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As Of Filer Filing For·On·As Docs:Size 2/24/22 Morgan Stanley 10-K 12/31/21 225:51M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 5.41M 2: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 1.15M 3: EX-4.1 Instrument Defining the Rights of Security Holders HTML 144K 4: EX-4.4 Instrument Defining the Rights of Security Holders HTML 85K 5: EX-10.4 Material Contract HTML 83K 6: EX-21 Subsidiaries List HTML 65K 7: EX-22 Published Report re: Matters Submitted to a Vote HTML 62K of Security Holders 8: EX-23.1 Consent of Expert or Counsel HTML 67K 9: EX-23.2 Consent of Expert or Counsel HTML 64K 10: EX-31.1 Certification -- §302 - SOA'02 HTML 66K 11: EX-31.2 Certification -- §302 - SOA'02 HTML 66K 12: EX-32.1 Certification -- §906 - SOA'02 HTML 63K 13: EX-32.2 Certification -- §906 - SOA'02 HTML 63K 19: R1 Cover Page HTML 152K 20: R2 Audit Information HTML 67K 21: R3 Consolidated Income Statements HTML 175K 22: R4 Consolidated Comprehensive Income Statement HTML 103K 23: R5 Consolidated Balance Sheets HTML 172K 24: R6 Consolidated Balance Sheets (Parenthetical) HTML 94K 25: R7 Consolidated Statements of Changes in Total Equity HTML 142K 26: R8 Consolidated Cash Flow Statements HTML 171K 27: R9 Introduction and Basis of Presentation HTML 79K 28: R10 Significant Accounting Policies HTML 171K 29: R11 Acquisitions HTML 109K 30: R12 Cash and Cash Equivalents HTML 71K 31: R13 Fair Values HTML 813K 32: R14 Fair Value Option HTML 116K 33: R15 Derivative Instruments and Hedging Activities HTML 444K 34: R16 Investment Securities HTML 255K 35: R17 Collateralized Transactions HTML 181K 36: R18 Loans, Lending Commitments and Related Allowance HTML 448K for Credit Losses 37: R19 Goodwill and Intangible Assets HTML 132K 38: R20 Other Assets - Equity Method Investments and HTML 113K Leases 39: R21 Deposits HTML 90K 40: R22 Borrowings and Other Secured Financings HTML 176K 41: R23 Commitments, Guarantees and Contingencies HTML 161K 42: R24 Variable Interest Entities and Securitization HTML 294K Activities 43: R25 Regulatory Requirements HTML 184K 44: R26 Total Equity HTML 326K 45: R27 Interest Income and Interest Expense HTML 98K 46: R28 Deferred Compensation Plans and Carried Interest HTML 140K Compensation 47: R29 Employee Benefit Plans HTML 226K 48: R30 Income Taxes HTML 149K 49: R31 Segment, Geographic and Revenue Information HTML 297K 50: R32 Parent Company HTML 196K 51: R33 Significant Accounting Policies (Policies) HTML 235K 52: R34 Significant Accounting Policies (Tables) HTML 77K 53: R35 Acquisitions (Tables) HTML 107K 54: R36 Cash and Cash Equivalents (Tables) HTML 69K 55: R37 Fair Values (Tables) HTML 987K 56: R38 Fair Value Option (Tables) HTML 110K 57: R39 Derivative Instruments and Hedging Activities HTML 451K (Tables) 58: R40 Investment Securities (Tables) HTML 259K 59: R41 Collateralized Transactions (Tables) HTML 186K 60: R42 Loans, Lending Commitments and Related Allowance HTML 452K for Credit Losses (Tables) 61: R43 Goodwill and Intangible Assets (Tables) HTML 136K 62: R44 Other Assets - Equity Method Investments and HTML 120K Leases (Tables) 63: R45 Deposits (Tables) HTML 90K 64: R46 Borrowings and Other Secured Financings (Tables) HTML 179K 65: R47 Commitments, Guarantees and Contingencies (Tables) HTML 127K 66: R48 Variable Interest Entities and Securitization HTML 283K Activities (Tables) 67: R49 Regulatory Requirements (Tables) HTML 172K 68: R50 Total Equity (Tables) HTML 381K 69: R51 Interest Income and Interest Expense (Tables) HTML 99K 70: R52 Deferred Compensation Plans and Carried Interest HTML 156K Compensation (Tables) 71: R53 Employee Benefit Plans (Tables) HTML 232K 72: R54 Income Taxes (Tables) HTML 155K 73: R55 Segment, Geographic and Revenue Information HTML 306K (Tables) 74: R56 Parent Company (Tables) HTML 196K 75: R57 Significant Accounting Policies - Narrative HTML 119K (Details) 76: R58 Acquisitions - Narrative (Details) HTML 90K 77: R59 Acquisitions - Purchase Price Allocation (Details) HTML 125K 78: R60 Acquisitions - Acquired Intangible Assets HTML 80K (Details) 79: R61 Acquisitions - 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Senior HTML 66K Debt Subject to Put Options or Liquidity Obligations (Details) 138: R120 Borrowings and Other Secured Financings - HTML 65K Subordinated Debt (Details) 139: R121 Borrowings and Other Secured Financings - Rates HTML 65K for Long-Term Borrowings (Details) 140: R122 Borrowings and Other Secured Financings - Other HTML 69K Secured Financings (Details) 141: R123 Borrowings and Other Secured Financings - HTML 105K Maturities and Terms of Secured Financings (Details) 142: R124 Borrowings and Other Secured Financings - Failed HTML 78K Sales by Maturity (Details) 143: R125 Commitments, Guarantees and Contingencies - HTML 100K Commitments (Details) 144: R126 Commitments, Guarantees and Contingencies - HTML 124K Obligations under Guarantee Arrangements (Details) 145: R127 Commitments, Guarantees and Contingencies - Legal HTML 63K Expenses (Details) 146: R128 Commitments, Guarantees and Contingencies - HTML 79K Narrative (Details) 147: R129 Variable Interest Entities and Securitization HTML 91K Activities - Assets and Liabilities by Type of Activity (Details) 148: R130 Variable Interest Entities and Securitization HTML 108K Activities - Assets and Liabilities by Balance Sheet Caption (Details) 149: R131 Variable Interest Entities and Securitization HTML 143K Activities - Non-Consolidated VIEs (Details) 150: R132 Variable Interest Entities and Securitization HTML 90K Activities - Mortgage and Asset Backed Securitization Assets (Details) 151: R133 Variable Interest Entities and Securitization HTML 105K Activities - Transfers of Assets with Continuing Involvement (Details) 152: R134 Variable Interest Entities and Securitization HTML 91K Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) 153: R135 Variable Interest Entities and Securitization HTML 72K Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) 154: R136 Variable Interest Entities and Securitization HTML 78K Activities - Assets Sold with Retained Exposure (Details) 155: R137 Regulatory Requirements - Narrative (Details) HTML 68K 156: R138 Regulatory Requirements - Capital Buffer HTML 85K Requirements (Details) 157: R139 Regulatory Requirements - Risk-Based Regulatory HTML 83K Capital Ratio Requirements (Details) 158: R140 Regulatory Requirements - The Firm's Regulatory HTML 98K Capital and Capital Ratios (Details) 159: R141 Regulatory Requirements - U.S. Bank Subsidiaries' HTML 124K Regulatory Capital and Capital Ratios (Details) 160: R142 Regulatory Requirements - U.S. Broker-Dealer HTML 67K Regulatory Capital Requirements (Details) 161: R143 Regulatory Requirements - Restrictions on Payments HTML 63K (Details) 162: R144 Total Equity - Preferred Stock Outstanding HTML 111K (Details) 163: R145 Total Equity - Narrative (Details) HTML 67K 164: R146 Total Equity - Preferred Stock Issuance HTML 100K Description (Details) 165: R147 Total Equity - Rollforward of Common Stock HTML 76K Outstanding (Details) 166: R148 Total Equity - Share Repurchases (Details) HTML 64K 167: R149 Total Equity - Reconciliation of Common Shares HTML 71K Outstanding for Basic and Diluted EPS (Details) 168: R150 Total Equity - Dividends (Details) HTML 105K 169: R151 Total Equity - Accumulated Other Comprehensive HTML 91K Income (Loss) (Details) 170: R152 Total Equity - Components of Period Changes in OCI HTML 147K (Details) 171: R153 Total Equity - Cumulative Foreign Currency HTML 71K Translation Adjustments (Details) 172: R154 Interest Income and Interest Expense - Summary HTML 94K (Details) 173: R155 Interest Income and Interest Expense - Accrued HTML 66K Interest (Details) 174: R156 Deferred Compensation Plans and Carried Interest HTML 71K Compensation - Stock-based Compensation Plans (Details) 175: R157 Deferred Compensation Plans and Carried Interest HTML 64K Compensation - Tax Benefit Related to Stock-Based Compensation Expense (Details) 176: R158 Deferred Compensation Plans and Carried Interest HTML 71K Compensation - Unrecognized Compensation Cost Related to Stock-Based Awards Granted (Details) 177: R159 Deferred Compensation Plans and Carried Interest HTML 64K Compensation - 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Narrative (Details) HTML 80K 196: R178 Employee Benefit Plans - Expected Future Benefit HTML 75K Payments (Details) 197: R179 Employee Benefit Plans - 401(k) and Defined HTML 67K Contribution Pension Plans (Details) 198: R180 Income Taxes - Components of Provision for HTML 101K (Benefit from) Income Taxes (Details) 199: R181 Income Taxes - Effective Income Tax Rate (Details) HTML 79K 200: R182 Income Taxes - Narrative (Details) HTML 65K 201: R183 Income Taxes - Deferred Tax Assets and Liabilities HTML 89K (Details) 202: R184 Income Taxes - Rollforward of Unrecognized Tax HTML 80K Benefits (Details) 203: R185 Income Taxes - Interest Expense (Benefit), Net of HTML 65K Federal and State Income Tax Benefits (Details) 204: R186 Segment, Geographic and Revenue Information - HTML 182K Selected Financial Information by Business Segment (Details) 205: R187 Segment, Geographic and Revenue Information - HTML 74K Institutional Securities - Investment Banking Revenues (Details) 206: R188 Segment, Geographic and Revenue Information - 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HTML 77K Assets by Business Segment (Details) 215: R197 Segment, Geographic and Revenue Information - HTML 76K Assets by Region (Details) 216: R198 Parent Company - Condensed Income Statements and HTML 144K Comprehensive Income Statements (Details) 217: R199 Parent Company - Condensed Balance Sheets HTML 189K (Details) 218: R200 Parent Company - Condensed Cash Flow Statements HTML 139K (Details) 219: R201 Parent Company - Parent Company's Borrowings with HTML 74K Original Maturities Greater than One Year (Details) 220: R202 Parent Company - Guarantees (Details) HTML 68K 223: XML IDEA XML File -- Filing Summary XML 444K 221: XML XBRL Instance -- ms-20211231_htm XML 17.05M 222: EXCEL IDEA Workbook of Financial Reports XLSX 378K 15: EX-101.CAL XBRL Calculations -- ms-20211231_cal XML 573K 16: EX-101.DEF XBRL Definitions -- ms-20211231_def XML 2.70M 17: EX-101.LAB XBRL Labels -- ms-20211231_lab XML 5.02M 18: EX-101.PRE XBRL Presentations -- ms-20211231_pre XML 3.56M 14: EX-101.SCH XBRL Schema -- ms-20211231 XSD 630K 224: JSON XBRL Instance as JSON Data -- MetaLinks 1,107± 1.75M 225: ZIP XBRL Zipped Folder -- 0000895421-22-000400-xbrl Zip 2.04M
ms-20211231 |
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 | ||||||||
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 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, 2021 |
Table of Contents | Part | Item | Page | ||||||||
I | 1 | ||||||||||
1A | |||||||||||
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 | |||||||||||
1 | December 2021 Form 10-K |
December 2021 Form 10-K | 2 |
3 | December 2021 Form 10-K |
December 2021 Form 10-K | 4 |
5 | December 2021 Form 10-K |
December 2021 Form 10-K | 6 |
7 | December 2021 Form 10-K |
Category | Metric | At December 31, 2021 | |||||||||
Employees | Employees by geography (thousands) | Americas | 51 | ||||||||
Asia Pacific | 15 | ||||||||||
EMEA | 9 | ||||||||||
Culture | Employee engagement2 | % Proud to work at Morgan Stanley | 90 | % | |||||||
Diversity and Inclusion | Global gender representation | % Women | 39 | % | |||||||
%
Women officer3 | 27 | % | |||||||||
U.S. ethnic diversity representation | % Ethnically diverse4 | 32 | % | ||||||||
% Ethnically diverse officer3 | 26 | % | |||||||||
Retention | Voluntary attrition in 2021 | % Global | 12 | % | |||||||
Tenure | Management Committee average length of service (years) | 20 | |||||||||
All employees average length of service (years) | 7 | ||||||||||
Compensation | Compensation and benefits | Total compensation and benefits expense in 2021 (millions) | $ | 24,628 |
December 2021 Form 10-K | 8 |
9 | December 2021 Form 10-K |
December 2021 Form 10-K | 10 |
11 | December 2021 Form 10-K |
December 2021 Form 10-K | 12 |
13 | December 2021 Form 10-K |
December 2021 Form 10-K | 14 |
15 | December 2021 Form 10-K |
December 2021 Form 10-K | 16 |
17 | December 2021 Form 10-K |
December 2021 Form 10-K | 18 |
19 | December 2021 Form 10-K |
December 2021 Form 10-K | 20 |
21 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
December 2021 Form 10-K | 22 |
Management’s Discussion and Analysis |
23 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in millions, except per share data | 2021 | 2020 | 2019 | |||||||||||
Consolidated results | ||||||||||||||
Net
revenues1 | $ | 59,755 | $ | 48,757 | $ | 41,538 | ||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | 14,566 | $ | 10,500 | $ | 8,512 | ||||||||
Earnings per diluted common share | $ | 8.03 | $ | 6.46 | $ | 5.19 | ||||||||
Consolidated financial measures | |||||||||||
Expense efficiency ratio1, 2 | 67 | % | 69 | % | 72 | % | |||||
Adjusted expense efficiency ratio1, 2, 4 | 66 | % | 68 | % | 72 | % | |||||
ROE3 | 15.0 | % | 13.1 | % | 11.7 | % | |||||
Adjusted
ROE3, 4 | 15.3 | % | 13.3 | % | 11.7 | % | |||||
ROTCE3, 4 | 19.8 | % | 15.2 | % | 13.4 | % | |||||
Adjusted ROTCE3, 4 | 20.2 | % | 15.4 | % | 13.4 | % | |||||
Pre-tax
margin1, 5 | 33 | % | 30 | % | 27 | % | |||||
Effective tax rate | 23.1 | % | 22.5 | % | 18.3 | % | |||||
Pre-tax margin by segment5 | |||||||||||
Institutional
Securities1 | 40 | % | 35 | % | 27 | % | |||||
Wealth Management1 | 25 | % | 23 | % | 27 | % | |||||
Wealth Management, adjusted1, 4 | 27 | % | 24 | % | 27 | % | |||||
Investment Management | 27 | % | 23 | % | 26 | % | |||||
Investment Management, adjusted4 | 29 | % | 23 | % | 26 | % |
in millions, except per share data and employee data | At December 31, 2021 | At December 31, 2020 | ||||||
Liquidity resources6 | $ | 356,003 | $ | 338,623 | ||||
Loans7 | $ | 200,761 | $ | 161,745 | ||||
Total assets | $ | 1,188,140 | $ | 1,115,862 | ||||
Deposits | $ | 347,574 | $ | 310,782 | ||||
Borrowings | $ | 233,127 | $ | 217,079 | ||||
Common shareholders' equity | $ | 97,691 | $ | 92,531 | ||||
Tangible common shareholders’ equity4 | $ | 72,499 | $ | 75,916 | ||||
Common shares outstanding | 1,772 | 1,810 | ||||||
Book
value per common share8 | $ | 55.12 | $ | 51.13 | ||||
Tangible book value per common share4, 8 | $ | 40.91 | $ | 41.95 | ||||
Worldwide employees9 (in thousands) | 75 | 68 | ||||||
Client
assets10 (in billions) | $ | 6,495 | $ | 4,780 | ||||
Capital
ratios11 | ||||||||
Common Equity Tier 1 capital—Standardized | 16.0 | % | 17.4 | % | ||||
Tier 1 capital—Standardized | 17.7 | % | 19.4 | % | ||||
Common Equity Tier 1 capital—Advanced | 17.4 | % | 17.7 | % | ||||
Tier 1 capital—Advanced | 19.1 | % | 19.8 | % | ||||
Tier 1 leverage | 7.1 | % | 8.4 | % | ||||
SLR12 | 5.6 | % | 7.4 | % |
December 2021 Form 10-K | 24 |
Management’s Discussion and Analysis |
$ in millions, except per share data | 2021 | 2020 | 2019 | ||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | 14,566 | $ | 10,500 | $ | 8,512 | |||||
Impact of adjustments: | |||||||||||
Wealth Management—Compensation expenses | 58 | 151 | — | ||||||||
Wealth Management—Non-compensation expenses | 288 | 80 | — | ||||||||
Investment Management—Compensation expenses | 44 | — | — | ||||||||
Investment Management—Non-compensation expenses | 66 | — | — | ||||||||
Total integration-related expenses | 456 | 231 | — | ||||||||
Related tax benefit | (104) | (42) | — | ||||||||
Adjusted earnings applicable to Morgan Stanley common shareholders—non-GAAP1 | $ | 14,918 | $ | 10,689 | $ | 8,512 | |||||
Earnings per diluted common share | $ | 8.03 | $ | 6.46 | $ | 5.19 | |||||
Impact of adjustments | 0.19 | 0.12 | — | ||||||||
Adjusted earnings per diluted common share—non-GAAP1 | $ | 8.22 | $ | 6.58 | $ | 5.19 | |||||
Expense efficiency ratio2 | 67 | % | 69 | % | 72 | % | |||||
Impact of adjustments | (1) | % | (1) | % | — | % | |||||
Adjusted expense efficiency ratio—non-GAAP1, 2 | 66 | % | 68 | % | 72 | % | |||||
Wealth Management pre-tax margin2 | 25 | % | 23 | % | 27 | % | |||||
Impact of adjustments | 2 | % | 1 | % | — | % | |||||
Adjusted Wealth Management pre-tax margin—non-GAAP1, 2 | 27 | % | 24 | % | 27 | % | |||||
Investment Management pre-tax margin | 27 | % | 23 | % | 26 | % | |||||
Impact of adjustments | 2 | % | — | % | — | % | |||||
Adjusted Investment Management pre-tax margin—non-GAAP1 | 29 | % | 23 | % | 26 | % |
At December 31, | |||||||||||
$ in millions | 2021 | 2020 | 2019 | ||||||||
Tangible equity | |||||||||||
Common shareholders' equity | $ | 97,691 | $ | 92,531 | $ | 73,029 | |||||
Less: Goodwill and net intangible assets | (25,192) | (16,615) | (9,249) | ||||||||
Tangible common shareholders' equity—non-GAAP | $ | 72,499 | $ | 75,916 | $ | 63,780 |
Average Monthly Balance | |||||||||||
$ in millions | 2021 | 2020 | 2019 | ||||||||
Tangible equity | |||||||||||
Common shareholders' equity | $ | 97,094 | $ | 80,246 | $ | 72,720 | |||||
Less: Goodwill and net intangible assets | (23,392) | (10,951) | (9,140) | ||||||||
Tangible common shareholders' equity—non-GAAP | $ | 73,702 | $ | 69,295 | $ | 63,580 |
$ in billions | 2021 | 2020 | 2019 | ||||||||
Average common equity | |||||||||||
Unadjusted—GAAP | $ | 97.1 | $ | 80.2 | $ | 72.7 | |||||
Adjusted1—Non-GAAP | 97.2 | 80.3 | 72.7 | ||||||||
ROE3 | |||||||||||
Unadjusted—GAAP | 15.0 | % | 13.1 | % | 11.7 | % | |||||
Adjusted1—Non-GAAP | 15.3 | % | 13.3 | % | 11.7 | % | |||||
Average tangible common equity—Non-GAAP | |||||||||||
Unadjusted | $ | 73.7 | $ | 69.3 | $ | 63.6 | |||||
Adjusted1 | 73.8 | 69.3 | 63.6 | ||||||||
ROTCE3—Non-GAAP | |||||||||||
Unadjusted | 19.8 | % | 15.2 | % | 13.4 | % | |||||
Adjusted1 | 20.2 | % | 15.4 | % | 13.4 | % |
$ in billions | 2021 | 2020 | 2019 | ||||||||
Average common equity4 | |||||||||||
Institutional Securities | $ | 43.5 | $ | 42.8 | $ | 40.4 | |||||
Wealth Management | 28.6 | 20.8 | 18.2 | ||||||||
Investment Management | 8.8 | 2.6 | 2.5 | ||||||||
ROE5 | |||||||||||
Institutional Securities | 20 | % | 15 | % | 10 | % | |||||
Wealth Management | 16 | % | 16 | % | 20 | % | |||||
Investment Management | 15 | % | 23 | % | 29 | % | |||||
Average tangible common equity4 | |||||||||||
Institutional Securities | $ | 42.9 | $ | 42.3 | $ | 39.9 | |||||
Wealth Management | 13.4 | 11.3 | 10.2 | ||||||||
Investment Management | 0.9 | 1.7 | 1.5 | ||||||||
ROTCE5 | |||||||||||
Institutional Securities | 20 | % | 16 | % | 10 | % | |||||
Wealth Management | 34 | % | 29 | % | 36 | % | |||||
Investment Management | 144 | % | 36 | % | 47 | % |
25 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
December 2021 Form 10-K | 26 |
Management’s Discussion and Analysis |
27 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
December 2021 Form 10-K | 28 |
Management’s Discussion and Analysis |
29 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2021 | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||||
Advisory | $ | 3,487 | $ | 2,008 | $ | 2,116 | 74 | % | (5) | % | |||||||
Equity | 4,437 | 3,092 | 1,708 | 43 | % | 81 | % | ||||||||||
Fixed income | 2,348 | 2,104 | 1,910 | 12 | % | 10 | % | ||||||||||
Total Underwriting | 6,785 | 5,196 | 3,618 | 31 | % | 44 | % | ||||||||||
Total Investment banking | 10,272 | 7,204 | 5,734 | 43 | % | 26 | % | ||||||||||
Equity1 | 11,435 | 9,921 | 8,133 | 15 | % | 22 | % | ||||||||||
Fixed
income1 | 7,516 | 8,847 | 5,985 | (15) | % | 48 | % | ||||||||||
Other1 | 610 | 504 | 644 | 21 | % | (22) | % | ||||||||||
Net
revenues1 | 29,833 | 26,476 | 20,496 | 13 | % | 29 | % | ||||||||||
Provision for credit losses1 | (7) | 731 | 151 | (101) | % | N/M | |||||||||||
Compensation and benefits | 9,165 | 8,342 | 7,433 | 10 | % | 12 | % | ||||||||||
Non-compensation expenses1 | 8,861 | 8,252 | 7,422 | 7 | % | 11 | % | ||||||||||
Total
non-interest expenses1 | 18,026 | 16,594 | 14,855 | 9 | % | 12 | % | ||||||||||
Income before provision for income taxes | 11,814 | 9,151 | 5,490 | 29 | % | 67 | % | ||||||||||
Provision for income taxes | 2,746 | 2,040 | 769 | 35 | % | 165 | % | ||||||||||
Net income | 9,068 | 7,111 | 4,721 | 28 | % | 51 | % | ||||||||||
Net income applicable to noncontrolling interests | 111 | 99 | 122 | 12 | % | (19) | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 8,957 | $ | 7,012 | $ | 4,599 | 28 | % | 52 | % |
$ in billions | 2021 | 2020 | 2019 | ||||||||
Completed mergers and acquisitions1 | $ | 1,090 | $ | 887 | $ | 826 | |||||
Equity
and equity-related offerings2, 3 | 117 | 100 | 61 | ||||||||
Fixed income offerings2, 4 | 365 | 377 | 287 |
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 |
20204 | |||||||||||||||||
$ in millions | Trading | Fees1 | Net Interest2 | All
Other3 | Total | ||||||||||||
Financing | $ | 3,736 | $ | 439 | $ | 342 | $ | 4 | $ | 4,521 | |||||||
Execution services | 2,882 | 2,658 | (256) | 116 | 5,400 | ||||||||||||
Total Equity | $ | 6,618 | $ | 3,097 | $ | 86 | $ | 120 | $ | 9,921 | |||||||
Total Fixed income | $ | 6,841 | $ | 299 | $ | 1,696 | $ | 11 | $ | 8,847 |
20194 | |||||||||||||||||
$ in millions | Trading | Fees1 | Net Interest2 | All
Other3 | Total | ||||||||||||
Financing | $ | 4,225 | $ | 372 | $ | (514) | $ | 9 | $ | 4,092 | |||||||
Execution services | 1,986 | 2,203 | (216) | 68 | 4,041 | ||||||||||||
Total Equity | $ | 6,211 | $ | 2,575 | $ | (730) | $ | 77 | $ | 8,133 | |||||||
Total Fixed income | $ | 5,175 | $ | 324 | $ | 70 | $ | 416 | $ | 5,985 |
December 2021 Form 10-K | 30 |
Management’s Discussion and Analysis |
31 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2021 | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||||
Asset management | $ | 13,966 | $ | 10,955 | $ | 10,199 | 27 | % | 7 | % | |||||||
Transactional1 | 4,259 | 3,694 | 2,969 | 15 | % | 24 | % | ||||||||||
Net interest | 5,393 | 4,022 | 4,222 | 34 | % | (5) | % | ||||||||||
Other1,2 | 625 | 415 | 356 | 51 | % | 17 | % | ||||||||||
Net
revenues2 | 24,243 | 19,086 | 17,746 | 27 | % | 8 | % | ||||||||||
Provision for credit losses2 | 11 | 30 | 10 | (63) | % | 200 | % | ||||||||||
Compensation and benefits | 13,090 | 10,970 | 9,774 | 19 | % | 12 | % | ||||||||||
Non-compensation expenses2 | 4,961 | 3,699 | 3,130 | 34 | % | 18 | % | ||||||||||
Total
non-interest expenses2 | 18,051 | 14,669 | 12,904 | 23 | % | 14 | % | ||||||||||
Income before provision for income taxes | 6,181 | 4,387 | 4,832 | 41 | % | (9) | % | ||||||||||
Provision for income taxes | 1,447 | 1,026 | 1,104 | 41 | % | (7) | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 4,734 | $ | 3,361 | $ | 3,728 | 41 | % | (10) | % |
$ in billions | At December 31, 2021 | At December 31, 2020 | ||||||
Total client assets | $ | 4,930 | $ | 3,999 | ||||
U.S. Bank Subsidiary loans | $ | 129 | $ | 98 | ||||
Margin and other lending1 | $ | 31 | $ | 23 | ||||
Deposits2 | $ | 346 | $ | 306 | ||||
Annualized weighted average cost of deposits | 0.10% | 0.24% |
2021 | 2020 | 2019 | |||||||||
Net new assets3 | $ | 437.7 | $ | 182.7 | $ | 97.8 |
$ in billions | At December 31, 2021 | At December 31, 2020 | |||||||||
Advisor-led client assets1 | $ | 3,886 | $ | 3,167 | |||||||
Fee-based
client assets2 | $ | 1,839 | $ | 1,472 | |||||||
Fee-based client assets as a percentage of advisor-led client assets | 47% | 46% |
2021 | 2020 | 2019 | |||||||||
Fee-based
asset flows3 | $ | 179.3 | $ | 77.4 | $ | 64.9 |
$ in billions | At December 31, 2021 | At December 31, 2020 | |||||||||
Self-directed
assets1 | $ | 1,044 | $ | 832 | |||||||
Self-directed households (in millions)2 | 7.4 | 6.7 |
2021 | 2020 | 2019 | |||||||||
Daily
average revenue trades (“DARTs”) (in thousands)3 | 1,161 | 280 | 3 |
$ in billions | At December 31, 2021 | At December 31, 2020 | |||||||||
Workplace unvested assets2 | $ | 509 | $ | 435 | |||||||
Number
of participants (in millions)3 | 5.6 | 4.9 |
December 2021 Form 10-K | 32 |
Management’s Discussion and Analysis |
$ in billions | At December 31, 2020 | Inflows1 | Outflows | Market Impact | At December 31, 2021 | ||||||||||||
Separately managed2 | $ | 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 |
$ in billions | At December 31, 2019 | Inflows | Outflows | Market Impact | At December 31, 2020 | ||||||||||||
Separately managed2 | $ | 322 | $ | 48 | $ | (25) | $ | 14 | $ | 359 | |||||||
Unified managed | 313 | 63 | (43) | 46 | 379 | ||||||||||||
Advisor | 155 | 33 | (28) | 17 | 177 | ||||||||||||
Portfolio manager | 435 | 86 | (57) | 45 | 509 | ||||||||||||
Subtotal | $ | 1,225 | $ | 230 | $ | (153) | $ | 122 | $ | 1,424 | |||||||
Cash
management | 42 | 28 | (22) | — | 48 | ||||||||||||
Total fee-based client assets | $ | 1,267 | $ | 258 | $ | (175) | $ | 122 | $ | 1,472 |
$ in billions | At December 31, 2018 | Inflows | Outflows | Market Impact | At December 31, 2019 | ||||||||||||
Separately managed2 | $ | 279 | $ | 53 | $ | (19) | $ | 9 | $ | 322 | |||||||
Unified managed | 257 | 48 | (39) | 47 | 313 | ||||||||||||
Advisor | 137 | 27 | (32) | 23 | 155 | ||||||||||||
Portfolio manager | 353 | 75 | (48) | 55 | 435 | ||||||||||||
Subtotal | $ | 1,026 | $ | 203 | $ | (138) | $ | 134 | $ | 1,225 | |||||||
Cash
management | 20 | 36 | (14) | — | 42 | ||||||||||||
Total fee-based client assets | $ | 1,046 | $ | 239 | $ | (152) | $ | 134 | $ | 1,267 |
Fee rate in bps | 2021 | 2020 | 2019 | ||||||||
Separately managed | 14 | 14 | 15 | ||||||||
Unified managed | 95 | 99 | 100 | ||||||||
Advisor | 82 | 85 | 86 | ||||||||
Portfolio manager | 93 | 94 | 95 | ||||||||
Subtotal | 72 | 73 | 74 | ||||||||
Cash management | 5 | 5 | 6 | ||||||||
Total fee-based client assets | 70 | 70 | 73 | ||||||||
33 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
December 2021 Form 10-K | 34 |
Management’s Discussion and Analysis |
% Change | |||||||||||||||||
$ in millions | 2021 | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||||
Asset management and related fees | $ | 5,576 | $ | 3,013 | $ | 2,629 | 85 | % | 15 | % | |||||||
Performance-based
