i 1.6 | % |
$ in millions | At | At | ||||||
Original maturities: | ||||||||
One year or less | $ | i 5,732 | $ | i 944 | ||||
Greater than one year | i 6,923 | i 7,214 | ||||||
Total | $ | i 12,655 | $ | i 8,158 | ||||
Transfers of assets accounted for as secured financings | i 5,848 | i 1,119 |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | Fixed Rate | Variable Rate2 | Total | |||||||||||
Original maturities of one year or less: | ||||||||||||||
Next 12 months | $ | i 8 | $ | i — | $ | i 8 | $ | i 501 | ||||||
Original maturities greater than one year: | ||||||||||||||
2023 | $ | i 5,200 | ||||||||||||
2024 | $ | i — | $ | i 5,085 | $ | i 5,085 | i 343 | |||||||
2025 | i — | i 95 | i 95 | i 131 | ||||||||||
2026 | i 5 | i 87 | i 92 | i 2 | ||||||||||
2027 | i — | i — | i — | i — | ||||||||||
2028 | i — | i 434 | i 434 | i — | ||||||||||
Thereafter | i 7 | i 1,086 | i 1,093 | i 862 | ||||||||||
Total | $ | i 12 | $ | i 6,787 | $ | i 6,799 | $ | i 6,538 | ||||||
Weighted average
coupon at period-end3 | N/M | i 5.6 | % | i 5.6 | % | i 4.9 | % |
$ in millions | At | At | ||||||
2023 | $ | i 987 | ||||||
2024 | $ | i 5,749 | i 4 | |||||
2025 | i 9 | i 60 | ||||||
2026 | i 36 | i 35 | ||||||
2027 | i 21 | i 21 | ||||||
2028 | i 11 | i — | ||||||
Thereafter | i 22 | i 12 | ||||||
Total | $ | i 5,848 | $ | i 1,119 |
December 2023 Form 10-K | 122 |
Notes to Consolidated Financial Statements |
Years to Maturity at December 31, 2023 | |||||||||||||||||
$ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Lending: | |||||||||||||||||
Corporate | $ | i 17,036 | $ | i 36,214 | $ | i 54,411 | $ | i 1,134 | $ | i 108,795 | |||||||
Secured lending facilities | i 8,043 | i 5,936 | i 3,466 | i 2,424 | i 19,869 | ||||||||||||
Commercial and Residential real estate | i 217 | i 28 | i 28 | i 352 | i 625 | ||||||||||||
Securities-based lending and Other | i 16,483 | i 3,488 | i 319 | i 394 | i 20,684 | ||||||||||||
Forward-starting
secured financing receivables1 | i 60,261 | i — | i — | i — | i 60,261 | ||||||||||||
Central counterparty | i 300 | i — | i — | i 14,910 | i 15,210 | ||||||||||||
Investment activities | i 1,659 | i 119 | i 80 | i 551 | i 2,409 | ||||||||||||
Letters of credit and other financial guarantees | i 51 | i 17 | i — | i 6 | i 74 | ||||||||||||
Total | $ | i 104,050 | $ | i 45,802 | $ | i 58,304 | $ | i 19,771 | $ | i 227,927 | |||||||
Lending commitments participated to third parties | $ | i 7,213 | |||||||||||||||
At December 31, 2023 | ||||||||||||||||||||
Maximum Potential Payout/Notional of Obligations by Years to Maturity | Carrying Amount Asset (Liability) | |||||||||||||||||||
$ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | ||||||||||||||||
Non-credit
derivatives1 | i 1,546,134 | i 1,342,622 | i 268,865 | i 777,285 | ( i 44,539) | |||||||||||||||
Standby letters of credit
and other financial guarantees issued2 | i 1,495 | i 977 | i 1,322 | i 2,688 | ( i 2) | |||||||||||||||
Market value guarantees | i 1 | i — | i — | i — | i — | |||||||||||||||
Liquidity facilities | i 2,092 | i — | i — | i — | ( i 1) | |||||||||||||||
Whole loan sales guarantees | i — | i 77 | i 10 | i 23,075 | i — | |||||||||||||||
Securitization
representations and warranties3 | i — | i — | i — | i 80,667 | ( i 3) | |||||||||||||||
General partner guarantees | i 398 | i 32 | i 139 | i 24 | ( i 89) | |||||||||||||||
Client clearing guarantees | i 228 | i — | i — | i — | i — |
123 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 124 |
Notes to Consolidated Financial Statements |
125 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Legal expenses | $ | i 488 | $ | i 443 | $ | i 157 |
December 2023 Form 10-K | 126 |
Notes to Consolidated Financial Statements |
127 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
December 2023 Form 10-K | 128 |
Notes to Consolidated Financial Statements |
129 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | VIE Assets | VIE Liabilities | VIE Assets | VIE Liabilities | ||||||||||
MABS1 | $ | i 597 | $ | i 256 | $ | i 1,153 | $ | i 520 | ||||||
Investment
vehicles2 | i 753 | i 502 | i 638 | i 272 | ||||||||||
MTOB | i 582 | i 520 | i 371 | i 322 | ||||||||||
Other | i 378 | i 97 | i 519 | i 199 | ||||||||||
Total | $ | i 2,310 | $ | i 1,375 | $ | i 2,681 | $ | i 1,313 |
$ in millions | At | At | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 164 | $ | i 142 | ||||
Trading assets at fair value | i 1,557 | i 2,066 | ||||||
Investment securities | i 492 | i 255 | ||||||
Securities purchased under agreements to resell | i 67 | i 200 | ||||||
Customer and other receivables | i 26 | i 16 | ||||||
Other assets | i 4 | i 2 | ||||||
Total | $ | i 2,310 | $ | i 2,681 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 1,222 | $ | i 1,185 | ||||
Other liabilities and accrued expenses | i 121 | i 124 | ||||||
Borrowings | i 32 | i 4 | ||||||
Total | $ | i 1,375 | $ | i 1,313 | ||||
Noncontrolling interests | $ | i 54 | $ | i 71 |
At December 31, 2023 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | i 144,906 | $ | i 1,526 | $ | i 3,152 | $ | i 3,102 | $ | i 50,052 | |||||||
Maximum
exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | i 21,203 | $ | i 52 | $ | i — | $ | i 2,049 | $ | i 9,076 | |||||||
Derivative and other contracts | i — | i — | i 2,092 | i — | i 4,452 | ||||||||||||
Commitments, guarantees and other | i 3,439 | i — | i — | i — | i 55 | ||||||||||||
Total | $ | i 24,642 | $ | i 52 | $ | i 2,092 | $ | i 2,049 | $ | i 13,583 | |||||||
Carrying value of variable interests—Assets | |||||||||||||||||
Debt and equity interests | $ | i 21,203 | $ | i 52 | $ | i — | $ | i 1,682 | $ | i 9,075 | |||||||
Derivative and other contracts | i — | i — | i 2 | i — | i 1,330 | ||||||||||||
Total | $ | i 21,203 | $ | i 52 | $ | i 2 | $ | i 1,682 | $ | i 10,405 | |||||||
Additional
VIE assets owned4 | $ | i 15,002 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | i — | $ | i — | $ | i 3 | $ | i — | $ | i 452 | |||||||
At December 31, 2022 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | i 123,601 | $ | i 3,162 | $ | i 4,632 | $ | i 2,403 | $ | i 50,178 | |||||||
Maximum
exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | i 13,104 | $ | i 274 | $ | i — | $ | i 1,694 | $ | i 11,596 | |||||||
Derivative and other contracts | i — | i — | i 3,200 | i — | i 5,211 | ||||||||||||
Commitments, guarantees and other | i 674 | i — | i — | i — | i 1,410 | ||||||||||||
Total | $ | i 13,778 | $ | i 274 | $ | i 3,200 | $ | i 1,694 | $ | i 18,217 | |||||||
Carrying value of variable interests—Assets | |||||||||||||||||
Debt and equity interests | $ | i 13,104 | $ | i 274 | $ | i — | $ | i 1,577 | $ | i 11,596 | |||||||
Derivative and other contracts | i — | i — | i 3 | i — | i 1,564 | ||||||||||||
Total | $ | i 13,104 | $ | i 274 | $ | i 3 | $ | i 1,577 | $ | i 13,160 | |||||||
Additional
VIE assets owned4 | $ | i 13,708 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | i — | $ | i — | $ | i 3 | $ | i — | $ | i 281 | |||||||
December 2023 Form 10-K | 130 |
Notes to Consolidated Financial Statements |
At December 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | UPB | Debt and Equity Interests | UPB | Debt and Equity Interests | ||||||||||
Residential mortgages | $ | i 17,346 | $ | i 3,355 | $ | i 20,428 | $ | i 2,570 | ||||||
Commercial mortgages | i 74,590 | i 8,342 | i 67,540 | i 4,236 | ||||||||||
U.S.
