SEC Info - Morgan Stanley - ‘10-Q’ for 3/31/21

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		Alternative Formats (Word, et al.) Accounting Development Updates Acquisitions Balance Sheet Borrowings and Other Secured Financings Business Segments Cash and Cash Equivalents Collateralized Transactions Commitments, Guarantees and Contingencies Consolidated Balance Sheets (Unaudited at March 31, 2021) Consolidated Cash Flow Statements (Unaudited) Consolidated Comprehensive Income Statements (Unaudited) Consolidated Financial Statements and Notes Consolidated Income Statements (Unaudited) Consolidated Statements of Changes in Total Equity (Unaudited) Controls and Procedures Country and Other Risks Credit Risk Critical Accounting Policies Deposits Derivative Instruments and Hedging Activities Executive Summary Exhibits Fair Value Option Fair Values Financial Data Supplement (Unaudited) Financial Information Glossary of Common Terms and Acronyms Income Taxes Institutional Securities Interest Income and Interest Expense Introduction Introduction and Basis of Presentation Investment Management Investment Securities Legal Proceedings Liquidity and Capital Resources Loans, Lending Commitments and Related Allowance for Credit Losses Management's Discussion and Analysis of Financial Condition and Results of Operations Market Risk Notes to Consolidated Financial Statements (Unaudited) Other Assets-Equity Method Investments Other Information Quantitative and Qualitative Disclosures about Risk Regulatory Requirements Report of Independent Registered Public Accounting Firm Risk Factors Segment, Geographic and Revenue Information Signatures Significant Accounting Policies Supplemental Financial Information Table of Contents Total Equity Unregistered Sales of Equity Securities and Use of Proceeds Variable Interest Entities and Securitization Activities Wealth Management 10 11 12 13 14 15 16 17 18 19 20
1	1st Page – Filing Submission
"	Table of Contents
"	Financial Information
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Introduction
"	Executive Summary
"	Business Segments
"	Institutional Securities
"	Wealth Management
"	Investment Management
"	Supplemental Financial Information
"	Accounting Development Updates
"	Critical Accounting Policies
"	Liquidity and Capital Resources
"	Balance Sheet
"	Regulatory Requirements
"	Quantitative and Qualitative Disclosures about Risk
"	Market Risk
"	Credit Risk
"	Country and Other Risks
"	Report of Independent Registered Public Accounting Firm
"	Consolidated Financial Statements and Notes
"	Consolidated Income Statements (Unaudited)
"	Consolidated Comprehensive Income Statements (Unaudited)
"	Consolidated Balance Sheets (Unaudited at March 31, 2021)
"	Consolidated Statements of Changes in Total Equity (Unaudited)
"	Consolidated Cash Flow Statements (Unaudited)
"	Notes to Consolidated Financial Statements (Unaudited)
"	Introduction and Basis of Presentation
"	Significant Accounting Policies
"	Acquisitions
"	Cash and Cash Equivalents
"	Fair Values
"	Fair Value Option
"	Derivative Instruments and Hedging Activities
"	Investment Securities
"	Collateralized Transactions
"	10
"	Loans, Lending Commitments and Related Allowance for Credit Losses
"	11
"	Other Assets-Equity Method Investments
"	12
"	Deposits
"	13
"	Borrowings and Other Secured Financings
"	14
"	Commitments, Guarantees and Contingencies
"	15
"	Variable Interest Entities and Securitization Activities
"	16
"	17
"	Total Equity
"	18
"	Interest Income and Interest Expense
"	19
"	Income Taxes
"	20
"	Segment, Geographic and Revenue Information
"	Financial Data Supplement (Unaudited)
"	Glossary of Common Terms and Acronyms
"	Other Information
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Controls and Procedures
"	Exhibits
"	Signatures

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Securities registered pursuant to Section 12(b) of the Act:

i Common Stock, $0.01 par value

Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate

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 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 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 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 Non-Cumulative Preferred Stock, Series K, $0.01 par value

Depository Shares, each representing 1/1000th interest in a share of 4.875%

i Non-Cumulative Preferred Stock, Series L, $0.01 par value

i Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026

of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)

i Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031

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

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

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

i Large accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

As of April 30, 2021, there were i 1,860,588,915 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q

For the quarter ended March 31, 2021

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

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

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

•Amended and Restated Certificate of Incorporation;

•Amended and Restated Bylaws;

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

•Corporate Governance Policies;

•Policy Regarding Corporate Political Activities;

•Policy Regarding Shareholder Rights Plan;

•Equity Ownership Commitment;

•Code of Ethics and Business Conduct;

•Integrity Hotline Information;

•Environmental and Social Policies;

•Sustainability Report;

•Task Force on Climate-related Financial Disclosures Report; and

•Diversity and Inclusion Report.

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

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

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. Disclosures reflect the effects of the acquisitions of E*TRADE Financial Corporation (“E*TRADE”) and Eaton Vance Corp. (“Eaton Vance”) prospectively from the acquisition dates, October 2, 2020 and March 1, 2021, respectively. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.

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

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

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

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

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

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; risk factors; legislative, legal and regulatory developments; and other factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements,” “Business—Competition,” “Business—Supervision and Regulation,” and “Risk Factors” in the 2020 Form 10-K, and “Liquidity and Capital Resources—Regulatory Requirements” herein.


March 2021 Form 10-Q			1


Table of Contents
Management’s Discussion and Analysis

Executive Summary

Overview of Financial Results

Consolidated Results—Three Months Ended March 31, 2021

•Firm Net revenues were up 61% and Net income applicable to Morgan Stanley was up 143%, with strong contributions from each of our three business segments, and resulting in an annualized ROTCE of 21.1%, or 21.4% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein).

•Institutional Securities Net revenues of $8.6 billion increased 66% reflecting strength across businesses and geographies on continued strong client engagement and higher volumes in a constructive market environment, notwithstanding losses related to a single client event in the quarter.

•Wealth Management delivered pre-tax income of $1.6 billion with a pre-tax profit margin of 26.9%, or 27.9% excluding integration-related expenses (see “Selected Non-GAAP Financial Information” herein). Results reflect strong levels of client engagement, net new assets of $105 billion and fee-based flows of $37 billion, in addition to growth in bank lending.

•Investment Management results reflect strong asset management fees on AUM of $1.4 trillion due to strong investment performance and positive flows across all asset classes, as well as the impact of the Eaton Vance acquisition.

•The Firm expense efficiency ratio was 66.6%, or 66.1% excluding the impact of integration-related expenses (see “Selected Non-GAAP Financial Information” herein).

•At March 31, 2021, our standardized Common Equity Tier 1 capital ratio was 16.7%.

•The Firm repurchased $2.1 billion of its outstanding common stock.

Strategic Transactions

•On March 1, 2021, we completed the acquisition of Eaton Vance. For further information, see “Business Segments—Investment Management” herein.

Net Revenues1

($ in millions)

1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

Net Income Applicable to Morgan Stanley

($ in millions)

Earnings per Diluted Common Share1

1.Adjusted Diluted EPS for the current quarter was $2.22 (see “Selected Non-GAAP Financial Information” herein).

We reported net revenues of $15.7 billion in the quarter ended March 31, 2021 (“current quarter,” or “1Q 2021”), compared with $9.8 billion in the quarter ended March 31, 2020 (“prior year quarter,” or “1Q 2020”). For the current quarter, net income applicable to Morgan Stanley was $4.1 billion, or $2.19 per diluted common share, compared with $1.7 billion or $1.01 per diluted common share, in the prior year quarter.


			2			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Non-interest Expenses1, 2

($ in millions)

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

2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

•Compensation and benefits expenses of $6,798 million in the current quarter increased 59% from the prior year quarter, primarily as a result of increases in discretionary incentive compensation and the formulaic payout to Wealth Management representatives, both driven by higher revenues, higher expenses related to certain deferred compensation plans linked to investment performance and the Firm’s share price, and incremental compensation as a result of the E*TRADE and Eaton Vance acquisitions.

•Non-compensation expenses of $3,675 million in the current quarter increased 25% from the prior year quarter, primarily driven by incremental expenses as a result of the E*TRADE and Eaton Vance acquisitions, in addition to higher volume-related expenses and higher investments in technology.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments was a net release of $98 million in the current quarter primarily driven by improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated borrowers. The Provision for credit losses on loans and lending commitments of $407 million in the prior year quarter was primarily driven by deterioration in the current and expected macroeconomic environment at that time. For further information on the Provision for credit losses, see “Credit Risk” herein.

Income Taxes

The increase in the Firm’s effective tax rate in the current quarter is primarily due to the lower impact of net discrete tax benefits. Net discrete tax benefits in the current quarter of $86 million and $130 million in the prior year quarter were primarily related to the conversion of employee share-based awards.

Business Segment Results

Net Revenues by Segment1, 2

($ in millions)

Net Income Applicable to Morgan Stanley by Segment1

($ in millions)

1.The percentages on the bars in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to 100% due to intersegment eliminations. See Note 20 to the financial statements for details of intersegment eliminations.