income and other1 | 644 | 721 | 1,134 | (11) | % | (36) | % | ||||||||||
Net revenues | 6,220 | 3,734 | 3,763 | 67 | % | (1) | % | ||||||||||
Compensation and benefits | 2,373 | 1,542 | 1,630 | 54 | % | (5) | % | ||||||||||
Non-compensation expenses | 2,169 | 1,322 | 1,148 | 64 | % | 15 | % | ||||||||||
Total non-interest expenses | 4,542 | 2,864 | 2,778 | 59 | % | 3 | % | ||||||||||
Income from continuing operations before income taxes | 1,678 | 870 | 985 | 93 | % | (12) | % | ||||||||||
Provision for income taxes | 356 | 171 | 193 | 108 | % | (11) | % | ||||||||||
Net income | 1,322 | 699 | 792 | 89 | % | (12) | % | ||||||||||
Net
income applicable to noncontrolling interests | (25) | 84 | 73 | (130) | % | 15 | % | ||||||||||
Net income applicable to Morgan Stanley | $ | 1,347 | $ | 615 | $ | 719 | 119 | % | (14) | % |
35 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2020 | $ | 242 | $ | 98 | $ | 153 | $ | 493 | $ | 288 | $ | 781 | ||||||||
Inflows | 100 | 67 | 95 | 262 | 1,940 | 2,202 | ||||||||||||||
Outflows | (85) | (55) | (78) | (218) | (1,852) | (2,070) | ||||||||||||||
Market Impact | 34 | — | 51 | 85 | 6 | 91 | ||||||||||||||
Acquired1 | 119 | 103 | 251 | 473 | 116 | 589 | ||||||||||||||
Other | (15) | (6) | (6) | (27) | (1) | (28) | ||||||||||||||
December 31, 2021 | $ | 395 | $ | 207 | $ | 466 | $ | 1,068 | $ | 497 | $ | 1,565 |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2019 | $ | 138 | $ | 79 | $ | 139 | $ | 356 | $ | 196 | $ | 552 | ||||||||
Inflows | 87 | 37 | 26 | 150 | 1,584 | 1,734 | ||||||||||||||
Outflows | (51) | (29) | (24) | (104) | (1,493) | (1,597) | ||||||||||||||
Market Impact | 69 | 4 | 5 | 78 | 1 | 79 | ||||||||||||||
Other | (1) | 7 | 7 | 13 | — | 13 | ||||||||||||||
December 31, 2020 | $ | 242 | $ | 98 | $ | 153 | $ | 493 | $ | 288 | $ | 781 |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2018 | $ | 103 | $ | 68 | $ | 128 | $ | 299 | $ | 164 | $ | 463 | ||||||||
Inflows | 39 | 25 | 22 | 86 | 1,315 | 1,401 | ||||||||||||||
Outflows | (31) | (20) | (17) | (68) | (1,283) | (1,351) | ||||||||||||||
Market Impact | 28 | 5 | 10 | 43 | 2 | 45 | ||||||||||||||
Other | (1) | 1 | (4) | (4) | (2) | (6) | ||||||||||||||
December 31, 2019 | $ | 138 | $ | 79 | $ | 139 | $ | 356 | $ | 196 | $ | 552 |
$ in billions | 2021 | 2020 | 2019 | ||||||||
Equity | $ | 362 | $ | 174 | $ | 124 | |||||
Fixed income | 181 | 86 | 71 | ||||||||
Alternatives and Solutions | 380 | 145 | 134 | ||||||||
Long-term AUM subtotal | 923 | 405 | 329 | ||||||||
Liquidity and Overlay Services | 430 | 252 | 171 | ||||||||
Total AUM | $ | 1,353 | $ | 657 | $ | 500 |
Fee rate in bps | 2021 | 2020 | 2019 | ||||||||
Equity | 74 | 76 | 76 | ||||||||
Fixed income | 38 | 29 | 32 | ||||||||
Alternatives and Solutions | 36 | 58 | 64 | ||||||||
Long-term AUM | 51 | 60 | 61 | ||||||||
Liquidity and Overlay Services | 5 | 15 | 17 | ||||||||
Total AUM | 37 | 42 | 46 |
December 2021 Form 10-K | 36 |
Management’s Discussion and Analysis |
$ in billions | At December 31, 2021 | At December 31, 2020 | ||||||
Investment securities portfolio: | ||||||||
Investment securities—AFS | $ | 81.6 | $ | 90.3 | ||||
Investment securities—HTM | 61.7 | 52.6 | ||||||
Total investment securities | $ | 143.3 | $ | 142.9 | ||||
Wealth Management Loans2 | ||||||||
Residential real estate | $ | 44.2 | $ | 35.2 | ||||
Securities-based
lending and Other3 | 85.0 | 62.9 | ||||||
Total, net of ACL | $ | 129.2 | $ | 98.1 | ||||
Institutional Securities Loans2 | ||||||||
Corporate | $ | 6.5 | $ | 7.9 | ||||
Secured lending facilities | 33.1 | 27.4 | ||||||
Commercial and Residential real estate | 10.4 | 10.1 | ||||||
Securities-based lending and Other | 6.3 | 5.4 | ||||||
Total, net of ACL | $ | 56.3 | $ | 50.8 | ||||
Total Assets | $ | 386.1 | $ | 346.5 | ||||
Deposits4 | $ | 346.2 | $ | 309.7 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Deferred cash-based awards | $ | 810 | $ | 1,263 | $ | 1,233 | |||||
Return on referenced investments | 526 | 856 | 645 | ||||||||
Total recognized in compensation expense | $ | 1,336 | $ | 2,119 | $ | 1,878 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Institutional Securities | $ | 372 | $ | 851 | $ | 916 | |||||
Wealth Management | 798 | 1,000 | 760 | ||||||||
Investment Management | 166 | 268 | 202 | ||||||||
Total recognized in compensation expense | $ | 1,336 | $ | 2,119 | $ | 1,878 |
37 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | |||||
Award liabilities at December 31, 20212, 3 | $ | 6,095 | |||
Fully vested amounts to be distributed by the end of February 20224 | (1,124) | ||||
Unrecognized portion of prior awards at December 31, 20213 | 1,128 | ||||
2021
performance year awards granted in 20223 | 451 | ||||
Total5 | $ | 6,550 |
$ in millions | |||||
Estimated to be recognized in: | |||||
2022 | $ | 600 | |||
2023 | 310 | ||||
Thereafter | 669 | ||||
Total | $ | 1,579 |
December 2021 Form 10-K | 38 |
Management’s Discussion and Analysis |
39 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
December 2021 Form 10-K | 40 |
Management’s Discussion and Analysis |
At December 31, 2021 | ||||||||||||||
$ in millions | IS | WM | IM | Total | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 91,251 | $ | 36,003 | $ | 471 | $ | 127,725 | ||||||
Trading assets at fair value | 288,405 | 1,921 | 4,543 | 294,869 | ||||||||||
Investment securities | 41,407 | 141,591 | — | 182,998 | ||||||||||
Securities purchased under agreements to resell | 112,267 | 7,732 | — | 119,999 | ||||||||||
Securities borrowed | 128,154 | 1,559 | — | 129,713 | ||||||||||
Customer and other receivables | 57,009 | 37,643 | 1,366 | 96,018 | ||||||||||
Loans1 | 58,822 | 129,307 | 5 | 188,134 | ||||||||||
Other
assets2 | 14,820 | 22,682 | 11,182 | 48,684 | ||||||||||
Total assets | $ | 792,135 | $ | 378,438 | $ | 17,567 | $ | 1,188,140 |
At December 31, 2020 | ||||||||||||||
$ in millions | IS | WM | IM | Total | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 74,281 | $ | 31,275 | $ | 98 | $ | 105,654 | ||||||
Trading assets at fair value | 308,413 | 280 | 4,045 | 312,738 | ||||||||||
Investment securities | 41,630 | 140,524 | — | 182,154 | ||||||||||
Securities purchased under agreements to resell | 84,998 | 31,236 | — | 116,234 | ||||||||||
Securities borrowed | 110,480 | 1,911 | — | 112,391 | ||||||||||
Customer and other receivables | 67,085 | 29,781 | 871 | 97,737 | ||||||||||
Loans1 | 52,449 | 98,130 | 18 | 150,597 | ||||||||||
Other
assets2 | 13,986 | 22,458 | 1,913 | 38,357 | ||||||||||
Total assets | $ | 753,322 | $ | 355,595 | $ | 6,945 | $ | 1,115,862 |
41 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Cash deposits with central banks | $ | 70,147 | $ | 49,669 | ||||
Unencumbered
HQLA securities1: | ||||||||
U.S. government obligations | 154,879 | 136,555 | ||||||
U.S. agency and agency mortgage-backed securities | 110,435 | 99,659 | ||||||
Non-U.S. sovereign obligations2 | 11,959 | 39,745 | ||||||
Other investment grade securities | 607 | 2,053 | ||||||
Total HQLA1 | $ | 348,027 | $ | 327,681 | ||||
Cash deposits with banks (non-HQLA) | 7,976 | 10,942 | ||||||
Total Liquidity Resources | $ | 356,003 | $ | 338,623 |
At December 31, 2021 | At December 31, 2020 | Average Daily Balance Three Months Ended | |||||||||
$ in millions | December 31, 2021 | ||||||||||
Bank legal entities | |||||||||||
U.S. | $ | 171,642 | $ | 178,033 | $ | 164,760 | |||||
Non-U.S. | 8,582 | 7,670 | 9,266 | ||||||||
Total
Bank legal entities | 180,224 | 185,703 | 174,026 | ||||||||
Non-Bank legal entities | |||||||||||
U.S.: | |||||||||||
Parent Company | 60,391 | 59,468 | 56,002 | ||||||||
Non-Parent Company | 52,932 | 33,368 | 56,648 | ||||||||
Total U.S. | 113,323 | 92,836 | 112,650 | ||||||||
Non-U.S. | 62,456 | 60,084 | 58,373 | ||||||||
Total
Non-Bank legal entities | 175,779 | 152,920 | 171,023 | ||||||||
Total Liquidity Resources | $ | 356,003 | $ | 338,623 | $ | 345,049 |
December 2021 Form 10-K | 42 |
Management’s Discussion and Analysis |
Average Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2021 | September 30, 2021 | ||||||
Eligible HQLA1 | ||||||||
Cash deposits with central banks | $ | 54,606 | $ | 66,288 | ||||
Securities2 | 183,105 | 174,068 | ||||||
Total
Eligible HQLA1 | $ | 237,711 | $ | 240,356 | ||||
LCR | 134 | % | 134 | % |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Securities purchased under agreements to resell and Securities borrowed | $ | 249,712 | $ | 228,625 | ||||
Securities
sold under agreements to repurchase and Securities loaned | $ | 74,487 | $ | 58,318 | ||||
Securities received as collateral1 | $ | 10,504 | $ | 4,277 |
Average
Daily Balance Three Months Ended | ||||||||
$ in millions | December 31, 2021 | December 31, 2020 | ||||||
Securities purchased under agreements to resell and Securities borrowed | $ | 236,327 | $ | 195,376 | ||||
Securities sold under agreements to repurchase and Securities loaned | $ | 69,565 | $ | 54,528 |
43 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Savings and demand deposits: | ||||||||
Brokerage sweep deposits1 | $ | 298,352 | $ | 232,071 | ||||
Savings and other | 34,395 | 47,150 | ||||||
Total Savings and demand deposits | 332,747 | 279,221 | ||||||
Time deposits | 14,827 | 31,561 | ||||||
Total2 | $ | 347,574 | $ | 310,782 |
$ in millions | Parent Company | Subsidiaries | Total | ||||||||
Original
maturities of one year or less | $ | 1,300 | $ | 4,464 | $ | 5,764 | |||||
Original maturities greater than one year | |||||||||||
2022 | $ | 7,236 | $ | 6,961 | $ | 14,197 | |||||
2023 | 17,201 | 6,585 | 23,786 | ||||||||
2024 | 20,506 | 8,660 | 29,166 | ||||||||
2025 | 19,070 | 6,491 | 25,561 | ||||||||
2026 | 18,096 | 5,930 | 24,026 | ||||||||
Thereafter | 86,640 | 23,987 | 110,627 | ||||||||
Total | $ | 168,749 | $ | 58,614 | $ | 227,363 | |||||
Total Borrowings | $ | 170,049 | $ | 63,078 | $ | 233,127 |
December 2021 Form 10-K | 44 |
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 | Positive | ||||||||
Moody’s Investors Service, Inc. | P-1 | A1 | Stable | ||||||||
Rating and Investment Information, Inc. | a-1 | A | Stable | ||||||||
S&P Global Ratings | A-2 | BBB+ | Positive |
MSBNA | |||||||||||
Short-Term Debt | Long-Term Debt | Rating Outlook | |||||||||
Fitch Ratings, Inc. | F1 | A+ | Positive | ||||||||
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 | 2021 | 2020 | 2019 | ||||||||
Number of shares | 126 | 29 | 121 | ||||||||
Average price per share | $ | 91.13 | $ | 46.01 | $ | 44.23 | |||||
Total | $ | 11,464 | $ | 1,347 | $ | 5,360 |
Announcement date | January 19, 2022 | ||||
Amount per share | $0.70 | ||||
Date paid | February 15, 2022 | ||||
Shareholders of record as of | January 31, 2022 |
45 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
Standardized | Advanced | ||||||||||||||||
Capital buffers | |||||||||||||||||
Capital conservation buffer | — | 2.5% | |||||||||||||||
SCB1 | 5.7% | N/A | |||||||||||||||
G-SIB capital surcharge2 | 3.0% | 3.0% | |||||||||||||||
CCyB3 | 0% | 0% | |||||||||||||||
Capital buffer requirement | 8.7% | 5.5% | |||||||||||||||
Regulatory Minimum | Standardized | Advanced | |||||||||
Required
ratios1 | |||||||||||
Common Equity Tier 1 capital ratio | 4.5 | % | 13.2% | 10.0% | |||||||
Tier 1 capital ratio | 6.0 | % | 14.7% | 11.5% | |||||||
Total capital ratio | 8.0 | % | 16.7% | 13.5% |
December 2021 Form 10-K | 46 |
Management’s Discussion and Analysis |
$ in millions | Required Ratio1 | At
December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||
Risk-based capital— Standardized | |||||||||||||||||||||||
Common Equity Tier 1 capital | $ | 75,742 | $ | 78,650 | |||||||||||||||||||
Tier 1 capital | 83,348 | 88,079 | |||||||||||||||||||||
Total capital | 93,166 | 97,213 | |||||||||||||||||||||
Total RWA2 | 471,921 | 453,106 | |||||||||||||||||||||
Common Equity Tier 1 capital ratio | 13.2 | % | 16.0 | % | 17.4 | % | |||||||||||||||||
Tier 1 capital ratio | 14.7 | % | 17.7 | % | 19.4 | % | |||||||||||||||||
Total capital ratio | 16.7 | % | 19.7 | % | 21.5 | % | |||||||||||||||||
$ in millions | Required Ratio1 | At
December 31, 2021 | At December 31, 2020 | |||||||||||
Risk-based capital— Advanced | ||||||||||||||
Common Equity Tier 1 capital | $ | 75,742 | $ | 78,650 | ||||||||||
Tier 1 capital | 83,348 | 88,079 | ||||||||||||
Total capital | 92,927 | 96,994 | ||||||||||||
Total RWA | 435,749 | 445,151 | ||||||||||||
Common Equity Tier 1 capital ratio | 10.0 | % | 17.4 | % | 17.7 | % | ||||||||
Tier 1 capital ratio | 11.5 | % | 19.1 | % | 19.8 | % | ||||||||
Total capital ratio | 13.5 | % | 21.3 | % | 21.8 | % | ||||||||
$ in millions | Required Ratio1 | At December 31, 2021 | At December 31, 2020 | |||||||||||
Leverage-based capital | ||||||||||||||
Adjusted average assets3 | $ | 1,169,939 | $ | 1,053,510 | ||||||||||
Tier 1 leverage ratio | 4.0 | % | 7.1 | % | 8.4 | % | ||||||||
Supplementary
leverage exposure2, 4, 5 | $ | 1,476,962 | $ | 1,192,506 | ||||||||||
SLR5 | 5.0 | % | 5.6 | % | 7.4 | % |
$ in millions | At December 31, 2021 | At December 31, 2020 | Change | |||||||||||
Common Equity Tier 1 capital | ||||||||||||||
Common stock and surplus | $ | 11,361 | $ | 15,799 | $ | (4,438) | ||||||||
Retained earnings | 89,679 | 78,978 | 10,701 | |||||||||||
AOCI | (3,102) | (1,962) | (1,140) | |||||||||||
Regulatory adjustments and deductions: | ||||||||||||||
Net goodwill | (16,641) | (11,527) | (5,114) | |||||||||||
Net intangible assets | (6,704) | (4,165) | (2,539) | |||||||||||
Other adjustments and deductions1 | 1,149 | 1,527 | (378) | |||||||||||
Total
Common Equity Tier 1 capital | $ | 75,742 | $ | 78,650 | $ | (2,908) | ||||||||
Additional Tier 1 capital | ||||||||||||||
Preferred stock | $ | 7,750 | $ | 9,250 | $ | (1,500) | ||||||||
Noncontrolling interests | 562 | 619 | (57) | |||||||||||
Additional Tier 1 capital | $ | 8,312 | $ | 9,869 | $ | (1,557) | ||||||||
Deduction for investments in covered funds | (706) | (440) | (266) | |||||||||||
Total Tier 1 capital | $ | 83,348 | $ | 88,079 | $ | (4,731) | ||||||||
Standardized Tier 2 capital | ||||||||||||||
Subordinated debt | $ | 8,609 | $ | 7,737 | $ | 872 | ||||||||
Eligible ACL | 1,155 | 1,265 | (110) | |||||||||||
Other adjustments and deductions | 54 | 132 | (78) | |||||||||||
Total Standardized Tier 2 capital | $ | 9,818 | $ | 9,134 | $ | 684 | ||||||||
Total Standardized capital | $ | 93,166 | $ | 97,213 | $ | (4,047) | ||||||||
Advanced Tier 2 capital | ||||||||||||||
Subordinated debt | $ | 8,609 | $ | 7,737 | $ | 872 | ||||||||
Eligible credit reserves | 916 | 1,046 | (130) | |||||||||||
Other adjustments and deductions | 54 | 132 | (78) | |||||||||||
Total Advanced Tier 2 capital | $ | 9,579 | $ | 8,915 | $ | 664 | ||||||||
Total Advanced capital | $ | 92,927 | $ | 96,994 | $ | (4,067) |
47 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in millions | Standardized | Advanced | ||||||
Credit risk RWA | ||||||||
Balance at December 31, 2020 | $ | 387,066 | $ | 284,930 | ||||
Change related to the following items: | ||||||||
Derivatives | 25,467 | (17,523) | ||||||
Securities financing transactions | (4,863) | (1,543) | ||||||
Investment securities | (3,134) | 6,512 | ||||||
Commitments, guarantees and loans | 310 | 4,493 | ||||||
Equity investments | 4,129 | 4,321 | ||||||
Other credit risk | 7,527 | 4,057 | ||||||
Total change in credit risk RWA | $ | 29,436 | $ | 317 | ||||
Balance at December 31, 2021 | $ | 416,502 | $ | 285,247 | ||||
Market risk RWA | ||||||||
Balance at December 31, 2020 | $ | 66,040 | $ | 66,040 | ||||
Change related to the following items: | ||||||||
Regulatory VaR | (7,842) | (7,842) | ||||||
Regulatory stressed VaR | (1,206) | (1,206) | ||||||
Incremental risk charge | 2,335 | 2,335 | ||||||
Comprehensive risk measure | 269 | 269 | ||||||
Specific risk | (4,177) | (4,177) | ||||||
Total change in market risk RWA | $ | (10,621) | $ | (10,621) | ||||
Balance at December 31, 2021 | $ | 55,419 | $ | 55,419 | ||||
Operational risk RWA | ||||||||
Balance at December 31, 2020 | N/A | $ | 94,181 | |||||
Change in operational risk RWA | N/A | 902 | ||||||
Balance at December 31, 2021 | N/A | $ | 95,083 | |||||
Total RWA | $ | 471,921 | $ | 435,749 |
December 2021 Form 10-K | 48 |
Management’s Discussion and Analysis |
Actual Amount/Ratio | ||||||||||||||
$ in millions | Regulatory Minimum | Required Ratio1 | At December 31, 2021 | At December 31, 2020 | ||||||||||
External TLAC2 | $ | 235,681 | $ | 216,129 | ||||||||||
External TLAC as a % of RWA | 18.0 | % | 21.5 | % | 49.9 | % | 47.7 | % | ||||||
External TLAC as a % of leverage exposure | 7.5 | % | 9.5 | % | 16.0 | % | 18.1 | % | ||||||
Eligible LTD3 | $ | 144,659 | $ | 120,561 | ||||||||||
Eligible LTD as a % of RWA | 9.0 | % | 9.0 | % | 30.7 | % | 26.6 | % | ||||||
Eligible LTD as a % of leverage exposure | 4.5 | % | 4.5 | % | 9.8 | % | 10.1 | % |
49 | December 2021 Form 10-K |
Management’s Discussion and Analysis |
$ in billions | 2021 | 2020 | 2019 | ||||||||
Institutional Securities | $ | 43.5 | $ | 42.8 | $ | 40.4 | |||||
Wealth
Management2 | 28.6 | 20.8 | 18.2 | ||||||||
Investment Management3 | 8.8 | 2.6 | 2.5 | ||||||||
Parent | 16.2 | 14.0 | 11.6 | ||||||||
Total | $ | 97.1 | $ | 80.2 | $ | 72.7 |
December 2021 Form 10-K | 50 |
Management’s Discussion and Analysis |
51 | December 2021 Form 10-K |
December 2021 Form 10-K | 52 |
Risk Disclosures |
53 | December 2021 Form 10-K |
Risk Disclosures |
December 2021 Form 10-K | 54 |
Risk Disclosures |
55 | December 2021 Form 10-K |
Risk Disclosures |
December 2021 Form 10-K | 56 |
Risk Disclosures |
2021 | ||||||||||||||
$ in millions | Period End | Average | High1 | Low1 | ||||||||||
Interest rate and credit spread | $ | 21 | $ | 29 | $ | 41 | $ | 21 | ||||||
Equity price | 20 | 26 | 170 | 19 | ||||||||||
Foreign exchange rate | 6 | 9 | 24 | 4 | ||||||||||
Commodity price | 16 | 14 | 27 | 8 | ||||||||||
Less:
Diversification benefit2 | (31) | (32) | N/A | N/A | ||||||||||
Primary Risk Categories | $ | 32 | $ | 46 | $ | 171 | $ | 32 | ||||||
Credit Portfolio | 12 | 15 | 31 | 11 | ||||||||||
Less: Diversification benefit2 | (12) | (11) | N/A | N/A | ||||||||||
Total Management VaR | $ | 32 | $ | 50 | $ | 175 | $ | 32 |
2020 | ||||||||||||||
$ in millions | Period End | Average | High1 | Low1 | ||||||||||
Interest rate and credit spread | $ | 35 | $ | 37 | $ | 62 | $ | 24 | ||||||
Equity price | 23 | 23 | 39 | 12 | ||||||||||
Foreign exchange rate | 14 | 10 | 19 | 5 | ||||||||||
Commodity price | 15 | 17 | 29 | 10 | ||||||||||
Less: Diversification benefit2 | (32) | (43) | N/A | N/A | ||||||||||
Primary Risk Categories | $ | 55 | $ | 44 | $ | 62 | $ | 28 | ||||||
Credit Portfolio | 31 | 22 | 31 | 12 | ||||||||||
Less: Diversification benefit2 | (10) | (12) | N/A | N/A | ||||||||||
Total Management VaR | $ | 76 | $ | 54 | $ | 78 | $ | 32 |
57 | December 2021 Form 10-K |
Risk Disclosures |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Derivatives | $ | 7 | $ | 7 | ||||
Borrowings carried at fair value | 48 | 50 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Basis point change | ||||||||
+100 | $ | 1,267 | $ | 1,540 | ||||
-100 | (893) | (654) |
Loss from 10% Decline | ||||||||
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Investments related to Investment Management activities | $ | 407 | $ | 386 | ||||
Other investments: | ||||||||
MUMSS | 167 | 184 | ||||||
Other Firm investments | 331 | 210 |
December 2021 Form 10-K | 58 |
Risk Disclosures |
59 | December 2021 Form 10-K |
Risk Disclosures |
At December 31, 2021 | ||||||||||||||
$ in millions | HFI | HFS | FVO | Total | ||||||||||
Institutional Securities: | ||||||||||||||
Corporate | $ | 5,567 | $ | 8,107 | $ | 8 | $ | 13,682 | ||||||
Secured
lending facilities | 31,471 | 3,879 | — | 35,350 | ||||||||||
Commercial and Residential real estate | 7,227 | 1,777 | 4,774 | 13,778 | ||||||||||
Securities-based
lending and Other | 1,292 | 45 | 7,710 | 9,047 | ||||||||||
Total Institutional Securities | 45,557 | 13,808 | 12,492 | 71,857 | ||||||||||
Wealth Management: | ||||||||||||||
Residential real estate | 44,251 | 7 | — | 44,258 | ||||||||||
Securities-based lending and Other | 85,143 | 17 | — | 85,160 | ||||||||||
Total Wealth Management | 129,394 | 24 | — | 129,418 | ||||||||||
Total Investment Management1 | 5 | — | 135 | 140 | ||||||||||
Total
loans2 | 174,956 | 13,832 | 12,627 | 201,415 | ||||||||||
ACL | (654) | (654) | ||||||||||||
Total loans, net of ACL | $ | 174,302 | $ | 13,832 | $ | 12,627 | $ | 200,761 | ||||||
Lending
commitments3 | $ | 134,934 | ||||||||||||
Total exposure | $ | 335,695 |
At December 31, 2020 | ||||||||||||||
$ in millions | HFI | HFS | FVO | Total | ||||||||||
Institutional Securities: | ||||||||||||||
Corporate | $ | 6,046 | $ | 8,580 | $ | 13 | $ | 14,639 | ||||||
Secured
lending facilities | 25,727 | 3,296 | 648 | 29,671 | ||||||||||
Commercial and Residential real estate | 7,346 | 859 | 3,061 | 11,266 | ||||||||||
Securities-based lending and Other | 1,279 | 55 | 7,001 | 8,335 | ||||||||||
Total Institutional Securities | 40,398 | 12,790 | 10,723 | 63,911 | ||||||||||
Wealth Management: | ||||||||||||||
Residential real estate | 35,268 | 11 | — | 35,279 | ||||||||||
Securities-based
lending and Other | 62,947 | — | — | 62,947 | ||||||||||
Total Wealth Management | 98,215 | 11 | — | 98,226 | ||||||||||
Total Investment Management1 | 6 | 12 | 425 | 443 | ||||||||||
Total
loans2 | 138,619 | 12,813 | 11,148 | 162,580 | ||||||||||
ACL | (835) | (835) | ||||||||||||
Total loans, net of ACL | $ | 137,784 | $ | 12,813 | $ | 11,148 | $ | 161,745 | ||||||
Lending
commitments3 | $ | 127,855 | ||||||||||||
Total exposure | $ | 289,600 |
December 2021 Form 10-K | 60 |
Risk Disclosures |
$ in millions | |||||
ACL—Loans | $ | 835 | |||
ACL—Lending commitments | 396 | ||||
Total at December 31, 2020 | 1,231 | ||||
Gross charge-offs | (126) | ||||
Provision for credit losses | 4 | ||||
Other | (11) | ||||
Total at December 31, 2021 | $ | 1,098 | |||
ACL—Loans | $ | 654 | |||
ACL—Lending commitments | 444 |
Year Ended December 31, 2021 | ||||||||||||||||||||
$ in millions | IS | WM | Total | |||||||||||||||||
Loans | $ | (57) | $ | 9 | $ | (48) | ||||||||||||||
Lending commitments | 50 | 2 | 52 | |||||||||||||||||
Total | $ | (7) | $ | 11 | $ | 4 |
4Q 2022 | 4Q 2023 | |||||||
Year-over-year growth rate | 3.2 | % | 2.0 | % |
At December 31, 2021 | At December 31, 2020 | |||||||||||||
IS | WM | IS | WM | |||||||||||
Accrual | 98.7 | % | 99.8 | % | 99.2 | % | 99.7 | % | ||||||
Nonaccrual1 | 1.3 | % | 0.2 | % | 0.8 | % | 0.3 | % |
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
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 | ||||||||
2020 | ||||||||||||||||||||
Net
charge-off ratio1 | 0.41 | % | — | % | 0.87 | % | — | % | (0.01) | % | 0.07 | % | ||||||||
Average loans | $ | 8,633 | $ | 25,281 | $ | 7,326 | $ | 32,361 | $ | 56,018 | $ | 129,619 | ||||||||
2019 | ||||||||||||||||||||
Net
charge-off ratio1 | — | % | — | % | — | % | 0.01 | % | — | % | — | % | ||||||||
Average loans | $ | 5,005 | $ | 19,446 | $ | 7,072 | $ | 28,568 | $ | 46,966 | $ | 107,057 |
At December 31, 2021 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | < 1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Loans | |||||||||||||||||||||||
AA | $ | — | $ | 35 | $ | 38 | $ | — | $ | 73 | |||||||||||||
A | 890 | 1,089 | 675 | — | 2,654 | ||||||||||||||||||
BBB | 5,335 | 8,944 | 563 | — | 14,842 | ||||||||||||||||||
BB | 10,734 | 18,349 | 814 | 18 | 29,915 | ||||||||||||||||||
Other NIG | 4,656 | 10,475 | 3,439 | 160 | 18,730 | ||||||||||||||||||
Unrated2 | 171 | 665 | 511 | 3,753 | 5,100 | ||||||||||||||||||
Total loans | 21,786 | 39,557 | 6,040 | 3,931 | 71,314 | ||||||||||||||||||
Lending commitments | |||||||||||||||||||||||
AAA | — | 50 | — | — | 50 | ||||||||||||||||||
AA | 3,283 | 2,690 | — | — | 5,973 | ||||||||||||||||||
A | 5,255 | 17,646 | 407 | 303 | 23,611 | ||||||||||||||||||
BBB | 6,703 | 36,096 | 766 | — | 43,565 | ||||||||||||||||||
BB | 2,859 | 19,698 | 3,122 | — | 25,679 | ||||||||||||||||||
Other NIG | 992 | 13,420 | 6,180 | 55 | 20,647 | ||||||||||||||||||
Unrated2 | 672 | 40 | 3 | — | 715 | ||||||||||||||||||
Total
lending commitments | 19,764 | 89,640 | 10,478 | 358 | 120,240 | ||||||||||||||||||
Total exposure | $ | 41,550 | $ | 129,197 | $ | 16,518 | $ | 4,289 | $ | 191,554 |
61 | December 2021 Form 10-K |
Risk Disclosures |
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | < 1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Loans | |||||||||||||||||||||||
AA | $ | 279 | $ | 10 | $ | — | $ | — | $ | 289 | |||||||||||||
A | 759 | 834 | 391 | — | 1,984 | ||||||||||||||||||
BBB | 5,043 | 8,472 | 469 | — | 13,984 | ||||||||||||||||||
BB | 10,963 | 13,073 | 503 | — | 24,539 | ||||||||||||||||||
Other NIG | 5,214 | 10,958 | 2,830 | 439 | 19,441 | ||||||||||||||||||
Unrated2 | 141 | 472 | 1,246 | 1,076 | 2,935 | ||||||||||||||||||
Total loans | 22,399 | 33,819 | 5,439 | 1,515 | 63,172 | ||||||||||||||||||
Lending commitments | |||||||||||||||||||||||
AAA | — | 50 | — | — | 50 | ||||||||||||||||||
AA | 4,047 | 3,173 | — | — | 7,220 | ||||||||||||||||||
A | 6,025 | 18,167 | 150 | 275 | 24,617 | ||||||||||||||||||
BBB | 6,783 | 33,282 | 412 | 48 | 40,525 | ||||||||||||||||||
BB | 4,357 | 16,916 | 3,103 | — | 24,376 | ||||||||||||||||||
Other NIG | 664 | 13,352 | 2,614 | 38 | 16,668 | ||||||||||||||||||
Unrated2 | 4 | — | — | — | 4 | ||||||||||||||||||
Total
lending commitments | 21,880 | 84,940 | 6,279 | 361 | 113,460 | ||||||||||||||||||
Total exposure | $ | 44,279 | $ | 118,759 | $ | 11,718 | $ | 1,876 | $ | 176,632 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Financials | $ | 52,066 | $ | 44,358 | ||||
Real estate | 31,560 | 25,484 | ||||||
Industrials | 17,446 | 15,861 | ||||||
Information technology | 13,471 | 11,358 | ||||||
Communications services | 12,645 | 12,600 | ||||||
Healthcare | 12,618 | 12,650 | ||||||
Consumer discretionary | 11,628 | 11,177 | ||||||
Utilities | 10,310 | 9,504 | ||||||
Energy | 8,544 | 10,064 | ||||||