agency collateralized mortgage obligations | i 42,917 | i 6,675 | i 32,567 | i 4,729 | ||||||||||
Other consumer or commercial loans | i 10,053 | i 2,831 | i 3,066 | i 1,569 | ||||||||||
Total | $ | i 144,906 | $ | i 21,203 | $ | i 123,601 | $ | i 13,104 |
131 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE
assets (UPB)2, 3 | $ | i 4,333 | $ | i 73,818 | $ | i 12,083 | $ | i 12,438 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | i 149 | $ | i 653 | $ | i 460 | $ | i — | ||||||
Non-investment grade | i 83 | i 788 | i — | i 69 | ||||||||||
Total | $ | i 232 | $ | i 1,441 | $ | i 460 | $ | i 69 | ||||||
Interests
purchased in the secondary market3 | ||||||||||||||
Investment grade | $ | i 20 | $ | i 22 | $ | i 42 | $ | i — | ||||||
Non-investment grade | i — | i 16 | i — | i — | ||||||||||
Total | $ | i 20 | $ | i 38 | $ | i 42 | $ | i — | ||||||
Derivative assets | $ | i — | $ | i — | $ | i — | $ | i 1,073 | ||||||
Derivative liabilities | i — | i — | i — | i 426 |
At December 31, 2022 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2, 3 | $ | i 3,732 | $ | i 73,069 | $ | i 6,448 | $ | i 10,928 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | i 137 | $ | i 927 | $ | i 367 | $ | i — | ||||||
Non-investment grade | i 26 | i 465 | i 11 | i 44 | ||||||||||
Total | $ | i 163 | $ | i 1,392 | $ | i 378 | $ | i 44 | ||||||
Interests
purchased in the secondary market5 | ||||||||||||||
Investment grade | $ | i 82 | $ | i 51 | $ | i 10 | $ | i — | ||||||
Non-investment grade | i 35 | i 23 | i — | i — | ||||||||||
Total | $ | i 117 | $ | i 74 | $ | i 10 | $ | i — | ||||||
Derivative assets | $ | i — | $ | i — | $ | i — | $ | i 1,114 | ||||||
Derivative liabilities | i — | i — | i — | i 201 |
Fair Value at December 31, 2023 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | i 576 | $ | i — | $ | i 576 | |||||
Non-investment grade | i 10 | i 56 | i 66 | ||||||||
Total | $ | i 586 | $ | i 56 | $ | i 642 | |||||
Interests
purchased in the secondary market3 | |||||||||||
Investment grade | $ | i 77 | $ | i 7 | $ | i 84 | |||||
Non-investment grade | i 12 | i 4 | i 16 | ||||||||
Total | $ | i 89 | $ | i 11 | $ | i 100 | |||||
Derivative assets | $ | i 1,073 | $ | i — | $ | i 1,073 | |||||
Derivative liabilities | i 426 | i — | i 426 |
Fair Value at December 31, 2022 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | i 489 | $ | i — | $ | i 489 | |||||
Non-investment grade | i 25 | i 16 | i 41 | ||||||||
Total | $ | i 514 | $ | i 16 | $ | i 530 | |||||
Interests
purchased in the secondary market3 | |||||||||||
Investment grade | $ | i 140 | $ | i 3 | $ | i 143 | |||||
Non-investment grade | i 42 | i 16 | i 58 | ||||||||
Total | $ | i 182 | $ | i 19 | $ | i 201 | |||||
Derivative assets | $ | i 1,114 | $ | i — | $ | i 1,114 | |||||
Derivative liabilities | i 153 | i 48 | i 201 |
December 2023 Form 10-K | 132 |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
New
transactions1 | $ | i 21,051 | $ | i 22,136 | $ | i 57,528 | |||||
Retained interests | i 4,311 | i 4,862 | i 8,822 | ||||||||
Sales
of corporate loans to CLO SPEs1, 2 | i 24 | i 62 | i 169 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Gross cash proceeds from sale of assets1 | $ | i 60,766 | $ | i 49,059 | ||||
Fair value | ||||||||
Assets sold | $ | i 62,221 | $ | i 47,281 | ||||
Derivative assets recognized in the balance sheet | i 1,546 | i 116 | ||||||
Derivative liabilities recognized in the balance sheet | i 93 | i 1,893 |
133 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2023 | At December 31, 2022 | ||||||||||||||||
Standardized | Standardized | Advanced | |||||||||||||||
Capital buffers | |||||||||||||||||
Capital conservation buffer | — | — | i i 2.5 / % | ||||||||||||||
SCB | i 5.4% | i 5.8% | N/A | ||||||||||||||
G-SIB capital surcharge | i 3.0% | i 3.0% | i i 3.0 / % | ||||||||||||||
CCyB1 | i 0% | i 0% | i i 0 / % | ||||||||||||||
Capital buffer requirement | i 8.4% | i 8.8% | i i 5.5 / % | ||||||||||||||
At December 31, 2023 | At December 31, 2022 | |||||||||||||||||||
Regulatory Minimum | ||||||||||||||||||||
Standardized | Standardized | Advanced | ||||||||||||||||||
Required
ratios1 | ||||||||||||||||||||
Common Equity Tier 1 capital ratio | i 4.5 | % | i 12.9% | i 13.3% | i i 10.0 / % | |||||||||||||||
Tier 1 capital ratio | i 6.0 | % | i 14.4% | i 14.8% | i i 11.5 / % | |||||||||||||||
Total capital ratio | i 8.0 | % | i 16.4% | i 16.8% | i i 13.5 / % |
$ in millions | Required Ratio1 | At December 31, 2023 | Required Ratio1 | At December 31, 2022 | |||||||||||||||||||
Risk-based capital | |||||||||||||||||||||||
Common Equity Tier 1 capital | $ | i 69,448 | $ | i 68,670 | |||||||||||||||||||
Tier 1 capital | i 78,183 | i 77,191 | |||||||||||||||||||||
Total capital | i 88,874 | i 86,575 | |||||||||||||||||||||
Total RWA | i 456,053 | i 447,849 | |||||||||||||||||||||
Common Equity Tier 1 capital ratio | i 12.9 | % | i 15.2 | % | i 13.3 | % | i 15.3 | % | |||||||||||||||
Tier 1 capital ratio | i 14.4 | % | i 17.1 | % | i 14.8 | % | i 17.2 | % | |||||||||||||||
Total capital ratio | i 16.4 | % | i 19.5 | % | i 16.8 | % | i 19.3 | % |
$ in millions | Required
Ratio1 | At December 31, 2023 | At December 31, 2022 | |||||||||||||||||
Leverage-based capital | ||||||||||||||||||||
Adjusted average assets2 | $ | i 1,159,626 | $ | i 1,150,772 | ||||||||||||||||
Tier 1 leverage ratio | i 4.0 | % | i 6.7 | % | i 6.7 | % | ||||||||||||||
Supplementary
leverage exposure3 | $ | i 1,429,552 | $ | i 1,399,403 | ||||||||||||||||
SLR | i 5.0 | % | i 5.5 | % | i 5.5 | % |
December 2023 Form 10-K | 134 |
Notes to Consolidated Financial Statements |
Well-Capitalized
Requirement | Required Ratio1 | At December 31, 2022 | ||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Risk-based capital | ||||||||||||||||||||
Common Equity Tier 1 capital | i 6.5 | % | i 7.0 | % | $ | i 21,925 | i 21.7 | % | $ | i 20,043 | i 20.5 | % | ||||||||
Tier 1 capital | i 8.0 | % | i 8.5 | % | i 21,925 | i 21.7 | % | i 20,043 | i 20.5 | % | ||||||||||
Total capital | i 10.0 | % | i 10.5 | % | i 22,833 | i 22.6 | % | i 20,694 | i 21.1 | % | ||||||||||
Leverage-based capital | ||||||||||||||||||||
Tier 1 leverage | i 5.0 | % | i 4.0 | % | $ | i 21,925 | i 10.6 | % | $ | i 20,043 | i 10.1 | % | ||||||||
SLR | i 6.0 | % | i 3.0 | % | i 21,925 | i 8.2 | % | i 20,043 | i 8.1 | % |
Well-Capitalized Requirement | Required Ratio1 | At December 31, 2022 | ||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Risk-based capital | ||||||||||||||||||||
Common Equity Tier 1 capital | i 6.5 | % | i 7.0 | % | $ | i 15,388 | i 25.8 | % | $ | i 15,546 | i 27.5 | % | ||||||||
Tier 1 capital | i 8.0 | % | i 8.5 | % | i 15,388 | i 25.8 | % | i 15,546 | i 27.5 | % | ||||||||||
Total capital | i 10.0 | % | i 10.5 | % | i 15,675 | i 26.3 | % | i 15,695 | i 27.8 | % | ||||||||||
Leverage-based capital | ||||||||||||||||||||
Tier 1 leverage | i 5.0 | % | i 4.0 | % | $ | i 15,388 | i 7.5 | % | $ | i 15,546 | i 7.6 | % | ||||||||
SLR | i 6.0 | % | i 3.0 | % | i 15,388 | i 7.2 | % | i 15,546 | i 7.4 | % |
$ in millions | At | At | ||||||
Net capital | $ | i 18,121 | $ | i 17,224 | ||||
Excess net capital | i 13,676 | i 12,861 |
135 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Restricted net assets | $ | i 49,008 | $ | i 45,896 |
Shares Outstanding | Carrying Value | |||||||||||||
$ in millions, except per share data | At December 31, 2023 | Liquidation Preference per Share | At December 31, 2023 | At December 31, 2022 | ||||||||||
Series | ||||||||||||||
A | i 44,000 | $ | i 25,000 | $ | i 1,100 | $ | i 1,100 | |||||||
C1 | i 519,882 | i 1,000 | i 408 | i 408 | ||||||||||
E | i 34,500 | i 25,000 | i 862 | i 862 | ||||||||||
F | i 34,000 | i 25,000 | i 850 | i 850 | ||||||||||
I | i 40,000 | i 25,000 | i 1,000 | i 1,000 | ||||||||||
K | i 40,000 | i 25,000 | i 1,000 | i 1,000 | ||||||||||
L | i 20,000 | i 25,000 | i 500 | i 500 | ||||||||||
M | i 400,000 | i 1,000 | i 430 | i 430 | ||||||||||
N | i 3,000 | i 100,000 | i 300 | i 300 | ||||||||||
O | i 52,000 | i 25,000 | i 1,300 | i 1,300 | ||||||||||
P | i 40,000 | i 25,000 | i 1,000 | i 1,000 | ||||||||||
Total | $ | i 8,750 | $ | i 8,750 | ||||||||||
Shares authorized | i i 30,000,000 / |
Depositary Shares per Share | Redemption | ||||||||||||||||
Series1, 2 | Shares Issued | Price per Share3 | Date4 | ||||||||||||||
A | i 44,000 | i 1,000 | $ | i 25,000 | Currently redeemable | ||||||||||||
C5 | i 1,160,791 | N/A | i 1,100 | Currently redeemable | |||||||||||||
E | i 34,500 | i 1,000 | i 25,000 | Currently redeemable | |||||||||||||
F | i 34,000 | i 1,000 | i 25,000 | January 15, 2024 | |||||||||||||
I | i 40,000 | i 1,000 | i 25,000 | October 15, 2024 | |||||||||||||
K | i 40,000 | i 1,000 | i 25,000 | April 15, 2027 | |||||||||||||
L | i 20,000 | i 1,000 | i 25,000 | January 15, 2025 | |||||||||||||
M | i 400,000 | N/A | i 1,000 | September 15, 2026 | |||||||||||||
N | i 3,000 | i 100 | i 100,000 | October 2, 2025 | |||||||||||||
O6 | i 52,000 | i 1,000 | i 25,000 | January 15, 2027 | |||||||||||||
P7 | i 40,000 | i 1,000 | i 25,000 | October 15, 2027 |
December 2023 Form 10-K | 136 |
Notes to Consolidated Financial Statements |
in millions | 2023 | 2022 | ||||||
Shares outstanding at beginning of period | i 1,675 | i 1,772 | ||||||
Treasury
stock purchases1 | ( i 71) | ( i 124) | ||||||
Other2 | i 23 | i 27 | ||||||
Shares outstanding at end of period | i 1,627 | i 1,675 |
$ in millions | 2023 | 2022 | ||||||
Repurchases of common stock under the Firm’s Share Repurchase Program | $ | i 5,300 | $ | i 9,865 |
in millions | 2023 | 2022 | 2021 | ||||||||