2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

•Institutional Securities net revenues of $8,577 million in the current quarter increased 66% from the prior year quarter, primarily reflecting higher revenues in equity underwriting driven by higher volumes, as well as higher revenues in credit products and equity derivatives. The current quarter included a loss of $644 million related to a credit event for a single client, and $267 million of subsequent trading losses through the end of the quarter related to the same event.

•Wealth Management net revenues of $5,959 million in the current quarter increased 47% primarily due to higher transactional revenues reflecting gains from investments associated with certain employee deferred compensation plans, as well as higher asset management revenues on increased asset levels and positive fee-based flows. Net


March 2021 Form 10-Q			3


Table of Contents
Management’s Discussion and Analysis

interest also increased primarily reflecting incremental revenues as a result of the E*TRADE acquisition.

•Investment Management net revenues of $1,314 million in the current quarter increased 90% from the prior year quarter, due to higher Asset management and related fees driven by higher average AUM and the effect of the Eaton Vance acquisition, and higher Performance-based income and other revenues, driven by higher accrued carried interest.

Net Revenues by Region1, 2, 3

($ in millions)

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

2.For a discussion of how the geographic breakdown of net revenues is determined, see Note 20 to the financial statements in the 2020 Form 10-K.

3.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

Current quarter revenues in Asia increased 40% and EMEA increased 80%, both driven primarily by the equity and fixed income businesses within the Institutional Securities business segment. Americas revenues increased 62%, primarily driven by the Wealth Management and the Institutional Securities business segments.

Selected Financial Information and Other Statistical Data


	Three Months Ended March 31,
$ in millions	2021			2020
Consolidated results
Net revenues1	$	15,719		$	9,779
Earnings applicable to Morgan Stanley common shareholders	$	3,982		$	1,590
Earnings per diluted common share	$	2.19		$	1.01
Consolidated financial measures
Expense efficiency ratio1, 2	66.6		%	73.9		%
Adjusted expense efficiency ratio1, 2, 4	66.1		%	73.9		%
ROE3	16.9		%	8.5		%
Adjusted ROE3, 4	17.1		%	8.5		%
ROTCE3, 4	21.1		%	9.7		%
Adjusted ROTCE3, 4	21.4		%	9.7		%
Pre-tax margin1, 5	34.0		%	21.9		%
Effective tax rate	22.0		%	17.1		%
Pre-tax margin by segment5
Institutional Securities1	39.3		%	18.3		%
Wealth Management1	26.9		%	26.0		%
Wealth Management, adjusted1, 4	27.9		%	26.0		%
Investment Management	28.2		%	20.7		%
Investment Management, adjusted4	29.0		%	20.7		%


in millions, except per share and employee data	At March 31, 2021			At December 31, 2020
Liquidity resources6	$	353,304		$	338,623
Loans7	$	159,123		$	150,597
Total assets	$	1,158,772		$	1,115,862
Deposits	$	323,138		$	310,782
Borrowings	$	215,826		$	217,079
Common shares outstanding	1,869			1,810
Common shareholders' equity	$	98,509		$	92,531
Tangible common shareholders’ equity4	$	72,828		$	75,916
Book value per common share8	$	52.71		$	51.13
Tangible book value per common share4, 8	$	38.97		$	41.95
Worldwide employees9 (in thousands)	71			68
Capital Ratios10
Common Equity Tier 1 capital—Standardized	16.7		%	17.4		%
Common Equity Tier 1 capital—Advanced	17.4		%	17.7		%
Tier 1 capital—Standardized	18.5		%	19.4		%
Tier 1 capital—Advanced	19.2		%	19.8		%
SLR11	6.7		%	7.4		%
Tier 1 leverage	7.5		%	8.4		%

1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

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

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

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

5.Pre-tax margin represents income before income taxes as a percentage of net revenues.

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

7.Amounts include loans held for investment (net of allowance) and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheets (see Note 10 to the financial statements).

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

9.As of March 31, 2021, the number of employees includes Eaton Vance.

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

11.At March 31, 2021 and at December 31, 2020, our SLR reflects the impact of a Federal Reserve interim final rule that was in effect until March 31, 2021. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” herein.


			4			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Coronavirus Disease (“COVID-19”) Pandemic

The COVID-19 pandemic and related voluntary and government-imposed social and business restrictions have had, and will likely continue to have, a significant impact on global economic conditions and the environment in which we operate our businesses. The Firm continues to be fully operational, with approximately 90% of employees in the Americas and globally working from home as of March 31, 2021.

Though we are unable to estimate the extent of the impact, the economic or other effects of the ongoing COVID-19 pandemic may have adverse impacts on our future operating results. Refer to “Risk Factors” and “Forward-Looking Statements” in the 2020 Form 10-K for more information.

Selected Non-GAAP Financial Information

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

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

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

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


	Three Months Ended March 31,
$ in millions, except per share data		2021			2020
Earnings applicable to Morgan Stanley common shareholders		$	3,982		$	1,590
Impact of adjustments:
Integration-related expenses		75			—
Related tax benefit		(17)			—
Adjusted earnings applicable to Morgan Stanley common shareholders—non-GAAP1		$	4,040		$	1,590
Earnings per diluted common share		$	2.19		$	1.01
Impact of adjustments		0.03			—
Adjusted earnings per diluted common share—non-GAAP1		$	2.22		$	1.01
Expense efficiency ratio2		66.6		%	73.9		%
Impact of adjustments		(0.5)		%	—		%
Adjusted expense efficiency ratio—non-GAAP1, 2		66.1		%	73.9		%
Wealth Management Pre-tax margin2		26.9		%	26.0		%
Impact of adjustments		1.0		%	—		%
Adjusted Wealth Management pre-tax margin—non-GAAP1, 2		27.9		%	26.0		%
Investment Management Pre-tax margin		28.2		%	20.7		%
Impact of adjustments		0.8		%	—		%
Adjusted Investment Management pre-tax margin—non-GAAP1		29.0		%	20.7		%


$ in millions	At March 31, 2021		At December 31, 2020
Tangible equity
Common shareholders' equity	$	98,509	$	92,531
Less: Goodwill and net intangible assets	(25,681)		(16,615)
Tangible common shareholders' equity—non-GAAP	$	72,828	$	75,916


		Average Monthly Balance
	Three Months Ended March 31,
$ in millions		2021		2020
Tangible equity
Common shareholders' equity		$	94,343	$	74,724
Less: Goodwill and net intangible assets		(18,849)		(9,200)
Tangible common shareholders' equity—non-GAAP		$	75,494	$	65,524


	Three Months Ended March 31,
$ in billions		2021			2020
Average common equity
Unadjusted—GAAP		$	94.3		$	74.7
Adjusted1—Non-GAAP		94.4			74.7
ROE3
Unadjusted—GAAP		16.9		%	8.5		%
Adjusted1—Non-GAAP		17.1		%	8.5		%
Average tangible common equity—Non-GAAP
Unadjusted		$	75.5		$	65.5
Adjusted1		75.5			65.5
ROTCE3—Non-GAAP
Unadjusted		21.1		%	9.7		%
Adjusted1		21.4		%	9.7		%


March 2021 Form 10-Q			5


Table of Contents
Management’s Discussion and Analysis

Non-GAAP Financial Measures by Business Segment


	Three Months Ended March 31,
$ in billions		2021			2020
Average common equity4
Institutional Securities		$	43.5		$	42.8
Wealth Management		28.5			18.2
Investment Management		4.4			2.6
ROE5
Institutional Securities		23.0		%	6.3		%
Wealth Management		16.9		%	18.5		%
Investment Management		24.8		%	11.7		%
Average tangible common equity4
Institutional Securities		$	42.9		$	42.3
Wealth Management		13.4			10.4
Investment Management		1.2			1.7
ROTCE5
Institutional Securities		23.3		%	6.4		%
Wealth Management		36.0		%	32.3		%
Investment Management		88.2		%	18.1		%

1.Adjusted amounts exclude the effect of costs related to the integration of E*TRADE and Eaton Vance, net of tax as appropriate. The pre-tax adjustments were as follows: Wealth Management – Compensation expenses of $30 million and Non-compensation expenses of $34 million, Investment Management – Compensation expenses of $3 million and Non-compensation expenses of $8 million.

2.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for more information.

3.ROE and ROTCE represent earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. When excluding integration-related costs, both the numerator and average denominator are adjusted.

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

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

Return on Tangible Common Equity Target

In January 2021, we established a 2-year ROTCE Target of 14% to 16%, excluding integration-related expenses.

Our ROTCE Target is a forward-looking statement that was based on a normal market environment and may be materially affected by many factors, including, among other things: mergers and acquisitions; macroeconomic and market conditions; legislative, accounting, tax and regulatory developments; industry trading and investment banking volumes; equity market levels; interest rate environment; outsized legal expenses or penalties; the ability to control expenses; and capital levels.

Given the economic impact of the COVID-19 pandemic, it is uncertain if the ROTCE Target will be met within the originally stated time frame. See “Coronavirus Disease (COVID–19) Pandemic” herein and “Risk Factors” in the 2020 Form 10-K for further information on market and economic conditions and their effects on our financial results.