Consumer staples | 7,855 | 9,088 | ||||||
Materials | 6,394 | 6,084 | ||||||
Insurance | 4,954 | 3,889 | ||||||
Other | 2,063 | 4,515 | ||||||
Total exposure | $ | 191,554 | $ | 176,632 |
December 2021 Form 10-K | 62 |
Risk Disclosures |
At December 31, 2021 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||||||||
Loans, net of ACL | $ | 951 | $ | 2,088 | $ | 1,803 | $ | 4,842 | |||||||||||||||
Lending commitments | 1,619 | 5,288 | 8,879 | 15,786 | |||||||||||||||||||
Total exposure | $ | 2,570 | $ | 7,376 | $ | 10,682 | $ | 20,628 |
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||||||||
Loans, net of ACL | $ | 1,241 | $ | 1,780 | $ | 2,090 | $ | 5,111 | |||||||||||||||
Lending commitments | 2,810 | 7,327 | 4,650 | 14,787 | |||||||||||||||||||
Total exposure | $ | 4,051 | $ | 9,107 | $ | 6,740 | $ | 19,898 |
At December 31, 2021 | |||||||||||||||||
$ in millions | Loans | Lending Commitments | Total | ||||||||||||||
Corporate | $ | 5,567 | $ | 73,585 | $ | 79,152 | |||||||||||
Secured lending facilities | 31,471 | 10,003 | 41,474 | ||||||||||||||
Commercial real estate | 7,227 | 1,475 | 8,702 | ||||||||||||||
Other | 1,292 | 887 | 2,179 | ||||||||||||||
Total, before ACL | $ | 45,557 | $ | 85,950 | $ | 131,507 | |||||||||||
ACL | $ | (543) | $ | (426) | $ | (969) |
At December 31, 2020 | |||||||||||||||||
$ in millions | Loans | Lending Commitments | Total | ||||||||||||||
Corporate | $ | 6,046 | $ | 69,488 | $ | 75,534 | |||||||||||
Secured lending facilities | 25,727 | 8,312 | 34,039 | ||||||||||||||
Commercial real estate | 7,346 | 334 | 7,680 | ||||||||||||||
Other | 1,279 | 1,135 | 2,414 | ||||||||||||||
Total, before ACL | $ | 40,398 | $ | 79,269 | $ | 119,667 | |||||||||||
ACL | $ | (739) | $ | (391) | $ | (1,130) |
$ in millions | Corporate | Secured Lending Facilities | Commercial Real Estate | Other | Total | ||||||||||||
ACL—Loans | $ | 309 | $ | 198 | $ | 211 | $ | 21 | $ | 739 | |||||||
ACL—Lending commitments | 323 | 38 | 11 | 19 | 391 | ||||||||||||
Total at December 31, 2020 | 632 | 236 | 222 | 40 | 1,130 | ||||||||||||
Gross charge-offs | (23) | (67) | (27) | (3) | (120) | ||||||||||||
Provision for credit losses | (82) | 36 | 35 | 4 | (7) | ||||||||||||
Other1 | (6) | (1) | (4) | (23) | (34) | ||||||||||||
Total at December 31, 2021 | $ | 521 | $ | 204 | $ | 226 | $ | 18 | $ | 969 | |||||||
ACL—Loans | $ | 165 | $ | 163 | $ | 206 | $ | 9 | $ | 543 | |||||||
ACL—Lending commitments | 356 | 41 | 20 | 9 | 426 | ||||||||||||
At December 31, 2021 | At December 31, 2020 | |||||||
Corporate | 3.0 | % | 5.1 | % | ||||
Secured lending facilities | 0.5 | % | 0.8 | % | ||||
Commercial real estate | 2.9 | % | 2.9 | % | ||||
Other | 0.7 | % | 1.7 | % | ||||
Total Institutional Securities loans | 1.2 | % | 1.8 | % |
At December 31, 2021 | |||||||||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Securities-based lending and Other loans | $ | 74,466 | $ | 8,927 | $ | 1,571 | $ | 144 | $ | 85,108 | |||||||||||||
Residential real estate loans | 4 | 10 | 1,231 | 42,954 | 44,199 | ||||||||||||||||||
Total loans, net of ACL | $ | 74,470 | $ | 8,937 | $ | 2,802 | $ | 43,098 | $ | 129,307 | |||||||||||||
Lending commitments | 11,894 | 2,467 | 51 | 282 | 14,694 | ||||||||||||||||||
Total exposure | $ | 86,364 | $ | 11,404 | $ | 2,853 | $ | 43,380 | $ | 144,001 | |||||||||||||
Contractual Years to Maturity | |||||||||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||
Securities-based lending and Other loans | $ | 54,483 | $ | 6,754 | $ | 1,672 | $ | — | $ | 62,909 | |||||||||||||
Residential real estate loans | 9 | 2 | 1,258 | 33,952 | 35,221 | ||||||||||||||||||
Total loans, net of ACL | $ | 54,492 | $ | 6,756 | $ | 2,930 | $ | 33,952 | $ | 98,130 | |||||||||||||
Lending commitments | 11,666 | 2,476 | 9 | 244 | 14,395 | ||||||||||||||||||
Total exposure | $ | 66,158 | $ | 9,232 | $ | 2,939 | $ | 34,196 | $ | 112,525 | |||||||||||||
63 | December 2021 Form 10-K |
Risk Disclosures |
$ in millions | |||||
ACL—Loans | $ | 96 | |||
ACL—Lending commitments | 5 | ||||
Total at December 31, 2020 | 101 | ||||
Gross charge-offs | (6) | ||||
Provision for credit losses | 11 | ||||
Other1 | 23 | ||||
Total at December 31, 2021 | $ | 129 | |||
ACL—Loans | $ | 111 | |||
ACL—Lending commitments | 18 | ||||
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Institutional Securities | $ | 40,545 | $ | 51,570 | ||||
Wealth Management | 30,987 | 23,144 | ||||||
Total | $ | 71,532 | $ | 74,714 |
December 2021 Form 10-K | 64 |
Risk Disclosures |
Counterparty
Credit Rating1 | ||||||||||||||||||||
$ in millions | AAA | AA | A | BBB | NIG | Total | ||||||||||||||
At December 31, 2021 | ||||||||||||||||||||
Less than 1 year | $ | 1,561 | $ | 11,088 | $ | 32,069 | $ | 25,680 | $ | 11,924 | $ | 82,322 | ||||||||
1-3 years | 780 | 4,577 | 16,821 | 15,294 | 6,300 | 43,772 | ||||||||||||||
3-5 years | 593 | 4,807 | 6,805 | 8,030 | 3,317 | 23,552 | ||||||||||||||
Over 5 years | 4,359 | 26,056 | 61,091 | 44,091 | 4,633 | 140,230 | ||||||||||||||
Total, gross | $ | 7,293 | $ | 46,528 | $ | 116,786 | $ | 93,095 | $ | 26,174 | $ | 289,876 | ||||||||
Counterparty netting | (3,093) | (36,957) | (91,490) | (68,365) | (11,642) | (211,547) | ||||||||||||||
Cash and securities collateral | (3,539) | (7,608) | (20,500) | (17,755) | (5,762) | (55,164) | ||||||||||||||
Total, net | $ | 661 | $ | 1,963 | $ | 4,796 | $ | 6,975 | $ | 8,770 | $ | 23,165 |
Counterparty
Credit Rating1 | ||||||||||||||||||||
$ in millions | AAA | AA | A | BBB | NIG | Total | ||||||||||||||
At December 31, 2020 | ||||||||||||||||||||
Less than 1 year | $ | 1,179 | $ | 16,166 | $ | 52,164 | $ | 26,088 | $ | 12,175 | $ | 107,772 | ||||||||
1-3 years | 572 | 5,225 | 17,560 | 13,750 | 8,134 | 45,241 | ||||||||||||||
3-5 years | 359 | 4,326 | 11,328 | 8,363 | 4,488 | 28,864 | ||||||||||||||
Over 5 years | 4,545 | 32,049 | 84,845 | 63,084 | 13,680 | 198,203 | ||||||||||||||
Total, gross | $ | 6,655 | $ | 57,766 | $ | 165,897 | $ | 111,285 | $ | 38,477 | $ | 380,080 | ||||||||
Counterparty netting | (3,269) | (44,306) | (134,310) | (84,171) | (22,227) | (288,283) | ||||||||||||||
Cash and securities collateral | (3,124) | (10,973) | (26,712) | (20,708) | (8,979) | (70,496) | ||||||||||||||
Total, net | $ | 262 | $ | 2,487 | $ | 4,875 | $ | 6,406 | $ | 7,271 | $ | 21,301 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Industry | ||||||||
Utilities | $ | 5,918 | $ | 3,954 | ||||
Financials | 5,096 | 6,195 | ||||||
Consumer Discretionary | 3,069 | 1,866 | ||||||
Energy | 2,587 | 965 | ||||||
Information technology | 1,060 | 1,104 | ||||||
Industrials | 985 | 1,291 | ||||||
Regional governments | 963 | 806 | ||||||
Healthcare | 682 | 1,494 | ||||||
Not-for-profit organizations | 531 | 701 | ||||||
Sovereign governments | 386 | 650 | ||||||
Communications services | 348 | 529 | ||||||
Consumer staples | 324 | 339 | ||||||
Real estate | 280 | 378 | ||||||
Materials | 240 | 430 | ||||||
Insurance | 174 | 518 | ||||||
Other | 522 | 81 | ||||||
Total | $ | 23,165 | $ | 21,301 |
65 | December 2021 Form 10-K |
Risk Disclosures |
$ in millions | United Kingdom | Japan | Germany | France | Spain | ||||||||||||
Sovereign | |||||||||||||||||
Net
inventory1 | $ | 19 | $ | 5,353 | $ | (2,507) | $ | (688) | $ | (126) | |||||||
Net counterparty exposure2 | 10 | 78 | 96 | 8 | 41 | ||||||||||||
Exposure before hedges | 29 | 5,431 | (2,411) | (680) | (85) | ||||||||||||
Hedges3 | (306) | (78) | (287) | (6) | — | ||||||||||||
Net exposure | $ | (277) | $ | 5,353 | $ | (2,698) | $ | (686) | $ | (85) | |||||||
Non-sovereign | |||||||||||||||||
Net
inventory1 | $ | 462 | $ | 933 | $ | 141 | $ | 11 | $ | 111 | |||||||
Net counterparty exposure2 | 13,922 | 3,742 | 2,762 | 2,913 | 649 | ||||||||||||
Loans | 3,787 | 451 | 1,617 | 537 | 2,893 | ||||||||||||
Lending commitments | 6,899 | 174 | 4,839 | 3,901 | 1,276 | ||||||||||||
Exposure before hedges | 25,070 | 5,300 | 9,359 | 7,362 | 4,929 | ||||||||||||
Hedges3 | (1,755) | (154) | (1,454) | (2,072) | (739) | ||||||||||||
Net exposure | $ | 23,315 | $ | 5,146 | $ | 7,905 | $ | 5,290 | $ | 4,190 | |||||||
Total net exposure | $ | 23,038 | $ | 10,499 | $ | 5,207 | $ | 4,604 | $ | 4,105 |
$ in millions | Brazil | India | Canada | Korea | China | ||||||||||||
Sovereign | |||||||||||||||||
Net inventory1 | $ | 2,536 | $ | 1,055 | $ | (256) | $ | 1,574 | $ | (309) | |||||||
Net
counterparty exposure2 | — | 5 | 25 | 236 | 34 | ||||||||||||
Exposure before hedges | 2,536 | 1,060 | (231) | 1,810 | (275) | ||||||||||||
Hedges3 | (12) | — | — | (38) | (71) | ||||||||||||
Net exposure | $ | 2,524 | $ | 1,060 | $ | (231) | $ | 1,772 | $ | (346) | |||||||
Non-sovereign | |||||||||||||||||
Net
inventory1 | $ | 96 | $ | 829 | $ | 355 | $ | 87 | $ | 985 | |||||||
Net counterparty exposure2 | 254 | 931 | 1,216 | 718 | 571 | ||||||||||||
Loans | 285 | 220 | 184 | 46 | 473 | ||||||||||||
Lending commitments | 274 | — | 1,610 | 135 | 1,047 | ||||||||||||
Exposure before hedges | 909 | 1,980 | 3,365 | 986 | 3,076 | ||||||||||||
Hedges3 | (39) | — | (120) | (13) | (152) | ||||||||||||
Net exposure | $ | 870 | $ | 1,980 | $ | 3,245 | $ | 973 | $ | 2,924 | |||||||
Total net exposure | $ | 3,394 | $ | 3,040 | $ | 3,014 | $ | 2,745 | $ | 2,578 |
December 2021 Form 10-K | 66 |
Risk Disclosures |
$ in millions | ||||||||
Counterparty credit exposure | Collateral2 | |||||||
Germany | Spain and Croatia | $ | 11,604 | |||||
United Kingdom | U.K., U.S. and France | 7,590 | ||||||
Other | Japan, France and U.S. | 17,494 |
67 | December 2021 Form 10-K |
Risk Disclosures |
December 2021 Form 10-K | 68 |
Risk Disclosures |
69 | December 2021 Form 10-K |
December 2021 Form 10-K | 70 |
71 | December 2021 Form 10-K |
Consolidated Income Statement |
in millions, except per share data | 2021 | 2020 | 2019 | ||||||||
Revenues | |||||||||||
Investment banking | $ | i 10,994 | $ | i 7,674 | $ | i 6,163 | |||||
Trading | i 12,810 | i 13,983 | i 11,274 | ||||||||
Investments | i 1,376 | i 986 | i 1,540 | ||||||||
Commissions and fees | i 5,521 | i 4,851 | i 3,919 | ||||||||
Asset management | i 19,967 | i 14,272 | i 13,083 | ||||||||
Other | i 1,042 | i 678 | i 865 | ||||||||
Total non-interest revenues | i 51,710 | i 42,444 | i 36,844 | ||||||||
Interest income | i 9,411 | i 10,162 | i 17,098 | ||||||||
Interest expense | i 1,366 | i 3,849 | i 12,404 | ||||||||
Net interest | i 8,045 | i 6,313 | i 4,694 | ||||||||
Net revenues | i 59,755 | i 48,757 | i 41,538 | ||||||||
Provision for credit losses | i 4 | i 761 | i 161 | ||||||||
Non-interest expenses | |||||||||||
Compensation and benefits | i 24,628 | i 20,854 | i 18,837 | ||||||||
Brokerage, clearing and exchange fees | i 3,341 | i 2,929 | i 2,493 | ||||||||
Information processing and communications | i 3,119 | i 2,465 | i 2,194 | ||||||||
Professional services | i 2,933 | i 2,205 | i 2,137 | ||||||||
Occupancy and equipment | i 1,725 | i 1,559 | i 1,428 | ||||||||
Marketing and business development | i 643 | i 434 | i 660 | ||||||||
Other | i 3,694 | i 3,132 | i 2,327 | ||||||||
Total non-interest expenses | i 40,083 | i 33,578 | i 30,076 | ||||||||
Income before provision for income taxes | i 19,668 | i 14,418 | i 11,301 | ||||||||
Provision for income taxes | i 4,548 | i 3,239 | i 2,064 | ||||||||
Net income | $ | i 15,120 | $ | i 11,179 | $ | i 9,237 | |||||
Net income applicable to noncontrolling interests | i 86 | i 183 | i 195 | ||||||||
Net income applicable to Morgan Stanley | $ | i 15,034 | $ | i 10,996 | $ | i 9,042 | |||||
Preferred stock dividends | i 468 | i 496 | i 530 | ||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | i 14,566 | $ | i 10,500 | $ | i 8,512 | |||||
Earnings per common share | |||||||||||
Basic | $ | i 8.16 | $ | i 6.55 | $ | i 5.26 | |||||
Diluted | i 8.03 | i 6.46 | i 5.19 | ||||||||
Average common shares outstanding | |||||||||||
Basic | i 1,785 | i 1,603 | i 1,617 | ||||||||
Diluted | i 1,814 | i 1,624 | i 1,640 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Net income | $ | i 15,120 | $ | i 11,179 | $ | i 9,237 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | ( i 331) | i 170 | i 3 | ||||||||
Change in net unrealized gains (losses) on available-for-sale securities | ( i 1,542) | i 1,580 | i 1,137 | ||||||||
Pension and other | ( i 53) | i 146 | ( i 66) | ||||||||
Change in net debt valuation adjustment | i 696 | ( i 1,028) | ( i 1,639) | ||||||||
Total other comprehensive income (loss) | $ | ( i 1,230) | $ | i 868 | $ | ( i 565) | |||||
Comprehensive income | $ | i 13,890 | $ | i 12,047 | $ | i 8,672 | |||||
Net income applicable to noncontrolling interests | i 86 | i 183 | i 195 | ||||||||
Other comprehensive income (loss) applicable to noncontrolling interests | ( i 90) | i 42 | ( i 69) | ||||||||
Comprehensive income applicable to Morgan Stanley | $ | i 13,894 | $ | i 11,822 | $ | i 8,546 |
December 2021 Form 10-K | 72 | See Notes to Consolidated Financial Statements |
Consolidated Balance Sheet |
$ in millions, except share data | At | At | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 127,725 | $ | i 105,654 | ||||
Trading
assets at fair value ($ i 104,186 and $ i 132,578 were pledged to various
parties) | i 294,869 | i 312,738 | ||||||
Investment
securities (includes $ i 102,830 and $ i 110,383 at fair value) | i 182,998 | i 182,154 | ||||||
Securities
purchased under agreements to resell (includes $ i 7 and $ i 15
at fair value) | i 119,999 | i 116,234 | ||||||
Securities borrowed | i 129,713 | i 112,391 | ||||||
Customer and other receivables | i 96,018 | i 97,737 | ||||||
Loans: | ||||||||
Held
for investment (net of allowance for credit losses of $ i 654 and $ i 835) | i 174,302 | i 137,784 | ||||||
Held for sale | i 13,832 | i 12,813 | ||||||
Goodwill | i 16,833 | i 11,635 | ||||||
Intangible
assets (net of accumulated amortization of $ i 3,819 and $ i 3,265) | i 8,360 | i 4,980 | ||||||
Other assets | i 23,491 | i 21,742 | ||||||
Total assets | $ | i 1,188,140 | $ | i 1,115,862 | ||||
Liabilities | ||||||||
Deposits
(includes $ i 1,940 and $ i 3,521 at fair value) | $ | i 347,574 | $ | i 310,782 | ||||
Trading liabilities at fair value | i 158,328 | i 157,631 | ||||||
Securities
sold under agreements to repurchase (includes $ i 791 and $ i 1,115
at fair value) | i 62,188 | i 50,587 | ||||||
Securities loaned | i 12,299 | i 7,731 | ||||||
Other
secured financings (includes $ i 5,133 and $ i 11,701 at fair value) | i 10,041 | i 15,863 | ||||||
Customer and other payables | i 228,685 | i 227,437 | ||||||
Other liabilities and accrued expenses | i 29,300 | i 25,603 | ||||||
Borrowings
(includes $ i 76,340 and $ i 73,701 at fair value) | i 233,127 | i 217,079 | ||||||
Total liabilities | i 1,081,542 | i 1,012,713 | ||||||
Commitments and contingent liabilities (see Note 15) | i | i | ||||||
Equity | ||||||||
Morgan Stanley shareholders’ equity: | ||||||||
Preferred stock | i 7,750 | i 9,250 | ||||||
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 1,772,226,530 and i 1,809,624,144 | i 20 | i 20 | ||||||
Additional paid-in capital | i 28,841 | i 25,546 | ||||||
Retained earnings | i 89,432 | i 78,694 | ||||||
Employee stock trusts | i 3,955 | i 3,043 | ||||||
Accumulated other comprehensive income (loss) | ( i 3,102) | ( i 1,962) | ||||||
Common
stock held in treasury at cost, $ i i 0.01 / par value ( i 266,667,449
and i 229,269,835 shares) | ( i 17,500) | ( i 9,767) | ||||||
Common stock issued to employee stock trusts | ( i 3,955) | ( i 3,043) | ||||||
Total Morgan Stanley shareholders’ equity | i 105,441 | i 101,781 | ||||||
Noncontrolling interests | i 1,157 | i 1,368 | ||||||
Total equity | i 106,598 | i 103,149 | ||||||
Total liabilities and equity | $ | i 1,188,140 | $ | i 1,115,862 |
See Notes to Consolidated Financial Statements | 73 | December 2021 Form 10-K |
Consolidated Statement of Changes in Total Equity |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Preferred Stock | |||||||||||
Beginning balance | $ | i 9,250 | $ | i 8,520 | $ | i 8,520 | |||||
Issuance of preferred stock | i 1,300 | i 730 | i 500 | ||||||||
Redemption of preferred stock | ( i 2,800) | i — | ( i 500) | ||||||||
Ending balance | i 7,750 | i 9,250 | i 8,520 | ||||||||
Common Stock | |||||||||||
Beginning and ending balance | i i 20 / | i i 20 / | i i 20 / | ||||||||
Additional Paid-in Capital | |||||||||||
Beginning balance | i 25,546 | i 23,935 | i 23,794 | ||||||||
Share-based award activity | i 1,117 | i 518 | i 131 | ||||||||
Issuance of preferred stock | ( i 25) | i — | ( i 3) | ||||||||
Issuance of common stock for the acquisition of Eaton Vance | i 2,185 | i — | i — | ||||||||
Issuance of common stock for the acquisition of E*TRADE | i — | i 1,093 | i — | ||||||||
Other net increases (decreases) | i 18 | i — | i 13 | ||||||||
Ending balance | i 28,841 | i 25,546 | i 23,935 | ||||||||
Retained Earnings | |||||||||||
Beginning balance | i 78,694 | i 70,589 | i 64,175 | ||||||||
Cumulative
adjustment related to the adoption of the financial instruments-credit losses accounting update1 | — | ( i 100) | — | ||||||||
Cumulative adjustment related to the adoption of the leases accounting update | — | — | i 63 | ||||||||
Net income applicable to Morgan Stanley | i 15,034 | i 10,996 | i 9,042 | ||||||||
Preferred
stock dividends2 | ( i 468) | ( i 496) | ( i 524) | ||||||||
Common
stock dividends2 | ( i 3,818) | ( i 2,295) | ( i 2,161) | ||||||||
Other net increases (decreases) | ( i 10) | i — | ( i 6) | ||||||||
Ending balance | i 89,432 | i 78,694 | i 70,589 | ||||||||
Employee Stock Trusts | |||||||||||
Beginning balance | i 3,043 | i 2,918 | i 2,836 | ||||||||
Share-based award activity | i 912 | i 125 | i 82 | ||||||||
Ending balance | i 3,955 | i 3,043 | i 2,918 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Beginning balance | ( i 1,962) | ( i 2,788) | ( i 2,292) | ||||||||
Net change in Accumulated other comprehensive income (loss) | ( i 1,140) | i 826 | ( i 496) | ||||||||
Ending balance | ( i 3,102) | ( i 1,962) | ( i 2,788) | ||||||||
Common Stock Held in Treasury at Cost | |||||||||||
Beginning balance | ( i 9,767) | ( i 18,727) | ( i 13,971) | ||||||||
Share-based award activity | i 1,210 | i 932 | i 1,198 | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 12,075) | ( i 1,890) | ( i 5,954) | ||||||||
Issuance of common stock for the acquisition of Eaton Vance | i 3,132 | i — | i — | ||||||||
Issuance of common stock for the acquisition of E*TRADE | i — | i 9,918 | i — | ||||||||
Ending balance | ( i 17,500) | ( i 9,767) | ( i 18,727) | ||||||||
Common Stock Issued to Employee Stock Trusts | |||||||||||
Beginning balance | ( i 3,043) | ( i 2,918) | ( i 2,836) | ||||||||
Share-based award activity | ( i 912) | ( i 125) | ( i 82) | ||||||||
Ending balance | ( i 3,955) | ( i 3,043) | ( i 2,918) | ||||||||
Noncontrolling Interests | |||||||||||
Beginning balance | i 1,368 | i 1,148 | i 1,160 | ||||||||
Net income applicable to noncontrolling interests | i 86 | i 183 | i 195 | ||||||||
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests | ( i 90) | i 42 | ( i 69) | ||||||||
Other net increases (decreases) | ( i 207) | ( i 5) | ( i 138) | ||||||||
Ending balance | i 1,157 | i 1,368 | i 1,148 | ||||||||
Total Equity | $ | i 106,598 | $ | i 103,149 | $ | i 82,697 |
December 2021 Form 10-K | 74 | See Notes to Consolidated Financial Statements |
Consolidated Cash Flow Statement |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | i 15,120 | $ | i 11,179 | $ | i 9,237 | |||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
Deferred income taxes | i 4 | ( i 250) | i 165 | ||||||||
Stock-based compensation expense | i 2,085 | i 1,312 | i 1,153 | ||||||||
Depreciation and amortization | i 4,216 | i 3,769 | i 2,643 | ||||||||
Provision for credit losses | i 4 | i 761 | i 161 | ||||||||
Other operating adjustments | ( i 147) | i 274 | ( i 195) | ||||||||
Changes in assets and liabilities: | |||||||||||
Trading assets, net of Trading liabilities | i 9,075 | i 15,551 | ( i 13,667) | ||||||||
Securities borrowed | ( i 17,322) | ( i 5,076) | i 9,764 | ||||||||
Securities loaned | i 4,568 | ( i 1,541) | ( i 3,402) | ||||||||
Customer and other receivables and other assets | i 774 | ( i 29,774) | i 233 | ||||||||
Customer and other payables and other liabilities | i 7,758 | i 10,187 | i 19,942 | ||||||||
Securities purchased under agreements to resell | ( i 3,765) | ( i 28,010) | i 10,298 | ||||||||
Securities sold under agreements to repurchase | i 11,601 | ( i 3,613) | i 4,441 | ||||||||
Net cash provided by (used for) operating activities | i 33,971 | ( i 25,231) | i 40,773 | ||||||||
Cash flows from investing activities | |||||||||||
Proceeds from (payments for): | |||||||||||
Other assets—Premises, equipment and software, net | ( i 2,308) | ( i 1,444) | ( i 1,826) | ||||||||
Changes in loans, net | ( i 36,106) | ( i 17,949) | ( i 17,359) | ||||||||
Investment securities: | |||||||||||
Purchases | ( i 69,571) | ( i 59,777) | ( i 42,586) | ||||||||
Proceeds from sales | i 20,652 | i 13,750 | i 17,151 | ||||||||
Proceeds from paydowns and maturities | i 40,916 | i 24,517 | i 12,012 | ||||||||
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | ( i 2,648) | i — | i — | ||||||||
Cash acquired as part of the E*TRADE acquisition | i — | i 3,807 | i — | ||||||||
Other investing activities | ( i 832) | ( i 802) | ( i 953) | ||||||||
Net cash provided by (used for) investing activities | ( i 49,897) | ( i 37,898) | ( i 33,561) | ||||||||
Cash flows from financing activities | |||||||||||
Net proceeds from (payments for): | |||||||||||
Other secured financings | ( i 625) | i 2,794 | i 3,695 | ||||||||
Deposits | i 36,897 | i 75,417 | i 2,513 | ||||||||
Issuance of preferred stock, net of issuance costs | i 1,275 | i — | i 497 | ||||||||
Proceeds from issuance of Borrowings | i 90,273 | i 60,726 | i 30,605 | ||||||||
Payments for: | |||||||||||
Borrowings | ( i 70,124) | ( i 50,484) | ( i 40,548) | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 12,075) | ( i 1,890) | ( i 5,954) | ||||||||
Cash dividends | ( i 4,171) | ( i 2,739) | ( i 2,627) | ||||||||
Other financing activities | i 97 | ( i 40) | ( i 147) | ||||||||
Net cash provided by (used for) financing activities | i 41,547 | i 83,784 | ( i 11,966) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 3,550) | i 2,828 | ( i 271) | ||||||||
Net increase (decrease) in cash and cash equivalents | i 22,071 | i 23,483 | ( i 5,025) | ||||||||
Cash and cash equivalents, at beginning of period | i 105,654 | i 82,171 | i 87,196 | ||||||||
Cash and cash equivalents, at end of period | $ | i 127,725 | $ | i 105,654 | $ | i 82,171 | |||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash payments for: | |||||||||||
Interest | $ | i 1,303 | $ | i 4,120 | $ | i 12,511 | |||||
Income taxes, net of refunds | i 4,231 | i 2,591 | i 1,908 |
See Notes to Consolidated Financial Statements | 75 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 76 |
Notes to Consolidated Financial Statements |
77 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 78 |
Notes to Consolidated Financial Statements |
79 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 80 |
Notes to Consolidated Financial Statements |
ACL | Provision
for Credit Losses | |||||||
AFS securities | Contra investment securities | Other revenue |
81 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 82 |
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 |
83 | December 2021 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 2021 Form 10-K | 84 |
Notes to Consolidated Financial Statements |
85 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 86 |
Notes to Consolidated Financial Statements |
$ in millions | At March 1, 2021 | ||||
Assets | |||||
Cash and cash equivalents | $ | i 691 | |||
Trading assets at fair value: | |||||
Loans and lending commitments | i 445 | ||||
Investments | i 299 | ||||
Corporate and other debt | i 52 | ||||
Customer and other receivables | i 331 | ||||
Goodwill | i 5,270 | ||||
Intangible assets | i 3,956 | ||||
Other assets | i 836 | ||||
Total assets | $ | i 11,880 | |||
Liabilities | |||||
Other secured financings | $ | i 399 | |||
Other liabilities and accrued expenses | i 2,147 | ||||
Borrowings | i 678 | ||||
Total liabilities | $ | i 3,224 |
$ in millions | Weighted Average Life (Years) | At March 1, 2021 | ||||||
Non-amortizable | ||||||||
Management contracts | Indefinite | $ | i 2,120 | |||||
Amortizable | ||||||||
Customer relationships | i 16 | i 1,455 | ||||||
Tradenames | i 23 | i 221 | ||||||
Management contracts | i 16 | i 160 | ||||||
Total acquired intangible assets | $ | i 3,956 |
$ in millions | 2021 | 2020 | ||||||
Net revenues | $ | i 60,051 | $ | i 50,371 | ||||
Net income | i 15,220 | i 10,779 |
87 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At October 2, 2020 | ||||
Assets | |||||
Cash and cash equivalents | $ | i 3,807 | |||
Trading assets at fair value: | |||||
Loans and lending commitments | i 1,124 | ||||
Investments | i 44 | ||||
Investment securities | i 48,855 | ||||
Securities borrowed | i 975 | ||||
Customer and other receivables | i 12,267 | ||||
Loans: | |||||
Held for investment | i 462 | ||||
Goodwill | i 4,270 | ||||
Intangible
assets1 | i 3,282 | ||||
Other assets | i 1,351 | ||||
Total assets | $ | i 76,437 | |||
Liabilities | |||||
Deposits | $ | i 44,890 | |||
Securities loaned | i 766 | ||||
Customer and other payables | i 15,488 | ||||
Other liabilities and accrued expenses | i 1,688 | ||||
Borrowings | i 1,665 | ||||
Total liabilities | $ | i 64,497 |
$ in millions | 2020 | 2019 | ||||||
Net revenues | $ | i 50,203 | $ | i 44,192 | ||||
Net income | i 11,459 | i 9,839 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Cash and due from banks | $ | i 8,394 | $ | i 9,792 | ||||
Interest bearing deposits with banks | i 119,331 | i 95,862 | ||||||
Total Cash and cash equivalents | $ | i 127,725 | $ | i 105,654 | ||||
Restricted cash | $ | i 40,887 | $ | i 38,202 |
December 2021 Form 10-K | 88 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S.