Weighted average common shares outstanding, basic | i 1,628 | i 1,691 | i 1,785 | ||||||||
Effect of dilutive RSUs and PSUs | i 18 | i 22 | i 29 | ||||||||
Weighted average common shares outstanding and common stock equivalents, diluted | i 1,646 | i 1,713 | i 1,814 | ||||||||
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | i 2 | i 3 | i — |
$ in millions, except per share data | 2023 | 2022 | 2021 | |||||||||||||||||||||||
Per Share1 | Total | Per Share1 | Total | Per Share1 | Total | |||||||||||||||||||||
Preferred Stock Series | ||||||||||||||||||||||||||
A | $ | i 1,522 | $ | i 67 | $ | i 1,061 | $ | i 47 | $ | i 1,022 | $ | i 44 | ||||||||||||||
C | i 100 | i 52 | i 100 | i 52 | i 100 | i 52 | ||||||||||||||||||||
E | i 1,791 | i 62 | i 1,781 | i 60 | i 1,781 | i 60 | ||||||||||||||||||||
F | i 1,719 | i 58 | i 1,719 | i 59 | i 1,719 | i 60 | ||||||||||||||||||||
H2 | i — | i — | i — | i — | i 719 | i 38 | ||||||||||||||||||||
I | i 1,594 | i 64 | i 1,594 | i 64 | i 1,594 | i 64 | ||||||||||||||||||||
J | i — | i — | i — | i — | i 253 | i 15 | ||||||||||||||||||||
K | i 1,463 | i 59 | i 1,463 | i 59 | i 1,463 | i 59 | ||||||||||||||||||||
L | i 1,219 | i 24 | i 1,219 | i 24 | i 1,219 | i 24 | ||||||||||||||||||||
M3 | i 59 | i 24 | i 59 | i 24 | i 59 | i 24 | ||||||||||||||||||||
N4 | i 9,160 | i 27 | i 5,300 | i 16 | i 5,300 | i 16 | ||||||||||||||||||||
O | i 1,063 | i 55 | i 1,063 | i 55 | i 236 | i 12 | ||||||||||||||||||||
P | i 1,625 | i 65 | i 736 | i 29 | i — | i — | ||||||||||||||||||||
Total Preferred stock | $ | i 557 | $ | i 489 | $ | i 468 | ||||||||||||||||||||
Common stock | $ | i 3.25 | $ | i 5,393 | $ | i 2.95 | $ | i 5,108 | $ | i 2.10 | $ | i 3,818 |
$ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total | ||||||||||||||
December 31, 2020 | $ | ( i 795) | $ | i 1,787 | $ | ( i 498) | $ | ( i 2,456) | $ | i — | $ | ( i 1,962) | ||||||||
OCI during the period | ( i 207) | ( i 1,542) | ( i 53) | i 662 | i — | ( i 1,140) | ||||||||||||||
December 31, 2021 | ( i 1,002) | i 245 | ( i 551) | ( i 1,794) | i — | ( i 3,102) | ||||||||||||||
OCI during the period | ( i 202) | ( i 4,437) | i 43 | i 1,449 | ( i 4) | ( i 3,151) | ||||||||||||||
December 31, 2022 | ( i 1,204) | ( i 4,192) | ( i 508) | ( i 345) | ( i 4) | ( i 6,253) | ||||||||||||||
OCI during the period | i 51 | i 1,098 | ( i 87) | ( i 1,250) | i 20 | ( i 168) | ||||||||||||||
December 31, 2023 | $ | ( i 1,153) | $ | ( i 3,094) | $ | ( i 595) | $ | ( i 1,595) | $ | i 16 | $ | ( i 6,421) |
137 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
2023 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | ( i 73) | $ | i 53 | $ | ( i 20) | $ | ( i 71) | $ | i 51 | |||||||
Reclassified to earnings | i — | i — | i — | i — | i — | ||||||||||||
Net OCI | $ | ( i 73) | $ | i 53 | $ | ( i 20) | $ | ( i 71) | $ | i 51 | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | i 1,488 | $ | ( i 353) | $ | i 1,135 | $ | i — | $ | i 1,135 | |||||||
Reclassified to earnings | ( i 49) | i 12 | ( i 37) | i — | ( i 37) | ||||||||||||
Net OCI | $ | i 1,439 | $ | ( i 341) | $ | i 1,098 | $ | i — | $ | i 1,098 | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | ( i 96) | $ | i 24 | $ | ( i 72) | $ | i — | $ | ( i 72) | |||||||
Reclassified to earnings | ( i 18) | i 3 | ( i 15) | i — | ( i 15) | ||||||||||||
Net OCI | $ | ( i 114) | $ | i 27 | $ | ( i 87) | $ | i — | $ | ( i 87) | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | ( i 1,728) | $ | i 424 | $ | ( i 1,304) | $ | ( i 40) | $ | ( i 1,264) | |||||||
Reclassified to earnings | i 19 | ( i 5) | i 14 | i — | i 14 | ||||||||||||
Net OCI | $ | ( i 1,709) | $ | i 419 | $ | ( i 1,290) | $ | ( i 40) | $ | ( i 1,250) | |||||||
Change in fair value of cash flow hedge derivatives | |||||||||||||||||
OCI activity | $ | i 9 | $ | ( i 1) | $ | i 8 | $ | i — | $ | i 8 | |||||||
Reclassified to earnings | i 16 | ( i 4) | i 12 | i — | $ | i 12 | |||||||||||
Net OCI | $ | i 25 | $ | ( i 5) | $ | i 20 | $ | i — | $ | i 20 |
2022 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | ( i 179) | $ | ( i 217) | $ | ( i 396) | $ | ( i 135) | $ | ( i 261) | |||||||
Reclassified to earnings | i — | i 59 | i 59 | i — | i 59 | ||||||||||||
Net OCI | $ | ( i 179) | $ | ( i 158) | $ | ( i 337) | $ | ( i 135) | $ | ( i 202) | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | ( i 5,720) | $ | i 1,337 | $ | ( i 4,383) | $ | i — | $ | ( i 4,383) | |||||||
Reclassified to earnings | ( i 70) | i 16 | ( i 54) | i — | ( i 54) | ||||||||||||
Net OCI | $ | ( i 5,790) | $ | i 1,353 | $ | ( i 4,437) | $ | i — | $ | ( i 4,437) | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | i 38 | $ | ( i 13) | $ | i 25 | $ | i — | $ | i 25 | |||||||
Reclassified to earnings | i 22 | ( i 4) | i 18 | i — | i 18 | ||||||||||||
Net OCI | $ | i 60 | $ | ( i 17) | $ | i 43 | $ | i — | $ | i 43 | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | i 1,982 | $ | ( i 480) | $ | i 1,502 | $ | i 53 | $ | i 1,449 | |||||||
Reclassified to earnings | i — | i — | i — | i — | i — | ||||||||||||
Net OCI | $ | i 1,982 | $ | ( i 480) | $ | i 1,502 | $ | i 53 | $ | i 1,449 | |||||||
Change
in fair value of cash flow hedge derivatives | |||||||||||||||||
OCI activity | $ | ( i 4) | $ | i — | $ | ( i 4) | $ | i — | $ | ( i 4) | |||||||
Reclassified
to earnings | i — | i — | i — | i — | i — | ||||||||||||
Net
OCI | $ | ( i 4) | $ | i — | $ | ( i 4) | $ | i — | $ | ( i 4) |
2021 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | ( i 140) | $ | ( i 191) | $ | ( i 331) | $ | ( i 124) | $ | ( i 207) | |||||||
Reclassified to earnings | i — | i — | i — | i — | i — | ||||||||||||
Net OCI | $ | ( i 140) | $ | ( i 191) | $ | ( i 331) | $ | ( i 124) | $ | ( i 207) | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | ( i 1,803) | $ | i 422 | $ | ( i 1,381) | $ | i — | $ | ( i 1,381) | |||||||
Reclassified to earnings | ( i 210) | i 49 | ( i 161) | i — | ( i 161) | ||||||||||||
Net OCI | $ | ( i 2,013) | $ | i 471 | $ | ( i 1,542) | $ | i — | $ | ( i 1,542) | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | ( i 101) | $ | i 26 | $ | ( i 75) | $ | i — | $ | ( i 75) | |||||||
Reclassified to earnings | i 31 | ( i 9) | i 22 | i — | i 22 | ||||||||||||
Net OCI | $ | ( i 70) | $ | i 17 | $ | ( i 53) | $ | i — | $ | ( i 53) | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | i 882 | $ | ( i 213) | $ | i 669 | $ | i 34 | $ | i 635 | |||||||
Reclassified to earnings | i 36 | ( i 9) | i 27 | i — | i 27 | ||||||||||||
Net OCI | $ | i 918 | $ | ( i 222) | $ | i 696 | $ | i 34 | $ | i 662 | |||||||
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency | $ | ( i 2,917) | $ | ( i 3,136) | ||||
Hedges, net of tax | i 1,764 | i 1,932 | ||||||
Total | $ | ( i 1,153) | $ | ( i 1,204) | ||||
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges | $ | i 18,761 | $ | i 17,023 |
December 2023 Form 10-K | 138 |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Interest income | |||||||||||
Cash and cash equivalents1 | $ | i 3,408 | $ | i 914 | $ | i 7 | |||||
Investment securities | i 3,992 | i 3,066 | i 2,759 | ||||||||
Loans | i 12,424 | i 6,988 | i 4,209 | ||||||||
Securities
purchased under agreements to resell2 | i 7,762 | i 2,188 | ( i 181) | ||||||||
Securities
borrowed3 | i 5,191 | i 1,020 | ( i 1,017) | ||||||||
Trading assets, net of Trading liabilities | i 4,488 | i 2,484 | i 2,038 | ||||||||
Customer
receivables and Other1 | i 13,016 | i 4,935 | i 1,596 | ||||||||
Total interest income | $ | i 50,281 | $ | i 21,595 | $ | i 9,411 | |||||
Interest expense | |||||||||||
Deposits | $ | i 8,216 | $ | i 1,825 | $ | i 409 | |||||
Borrowings | i 11,437 | i 5,054 | i 2,725 | ||||||||
Securities
sold under agreements to repurchase4 | i 6,737 | i 1,760 | i 93 | ||||||||
Securities
loaned5 | i 784 | i 503 | i 401 | ||||||||
Customer
payables and Other6 | i 14,877 | i 3,126 | ( i 2,262) | ||||||||
Total interest expense | $ | i 42,051 | $ | i 12,268 | $ | i 1,366 | |||||
Net interest | $ | i 8,230 | $ | i 9,327 | $ | i 8,045 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Customer and other receivables | $ | i 4,206 | $ | i 4,139 | ||||
Customer and other payables | i 4,360 | i 4,273 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
RSUs | $ | i 1,607 | $ | i 1,827 | $ | i 1,834 | |||||
PSUs | i 91 | i 40 | i 251 | ||||||||
ESPP | i 11 | i 8 | i — | ||||||||
Total | $ | i 1,709 | $ | i 1,875 | $ | i 2,085 | |||||
Retirement-eligible
awards1 | $ | i 178 | $ | i 176 | $ | i 192 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Tax
benefit1 | $ | i 382 | $ | i 427 | $ | i 432 |
$ in millions | At 20231 | ||||
To be recognized in: | |||||
2024 | $ | i 560 | |||
2025 | i 238 | ||||
Thereafter | i 66 | ||||
Total | $ | i 864 |
in millions | At December 31, 2023 | ||||
Shares | i 121 |
139 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
2023 | ||||||||
shares in millions | Number of Shares | Weighted Average Award Date Fair Value | ||||||
RSUs at beginning of period | i 63 | $ | i 76.31 | |||||
Awarded | i 19 | i 93.55 | ||||||
Conversions to common stock | ( i 21) | i 61.23 | ||||||
Forfeited | ( i 2) | i 88.02 | ||||||
RSUs
at end of period1 | i 59 | $ | i 86.92 | |||||
Aggregate
intrinsic value of RSUs at end of period (dollars in millions) | $ | i 5,523 | ||||||
Weighted average award date fair value | ||||||||
RSUs awarded in 2022 | i 96.61 | |||||||
RSUs awarded in 2021 | i 77.28 |
2023 | ||||||||
shares in millions | Number of Shares | Weighted Average Award Date Fair Value | ||||||
Unvested RSUs at beginning of period | i 35 | $ | i 83.41 | |||||
Awarded | i 19 | i 93.55 | ||||||
Vested | ( i 25) | i 84.28 | ||||||