For further information on non-GAAP measures (ROTCE excluding integration-related expenses), see “Selected Non-GAAP Financial Information” herein.

Business Segments

Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 20 to the financial statements for information on intersegment transactions.

For an overview of the components of our business segments, net revenues, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2020 Form 10-K.

As part of our effort to continually improve the transparency and comparability of our external financial reporting, several updates to our financial presentation were implemented in the first quarter of 2021. Prior period amounts have been reclassified to conform to the current presentation.

Provision for credit losses

The Provision for credit losses for loans and lending commitments is now presented as a separate line in the income statements. Previously, the provision for credit losses for loans was included in Other revenues and the provision for credit losses for lending commitments was included in Other expense.

Other revenues

Gains and losses on economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans, which were previously reported in Trading revenues, are now reported within Other revenues in the income statements. The new presentation better aligns with the recognition of mark-to-market gains and losses on held-for-sale loans which continue to be reported in Other revenues.

Institutional Securities

Equity—Financing, Equity—Execution services and Fixed income now include certain Investments and Other revenues to the extent directly attributable to those businesses. The remaining Investments and Other revenues not included in those businesses’ results are reported in Other. Other also includes revenues previously reported as Other Sales and Trading.

Investment Management

We have renamed the previously disclosed revenue line Asset management to Asset management and related fees and have combined the remaining revenue lines into a new category named Performance-based income and other.


			6			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Institutional Securities

Income Statement Information


	Three Months Ended March 31,
$ in millions	2021		2020		% Change
Revenues
Advisory	$	480	$	362	33	%
Equity	1,502		336		N/M
Fixed income	631		446		41	%
Total Underwriting	2,133		782		173	%
Total Investment Banking	2,613		1,144		128	%


Equity1	2,875		2,449		17	%
Fixed Income1	2,966		2,062		44	%
Other1	123		(477)		126	%
Net revenues1	$	8,577	$	5,178	66	%
Provision for credit losses1	(93)		388		(124)	%
Compensation and benefits	3,114		1,814		72	%
Non-compensation expenses1	2,185		2,026		8	%
Total non-interest expenses1	5,299		3,840		38	%
Income before provision for income taxes	3,371		950		N/M
Provision for income taxes	736		151		N/M
Net income	2,635		799		N/M
Net income applicable to noncontrolling interests	34		42		(19)	%
Net income applicable to Morgan Stanley	$	2,601	$	757	N/M

1.Certain prior period amounts have been reclassified to conform to the current presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.

Investment Banking Revenues

Investment Banking Volumes


	Three Months Ended March 31,
$ in billions		2021		2020
Completed mergers and acquisitions1		$	225	$	119
Equity and equity-related offerings2, 3		36		14
Fixed income offerings2, 4		102		94

Source: Refinitiv data as of April 1, 2021. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.

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

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

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

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

Investment Banking Revenues

Revenues of $2,613 million in the current quarter increased 128% compared with the prior year quarter, primarily reflecting an increase in equity underwriting revenues.

•Advisory revenues increased primarily as a result of higher volumes of completed M&A activity.

•Equity underwriting revenues increased on higher volumes, primarily in initial public offerings, secondary block share trades and follow-on offerings.

•Fixed income underwriting revenues increased primarily in non-investment grade bond issuances on higher volumes, as well as in non-investment grade loans issuances.

See “Investment Banking Volumes” herein.

Equity, Fixed Income and Other Net Revenues

Equity and Fixed Income Net Revenues


	Three Months Ended March 31, 2021
					Net Interest2		All Other3
$ in millions	Trading		Fees1		Net Interest2		All Other3		Total
Financing	$	645	$	130	$	182	$	3	$	960
Execution services	1,114		800		(62)		63		1,915
Total Equity	$	1,759	$	930	$	120	$	66	$	2,875
Total Fixed Income	$	2,313	$	81	$	439	$	133	$	2,966


	Three Months Ended March 31, 20204
					Net Interest2		All Other3
$ in millions	Trading		Fees1		Net Interest2		All Other3		Total
Financing	$	1,034	$	101	$	(37)	$	5	$	1,103
Execution services	579		783		(38)		22		1,346
Total Equity	$	1,613	$	884	$	(75)	$	27	$	2,449
Total Fixed Income	$	1,773	$	102	$	328	$	(141)	$	2,062

1.Includes Commissions and fees and Asset management revenues.

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

3.Includes Investments and Other revenues.

4.Certain prior period amounts have been reclassified to conform to the current period presentation. See “Business Segments” herein and Note 1 to the financial statements for additional information.

Equity

Net revenues of $2,875 million in the current quarter increased 17% compared with the prior year quarter, reflecting an increase in execution services, partially offset by a decrease in financing.

•Financing revenues decreased, primarily driven by a loss of $644 million, related to a credit event for a single client, partially offset by higher average client balances and higher client activity.

•Execution services revenues increased, primarily in derivatives due to the impact of market conditions on inventory held to facilitate client activity and higher client activity. Partially offsetting this increase was $267 million of trading losses related to the same credit event.


March 2021 Form 10-Q			7


Table of Contents
Management’s Discussion and Analysis

Fixed Income

Net revenues of $2,966 million in the current quarter increased 44% compared with the prior year quarter, primarily driven by credit products.

•Global macro products revenues decreased in both foreign exchange and rates products primarily due to the effect of tighter bid-offer spreads compared with the prior year quarter, partially offset by the impact of market conditions on inventory held to facilitate client activity.

•Credit products revenues increased primarily due to the impact of market conditions on inventory held to facilitate client activity in securitized products, corporate credit products and municipal securities. In addition, higher client activity in securitized products was partially offset by the effect of tighter bid-offer spreads in corporate credit products compared with the prior year quarter.

•Commodities products and other fixed income revenues increased primarily driven by higher counterparty credit risk management results.

Other Net Revenues

Net revenues of $123 million in the current quarter increased 126% compared with the prior year quarter primarily due to lower mark-to-market losses on corporate loans held for sale, net of related economic hedges, and gains from investments associated with certain employee deferred compensation plans compared with losses in the prior year quarter.

Net Interest

Net interest revenues of $638 million in the current quarter are included within Equity, Fixed Income, and Other, and increased 38% compared with the prior year quarter primarily driven by lower net costs associated with maintaining liquidity as well as higher revenues in corporate lending and secured lending facilities.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments was a net release of $93 million in the current quarter primarily driven by improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated borrowers. The Provision for credit losses on loans and lending commitments of $388 million in the prior year quarter was primarily driven by deterioration in the current and expected macroeconomic environment at that time. For further information on the Provision for credit losses, see “Credit Risk” herein.

Non-interest Expenses

Non-interest expenses of $5,299 million in the current quarter increased 38% compared with the prior year quarter, primarily reflecting a 72% increase in Compensation and benefits expenses.

•Compensation and benefits expenses increased, primarily due to increases in discretionary incentive compensation driven by higher revenues, and higher expenses related to certain deferred compensation plans linked to investment performance.

•Non-compensation expenses increased, primarily reflecting an increase in volume-related expenses and higher investments in technology.

Income Tax Items

Net discrete tax benefits of $52 million and $66 million, were recognized in Provision for income taxes in the current quarter and the prior year quarter, respectively.


			8			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Wealth Management

Income Statement Information


	Three Months Ended March 31,
$ in millions	2021		2020		% Change
Revenues
Asset management	$	3,191	$	2,680	19	%
Transactional1	1,228		399		N/M









Net interest	1,385		896		55	%
Other1,2	155		81		91	%
Net revenues	5,959		4,056		47	%
Provision for credit losses2	(5)		19		(126)	%
Compensation and benefits	3,170		2,212		43	%
Non-compensation expenses	1,194		770		55	%
Total non-interest expenses	4,364		2,982		46	%
Income before provision for income taxes	$	1,600	$	1,055	52	%
Provision for income taxes	358		191		87	%
Net income applicable to Morgan Stanley	$	1,242	$	864	44	%

1.Transactional includes investment banking, trading, and commissions and fees revenues. Other includes investments and other revenues. For further information, see Note 20 to the financial statements.

2.Certain prior period amounts have been reclassified to conform to the current presentation. See "Business Segments" herein and Note 1 to the financial statements for additional information.

Acquisition of E*TRADE

The comparisons of current year results to prior periods are impacted by the acquisition of E*TRADE in the fourth quarter of 2020. For additional information on the acquisition of E*TRADE, see Note 3 to the financial statements in the Form 2020 10-K.

Wealth Management Metrics




$ in billions	At March 31, 2021		At December 31, 2020
Total client assets	$	4,231	$	3,999

U.S. Bank Subsidiary loans	$	104.9	$	98.1
Margin and other lending1	$	26.6	$	23.1
Deposits2	$	322	$	306
Weighted average cost of deposits3	0.18%		0.24%


	Three Months Ended March 31,

	2021		2020

Net new assets4	$	104.9	$	37.1

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

2.Deposits are sourced from Wealth Management clients and other sources of funding on the U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other, and time deposits. Excludes approximately $8 billion and $25 billion of off-balance sheet deposits as of March 31, 2021 and December 31, 2020, respectively.