Treasury and agency securities | $ | i 45,970 | $ | i 29,749 | $ | i 2 | $ | — | $ | i 75,721 | |||||||
Other sovereign
government obligations | i 28,041 | i 4,533 | i 211 | — | i 32,785 | ||||||||||||
State
and municipal securities | i — | i 1,905 | i 13 | — | i 1,918 | ||||||||||||
MABS | i — | i 1,237 | i 344 | — | i 1,581 | ||||||||||||
Loans
and lending commitments2 | i — | i 8,821 | i 3,806 | — | i 12,627 | ||||||||||||
Corporate
and other debt | i — | i 27,309 | i 1,973 | — | i 29,282 | ||||||||||||
Corporate
equities3 | i 91,630 | i 832 | i 115 | — | i 92,577 | ||||||||||||
Derivative
and other contracts: | |||||||||||||||||
Interest rate | i 1,364 | i 153,048 | i 1,153 | — | i 155,565 | ||||||||||||
Credit | i — | i 8,441 | i 509 | — | i 8,950 | ||||||||||||
Foreign
exchange | i 28 | i 74,571 | i 132 | — | i 74,731 | ||||||||||||
Equity | i 1,562 | i 68,519 | i 251 | — | i 70,332 | ||||||||||||
Commodity
and other | i 4,462 | i 20,194 | i 3,057 | — | i 27,713 | ||||||||||||
Netting1 | ( i 5,696) | ( i 241,814) | ( i 794) | ( i 50,833) | ( i 299,137) | ||||||||||||
Total
derivative and other contracts | i 1,720 | i 82,959 | i 4,308 | ( i 50,833) | i 38,154 | ||||||||||||
Investments4 | i 735 | i 846 | i 1,125 | — | i 2,706 | ||||||||||||
Physical
commodities | i — | i 2,771 | i — | — | i 2,771 | ||||||||||||
Total
trading assets4 | i 168,096 | i 160,962 | i 11,897 | ( i 50,833) | i 290,122 | ||||||||||||
Investment
securities —AFS | i 59,021 | i 43,809 | i — | — | i 102,830 | ||||||||||||
Securities
purchased under agreements to resell | i — | i 7 | i — | — | i 7 | ||||||||||||
Total
assets at fair value | $ | i 227,117 | $ | i 204,778 | $ | i 11,897 | $ | ( i 50,833) | $ | i 392,959 |
At December 31, 2021 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | i — | $ | i 1,873 | $ | i 67 | $ | — | $ | i 1,940 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | i 16,433 | i 319 | i — | — | i 16,752 | ||||||||||||
Other sovereign
government obligations | i 20,771 | i 2,062 | i — | — | i 22,833 | ||||||||||||
Corporate
and other debt | i — | i 8,707 | i 16 | — | i 8,723 | ||||||||||||
Corporate
equities3 | i 75,181 | i 226 | i 45 | — | i 75,452 | ||||||||||||
Derivative
and other contracts: | |||||||||||||||||
Interest rate | i 1,087 | i 145,670 | i 445 | — | i 147,202 | ||||||||||||
Credit | i — | i 9,090 | i 411 | — | i 9,501 | ||||||||||||
Foreign
exchange | i 19 | i 73,096 | i 80 | — | i 73,195 | ||||||||||||
Equity | i 2,119 | i 77,363 | i 1,196 | — | i 80,678 | ||||||||||||
Commodity
and other | i 4,563 | i 16,837 | i 1,528 | — | i 22,928 | ||||||||||||
Netting1 | ( i 5,696) | ( i 241,814) | ( i 794) | ( i 50,632) | ( i 298,936) | ||||||||||||
Total
derivative and other contracts | i 2,092 | i 80,242 | i 2,866 | ( i 50,632) | i 34,568 | ||||||||||||
Total trading liabilities | i 114,477 | i 91,556 | i 2,927 | ( i 50,632) | i 158,328 | ||||||||||||
Securities
sold under agreements to repurchase | i — | i 140 | i 651 | — | i 791 | ||||||||||||
Other
secured financings | i — | i 4,730 | i 403 | — | i 5,133 | ||||||||||||
Borrowings | i — | i 74,183 | i 2,157 | — | i 76,340 | ||||||||||||
Total
liabilities at fair value | $ | i 114,477 | $ | i 172,482 | $ | i 6,205 | $ | ( i 50,632) | $ | i 242,532 |
At December 31, 2020 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S.
Treasury and agency securities | $ | i 43,084 | $ | i 31,524 | $ | i 9 | $ | — | $ | i 74,617 | |||||||
Other sovereign
government obligations | i 26,174 | i 5,048 | i 268 | — | i 31,490 | ||||||||||||
State
and municipal securities | i — | i 1,135 | i — | — | i 1,135 | ||||||||||||
MABS | i — | i 1,070 | i 322 | — | i 1,392 | ||||||||||||
Loans
and lending commitments2 | i — | i 5,389 | i 5,759 | — | i 11,148 | ||||||||||||
Corporate
and other debt | i — | i 30,093 | i 3,435 | — | i 33,528 | ||||||||||||
Corporate
equities3 | i 111,575 | i 1,142 | i 86 | — | i 112,803 | ||||||||||||
Derivative
and other contracts: | |||||||||||||||||
Interest rate | i 4,458 | i 227,818 | i 1,210 | — | i 233,486 | ||||||||||||
Credit | i — | i 6,840 | i 701 | — | i 7,541 | ||||||||||||
Foreign
exchange | i 29 | i 93,770 | i 260 | — | i 94,059 | ||||||||||||
Equity | i 1,132 | i 65,943 | i 1,369 | — | i 68,444 | ||||||||||||
Commodity
and other | i 1,818 | i 10,108 | i 2,723 | — | i 14,649 | ||||||||||||
Netting1 | ( i 5,488) | ( i 310,534) | ( i 1,351) | ( i 62,956) | ( i 380,329) | ||||||||||||
Total
derivative and other contracts | i 1,949 | i 93,945 | i 4,912 | ( i 62,956) | i 37,850 | ||||||||||||
Investments4 | i 624 | i 234 | i 828 | — | i 1,686 | ||||||||||||
Physical
commodities | i — | i 3,260 | i — | — | i 3,260 | ||||||||||||
Total
trading assets4 | i 183,406 | i 172,840 | i 15,619 | ( i 62,956) | i 308,909 | ||||||||||||
Investment
securities —AFS | i 46,354 | i 61,225 | i 2,804 | — | i 110,383 | ||||||||||||
Securities
purchased under agreements to resell | i — | i 12 | i 3 | — | i 15 | ||||||||||||
Total
assets at fair value | $ | i 229,760 | $ | i 234,077 | $ | i 18,426 | $ | ( i 62,956) | $ | i 419,307 |
89 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2020 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | i — | $ | i 3,395 | $ | i 126 | $ | — | $ | i 3,521 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | i 10,204 | i 1 | i — | — | i 10,205 | ||||||||||||
Other sovereign
government obligations | i 24,209 | i 1,738 | i 16 | — | i 25,963 | ||||||||||||
Corporate
and other debt | i — | i 8,468 | i — | — | i 8,468 | ||||||||||||
Corporate
equities3 | i 67,822 | i 172 | i 63 | — | i 68,057 | ||||||||||||
Derivative
and other contracts: | |||||||||||||||||
Interest rate | i 4,789 | i 213,321 | i 528 | — | i 218,638 | ||||||||||||
Credit | i — | i 7,500 | i 652 | — | i 8,152 | ||||||||||||
Foreign
exchange | i 11 | i 94,698 | i 199 | — | i 94,908 | ||||||||||||
Equity | i 1,245 | i 81,683 | i 3,600 | — | i 86,528 | ||||||||||||
Commodity
and other | i 1,758 | i 9,418 | i 1,014 | — | i 12,190 | ||||||||||||
Netting1 | ( i 5,488) | ( i 310,534) | ( i 1,351) | ( i 58,105) | ( i 375,478) | ||||||||||||
Total
derivative and other contracts | i 2,315 | i 96,086 | i 4,642 | ( i 58,105) | i 44,938 | ||||||||||||
Total trading liabilities | i 104,550 | i 106,465 | i 4,721 | ( i 58,105) | i 157,631 | ||||||||||||
Securities
sold under agreements to repurchase | i — | i 671 | i 444 | — | i 1,115 | ||||||||||||
Other
secured financings | i — | i 11,185 | i 516 | — | i 11,701 | ||||||||||||
Borrowings | i — | i 69,327 | i 4,374 | — | i 73,701 | ||||||||||||
Total
liabilities at fair value | $ | i 104,550 | $ | i 191,043 | $ | i 10,181 | $ | ( i 58,105) | $ | i 247,669 |
$ in millions | At | At | ||||||
Corporate | $ | i 8 | $ | i 13 | ||||
Secured lending facilities | i — | i 648 | ||||||
Commercial real estate | i 863 | i 916 | ||||||
Residential real estate | i 3,911 | i 2,145 | ||||||
Securities-based lending and Other loans | i 7,845 | i 7,426 | ||||||
Total | $ | i 12,627 | $ | i 11,148 |
$ in millions | At | At | ||||||
Customer and other receivables, net | $ | i 948 | $ | i 434 |
December 2021 Form 10-K | 90 |
Notes to Consolidated Financial Statements |
91 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 92 |
Notes to Consolidated Financial Statements |
93 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
U.S. Treasury and agency securities | |||||||||||
Beginning balance | $ | i 9 | $ | i 22 | $ | i 54 | |||||
Realized and unrealized gains (losses) | i — | i 1 | i 4 | ||||||||
Purchases | i 2 | i — | i 17 | ||||||||
Sales | ( i 9) | ( i 22) | ( i 54) | ||||||||
Net transfers | i — | i 8 | i 1 | ||||||||
Ending balance | $ | i 2 | $ | i 9 | $ | i 22 | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | i 4 | |||||
Other sovereign government obligations | |||||||||||
Beginning balance | $ | i 268 | $ | i 5 | $ | i 17 | |||||
Realized and unrealized gains (losses) | ( i 1) | i — | ( i 3) | ||||||||
Purchases | i 146 | i 265 | i 7 | ||||||||
Sales | ( i 192) | ( i 2) | ( i 6) | ||||||||
Net transfers | ( i 10) | i — | ( i 10) | ||||||||
Ending balance | $ | i 211 | $ | i 268 | $ | i 5 | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | ( i 3) | |||||
State and municipal securities | |||||||||||
Beginning balance | $ | i — | $ | i 1 | $ | i 148 | |||||
Purchases | i 4 | i — | i — | ||||||||
Sales | ( i 4) | i — | ( i 147) | ||||||||
Net transfers | i 13 | ( i 1) | i — | ||||||||
Ending balance | $ | i 13 | $ | i — | $ | i 1 | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | i — | |||||
MABS | |||||||||||
Beginning balance | $ | i 322 | $ | i 438 | $ | i 354 | |||||
Realized and unrealized gains (losses) | i 51 | ( i 66) | ( i 16) | ||||||||
Purchases | i 254 | i 175 | i 132 | ||||||||
Sales | ( i 215) | ( i 244) | ( i 175) | ||||||||
Settlements | i — | i — | ( i 44) | ||||||||
Net transfers | ( i 68) | i 19 | i 187 | ||||||||
Ending balance | $ | i 344 | $ | i 322 | $ | i 438 | |||||
Unrealized gains (losses) | $ | ( i 10) | $ | ( i 49) | $ | ( i 57) | |||||
Loans and lending commitments | |||||||||||
Beginning balance | $ | i 5,759 | $ | i 5,073 | $ | i 6,870 | |||||
Realized and unrealized gains (losses) | i 51 | ( i 65) | i 38 | ||||||||
Purchases and originations | i 2,446 | i 3,479 | i 2,337 | ||||||||
Sales | ( i 2,609) | ( i 957) | ( i 1,268) | ||||||||
Settlements | ( i 1,268) | ( i 2,196) | ( i 2,291) | ||||||||
Net
transfers1 | ( i 573) | i 425 | ( i 613) | ||||||||
Ending balance | $ | i 3,806 | $ | i 5,759 | $ | i 5,073 | |||||
Unrealized gains (losses) | $ | ( i 7) | $ | i 58 | $ | ( i 9) | |||||
Corporate and other debt | |||||||||||
Beginning balance | $ | i 3,435 | $ | i 1,396 | $ | i 1,076 | |||||
Realized and unrealized gains (losses) | ( i 140) | i 318 | i 418 | ||||||||
Purchases and originations | i 1,355 | i 2,623 | i 650 | ||||||||
Sales | ( i 785) | ( i 617) | ( i 729) | ||||||||
Settlements | i — | ( i 311) | ( i 7) | ||||||||
Net
transfers2 | ( i 1,892) | i 26 | ( i 12) | ||||||||
Ending balance | $ | i 1,973 | $ | i 3,435 | $ | i 1,396 | |||||
Unrealized gains (losses) | $ | ( i 25) | $ | i 311 | $ | i 361 | |||||
$ in millions | 2021 | 2020 | 2019 | ||||||||
Corporate equities | |||||||||||
Beginning balance | $ | i 86 | $ | i 97 | $ | i 95 | |||||
Realized and unrealized gains (losses) | ( i 8) | ( i 55) | ( i 8) | ||||||||
Purchases | i 121 | i 36 | i 32 | ||||||||
Sales | ( i 50) | ( i 17) | ( i 271) | ||||||||
Net transfers | ( i 34) | i 25 | i 249 | ||||||||
Ending balance | $ | i 115 | $ | i 86 | $ | i 97 | |||||
Unrealized gains (losses) | $ | ( i 3) | $ | ( i 39) | $ | i 1 | |||||
Investments | |||||||||||
Beginning balance | $ | i 828 | $ | i 858 | $ | i 757 | |||||
Realized and unrealized gains (losses) | i 382 | i 32 | i 78 | ||||||||
Purchases | i 226 | i 61 | i 40 | ||||||||
Sales | ( i 115) | ( i 106) | ( i 41) | ||||||||
Net transfers | ( i 196) | ( i 17) | i 24 | ||||||||
Ending balance | $ | i 1,125 | $ | i 828 | $ | i 858 | |||||
Unrealized gains (losses) | $ | i 359 | $ | ( i 45) | $ | i 67 | |||||
Investment securities—AFS | |||||||||||
Beginning balance | $ | i 2,804 | $ | i — | $ | i — | |||||
Realized and unrealized gains (losses) | ( i 4) | i 5 | i — | ||||||||
Purchases3 | i — | i 2,799 | i — | ||||||||
Sales | ( i 203) | i — | i — | ||||||||
Net
transfers3 | ( i 2,597) | i — | i — | ||||||||
Ending balance | $ | i — | $ | i 2,804 | $ | i — | |||||
Unrealized gains (losses) | $ | i — | $ | i 5 | $ | i — | |||||
Securities purchased under agreements to resell | |||||||||||
Beginning balance | $ | i 3 | $ | i — | $ | i — | |||||
Net transfers | ( i 3) | i 3 | i — | ||||||||
Ending balance | $ | i — | $ | i 3 | $ | i — | |||||
Unrealized gains (losses) | $ | i — | $ | i — | $ | i — | |||||
Net derivatives: Interest rate | |||||||||||
Beginning balance | $ | i 682 | $ | i 777 | $ | i 618 | |||||
Realized and unrealized gains (losses) | i 284 | ( i 150) | i 17 | ||||||||
Purchases | i 67 | i 174 | i 98 | ||||||||
Issuances | ( i 52) | ( i 44) | ( i 16) | ||||||||
Settlements | i 14 | i 40 | i 1 | ||||||||
Net transfers | ( i 287) | ( i 115) | i 59 | ||||||||
Ending balance | $ | i 708 | $ | i 682 | $ | i 777 | |||||
Unrealized gains (losses) | $ | i 292 | $ | ( i 34) | $ | i 87 | |||||
Net derivatives: Credit | |||||||||||
Beginning balance | $ | i 49 | $ | i 124 | $ | i 40 | |||||
Realized and unrealized gains (losses) | i 95 | ( i 91) | ( i 24) | ||||||||
Purchases | i 18 | i 98 | i 144 | ||||||||
Issuances | ( i 46) | ( i 112) | ( i 190) | ||||||||
Settlements | i 58 | i 94 | i 111 | ||||||||
Net transfers | ( i 76) | ( i 64) | i 43 | ||||||||
Ending balance | $ | i 98 | $ | i 49 | $ | i 124 | |||||
Unrealized gains (losses) | $ | i 122 | $ | ( i 111) | $ | ( i 17) |
December 2021 Form 10-K | 94 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Net derivatives: Foreign exchange | |||||||||||
Beginning balance | $ | i 61 | $ | ( i 31) | $ | i 75 | |||||
Realized and unrealized gains (losses) | ( i 89) | i 156 | ( i 295) | ||||||||
Purchases | i 2 | i 4 | i 2 | ||||||||
Issuances | ( i 15) | i — | i — | ||||||||
Settlements | i 16 | ( i 17) | i 7 | ||||||||
Net transfers | i 77 | ( i 51) | i 180 | ||||||||
Ending balance | $ | i 52 | $ | i 61 | $ | ( i 31) | |||||
Unrealized gains (losses) | $ | ( i 62) | $ | i 94 | $ | ( i 187) | |||||
Net derivatives: Equity | |||||||||||
Beginning balance | $ | ( i 2,231) | $ | ( i 1,684) | $ | ( i 1,485) | |||||
Realized and unrealized gains (losses) | i 344 | i 72 | ( i 260) | ||||||||
Purchases | i 70 | i 179 | i 155 | ||||||||
Issuances | ( i 443) | ( i 713) | ( i 643) | ||||||||
Settlements | i 160 | ( i 354) | i 242 | ||||||||
Net
transfers2 | i 1,155 | i 269 | i 307 | ||||||||
Ending balance | $ | ( i 945) | $ | ( i 2,231) | $ | ( i 1,684) | |||||
Unrealized gains (losses) | $ | ( i 103) | $ | ( i 210) | $ | ( i 194) | |||||
Net derivatives: Commodity and other | |||||||||||
Beginning balance | $ | i 1,709 | $ | i 1,612 | $ | i 2,052 | |||||
Realized and unrealized gains (losses) | i 529 | i 251 | i 73 | ||||||||
Purchases | i 44 | i 89 | i 152 | ||||||||
Issuances | ( i 86) | ( i 57) | ( i 92) | ||||||||
Settlements | ( i 599) | ( i 183) | ( i 611) | ||||||||
Net transfers | ( i 68) | ( i 3) | i 38 | ||||||||
Ending balance | $ | i 1,529 | $ | i 1,709 | $ | i 1,612 | |||||
Unrealized gains (losses) | $ | i 141 | $ | ( i 309) | $ | ( i 113) | |||||
Deposits | |||||||||||
Beginning balance | $ | i 126 | $ | i 179 | $ | i 27 | |||||
Realized and unrealized losses (gains) | i — | i 15 | i 20 | ||||||||
Issuances | i — | i 21 | i 101 | ||||||||
Settlements | ( i 10) | ( i 17) | ( i 15) | ||||||||
Net transfers | ( i 49) | ( i 72) | i 46 | ||||||||
Ending balance | $ | i 67 | $ | i 126 | $ | i 179 | |||||
Unrealized losses (gains) | $ | i — | $ | i 15 | $ | i 20 | |||||
Nonderivative trading liabilities | |||||||||||
Beginning balance | $ | i 79 | $ | i 37 | $ | i 16 | |||||
Realized and unrealized losses (gains) | ( i 21) | ( i 18) | ( i 21) | ||||||||
Purchases | ( i 30) | ( i 35) | ( i 65) | ||||||||
Sales | i 43 | i 27 | i 38 | ||||||||
Settlements | i — | i 3 | i — | ||||||||
Net transfers | ( i 10) | i 65 | i 69 | ||||||||
Ending balance | $ | i 61 | $ | i 79 | $ | i 37 | |||||
Unrealized losses (gains) | $ | ( i 21) | $ | ( i 18) | $ | ( i 21) | |||||
Securities sold under agreements to repurchase | |||||||||||
Beginning balance | $ | i 444 | $ | i — | $ | i — | |||||
Realized and unrealized losses (gains) | i 1 | ( i 27) | i — | ||||||||
Issuances | i — | i 470 | i — | ||||||||
Net transfers | i 206 | i 1 | i — | ||||||||
Ending balance | $ | i 651 | $ | i 444 | $ | i — | |||||
Unrealized losses (gains) | $ | i 1 | $ | ( i 27) | $ | i — |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Other secured financings | |||||||||||
Beginning balance | $ | i 516 | $ | i 109 | $ | i 208 | |||||
Realized and unrealized losses (gains) | ( i 17) | i 21 | i 5 | ||||||||
Issuances | i 449 | i 208 | i — | ||||||||
Settlements | ( i 518) | ( i 217) | ( i 8) | ||||||||
Net transfers | ( i 27) | i 395 | ( i 96) | ||||||||
Ending balance | $ | i 403 | $ | i 516 | $ | i 109 | |||||
Unrealized losses (gains) | $ | ( i 16) | $ | i 21 | $ | i 5 | |||||
Borrowings | |||||||||||
Beginning balance | $ | i 4,374 | $ | i 4,088 | $ | i 3,806 | |||||
Realized and unrealized losses (gains) | ( i 99) | i 204 | i 728 | ||||||||
Issuances | i 717 | i 980 | i 1,181 | ||||||||
Settlements | ( i 448) | ( i 461) | ( i 950) | ||||||||
Net
transfers2 | ( i 2,387) | ( i 437) | ( i 677) | ||||||||
Ending balance | $ | i 2,157 | $ | i 4,374 | $ | i 4,088 | |||||
Unrealized losses (gains) | $ | ( i 114) | $ | i 201 | $ | i 600 | |||||
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA | ( i 17) | i 63 | i 182 |
95 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At December 31, 2021 | At December 31, 2020 | ||||||
Assets at Fair Value on a Recurring Basis | ||||||||
Other sovereign government obligations | $ | i 211 | $ | i 268 | ||||
Comparable pricing: | ||||||||
Bond price | i 100 to i 140
points ( i 120 points) | i 106 points | ||||||
MABS | $ | i 344 | $ | i 322 | ||||
Comparable pricing: | ||||||||
Bond price | i 0 to i 86
points ( i 59 points) | i 0 to i 80
points ( i 50 points) | ||||||
Loans and lending commitments | $ | i 3,806 | $ | i 5,759 | ||||
Margin loan model: | ||||||||
Margin loan rate | i 1% to i 4%
( i 3%) | i 1% to i 5%
( i 3%) | ||||||
Comparable pricing: | ||||||||
Loan price | i 89
to i 101 points ( i 97 points) | i 75
to i 102 points ( i 93 points) | ||||||
Corporate and other debt | $ | i 1,973 | $ | i 3,435 | ||||
Comparable pricing: | ||||||||
Bond price | i 50 to i 163 points ( i 99
points) | i 10 to i 133 points ( i 101
points) | ||||||
Discounted cash flow: | ||||||||
Loss given default | i 54% to i 84%
( i 62% / i 54%) | i 40%
to i 62% ( i 46% / i 40%) | ||||||
Option model: | ||||||||
Equity volatility | N/M | i 18% to i 21%
( i 19%) | ||||||
Corporate equities | $ | i 115 | $ | i 86 | ||||
Comparable pricing: | ||||||||
Equity price | i 100% | i 100% | ||||||
Investments | $ | i 1,125 | $ | i 828 | ||||
Discounted cash flow: | ||||||||
WACC | i 10% to i 16% ( i 15%) | i 8%
to i 18% ( i 15%) | ||||||
Exit multiple | i 8
to i 17 times ( i 12 times) | i 7
to i 17 times ( i 12 times) | ||||||
Market approach: | ||||||||
EBITDA multiple | i 8 to i 25 times ( i 10
times) | i 8 to i 32 times ( i 11
times) | ||||||
Comparable pricing: | ||||||||
Equity price | i 43% to i 100%
( i 99%) | i 45% to i 100%
( i 99%) | ||||||
Investment securities—AFS | $ | i — | $ | i 2,804 | ||||
Comparable pricing: | ||||||||
Bond price | N/A | i 97 to i 107
points ( i 101 points) | ||||||
Net derivative and other contracts: | ||||||||
Interest rate | $ | i 708 | $ | i 682 | ||||
Option model: | ||||||||
IR volatility skew | i 39% to i 79% ( i 64%
/ i 63%) | i 0% to i 349%
( i 62% / i 59%) | ||||||
IR curve correlation | i 62%
to i 98% ( i 83% / i 84%) | i 54%
to i 99% ( i 87% / i 89%) | ||||||
Bond volatility | i 5% to i 32% ( i 12%
/ i 9%) | i 6% to i 24%
( i 13% / i 13%) | ||||||
Inflation volatility | i 24%
to i 65% ( i 44% / i 40%) | i 25%
to i 66% ( i 45% / i 43%) | ||||||
IR curve | i 4% | i 1 | % |
Balance
/ Range (Average1) | ||||||||
$ in millions, except inputs | At December 31, 2021 | At December 31, 2020 | ||||||
Credit | $ | i 98 | $ | i 49 | ||||
Credit default swap model: | ||||||||
Cash-synthetic basis | i 7 points | i 7
points | ||||||
Bond price | i 0 to i 83 points ( i 46
points) | i 0 to i 85 points ( i 47
points) | ||||||
Credit spread | i 14 to i 477 bps ( i 68
bps) | i 20 to i 435 bps ( i 74
bps) | ||||||
Funding spread | i 15 to i 433 bps ( i 55
bps) | i 65 to i 118 bps ( i 86
bps) | ||||||
Correlation model: | ||||||||
Credit correlation | N/A | i 27% to i 44%
( i 32%) | ||||||
Foreign exchange2 | $ | i 52 | $ | i 61 | ||||
Option model: | ||||||||
IR - FX correlation | i 53% to i 56% ( i 55%
/ i 54%) | i 55% to i 59%
( i 56% / i 56%) | ||||||
IR volatility skew | i 39%
to i 79% ( i 64% / i 63%) | i 0%
to i 349% ( i 62% / i 59%) | ||||||
IR curve | - i 1% to i 7% ( i 2%
/ i 0%) | i 6% to i 8%
( i 7% / i 8%) | ||||||
Foreign exchange volatility skew | - i 4%
to - i 2% (- i 3% / - i 3%) | - i 22%
to i 28% ( i 3% / i 1%) | ||||||
Contingency probability | i 90% to i 95% ( i 94%
/ i 95%) | i 50% to i 95%
( i 83% / i 93%) | ||||||
Equity2 | $ | ( i 945) | $ | ( i 2,231) | ||||
Option model: | ||||||||
Equity volatility | i 5% to i 99% ( i 24%) | i 16%
to i 97% ( i 43%) | ||||||
Equity volatility skew | - i 4%
to i 0% (- i 1%) | - i 3%
to i 0% (- i 1%) | ||||||
Equity correlation | i 5%
to i 99% ( i 73%) | i 24%
to i 96% ( i 74%) | ||||||
FX correlation | - i 85%
to i 37% (- i 42%) | - i 79%
to i 60% (- i 16%) | ||||||
IR correlation | i 13%
to i 30% ( i 15%) | - i 13%
to i 47% ( i 21% / i 20%) | ||||||
Commodity and other | $ | i 1,529 | $ | i 1,709 | ||||
Option model: | ||||||||
Forward power price | $ i 4 to $ i 263
($ i 39) per MWh | $- i 1 to $ i 157
($ i 28) per MWh | ||||||
Commodity volatility | i 8% to i 385%
( i 22%) | i 8% to i 183%
( i 19%) | ||||||
Cross-commodity correlation | i 43% to i 100%
( i 94%) | i 43% to i 99%
( i 92%) | ||||||
Liabilities at Fair Value on a Recurring Basis | ||||||||
Deposits | $ | i 67 | $ | i 126 | ||||
Option model: | ||||||||
Equity volatility | i 7% | i 7%
to i 22% ( i 8%) | ||||||
Nonderivative trading liabilities —Corporate equities | $ | i 45 | $ | i 63 | ||||
Comparable pricing: | ||||||||
Equity price | i 100% | i 100% | ||||||
Securities sold under agreements to repurchase | $ | i 651 | $ | i 444 | ||||
Discounted cash flow: | ||||||||
Funding spread | i 112 to i 127
bps ( i 120 bps) | i 107 to i 127
bps ( i 115 bps) | ||||||
Other secured financings | $ | i 403 | $ | i 516 | ||||
Discounted cash flow: | ||||||||
Funding spread | N/A | i 111 bps ( i 111
bps) | ||||||
Comparable pricing: | ||||||||
Loan price | i 30 to i 100
points ( i 83 points) | i 30 to i 101
points ( i 56 points) | ||||||
December 2021 Form 10-K | 96 |
Notes to Consolidated Financial Statements |
Balance
/ Range (Average1) | ||||||||
$ in millions, except inputs | At December 31, 2021 | At December 31, 2020 | ||||||
Borrowings | $ | i 2,157 | $ | i 4,374 | ||||
Option model: | ||||||||
Equity volatility | i 7% to i 85% ( i 20%) | i 6%
to i 66% ( i 23%) | ||||||
Equity volatility skew | - i 1%
to i 0% ( i 0%) | - i 2%
to i 0% ( i 0%) | ||||||
Equity correlation | i 41%
to i 95% ( i 81%) | i 37%
to i 95% ( i 78%) | ||||||
Equity - FX correlation | - i 55%
to i 25% (- i 30%) | - i 72%
to i 13% (- i 24%) | ||||||
IR - FX Correlation | - i 26%
to i 8% (- i 5% / - i 5%) | - i 28%
to i 6% (- i 6% / - i 6%) | ||||||
Discounted cash flow: | ||||||||
Loss given default | i 54% to i 84% ( i 62%
/ i 54%) | N/M | ||||||
Nonrecurring Fair Value Measurement | ||||||||
Loans | $ | i 1,576 | $ | i 3,134 | ||||
Corporate loan model: | ||||||||
Credit spread | i 108 to i 565 bps ( i 284
bps) | i 36 to i 636 bps ( i 336
bps) | ||||||
Comparable pricing: | ||||||||
Loan price | i 40 to i 80
points ( i 61 points) | N/M | ||||||
Warehouse model: | ||||||||
Credit spread | i 182
to i 446 bps ( i 376 bps) | i 200
to i 413 bps ( i 368 bps) | ||||||
Comparable pricing: | ||||||||
Bond Price | N/M | i 88 to i 99 bps ( i 94
bps) | ||||||
97 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | Carrying Value | Commitment | Carrying Value | Commitment | ||||||||||
Private equity | $ | i 2,492 | $ | i 615 | $ | i 2,367 | $ | i 644 | ||||||
Real estate | i 2,064 | i 248 | i 1,403 | i 136 | ||||||||||
Hedge1 | i 191 | i 2 | i 59 | i — | ||||||||||
Total | $ | i 4,747 | $ | i 865 | $ | i 3,829 | $ | i 780 |
Carrying Value at December 31, 2021 | ||||||||
$ in millions | Private Equity | Real Estate | ||||||
Less than 5 years | $ | i 982 | $ | i 403 | ||||
5-10 years | i 1,163 | i 1,283 | ||||||
Over 10 years | i 347 | i 378 | ||||||
Total | $ | i 2,492 | $ | i 2,064 |
December 2021 Form 10-K | 98 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | |||||||||||
$ in millions | Level 2 | Level 31 | Total | ||||||||
Assets | |||||||||||
Loans | $ | i 4,035 | $ | i 1,576 | $ | i 5,611 | |||||
Other assets—Other investments | i — | i 8 | i 8 | ||||||||
Other assets—ROU assets | i 16 | i — | i 16 | ||||||||
Total | $ | i 4,051 | $ | i 1,584 | $ | i 5,635 | |||||
Liabilities | |||||||||||
Other
liabilities and accrued expenses—Lending commitments | $ | i 173 | $ | i 70 | $ | i 243 | |||||
Total | $ | i 173 | $ | i 70 | $ | i 243 |
At December 31, 2020 | |||||||||||
$ in millions | Level 2 | Level 31 | Total | ||||||||
Assets | |||||||||||
Loans | $ | i 2,566 | $ | i 3,134 | $ | i 5,700 | |||||
Other assets—Other investments | i — | i 16 | i 16 | ||||||||
Other assets—ROU assets | i 21 | i — | i 21 | ||||||||
Total | $ | i 2,587 | $ | i 3,150 | $ | i 5,737 | |||||
Liabilities | |||||||||||
Other
liabilities and accrued expenses—Lending commitments | $ | i 193 | $ | i 72 | $ | i 265 | |||||
Total | $ | i 193 | $ | i 72 | $ | i 265 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Assets | |||||||||||
Loans2 | $ | ( i 89) | $ | ( i 354) | $ | i 18 | |||||
Goodwill | ( i 8) | i — | i — | ||||||||
Intangibles | ( i 3) | ( i 2) | i — | ||||||||
Other
assets—Other investments3 | ( i 57) | ( i 56) | ( i 56) | ||||||||
Other
assets—Premises, equipment and software4 | ( i 14) | ( i 45) | ( i 22) | ||||||||
Other
assets—ROU assets5 | ( i 25) | ( i 23) | i — | ||||||||
Total | $ | ( i 196) | $ | ( i 480) | $ | ( i 60) | |||||
Liabilities | |||||||||||
Other
liabilities and accrued expenses—Lending commitments2 | $ | i 37 | $ | ( i 5) | $ | i 87 | |||||
Total | $ | i 37 | $ | ( i 5) | $ | i 87 |
At December 31, 2021 | |||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | i 127,725 | $ | i 127,725 | $ | i — | $ | i — | $ | i 127,725 | |||||||
Investment
securities—HTM | i 80,168 | i 29,454 | i 49,352 | i 1,076 | i 79,882 | ||||||||||||
Securities
purchased under agreements to resell | i 119,992 | i — | i 117,922 | i 2,075 | i 119,997 | ||||||||||||
Securities borrowed | i 129,713 | i — | i 129,713 | i — | i 129,713 | ||||||||||||
Customer and other receivables | i 91,664 | i — | i 88,091 | i 3,442 | i 91,533 | ||||||||||||
Loans1 | i 188,134 | i — | i 25,706 | i 163,784 | i 189,490 | ||||||||||||
Other assets | i 528 | i — | i 528 | i — | i 528 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | i 345,634 | $ | i — | $ | i 345,911 | $ | i — | $ | i 345,911 | |||||||