Forfeited | ( i 1) | i 89.44 | ||||||
Unvested
RSUs at end of period1 | i 28 | $ | i 89.16 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Conversions to common stock | $ | i 2,019 | $ | i 2,301 | $ | i 1,539 | |||||
Vested | i 2,260 | i 2,433 | i 1,647 |
2023 | 2022 | 2021 | |||||||||
MS Average ROTCE/ Relative ROTCE1 | $ | i 85.76 | $ | i 100.12 | $ | i 74.87 | |||||
MS
Relative TSR | i — | i 102.17 | i 83.70 | ||||||||
Risk-Free Interest Rate | Expected Stock Price Volatility | Correlation Coefficient | |||||||||
Award year | |||||||||||
2022 | i 1.3 | % | i 38.9 | % | i 0.91 | ||||||
2021 | i 0.2 | % | i 39.0 | % | i 0.92 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Deferred cash-based awards | $ | i 693 | $ | i 761 | $ | i 810 | |||||
Return on referenced investments | i 668 | ( i 716) | i 526 | ||||||||
Total | $ | i 1,361 | $ | i 45 | $ | i 1,336 | |||||
Retirement-eligible
awards1 | $ | i 259 | $ | i 264 | $ | i 253 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Expense | $ | i 44 | $ | i 225 | $ | i 346 |
December 2023 Form 10-K | 140 |
Notes to Consolidated Financial Statements |
Pension Plans | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Service cost, benefits earned during the period | $ | i 20 | $ | i 19 | $ | i 19 | |||||
Interest cost on projected benefit obligation | i 140 | i 111 | i 104 | ||||||||
Expected return on plan assets | ( i 99) | ( i 56) | ( i 48) | ||||||||
Net amortization of prior service cost | i 1 | i 1 | i 1 | ||||||||
Amortization
of net gains and losses | ( i 9) | i 25 | i 34 | ||||||||
Plan
settlements | $ | i 2 | $ | i — | $ | i — | |||||
Net periodic benefit expense | $ | i 55 | $ | i 100 | $ | i 110 |
Pension Plans | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Beginning balance | $ | ( i 716) | $ | ( i 768) | $ | ( i 691) | |||||
Net gain (loss) | ( i 100) | i 26 | ( i 112) | ||||||||
Amortization of prior service cost | i 1 | i 1 | i 1 | ||||||||
Amortization
of net gains and losses | ( i 9) | i 25 | i 34 | ||||||||
Plan
settlements and curtailments | i 3 | i — | i — | ||||||||
Changes recognized in OCI | ( i 105) | i 52 | ( i 77) | ||||||||
Ending balance | $ | ( i 821) | $ | ( i 716) | $ | ( i 768) |
Pension Plans | |||||||||||
2023 | 2022 | 2021 | |||||||||
Discount rate | i i 4.93 / | % | i 2.80 | % | i 2.43 | % | |||||
Expected
long-term rate of return on plan assets | i 3.54 | % | i 1.71 | % | i 1.42 | % | |||||
Pension Plans | ||||||||
$ in millions | 2023 | 2022 | ||||||
Rollforward of projected benefit obligation | ||||||||
Benefit obligation at beginning of year | $ | i 2,907 | $ | i 4,081 | ||||
Service cost | i 20 | i 19 | ||||||
Interest cost | i 140 | i 111 | ||||||
Actuarial
(gain) loss1 | i 79 | ( i 1,064) | ||||||
Plan settlements | ( i 13) | ( i 2) | ||||||
Benefits paid | ( i 164) | ( i 196) | ||||||
Other2 | i 6 | ( i 42) | ||||||
Projected benefit obligation at end of year | $ | i 2,975 | $ | i 2,907 | ||||
Rollforward of fair value of plan assets | ||||||||
Fair value of plan assets at beginning of year | $ | i 2,416 | $ | i 3,605 | ||||
Actual return on plan assets | i 78 | ( i 982) | ||||||
Employer contributions | i 89 | i 37 | ||||||
Benefits paid | ( i 164) | ( i 196) | ||||||
Plan settlements | ( i 13) | ( i 2) | ||||||
Other2 | i 16 | ( i 46) | ||||||
Fair value of plan assets at end of year | $ | i 2,422 | $ | i 2,416 | ||||
Funded (unfunded) status | $ | ( i 553) | $ | ( i 491) | ||||
Amounts recognized in the balance sheet | ||||||||
Assets | $ | i 84 | $ | i 75 | ||||
Liabilities | ( i 637) | ( i 566) | ||||||
Net amount recognized | $ | ( i 553) | $ | ( i 491) |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Pension plans | $ | i 2,956 | $ | i 2,891 |
141 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Projected benefit obligation | $ | i 2,821 | $ | i 2,746 | ||||
Accumulated benefit obligation | i 2,803 | i 2,731 | ||||||
Fair value of plan assets | i 2,184 | i 2,180 |
Pension Plans | ||||||||
At December 31, 2023 | At December 31, 2022 | |||||||
Discount rate | i 4.75 | % | i 4.93 | % | ||||
At December 31, 2023 | |||||||||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | i 6 | $ | i — | $ | i — | $ | i 6 | |||||||||||||||
U.S. government and agency securities | i 1,800 | i 230 | i — | i 2,030 | |||||||||||||||||||
Corporate and other debt—CDO | i — | i — | i — | i — | |||||||||||||||||||
Derivative contracts | i — | i 3 | i — | i 3 | |||||||||||||||||||
Other investments | i — | i — | i 71 | i 71 | |||||||||||||||||||
Other
receivables1 | i 1 | i 15 | i — | i 16 | |||||||||||||||||||
Total | $ | i 1,807 | $ | i 248 | $ | i 71 | $ | i 2,126 | |||||||||||||||
Assets Measured at NAV | |||||||||||||||||||||||
Commingled trust funds: | |||||||||||||||||||||||
Money market | i 64 | ||||||||||||||||||||||
Foreign funds: | |||||||||||||||||||||||
Fixed income | i 62 | ||||||||||||||||||||||
Liquidity | i 171 | ||||||||||||||||||||||
Targeted cash flow | i 14 | ||||||||||||||||||||||
Total | $ | i 311 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Other
payables1 | ( i 1) | ( i 14) | i — | ( i 15) | |||||||||||||||||||
Total liabilities | $ | ( i 1) | $ | ( i 14) | $ | i — | $ | ( i 15) | |||||||||||||||
Fair value of plan assets | $ | i 2,422 |
At December 31, 2022 | ||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | i 4 | $ | i — | $ | i — | $ | i 4 | ||||||
U.S. government and agency securities | i 1,788 | i 267 | i — | i 2,055 | ||||||||||
Corporate and other debt—CDO | i — | i — | i — | i — | ||||||||||
Derivative contracts | i — | ( i 2) | i — | ( i 2) | ||||||||||
Other investments | i — | i — | i 64 | i 64 | ||||||||||
Other
receivables1 | i — | i 21 | i — | i 21 | ||||||||||
Total | $ | i 1,792 | $ | i 286 | $ | i 64 | $ | i 2,142 | ||||||
Assets Measured at NAV | ||||||||||||||
Commingled trust funds: | ||||||||||||||
Money market | i 44 | |||||||||||||
Foreign funds: | ||||||||||||||
Fixed income | i 55 | |||||||||||||
Liquidity | i 20 | |||||||||||||
Targeted cash flow | i 158 | |||||||||||||
Total | $ | i 277 | ||||||||||||
Liabilities | ||||||||||||||
Other
payables1 | i — | ( i 3) | i — | ( i 3) | ||||||||||
Total liabilities | $ | i — | $ | ( i 3) | $ | i — | $ | ( i 3) | ||||||
Fair value of plan assets | $ | i 2,416 |
$ in millions | 2023 | 2022 | ||||||
Balance at beginning of period | $ | i 64 | $ | i 65 | ||||
Realized and unrealized gains | i 2 | i — | ||||||
Purchases, sales and settlements, net | i 5 | ( i 1) | ||||||
Balance at end of period | $ | i 71 | $ | i 64 |
December 2023 Form 10-K | 142 |
Notes to Consolidated Financial Statements |
At December 31, 2023 | |||||
$ in millions | Pension Plans | ||||
2024 | $ | i 154 | |||
2025 | i 160 | ||||
2026 | i 167 | ||||
2027 | i 174 | ||||
2028 | i 180 | ||||
2029-2033 | i 967 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Expense | $ | i 397 | $ | i 355 | $ | i 357 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Expense | $ | i 173 | $ | i 163 | $ | i 149 |
143 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Current | |||||||||||
U.S.: | |||||||||||
Federal | $ | i 1,190 | $ | i 2,518 | $ | i 2,554 | |||||
State and local | i 542 | i 442 | i 475 | ||||||||
Non-U.S.: | |||||||||||
Brazil1 | i 437 | i 24 | i 197 | ||||||||
U.K. | i 267 | i 405 | i 551 | ||||||||
Japan | i 139 | i 105 | i 105 | ||||||||
Hong Kong | i 39 | i 29 | i 192 | ||||||||
Other2 | i 432 | i 236 | i 470 | ||||||||
Total | $ | i 3,046 | $ | i 3,759 | $ | i 4,544 | |||||
Deferred | |||||||||||
U.S.: | |||||||||||
Federal | $ | ( i 295) | $ | ( i 803) | $ | ( i 11) | |||||
State and local | ( i 59) | ( i 142) | i 33 | ||||||||
Non-U.S.: | |||||||||||
Brazil1 | ( i 43) | i 25 | i 38 | ||||||||
U.K. | i 12 | i 55 | ( i 37) | ||||||||
Japan | ( i 13) | i 20 | i 4 | ||||||||
Hong Kong | ( i 2) | ( i 1) | ( i 9) | ||||||||
Other2 | ( i 63) | ( i 3) | ( i 14) | ||||||||
Total | $ | ( i 463) | $ | ( i 849) | $ | i 4 | |||||
Provision for income taxes | $ | i 2,583 | $ | i 2,910 | $ | i 4,548 | |||||
2023 | 2022 | 2021 | |||||||||
U.S. federal statutory income tax rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | |||||
U.S.
state and local income taxes, net of U.S. federal income tax benefits | i 3.4 | i 1.8 | i 2.1 | ||||||||
Domestic tax credits and tax exempt income | ( i 1.3) | ( i 0.9) | ( i 0.6) | ||||||||
Non-U.S. earnings | i 1.9 | i 0.6 | i 1.3 | ||||||||
Employee share-based awards | ( i 1.5) | ( i 1.7) | ( i 0.6) | ||||||||
Non-taxable
income1 | ( i 2.3) | ( i 0.8) | ( i 0.4) | ||||||||
Other | i 0.7 | i 0.7 | i 0.3 | ||||||||
Effective income tax rate | i 21.9 | % | i 20.7 | % | i 23.1 | % |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Gross deferred tax assets | ||||||||
Net operating loss and tax credit carryforwards | $ | i 255 | $ | i 288 | ||||
Employee compensation and benefit plans | i 2,636 | i 2,487 | ||||||
Allowance for credit losses and other reserves | i 755 | i 595 | ||||||
Valuation of net trading inventory, investments and receivables | i 1,897 | i 1,743 | ||||||
Other | i 78 | i 35 | ||||||
Total deferred tax assets | i 5,621 | i 5,148 | ||||||
Less: Deferred tax assets valuation allowance | i 211 | i 205 | ||||||
Deferred tax assets after valuation allowance | $ | i 5,410 | $ | i 4,943 | ||||
Gross deferred tax liabilities | ||||||||
Fixed assets | i 772 | i 807 | ||||||
Intangibles and goodwill | i 2,003 | i 2,019 | ||||||
Total deferred tax liabilities | $ | i 2,775 | $ | i 2,826 | ||||
Net deferred tax assets | $ | i 2,635 | $ | i 2,117 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Balance at beginning of period | $ | i 1,129 | $ | i 971 | $ | i 755 | |||||