3.Weighted average cost of deposits represents the annualized weighted average cost of deposits as of March 31, 2021 and December 31, 2020.

4.Net new assets represents client inflows (including dividends and interest) less client outflows (excluding activity from business combinations/divestitures and the impact of fees and commissions).

Advisor-led channel




$ in billions	At March 31, 2021		At December 31, 2020

Advisor-led client assets1	$	3,349	$	3,167
Fee-based client assets2	$	1,574	$	1,472

Fee-based client assets as a percentage of advisor-led client assets	47%		46%












	Three Months Ended March 31,
	2021		2020
Fee-based asset flows3	$	37.2	$	18.4

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

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

3.Fee-based asset flows includes net new fee-based assets, net account transfers, dividends, interest and client fees, and excludes institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see Fee-based client assets in the 2020 Form 10-K.

Self-directed channel




$ in billions	At March 31, 2021		At December 31, 2020








Self-directed assets1	$	882	$	832

Self-directed households (in millions)2	7.2		6.7

















	Three Months Ended March 31,
	2021	2020
Daily average revenue trades (“DARTs”) (in thousands)3	1,619	5

1.Self-directed assets represents active accounts which are not advisor led. Active accounts are defined as having $25 or more in assets.

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

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

Workplace channel1




$ in billions	At March 31, 2021		At December 31, 2020













Workplace unvested assets2	$	461	$	435
Number of participants (in millions)3	5.1		4.9

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

2.Workplace unvested assets represents the market value of public company securities at the end of the period.

3.Workplace participants represents total accounts with vested or unvested assets >0 in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Net Revenues

Asset Management

Asset management revenues of $3,191 million in the current quarter increased 19% compared with the prior year quarter, primarily due to higher fee-based asset levels in the current quarter as a result of market appreciation and positive fee-based flows.

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


March 2021 Form 10-Q			9


Table of Contents
Management’s Discussion and Analysis

Transactional Revenues

Transactional revenues of $1,228 million in the current quarter increased substantially compared with the prior year quarter, primarily due to gains from investments associated with certain employee deferred compensation plans, and incremental revenues as a result of the E*TRADE acquisition.

Net Interest

Net interest of $1,385 million increased 55% compared with the prior year quarter, primarily due to incremental Net interest as a result of the E*TRADE acquisition, improved prepayment amortization related to mortgage-backed securities, growth in bank lending and increases in investment portfolio balances driven by higher brokerage sweep deposits. These increases were partially offset by the net effect of lower interest rates.

Other

Other revenues of $155 million in the current quarter increased 91% compared with the prior year quarter, primarily due to incremental revenues as a result of the E*TRADE acquisition.

Non-interest Expenses

Non-interest expenses of $4,364 million in the current quarter increased 46% compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses and Non-compensation expenses.

•Compensation and benefits expenses increased primarily due to higher expenses related to certain deferred compensation plans linked to investment performance, an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues and incremental compensation as a result of the E*TRADE acquisition.

•Non-compensation expenses increased primarily due to incremental operating and other expenses as a result of the E*TRADE acquisition.

Fee-Based Client Assets Rollforwards


$ in billions	At December 31, 2020		Inflows		Outflows		Market Impact		At March 31, 2021
Separately managed1	$	359	$	13	$	(7)	$	20	$	385
Unified managed	379		27		(14)		13		405
Advisor	177		12		(9)		8		188
Portfolio manager	509		33		(18)		25		549
Subtotal	$	1,424	$	85	$	(48)	$	66	$	1,527
Cash management	48		8		(9)		—		47
Total fee-based client assets	$	1,472	$	93	$	(57)	$	66	$	1,574


$ in billions	At December 31, 2019		Inflows		Outflows		Market Impact		At March 31, 2020
Separately managed1	$	322	$	12	$	(7)	$	2	$	329
Unified managed	313		16		(13)		(53)		263
Advisor	155		10		(9)		(25)		131
Portfolio manager	435		27		(18)		(65)		379
Subtotal	$	1,225	$	65	$	(47)	$	(141)	$	1,102
Cash management	42		4		(14)		—		32
Total fee-based client assets	$	1,267	$	69	$	(61)	$	(141)	$	1,134

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

Average Fee Rates


	Three Months Ended March 31,
Fee rate in bps		2021	2020
Separately managed		14	14
Unified managed		97	99
Advisor		81	85
Portfolio manager		93	94
Subtotal		73	72
Cash management		5	5
Total fee-based client assets		71	71

For a description of fee-based client assets and rollforward items in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2020 Form 10-K.


			10			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Investment Management

Income Statement Information


	Three Months Ended March 31,
$ in millions	2021		2020		% Change
Revenues
Asset management and related fees	$	1,103	$	665	66	%
Performance-based income and other1	211		27		N/M

Net revenues	1,314		692		90	%
Compensation and benefits	514		257		100	%
Non-compensation expenses	430		292		47	%
Total non-interest expenses	944		549		72	%
Income before provision for income taxes	370		143		159	%
Provision for income taxes	81		25		N/M
Net income	289		118		145	%
Net income applicable to noncontrolling interests	14		40		(65)	%
Net income applicable to Morgan Stanley	$	275	$	78	N/M

1.Includes Investments, Trading, Commissions and fees, Net interest, and Other revenues. For further information, see Note 20 to the financial statements.

Acquisition of Eaton Vance

On March 1, 2021, we completed the acquisition of Eaton Vance via the issuance of approximately $5.3 billion of common shares and cash consideration of approximately $3.4 billion. The combination increases the capabilities and scale of our investment management franchise, and positions the Investment Management business segment as a premier asset manager. From the acquisition date onward, the business activities of Eaton Vance have been reported within the Investment Management business segment, the substantial majority of which are within Asset management and related fees. The comparisons of current year results to prior periods are impacted by this acquisition. For additional information on the acquisition of Eaton Vance, see Note 3 to the financial statements.

Net Revenues

Asset Management and related fees

Asset management and related fees of $1,103 million in the current quarter increased 66% compared with the prior year quarter, primarily as a result of higher average AUM, driven by strong investment performance and positive net flows across all asset classes, as well as incremental revenues as a result of the Eaton Vance acquisition.

See “Assets Under Management or Supervision” herein.

Performance-based income and other

Performance-based income and other revenues of $211 million in the current quarter increased compared with the prior year quarter, primarily due to higher accrued carried interest, particularly in real estate funds.

Non-interest Expenses

Non-interest expenses of $944 million in the current quarter increased 72% compared with the prior year quarter as a result of higher Compensation and benefits expenses and higher Non-compensation expenses.

•Compensation and benefits expenses increased in the current quarter primarily due to higher discretionary incentive compensation driven by higher revenues, higher compensation associated with carried interest, and incremental compensation as a result of the Eaton Vance acquisition.

•Non-compensation expenses in the current quarter increased compared with the prior year quarter primarily due to higher fee sharing paid to intermediaries driven by higher average AUM, as well as incremental expenses as a result of the Eaton Vance acquisition.

Assets Under Management or Supervision

Rollforwards


$ in billions	Equity		Fixed income		Alternatives and Solutions		Long-term AUM Subtotal		Liquidity and Overlay Services		Total
December 31, 2020	$	242	$	98	$	153	$	493	$	288	$	781
Inflows	31		13		15		59		459		518
Outflows	(23)		(9)		(10)		(42)		(433)		(475)
Market Impact	4		(2)		10		12		—		12
Acquisition1	119		103		251		473		116		589
Other	(2)		(2)		(1)		(5)		(1)		(6)
March 31, 2021	$	371	$	201	$	418	$	990	$	429	$	1,419

1.Related to the Eaton Vance acquisition.


$ 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	14		10		8		32		446		478
Outflows	(12)		(9)		(4)		(25)		(395)		(420)
Market Impact	(18)		(4)		(7)		(29)		1		(28)
Other	(1)		(1)		5		3		(1)		2
March 31, 2020	$	121	$	75	$	141	$	337	$	247	$	584


March 2021 Form 10-Q			11


Table of Contents
Management’s Discussion and Analysis

Average AUM


	Three Months Ended March 31,
$ in billions		2021		2020
Equity		$	288	$	133
Fixed income		131		79
Alternatives and Solutions		242		139
Long-term AUM subtotal		661		351
Liquidity and Overlay Services		339		206
Total AUM		$	1,000	$	557

Average Fee Rates


	Three Months Ended March 31,
Fee rate in bps		2021	2020
Equity		77	77
Fixed income		33	31
Alternatives and Solutions		45	60
Long-term AUM		57	60
Liquidity and Overlay Services		8	17
Total AUM		40	44

While Asset management and related fees arising from the acquisition will be incremental to the Firm’s results, certain Eaton Vance products have lower average fee rates, and are expected to impact the averages in the previous table in future periods compared with the corresponding prior periods. For a description of the asset classes and rollforward items in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision” in the 2020 Form 10-K, except for the following updates to the definitions below, which reflect the inclusion of certain Eaton Vance products.