Securities sold under agreements to repurchase | i 61,397 | i — | i 61,419 | i — | i 61,419 | ||||||||||||
Securities loaned | i 12,299 | i — | i 12,296 | i — | i 12,296 | ||||||||||||
Other
secured financings | i 4,908 | i — | i 4,910 | i — | i 4,910 | ||||||||||||
Customer and other payables | i 228,631 | i — | i 228,631 | i — | i 228,631 | ||||||||||||
Borrowings | i 156,787 | i — | i 162,154 | i 4 | i 162,158 | ||||||||||||
Commitment Amount | |||||||||||||||||
Lending
commitments3 | $ | i 133,519 | $ | i — | $ | i 890 | $ | i 470 | $ | i 1,360 |
At December 31, 2020 | |||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | i 105,654 | $ | i 105,654 | $ | i — | $ | i — | $ | i 105,654 | |||||||
Investment
securities—HTM | i 71,771 | i 31,239 | i 42,281 | i 900 | i 74,420 | ||||||||||||
Securities
purchased under agreements to resell | i 116,219 | i — | i 114,046 | i 2,173 | i 116,219 | ||||||||||||
Securities borrowed | i 112,391 | i — | i 112,392 | i — | i 112,392 | ||||||||||||
Customer and other receivables | i 92,907 | i — | i 89,832 | i 3,041 | i 92,873 | ||||||||||||
Loans1 | i 150,597 | i — | i 16,635 | i 135,277 | i 151,912 | ||||||||||||
Other assets | i 485 | i — | i 485 | i — | i 485 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | i 307,261 | $ | i — | $ | i 307,807 | $ | i — | $ | i 307,807 | |||||||
Securities sold under
agreements to repurchase | i 49,472 | i — | i 49,315 | i 195 | i 49,510 | ||||||||||||
Securities loaned | i 7,731 | i — | i 7,731 | i — | i 7,731 | ||||||||||||
Other
secured financings | i 4,162 | i — | i 4,162 | i — | i 4,162 | ||||||||||||
Customer and other payables | i 224,951 | i — | i 224,951 | i — | i 224,951 | ||||||||||||
Borrowings | i 143,378 | i — | i 150,824 | i 5 | i 150,829 | ||||||||||||
Commitment Amount | |||||||||||||||||
Lending
commitments2 | $ | i 125,498 | $ | i — | $ | i 709 | $ | i 395 | $ | i 1,104 |
99 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Business Unit Responsible for Risk Management | ||||||||
Equity | $ | i 37,046 | $ | i 33,952 | ||||
Interest rates | i 28,638 | i 31,222 | ||||||
Commodities | i 7,837 | i 5,078 | ||||||
Credit | i 1,347 | i 1,344 | ||||||
Foreign exchange | i 1,472 | i 2,105 | ||||||
Total | $ | i 76,340 | $ | i 73,701 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Trading revenues | $ | i 899 | $ | ( i 5,135) | $ | ( i 6,932) | |||||
Interest expense | i 305 | i 341 | i 375 | ||||||||
Net
revenues1 | $ | i 594 | $ | ( i 5,476) | $ | ( i 7,307) |
$ in millions | Trading Revenues | OCI | ||||||
2021 | ||||||||
Loans
and other receivables1 | $ | i 278 | $ | i — | ||||
Lending commitments | i 2 | i — | ||||||
Deposits | i — | i 17 | ||||||
Borrowings | ( i 36) | i 901 | ||||||
2020 | ||||||||
Loans
and other receivables1 | $ | ( i 116) | $ | i — | ||||
Lending commitments | ( i 3) | i — | ||||||
Deposits | i — | ( i 19) | ||||||
Borrowings | ( i 26) | ( i 1,340) | ||||||
2019 | ||||||||
Loans
and other receivables1 | $ | i 223 | $ | i — | ||||
Lending commitments | ( i 2) | i — | ||||||
Deposits | i — | ( i 30) | ||||||
Borrowings | ( i 11) | ( i 2,140) | ||||||
Other | i — | i — |
$ in millions | At | At | ||||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ | ( i 2,439) | $ | ( i 3,357) |
$ in millions | At | At | ||||||
Loans
and other receivables2 | $ | i 12,633 | $ | i 14,042 | ||||
Nonaccrual
loans2 | i 9,999 | i 11,551 | ||||||
Borrowings3 | ( i 2,106) | ( i 3,773) |
$ in millions | At | At | ||||||
Nonaccrual loans | $ | i 989 | $ | i 1,407 | ||||
Nonaccrual
loans 90 or more days past due | $ | i 363 | $ | i 239 |
December 2021 Form 10-K | 100 |
Notes to Consolidated Financial Statements |
Assets at December 31, 2021 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 594 | $ | i 1 | $ | i — | $ | i 595 | ||||||
Foreign exchange | i 191 | i 6 | i — | i 197 | ||||||||||
Total | i 785 | i 7 | i — | i 792 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i — | i 15 | i — | i 15 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 147,585 | i 7,002 | i 383 | i 154,970 | ||||||||||
Credit | i 5,749 | i 3,186 | i — | i 8,935 | ||||||||||
Foreign exchange | i 73,276 | i 1,219 | i 39 | i 74,534 | ||||||||||
Equity | i 28,877 | i — | i 41,455 | i 70,332 | ||||||||||
Commodity and other | i 22,175 | i — | i 5,538 | i 27,713 | ||||||||||
Total | i 277,662 | i 11,422 | i 47,415 | i 336,499 | ||||||||||
Total gross derivatives | $ | i 278,447 | $ | i 11,429 | $ | i 47,415 | $ | i 337,291 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 201,729) | ( i 9,818) | ( i 42,883) | ( i 254,430) | ||||||||||
Cash collateral netting | ( i 43,495) | ( i 1,212) | i — | ( i 44,707) | ||||||||||
Total in Trading assets | $ | i 33,223 | $ | i 399 | $ | i 4,532 | $ | i 38,154 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 10,457) | i — | i — | ( i 10,457) | ||||||||||
Net amounts | $ | i 22,766 | $ | i 399 | $ | i 4,532 | $ | i 27,697 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 6,725 |
Liabilities
at December 31, 2021 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 86 | $ | i 1 | $ | i — | $ | i 87 | ||||||
Foreign exchange | i 57 | i 50 | i — | i 107 | ||||||||||
Total | i 143 | i 51 | i — | i 194 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 17 | i 412 | i — | i 429 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 140,770 | i 6,112 | i 233 | i 147,115 | ||||||||||
Credit | i 5,609 | i 3,463 | i — | i 9,072 | ||||||||||
Foreign exchange | i 71,851 | i 1,196 | i 41 | i 73,088 | ||||||||||
Equity | i 39,597 | i — | i 41,081 | i 80,678 | ||||||||||
Commodity and other | i 17,188 | i — | i 5,740 | i 22,928 | ||||||||||
Total | i 275,032 | i 11,183 | i 47,095 | i 333,310 | ||||||||||
Total gross derivatives | $ | i 275,175 | $ | i 11,234 | $ | i 47,095 | $ | i 333,504 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 201,729) | ( i 9,818) | ( i 42,883) | ( i 254,430) | ||||||||||
Cash collateral netting | ( i 43,305) | ( i 1,201) | i — | ( i 44,506) | ||||||||||
Total in Trading liabilities | $ | i 30,141 | $ | i 215 | $ | i 4,212 | $ | i 34,568 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 5,866) | ( i 8) | ( i 39) | ( i 5,913) | ||||||||||
Net amounts | $ | i 24,275 | $ | i 207 | $ | i 4,173 | $ | i 28,655 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 6,194 |
Assets
at December 31, 2020 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 946 | $ | i 2 | $ | i — | $ | i 948 | ||||||
Foreign exchange | i 5 | i 2 | i — | i 7 | ||||||||||
Total | i 951 | i 4 | i — | i 955 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit2 | i 2 | i 51 | i — | i 53 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 221,895 | i 10,343 | i 300 | i 232,538 | ||||||||||
Credit2 | i 5,341 | i 2,147 | i — | i 7,488 | ||||||||||
Foreign exchange | i 92,334 | i 1,639 | i 79 | i 94,052 | ||||||||||
Equity | i 34,278 | i — | i 34,166 | i 68,444 | ||||||||||
Commodity and other | i 11,095 | i — | i 3,554 | i 14,649 | ||||||||||
Total | i 364,945 | i 14,180 | i 38,099 | i 417,224 | ||||||||||
Total gross derivatives | $ | i 365,896 | $ | i 14,184 | $ | i 38,099 | $ | i 418,179 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 276,682) | ( i 11,601) | ( i 35,260) | ( i 323,543) | ||||||||||
Cash collateral netting | ( i 54,921) | ( i 1,865) | i — | ( i 56,786) | ||||||||||
Total in Trading assets | $ | i 34,293 | $ | i 718 | $ | i 2,839 | $ | i 37,850 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 13,319) | i — | i — | ( i 13,319) | ||||||||||
Other cash collateral | ( i 391) | i — | i — | ( i 391) | ||||||||||
Net amounts | $ | i 20,583 | $ | i 718 | $ | i 2,839 | $ | i 24,140 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 3,743 |
Liabilities
at December 31, 2020 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i — | $ | i 19 | $ | i — | $ | i 19 | ||||||
Foreign exchange | i 291 | i 99 | i — | i 390 | ||||||||||
Total | i 291 | i 118 | i — | i 409 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit2 | i 18 | i 177 | i — | i 195 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 210,015 | i 7,965 | i 639 | i 218,619 | ||||||||||
Credit2 | i 5,275 | i 2,682 | i — | i 7,957 | ||||||||||
Foreign exchange | i 92,975 | i 1,500 | i 43 | i 94,518 | ||||||||||
Equity | i 49,943 | i — | i 36,585 | i 86,528 | ||||||||||
Commodity and other | i 8,831 | i — | i 3,359 | i 12,190 | ||||||||||
Total | i 367,057 | i 12,324 | i 40,626 | i 420,007 | ||||||||||
Total gross derivatives | $ | i 367,348 | $ | i 12,442 | $ | i 40,626 | $ | i 420,416 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | ( i 276,682) | ( i 11,601) | ( i 35,260) | ( i 323,543) | ||||||||||
Cash collateral netting | ( i 51,112) | ( i 823) | i — | ( i 51,935) | ||||||||||
Total in Trading liabilities | $ | i 39,554 | $ | i 18 | $ | i 5,366 | $ | i 44,938 | ||||||
Amounts
not offset1 | ||||||||||||||
Financial instruments collateral | ( i 10,598) | i — | ( i 1,520) | ( i 12,118) | ||||||||||
Other cash collateral | ( i 62) | ( i 3) | i — | ( i 65) | ||||||||||
Net amounts | $ | i 28,894 | $ | i 15 | $ | i 3,846 | $ | i 32,755 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | i 6,746 |
101 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
Assets at December 31, 2021 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 4 | $ | i 104 | $ | i — | $ | i 108 | ||||||
Foreign exchange | i 8 | i 1 | i — | i 9 | ||||||||||
Total | i 12 | i 105 | i — | i 117 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i — | i — | i — | i — | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 3,488 | i 7,082 | i 570 | i 11,140 | ||||||||||
Credit | i 216 | i 105 | i — | i 321 | ||||||||||
Foreign exchange | i 3,386 | i 95 | i 10 | i 3,491 | ||||||||||
Equity | i 495 | i — | i 407 | i 902 | ||||||||||
Commodity and other | i 139 | i — | i 73 | i 212 | ||||||||||
Total | i 7,724 | i 7,282 | i 1,060 | i 16,066 | ||||||||||
Total gross derivatives | $ | i 7,736 | $ | i 7,387 | $ | i 1,060 | $ | i 16,183 |
Liabilities
at December 31, 2021 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i — | $ | i 99 | $ | i — | $ | i 99 | ||||||
Foreign exchange | i 5 | i 3 | i — | i 8 | ||||||||||
Total | i 5 | i 102 | i — | i 107 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | i 1 | i 12 | i — | i 13 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 3,827 | i 6,965 | i 445 | i 11,237 | ||||||||||
Credit | i 225 | i 106 | i — | i 331 | ||||||||||
Foreign exchange | i 3,360 | i 88 | i 12 | i 3,460 | ||||||||||
Equity | i 552 | i — | i 735 | i 1,287 | ||||||||||
Commodity and other | i 110 | i — | i 81 | i 191 | ||||||||||
Total | i 8,075 | i 7,171 | i 1,273 | i 16,519 | ||||||||||
Total gross derivatives | $ | i 8,080 | $ | i 7,273 | $ | i 1,273 | $ | i 16,626 |
Assets
at December 31, 2020 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i 6 | $ | i 123 | $ | i — | $ | i 129 | ||||||
Foreign exchange | i 2 | i — | i — | i 2 | ||||||||||
Total | i 8 | i 123 | i — | i 131 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit1 | i — | i 1 | i — | i 1 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 3,847 | i 6,946 | i 409 | i 11,202 | ||||||||||
Credit1 | i 140 | i 87 | i — | i 227 | ||||||||||
Foreign exchange | i 3,046 | i 103 | i 10 | i 3,159 | ||||||||||
Equity | i 444 | i — | i 367 | i 811 | ||||||||||
Commodity and other | i 107 | i — | i 68 | i 175 | ||||||||||
Total | i 7,584 | i 7,137 | i 854 | i 15,575 | ||||||||||
Total gross derivatives | $ | i 7,592 | $ | i 7,260 | $ | i 854 | $ | i 15,706 |
Liabilities
at December 31, 2020 | ||||||||||||||
$ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | i — | $ | i 80 | $ | i — | $ | i 80 | ||||||
Foreign exchange | i 11 | i 3 | i — | i 14 | ||||||||||
Total | i 11 | i 83 | i — | i 94 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit1 | i 1 | i 5 | i — | i 6 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | i 4,000 | i 6,915 | i 511 | i 11,426 | ||||||||||
Credit1 | i 142 | i 93 | i — | i 235 | ||||||||||
Foreign exchange | i 3,180 | i 102 | i 11 | i 3,293 | ||||||||||
Equity | i 474 | i — | i 591 | i 1,065 | ||||||||||
Commodity and other | i 93 | i — | i 68 | i 161 | ||||||||||
Total | i 7,890 | i 7,115 | i 1,181 | i 16,186 | ||||||||||
Total gross derivatives | $ | i 7,901 | $ | i 7,198 | $ | i 1,181 | $ | i 16,280 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Fair value hedges—Recognized in Interest income | |||||||||||
Interest rate contracts | $ | i 742 | $ | i 75 | $ | ( i 10) | |||||
Investment Securities—AFS | ( i 629) | ( i 33) | i 10 | ||||||||
Fair value hedges—Recognized in Interest expense | |||||||||||
Interest rate contracts | $ | ( i 4,306) | $ | i 4,678 | $ | i 4,212 | |||||
Deposits | i 88 | ( i 100) | i 7 | ||||||||
Borrowings | i 4,214 | ( i 4,692) | ( i 4,288) | ||||||||
Net investment hedges—Foreign exchange contracts | |||||||||||
Recognized in OCI | $ | i 664 | $ | ( i 366) | $ | i 14 | |||||
Forward
points excluded from hedge effectiveness testing—Recognized in Interest income | ( i 53) | i 16 | i 136 |
$ in millions | At | At | ||||||
Investment securities—AFS | ||||||||
Amortized cost basis currently or previously hedged | $ | i 17,902 | $ | i 16,288 | ||||
Basis
adjustments included in amortized cost1 | $ | ( i 591) | $ | ( i 39) | ||||
Deposits | ||||||||
Carrying amount currently or previously hedged | $ | i 6,279 | $ | i 15,059 | ||||
Basis
adjustments included in carrying amount1 | $ | i 5 | $ | i 93 | ||||
Borrowings | ||||||||
Carrying amount currently or previously hedged | $ | i 122,919 | $ | i 114,349 | ||||
Basis adjustments included in carrying amount—Outstanding hedges | $ | i 2,324 | $ | i 6,575 | ||||
Basis
adjustments included in carrying amount—Terminated hedges | $ | ( i 743) | $ | ( i 756) |
December 2021 Form 10-K | 102 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Recognized in Other revenues | |||||||||||
Credit contracts1 | ( i 285) | i 9 | ( i 179) |
$ in millions | At | At | ||||||
Net derivative liabilities with credit risk-related contingent features | $ | i 20,548 | $ | i 30,421 | ||||
Collateral posted | i 14,789 | i 23,842 |
$ in millions | At | ||||
One-notch downgrade | $ | i 234 | |||
Two-notch downgrade | i 357 | ||||
Bilateral downgrade agreements included in the amounts above1 | $ | i 477 |
Years to Maturity at December 31, 2021 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | i 10 | $ | i 26 | $ | i 29 | $ | i 9 | $ | i 74 | |||||||
Non-investment grade | i 5 | i 13 | i 17 | i 2 | i 37 | ||||||||||||
Total | $ | i 15 | $ | i 39 | $ | i 46 | $ | i 11 | $ | i 111 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | i 2 | $ | i 11 | $ | i 106 | $ | i 15 | $ | i 134 | |||||||
Non-investment grade | i 9 | i 14 | i 37 | i 12 | i 72 | ||||||||||||
Total | $ | i 11 | $ | i 25 | $ | i 143 | $ | i 27 | $ | i 206 | |||||||
Total CDS sold | $ | i 26 | $ | i 64 | $ | i 189 | $ | i 38 | $ | i 317 | |||||||
Other credit contracts | i — | i — | i — | i — | i — | ||||||||||||
Total credit protection sold | $ | i 26 | $ | i 64 | $ | i 189 | $ | i 38 | $ | i 317 | |||||||
CDS protection sold with identical protection purchased | $ | i 278 |
Years to Maturity at December 31, 2020 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | i 9 | $ | i 19 | $ | i 32 | $ | i 9 | $ | i 69 | |||||||
Non-investment grade | i 7 | i 10 | i 17 | i 2 | i 36 | ||||||||||||
Total | $ | i 16 | $ | i 29 | $ | i 49 | $ | i 11 | $ | i 105 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | i 2 | $ | i 5 | $ | i 39 | $ | i 14 | $ | i 60 | |||||||
Non-investment grade | i 6 | i 9 | i 29 | i 14 | i 58 | ||||||||||||
Total | $ | i 8 | $ | i 14 | $ | i 68 | $ | i 28 | $ | i 118 | |||||||
Total CDS sold | $ | i 24 | $ | i 43 | $ | i 117 | $ | i 39 | $ | i 223 | |||||||
Other credit contracts | i — | i — | i — | i — | i — | ||||||||||||
Total credit protection sold | $ | i 24 | $ | i 43 | $ | i 117 | $ | i 39 | $ | i 223 | |||||||
CDS protection sold with identical protection purchased | $ | i 196 |
$ in millions | At | At | ||||||
Single-name CDS | ||||||||
Investment grade | $ | i 1,428 | $ | i 1,230 | ||||
Non-investment grade | ( i 370) | ( i 22) | ||||||
Total | $ | i 1,058 | $ | i 1,208 | ||||
Index and basket CDS | ||||||||
Investment grade | $ | i 1,393 | $ | i 843 | ||||
Non-investment grade | ( i 650) | ( i 824) | ||||||
Total | $ | i 743 | $ | i 19 | ||||
Total CDS sold | $ | i 1,801 | $ | i 1,227 | ||||
Other credit contracts | ( i 3) | ( i 4) | ||||||
Total credit protection sold | $ | i 1,798 | $ | i 1,223 |
Notional | ||||||||
$ in billions | At December 31, 2021 | At December 31, 2020 | ||||||
Single name | $ | i 126 | $ | i 116 | ||||
Index and basket | i 204 | i 116 | ||||||
Tranched index and basket | i 18 | i 14 | ||||||
Total | $ | i 348 | $ | i 246 |
Fair Value Asset (Liability) | ||||||||
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Single name | $ | ( i 1,338) | $ | ( i 1,452) | ||||
Index and basket | ( i 563) | ( i 57) | ||||||
Tranched index and basket | ( i 451) | ( i 329) | ||||||
Total | $ | ( i 2,352) | $ | ( i 1,838) |
103 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2021 | ||||||||||||||
$ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
AFS securities | ||||||||||||||
U.S. Treasury securities | $ | i 58,974 | $ | i 343 | $ | i 296 | $ | i 59,021 | ||||||
U.S. agency securities2 | i 26,780 | i 274 | i 241 | i 26,813 | ||||||||||
Agency CMBS | i 14,476 | i 289 | i 89 | i 14,676 | ||||||||||
State and municipal securities | i 613 | i 37 | i 2 | i 648 | ||||||||||
FFELP
student loan ABS3 | i 1,672 | i 11 | i 11 | i 1,672 | ||||||||||
Total AFS securities | i 102,515 | i 954 | i 639 | i 102,830 | ||||||||||
HTM securities | ||||||||||||||
U.S. Treasury securities | i 28,653 | i 882 | i 81 | i 29,454 | ||||||||||
U.S.
agency securities2 | i 48,195 | i 169 | i 1,228 | i 47,136 | ||||||||||
Agency CMBS | i 2,267 | i — | i 51 | i 2,216 | ||||||||||
Non-agency CMBS | i 1,053 | i 28 | i 5 | i 1,076 | ||||||||||
Total HTM securities | i 80,168 | i 1,079 | i 1,365 | i 79,882 | ||||||||||
Total investment securities | $ | i 182,683 | $ | i 2,033 | $ | i 2,004 | $ | i 182,712 |
At December 31, 2020 | ||||||||||||||
$ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
AFS securities | ||||||||||||||
U.S. Treasury securities | $ | i 45,345 | $ | i 1,010 | $ | i — | $ | i 46,355 | ||||||
U.S.
agency securities2 | i 37,389 | i 762 | i 25 | i 38,126 | ||||||||||
Agency CMBS | i 19,982 | i 465 | i 9 | i 20,438 | ||||||||||
Corporate bonds | i 1,694 | i 42 | i — | i 1,736 | ||||||||||
State
and municipal securities | i 1,461 | i 103 | i 1 | i 1,563 | ||||||||||
FFELP student loan
ABS3 | i 1,735 | i 7 | i 26 | i 1,716 | ||||||||||
Other ABS | i 449 | i — | i — | i 449 | ||||||||||
Total AFS securities | i 108,055 | i 2,389 | i 61 | i 110,383 | ||||||||||
HTM securities | ||||||||||||||
U.S. Treasury securities | i 29,346 | i 1,893 | i — | i 31,239 | ||||||||||
U.S.
agency securities2 | i 38,951 | i 704 | i 8 | i 39,647 | ||||||||||
Agency CMBS | i 2,632 | i 4 | i 2 | i 2,634 | ||||||||||
Non-agency CMBS | i 842 | i 58 | i — | i 900 | ||||||||||
Total HTM securities | i 71,771 | i 2,659 | i 10 | i 74,420 | ||||||||||
Total investment securities | $ | i 179,826 | $ | i 5,048 | $ | i 71 | $ | i 184,803 |
December 2021 Form 10-K | 104 |
Notes to Consolidated Financial Statements |
At
December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||
U.S. Treasury securities | ||||||||||||||
Less than12 months | $ | i 31,459 | $ | i 296 | $ | i 151 | $ | i — | ||||||
Total | i 31,459 | i 296 | i 151 | i — | ||||||||||
U.S. agency securities | ||||||||||||||
Less than12 months | i 12,283 | i 219 | i 5,808 | i 22 | ||||||||||
12 months or longer | i 1,167 | i 22 | i 1,168 | i 3 | ||||||||||
Total | i 13,450 | i 241 | i 6,976 | i 25 | ||||||||||
Agency CMBS | ||||||||||||||
Less than12 months | i 2,872 | i 89 | i 2,779 | i 9 | ||||||||||
12 months or longer | i 10 | i — | i 46 | i — | ||||||||||
Total | i 2,882 | i 89 | i 2,825 | i 9 | ||||||||||
State
and municipal securities | ||||||||||||||
Less than12 months | i 21 | i 2 | i 86 | i — | ||||||||||
12 months or longer | i 7 | i — | i 36 | i 1 | ||||||||||
Total | i 28 | i 2 | i 122 | i 1 | ||||||||||
FFELP student loan ABS | ||||||||||||||
Less than12 months | i 320 | i 1 | i — | i — | ||||||||||
12 months or longer | i 591 | i 10 | i 1,077 | i 26 | ||||||||||
Total | i 911 | i 11 | i 1,077 | i 26 | ||||||||||
Total
AFS securities in an unrealized loss position | ||||||||||||||
Less than12 months | i 46,955 | i 607 | i 8,824 | i 31 | ||||||||||
12 months or longer | i 1,775 | i 32 | i 2,358 | i 30 | ||||||||||
Total | $ | i 48,730 | $ | i 639 | $ | i 11,182 | $ | i 61 |
At December 31, 2021 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | ||||||||
AFS securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | i 8,957 | $ | i 9,017 | i 1.7 | % | |||||
After 1 year through 5 years | i 41,374 | i 41,350 | i 1.0 | % | |||||||
After 5 years through 10 years | i 8,643 | i 8,654 | i 1.2 | % | |||||||
Total | i 58,974 | i 59,021 | |||||||||
U.S. agency securities: | |||||||||||
Due within 1 year | i 1 | i 1 | i 1.2 | % | |||||||
After 1 year through 5 years | i 191 | i 194 | i 1.6 | % | |||||||
After 5 years through 10 years | i 1,231 | i 1,254 | i 1.8 | % | |||||||
After 10 years | i 25,357 | i 25,364 | i 1.6 | % | |||||||
Total | i 26,780 | i 26,813 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | i 226 | i 227 | i 1.7 | % | |||||||
After 1 year through 5 years | i 2,562 | i 2,598 | i 1.6 | % | |||||||
After 5 years through 10 years | i 9,072 | i 9,302 | i 1.6 | % | |||||||
After 10 years | i 2,616 | i 2,549 | i 1.4 | % | |||||||
Total | i 14,476 | i 14,676 | |||||||||
State and municipal securities: | |||||||||||
Due within 1 year | i 4 | i 4 | i 1.8 | % | |||||||
After 1 year through 5 years | i 26 | i 28 | i 1.9 | % | |||||||
After 5 years through 10 years | i 59 | i 68 | i 2.1 | % | |||||||
After 10 years | i 524 | i 548 | i 2.2 | % | |||||||
Total | i 613 | i 648 | |||||||||
FFELP student loan ABS: | |||||||||||
Due within 1 year | i 31 | i 30 | i 0.8 | % | |||||||
After 1 year through 5 years | i 162 | i 158 | i 0.8 | % | |||||||
After 5 years through 10 years | i 143 | i 139 | i 0.7 | % | |||||||
After 10 years | i 1,336 | i 1,345 | i 1.1 | % | |||||||
Total | i 1,672 | i 1,672 | |||||||||
Total AFS securities | i 102,515 | i 102,830 | i 1.3 | % | |||||||
105 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2021 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | ||||||||
HTM securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | i 4,147 | $ | i 4,181 | i 1.9 | % | |||||
After 1 year through 5 years | i 17,615 | i 17,927 | i 1.7 | % | |||||||
After 5 years through 10 years | i 5,328 | i 5,662 | i 2.4 | % | |||||||
After 10 years | i 1,563 | i 1,684 | i 2.3 | % | |||||||
Total | i 28,653 | i 29,454 | |||||||||
U.S. agency securities: | |||||||||||
After 5 years through 10 years | i 491 | i 503 | i 2.0 | % | |||||||
After 10 years | i 47,704 | i 46,633 | i 1.6 | % | |||||||
Total | i 48,195 | i 47,136 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | i 45 | i 45 | i 1.1 | % | |||||||
After 1 year through 5 years | i 1,263 | i 1,240 | i 1.3 | % | |||||||
After 5 years through 10 years | i 808 | i 784 | i 1.4 | % | |||||||
After 10 years | i 151 | i 147 | i 1.5 | % | |||||||
Total | i 2,267 | i 2,216 | |||||||||
Non-agency CMBS: | |||||||||||
Due within 1 year | i 151 | i 151 | i 4.5 | % | |||||||
After 1 year through 5 years | i 109 | i 111 | i 3.1 | % | |||||||
After 5 years through 10 years | i 753 | i 772 | i 3.5 | % | |||||||
After 10 years | i 40 | i 42 | i 4.2 | % | |||||||
Total | i 1,053 | i 1,076 | |||||||||
Total HTM securities | i 80,168 | i 79,882 | i 1.8 | % | |||||||
Total investment securities | $ | i 182,683 | $ | i 182,712 | i 1.5 | % |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Gross realized gains | $ | i 237 | $ | i 168 | $ | i 113 | |||||
Gross realized (losses) | ( i 27) | ( i 31) | ( i 10) | ||||||||
Total1 | $ | i 210 | $ | i 137 | $ | i 103 |
At December 31, 2021 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not
Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 197,486 | $ | ( i 77,487) | $ | i 119,999 | $ | ( i 106,896) | $ | i 13,103 | |||||||
Securities
borrowed | i 139,395 | ( i 9,682) | i 129,713 | ( i 124,028) | i 5,685 | ||||||||||||
Liabilities | |||||||||||||||||
Securities
sold under agreements to repurchase | $ | i 139,675 | $ | ( i 77,487) | $ | i 62,188 | $ | ( i 53,692) | $ | i 8,496 | |||||||
Securities loaned | i 21,981 | ( i 9,682) | i 12,299 | ( i 12,019) | i 280 | ||||||||||||
Net
amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 12,514 | |||||||||||||||
Securities borrowed | i 1,041 | ||||||||||||||||
Securities sold under agreements to repurchase | i 8,295 | ||||||||||||||||
Securities loaned | i 139 |
At December 31, 2020 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 264,140 | $ | ( i 147,906) | $ | i 116,234 | $ | ( i 114,108) | $ | i 2,126 | |||||||
Securities borrowed | i 124,921 | ( i 12,530) | i 112,391 | ( i 107,434) | i 4,957 | ||||||||||||
Liabilities | |||||||||||||||||
Securities sold under agreements to repurchase | $ | i 198,493 | $ | ( i 147,906) | $ | i 50,587 | $ | ( i 43,960) | $ | i 6,627 | |||||||
Securities loaned | i 20,261 | ( i 12,530) | i 7,731 | ( i 7,430) | i 301 | ||||||||||||
Net
amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | i 1,870 | |||||||||||||||
Securities borrowed | i 596 | ||||||||||||||||
Securities sold under agreements to repurchase | i 6,282 | ||||||||||||||||
Securities loaned | i 128 |
December 2021 Form 10-K | 106 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | |||||||||||||||||
$ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | i 29,271 | $ | i 53,987 | $ | i 17,099 | $ | i 39,318 | $ | i 139,675 | |||||||
Securities loaned | i 11,480 | i 364 | i 650 | i 9,487 | i 21,981 | ||||||||||||
Total
included in the offsetting disclosure | $ | i 40,751 | $ | i 54,351 | $ | i 17,749 | $ | i 48,805 | $ | i 161,656 | |||||||
Trading liabilities—Obligation to return securities received as collateral | i 30,104 | i — | i — | i — | i 30,104 | ||||||||||||
Total | $ | i 70,855 | $ | i 54,351 | $ | i 17,749 | $ | i 48,805 | $ | i 191,760 | |||||||
At December 31, 2020 | |||||||||||||||||
$ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | i 84,349 | $ | i 60,853 | $ | i 26,221 | $ | i 27,070 | $ | i 198,493 | |||||||
Securities loaned | i 15,267 | i 247 | i — | i 4,747 | i 20,261 | ||||||||||||