Increases based on tax positions related to the current period | i 147 | i 256 | i 201 | ||||||||
Increases based on tax positions related to prior periods | i 141 | i 64 | i 74 | ||||||||
Decreases based on tax positions related to prior periods | ( i 73) | ( i 134) | ( i 37) | ||||||||
Decreases related to settlements with taxing authorities | ( i 79) | ( i 6) | ( i 10) | ||||||||
Decreases related to lapse of statute of limitations | ( i 21) | ( i 22) | ( i 12) | ||||||||
Balance at end of period | $ | i 1,244 | $ | i 1,129 | $ | i 971 | |||||
Net
unrecognized tax benefits1 | $ | i 1,090 | $ | i 1,007 | $ | i 860 |
December 2023 Form 10-K | 144 |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Recognized in income statement | $ | i 65 | $ | i 39 | $ | i 14 | |||||
Accrued at end of period | i 237 | i 175 | i 142 |
Jurisdiction | Tax Year | ||||
U.S. | 2017 | ||||
New York State and New York City | 2010 | ||||
U.K. | 2014 | ||||
Japan | 2019 | ||||
Hong Kong | 2017 |
2023 | |||||||||||||||||
$ in millions | IS | WM | IM | I/E | Total | ||||||||||||
Investment banking | $ | i 4,578 | $ | i 454 | $ | i — | $ | ( i 84) | $ | i 4,948 | |||||||
Trading | i 14,468 | i 823 | ( i 59) | i 31 | i 15,263 | ||||||||||||
Investments | i 177 | i 62 | i 334 | i — | i 573 | ||||||||||||
Commissions
and fees1 | i 2,540 | i 2,279 | i — | ( i 282) | i 4,537 | ||||||||||||
Asset
management1, 2 | i 596 | i 14,019 | i 5,231 | ( i 229) | i 19,617 | ||||||||||||
Other | i 480 | i 513 | ( i 7) | ( i 11) | i 975 | ||||||||||||
Total non-interest revenues | i 22,839 | i 18,150 | i 5,499 | ( i 575) | i 45,913 | ||||||||||||
Interest income | i 36,815 | i 15,015 | i 135 | ( i 1,684) | i 50,281 | ||||||||||||
Interest expense | i 36,594 | i 6,897 | i 264 | ( i 1,704) | i 42,051 | ||||||||||||
Net interest | i 221 | i 8,118 | ( i 129) | i 20 | i 8,230 | ||||||||||||
Net revenues | $ | i 23,060 | $ | i 26,268 | $ | i 5,370 | $ | ( i 555) | $ | i 54,143 | |||||||
Provision for credit losses | $ | i 401 | $ | i 131 | $ | i — | $ | i — | $ | i 532 | |||||||
Compensation and benefits | i 8,369 | i 13,972 | i 2,217 | i — | i 24,558 | ||||||||||||
Non-compensation expenses | i 9,814 | i 5,635 | i 2,311 | ( i 520) | i 17,240 | ||||||||||||
Total non-interest expenses | $ | i 18,183 | $ | i 19,607 | $ | i 4,528 | $ | ( i 520) | $ | i 41,798 | |||||||
Income before provision for income taxes | $ | i 4,476 | $ | i 6,530 | $ | i 842 | $ | ( i 35) | $ | i 11,813 | |||||||
Provision for income taxes | i 884 | i 1,508 | i 199 | ( i 8) | i 2,583 | ||||||||||||
Net income | i 3,592 | i 5,022 | i 643 | ( i 27) | i 9,230 | ||||||||||||
Net income applicable to noncontrolling interests | i 139 | i — | i 4 | i — | i 143 | ||||||||||||
Net income applicable to Morgan Stanley | $ | i 3,453 | $ | i 5,022 | $ | i 639 | $ | ( i 27) | $ | i 9,087 |
2022 | |||||||||||||||||
$ in millions | IS | WM | IM | I/E | Total | ||||||||||||
Investment banking | $ | i 5,235 | $ | i 438 | $ | i — | $ | ( i 74) | $ | i 5,599 | |||||||
Trading | i 14,318 | ( i 432) | ( i 11) | i 53 | i 13,928 | ||||||||||||
Investments | ( i 156) | i 51 | i 120 | i — | i 15 | ||||||||||||
Commissions
and fees1 | i 2,756 | i 2,467 | i — | ( i 285) | i 4,938 | ||||||||||||
Asset
management1, 2 | i 580 | i 13,872 | i 5,332 | ( i 206) | i 19,578 | ||||||||||||
Other | ( i 295) | i 592 | ( i 2) | ( i 12) | i 283 | ||||||||||||
Total non-interest revenues | i 22,438 | i 16,988 | i 5,439 | ( i 524) | i 44,341 | ||||||||||||
Interest income | i 13,276 | i 9,579 | i 56 | ( i 1,316) | i 21,595 | ||||||||||||
Interest expense | i 11,321 | i 2,150 | i 120 | ( i 1,323) | i 12,268 | ||||||||||||
Net interest | i 1,955 | i 7,429 | ( i 64) | i 7 | i 9,327 | ||||||||||||
Net revenues | $ | i 24,393 | $ | i 24,417 | $ | i 5,375 | $ | ( i 517) | $ | i 53,668 | |||||||
Provision for credit losses | $ | i 211 | $ | i 69 | $ | i — | $ | i — | $ | i 280 | |||||||
Compensation and benefits | i 8,246 | i 12,534 | i 2,273 | i — | i 23,053 | ||||||||||||
Non-compensation expenses | i 9,221 | i 5,231 | i 2,295 | ( i 501) | i 16,246 | ||||||||||||
Total non-interest expenses | $ | i 17,467 | $ | i 17,765 | $ | i 4,568 | $ | ( i 501) | $ | i 39,299 | |||||||
Income before provision for income taxes | $ | i 6,715 | $ | i 6,583 | $ | i 807 | $ | ( i 16) | $ | i 14,089 | |||||||
Provision for income taxes | i 1,308 | i 1,444 | i 162 | ( i 4) | i 2,910 | ||||||||||||
Net income | i 5,407 | i 5,139 | i 645 | ( i 12) | i 11,179 | ||||||||||||
Net income applicable to noncontrolling interests | i 165 | i — | ( i 15) | i — | i 150 | ||||||||||||
Net income applicable to Morgan Stanley | $ | i 5,242 | $ | i 5,139 | $ | i 660 | $ | ( i 12) | $ | i 11,029 |
145 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
2021 | |||||||||||||||||
$ in millions | IS | WM | IM | I/E | Total | ||||||||||||
Investment banking | $ | i 10,272 | $ | i 822 | $ | i — | $ | ( i 100) | $ | i 10,994 | |||||||
Trading | i 12,353 | i 418 | ( i 53) | i 92 | i 12,810 | ||||||||||||
Investments | i 607 | i 48 | i 721 | i — | i 1,376 | ||||||||||||
Commissions
and fees1 | i 2,878 | i 3,019 | i 1 | ( i 377) | i 5,521 | ||||||||||||
Asset
management1,2 | i 583 | i 13,966 | i 5,576 | ( i 158) | i 19,967 | ||||||||||||
Other | i 495 | i 577 | ( i 20) | ( i 10) | i 1,042 | ||||||||||||
Total non-interest revenues | i 27,188 | i 18,850 | i 6,225 | ( i 553) | i 51,710 | ||||||||||||
Interest income | i 3,752 | i 5,821 | i 31 | ( i 193) | i 9,411 | ||||||||||||
Interest expense | i 1,107 | i 428 | i 36 | ( i 205) | i 1,366 | ||||||||||||
Net interest | i 2,645 | i 5,393 | ( i 5) | i 12 | i 8,045 | ||||||||||||
Net revenues | $ | i 29,833 | $ | i 24,243 | $ | i 6,220 | $ | ( i 541) | $ | i 59,755 | |||||||
Provision for credit losses | $ | ( i 7) | $ | i 11 | $ | i — | $ | i — | $ | i 4 | |||||||
Compensation and benefits | i 9,165 | i 13,090 | i 2,373 | i — | i 24,628 | ||||||||||||
Non-compensation expenses | i 8,861 | i 4,961 | i 2,169 | ( i 536) | i 15,455 | ||||||||||||
Total non-interest expenses | $ | i 18,026 | $ | i 18,051 | $ | i 4,542 | $ | ( i 536) | $ | i 40,083 | |||||||
Income before provision for income taxes | $ | i 11,814 | $ | i 6,181 | $ | i 1,678 | $ | ( i 5) | $ | i 19,668 | |||||||
Provision for income taxes | i 2,746 | i 1,447 | i 356 | ( i 1) | i 4,548 | ||||||||||||
Net income | i 9,068 | i 4,734 | i 1,322 | ( i 4) | i 15,120 | ||||||||||||
Net income applicable to noncontrolling interests | i 111 | i — | ( i 25) | i — | i 86 | ||||||||||||
Net
income applicable to Morgan Stanley | $ | i 8,957 | $ | i 4,734 | $ | i 1,347 | $ | ( i 4) | $ | i 15,034 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Institutional Securities—Advisory | $ | i 2,244 | $ | i 2,946 | $ | i 3,487 | |||||
Institutional Securities—Underwriting | i 2,334 | i 2,289 | i 6,785 | ||||||||
Firm Investment banking revenues from contracts with customers | i 91 | % | i 90 | % | i 91 | % |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Interest rate | $ | i 4,646 | $ | i 2,808 | $ | i 740 | |||||
Foreign exchange | i 1,054 | i 1,585 | i 1,008 | ||||||||
Equity1 | i 8,929 | i 7,515 | i 7,331 | ||||||||
Commodity and other | i 1,624 | i 1,466 | i 2,599 | ||||||||
Credit | ( i 990) | i 554 | i 1,132 | ||||||||
Total | $ | i 15,263 | $ | i 13,928 | $ | i 12,810 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Net cumulative unrealized performance-based fees at risk of reversing | $ | i 787 | $ | i 819 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Fee waivers | $ | i 93 | $ | i 211 | $ | i 516 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Transaction taxes | $ | i 866 | $ | i 910 | $ | i 969 |
December 2023 Form 10-K | 146 |
Notes to Consolidated Financial Statements |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Americas | $ | i 41,651 | $ | i 40,117 | $ | i 44,605 | |||||
EMEA | i 6,058 | i 6,811 | i 7,699 | ||||||||
Asia | i 6,434 | i 6,740 | i 7,451 | ||||||||
Total | $ | i 54,143 | $ | i 53,668 | $ | i 59,755 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
U.S. | $ | i 8,334 | $ | i 9,363 | $ | i 14,082 | |||||
Non-U.S.1 | i 3,479 | i 4,726 | i 5,586 | ||||||||
Total | $ | i 11,813 | $ | i 14,089 | $ | i 19,668 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Non-interest revenues | $ | i 1,778 | $ | i 2,538 | $ | i 2,391 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Customer and other receivables | $ | i 2,339 | $ | i 2,577 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Institutional Securities | $ | i 810,506 | $ | i 789,837 | ||||
Wealth Management | i 365,168 | i 373,305 | ||||||
Investment Management | i 18,019 | i 17,089 | ||||||
Total1 | $ | i 1,193,693 | $ | i 1,180,231 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Americas | $ | i 832,714 | $ | i 853,228 | ||||
EMEA | i 218,923 | i 197,397 | ||||||
Asia | i 142,056 | i 129,606 | ||||||
Total | $ | i 1,193,693 | $ | i 1,180,231 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Revenues | |||||||||||
Dividends from bank subsidiaries | $ | i 5,770 | $ | i 2,875 | $ | i — | |||||
Dividends
from BHC and non-bank subsidiaries | i 6,812 | i 8,661 | i 8,898 | ||||||||
Total dividends from subsidiaries | i 12,582 | i 11,536 | i 8,898 | ||||||||
Trading | ( i 775) | ( i 1,143) | i 229 | ||||||||
Other | ( i 31) | i 170 | i 4 | ||||||||
Total non-interest revenues | i 11,776 | i 10,563 | i 9,131 | ||||||||
Interest income | i 13,596 | i 5,805 | i 2,648 | ||||||||
Interest expense | i 13,618 | i 6,162 | i 2,822 | ||||||||
Net interest | ( i 22) | ( i 357) | ( i 174) | ||||||||