•Alternatives and Solutions—includes products in fund of funds, real estate, infrastructure, private equity and credit strategies, multi-asset portfolios as well as custom separate account portfolios.

•Liquidity and Overlay Services—includes liquidity fund products as well as overlay services, which represent investment strategies that use passive exposure instruments to obtain, offset or substitute specific portfolio exposures, beyond those provided by the underlying holdings of the fund.


			12			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

Supplemental Financial Information

U.S. Bank Subsidiaries

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

For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk.” For a further discussion about loans and lending commitments, see Notes 10 and 14 to the financial statements.

U.S. Bank Subsidiaries’ Supplemental Financial Information1


$ in billions	At March 31, 2021		At December 31, 2020
Investment securities portfolio:
Investment securities—AFS	84.8		90.3
Investment securities—HTM	64.6		52.6
Total investment securities	$	149.4	$	142.9
Wealth Management Loans2
Residential real estate	$	36.8	$	35.2
Securities-based lending and Other3	68.1		62.9
Total	$	104.9	$	98.1
Institutional Securities Loans2
Corporate	$	9.5	$	7.9
Secured lending facilities	27.8		27.4
Commercial and Residential real estate	8.9		10.1
Securities-based lending and Other	6.3		5.4
Total	$	52.5	$	50.8
Total Assets	$	357.2	$	346.5
Deposits4	$	321.6	$	309.7

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

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

3.Other loans primarily include tailored lending.

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

Accounting Development Updates

The Financial Accounting Standards Board has issued certain accounting updates, which we have either determined are not applicable or are not expected to have a significant impact on our financial statements.

Critical Accounting Policies

Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2020 Form 10-K and Note 2 to the financial statements), the fair value, goodwill and intangible assets, legal and regulatory contingencies and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in the 2020 Form 10-K. As discussed in Note 2 to the financial statements, our acquisition of Eaton Vance on March 1, 2021 included indefinite lived intangible assets. The initial valuation of an intangible asset, including indefinite lived intangible assets, as part of the acquisition method of accounting and the subsequent valuation of intangible assets as part of impairment assessments are subjective and based, in part, on inputs that are unobservable. These inputs include, but are not limited to, forecasted cash flows, revenue growth rates, attrition rates and discount rates.

Liquidity and Capital Resources

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

Balance Sheet

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

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


March 2021 Form 10-Q			13


Table of Contents
Management’s Discussion and Analysis

Total Assets by Business Segment


	At March 31, 2021
$ in millions	IS		WM		IM		Total
Assets
Cash and cash equivalents	$	93,021	$	24,396	$	701	$	118,118
Trading assets at fair value	307,854		310		4,994		313,158
Investment securities	40,888		148,318		—		189,206
Securities purchased under agreements to resell	87,279		27,442		—		114,721
Securities borrowed	100,957		1,192		—		102,149
Customer and other receivables	80,475		33,381		1,187		115,043
Loans1	54,163		104,933		27		159,123
Other assets2	13,918		21,702		11,634		47,254
Total assets	$	778,555	$	361,674	$	18,543	$	1,158,772


	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

IS—Institutional Securities

WM—Wealth Management

IM—Investment Management

1.Amounts include loans held for investment, net of allowance, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheets (see Note 10 to the financial statements).

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

A substantial portion of total assets consists of liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from sales and trading activities, and in the Wealth Management business segment, these arise from banking activities, including management of the investment portfolio, comprising Investment securities, Cash and cash equivalents and Securities purchased under agreements to resell. Total assets increased slightly to $1,159 billion at March 31, 2021 from $1,116 billion at December 31, 2020.

Liquidity Risk Management Framework

The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2020 Form 10-K.

At March 31, 2021 and December 31, 2020, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.

Liquidity Resources

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

The amount of Liquidity Resources we hold is based on our risk tolerance and is subject to change depending on market and Firm-specific events. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.

Liquidity Resources by Type of Investment


$ in millions	At March 31, 2021		At December 31, 2020
Cash deposits with central banks	$	59,154	$	49,669
Unencumbered HQLA Securities1:
U.S. government obligations	135,008		136,555
U.S. agency and agency mortgage-backed securities	110,659		99,659
Non-U.S. sovereign obligations2	37,434		39,745
Other investment grade securities	2,015		2,053
Total HQLA1	$	344,270	$	327,681
Cash deposits with banks (non-HQLA)	9,034		10,942
Total Liquidity Resources	$	353,304	$	338,623

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

2.Primarily composed of unencumbered French, U.K., Japanese, German and Dutch government obligations.

Liquidity Resources by Bank and Non-Bank Legal Entities


	At March 31, 2021		At December 31, 2020		Average Daily Balance Three Months Ended
$ in millions					March 31, 2021
Bank legal entities
U.S.	$	184,993	$	178,033	$	189,008
Non-U.S.	8,889		7,670		7,882
Total Bank legal entities	193,882		185,703		196,890
Non-Bank legal entities
U.S.:
Parent Company	54,854		59,468		57,194
Non-Parent Company	42,299		33,368		40,982
Total U.S.	97,153		92,836		98,176
Non-U.S.	62,269		60,084		58,735
Total Non-Bank legal entities	159,422		152,920		156,911
Total Liquidity Resources	$	353,304	$	338,623	$	353,801


			14			March 2021 Form 10-Q


Table of Contents
Management’s Discussion and Analysis

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

Regulatory Liquidity Framework

Liquidity Coverage Ratio

The Firm, MSBNA and MSPBNA are required to comply with, and subject to a transition period, ETB will be required to comply with, LCR requirements, including a requirement to calculate each entity’s LCR on each business day. The requirements are designed to ensure that banking organizations have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.

As of March 31, 2021, the Firm, MSBNA and MSPBNA are compliant with the minimum required LCR of 100%.

Liquidity Coverage Ratio


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2021			December 31, 2020
Eligible HQLA1
Cash deposits with central banks	$	50,815		$	43,596
Securities2	166,060			162,509
Total Eligible HQLA1	$	216,875		$	206,105
LCR	125		%	129		%

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

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

Net Stable Funding Ratio

The U.S. banking agencies have finalized a rule to implement the NSFR, which requires large banking organizations to maintain sufficiently stable sources of funding over a one-year time horizon, and will apply to us, MSBNA, MSPBNA and ETB. As of March 31, 2021, we estimate we are compliant with the 100% minimum NSFR and that we will be in compliance with the final rule on July 1, 2021, the effective date of the requirements.

Funding Management

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

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

Secured Financing

For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2020 Form 10-K.

Collateralized Financing Transactions


$ in millions	At March 31, 2021		At December 31, 2020
Securities purchased under agreements to resell and Securities borrowed	$	216,870	$	228,625
Securities sold under agreements to repurchase and Securities loaned	$	63,050	$	58,318
Securities received as collateral1	$	4,758	$	4,277


	Average Daily Balance Three Months Ended
$ in millions	March 31, 2021		December 31, 2020
Securities purchased under agreements to resell and Securities borrowed	$	214,610	$	195,376
Securities sold under agreements to repurchase and Securities loaned	$	61,152	$	54,528

1.Included within Trading assets in the balance sheets.

See “Total Assets by Business Segment” herein for more details on the assets shown in the previous table and Note 2 to the financial statements in the 2020 Form 10-K and Note 9 to the financial statements for more details on collateralized financing transactions.

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

Unsecured Financing

For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2020 Form 10-K.


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Deposits


$ in millions	At March 31, 2021		At December 31, 2020
Savings and demand deposits:
Brokerage sweep deposits1	$	253,411	$	232,071
Savings and other	45,576		47,150
Total Savings and demand deposits	298,987		279,221
Time deposits	24,151		31,561
Total2	$	323,138	$	310,782

1.Amounts represent balances swept from client brokerage accounts.

2.Excludes approximately $8 billion and $25 billion of off-balance sheet deposits at unaffiliated financial institutions as of March 31, 2021 and December 31, 2020, respectively. This client cash held by third parties is not reflected in our balance sheets and is not immediately available for liquidity purposes.

Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics. The increase in total deposits in the current quarter was primarily due to the onboarding of approximately $20 billion of E*TRADE Brokerage sweep deposits previously held off-balance sheet at unaffiliated financial institutions.

Borrowings by Remaining Maturity at March 31, 20211


$ in millions	Parent Company		Subsidiaries		Total
Original maturities of one year or less	$	1,501	$	6,058	$	7,559
Original maturities greater than one year
2021	$	12,517	$	4,487	$	17,004
2022	11,930		6,440		18,370
2023	17,056		5,880		22,936
2024	18,824		7,472		26,296
2025	11,859		6,940		18,799
Thereafter	81,975		22,887		104,862
Total	$	154,161	$	54,106	$	208,267
Total Borrowings	$	155,662	$	60,164	$	215,826
Maturities over next 12 months2					$	18,976

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

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

Borrowings of $216 billion as of March 31, 2021 were relatively unchanged when compared with $217 billion at December 31, 2020.