Total included in the offsetting disclosure | $ | i 99,616 | $ | i 61,100 | $ | i 26,221 | $ | i 31,817 | $ | i 218,754 | |||||||
Trading liabilities—Obligation to return securities received as collateral | i 16,389 | i — | i — | i — | i 16,389 | ||||||||||||
Total | $ | i 116,005 | $ | i 61,100 | $ | i 26,221 | $ | i 31,817 | $ | i 235,143 |
$ in millions | At | At | ||||||
Securities sold under agreements to repurchase | ||||||||
U.S. Treasury and agency securities | $ | i 30,790 | $ | i 94,662 | ||||
Other sovereign government obligations | i 73,063 | i 71,140 | ||||||
Corporate equities | i 25,881 | i 24,692 | ||||||
Other | i 9,941 | i 7,999 | ||||||
Total | $ | i 139,675 | $ | i 198,493 | ||||
Securities loaned | ||||||||
Other sovereign government obligations | $ | i 748 | $ | i 3,430 | ||||
Corporate equities | i 20,656 | i 16,536 | ||||||
Other | i 577 | i 295 | ||||||
Total | $ | i 21,981 | $ | i 20,261 | ||||
Total included in the offsetting disclosure | $ | i 161,656 | $ | i 218,754 | ||||
Trading liabilities—Obligation to return securities received as collateral | ||||||||
Corporate equities | $ | i 30,048 | $ | i 16,365 | ||||
Other | i 56 | i 24 | ||||||
Total | $ | i 30,104 | $ | i 16,389 | ||||
Total | $ | i 191,760 | $ | i 235,143 |
$ in millions | At | At | ||||||
Trading assets | $ | i 32,458 | $ | i 30,954 | ||||
$ in millions | At | At | ||||||
Collateral received with right to sell or repledge | $ | i 672,104 | $ | i 724,818 | ||||
Collateral
that was sold or repledged1 | i 510,000 | i 523,648 |
$ in millions | At | At | ||||||
Segregated securities1 | $ | i 20,092 | $ | i 34,106 |
At | At | |||||||
U.S. government and agency securities and other sovereign government obligations | ||||||||
Trading assets1 | i 9 | % | i 10 | % | ||||
Off
balance sheet—Collateral received2 | i 12 | % | i 12 | % |
107 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Margin and other lending | $ | i 71,532 | $ | i 74,714 |
At December 31, 2021 | |||||||||||
$ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||
Corporate | $ | i 5,567 | $ | i 8,107 | $ | i 13,674 | |||||
Secured lending facilities | i 31,471 | i 3,879 | i 35,350 | ||||||||
Commercial real estate | i 7,227 | i 1,777 | i 9,004 | ||||||||
Residential real estate | i 44,251 | i 7 | i 44,258 | ||||||||
Securities-based lending and Other loans | i 86,440 | i 62 | i 86,502 | ||||||||
Total loans | i 174,956 | i 13,832 | i 188,788 | ||||||||
ACL | ( i 654) | ( i 654) | |||||||||
Total loans, net | $ | i 174,302 | $ | i 13,832 | $ | i 188,134 | |||||
Loans to non-U.S. borrowers, net | $ | i 24,322 |
At December 31, 2020 | |||||||||||
$ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||
Corporate | $ | i 6,046 | $ | i 8,580 | $ | i 14,626 | |||||
Secured lending facilities | i 25,727 | i 3,296 | i 29,023 | ||||||||
Commercial real estate | i 7,346 | i 822 | i 8,168 | ||||||||
Residential real estate | i 35,268 | i 48 | i 35,316 | ||||||||
Securities-based lending and Other loans | i 64,232 | i 67 | i 64,299 | ||||||||
Total loans | i 138,619 | i 12,813 | i 151,432 | ||||||||
ACL | ( i 835) | ( i 835) | |||||||||
Total loans, net | $ | i 137,784 | $ | i 12,813 | $ | i 150,597 | |||||
Loans to non-U.S. borrowers, net | $ | i 21,081 |
December 2021 Form 10-K | 108 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | Fixed Rate | Floating or Adjustable Rate | Fixed Rate | Floating or Adjustable Rate | ||||||||||
Corporate | $ | i — | $ | i 13,674 | $ | i — | $ | i 14,626 | ||||||
Secured lending facilities | i — | i 35,350 | i 196 | i 28,827 | ||||||||||
Commercial real estate | i 343 | i 8,661 | i 574 | i 7,594 | ||||||||||
Residential real estate | i 18,966 | i 25,292 | i 13,120 | i 22,196 | ||||||||||
Securities-based lending and Other loans | i 22,832 | i 63,670 | i 18,973 | i 45,326 | ||||||||||
Total loans, before ACL | $ | i 42,141 | $ | i 146,647 | $ | i 32,863 | $ | i 118,569 |
At December 31, 2021 | At December 31, 2020 | |||||||||||||||||||
Corporate | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i 2,356 | $ | i 2,328 | $ | i 4,684 | $ | i 1,138 | $ | i 3,231 | $ | i 4,369 | ||||||||
2021 | i — | i 85 | i 85 | |||||||||||||||||
2020 | i 111 | i 26 | i 137 | i 585 | i 80 | i 665 | ||||||||||||||
2019 | i — | i 176 | i 176 | i 204 | i 202 | i 406 | ||||||||||||||
2018 | i 196 | i — | i 196 | i 195 | i — | i 195 | ||||||||||||||
2017 | i — | i 60 | i 60 | i — | i 64 | i 64 | ||||||||||||||
Prior | i 229 | i — | i 229 | i 247 | i 100 | i 347 | ||||||||||||||
Total | $ | i 2,892 | $ | i 2,675 | $ | i 5,567 | $ | i 2,369 | $ | i 3,677 | $ | i 6,046 |
At December 31, 2021 | At December 31, 2020 | |||||||||||||||||||
Secured Lending Facilities | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i 7,603 | $ | i 20,172 | $ | i 27,775 | $ | i 4,711 | $ | i 14,510 | $ | i 19,221 | ||||||||
2021 | i 32 | i 467 | i 499 | |||||||||||||||||
2020 | i 35 | i 160 | i 195 | i 162 | i 253 | i 415 | ||||||||||||||
2019 | i 43 | i 819 | i 862 | i 260 | i 1,904 | i 2,164 | ||||||||||||||
2018 | i 297 | i 703 | i 1,000 | i 614 | i 1,432 | i 2,046 | ||||||||||||||
2017 | i 144 | i 266 | i 410 | i 245 | i 581 | i 826 | ||||||||||||||
Prior | i — | i 730 | i 730 | i — | i 1,055 | i 1,055 | ||||||||||||||
Total | $ | i 8,154 | $ | i 23,317 | $ | i 31,471 | $ | i 5,992 | $ | i 19,735 | $ | i 25,727 |
At December 31, 2021 | At December 31, 2020 | |||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | i 3 | $ | i 149 | $ | i 152 | $ | i — | $ | i — | $ | i — | ||||||||
2021 | i 423 | i 1,292 | i 1,715 | |||||||||||||||||
2020 | i 91 | i 819 | i 910 | i 95 | i 943 | i 1,038 | ||||||||||||||
2019 | i 976 | i 1,266 | i 2,242 | i 1,074 | i 1,848 | i 2,922 | ||||||||||||||
2018 | i 527 | i 416 | i 943 | i 746 | i 774 | i 1,520 | ||||||||||||||
2017 | i 80 | i 439 | i 519 | i 412 | i 387 | i 799 | ||||||||||||||
Prior | i 109 | i 637 | i 746 | i 100 | i 967 | i 1,067 | ||||||||||||||
Total | $ | i 2,209 | $ | i 5,018 | $ | i 7,227 | $ | i 2,427 | $ | i 4,919 | $ | i 7,346 |
At December 31, 2021 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤
80% | > 80% | |||||||||||||||||||||
Revolving | $ | i 65 | $ | i 27 | $ | i 4 | $ | i 96 | $ | i — | $ | i 96 | ||||||||||||||
2021 | i 12,230 | i 2,638 | i 257 | i 14,116 | i 1,009 | i 15,125 | ||||||||||||||||||||
2020 | i 7,941 | i 1,648 | i 131 | i 9,210 | i 510 | i 9,720 | ||||||||||||||||||||
2019 | i 4,690 | i 1,072 | i 140 | i 5,536 | i 366 | i 5,902 | ||||||||||||||||||||
2018 | i 1,865 | i 497 | i 55 | i 2,231 | i 186 | i 2,417 | ||||||||||||||||||||
2017 | i 2,157 | i 558 | i 65 | i 2,588 | i 192 | i 2,780 | ||||||||||||||||||||
Prior | i 5,973 | i 1,919 | i 319 | i 7,485 | i 726 | i 8,211 | ||||||||||||||||||||
Total | $ | i 34,921 | $ | i 8,359 | $ | i 971 | $ | i 41,262 | $ | i 2,989 | $ | i 44,251 |
At December 31, 2020 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | i 85 | $ | i 32 | $ | i 5 | $ | i 122 | $ | i — | $ | i 122 | ||||||||||||||
2020 | i 8,948 | i 1,824 | i 149 | i 10,338 | i 583 | i 10,921 | ||||||||||||||||||||
2019 | i 5,592 | i 1,265 | i 168 | i 6,584 | i 441 | i 7,025 | ||||||||||||||||||||
2018 | i 2,320 | i 604 | i 75 | i 2,756 | i 243 | i 2,999 | ||||||||||||||||||||
2017 | i 2,721 | i 690 | i 89 | i 3,251 | i 249 | i 3,500 | ||||||||||||||||||||
Prior | i 7,789 | i 2,510 | i 402 | i 9,719 | i 982 | i 10,701 | ||||||||||||||||||||
Total | $ | i 27,455 | $ | i 6,925 | $ | i 888 | $ | i 32,770 | $ | i 2,498 | $ | i 35,268 |
109 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2021 | ||||||||||||||
Securities-based Lending1 | Other2 | |||||||||||||
$ in millions | IG | NIG | Total | |||||||||||
Revolving | $ | i 71,485 | $ | i 6,170 | $ | i 858 | $ | i 78,513 | ||||||
2021 | i 807 | i 708 | i 103 | i 1,618 | ||||||||||
2020 | i — | i 651 | i 626 | i 1,277 | ||||||||||
2019 | i 19 | i 1,079 | i 633 | i 1,731 | ||||||||||
2018 | i 232 | i 273 | i 375 | i 880 | ||||||||||
2017 | i — | i 531 | i 217 | i 748 | ||||||||||
Prior | i 16 | i 1,294 | i 363 | i 1,673 | ||||||||||
Total | $ | i 72,559 | $ | i 10,706 | $ | i 3,175 | $ | i 86,440 |
At December 31, 2020 | ||||||||||||||
Securities-based Lending1 | Other2 | |||||||||||||
$ in millions | IG | NIG | Total | |||||||||||
Revolving | $ | i 51,667 | $ | i 4,816 | $ | i 555 | $ | i 57,038 | ||||||
2020 | i — | i 1,073 | i 590 | i 1,663 | ||||||||||
2019 | i 18 | i 1,156 | i 623 | i 1,797 | ||||||||||
2018 | i 232 | i 407 | i 403 | i 1,042 | ||||||||||
2017 | i — | i 654 | i 122 | i 776 | ||||||||||
Prior | i 16 | i 1,632 | i 268 | i 1,916 | ||||||||||
Total | $ | i 51,933 | $ | i 9,738 | $ | i 2,561 | $ | i 64,232 |
$
in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Residential real estate | $ | i 209 | $ | i 332 | ||||
Securities-based lending and Other loans | i — | i 31 | ||||||
Total | $ | i 209 | $ | i 363 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Corporate | $ | i 34 | $ | i 164 | ||||
Secured lending facilities | i 375 | i — | ||||||
Commercial real estate | i 195 | i 152 | ||||||
Residential real estate | i 138 | i 97 | ||||||
Securities-based lending and Other loans | i 151 | i 178 | ||||||
Total1 | $ | i 893 | $ | i 591 | ||||
Nonaccrual loans without an ACL | $ | i 356 | $ | i 90 |
$ in millions | At | At | ||||||
Loans, before ACL | $ | i 49 | $ | i 167 | ||||
Lending commitments | i — | i 27 | ||||||
Allowance for credit losses | i 8 | i 36 |
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2020 | $ | 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) | ||||||||||||||
December 31, 2021 | $ | i 165 | $ | i 163 | $ | i 206 | $ | i 60 | $ | i 60 | $ | i 654 | ||||||||
Percent
of loans to total loans1 | i 3 | % | i 18 | % | i 4 | % | i 25 | % | i 50 | % | i 100 | % |
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2019 | $ | i 115 | $ | i 101 | $ | i 75 | $ | i 25 | $ | i 33 | $ | i 349 | ||||||||
Effect of CECL adoption | ( i 2) | ( i 42) | i 34 | i 21 | ( i 2) | i 9 | ||||||||||||||
Gross charge-offs | ( i 39) | i — | ( i 64) | ( i 1) | ( i 1) | ( i 105) | ||||||||||||||
Recoveries | i 4 | i — | i — | i — | i 4 | i 8 | ||||||||||||||
Net (charge-offs) recoveries | ( i 35) | i — | ( i 64) | ( i 1) | i 3 | ( i 97) | ||||||||||||||
Provision (release) | i 224 | i 136 | i 197 | i 14 | ( i 13) | i 558 | ||||||||||||||
Other | i 7 | i 3 | ( i 31) | i — | i 37 | i 16 | ||||||||||||||
December 31, 2020 | $ | i 309 | $ | i 198 | $ | i 211 | $ | i 59 | $ | i 58 | $ | i 835 | ||||||||
Percent
of loans to total loans1 | i 4 | % | i 19 | % | i 5 | % | i 26 | % | i 46 | % | i 100 | % |
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2018 | $ | i 62 | $ | i 60 | $ | i 67 | $ | i 20 | $ | i 29 | $ | i 238 | ||||||||
Gross charge-offs | i — | i — | i — | ( i 2) | i — | ( i 2) | ||||||||||||||
Provision (release) | i 58 | i 42 | i 8 | i 7 | i 4 | i 119 | ||||||||||||||
Other | ( i 5) | ( i 1) | i — | i — | i — | ( i 6) | ||||||||||||||
December 31, 2019 | $ | i 115 | $ | i 101 | $ | i 75 | $ | i 25 | $ | i 33 | $ | i 349 | ||||||||
Percent
of loans to total loans1 | i 4 | % | i 21 | % | i 7 | % | i 25 | % | i 43 | % | i 100 | % |
$ in millions | Corporate
| Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2020 | $ | 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) | ||||||||||||||
December 31, 2021 | $ | i 356 | $ | i 41 | $ | i 20 | $ | i 1 | $ | i 26 | $ | i 444 |
$
in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2019 | $ | i 201 | $ | i 27 | $ | i 7 | $ | i — | $ | i 6 | $ | i 241 | ||||||||
Effect of CECL adoption | ( i 41) | ( i 11) | i 1 | i 2 | ( i 1) | ( i 50) | ||||||||||||||
Provision (release) | i 161 | i 22 | i 7 | ( i 1) | i 14 | i 203 | ||||||||||||||
Other | i 2 | i — | ( i 4) | i — | i 4 | i 2 | ||||||||||||||
December 31, 2020 | $ | i 323 | $ | i 38 | $ | i 11 | $ | i 1 | $ | i 23 | $ | i 396 |
December 2021 Form 10-K | 110 |
Notes to Consolidated Financial Statements |
$
in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
December 31, 2018 | $ | i 177 | $ | i 16 | $ | i 3 | $ | i — | $ | i 7 | $ | i 203 | ||||||||
Provision (release) | i 27 | i 11 | i 4 | i — | i — | i 42 | ||||||||||||||
Other | ( i 3) | i — | i — | i — | ( i 1) | ( i 4) | ||||||||||||||
December 31, 2019 | $ | i 201 | $ | i 27 | $ | i 7 | $ | i — | $ | i 6 | $ | i 241 |
At December 31, 2021 | At December 31, 2020 | |||||||
ACL
to total loans1 | i 0.4 | % | i 0.6 | % | ||||
Nonaccrual
loans to total loans2 | i 0.5 | % | i 0.4 | % | ||||
ACL
to nonaccrual loans3 | i 73.2 | % | i 141.3 | % |
$ in millions | At | At | ||||||
Currently employed by the Firm1 | $ | i 3,613 | $ | i 3,100 | ||||
No
longer employed by the Firm2 | i 113 | i 140 | ||||||
Employee loans | $ | i 3,726 | $ | i 3,240 | ||||
ACL | ( i 153) | ( i 165) | ||||||
Employee loans, net of ACL | $ | i 3,573 | $ | i 3,075 | ||||
Remaining repayment term, weighted average in years | i 5.7 | i 5.3 |
$ in millions | IS | WM | IM | Total | ||||||||||
At December 31, 2019¹ | $ | i 261 | $ | i 6,001 | $ | i 881 | $ | i 7,143 | ||||||
Foreign currency and other | i 15 | i 7 | i — | i 22 | ||||||||||
Acquired2 | i 200 | i 4,270 | i — | i 4,470 | ||||||||||
At December 31, 2020¹ | $ | i 476 | $ | i 10,278 | $ | i 881 | $ | i 11,635 | ||||||
Foreign currency and other | ( i 1) | ( i 68) | ( i 3) | ( i 72) | ||||||||||
Acquired3 | i — | i 115 | i 5,155 | i 5,270 | ||||||||||
At December 31, 2021¹ | $ | i 475 | $ | i 10,325 | $ | i 6,033 | $ | i 16,833 | ||||||
Accumulated
impairments4 | $ | i 673 | $ | i — | $ | i 27 | $ | i 700 |
$ in millions | IS | WM | IM | Total | ||||||||||
At December 31, 2019 | $ | i 227 | $ | i 1,828 | $ | i 52 | $ | i 2,107 | ||||||
Acquired1 | i 14 | i 3,309 | i — | i 3,323 | ||||||||||
Disposals | ( i 79) | i — | i — | ( i 79) | ||||||||||
Amortization expense | ( i 35) | ( i 330) | ( i 8) | ( i 373) | ||||||||||
Other | i — | i 2 | i — | i 2 | ||||||||||
At December 31, 2020 | $ | i 127 | $ | i 4,809 | $ | i 44 | $ | i 4,980 | ||||||
Acquired2 | i — | i 134 | i 3,844 | i 3,978 | ||||||||||
Disposals | i — | ( i 36) | i — | ( i 36) | ||||||||||
Amortization expense | ( i 23) | ( i 495) | ( i 94) | ( i 612) | ||||||||||
Other | i — | i 51 | ( i 1) | i 50 | ||||||||||
At December 31, 2021 | $ | i 104 | $ | i 4,463 | $ | i 3,793 | $ | i 8,360 |
Non-amortizable | Amortizable | ||||||||||
$ in millions | Gross Carrying Amount | Gross Carrying Amount | Accumulated Amortization | ||||||||
At December 31, 2021 | |||||||||||
Management contracts | $ | i 2,120 | $ | i 291 | $ | i 95 | |||||
Customer relationships | i — | i 8,851 | i 3,515 | ||||||||
Tradenames | i — | i 737 | i 117 | ||||||||
Other | i — | i 180 | i 92 | ||||||||
Total | $ | i 2,120 | $ | i 10,059 | $ | i 3,819 | |||||
At December 31, 2020 | |||||||||||
Management contracts | $ | i — | $ | i 178 | $ | i 120 | |||||
Customer relationships | i — | i 7,420 | i 2,984 | ||||||||
Tradenames | i — | i 460 | i 82 | ||||||||
Other | i — | i 187 | i 79 | ||||||||
Total | $ | i — | $ | i 8,245 | $ | i 3,265 | |||||
Estimated annual amortization expense for the next five years | $ | i 530 |
111 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Investments | $ | i 2,214 | $ | i 2,410 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Income (loss)1 | $ | i 104 | $ | i — | $ | ( i 81) |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Income from investment in MUMSS | $ | i 168 | $ | i 80 | $ | i 17 |
$ in millions | At | At | ||||||
Other assets—ROU assets | $ | i 4,268 | $ | i 4,419 | ||||
Other liabilities and accrued expenses—Lease liabilities | i 5,157 | i 5,327 | ||||||
Weighted average: | ||||||||
Remaining lease term, in years | i 8.9 | i 9.5 | ||||||
Discount
rate | i 3.1 | % | i 3.2 | % |
$ in millions | At | At | ||||||
2021 | $ | i 841 | ||||||
2022 | $ | i 886 | i 793 | |||||
2023 | i 834 | i 740 | ||||||
2024 | i 711 | i 639 | ||||||
2025 | i 593 | i 532 | ||||||
2026 | i 527 | i 467 | ||||||
Thereafter | i 2,387 | i 2,218 | ||||||
Total undiscounted cash flows | i 5,938 | i 6,230 | ||||||
Imputed
interest | ( i 781) | ( i 903) | ||||||
Amount on balance sheet | $ | i 5,157 | $ | i 5,327 | ||||
Committed
leases not yet commenced | $ | i 480 | $ | i 278 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Fixed costs | $ | i 852 | $ | i 762 | $ | i 670 | |||||
Variable
costs1 | i 187 | i 154 | i 152 | ||||||||
Less: Sublease income | ( i 6) | ( i 5) | ( i 6) | ||||||||
Total lease cost, net | $ | i 1,033 | $ | i 911 | $ | i 816 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Cash outflows—Lease liabilities | $ | i 879 | $ | i 765 | $ | i 685 | |||||
Non-cash—ROU
assets recorded for new and modified leases | i 578 | i 991 | i 514 |
$ in millions | At | At | ||||||
Savings and demand deposits | $ | i 332,747 | $ | i 279,221 | ||||
Time deposits | i 14,827 | i 31,561 | ||||||
Total | $ | i 347,574 | $ | i 310,782 | ||||
Deposits subject to FDIC insurance | $ | i 230,894 | $ | i 234,211 | ||||
Deposits not subject to FDIC insurance | $ | i 116,680 | $ | i 76,571 | ||||
Time
deposits that equal or exceed the FDIC insurance limit | $ | i — | $ | i 16 |
December 2021 Form 10-K | 112 |
Notes to Consolidated Financial Statements |
$ in millions | At | ||||
2022 | $ | i 6,404 | |||
2023 | i 4,087 | ||||
2024 | i 2,815 | ||||
2025 | i 821 | ||||
2026 | i 311 | ||||
Thereafter | i 389 | ||||
Total | $ | i 14,827 |
$ in millions | At December 31, 2021 | ||||
Less than 3 months | $ | i 756 | |||
3 - 6 months | i 377 | ||||
6 - 12 months | i 231 | ||||
Total | $ | i 1,364 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Deposits in U.S. bank subsidiaries from non-U.S. depositors | $ | i 963 | $ | i 910 |
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 1,300 | $ | i 915 | $ | i 3,549 | $ | i 5,764 | $ | i 3,691 | ||||||||
Original maturities greater than one year: | ||||||||||||||||||||
2021 | i | i | i | i | i | $ | i 24,241 | |||||||||||||
2022 | $ | i 6,665 | $ | i 571 | $ | i 963 | $ | i 5,998 | $ | i 14,197 | i 22,209 | |||||||||
2023 | i 10,882 | i 6,319 | i 287 | i 6,298 | i 23,786 | i 22,890 | ||||||||||||||
2024 | i 16,455 | i 4,051 | i 587 | i 8,073 | i 29,166 | i 21,727 | ||||||||||||||
2025 | i 14,662 | i 4,408 | i 1,607 | i 4,884 | i 25,561 | i 18,636 | ||||||||||||||
2026 | i 17,679 | i 417 | i 612 | i 5,318 | i 24,026 | i 22,042 | ||||||||||||||
Thereafter | i 81,134 | i 5,506 | i 8,576 | i 15,411 | i 110,627 | i 81,643 | ||||||||||||||
Total | $ | i 147,477 | $ | i 21,272 | $ | i 12,632 | $ | i 45,982 | $ | i 227,363 | $ | i 213,388 | ||||||||
Total
borrowings | $ | i 147,477 | $ | i 22,572 | $ | i 13,547 | $ | i 49,531 | $ | i 233,127 | $ | i 217,079 |
Weighted
average coupon at period end3 | i i 2.9 / | % | i i 0.9 / | % | i i 4.0 / | % | N/M | i i 2.7 / | % | i i 2.9 / | % |
$ in millions | At | At | ||||||
Senior | $ | i 213,776 | $ | i 202,305 | ||||
Subordinated | i 13,587 | i 11,083 | ||||||
Total | $ | i 227,363 | $ | i 213,388 | ||||
Weighted average stated maturity, in years | i 7.7 | i 7.3 |
$ in millions | At | At | ||||||
Put options embedded in debt agreements | $ | i 174 | $ | i 94 | ||||
Liquidity
obligations1 | $ | i 1,622 | $ | i 1,483 |
2021 | 2020 | |||||||
Contractual weighted average coupon | i 4.0 | % | i 4.5 | % |
At December 31, | |||||||||||
2021 | 2020 | 2019 | |||||||||
Contractual
weighted average coupon1 | i 2.7 | % | i 2.9 | % | i 3.4 | % | |||||
Effective weighted average coupon after swaps | i 1.6 | % | i 1.7 | % | i 2.9 | % |
113 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Original maturities: | ||||||||
One year or less | $ | i 4,573 | $ | i 10,453 | ||||
Greater than one year | i 5,468 | i 5,410 | ||||||
Total | $ | i 10,041 | $ | i 15,863 | ||||
Transfers
of assets accounted for as secured financings | i 1,556 | i 1,529 |
At December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | Fixed Rate | Variable Rate2 | Total | |||||||||||
Original maturities of one year or less: | ||||||||||||||
Next 12 months | $ | i — | $ | i 3,754 | $ | i 3,754 | $ | i 10,453 | ||||||
Original maturities greater than one year: | ||||||||||||||
2021 | i | i | i | $ | i 1,655 | |||||||||
2022 | $ | i 14 | $ | i 2,272 | $ | i 2,286 | i 1,405 | |||||||
2023 | i 181 | i 1,623 | i 1,804 | i 279 | ||||||||||
2024 | i — | i 233 | i 233 | i 96 | ||||||||||
2025 | i 39 | i — | i 39 | i 38 | ||||||||||
2026 | i — | i — | i — | i — | ||||||||||
Thereafter | i 24 | i 345 | i 369 | i 408 | ||||||||||
Total | $ | i 258 | $ | i 4,473 | $ | i 4,731 | $ | i 3,881 | ||||||
Weighted average
coupon at period-end3 | N/M | i 0.7 | % | i 0.7 | % | i 0.6 | % |
$ in millions | At | At | ||||||
2021 | i | $ | i 303 | |||||
2022 | $ | i 846 | i 159 | |||||
2023 | i 586 | i 626 | ||||||
2024 | i — | i 14 | ||||||
2025 | i 7 | i — | ||||||
2026 | i 34 | i 69 | ||||||
Thereafter | i 83 | i 358 | ||||||
Total | $ | i 1,556 | $ | i 1,529 |
Years to Maturity at December 31, 2021 | |||||||||||||||||
$ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Lending: | |||||||||||||||||
Corporate | $ | i 12,649 | $ | i 32,475 | $ | i 48,232 | $ | i 9,729 | $ | i 103,085 | |||||||
Secured lending facilities | i 5,807 | i 5,108 | i 1,819 | i 682 | i 13,416 | ||||||||||||
Commercial and Residential real estate | i 1,213 | i 945 | i 28 | i 254 | i 2,440 | ||||||||||||
Securities-based lending and Other | i 11,989 | i 2,970 | i 530 | i 504 | i 15,993 | ||||||||||||
Forward-starting secured financing receivables | i 45,969 | i — | i — | i — | i 45,969 | ||||||||||||
Central counterparty | i 300 | i — | i — | i 11,870 | i 12,170 | ||||||||||||
Investment activities | i 1,195 | i 184 | i 50 | i 372 | i 1,801 | ||||||||||||
Letters of credit and other financial guarantees | i 26 | i — | i — | i 3 | i 29 | ||||||||||||
Total | $ | i 79,148 | $ | i 41,682 | $ | i 50,659 | $ | i 23,414 | $ | i 194,903 | |||||||
Lending commitments participated to third parties | $ | i 7,753 | |||||||||||||||
Forward-starting secured financing receivables settled within three business days | $ | i 32,847 |
December 2021 Form 10-K | 114 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | ||||||||||||||||||||
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 1,217,083 | i 918,456 | i 332,329 | i 845,220 | ( i 48,231) | |||||||||||||||
Standby letters of credit
and other financial guarantees issued2 | i 1,354 | i 1,068 | i 862 | i 2,701 | i 45 | |||||||||||||||
Market value guarantees | i 88 | i 2 | i — | i — | i — | |||||||||||||||
Liquidity facilities | i 4,100 | i — | i — | i — | i 5 | |||||||||||||||
Whole loan sales guarantees | i — | i — | i 77 | i 23,104 | i — | |||||||||||||||
Securitization
representations and warranties3 | i — | i — | i — | i 79,437 | ( i 42) | |||||||||||||||
General partner guarantees | i 341 | i 11 | i 32 | i 152 | ( i 77) | |||||||||||||||
Client clearing guarantees | i 51 | i — | i — | i — | i — |
115 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 116 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Legal expenses | $ | i 157 | $ | i 336 | $ | i 221 |
117 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
December 2021 Form 10-K | 118 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | VIE Assets | VIE Liabilities | VIE Assets | VIE Liabilities | ||||||||||
MABS2 | $ | i 1,177 | $ | i 409 | $ | i 590 | $ | i 17 | ||||||
Investment
vehicles3 | i 717 | i 294 | i 776 | i 355 | ||||||||||
Operating entities | i 508 | i 39 | i 504 | i 39 | ||||||||||
Other | i 510 | i 286 | i 248 | i 3 | ||||||||||
Total | $ | i 2,912 | $ | i 1,028 | $ | i 2,118 | $ | i 414 |
119 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At | At | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 341 | $ | i 269 | ||||
Trading assets at fair value | i 1,965 | i 1,445 | ||||||
Investment securities | i 37 | i — | ||||||
Securities purchased under agreements to resell | i 200 | i — | ||||||
Customer and other receivables | i 31 | i 23 | ||||||
Intangible assets | i 85 | i 98 | ||||||
Other assets | i 253 | i 283 | ||||||
Total | $ | i 2,912 | $ | i 2,118 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 767 | $ | i 366 | ||||
Other liabilities and accrued expenses | i 261 | i 48 | ||||||
Total | $ | i 1,028 | $ | i 414 | ||||
Noncontrolling interests | $ | i 115 | $ | i 196 |
At December 31, 2021 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | i 146,071 | $ | i 667 | $ | i 6,089 | $ | i 2,086 | $ | i 52,111 | |||||||
Maximum
exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | i 18,062 | $ | i 129 | $ | i — | $ | i 1,459 | $ | i 10,339 | |||||||
Derivative
and other contracts | i — | i — | i 4,100 | i — | i 5,599 | ||||||||||||
Commitments, guarantees and other | i 771 | i — | i — | i — | i 1,005 | ||||||||||||
Total | $ | i 18,833 | $ | i 129 | $ | i 4,100 | $ | i 1,459 | $ | i 16,943 | |||||||
Carrying value of variable interests—Assets | |||||||||||||||||
Debt and equity interests | $ | i 18,062 | $ | i 129 | $ | i — | $ | i 1,459 | $ | i 10,339 | |||||||
Derivative
and other contracts | i — | i — | i 5 | i — | i 2,006 | ||||||||||||
Total | $ | i 18,062 | $ | i 129 | $ | i 5 | $ | i 1,459 | $ | i 12,345 | |||||||
Additional
VIE assets owned4 | $ | i 15,392 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 362 | |||||||
At December 31, 2020 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | i 184,153 | $ | i 3,527 | $ | i 6,524 | $ | i 2,161 | $ | i 48,241 | |||||||
Maximum
exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | i 26,247 | $ | i 257 | $ | i — | $ | i 1,187 | $ | i 11,008 | |||||||
Derivative
and other contracts | i — | i — | i 4,425 | i — | i 5,639 | ||||||||||||
Commitments,
guarantees and other | i 929 | i — | i — | i — | i 749 | ||||||||||||
Total | $ | i 27,176 | $ | i 257 | $ | i 4,425 | $ | i 1,187 | $ | i 17,396 | |||||||
Carrying value of variable interests—Assets | |||||||||||||||||
Debt and equity interests | $ | i 26,247 | $ | i 257 | $ | i — | $ | i 1,187 | $ | i 11,008 | |||||||
Derivative
and other contracts | i — | i — | i 5 | i — | i 851 | ||||||||||||
Total | $ | i 26,247 | $ | i 257 | $ | i 5 | $ | i 1,187 | $ | i 11,859 | |||||||
Additional
VIE assets owned4 | $ | i 20,019 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 222 | |||||||
At December 31, 2021 | At December 31, 2020 | |||||||||||||
$ in millions | UPB | Debt and Equity Interests | UPB | Debt and Equity Interests | ||||||||||
Residential mortgages | $ | i 15,216 | $ | i 2,182 | $ | i 17,775 | $ | i 3,175 | ||||||
Commercial mortgages | i 68,503 | i 4,092 | i 62,093 | i 4,131 | ||||||||||
U.S.