Net revenues | i 11,754 | i 10,206 | i 8,957 | ||||||||
Non-interest expenses | i 287 | i 252 | i 443 | ||||||||
Income before income taxes | i 11,467 | i 9,954 | i 8,514 | ||||||||
Provision for (benefit from) income taxes | ( i 520) | ( i 456) | ( i 203) | ||||||||
Net income before undistributed gain of subsidiaries | i 11,987 | i 10,410 | i 8,717 | ||||||||
Undistributed
(loss) gain of subsidiaries | ( i 2,900) | i 619 | i 6,317 | ||||||||
Net income | i 9,087 | i 11,029 | i 15,034 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | i 51 | ( i 202) | ( i 207) | ||||||||
Change in net unrealized gains (losses) on available-for-sale securities | i 1,098 | ( i 4,437) | ( i 1,542) | ||||||||
Pensions and other | ( i 87) | i 43 | ( i 53) | ||||||||
Change in net debt valuation adjustment | ( i 1,250) | i 1,449 | i 662 | ||||||||
Net change in cash flow hedges | i 20 | ( i 4) | i — | ||||||||
Comprehensive income | $ | i 8,919 | $ | i 7,878 | $ | i 13,894 | |||||
Net income | $ | i 9,087 | $ | i 11,029 | $ | i 15,034 | |||||
Preferred stock dividends and other | i 557 | i 489 | i 468 | ||||||||
Earnings
applicable to Morgan Stanley common shareholders | $ | i 8,530 | $ | i 10,540 | $ | i 14,566 |
147 | December 2023 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions, except share data | At December 31, 2023 | At December 31, 2022 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 16,881 | $ | i 25,333 | ||||
Trading assets at fair value | i 4,160 | i 10,391 | ||||||
Investment
securities: | ||||||||
Available-for-sale at fair value (amortized cost of $ i 22,164 and $ i 18,488;
$ i 10,179 and $ i 14,278
were pledged to various parties) | i 21,515 | i 17,409 | ||||||
Held-to-maturity
(fair value of $ i 14,093 and $ i 17,698; $ i 10,010
and $ i 12,948 were pledged to various parties) | i 15,284 | i 19,267 | ||||||
Securities purchased under agreement to resell to affiliates | i 24,693 | i 22,987 | ||||||
Advances to subsidiaries: | ||||||||
Bank and BHC | i 38,550 | i 76,232 | ||||||
Non-bank | i 139,250 | i 93,593 | ||||||
Equity investments in subsidiaries: | ||||||||
Bank and BHC | i 58,949 | i 59,676 | ||||||
Non-bank | i 50,291 | i 50,366 | ||||||
Other assets | i 2,595 | i 2,071 | ||||||
Total assets | $ | i 372,168 | $ | i 377,325 | ||||
Liabilities | ||||||||
Trading liabilities at fair value | $ | i 44 | $ | i 262 | ||||
Securities sold under agreements to repurchase from affiliates | i 20,293 | i 28,682 | ||||||
Payables to and advances from subsidiaries | i 73,370 | i 76,170 | ||||||
Other liabilities and accrued expenses | i 2,539 | i 2,282 | ||||||
Borrowings
(includes $ i 13,404 and $ i 12,122 at fair value) | i 176,884 | i 169,788 | ||||||
Total liabilities | i 273,130 | i 277,184 | ||||||
Commitments and contingent liabilities (see Note 14) | ||||||||
Equity | ||||||||
Preferred stock | i 8,750 | i 8,750 | ||||||
Common stock,
$ i i 0.01 / par value: | ||||||||
Shares
authorized: i i 3,500,000,000 / ; Shares issued: i i 2,038,893,979 / ;
Shares outstanding: i 1,626,828,437 and i 1,675,487,409 | i 20 | i 20 | ||||||
Additional paid-in capital | i 29,832 | i 29,339 | ||||||
Retained earnings | i 97,996 | i 94,862 | ||||||
Employee stock trusts | i 5,314 | i 4,881 | ||||||
Accumulated other comprehensive income (loss) | ( i 6,421) | ( i 6,253) | ||||||
Common
stock held in treasury at cost, $ i i 0.01 / par value ( i 412,065,542
and i 363,406,570 shares) | ( i 31,139) | ( i 26,577) | ||||||
Common
stock issued to employee stock trusts | ( i 5,314) | ( i 4,881) | ||||||
Total shareholders’ equity | i 99,038 | i 100,141 | ||||||
Total liabilities and equity | $ | i 372,168 | $ | i 377,325 |
$ in millions | 2023 | 2022 | 2021 | ||||||||
Net
cash provided by (used for) operating activities | $ | i 24,914 | $ | ( i 13,064) | $ | i 4,257 | |||||
Cash flows from investing activities | |||||||||||
Proceeds from (payments for): | |||||||||||
AFS securities: | |||||||||||
Purchases | ( i 9,362) | ( i 1,855) | ( i 6,275) | ||||||||
Proceeds from sales | i 300 | i 676 | i 2,611 | ||||||||
Proceeds from paydowns and maturities | i 5,479 | i 3,814 | i 1,940 | ||||||||
HTM
securities: | |||||||||||
Purchases | i — | ( i 4,228) | ( i 3,022) | ||||||||
Proceeds from paydowns and maturities | i 4,003 | i 3,434 | i 3,696 | ||||||||
Securities purchased under agreements to resell with affiliates | ( i 1,706) | ( i 1,871) | i 13,581 | ||||||||
Securities sold under agreements to repurchase with affiliates | ( i 8,389) | i 11,755 | ( i 7,422) | ||||||||
Advances to and investments in subsidiaries | ( i 10,097) | ( i 10,574) | ( i 17,083) | ||||||||
Net cash provided by (used for) investing activities | ( i 19,772) | i 1,151 | ( i 11,974) | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from: | |||||||||||
Issuance of preferred stock, net of issuance costs | i — | i 994 | i 1,275 | ||||||||
Issuance of Borrowings | i 23,783 | i 34,431 | i 42,098 | ||||||||
Payments for: | |||||||||||
Borrowings | ( i 22,554) | ( i 14,441) | ( i 28,592) | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 6,178) | ( i 10,871) | ( i 12,075) | ||||||||
Cash dividends | ( i 5,763) | ( i 5,401) | ( i 4,171) | ||||||||
Net change in advances from subsidiaries | ( i 3,029) | i 16,707 | i 17,042 | ||||||||
Net cash provided by (used for) financing activities | ( i 13,741) | i 21,419 | i 15,577 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | i 147 | i 485 | i 380 | ||||||||
Net increase (decrease) in cash and cash equivalents | ( i 8,452) | i 9,991 | i 8,240 | ||||||||
Cash and cash equivalents, at beginning of period | i 25,333 | i 15,342 | i 7,102 | ||||||||
Cash and cash equivalents, at end of period | $ | i 16,881 | $ | i 25,333 | $ | i 15,342 | |||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | i 107 | $ | i 75 | $ | i 100 | |||||
Deposits with bank subsidiaries | i 16,774 | i 25,258 | i 15,242 | ||||||||
Cash and cash equivalents, at end of period | $ | i 16,881 | $ | i 25,333 | $ | i 15,342 | |||||
Restricted cash | $ | i 1,086 | $ | i i 836 / | $ | i 441 | |||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash payments for: | |||||||||||
Interest | $ | i 14,437 | $ | i 5,955 | $ | i 2,970 | |||||
Income
taxes, net of refunds1 | i 599 | i 3,132 | i 2,775 |
December 2023 Form 10-K | 148 |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Senior | $ | i 164,514 | $ | i 157,585 | ||||
Subordinated | i 12,370 | i 12,203 | ||||||
Total | $ | i 176,884 | $ | i 169,788 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Aggregate balance | $ | i 60,942 | $ | i 51,136 |
$ in millions | At December 31, 2023 | At December 31, 2022 | ||||||
Aggregate balance1 | $ | i 632 | $ | i 615 |
149 | December 2023 Form 10-K |
Financial Data Supplement (Unaudited) |
2023 | 2022 | |||||||||||||||||||
$ in millions | Average Daily Balance | Interest | Average Rate | Average Daily Balance | Interest | Average Rate | ||||||||||||||
Interest
earning assets | ||||||||||||||||||||
Cash and cash equivalents1: | ||||||||||||||||||||
U.S. | $ | 56,920 | $ | 2,386 | 4.2 | % | $ | 57,889 | $ | 692 | 1.2 | % | ||||||||
Non-U.S. | 48,373 | 1,022 | 2.1 | % | 58,052 | 222 | 0.4 | % | ||||||||||||
Investment
securities2 | 153,307 | 3,992 | 2.6 | % | 167,494 | 3,066 | 1.8 | % | ||||||||||||
Loans2 | 215,628 | 12,424 | 5.8 | % | 205,069 | 6,988 | 3.4 | % | ||||||||||||
Securities
purchased under agreements to resell3: | ||||||||||||||||||||
U.S. | 47,604 | 4,714 | 9.9 | % | 57,565 | 1,643 | 2.9 | % | ||||||||||||
Non-U.S. | 61,766 | 3,048 | 4.9 | % | 62,585 | 545 | 0.9 | % | ||||||||||||
Securities
borrowed4: | ||||||||||||||||||||
U.S. | 115,279 | 4,794 | 4.2 | % | 123,288 | 1,039 | 0.8 | % | ||||||||||||
Non-U.S. | 18,514 | 397 | 2.1 | % | 19,345 | (19) | (0.1) | % | ||||||||||||
Trading
assets, net of Trading liabilities5: | ||||||||||||||||||||
U.S. | 93,409 | 3,792 | 4.1 | % | 74,932 | 2,068 | 2.8 | % | ||||||||||||
Non-U.S. | 12,788 | 696 | 5.4 | % | 14,748 | 416 | 2.8 | % | ||||||||||||
Customer
receivables and Other1: | ||||||||||||||||||||
U.S. | 45,815 | 9,585 | 20.9 | % | 56,040 | 3,798 | 6.8 | % | ||||||||||||
Non-U.S. | 14,485 | 3,431 | 23.7 | % | 15,891 | 1,137 | 7.2 | % | ||||||||||||
Total | $ | 883,888 | $ | 50,281 | 5.7 | % | $ | 912,898 | $ | 21,595 | 2.4 | % | ||||||||
Interest bearing liabilities | ||||||||||||||||||||
Deposits2 | $ | 342,583 | $ | 8,216 | 2.4 | % | $ | 340,741 | $ | 1,825 | 0.5 | % | ||||||||
Borrowings2,
6 | 238,164 | 11,437 | 4.8 | % | 229,255 | 5,054 | 2.2 | % | ||||||||||||
Securities sold under agreements to repurchase7,9: | ||||||||||||||||||||
U.S. | 22,718 | 3,591 | 15.8 | % | 21,481 | 1,086 | 5.1 | % | ||||||||||||
Non-U.S. | 46,392 | 3,146 | 6.8 | % | 39,631 | 674 | 1.7 | % | ||||||||||||
Securities
loaned8,9: | ||||||||||||||||||||
U.S. | 4,244 | 67 | 1.6 | % | 6,277 | 37 | 0.6 | % | ||||||||||||
Non-U.S. | 9,470 | 717 | 7.6 | % | 7,669 | 466 | 6.1 | % | ||||||||||||
Customer
payables and Other10: | ||||||||||||||||||||
U.S. | 133,069 | 10,225 | 7.7 | % | 143,448 | 1,991 | 1.4 | % | ||||||||||||
Non-U.S. | 63,916 | 4,652 | 7.3 | % | 73,291 | 1,135 | 1.5 | % | ||||||||||||
Total | $ | 860,556 | $ | 42,051 | 4.9 | % | $ | 861,793 | $ | 12,268 | 1.4 | % | ||||||||
Net interest income and net interest rate spread | $ | 8,230 | 0.8 | % | $ | 9,327 | 1.0 | % |
2023
versus 2022 | |||||||||||
Increase (Decrease) Due to Change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest earning assets | |||||||||||
Cash and cash equivalents1: | |||||||||||
U.S. | $ | (12) | $ | 1,706 | $ | 1,694 | |||||
Non-U.S. | (37) | 837 | 800 | ||||||||
Investment securities2 | (260) | 1,186 | 926 | ||||||||