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

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

engage in, repurchases of our borrowings in the ordinary course of business.

For further information on Borrowings, see Note 13 to the financial statements.

Credit Ratings

We rely on external sources to finance a significant portion of our daily operations. The cost and availability of financing generally are impacted by our credit ratings, among other things. In addition, our credit ratings can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. These include regulatory or legislative changes, the macroeconomic environment and perceived levels of support, among other things. See also “Risk Factors— Liquidity Risk” in the 2020 Form 10-K.

Parent Company, MSBNA and MSPBNA Issuer Ratings at April 30, 2021


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


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


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

Incremental Collateral or Terminating Payments

In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 7 to the financial statements for additional information on OTC derivatives that contain such contingent features.

While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it


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

Capital Management

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

Common Stock Repurchases


	Three Months Ended March 31,
in millions, except for per share data		2021		2020
Number of shares		28		29
Average price per share		$	77.47	$	46.01
Total		$	2,135	$	1,347

For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Action Supervisory Restrictions” herein.

For further information on our common stock repurchases, see Note 17 to the financial statements.

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

Common Stock Dividend Announcement


Announcement date			April 16, 2021
Amount per share			$0.35
Date to be paid			May 14, 2021
Shareholders of record as of			April 30, 2021

For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Action Supervisory Restrictions” herein.

Preferred Stock Dividend Announcement


	Series M and N	All Other Series
Announcement date	February 16, 2021	February 16, 2021
Date paid	March 15, 2021	April 15, 2021
Shareholders of record as of	March 1, 2021	March 31, 2021

For additional information on common and preferred stock, see Note 17 to the financial statements.

Off-Balance Sheet Arrangements and Contractual Obligations

Off-Balance Sheet Arrangements

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

We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 16 to the financial statements in the 2020 Form 10-K.

For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 14 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.

Contractual Obligations

For a discussion about our contractual obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” in the 2020 Form 10-K.

Regulatory Requirements

Regulatory Capital Framework

We are an FHC under the Bank Holding Company Act of 1956, as amended (“BHC Act”), and are subject to the regulation and oversight of the Federal Reserve. The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. Regulatory capital requirements established by the Federal Reserve are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, see Note 16 to the financial statements.

Regulatory Capital Requirements

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


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the 2020 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.

Risk-Based Regulatory Capital. Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios.

Risk-Based Regulatory Capital Ratio Requirements


			At March 31, 2021 and December 31, 2020
			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 requirement4			8.7%	5.5%

			At March 31, 2021 and December 31, 2020
	Regulatory Minimum		Standardized	Advanced
Required ratios5
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%

1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2020 Form 10-K.

2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2020 Form 10-K.

3.The CCyB can be set up to 2.5%, but is currently set by the U.S. banking agencies at zero.

4.The capital buffer requirement represents the amount of Common Equity Tier 1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our Standardized Approach capital buffer requirement is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our Advanced Approach capital buffer requirement is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.

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

Our risk-based capital ratios are computed under both (i) the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) and (ii) the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”). The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At March 31, 2021 and December 31, 2020, the difference between the actual and required ratio was lower under the Standardized Approach.

Leverage-Based Regulatory Capital. Minimum leverage-based capital requirements include a Tier 1 leverage ratio and an SLR. We are required to maintain an SLR of 5%, inclusive of an enhanced SLR capital buffer of at least 2%.

As of March 31, 2021 and December 31, 2020, our risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure are calculated excluding the effect of the adoption of CECL based on our election to defer this effect over a five-year transition period which began in 2020. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments” in the 2020 Form 10-K.

Regulatory Capital Ratios


	Standardized					Advanced

$ in millions	Required Ratio1		At March 31, 2021			Required Ratio1		At March 31, 2021
Risk-based capital
Common Equity Tier 1 capital			$	76,176				$	76,176
Tier 1 capital			84,059					84,059
Total capital			92,823					92,605
Total RWA			455,071					438,839
Common Equity Tier 1 capital ratio	13.2	%	16.7		%	10.0	%	17.4		%
Tier 1 capital ratio	14.7	%	18.5		%	11.5	%	19.2		%
Total capital ratio	16.7	%	20.4		%	13.5	%	21.1		%

$ in millions			Required Ratio1					At March 31, 2021
Leverage-based capital
Adjusted average assets2								$	1,121,413
Tier 1 leverage ratio			4.0		%			7.5		%
Supplementary leverage exposure3,4								$	1,263,959
SLR4			5.0		%			6.7		%


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Management’s Discussion and Analysis


	Standardized					Advanced
$ in millions	Required Ratio1		At December 31, 2020			Required Ratio1		At December 31, 2020
Risk-based capital
Common Equity Tier 1 capital			$	78,650				$	78,650
Tier 1 capital			88,079					88,079
Total capital			97,213					96,994
Total RWA			453,106					445,151
Common Equity Tier 1 capital ratio	13.2	%	17.4		%	10.0	%	17.7		%
Tier 1 capital ratio	14.7	%	19.4		%	11.5	%	19.8		%
Total capital ratio	16.7	%	21.5		%	13.5	%	21.8		%

$ in millions			Required Ratio1					At December 31, 2020
Leverage-based capital
Adjusted average assets2								$	1,053,510
Tier 1 leverage ratio			4.0		%			8.4		%
Supplementary leverage exposure3,4,								$	1,192,506
SLR4			5.0		%			7.4		%

1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.

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

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

4.Based on a Federal Reserve interim final rule that was in effect until March 31, 2021, our SLR and Supplementary leverage exposure as of March 31, 2021 and December 31, 2020 reflect the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks. As of March 31, 2021 and December 31, 2020, the impact of the interim final rule on our SLR was an increase of 73 bps and 80 bps, respectively. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments and Other Matters” herein and “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments" in the 2020 Form 10-K.

Regulatory Capital


$ in millions	At March 31, 2021		At December 31, 2020		Change
Common Equity Tier 1 capital
Common stock and surplus	$	19,229	$	15,799	$	3,430
Retained earnings	82,287		78,978		3,309
AOCI	(2,754)		(1,962)		(792)
Regulatory adjustments and deductions:
Net goodwill	(16,701)		(11,527)		(5,174)
Net intangible assets	(7,171)		(4,165)		(3,006)
Other adjustments and deductions1	1,286		1,527		(241)
Total Common Equity Tier 1 capital	$	76,176	$	78,650	$	(2,474)
Additional Tier 1 capital
Preferred stock	$	7,750	$	9,250	$	(1,500)
Noncontrolling interests	589		619		(30)
Additional Tier 1 capital	$	8,339	$	9,869	$	(1,530)
Deduction for investments in covered funds	(456)		(440)		(16)
Total Tier 1 capital	$	84,059	$	88,079	$	(4,020)
Standardized Tier 2 capital
Subordinated debt	$	7,476	$	7,737	$	(261)

Eligible ACL	1,173		1,265		(92)
Other adjustments and deductions	115		132		(17)
Total Standardized Tier 2 capital	$	8,764	$	9,134	$	(370)
Total Standardized capital	$	92,823	$	97,213	$	(4,390)
Advanced Tier 2 capital
Subordinated debt	$	7,476	$	7,737	$	(261)

Eligible credit reserves	955		1,046		(91)
Other adjustments and deductions	115		132		(17)
Total Advanced Tier 2 capital	$	8,546	$	8,915	$	(369)
Total Advanced capital	$	92,605	$	96,994	$	(4,389)

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


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RWA Rollforward


	Three Months Ended March 31, 2021
$ in millions	Standardized		Advanced
Credit risk RWA
Balance at December 31, 2020	$	387,066	$	284,930
Change related to the following items:
Derivatives	(156)		(12,520)
Securities financing transactions	(1,641)		(1,634)

Investment securities	486		594
Commitments, guarantees and loans	(4,409)		233

Equity investments	1,091		1,104
Other credit risk1	1,889		1,662
Total change in credit risk RWA	$	(2,740)	$	(10,561)
Balance at March 31, 2021	$	384,326	$	274,369
Market risk RWA
Balance at December 31, 2020	$	66,040	$	66,040
Change related to the following items:
Regulatory VaR	3,095		3,095
Regulatory stressed VaR	2,732		2,732
Incremental risk charge	1,481		1,481
Comprehensive risk measure	(225)		(261)
Specific risk	(2,378)		(2,378)


Total change in market risk RWA	$	4,705	$	4,669
Balance at March 31, 2021	$	70,745	$	70,709
Operational risk RWA
Balance at December 31, 2020	N/A		$	94,181
Change in operational risk RWA	N/A		(420)
Balance at March 31, 2021	N/A		$	93,761
Total RWA	$	455,071	$	438,839

Regulatory VaR—VaR for regulatory capital requirements

1.Amounts reflect assets not in a defined category, non-material portfolios of exposures and unsettled transactions, as applicable.