agency collateralized mortgage obligations | i 57,972 | i 9,835 | i 99,182 | i 17,224 | ||||||||||
Other
consumer or commercial loans | i 4,380 | i 1,953 | i 5,103 | i 1,717 | ||||||||||
Total | $ | i 146,071 | $ | i 18,062 | $ | i 184,153 | $ | i 26,247 |
December 2021 Form 10-K | 120 |
Notes to Consolidated Financial Statements |
121 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
At December 31, 2021 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE
assets (UPB)2 | $ | i 6,802 | $ | i 94,276 | $ | i 28,697 | $ | i 13,121 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | i 72 | $ | i 638 | $ | i 465 | $ | i — | ||||||
Non-investment grade | i 19 | i 586 | i — | i 69 | ||||||||||
Total | $ | i 91 | $ | i 1,224 | $ | i 465 | $ | i 69 | ||||||
Interests purchased in the secondary market | ||||||||||||||
Investment grade | $ | i 18 | $ | i 118 | $ | i 33 | $ | i — | ||||||
Non-investment grade | i 38 | i 53 | i — | i 4 | ||||||||||
Total | $ | i 56 | $ | i 171 | $ | i 33 | $ | i 4 | ||||||
Derivative assets | $ | i — | $ | i — | $ | i — | $ | i 891 | ||||||
Derivative liabilities | i — | i — | i — | i 284 |
At December 31, 2020 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2 | $ | i 7,515 | $ | i 84,674 | $ | i 21,061 | $ | i 12,978 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | i 49 | $ | i 822 | $ | i 615 | $ | i — | ||||||
Non-investment grade | i 16 | i 195 | i — | i 114 | ||||||||||
Total | $ | i 65 | $ | i 1,017 | $ | i 615 | $ | i 114 | ||||||
Interests purchased in the secondary market | ||||||||||||||
Investment grade | $ | i — | $ | i 96 | $ | i 116 | $ | i — | ||||||
Non-investment grade | i 43 | i 80 | i — | i 21 | ||||||||||
Total | $ | i 43 | $ | i 176 | $ | i 116 | $ | i 21 | ||||||
Derivative assets | $ | i — | $ | i — | $ | i — | $ | i 400 | ||||||
Derivative liabilities | i — | i — | i — | i 436 |
Fair Value at December 31, 2021 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | i 536 | $ | i 2 | $ | i 538 | |||||
Non-investment grade | i 40 | i 40 | i 80 | ||||||||
Total | $ | i 576 | $ | i 42 | $ | i 618 | |||||
Interests purchased in the secondary market | |||||||||||
Investment grade | $ | i 168 | $ | i 1 | $ | i 169 | |||||
Non-investment grade | i 70 | i 25 | i 95 | ||||||||
Total | $ | i 238 | $ | i 26 | $ | i 264 | |||||
Derivative assets | $ | i 891 | $ | i — | $ | i 891 | |||||
Derivative liabilities | i 194 | i 90 | i 284 |
Fair Value at December 31, 2020 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | i 663 | $ | i — | $ | i 663 | |||||
Non-investment grade | i 6 | i 63 | i 69 | ||||||||
Total | $ | i 669 | $ | i 63 | $ | i 732 | |||||
Interests purchased in the secondary market | |||||||||||
Investment grade | $ | i 196 | $ | i 16 | $ | i 212 | |||||
Non-investment grade | i 62 | i 82 | i 144 | ||||||||
Total | $ | i 258 | $ | i 98 | $ | i 356 | |||||
Derivative assets | $ | i 388 | $ | i 12 | $ | i 400 | |||||
Derivative liabilities | i 435 | i 1 | i 436 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
New transactions1 | $ | i 57,528 | $ | i 51,814 | $ | i 34,464 | |||||
Retained interests | i 8,822 | i 9,346 | i 7,403 | ||||||||
Sales
of corporate loans to CLO SPEs1, 2 | i 169 | i 763 | i 2 |
December 2021 Form 10-K | 122 |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Gross cash proceeds from sale of assets1 | $ | i 67,930 | $ | i 45,051 | ||||
Fair value | ||||||||
Assets sold | $ | i 68,992 | $ | i 46,609 | ||||
Derivative assets recognized in the balance sheet | i 1,195 | i 1,592 | ||||||
Derivative liabilities recognized in the balance sheet | i 132 | i 64 |
Standardized | Advanced | ||||||||||||||||
Capital buffers | |||||||||||||||||
Capital conservation buffer | — | i i 2.5 / % | |||||||||||||||
SCB | i i 5.7 / % | N/A | |||||||||||||||
G-SIB capital surcharge | i i 3.0 / % | i i 3.0 / % | |||||||||||||||
CCyB1 | i i 0 / % | i i 0 / % | |||||||||||||||
Capital buffer requirement | i i 8.7 / % | i i 5.5 / % | |||||||||||||||
Regulatory Minimum | |||||||||||||||||
Standardized | Advanced | ||||||||||||||||
Required ratios1 | |||||||||||||||||
Common Equity Tier 1 capital ratio | i 4.5 | % | i i 13.2 / % | i i 10.0 / % | |||||||||||||
Tier 1 capital ratio | i 6.0 | % | i i 14.7 / % | i i 11.5 / % | |||||||||||||
Total capital ratio | i 8.0 | % | i i 16.7 / % | i i 13.5 / % |
123 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | Required Ratio1 | At December 31, 2021 | At December 31, 2020 | |||||||||||||||||
Risk-based capital | ||||||||||||||||||||
Common Equity Tier 1 capital | $ | i 75,742 | $ | i 78,650 | ||||||||||||||||
Tier 1 capital | i 83,348 | i 88,079 | ||||||||||||||||||
Total capital | i 93,166 | i 97,213 | ||||||||||||||||||
Total
RWA2 | i 471,921 | i 453,106 | ||||||||||||||||||
Common Equity Tier 1 capital ratio | i 13.2 | % | i 16.0 | % | i 17.4 | % | ||||||||||||||
Tier 1 capital ratio | i 14.7 | % | i 17.7 | % | i 19.4 | % | ||||||||||||||
Total capital ratio | i 16.7 | % | i 19.7 | % | i 21.5 | % | ||||||||||||||
$ in millions | Required Ratio1 | At December 31, 2021 | At December 31, 2020 | |||||||||||||||||
Leverage-based capital | ||||||||||||||||||||
Adjusted average assets3 | $ | i 1,169,939 | $ | i 1,053,510 | ||||||||||||||||
Tier 1 leverage ratio | i 4.0 | % | i 7.1 | % | i 8.4 | % | ||||||||||||||
Supplementary
leverage exposure4, 5 | $ | i 1,476,962 | $ | i 1,192,506 | ||||||||||||||||
SLR5 | i 5.0 | % | i 5.6 | % | i 7.4 | % |
December 2021 Form 10-K | 124 |
Notes to Consolidated Financial Statements |
Well-Capitalized
Requirement | Required Ratio2 | At December 31, 2021 | At December 31, 2020 | |||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Risk-based capital | ||||||||||||||||||||
Common Equity Tier 1 capital | i 6.5 | % | i 7.0 | % | $ | i 18,960 | i 20.5 | % | $ | i 17,238 | i 18.7 | % | ||||||||
Tier 1 capital | i 8.0 | % | i 8.5 | % | i 18,960 | i 20.5 | % | i 17,238 | i 18.7 | % | ||||||||||
Total capital | i 10.0 | % | i 10.5 | % | i 19,544 | i 21.1 | % | i 17,882 | i 19.4 | % | ||||||||||
Leverage-based capital | ||||||||||||||||||||
Tier 1 leverage | i 5.0 | % | i 4.0 | % | $ | i 185,120 | i 10.2 | % | $ | i 17,238 | i 10.1 | % | ||||||||
SLR | i 6.0 | % | i 3.0 | % | i 233,358 | i 8.1 | % | i 17,238 | i 8.0 | % |
Well-Capitalized Requirement | Required Ratio2 | At December 31, 2021 | At December 31, 2020 | |||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Risk-based capital | ||||||||||||||||||||
Common Equity Tier 1 capital | i 6.5 | % | i 7.0 | % | $ | i 10,293 | i 24.3 | % | $ | i 8,213 | i 21.3 | % | ||||||||
Tier 1 capital | i 8.0 | % | i 8.5 | % | i 10,293 | i 24.3 | % | i 8,213 | i 21.3 | % | ||||||||||
Total capital | i 10.0 | % | i 10.5 | % | i 10,368 | i 24.5 | % | i 8,287 | i 21.5 | % | ||||||||||
Leverage-based capital | ||||||||||||||||||||
Tier 1 leverage | i 5.0 | % | i 4.0 | % | $ | i 149,375 | i 6.9 | % | $ | i 8,213 | i 7.2 | % | ||||||||
SLR | i 6.0 | % | i 3.0 | % | i 153,810 | i 6.7 | % | i 8,213 | i 6.9 | % |
$ in millions | At | At | ||||||
Net capital | $ | i 18,383 | $ | i 12,869 | ||||
Excess net capital | i 14,208 | i 9,034 |
125 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Restricted net assets | $ | i 49,516 | $ | i 40,502 |
Shares Outstanding | Carrying Value | |||||||||||||
$ in millions, except per share data | At December 31, 2021 | Liquidation Preference per Share | At December 31, 2021 | At December 31, 2020 | ||||||||||
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 | ||||||||||
H2 | i — | i — | i — | i 1,300 | ||||||||||
I | i 40,000 | i 25,000 | i 1,000 | i 1,000 | ||||||||||
J3 | i — | i — | i — | i 1,500 | ||||||||||
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 | ||||||||||
O4 | i 52,000 | i 25,000 | i 1,300 | i — | ||||||||||
Total | $ | i 7,750 | $ | i 9,250 | ||||||||||
Shares authorized | i 30,000,000 |
December 2021 Form 10-K | 126 |
Notes to Consolidated Financial Statements |
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 | October 15, 2023 | |||||||||||||
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 | |||||||||||||
L6 | i 20,000 | i 1,000 | i 25,000 | January 15, 2025 | |||||||||||||
M7 | i 400,000 | N/A | i 1,000 | September 15, 2026 | |||||||||||||
N7 | i 3,000 | i 100 | i 100,000 | October 2, 2025 | |||||||||||||
O | i 52,000 | i 1,000 | i 25,000 | January 15, 2027 |
in millions | 2021 | 2020 | ||||||
Shares outstanding at beginning of period | i 1,810 | i 1,594 | ||||||
Treasury
stock purchases1 | ( i 134) | ( i 39) | ||||||
Issuance for the acquisition of Eaton Vance | i 69 | i — | ||||||
Issuance for the acquisition of E*TRADE | i — | i 233 | ||||||
Other2 | i 27 | i 22 | ||||||
Shares outstanding at end of period | i 1,772 | i 1,810 |
$ in millions | 2021 | 2020 | ||||||
Repurchases of common stock under the Firm’s Share Repurchase Program | $ | i 11,464 | $ | i 1,347 |
in millions | 2021 | 2020 | 2019 | ||||||||
Weighted average common shares outstanding, basic | i 1,785 | i 1,603 | i 1,617 | ||||||||
Effective of dilutive RSUs and PSUs | i 29 | i 21 | i 23 | ||||||||
Weighted average common shares outstanding and common stock equivalents, diluted | i 1,814 | i 1,624 | i 1,640 | ||||||||
Weighted
average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | i — | i 5 | i 2 |
$
in millions, except per share data | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Per Share1 | Total | Per Share1 | Total | Per Share1 | Total | |||||||||||||||||||||
Preferred Stock Series | ||||||||||||||||||||||||||
A | $ | i 1,022 | $ | i 44 | $ | i 1,017 | $ | i 44 | $ | i 1,014 | $ | i 44 | ||||||||||||||
C | i 100 | i 52 | i 100 | i 52 | i 100 | i 52 | ||||||||||||||||||||
E | i 1,781 | i 60 | i 1,781 | i 60 | i 1,781 | i 60 | ||||||||||||||||||||
F | i 1,719 | i 60 | i 1,719 | i 60 | i 1,719 | i 60 | ||||||||||||||||||||
G2 | i — | i — | i — | i — | i 1,242 | i 24 | ||||||||||||||||||||
H3 | i 719 | i 38 | i 1,143 | i 60 | i 1,418 | i 74 | ||||||||||||||||||||
I | i 1,594 | i 64 | i 1,594 | i 64 | i 1,594 | i 64 | ||||||||||||||||||||
J4 | i 253 | i 15 | i 1,213 | i 74 | i 1,388 | i 84 | ||||||||||||||||||||
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 23 | i 169 | i 3 | ||||||||||||||||||||
M5 | i 59 | i 24 | i — | i — | i — | i — | ||||||||||||||||||||
N6 | i 5,300 | i 16 | i — | i — | i — | i — | ||||||||||||||||||||
O7 | i 236 | i 12 | i — | i — | i — | i — | ||||||||||||||||||||
Total Preferred stock | $ | i 468 | $ | i 496 | $ | i 524 | ||||||||||||||||||||
Common stock | $ | i 2.10 | $ | i 3,818 | $ | i 1.40 | $ | i 2,295 | $ | i 1.30 | $ | i 2,161 |
127 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | CTA | AFS Securities | Pensions and Other | DVA | Total | ||||||||||||
December 31, 2018 | $ | ( i 889) | $ | ( i 930) | $ | ( i 578) | $ | i 105 | $ | ( i 2,292) | |||||||
OCI during the period | ( i 8) | i 1,137 | ( i 66) | ( i 1,559) | ( i 496) | ||||||||||||
December 31, 2019 | ( i 897) | i 207 | ( i 644) | ( i 1,454) | ( i 2,788) | ||||||||||||
OCI during the period | i 102 | i 1,580 | i 146 | ( i 1,002) | i 826 | ||||||||||||
December 31, 2020 | ( i 795) | i 1,787 | ( i 498) | ( i 2,456) | ( i 1,962) | ||||||||||||
OCI during the period | ( i 207) | ( i 1,542) | ( i 53) | i 662 | ( i 1,140) | ||||||||||||
December 31, 2021 | $ | ( i 1,002) | $ | i 245 | $ | ( i 551) | $ | ( i 1,794) | $ | ( i 3,102) |
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 |
2020 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | i 74 | $ | i 99 | $ | i 173 | $ | i 68 | $ | i 105 | |||||||
Reclassified to earnings | ( i 3) | i — | ( i 3) | i — | ( i 3) | ||||||||||||
Net OCI | $ | i 71 | $ | i 99 | $ | i 170 | $ | i 68 | $ | i 102 | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | i 2,194 | $ | ( i 508) | $ | i 1,686 | $ | i — | $ | i 1,686 | |||||||
Reclassified to earnings | ( i 137) | i 31 | ( i 106) | i — | ( i 106) | ||||||||||||
Net OCI | $ | i 2,057 | $ | ( i 477) | $ | i 1,580 | $ | i — | $ | i 1,580 | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | i 162 | $ | ( i 34) | $ | i 128 | $ | i — | $ | i 128 | |||||||
Reclassified to earnings | i 23 | ( i 5) | i 18 | i — | i 18 | ||||||||||||
Net OCI | $ | i 185 | $ | ( i 39) | $ | i 146 | $ | i — | $ | i 146 | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | ( i 1,385) | $ | i 337 | $ | ( i 1,048) | $ | ( i 26) | $ | ( i 1,022) | |||||||
Reclassified to earnings | i 26 | ( i 6) | i 20 | i — | i 20 | ||||||||||||
Net OCI | $ | ( i 1,359) | $ | i 331 | $ | ( i 1,028) | $ | ( i 26) | $ | ( i 1,002) |
2019 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | i 6 | $ | ( i 3) | $ | i 3 | $ | i 11 | $ | ( i 8) | |||||||
Reclassified to earnings | i — | i — | i — | i — | i — | ||||||||||||
Net OCI | $ | i 6 | $ | ( i 3) | $ | i 3 | $ | i 11 | $ | ( i 8) | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | i 1,588 | $ | ( i 373) | $ | i 1,215 | $ | i — | $ | i 1,215 | |||||||
Reclassified to earnings | ( i 103) | i 25 | ( i 78) | i — | ( i 78) | ||||||||||||
Net OCI | $ | i 1,485 | $ | ( i 348) | $ | i 1,137 | $ | i — | $ | i 1,137 | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | ( i 98) | $ | i 25 | $ | ( i 73) | $ | i — | $ | ( i 73) | |||||||
Reclassified to earnings | i 12 | ( i 5) | i 7 | i — | i 7 | ||||||||||||
Net OCI | $ | ( i 86) | $ | i 20 | $ | ( i 66) | $ | i — | $ | ( i 66) | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | ( i 2,181) | $ | i 533 | $ | ( i 1,648) | $ | ( i 80) | $ | ( i 1,568) | |||||||
Reclassified to earnings | i 11 | ( i 2) | i 9 | i — | i 9 | ||||||||||||
Net OCI | $ | ( i 2,170) | $ | i 531 | $ | ( i 1,639) | $ | ( i 80) | $ | ( i 1,559) |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency | $ | ( i 2,277) | $ | ( i 1,406) | ||||
Hedges, net of tax | i 1,275 | i 611 | ||||||
Total | $ | ( i 1,002) | $ | ( i 795) | ||||
Carrying
value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges | $ | i 15,605 | $ | i 15,746 |
December 2021 Form 10-K | 128 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Interest income | |||||||||||
Investment securities | $ | i 2,759 | $ | i 2,282 | $ | i 2,175 | |||||
Loans | i 4,209 | i 4,142 | i 4,783 | ||||||||
Securities
purchased under agreements to resell1,2 | ( i 181) | i 458 | i 2,281 | ||||||||
Securities
borrowed1,3 | ( i 1,017) | ( i 652) | i 1,204 | ||||||||
Trading assets, net of Trading liabilities | i 2,038 | i 2,417 | i 2,899 | ||||||||
Customer
receivables and Other4 | i 1,603 | i 1,515 | i 3,756 | ||||||||
Total interest income | $ | i 9,411 | $ | i 10,162 | $ | i 17,098 | |||||
Interest expense | |||||||||||
Deposits | $ | i 409 | $ | i 953 | $ | i 1,885 | |||||
Borrowings | i 2,725 | i 3,250 | i 5,052 | ||||||||
Securities
sold under agreements to repurchase1,5 | i 93 | i 564 | i 1,967 | ||||||||
Securities
loaned1,6 | i 401 | i 419 | i 642 | ||||||||
Customer
payables and Other7 | ( i 2,262) | ( i 1,337) | i 2,858 | ||||||||
Total interest expense | $ | i 1,366 | $ | i 3,849 | $ | i 12,404 | |||||
Net interest | $ | i 8,045 | $ | i 6,313 | $ | i 4,694 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Customer and other receivables | $ | i 1,800 | $ | i 1,652 | ||||
Customer and other payables | i 2,164 | i 2,119 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
RSUs | $ | i 1,834 | $ | i 1,170 | $ | i 1,064 | |||||
PSUs | i 251 | i 142 | i 89 | ||||||||
Total | $ | i 2,085 | $ | i 1,312 | $ | i 1,153 | |||||
Retirement-eligible
awards1 | $ | i 192 | $ | i 157 | $ | i 111 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Tax benefit1 | $ | i 432 | $ | i 270 | $ | i 243 |
$ in millions | At 20211 | ||||
To be recognized in: | |||||
2022 | $ | i 653 | |||
2023 | i 287 | ||||
Thereafter | i 60 | ||||
Total | $ | i 1,000 |
in millions | At December 31, 2021 | ||||
Shares | i 149 |
129 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
2021 | ||||||||
shares in millions | Number of Shares | Weighted Average Award Date Fair Value | ||||||
RSUs at beginning of period | i 60 | $ | i 49.82 | |||||
Awarded | i 29 | i 77.28 | ||||||
Conversions to common stock | ( i 20) | i 53.32 | ||||||
Forfeited | ( i 2) | i 60.14 | ||||||
RSUs
at end of period1 | i 67 | $ | i 60.27 | |||||
Aggregate
intrinsic value of RSUs at end of period (dollars in millions) | $ | i 6,547 | ||||||
Weighted average award date fair value | ||||||||
RSUs awarded in 2020 | i 55.01 | |||||||
RSUs awarded in 2019 | i 43.05 |
2021 | ||||||||
shares in millions | Number of Shares | Weighted Average Award Date Fair Value | ||||||
Unvested RSUs at beginning of period | i 33 | $ | i 51.27 | |||||
Awarded | i 29 | i 77.28 | ||||||
Vested | ( i 21) | i 59.33 | ||||||
Forfeited | ( i 2) | i 60.14 | ||||||
Unvested
RSUs at end of period1 | i 39 | $ | i 65.58 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Conversions to common stock | $ | i 1,539 | $ | i 1,295 | $ | i 1,497 | |||||
Vested | i 1,647 | i 1,289 | i 1,292 |
2021 | 2020 | 2019 | |||||||||
MS Adjusted ROTCE/ROE | $ | i 74.87 | $ | i 57.05 | $ | i 43.29 | |||||
Relative MS TSR | i 83.70 | i 65.31 | i 48.28 |
Risk-Free Interest Rate | Expected Stock Price Volatility | Correlation Coefficient | |||||||||
Award year | |||||||||||
2021 | i 0.2 | % | i 39.0 | % | i 0.92 | ||||||
2020 | i 1.6 % | i 24.0 % | i 0.88 | ||||||||
2019 | i 2.6 % | i 26.5 % | i 0.89 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Deferred cash-based awards | $ | i 810 | $ | i 1,263 | $ | i 1,233 | |||||
Return on referenced investments | i 526 | i 856 | i 645 | ||||||||
Total | $ | i 1,336 | $ | i 2,119 | $ | i 1,878 | |||||
Retirement-eligible
awards1 | $ | i 253 | $ | i 194 | $ | i 195 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Expense | $ | i 346 | $ | i 215 | $ | i 534 |
December 2021 Form 10-K | 130 |
Notes to Consolidated Financial Statements |
Pension Plans | |||||||||||
$ in millions | 2021 | 2020 | 2019 | ||||||||
Service cost, benefits earned during the period | $ | i 19 | $ | i 17 | $ | i 16 | |||||
Interest cost on projected benefit obligation | i 104 | i 121 | i 139 | ||||||||
Expected return on plan assets | ( i 48) | ( i 77) | ( i 114) | ||||||||
Net amortization of prior service cost | i 1 | i 1 | i 1 | ||||||||
Net amortization of actuarial loss | i 34 | i 26 | i 13 | ||||||||
Net periodic benefit expense | $ | i 110 | $ | i 88 | $ | i 55 |
Pension Plans | |||||||||||
$ in millions | 2021 | 2020 | 2019 | ||||||||
Beginning balance | $ | ( i 691) | $ | ( i 877) | $ | ( i 779) | |||||
Net gain (loss) | ( i 112) | i 161 | ( i 112) | ||||||||
Prior service cost | i — | ( i 2) | i — | ||||||||
Amortization of prior service cost | i 1 | i 1 | i 1 | ||||||||
Amortization of net loss | i 34 | i 26 | i 13 | ||||||||
Changes recognized in OCI | ( i 77) | i 186 | ( i 98) | ||||||||
Ending balance | $ | ( i 768) | $ | ( i 691) | $ | ( i 877) |
Pension Plans | |||||||||||
2021 | 2020 | 2019 | |||||||||
Discount rate | i i 2.43 / | % | i 3.08 % | i 4.01 % | |||||||
Expected long-term rate of return on plan assets | i 1.42 | % | i 2.35 % | i 3.52 % | |||||||
Rate of future compensation increases | i 3.25 | % | i 3.28 % | i 3.34 % |
Pension Plans | ||||||||
$ in millions | 2021 | 2020 | ||||||
Rollforward of projected benefit obligation | ||||||||
Benefit obligation at beginning of year | $ | i 4,334 | $ | i 4,026 | ||||
Service cost | i 19 | i 17 | ||||||
Interest cost | i 104 | i 121 | ||||||
Actuarial
(gain) loss1 | ( i 122) | i 362 | ||||||
Plan amendments | ( i 1) | i 2 | ||||||
Plan settlements | ( i 16) | ( i 2) | ||||||
Benefits paid | ( i 217) | ( i 222) | ||||||
Other2 | ( i 20) | i 30 | ||||||
Benefit
obligation at end of year | $ | i 4,081 | $ | i 4,334 | ||||
Rollforward of fair value of plan assets | ||||||||
Fair value of plan assets at beginning of year | $ | i 3,985 | $ | i 3,553 | ||||
Actual return on plan assets | ( i 186) | i 600 | ||||||
Employer contributions | i 38 | i 35 | ||||||
Benefits paid | ( i 217) | ( i 222) | ||||||
Plan settlements | ( i 15) | ( i 2) | ||||||
Other2 | i — | i 21 | ||||||
Fair
value of plan assets at end of year | $ | i 3,605 | $ | i 3,985 | ||||
Funded (unfunded) status | $ | ( i 476) | $ | ( i 349) | ||||
Amounts recognized in the balance sheet | ||||||||
Assets | $ | i 117 | $ | i 283 | ||||
Liabilities | ( i 593) | ( i 632) | ||||||
Net amount recognized | $ | ( i 476) | $ | ( i 349) |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Pension plans | $ | i 4,065 | $ | i 4,318 |
131 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Projected benefit obligation | $ | i 3,768 | $ | i 708 | ||||
Accumulated benefit obligation | i 3,753 | i 692 | ||||||
Fair value of plan assets | i 3,175 | i 76 |
Pension Plans | ||||||||
At December 31, 2021 | At December 31, 2020 | |||||||
Discount rate | i 2.80 | % | i 2.43 % | |||||
Rate of future compensation increase | i 3.36 | % | i 3.25 % |
At December 31, 2021 | |||||||||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash
and cash equivalents1 | $ | i 9 | $ | i — | $ | i — | $ | i 9 | |||||||||||||||
U.S. government and agency securities | i 2,759 | i 314 | i — | i 3,073 | |||||||||||||||||||
Corporate and other debt—CDO | i — | i 1 | i — | i 1 | |||||||||||||||||||
Derivative contracts | i — | i 3 | i — | i 3 | |||||||||||||||||||
Other investments | i — | i — | i 65 | i 65 | |||||||||||||||||||
Other
receivables1 | i — | i 2 | i — | i 2 | |||||||||||||||||||
Total | $ | i 2,768 | $ | i 320 | $ | i 65 | $ | i 3,153 | |||||||||||||||
Assets Measured at NAV | |||||||||||||||||||||||
Commingled trust funds: | |||||||||||||||||||||||
Money market | i 33 | ||||||||||||||||||||||
Foreign funds: | |||||||||||||||||||||||
Fixed income | i 162 | ||||||||||||||||||||||
Liquidity | i 39 | ||||||||||||||||||||||
Targeted cash flow | i 235 | ||||||||||||||||||||||
Total | $ | i 469 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Other
payables1 | i — | ( i 17) | i — | ( i 17) | |||||||||||||||||||
Total liabilities | $ | i — | $ | ( i 17) | $ | i — | $ | ( i 17) | |||||||||||||||
Fair value of plan assets | $ | i 3,605 |
At December 31, 2020 | ||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents1 | $ | i 4 | $ | i — | $ | i — | $ | i 4 | ||||||
U.S. government and agency securities | i 3,038 | i 321 | i — | i 3,359 | ||||||||||
Corporate and other debt—CDO | i — | i 4 | i — | i 4 | ||||||||||
Derivative contracts | i — | i 2 | i — | i 2 | ||||||||||
Other investments | i — | i — | i 61 | i 61 | ||||||||||
Other
receivables1 | i — | i 53 | i — | i 53 | ||||||||||
Total | $ | i 3,042 | $ | i 380 | $ | i 61 | $ | i 3,483 | ||||||
Assets Measured at NAV | ||||||||||||||
Commingled trust funds: | ||||||||||||||
Money market | i 48 | |||||||||||||
Foreign funds: | ||||||||||||||
Fixed income | i 169 | |||||||||||||
Liquidity | i 54 | |||||||||||||
Targeted cash flow | i 250 | |||||||||||||
Total | $ | i 521 | ||||||||||||
Liabilities | ||||||||||||||
Other
payables1 | i — | ( i 19) | i — | ( i 19) | ||||||||||
Total liabilities | $ | i — | $ | ( i 19) | $ | i — | $ | ( i 19) | ||||||
Fair value of plan assets | $ | i 3,985 |
$ in millions | 2021 | 2020 | ||||||
Balance at beginning of period | $ | i 61 | $ | i 53 | ||||
Realized and unrealized gains | i 1 | i 5 | ||||||
Purchases, sales and settlements, net | i 3 | i 3 | ||||||
Balance at end of period | $ | i 65 | $ | i 61 |
December 2021 Form 10-K | 132 |
Notes to Consolidated Financial Statements |
At December 31, 2021 | |||||
$ in millions | Pension Plans | ||||
2022 | $ | i 148 | |||
2023 | i 153 | ||||
2024 | i 156 | ||||
2025 | i 163 | ||||
2026 | i 170 | ||||
2027-2031 | i 938 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Expense | $ | i 357 | $ | i 293 | $ | i 280 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Expense | $ | i 149 | $ | i 130 | $ | i 121 |
133 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Current | |||||||||||
U.S.: | |||||||||||
Federal | $ | i 2,554 | $ | i 1,641 | $ | i 873 | |||||
State and local | i 475 | i 399 | i 260 | ||||||||
Non-U.S.: | |||||||||||
U.K. | i 551 | i 395 | i 166 | ||||||||
Japan | i 105 | i 185 | i 177 | ||||||||
Hong Kong | i 192 | i 185 | i 82 | ||||||||
Other1 | i 667 | i 684 | i 341 | ||||||||
Total | $ | i 4,544 | $ | i 3,489 | $ | i 1,899 | |||||
Deferred | |||||||||||
U.S.: | |||||||||||
Federal | $ | ( i 11) | $ | ( i 249) | $ | i 185 | |||||
State and local | i 33 | ( i 38) | i 46 | ||||||||
Non-U.S.: | |||||||||||
U.K. | ( i 37) | ( i 2) | i 5 | ||||||||
Japan | i 4 | i 12 | i 11 | ||||||||
Hong Kong | ( i 9) | ( i 3) | i — | ||||||||
Other1 | i 24 | i 30 | ( i 82) | ||||||||
Total | $ | i 4 | $ | ( i 250) | $ | i 165 | |||||
Provision for income taxes | $ | i 4,548 | $ | i 3,239 | $ | i 2,064 | |||||
2021 | 2020 | 2019 | |||||||||
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 2.1 | i 2.0 | i 2.2 | ||||||||
Domestic tax credits and tax exempt income | ( i 0.6) | ( i 0.8) | ( i 1.6) | ||||||||
Non-U.S. earnings | i 1.4 | i 1.7 | ( i 0.8) | ||||||||
Employee share-based awards | ( i 0.6) | ( i 0.7) | ( i 1.1) | ||||||||
Other | ( i 0.2) | ( i 0.7) | ( i 1.4) | ||||||||
Effective income tax rate | i 23.1 | % | i 22.5 | % | i 18.3 | % |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Gross deferred tax assets | ||||||||
Net operating loss and tax credit carryforwards | $ | i 276 | $ | i 330 | ||||
Employee compensation and benefit plans | i 2,430 | i 2,248 | ||||||
Allowance for credit losses and other reserves | i 599 | i 669 | ||||||
Valuation of inventory, investments and receivables | i 474 | i 19 | ||||||
Other | i 15 | i 43 | ||||||
Total deferred tax assets | i 3,794 | i 3,309 | ||||||
Deferred tax assets valuation allowance | i 208 | i 236 | ||||||
Deferred
tax assets after valuation allowance | $ | i 3,586 | $ | i 3,073 | ||||
Gross deferred tax liabilities | ||||||||
Fixed assets | i 1,287 | i 1,130 | ||||||
Intangibles and goodwill | i 2,046 | i 1,156 | ||||||
Total deferred tax liabilities | $ | i 3,333 | $ | i 2,286 | ||||
Net deferred tax assets | $ | i 253 | $ | i 787 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Balance at beginning of period | $ | i 755 | $ | i 755 | $ | i 1,080 | |||||
Increase
based on tax positions related to the current period | i 201 | i 139 | i 57 | ||||||||
Increase
based on tax positions related to prior periods | i 74 | i 178 | i 61 | ||||||||
Increase based on the acquisition of E*TRADE | i — | i 26 | i — | ||||||||
Decrease
based on tax positions related to prior periods | ( i 37) | ( i 297) | ( i 419) | ||||||||
Decreases
related to settlements with taxing authorities | ( i 10) | ( i 36) | ( i 17) | ||||||||
Decreases
related to lapse of statute of limitations | ( i 12) | ( i 10) | ( i 7) | ||||||||
Balance at end of period | $ | i 971 | $ | i 755 | $ | i 755 | |||||
Net
unrecognized tax benefits1 | $ | i 860 | $ | i 665 | $ | i 549 |
December 2021 Form 10-K | 134 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Recognized in income statement | $ | i 14 | $ | i 56 | $ | i 8 | |||||
Accrued at end of period | i 142 | i 134 | i 92 |
Jurisdiction | Tax Year | ||||
U.S. | 2017 | ||||
New York State and New York City | 2010 | ||||
U.K. | 2011 | ||||
Japan | 2015 | ||||
Hong Kong | 2015 |
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 |
2020 | |||||||||||||||||
$ in millions | IS | WM | IM | I/E | Total | ||||||||||||