Loans2 | 360 | 5,076 | 5,436 | ||||||||
Securities
purchased under agreements to resell3: | |||||||||||
U.S. | (284) | 3,355 | 3,071 | ||||||||
Non-U.S. | (7) | 2,510 | 2,503 | ||||||||
Securities borrowed4: | |||||||||||
U.S. | (67) | 3,822 | 3,755 | ||||||||
Non-U.S. | 1 | 415 | 416 | ||||||||
Trading
assets, net of Trading liabilities5: | |||||||||||
U.S. | 510 | 1,214 | 1,724 | ||||||||
Non-U.S. | (55) | 335 | 280 | ||||||||
Customer receivables and Other1: | |||||||||||
U.S. | (693) | 6,480 | 5,787 | ||||||||
Non-U.S. | (101) | 2,395 | 2,294 | ||||||||
Change in interest income | $ | (645) | $ | 29,331 | $ | 28,686 | |||||
Interest bearing liabilities | |||||||||||
Deposits2 | $ | 10 | $ | 6,381 | $ | 6,391 | |||||
Borrowings2,6 | 196 | 6,187 | 6,383 | ||||||||
Securities
sold under agreements to repurchase7,9: | |||||||||||
U.S. | 63 | 2,442 | 2,505 | ||||||||
Non-U.S. | 115 | 2,357 | 2,472 | ||||||||
Securities loaned8,9: | |||||||||||
U.S. | (12) | 42 | 30 | ||||||||
Non-U.S. | 109 | 142 | 251 | ||||||||
Customer
payables and Other10: | |||||||||||
U.S. | (144) | 8,378 | 8,234 | ||||||||
Non-U.S. | (145) | 3,662 | 3,517 | ||||||||
Change in interest expense | $ | 192 | $ | 29,591 | $ | 29,783 | |||||
Change in net interest income | $ | (837) | $ | (260) | $ | (1,097) |
December 2023 Form 10-K | 150 |
Financial Data Supplement (Unaudited) |
2021 | |||||||||||
$ in millions | Average Daily Balance | Interest | Average Rate | ||||||||
Interest earning assets | |||||||||||
Cash and cash equivalents1: | |||||||||||
U.S. | $ | 62,340 | $ | 44 | 0.1 | % | |||||
Non-U.S. | 52,106 | (37) | (0.1) | % | |||||||
Investment
securities2 | 182,896 | 2,759 | 1.5 | % | |||||||
Loans2 | 166,675 | 4,209 | 2.5 | % | |||||||
Securities purchased under agreements to resell3: | |||||||||||
U.S. | 55,274 | 86 | 0.2 | % | |||||||
Non-U.S. | 53,323 | (267) | (0.5) | % | |||||||
Securities
borrowed4: | |||||||||||
U.S. | 99,667 | (825) | (0.8) | % | |||||||
Non-U.S. | 17,387 | (192) | (1.1) | % | |||||||
Trading assets, net of Trading liabilities5: | |||||||||||
U.S. | 77,916 | 1,644 | 2.1 | % | |||||||
Non-U.S. | 19,559 | 394 | 2.0 | % | |||||||
Customer
receivables and Other1: | |||||||||||
U.S. | 72,665 | 1,365 | 1.9 | % | |||||||
Non-U.S. | 21,962 | 231 | 1.1 | % | |||||||
Total | $ | 881,770 | $ | 9,411 | 1.1 | % | |||||
Interest bearing liabilities | |||||||||||
Deposits2 | $ | 325,500 | $ | 409 | 0.1 | % | |||||
Borrowings2,6 | 224,657 | 2,725 | 1.2 | % | |||||||
Securities
sold under agreements to repurchase7,9: | |||||||||||
U.S. | 29,383 | 157 | 0.5 | % | |||||||
Non-U.S. | 27,374 | (64) | (0.2) | % | |||||||
Securities loaned8,9: | |||||||||||
U.S. | 4,816 | 29 | 0.6 | % | |||||||
Non-U.S. | 5,514 | 372 | 6.7 | % | |||||||
Customer
payables and Other10: | |||||||||||
U.S. | 132,899 | (1,825) | (1.4) | % | |||||||
Non-U.S. | 76,185 | (437) | (0.6) | % | |||||||
Total | $ | 826,328 | $ | 1,366 | 0.2 | % | |||||
Net interest income and net interest rate spread | $ | 8,045 | 0.9 | % |
2022 versus 2021 | |||||||||||
Increase (Decrease) Due to Change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest earning assets | |||||||||||
Cash and cash equivalents1: | |||||||||||
U.S. | $ | (3) | $ | 651 | $ | 648 | |||||
Non-U.S. | (4) | 263 | 259 | ||||||||
Investment
securities2 | (232) | 539 | 307 | ||||||||
Loans2 | 970 | 1,809 | 2,779 | ||||||||
Securities purchased under agreements to resell3: | |||||||||||
U.S. | 4 | 1,553 | 1,557 | ||||||||
Non-U.S. | (46) | 858 | 812 | ||||||||
Securities
borrowed4: | |||||||||||
U.S. | (196) | 2,060 | 1,864 | ||||||||
Non-U.S. | (22) | 195 | 173 | ||||||||
Trading assets, net of Trading liabilities5: | |||||||||||
U.S. | (63) | 487 | 424 | ||||||||
Non-U.S. | (97) | 119 | 22 | ||||||||
Customer
receivables and Other1: | |||||||||||
U.S. | (312) | 2,745 | 2,433 | ||||||||
Non-U.S. | (64) | 970 | 906 | ||||||||
Change in interest income | $ | (65) | $ | 12,249 | $ | 12,184 | |||||
Interest bearing liabilities | |||||||||||
Deposits2 | $ | 19 | $ | 1,397 | $ | 1,416 | |||||
Borrowings2,6 | 56 | 2,273 | 2,329 | ||||||||
Securities sold under agreements to repurchase7,9: | |||||||||||
U.S. | (42) | 971 | 929 | ||||||||
Non-U.S. | (29) | 767 | 738 | ||||||||
Securities
loaned8,9: | |||||||||||
U.S. | 9 | (1) | 8 | ||||||||
Non-U.S. | 145 | (51) | 94 | ||||||||
Customer payables and Other10: | |||||||||||
U.S. | (145) | 3,961 | 3,816 | ||||||||
Non-U.S. | 17 | 1,555 | 1,572 | ||||||||
Change in interest expense | $ | 30 | $ | 10,872 | $ | 10,902 | |||||
Change in net interest income | $ | (95) | $ | 1,377 | $ | 1,282 |
151 | December 2023 Form 10-K |
Financial Data Supplement (Unaudited) |
Average Daily Deposits | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
$ in millions | Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | ||||||||||||||
Deposits1: | ||||||||||||||||||||
Savings and demand | $ | 286,513 | 2.0 | % | $ | 321,316 | 0.4 | % | $ | 304,664 | — | % | ||||||||
Time | 56,070 | 4.3 | % | 19,425 | 2.7 | % | 20,836 | 1.7 | % | |||||||||||
Total | $ | 342,583 | 2.4 | % | $ | 340,741 | 0.5 | % | $ | 325,500 | 0.1 | % |
December 2023 Form 10-K | 152 |
Glossary of Common Terms and Acronyms |
ABS | Asset-backed securities | |||||||
ACL | Allowance for credit losses | |||||||
AFS | Available-for-sale | |||||||
AML | Anti-money laundering | |||||||
AOCI | Accumulated other comprehensive income (loss) | |||||||
AUM | Assets under management or supervision | |||||||
Balance sheet | Consolidated balance sheet | |||||||
BHC | Bank holding company | |||||||
bps | Basis points; one basis point equals 1/100th of 1% | |||||||
Cash flow statement | Consolidated cash flow statement | |||||||
CCAR | Comprehensive Capital Analysis and Review | |||||||
CCyB | Countercyclical capital buffer | |||||||
CDO | Collateralized debt obligation(s), including Collateralized loan obligation(s) | |||||||
CDS | Credit default swaps | |||||||
CECL | Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update | |||||||
CFTC | U.S. Commodity Futures Trading Commission | |||||||
CLN | Credit-linked note(s) | |||||||
CLO | Collateralized loan obligation(s) | |||||||
CMBS | Commercial mortgage-backed securities | |||||||
CMO | Collateralized mortgage obligation(s) | |||||||
CRM | Credit Risk Management Department | |||||||
CTA | Cumulative foreign currency translation adjustments | |||||||
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 | |||||||
ELN | Equity-linked note(s) | |||||||
EMEA | Europe, Middle East and Africa | |||||||
EPS | Earnings per common share | |||||||
E.U. | European Union | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FFELP | Federal Family Education Loan Program | |||||||
FHC | Financial holding company | |||||||
FICC | Fixed Income Clearing Corporation | |||||||
FICO | Fair Isaac Corporation | |||||||
Financial statements | Consolidated financial statements | |||||||
FVA | Funding valuation adjustment | |||||||
FVO | Fair value option | |||||||
G-SIB | Global systemically important banks | |||||||
HELOC | Home Equity Line of Credit | |||||||
HFI | Held-for-investment | |||||||
HFS | Held-for-sale | |||||||
HQLA | High-quality liquid assets | |||||||
HTM | Held-to-maturity | |||||||
I/E | Intersegment eliminations | |||||||
IHC | Intermediate holding company | |||||||
IM | Investment Management | |||||||
Income statement | Consolidated income statement | |||||||
IRS | Internal Revenue Service |
IS | Institutional Securities | |||||||
LCR | Liquidity coverage ratio, as adopted by the U.S. banking agencies | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LTV | Loan-to-value | |||||||
M&A | Merger, acquisition and restructuring transaction | |||||||
MSBNA | Morgan Stanley Bank, N.A. | |||||||
MS&Co. | Morgan Stanley & Co. LLC | |||||||
MSCG | Morgan Stanley Capital Group Inc. | |||||||
MSCS | Morgan Stanley Capital Services LLC | |||||||
MSEHSE | Morgan Stanley Europe Holdings SE | |||||||
MSESE | Morgan Stanley Europe SE | |||||||
MSIP | Morgan Stanley & Co. International plc | |||||||
MSMS | Morgan Stanley MUFG Securities Co., Ltd. | |||||||
MSPBNA | Morgan Stanley Private Bank, National Association | |||||||
MSSB | Morgan Stanley Smith Barney LLC | |||||||
MUFG | Mitsubishi UFJ Financial Group, Inc. | |||||||
MUMSS | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | |||||||
MWh | Megawatt hour | |||||||
N/A | Not Applicable | |||||||
N/M | Not Meaningful | |||||||
NAV | Net asset value | |||||||
Non-GAAP | Non-generally accepted accounting principles | |||||||
NSFR | Net stable funding ratio, as adopted by the U.S. banking agencies | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OCI | Other comprehensive income (loss) | |||||||
OIS | Overnight index swap | |||||||
OTC | Over-the-counter | |||||||
PRA | Prudential Regulation Authority | |||||||
PSU | Performance-based stock unit | |||||||
RMBS | Residential mortgage-backed securities | |||||||
ROE | Return on average common equity | |||||||
ROTCE | Return on average tangible common equity | |||||||
ROU | Right-of-use | |||||||
RSU | Restricted stock unit | |||||||
RWA | Risk-weighted assets | |||||||
SCB | Stress capital buffer | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SLR | Supplementary leverage ratio | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
S&P | Standard & Poor’s | |||||||
SPE | Special purpose entity | |||||||
SPOE | Single point of entry | |||||||
TLAC | Total loss-absorbing capacity | |||||||
U.K. | United Kingdom | |||||||
UPB | Unpaid principal balance | |||||||
U.S. | United States of America | |||||||
U.S.