Credit risk RWA decreased in the current quarter under both the Standardized and Advanced Approaches. Under the Standardized Approach, the decrease was driven primarily by loans, partially due to syndications, and Securities financing transactions. Under the Advanced Approach, the decrease was driven by Derivatives as a result of reduced exposure and a reduction in CVA due to lower credit spread volatility and decreased counterparty exposure.

Market risk RWA increased in the current quarter under both the Standardized and Advanced Approaches primarily due to an increase in Regulatory VaR and Stressed VaR mainly as a result of higher equity and interest rate risk.

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

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

Required and Actual TLAC and Eligible LTD Ratios


					Actual Amount/Ratio

$ in millions	Regulatory Minimum		Required Ratio1		At March 31, 2021			At December 31, 2020
External TLAC2					$	216,426		$	216,129
External TLAC as a % of RWA	18.0	%	21.5	%	47.6		%	47.7		%
External TLAC as a % of leverage exposure	7.5	%	9.5	%	17.1		%	18.1		%
Eligible LTD3					$	122,234		$	120,561
Eligible LTD as a % of RWA	9.0	%	9.0	%	26.9		%	26.6		%
Eligible LTD as a % of leverage exposure	4.5	%	4.5	%	9.7		%	10.1		%

1.Required ratios are inclusive of applicable buffers. The final rule imposes TLAC buffer requirements on top of both the risk-based and leverage exposure-based external TLAC minimum requirements. The risk-based TLAC buffer is equal to the sum of 2.5%, our Method 1 G-SIB surcharge and the CCyB, if any, as a percentage of total RWA. The leverage exposure-based TLAC buffer is equal to 2% of our total leverage exposure. Failure to maintain the buffers would result in restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.

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

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

We are in compliance with all TLAC requirements as of March 31, 2021 and December 31, 2020. For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Capital Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2020 Form 10-K.

Capital Plans, Stress Tests and the Stress Capital Buffer

Pursuant to the Dodd-Frank Act, the Federal Reserve has adopted capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.

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

For the 2021 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2021. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2021. We are required to disclose a summary of the results of our company-run stress tests within


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15 days of the date the Federal Reserve discloses the results of the supervisory stress tests.

For additional information on our capital planning and stress tests, including the SCB, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2020 Form 10-K.

Capital Action Supervisory Restrictions

Under the modified capital action restrictions announced on December 18, 2020 by the Federal Reserve, large BHCs were permitted, in the first quarter of 2021, to take certain capital actions. In particular, a firm was able to, provided that it did not increase the amount of its common stock dividends to be larger than the level paid in the second quarter of 2020, pay common stock dividends and make share repurchases that, in the aggregate, did not exceed an amount equal to the average of the firm’s net income for the four preceding calendar quarters; make share repurchases that equal the amount of share issuances related to expensed employee compensation; and redeem and make scheduled payments on additional Tier 1 and Tier 2 capital instruments.

Consistent with these modifications, on December 18, 2020, our Board of Directors authorized the repurchase of up to $10 billion of outstanding common stock in 2021.

On March 25, 2021, the Federal Reserve announced that its temporary capital action supervisory restrictions will end on June 30, 2021 for all firms whose capital levels are above minimum risk-based requirements in the Federal Reserve’s annual supervisory stress test.

For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Action Supervisory Restrictions” in the 2020 Form 10-K.

Attribution of Average Common Equity According to the Required Capital Framework

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

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

sum of the average common equity amounts allocated to our business segments as Parent common equity. We generally hold Parent common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.

Average Common Equity Attribution under the Required Capital Framework1


	Three Months Ended March 31,
$ in billions		2021		2020
Institutional Securities		$	43.5	$	42.8
Wealth Management2		28.5		18.2
Investment Management3		4.4		2.6
Parent		17.9		11.1
Total		$	94.3	$	74.7

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

2.The total average common equity and the allocation to the Wealth Management business segment in 2021 reflect the E*TRADE acquisition on October 2, 2020.

3. The total average common equity and the allocation to the Investment Management business segment in 2021 reflect the Eaton Vance acquisition on March 1, 2021.

The Firm has made updates to its Required Capital framework for 2021 and continues to evaluate the impact of evolving regulatory requirements, as appropriate. As noted above, common equity attribution to the business segments is based upon usage.

Resolution and Recovery Planning

Pursuant to the Dodd-Frank Act, we are required to periodically submit to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. Our next resolution plan submission will be a targeted resolution plan in July 2021.

As described in our most recent resolution plan, which was submitted on June 28, 2019, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its Contributable Assets to our material entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our material entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our material entities or before putting U.S. taxpayers at risk.


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Management’s Discussion and Analysis

For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2020 Form 10-K.

Regulatory Developments and Other Matters

Expiration of the Supplementary Leverage Ratio Interim Final Rule

On March 19, 2021, the Federal Reserve announced that the temporary change to the SLR for bank holding companies, which allowed for the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks, would expire as scheduled on March 31, 2021, resulting in the elimination of this exclusion beginning in the second quarter of 2021. For a summary of the impact of this interim final rule, see “Regulatory Capital Requirements” herein.

Planned Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rates

Central banks around the world, including the Federal Reserve, have commissioned committees and working groups of market participants and official sector representatives to replace LIBOR and replace or reform other interest rate benchmarks (collectively, the “IBORs”). On March 5, 2021, ICE Benchmark Administration, which administers LIBOR publication, announced that it will cease the publication of most LIBOR rates as of the end of December 2021, except for the publication until June 30, 2023 of the most widely used U.S. dollar LIBOR tenors, and the U.K. Financial Conduct Authority (“FCA”), which regulates LIBOR publication, announced that it would not compel panel banks to submit to LIBOR beyond those dates.

Subsequently, the International Swaps and Derivatives Association (“ISDA”) confirmed that the FCA's announcement constituted an “Index Cessation Event” as defined in the IBOR Fallbacks Supplement, which amended ISDA's interest rate definitions to include robust fallbacks for derivatives linked to LIBOR and certain other interest rate benchmarks, and the ISDA 2020 IBOR Fallbacks Protocol, which incorporates the fallbacks into legacy non-cleared derivatives entered into between Protocol adherents. The FCA's announcement therefore triggered a fixing of the ISDA fallback spread adjustments for all LIBOR benchmarks, to be effective when the contractual fallbacks are implemented. The Alternative Reference Rates Committee (“ARRC”) also confirmed that the ICE Benchmark Administration and FCA announcements also constituted a “Benchmark Transition Event” with respect to all USD LIBOR settings pursuant to

the ARRC’s fallback recommendations for new issuances or originations of certain cash products.

Separately, the U.S. banking agencies and the FCA have encouraged banks to cease entering into new contracts referencing LIBOR as soon as practicable, and no later than December 31, 2021.

Further, New York State has enacted legislation that would, among other things, replace LIBOR references in certain contracts governed by New York law with a benchmark based on the Secured Overnight Financing Rate, including any spread adjustment, recommended by the Federal Reserve, the Federal Reserve Bank of New York or the ARRC.

We remain a party to a significant number of LIBOR-linked contracts, many of which extend beyond 2021 and, in the case of U.S. dollar LIBOR, June 30, 2023, composed of derivatives, securitizations, floating rate notes, loans and mortgages and we continue to execute on our Firm-wide IBOR transition plan to promote the transition to alternative reference rates in accordance with industry transition timelines, which is overseen by a global steering committee, with senior management oversight. See also “Risk Factors—Risk Management” in the 2020 Form 10-K for a further discussion of risks related to the planned replacement of the IBORs and/or reform of interest rate benchmarks.

For a further discussion of regulatory developments and other matters, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Other Matters,” respectively, in the 2020 Form 10-K.


			22			March 2021 Form 10-Q

Quantitative and Qualitative Disclosures about Risk

Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2020 Form 10-K.

Market Risk

Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in alternative and other funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2020 Form 10-K.

Trading Risks

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

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

For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2020 Form 10-K.

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


	Three Months Ended
	March 31, 2021
$ in millions	Period End		Average		High2		Low2
Interest rate and credit spread	$	31	$	33	$	41	$	29
Equity price	30		31		170		19
Foreign exchange rate	11		14		24		8
Commodity price	14		18		27		13
Less: Diversification benefit1	(36)		(38)		N/A		N/A
Primary Risk Categories	$	50	$	58	$	171	$	44
Credit Portfolio	17		24		31		17
Less: Diversification benefit1	(15)		(13)		N/A		N/A
Total Management VaR	$	52	$	69	$	175	$	50


	Three Months Ended
	December 31, 2020
$ in millions	Period End		Average		High2		Low2
Interest rate and credit spread	$	35	$	32	$	42	$	28
Equity price	23		24		29		18
Foreign exchange rate	14		12		19		8
Commodity price	15		16		20		13
Less: Diversification benefit1	(32)		(36)		N/A		N/A
Primary Risk Categories	$	55	$	48	$	56	$	39
Credit Portfolio	31		23		31		19
Less: Diversification benefit1	(10)		(16)		N/A		N/A
Total Management VaR	$	76	$	55	$	76	$	43

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

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

Average total Management VaR and average Management VaR for the Primary Risk Categories increased in the current quarter from the three months ended December 31, 2020 primarily as a result of increased exposure across trading businesses in support of client activity. During the current quarter, Management VaR peaked at $175 million for one day driven by increased equity exposure resulting from the aforementioned credit event for a single client.