Investment banking | $ | i 7,204 | $ | i 559 | $ | i — | $ | ( i 89) | $ | i 7,674 | |||||||
Trading3 | i 13,097 | i 844 | ( i 34) | i 76 | i 13,983 | ||||||||||||
Investments | i 166 | i 12 | i 808 | i — | i 986 | ||||||||||||
Commissions
and fees1 | i 2,935 | i 2,291 | i 1 | ( i 376) | i 4,851 | ||||||||||||
Asset
management1, 2 | i 461 | i 10,955 | i 3,013 | ( i 157) | i 14,272 | ||||||||||||
Other3 | i 323 | i 403 | ( i 39) | ( i 9) | i 678 | ||||||||||||
Total
non-interest revenues | i 24,186 | i 15,064 | i 3,749 | ( i 555) | i 42,444 | ||||||||||||
Interest income | i 5,809 | i 4,771 | i 14 | ( i 432) | i 10,162 | ||||||||||||
Interest expense | i 3,519 | i 749 | i 29 | ( i 448) | i 3,849 | ||||||||||||
Net interest | i 2,290 | i 4,022 | ( i 15) | i 16 | i 6,313 | ||||||||||||
Net
revenues3 | $ | i 26,476 | $ | i 19,086 | $ | i 3,734 | $ | ( i 539) | $ | i 48,757 | |||||||
Provision
for credit losses3 | $ | i 731 | $ | i 30 | $ | i — | $ | i — | $ | i 761 | |||||||
Compensation and benefits | i 8,342 | i 10,970 | i 1,542 | i — | i 20,854 | ||||||||||||
Non-compensation
expenses3 | i 8,252 | i 3,699 | i 1,322 | ( i 549) | i 12,724 | ||||||||||||
Total
non-interest expenses3 | $ | i 16,594 | $ | i 14,669 | $ | i 2,864 | $ | ( i 549) | $ | i 33,578 | |||||||
Income before provision for income taxes | $ | i 9,151 | $ | i 4,387 | $ | i 870 | $ | i 10 | $ | i 14,418 | |||||||
Provision for income taxes | i 2,040 | i 1,026 | i 171 | i 2 | i 3,239 | ||||||||||||
Net income | i 7,111 | i 3,361 | i 699 | i 8 | i 11,179 | ||||||||||||
Net
income applicable to noncontrolling interests | i 99 | i — | i 84 | i — | i 183 | ||||||||||||
Net
income applicable to Morgan Stanley | $ | i 7,012 | $ | i 3,361 | $ | i 615 | $ | i 8 | $ | i 10,996 |
135 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
2019 | |||||||||||||||||
$ in millions | IS | WM | IM | I/E | Total | ||||||||||||
Investment banking | $ | i 5,734 | $ | i 509 | $ | i — | $ | ( i 80) | $ | i 6,163 | |||||||
Trading3 | i 10,497 | i 734 | ( i 8) | i 51 | i 11,274 | ||||||||||||
Investments | i 325 | i 2 | i 1,213 | i — | i 1,540 | ||||||||||||
Commissions
and fees1 | i 2,484 | i 1,726 | i 1 | ( i 292) | i 3,919 | ||||||||||||
Asset
management1,2 | i 413 | i 10,199 | i 2,629 | ( i 158) | i 13,083 | ||||||||||||
Other3 | i 563 | i 354 | ( i 46) | ( i 6) | i 865 | ||||||||||||
Total
non-interest revenues | i 20,016 | i 13,524 | i 3,789 | ( i 485) | i 36,844 | ||||||||||||
Interest income | i 12,193 | i 5,467 | i 20 | ( i 582) | i 17,098 | ||||||||||||
Interest expense | i 11,713 | i 1,245 | i 46 | ( i 600) | i 12,404 | ||||||||||||
Net interest | i 480 | i 4,222 | ( i 26) | i 18 | i 4,694 | ||||||||||||
Net
revenues3 | $ | i 20,496 | $ | i 17,746 | $ | i 3,763 | $ | ( i 467) | $ | i 41,538 | |||||||
Provision
for credit losses3 | $ | i 151 | $ | i 10 | $ | i — | $ | i — | $ | i 161 | |||||||
Compensation and benefits | i 7,433 | i 9,774 | i 1,630 | i — | i 18,837 | ||||||||||||
Non-compensation
expenses3 | i 7,422 | i 3,130 | i 1,148 | ( i 461) | i 11,239 | ||||||||||||
Total
non-interest expenses3 | $ | i 14,855 | $ | i 12,904 | $ | i 2,778 | $ | ( i 461) | $ | i 30,076 | |||||||
Income
before provision for income taxes4 | $ | i 5,490 | $ | i 4,832 | $ | i 985 | $ | ( i 6) | $ | i 11,301 | |||||||
Provision for income taxes | i 769 | i 1,104 | i 193 | ( i 2) | i 2,064 | ||||||||||||
Net income | i 4,721 | i 3,728 | i 792 | ( i 4) | i 9,237 | ||||||||||||
Net
income applicable to noncontrolling interests | i 122 | i — | i 73 | i — | i 195 | ||||||||||||
Net
income applicable to Morgan Stanley | $ | i 4,599 | $ | i 3,728 | $ | i 719 | $ | ( i 4) | $ | i 9,042 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Institutional Securities—Advisory | $ | i 3,487 | $ | i 2,008 | $ | i 2,116 | |||||
Institutional Securities—Underwriting | i 6,785 | i 5,196 | i 3,618 | ||||||||
Firm Investment banking revenues from contracts with customers | i 91 | % | i 92 | % | i 90 | % |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Interest rate | $ | i 740 | $ | i 2,978 | $ | i 2,773 | |||||
Foreign exchange | i 1,008 | i 902 | i 395 | ||||||||
Equity2 | i 7,331 | i 6,200 | i 5,246 | ||||||||
Commodity and other | i 2,599 | i 1,762 | i 1,617 | ||||||||
Credit | i 1,132 | i 2,141 | i 1,243 | ||||||||
Total | $ | i 12,810 | $ | i 13,983 | $ | i 11,274 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Net cumulative unrealized performance-based fees at risk of reversing | $ | i 802 | $ | i 735 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Fee waivers | $ | i 516 | $ | i 135 | $ | i 43 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Transaction taxes | $ | i 969 | $ | i 699 | $ | i 489 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Americas | $ | i 44,605 | $ | i 35,459 | $ | i 30,324 | |||||
EMEA | i 7,699 | i 6,549 | i 6,078 | ||||||||
Asia | i 7,451 | i 6,749 | i 5,136 | ||||||||
Total | $ | i 59,755 | $ | i 48,757 | $ | i 41,538 |
December 2021 Form 10-K | 136 |
Notes to Consolidated Financial Statements |
$ in millions | 2021 | 2020 | 2019 | ||||||||
U.S. | $ | i 14,082 | $ | i 10,027 | $ | i 9,464 | |||||
Non-U.S.1 | i 5,586 | i 4,391 | i 1,837 | ||||||||
Total | $ | i 19,668 | $ | i 14,418 | $ | i 11,301 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Non-interest revenues | $ | i 2,391 | $ | i 2,298 | $ | i 2,705 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Customer and other receivables | $ | i 3,591 | $ | i 3,200 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Institutional Securities | $ | i 792,135 | $ | i 753,322 | ||||
Wealth Management | i 378,438 | i 355,595 | ||||||
Investment Management | i 17,567 | i 6,945 | ||||||
Total1 | $ | i 1,188,140 | $ | i 1,115,862 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Americas | $ | i 848,001 | $ | i 815,048 | ||||
EMEA | i 204,083 | i 194,598 | ||||||
Asia | i 136,056 | i 106,216 | ||||||
Total | $ | i 1,188,140 | $ | i 1,115,862 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Revenues | |||||||||||
Dividends from bank subsidiaries | $ | i — | $ | i 2,811 | $ | i 3,531 | |||||
Dividends
from BHC and non-bank subsidiaries | i 8,898 | i 1,170 | i 1,998 | ||||||||
Total dividends from subsidiaries | i 8,898 | i 3,981 | i 5,529 | ||||||||
Trading | i 229 | ( i 244) | ( i 54) | ||||||||
Other | i 4 | i 51 | i 80 | ||||||||
Total non-interest revenues | i 9,131 | i 3,788 | i 5,555 | ||||||||
Interest income | i 2,648 | i 3,666 | i 5,121 | ||||||||
Interest expense | i 2,822 | i 3,087 | i 4,661 | ||||||||
Net interest | ( i 174) | i 579 | i 460 | ||||||||
Net revenues | i 8,957 | i 4,367 | i 6,015 | ||||||||
Non-interest expenses | i 443 | i 387 | i 300 | ||||||||
Income before income taxes | i 8,514 | i 3,980 | i 5,715 | ||||||||
Provision for (benefit from) income taxes | ( i 203) | ( i 109) | ( i 73) | ||||||||
Net income before undistributed gain of subsidiaries | i 8,717 | i 4,089 | i 5,788 | ||||||||
Undistributed gain of subsidiaries | i 6,317 | i 6,907 | i 3,254 | ||||||||
Net income | i 15,034 | i 10,996 | i 9,042 | ||||||||
Other
comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | ( i 207) | i 102 | ( i 8) | ||||||||
Change in net unrealized gains (losses) on available-for-sale securities | ( i 1,542) | i 1,580 | i 1,137 | ||||||||
Pensions and other | ( i 53) | i 146 | ( i 66) | ||||||||
Change in net debt valuation adjustment | i 662 | ( i 1,002) | ( i 1,559) | ||||||||
Comprehensive income | $ | i 13,894 | $ | i 11,822 | $ | i 8,546 | |||||
Net income | $ | i 15,034 | $ | i 10,996 | $ | i 9,042 | |||||
Preferred stock dividends and other | i 468 | i 496 | i 530 | ||||||||
Earnings
applicable to Morgan Stanley common shareholders | $ | i 14,566 | $ | i 10,500 | $ | i 8,512 |
137 | December 2021 Form 10-K |
Notes to Consolidated Financial Statements |
$ in millions, except share data | At December 31, 2021 | At December 31, 2020 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 15,342 | $ | i 7,102 | ||||
Trading assets at fair value | i 5,298 | i 6,862 | ||||||
Investment
securities (includes $ i 21,246 and $ i 20,037 at fair value;
$ i 16,573 and $ i 24,248
were pledged to various parties) | i 39,707 | i 39,225 | ||||||
Securities purchased under agreement to resell to affiliates | i 21,116 | i 34,698 | ||||||
Advances to subsidiaries: | ||||||||
Bank and BHC | i 59,757 | i 22,692 | ||||||
Non-bank | i 96,202 | i 121,731 | ||||||
Equity investments in subsidiaries: | ||||||||
Bank and BHC | i 69,059 | i 52,951 | ||||||
Non-bank | i 48,481 | i 47,450 | ||||||
Other assets | i 1,109 | i 454 | ||||||
Total assets | $ | i 356,071 | $ | i 333,165 | ||||
Liabilities | ||||||||
Trading liabilities at fair value | $ | i 1,688 | $ | i 1,623 | ||||
Securities sold under agreements to repurchase from affiliates | i 16,928 | i 24,349 | ||||||
Payables
to and advances from subsidiaries | i 59,960 | i 43,252 | ||||||
Other liabilities and accrued expenses | i 1,859 | i 2,181 | ||||||
Borrowings
(includes $ i 15,894 and $ i 18,804 at fair value) | i 170,195 | i 159,979 | ||||||
Total liabilities | i 250,630 | i 231,384 | ||||||
Commitments and contingent liabilities (see Note 15) | ||||||||
Equity | ||||||||
Preferred stock | i 7,750 | i 9,250 | ||||||
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 1,772,226,530 and i 1,809,624,144 | i 20 | i 20 | ||||||
Additional paid-in capital | i 28,841 | i 25,546 | ||||||
Retained earnings | i 89,432 | i 78,694 | ||||||
Employee stock trusts | i 3,955 | i 3,043 | ||||||
Accumulated
other comprehensive income (loss) | ( i 3,102) | ( i 1,962) | ||||||
Common
stock held in treasury at cost, $ i i 0.01 / par value
( i 266,667,449 and i 229,269,835 shares) | ( i 17,500) | ( i 9,767) | ||||||
Common
stock issued to employee stock trusts | ( i 3,955) | ( i 3,043) | ||||||
Total shareholders’ equity | i 105,441 | i 101,781 | ||||||
Total liabilities and equity | $ | i 356,071 | $ | i 333,165 |
$ in millions | 2021 | 2020 | 2019 | ||||||||
Net
cash provided by (used for) operating activities | $ | i 4,257 | $ | i 14,202 | $ | i 24,175 | |||||
Cash flows from investing activities | |||||||||||
Proceeds from (payments for): | |||||||||||
Investment securities: | |||||||||||
Purchases | ( i 9,297) | ( i 9,310) | ( i 22,408) | ||||||||
Proceeds from sales | i 2,611 | i 2,013 | i 4,671 | ||||||||
Proceeds from paydowns and maturities | i 5,636 | i 5,651 | i 3,157 | ||||||||
Securities purchased under agreements to resell with affiliates | i 13,581 | ( i 24,584) | i 15,422 | ||||||||
Securities sold under agreements to repurchase with affiliates | ( i 7,422) | i 19,719 | i 4,631 | ||||||||
Advances to and investments in subsidiaries | ( i 17,083) | ( i 13,832) | ( i 9,210) | ||||||||
Net cash provided by (used for) investing activities | ( i 11,974) | ( i 20,343) | ( i 3,737) | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from: | |||||||||||
Issuance of preferred stock, net of issuance costs | i 1,275 | i — | i 497 | ||||||||
Issuance of Borrowings | i 42,098 | i 25,587 | i 8,337 | ||||||||
Payments for: | |||||||||||
Borrowings | ( i 28,592) | ( i 22,105) | ( i 24,282) | ||||||||
Repurchases of common stock and employee tax withholdings | ( i 12,075) | ( i 1,890) | ( i 5,954) | ||||||||
Cash dividends | ( i 4,171) | ( i 2,739) | ( i 2,627) | ||||||||
Net change in advances from subsidiaries | i 17,042 | i 7,194 | i 4,378 | ||||||||
Other financing activities | i — | ( i 498) | i 12 | ||||||||
Net cash provided by (used for) financing activities | i 15,577 | i 5,549 | ( i 19,639) | ||||||||
Effect
of exchange rate changes on cash and cash equivalents | i 380 | ( i 316) | ( i 271) | ||||||||
Net increase (decrease) in cash and cash equivalents | i 8,240 | ( i 908) | i 528 | ||||||||
Cash and cash equivalents, at beginning of period | i 7,102 | i 8,010 | i 7,482 | ||||||||
Cash and cash equivalents, at end of period | $ | i 15,342 | $ | i 7,102 | $ | i 8,010 | |||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | i 100 | $ | i 20 | $ | i 9 | |||||
Deposits with bank subsidiaries | i 15,242 | i 7,082 | i 8,001 | ||||||||
Cash and cash equivalents, at end of period | $ | i 15,342 | $ | i 7,102 | $ | i 8,010 | |||||
Restricted cash | $ | i 441 | $ | i i 381 / | $ | i — | |||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash payments for: | |||||||||||
Interest | $ | i 2,970 | $ | i 3,472 | $ | i 4,677 | |||||
Income
taxes, net of refunds1 | i 2,775 | i 1,364 | i 1,186 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Senior | $ | i 155,304 | $ | i 148,885 | ||||
Subordinated | i 13,591 | i 11,094 | ||||||
Total | $ | i 168,895 | $ | i 159,979 |
December 2021 Form 10-K | 138 |
Notes to Consolidated Financial Statements |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Aggregate balance | $ | i 47,129 | $ | i 39,745 |
$ in millions | At December 31, 2021 | At December 31, 2020 | ||||||
Aggregate balance1 | $ | i 610 | $ | i 865 |
139 | December 2021 Form 10-K |
Financial Data Supplement (Unaudited) |
2021 | 2020 | |||||||||||||||||||
$ in millions | Average Daily Balance | Interest | Average Rate | Average Daily Balance | Interest | Average Rate | ||||||||||||||
Interest
earning assets | ||||||||||||||||||||
Investment securities1 | $ | 182,896 | $ | 2,759 | 1.5 | % | $ | 136,502 | $ | 2,282 | 1.7 | % | ||||||||
Loans1 | 166,675 | 4,209 | 2.5 | 143,350 | 4,142 | 2.9 | ||||||||||||||
Securities
purchased under agreements to resell2,3: | ||||||||||||||||||||
U.S. | 55,274 | 86 | 0.2 | 44,964 | 545 | 1.2 | ||||||||||||||
Non-U.S. | 53,323 | (267) | (0.5) | 42,064 | (87) | (0.2) | ||||||||||||||
Securities
borrowed2,4: | ||||||||||||||||||||
U.S. | 99,667 | (825) | (0.8) | 85,561 | (490) | (0.6) | ||||||||||||||
Non-U.S. | 17,387 | (192) | (1.1) | 17,035 | (162) | (1.0) | ||||||||||||||
Trading
assets, net of Trading liabilities5: | ||||||||||||||||||||
U.S. | 77,916 | 1,644 | 2.1 | 76,273 | 2,000 | 2.6 | ||||||||||||||
Non-U.S. | 19,559 | 394 | 2.0 | 22,604 | 417 | 1.8 | ||||||||||||||
Customer
receivables and Other6: | ||||||||||||||||||||
U.S. | 135,005 | 1,409 | 1.0 | 87,775 | 1,188 | 1.4 | ||||||||||||||
Non-U.S. | 74,068 | 194 | 0.3 | 63,301 | 327 | 0.5 | ||||||||||||||
Total | $ | 881,770 | $ | 9,411 | 1.1 | % | $ | 719,429 | $ | 10,162 | 1.4 | % | ||||||||
Interest bearing liabilities | ||||||||||||||||||||
Deposits1 | $ | 325,500 | $ | 409 | 0.1 | % | $ | 241,487 | $ | 953 | 0.4 | % | ||||||||
Borrowings1,
7 | 224,657 | 2,725 | 1.2 | 202,498 | 3,250 | 1.6 | ||||||||||||||
Securities sold under agreements to repurchase2,8,10: | ||||||||||||||||||||
U.S. | 29,383 | 157 | 0.5 | 27,085 | 483 | 1.8 | ||||||||||||||
Non-U.S. | 27,374 | (64) | (0.2) | 21,752 | 81 | 0.4 | ||||||||||||||
Securities
loaned2,9,10: | ||||||||||||||||||||
U.S. | 4,816 | 29 | 0.6 | 2,898 | 49 | 1.7 | ||||||||||||||
Non-U.S. | 5,514 | 372 | 6.7 | 6,611 | 370 | 5.6 | ||||||||||||||
Customer
payables and Other11: | ||||||||||||||||||||
U.S. | 132,899 | (1,825) | (1.4) | 125,982 | (1,176) | (0.9) | ||||||||||||||
Non-U.S. | 76,185 | (437) | (0.6) | 64,958 | (161) | (0.2) | ||||||||||||||
Total | $ | 826,328 | $ | 1,366 | 0.2 | % | $ | 693,271 | $ | 3,849 | 0.6 | % | ||||||||
Net interest income and net interest rate spread | $ | 8,045 | 0.9 | % | $ | 6,313 | 0.8 | % |
2021 versus 2020 | |||||||||||
Increase (Decrease) Due to Change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest earning assets | |||||||||||
Investment securities1 | $ | 776 | $ | (299) | $ | 477 | |||||
Loans1 | 674 | (607) | 67 | ||||||||
Securities
purchased under agreements to resell3: | |||||||||||
U.S. | 125 | (584) | (459) | ||||||||
Non-U.S. | (23) | (157) | (180) | ||||||||
Securities borrowed4: | |||||||||||
U.S. | (81) | (254) | (335) | ||||||||
Non-U.S. | (3) | (27) | (30) | ||||||||
Trading
assets, net of Trading liabilities5: | |||||||||||
U.S. | 43 | (399) | (356) | ||||||||
Non-U.S. | (56) | 33 | (23) | ||||||||
Customer receivables and Other6: | |||||||||||
U.S. | 639 | (418) | 221 | ||||||||
Non-U.S. | 56 | (189) | (133) | ||||||||
Change in interest income | $ | 2,150 | $ | (2,901) | $ | (751) | |||||
Interest bearing liabilities | |||||||||||
Deposits1 | $ | 332 | $ | (876) | $ | (544) | |||||
Borrowings1,7 | 356 | (881) | (525) | ||||||||
Securities
sold under agreements to repurchase8,10: | |||||||||||
U.S. | 41 | (367) | (326) | ||||||||
Non-U.S. | 21 | (166) | (145) | ||||||||
Securities loaned9,10: | |||||||||||
U.S. | 32 | (52) | (20) | ||||||||
Non-U.S. | (61) | 63 | 2 | ||||||||
Customer
payables and Other11: | |||||||||||
U.S. | (65) | (584) | (649) | ||||||||
Non-U.S. | (28) | (248) | (276) | ||||||||
Change in interest expense | $ | 628 | $ | (3,111) | $ | (2,483) | |||||
Change in net interest income | $ | 1,522 | $ | 210 | $ | 1,732 |
December 2021 Form 10-K | 140 |
Financial Data Supplement (Unaudited) |
2019 | |||||||||||
$ in millions | Average Daily Balance | Interest | Average Rate | ||||||||
Interest earning assets | |||||||||||
Investment securities1 | $ | 101,696 | $ | 2,175 | 2.1 | % | |||||
Loans1 | 121,002 | 4,783 | 4.0 | ||||||||
Securities
purchased under agreements to resell2,3: | |||||||||||
U.S. | 46,757 | 2,121 | 4.5 | ||||||||
Non-U.S. | 43,328 | 160 | 0.4 | ||||||||
Securities borrowed2,4: | |||||||||||
U.S. | 95,332 | 1,257 | 1.3 | ||||||||
Non-U.S. | 33,249 | (53) | (0.2) | ||||||||
Trading
assets, net of Trading liabilities5: | |||||||||||
U.S. | 77,481 | 2,531 | 3.3 | ||||||||
Non-U.S. | 14,654 | 368 | 2.5 | ||||||||
Customer receivables and Other6: | |||||||||||
U.S. | 61,501 | 2,697 | 4.4 | ||||||||
Non-U.S. | 58,601 | 1,059 | 1.8 | ||||||||
Total | $ | 653,601 | $ | 17,098 | 2.6 | % | |||||
Interest bearing liabilities | |||||||||||
Deposits1 | $ | 180,116 | $ | 1,885 | 1.0 | % | |||||
Borrowings1,7 | 192,770 | 5,052 | 2.6 | ||||||||
Securities
sold under agreements to repurchase2,8,10: | |||||||||||
U.S. | 29,140 | 1,784 | 6.1 | ||||||||
Non-U.S. | 24,373 | 183 | 0.8 | ||||||||
Securities loaned2,9,10: | |||||||||||
U.S. | 3,297 | 132 | 4.0 | ||||||||
Non-U.S. | 7,435 | 510 | 6.9 | ||||||||
Customer
payables and Other11: | |||||||||||
U.S. | 118,775 | 1,792 | 1.5 | ||||||||
Non-U.S. | 65,196 | 1,066 | 1.6 | ||||||||
Total | $ | 621,102 | $ | 12,404 | 2.0 | % | |||||
Net interest income and net interest rate spread | $ | 4,694 | 0.6 | % |
2020 versus 2019 | |||||||||||
Increase (Decrease) Due to Change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest earning assets | |||||||||||
Investment securities1 | $ | 744 | $ | (637) | $ | 107 | |||||
Loans1 | 883 | (1,524) | (641) | ||||||||
Securities
purchased under agreements to resell2,3: | |||||||||||
U.S. | (81) | (1,495) | (1,576) | ||||||||
Non-U.S. | (5) | (242) | (247) | ||||||||
Securities borrowed2,4: | |||||||||||
U.S. | (129) | (1,618) | (1,747) | ||||||||
Non-U.S. | 26 | (135) | (109) | ||||||||
Trading
assets, net of Trading liabilities5: | |||||||||||
U.S. | (39) | (492) | (531) | ||||||||
Non-U.S. | 200 | (151) | 49 | ||||||||
Customer receivables and Other6: | |||||||||||
U.S. | 1,152 | (2,661) | (1,509) | ||||||||
Non-U.S. | 85 | (817) | (732) | ||||||||
Change in interest income | $ | 2,836 | $ | (9,772) | $ | (6,936) | |||||
Interest bearing liabilities | |||||||||||
Deposits1 | $ | 642 | $ | (1,574) | $ | (932) | |||||
Borrowings1,7 | 255 | (2,057) | (1,802) | ||||||||
Securities
sold under agreements to repurchase2,8,10: | |||||||||||
U.S. | (127) | (1,174) | (1,301) | ||||||||
Non-U.S. | (20) | (82) | (102) | ||||||||
Securities loaned2,9,10: | |||||||||||
U.S. | (16) | (67) | (83) | ||||||||
Non-U.S. | (57) | (83) | (140) | ||||||||
Customer
payables and Other11: | |||||||||||
U.S. | 109 | (3,077) | (2,968) | ||||||||
Non-U.S. | (4) | (1,223) | (1,227) | ||||||||
Change in interest expense | $ | 782 | $ | (9,337) | $ | (8,555) | |||||
Change in net interest income | $ | 2,054 | $ | (435) | $ | 1,619 |
Average Daily Deposits | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
$ in millions | Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | ||||||||||||||
Deposits1: | ||||||||||||||||||||
Savings | $ | 304,664 | — | % | $ | 202,035 | 0.1 | % | $ | 144,017 | 0.6 | % | ||||||||
Time | 20,836 | 1.7 | % | 39,452 | 1.8 | % | 36,099 | 2.8 | % | |||||||||||
Total | $ | 325,500 | 0.1 | % | $ | 241,487 | 0.4 | % | $ | 180,116 | 1.0 | % |
141 | December 2021 Form 10-K |
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 | |||||||
CVA | Credit valuation adjustment | |||||||
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 | |||||||
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 | |||||||
TDR | Troubled debt restructuring | |||||||
TLAC | Total loss-absorbing capacity | |||||||
U.K. | United Kingdom | |||||||
UPB | Unpaid principal balance | |||||||
U.S. | United States of America | |||||||
U.S. GAAP | Accounting principles generally accepted in the United States of America | |||||||
VaR | Value-at-Risk | |||||||
VIE | Variable interest entity | |||||||
WACC | Implied weighted average cost of capital | |||||||
WM | Wealth Management |
December 2021 Form 10-K | 142 |
143 | December 2021 Form 10-K |
December 2021 Form 10-K | 144 |
145 | December 2021 Form 10-K |
December 2021 Form 10-K | 146 |
147 | December 2021 Form 10-K |
$ in millions, except per share data | Total Number of Shares Purchased1 | Average Price Paid per Share | Total Shares Purchased as Part of Share Repurchase Program2, 3 | Dollar Value of Remaining Authorized Repurchase | ||||||||||
October | 5,429,074 | $ | 101.85 | 5,390,586 | $ | 7,894 | ||||||||
November | 12,082,824 | $ | 100.19 | 12,067,997 | $ | 6,685 | ||||||||
December | 11,013,200 | $ | 98.34 | 10,927,639 | $ | 5,610 | ||||||||
Three Months Ended December 31, 2021 | 28,525,098 | $ | 99.79 | 28,386,222 |
December 2021 Form 10-K | 148 |
At December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Morgan Stanley | $ | 100.00 | $ | 126.62 | $ | 97.79 | $ | 129.73 | $ | 179.10 | $ | 262.57 | ||||||||
S&P
500 Stock Index | 100.00 | 121.82 | 116.47 | 152.82 | 180.93 | 232.81 | ||||||||||||||
S&P 500 Financials Sector Index | 100.00 | 121.14 | 105.34 | 139.15 | 136.71 | 184.37 |
At December 31, 2021 | ||||||||||||||
(a) | (b) | (c) | ||||||||||||
plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights1 | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||
Equity compensation plans approved by security holders | 72,542,158 | $ | — | 148,865,107 | 2 | |||||||||
Equity
compensation plans not approved by security holders | — | — | — | |||||||||||
Total | 72,542,158 | $ | — | 148,865,107 |
149 | December 2021 Form 10-K |
Exhibit No. | Description | |||||||
3.1* | ||||||||
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 October 29, 2015). | |||||||
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). |
Exhibit No. | Description | |||||||
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) and 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). | |||||||
4.4* | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 |
December 2021 Form 10-K | 150 |
Exhibit No. | Description | |||||||
4.19 | ||||||||
4.20 | ||||||||
4.21 | ||||||||
4.22 | ||||||||
4.23 | ||||||||
4.24 | ||||||||
10.1 | ||||||||
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), and 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). |
151 | December 2021 Form 10-K |
Exhibit No. | Description | |||||||
10.3† | Morgan
Stanley 401(k) Plan, amended and restated as of January 1, 2013 (Exhibit 10.6 to Morgan Stanley annual report on Form 10-K for the year ended December 31, 2012), as amended by Amendment (Exhibit 10.5 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2013), Amendment (Exhibit 10.6
to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2013), Amendment (Exhibit 10.5 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2014), Amendment (Exhibit 10.5 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2015), Amendment (Exhibit
10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2016), Amendment (Exhibit 10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2017), Amendment (Exhibit 10.5 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2017), Amendment (Exhibit
10.4 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2018), 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). | |||||||
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, 2018 (Exhibit 10.6 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended December 31, 2018). | |||||||
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 February 1, 2009 (Exhibit 10.20 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended November 30, 2008). |
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† | ||||||||
10.17† | ||||||||
10.18† | Morgan Stanley Schedule of Non-Employee Directors
Annual Compensation, effective as of November 1, 2018 (Exhibit 10.24 to Morgan Stanley’s annual report on Form 10-K for the fiscal year ended December 31, 2018). | |||||||
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). |
December 2021 Form 10-K | 152 |
Exhibit No. | Description | |||||||
10.20† | Form
of Award Certificate for Discretionary Retention Awards of Stock Units. (Exhibit 10.33 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31, 2017). | |||||||
10.21† | Form of Award Certificate for Discretionary Retention Awards under the Morgan Stanley Compensation Incentive Plan. (Exhibit 10.34 to Morgan Stanley’s annual report on Form 10-K for the year ended December 31,
2017). | |||||||
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* | ||||||||
23.2* | ||||||||
24 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101 | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”). | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
* | 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). |
MORGAN STANLEY (REGISTRANT) | |||||
By: | /s/ JAMES P. GORMAN | ||||
(James P. Gorman) | |||||
Chairman of the Board and Chief Executive Officer |
Signature | Title | ||||
/s/ JAMES P. GORMAN | Chairman of the Board and Chief Executive Officer | ||||
(James P. Gorman) | (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/ ELIZABETH CORLEY | Director | ||||
(Elizabeth Corley) | |||||
/s/ ALISTAIR
DARLING | Director | ||||
(Alistair Darling) | |||||
153 | December 2021 Form 10-K |
Signature | Title | ||||
/s/ THOMAS
H. GLOCER | Director | ||||
(Thomas H. Glocer) | |||||
/s/ ROBERT H. HERZ | Director | ||||
(Robert H. Herz) | |||||
/s/ NOBUYUKI
HIRANO | Director | ||||
(Nobuyuki Hirano) | |||||
/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/ DENNIS
M. NALLY | Director | ||||
(Dennis M. Nally) | |||||
/s/ MARY L. SCHAPIRO | Director | ||||
(Mary L. Schapiro) | |||||
Director | |||||
(Perry M. Traquina) | |||||
Director | |||||
(Rayford Wilkins, Jr.) |
December 2021 Form 10-K | 154 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/26/24 Morgan Stanley POS AM 5:1M Davis Polk & … LLP 01/FA 2/22/24 Morgan Stanley POSASR 2/22/24 6:1M Davis Polk & … LLP 01/FA 2/22/24 Morgan Stanley 10-K 12/31/23 224:45M 11/16/23 Morgan Stanley S-3ASR 11/16/23 27:5.2M Davis Polk & … LLP 01/FA 2/24/23 Morgan Stanley 10-K 12/31/22 227:50M 8/01/22 Morgan Stanley 8-A12B 4:286K Davis Polk & … LLP 01/FA 7/22/22 Morgan Stanley 8-A12B 1:24K Davis Polk & … LLP 01/FA 7/08/22 Mitsubishi Ufj Fin’l Group Inc. 20-F 3/31/22 208:101M |