Bank Subsidiaries | Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) | |||||||
U.S. GAAP | Accounting principles generally accepted in the United States of America | |||||||
VaR | Value-at-Risk | |||||||
VIE | Variable interest entity | |||||||
WACC | Implied weighted average cost of capital | |||||||
WM | Wealth Management |
153 | December 2023 Form 10-K |
December 2023 Form 10-K | 154 |
155 | December 2023 Form 10-K |
$ in millions, except per share data | Total Number of Shares Purchased1 | Average Price Paid per Share2 | Total Shares Purchased as Part of Share Repurchase Program3, 4 | Dollar Value of Remaining Authorized Repurchase | ||||||||||
October | 1,948,722 | $ | 71.77 | 1,911,600 | $ | 18,363 | ||||||||
November | 15,673,256 | $ | 75.59 | 15,368,757 | $ | 17,200 | ||||||||
December | 201,759 | $ | 86.45 | — | $ | 17,200 | ||||||||
Three
Months Ended December 31, 2023 | 17,823,737 | $ | 75.30 | 17,280,357 |
December 2023 Form 10-K | 156 |
At December 31, | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
Morgan Stanley | $ | 100.00 | $ | 132.66 | $ | 183.14 | $ | 268.50 | $ | 240.57 | $ | 274.03 | ||||||||
S&P
500 Stock Index | 100.00 | 131.21 | 155.34 | 199.89 | 163.65 | 206.63 | ||||||||||||||
S&P 500 Financials Sector Index | 100.00 | 132.09 | 129.77 | 175.02 | 156.52 | 175.46 |
157 | December 2023 Form 10-K |
Exhibit No. | Description | |||||||
3.1 | Amended
and Restated Certificate of Incorporation of Morgan Stanley, as amended to date (Exhibit 3.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended June 30, 2022). | |||||||
3.2 | Amended and Restated Bylaws of Morgan Stanley, as amended to date (Exhibit
3.1 to Morgan Stanley’s current report on Form 8-K dated December 8, 2023). | |||||||
4.1* | ||||||||
4.2 | Amended and Restated Senior Indenture dated as of May 1, 1999 between Morgan Stanley and The Bank of New York,
as trustee (Exhibit 4e to Morgan Stanley’s Registration Statement on Form S-3/A (No. 333-75289) as amended by Fourth Supplemental Senior Indenture dated as of October 8, 2007 (Exhibit 4.3 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended November 30, 2007). | |||||||
4.3 | Senior
Indenture dated as of November 1, 2004 between Morgan Stanley and The Bank of New York, as trustee (Exhibit 4-f to Morgan Stanley’s Registration Statement on Form S-3/A (No. 333-117752), as amended by First Supplemental Senior Indenture dated as of September 4, 2007 (Exhibit
4.5 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended November 30, 2007), Second Supplemental Senior Indenture dated as of January 4, 2008 (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated January 4, 2008), Third Supplemental Senior Indenture dated as of September 10, 2008 (Exhibit
4 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended August 31, 2008), Fourth Supplemental Senior Indenture dated as of December 1, 2008 (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated December 1, 2008), Fifth Supplemental Senior Indenture dated as of April 1, 2009 (Exhibit
4 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2009), Sixth Supplemental Senior Indenture dated as of September 16, 2011 (Exhibit 4.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended September 30, 2011), Seventh Supplemental Senior Indenture dated as of November 21, 2011 (Exhibit
4.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2011), Eighth Supplemental Senior Indenture dated as of May 4, 2012 (Exhibit 4.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended June 30, 2012), Ninth Supplemental Senior Indenture dated as of March 10, 2014 (Exhibit
4.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2014), Tenth Supplemental Senior Indenture dated as of January 11, 2017 (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated January 11, 2017) and Eleventh Supplemental Senior Indenture dated as of March 24, 2021 (Exhibit
4.4 to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2021). |
Exhibit No. | Description | |||||||
4.4 | The Unit Agreement Without Holders’ Obligations, dated as of August 29, 2008, between Morgan Stanley and The Bank of New York Mellon, as Unit Agent, as Trustee and Paying Agent under the Senior Indenture
referred to therein and as Warrant Agent under the Warrant Agreement referred to therein (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated August 29, 2008). | |||||||
4.5 | Subordinated Indenture dated as of October 1, 2004 between Morgan Stanley and The Bank of New York, as trustee (Exhibit
4-g to Morgan Stanley’s Registration Statement on Form S-3/A (No. 333-117752)). | |||||||
4.6 | Junior Subordinated Indenture dated as of October 12, 2006 between Morgan Stanley and The Bank of New York, as trustee (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated October 12, 2006). | |||||||
4.7 | Deposit
Agreement dated as of July 6, 2006 among Morgan Stanley, JPMorgan Chase Bank, N.A. and the holders from time to time of the depositary receipts described therein (Exhibit 4.3 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended May 31, 2006). | |||||||
4.8 | Form of Deposit Agreement among Morgan Stanley, JPMorgan Chase Bank, N.A. and the holders from time to time of the depositary receipts representing interests in the Series A Preferred Stock described therein (Exhibit
2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated July 5, 2006). | |||||||
4.9 | Depositary Receipt for Depositary Shares, representing Floating Rate Non-Cumulative Preferred Stock, Series A (included in Exhibit 4.8 hereto). | |||||||
4.10 | Form of Deposit Agreement among Morgan
Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series E Preferred Stock described therein (Exhibit 2.6 to Morgan Stanley’s Registration Statement on Form 8-A dated September 27, 2013). | |||||||
4.11 | Depositary Receipt for Depositary Shares, representing Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E (included in Exhibit 4.10
hereto). | |||||||
4.12 | Form of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series F Preferred stock described therein (Exhibit 2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated December 9, 2013). | |||||||
4.13 |
December 2023 Form 10-K | 158 |
Exhibit No. | Description | |||||||
4.14 | Form
of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series I Preferred stock described therein (Exhibit 2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated September 17, 2014). | |||||||
4.15 | Depositary Receipt for Depositary Shares, representing Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I (included in Exhibit
4.14 hereto). | |||||||
4.16 | Form of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series K Preferred Stock described therein (Exhibit 2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated January 30, 2017). | |||||||
4.17 | Depositary
Receipt for Depositary Shares, representing Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K (included in Exhibit 4.16 hereto). | |||||||
4.18 | Form of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series L Preferred Stock described therein (Exhibit
2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated November 22, 2019). | |||||||
4.19 | Depositary Receipt for Depositary Shares, representing 4.875% Non-Cumulative Preferred Stock, Series L (included in Exhibit 4.18 hereto). | |||||||
4.20 | Form
of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series N Preferred Stock described therein (Exhibit 4.5 to Morgan Stanley’s current report on Form 8-K dated October 2, 2020). | |||||||
4.21 | Depositary Receipt for Depositary Shares, representing Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series N (included in Exhibit
4.20 hereto). | |||||||
4.22 | Form of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series O Preferred Stock described therein (Exhibit 2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated October 22, 2021). | |||||||
4.23 | Depositary
Receipt for Depositary Shares, representing 4.250% Non-Cumulative Preferred Stock, Series O (included in Exhibit 4.22 hereto). | |||||||
4.24 | Form of Deposit Agreement among Morgan Stanley, The Bank of New York Mellon and the holders from time to time of the depositary receipts representing interests in the Series P Preferred Stock described therein (Exhibit
2.4 to Morgan Stanley’s Registration Statement on Form 8-A dated August 1, 2022). | |||||||
4.25 | Depositary Receipt for Depositary Shares, representing 6.500% Non-Cumulative Preferred Stock, Series P (included in Exhibit 4.24 hereto). |
Exhibit No. | Description | |||||||
10.1 | Amended
and Restated Trust Agreement dated as of January 1, 2018 by and between Morgan Stanley and State Street Bank and Trust Company (Exhibit 10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2018). | |||||||
10.2 | Amended and Restated Investor Agreement dated as of June 30, 2011 by and between Morgan Stanley and Mitsubishi UFJ Financial Group, Inc. (Exhibit
10.1 to Morgan Stanley’s current report on Form 8-K dated June 30, 2011), as amended by Third Amendment, dated October 3, 2013 (Exhibit 10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended September 30, 2013), Fourth Amendment, dated April 6, 2016 (Exhibit 10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31,
2016), Fifth Amendment, dated October 4, 2018 (Exhibit 10.3 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2020), Sixth Amendment, dated April 13, 2021 (Exhibit 10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended June 30, 2021) and Seventh Amendment, dated October 13, 2023 (Exhibit
10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended September 30, 2023). | |||||||
10.3† | Morgan Stanley 401(k) Plan, amended and restated as of January 1, 2018 (Exhibit 10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2018), as amended by Amendment (Exhibit
10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2019) and Amendment (Exhibit 10.6 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2020), Amendment (Exhibit 10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2021) and Amendment (Exhibit
10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2022). | |||||||
10.4†* | ||||||||
10.5† | Tax
Deferred Equity Participation Plan as amended and restated as of November 26, 2007 (Exhibit 10.9 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended November 30, 2007). | |||||||
10.6† | Directors’ Equity Capital Accumulation Plan as amended and restated as of November 1, 2022 (Exhibit 10.6
to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2022). | |||||||
10.7† | Employees’ Equity Accumulation Plan as amended and restated as of November 26, 2007 (Exhibit 10.12 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended November 30, 2007). | |||||||
10.8† | Employee Stock
Purchase Plan as amended and restated as of August 1, 2022 (Exhibit 10.8 to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2022). |
159 | December 2023 Form 10-K |
Exhibit No. | Description | |||||||
10.9† | Morgan
Stanley Supplemental Executive Retirement and Excess Plan, amended and restated effective December 31, 2008 (Exhibit 10.2 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2009) as amended by Amendment (Exhibit 10.5 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended June 30, 2009), Amendment (Exhibit
10.19 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2010), Amendment (Exhibit 10.3 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended June 30, 2011) and Amendment (Exhibit 10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended September 30, 2014). | |||||||
10.10† | Form
of Deferred Compensation Agreement under the Pre-Tax Incentive Program 2 (Exhibit 10.12 to MSG’s annual report for the fiscal year ended November 30, 1996). | |||||||
10.11† | Morgan Stanley UK Share Ownership Plan (Exhibit 4.1 to Morgan Stanley’s Registration Statement on Form S-8 (No. 333-146954)). | |||||||
10.12† | Supplementary
Deed of Participation for the Morgan Stanley UK Share Ownership Plan, dated as of November 5, 2009 (Exhibit 10.36 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2009). | |||||||
10.13† | Aircraft Time-Sharing Agreement, dated as of January 1, 2010, by and between Corporate Services Support Corp. and James P. Gorman (Exhibit
10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2010). | |||||||
10.14† | Agreement between Morgan Stanley and James P. Gorman, dated August 16, 2005, and amendment dated December 17, 2008 (Exhibit 10.2 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2010), as amended
by Amendment (Exhibit 10.25 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2013). | |||||||
10.15† | Form of Restrictive Covenant Agreement (Exhibit 10 to Morgan Stanley’s current report on Form 8-K dated November 22, 2005). | |||||||
10.16† | Equity
Incentive Compensation Plan, as amended and restated as of December 14, 2020 (Exhibit 10.19 to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2020). | |||||||
10.17† | Morgan Stanley Compensation Incentive Plan, as amended and restated as of December 14, 2020 (Exhibit 10.24
to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2020) | |||||||
10.18† | Morgan Stanley Schedule of Non-Employee Directors Annual Compensation, effective as of November 1, 2022 (Exhibit 10.18 to Morgan Stanley's annual report on Form 10-K for the year ended December 31, 2022). | |||||||
10.19† | Description
of Operating Committee Medical Coverage (Exhibit 10.2 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended March 31, 2015). | |||||||
10.20†* |
Exhibit No. | Description | |||||||
10.21†* | ||||||||
10.22†* | ||||||||
10.23† | Form of Aircraft Time-Sharing Agreement (Exhibit
10.1 to Morgan Stanley’s quarterly report on Form 10-Q for the quarter ended September 30, 2020). | |||||||
21* | ||||||||
22* | ||||||||
23.1* | ||||||||
24 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
97* | ||||||||
101 | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”). | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. | ||||
** | Furnished herewith. | ||||
† | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K pursuant to Item 15(b). |
December 2023 Form 10-K | 160 |
MORGAN STANLEY (REGISTRANT) | |||||
By: | /s/ EDWARD
PICK | ||||
Chief Executive Officer |
Signature | Title | ||||
/s/ EDWARD
PICK | Chief Executive Officer | ||||
(Principal Executive Officer) | |||||
/s/ SHARON YESHAYA | Executive Vice President and Chief Financial Officer | ||||
(Sharon Yeshaya) | (Principal Financial Officer) | ||||
/s/ RAJA
J. AKRAM | Deputy Chief Financial Officer | ||||
(Raja J. Akram) | (Chief Accounting Officer and Controller) | ||||
/s/ JAMES P. GORMAN | Chairman of the Board | ||||
/s/ THOMAS
H. GLOCER | Director | ||||
(Thomas H. Glocer) | |||||
/s/ ROBERT H. HERZ | Director | ||||
(Robert H. Herz) |
Signature | Title | ||||
/s/ ERIKA
H. JAMES | Director | ||||
(Erika H. James) | |||||
Director | |||||
(Hironori Kamezawa) | |||||
Director | |||||
(Shelley B. Leibowitz) | |||||
/s/ STEPHEN J. LUCZO | Director | ||||
(Stephen J. Luczo) | |||||
/s/ JAMI
MISCIK | Director | ||||
(Jami Miscik) | |||||
/s/ MASATO MIYACHI | Director | ||||
(Masato Miyachi) | |||||
/s/ DENNIS
M. NALLY | Director | ||||
(Dennis M. Nally) | |||||
/s/ MARY L. SCHAPIRO | Director | ||||
(Mary L. Schapiro) | |||||
Director | |||||
(Perry M. Traquina) | |||||
Director | |||||
(Rayford Wilkins, Jr.) |
161 | December 2023 Form 10-K |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/12/24 Morgan Stanley 424B2 1:796K Davis Polk & … LLP 01/FA 2/26/24 Morgan Stanley POS AM 5:1M Davis Polk & … LLP 01/FA |