Distribution of VaR Statistics and Net Revenues

We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy relative to realized trading results. There were four loss days in the current quarter, none of which were in excess of the Firm’s VaR.


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

($ in millions)

Daily Net Trading Revenues for the Current Quarter

($ in millions)

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

Non-Trading Risks

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

Credit Spread Risk Sensitivity1


$ in millions	At March 31, 2021		At December 31, 2020
Derivatives	$	7	$	7
Funding liabilities2	47		50

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

2.Relates to Borrowings carried at fair value.

U.S. Bank Subsidiaries’ Net Interest Income Sensitivity Analysis


$ in millions	At March 31, 2021		At December 31, 2020
Basis point change
+100	$	1,671	$	1,540
-100	(560)		(654)

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

We do not manage to any single rate scenario but rather manage net interest income in our U.S. Bank Subsidiaries to optimize across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates, and includes subjective assumptions regarding customer and market re-pricing behavior and other factors. The lower sensitivity to interest rates in the negative 100 basis point scenario between March 31, 2021 and December 31, 2020 was primarily driven by changes in market rates.

Investments Sensitivity, Including Related Carried Interest


	Loss from 10% Decline
$ in millions	At March 31, 2021		At December 31, 2020
Investments related to Investment Management activities	$	472	$	386
Other investments:
MUMSS	174		184
Other Firm investments	223		210

MUMSS—Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

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


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Risk Disclosures

fees, as applicable. The change in investments sensitivity related to Investment Management activities between March 31, 2021 and December 31, 2020 was primarily driven by incremental investments acquired in the Eaton Vance transaction and across private equity funds due to increased sensitivity to carried interest.

Asset Management Revenue Sensitivity

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

Credit Risk

Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.

Loans and Lending Commitments


	At March 31, 2021
$ in millions	HFI		HFS		FVO		Total
Institutional Securities:
Corporate	$	5,185	$	11,824	$	14	$	17,023
Secured lending facilities	25,886		3,025		914		29,825
Commercial and Residential real estate	7,277		541		2,898		10,716
Securities-based lending and Other	1,034		62		7,758		8,854
Total Institutional Securities	39,382		15,452		11,584		66,418
Wealth Management:
Residential real estate	36,843		14		—		36,857
Securities-based lending and Other	68,167		—		—		68,167
Total Wealth Management	105,010		14		—		105,024
Total Investment Management1	5		22		1,105		1,132
Total loans2	144,397		15,488		12,689		172,574
ACL	(762)						(762)
Total loans, net of ACL	$	143,635	$	15,488	$	12,689	$	171,812
Lending commitments3							$	132,717
Total exposure							$	304,529


	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

HFI—Held for investment; HFS—Held for sale; FVO—Fair value option

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

1.Investment Management business segment loans are related to certain of our activities as an investment advisor and manager. At March 31, 2021 and December 31, 2020, loans held at fair value are predominantly the result of the consolidation of CLO vehicles, managed by Investment Management, composed primarily of senior secured loans to corporations.

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

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

We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2020 Form 10-K.

Total loans and lending commitments increased by approximately $15 billion since December 31, 2020, primarily due to growth in event-driven loans and lending commitments within the Institutional Securities business segment, and an increase in Securities-based loans and Residential real estate loans within the Wealth Management business segment.

See Notes 5, 6, 10 and 14 to the financial statements for further information.

Beginning late in the first quarter of 2020 and following in part from the U.S. government’s enactment of the CARES Act, we have received requests from certain clients for modifications of their credit agreements with us, which in some cases include deferral of their loan payments. Initial borrower requests for loan payment deferrals related to Residential real estate loans are granted, while those related to Commercial real estate loans require careful consideration prior to approval. As of March 31, 2021, the outstanding principal balance of loans with approved deferrals of principal


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and interest payments currently in place which are not classified as troubled debt restructurings amounted to approximately $300 million for our Institutional Securities business segment and approximately $200 million for our Wealth Management business segment. Incremental to this population, throughout 2020 and the current quarter, we have provided deferrals of principal and interest on approximately $3.2 billion of loans which have now exited such modification arrangements. The substantial majority of these loans are current as of March 31, 2021.

In addition to these principal and interest deferrals, we are working with clients regarding modifications of certain other terms under their original loan agreements that do not impact contractual loan payments. We have granted such relief to certain borrowers, primarily within Secured lending facilities and Corporate loans. Such modifications include agreements to modify margin calls for Secured lending facilities, typically in return for additional payments that improve LTV ratios. In some cases, we have agreed to temporarily not enforce certain covenants, for example debt or interest coverage ratios, typically in return for other structural enhancements.

Granting loan deferral or modification requests does not necessarily mean that we will incur credit losses, and we do not believe modifications have had a material impact on the risk profile of our loan portfolio. Modifications are considered in our evaluation of overall credit risk. Generally, loans with payment deferrals remain on accrual status, and loans with other modifications remain on current status.

Requests for deferrals and other modifications could continue in future periods given the ongoing uncertain global economic and market conditions. See “Executive Summary—Coronavirus Disease (COVID-19) Pandemic” herein and “Risk Factors” and “Forward Looking Statements” in the 2020 Form 10-K.

For additional information on regulatory guidance which permits certain loan modifications for borrowers impacted by COVID-19 to not be accounted for and reported as TDRs as well as the Firm’s accounting policies for such modifications, see “Liquidity and Capital Resources—Regulatory Requirements—Regulatory Developments” and Note 2 to the financial statements in the 2020 Form 10-K, respectively. For information on HFI loans on nonaccrual status and HFI loans modified and reported as TDRs, see “Status of Loans Held for Investment” herein and Note 10 to the financial statements, and for a discussion of the related accounting policies see Note 2 to the financial statements in the 2020 Form 10-K.

Allowance for Credit Losses—Loans and Lending Commitments


$ in millions
December 31, 20201	$	1,231
Gross charge-offs	(10)


Provision for credit losses2	(98)
Other	(7)
March 31, 2021	$	1,116
ACL—Loans	$	762
ACL—Lending commitments	354

1.At December 31, 2020, the ACL for Loans and Lending commitments was $835 million and $396 million, respectively.

2.In the current quarter, the Provision for credit losses on loans was a release of $58 million and the Provision for credit losses on lending commitments was a release of $40 million.

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

The aggregate allowance for loans and lending commitments decreased in the current quarter, primarily reflecting a release in the allowance for credit losses within the Institutional Securities business segment. The allowance release was primarily a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated borrowers. The base scenario used in our ACL models as of March 31, 2021 was generated using a combination of industry consensus economic forecasts, forward rates, and internally developed and validated models. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. The base scenario, among other things, assumes a continued recovery over the forecast period with U.S. GDP reaching pre-COVID-19 levels by the third quarter of 2021, supported by fiscal stimulus and accommodative monetary policy. See Notes 10 and 14 to the financial statements for further information. See Note 2 to the financial statements in the 2020 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.

Status of Loans Held for Investment


	At March 31, 2021				At December 31, 2020
	IS		WM		IS		WM
Accrual	99.4	%	99.7	%	99.2	%	99.7	%
Nonaccrual1	0.6	%	0.3	%	0.8	%	0.3	%

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


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Institutional Securities Loans and Lending Commitments1


	At March 31, 2021
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Loans
AA	$	43	$	9	$	85	$	35	$	172
A	680		787		340		241		2,048
BBB	5,673		5,119		2,279		314		13,385
BB	11,381		7,783		4,325		673		24,162
Other NIG	5,557		6,323		3,472		6,931		22,283
Unrated2	223		122		370		2,982		3,697
Total loans, net of ACL	23,557		20,143		10,871		11,176		65,747
Lending commitments
AAA	—		50		—		—		50
AA	3,852		1,169		1,979		—		7,000
A	5,597		6,877		9,909		432		22,815
BBB	8,493		19,580		16,675		594		45,342
BB	3,282		11,102		7,252		2,543		24,179
Other NIG	1,965		7,250		6,849		3,291		19,355
Unrated2	—		2		10		1		13
Total lending commitments	23,189		46,030		42,674		6,861		118,754
Total exposure	$	46,746	$	66,173	$	53,545	$	18,037	$	184,501


	At December 31, 2020
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Loans
AA	$	279	$	10	$	—	$	—	$	289
A	759		798		36		391		1,984
BBB	5,043		5,726		2,746		469		13,984
BB	10,963		7,749		5,324		503		24,539
Other NIG	5,214		6,956		4,002		3,269		19,441
Unrated2	141		142		330		2,322		2,935
Total loans, net of ACL	22,399		21,381		12,438		6,954		63,172
Lending commitments
AAA	—		50		—		—		50
AA	4,047		1,038		2,135		—		7,220
A	6,025		8,359		9,808		425		24,617
BBB	6,783		17,782		15,500		460		40,525
BB	4,357		8,958		7,958		3,103		24,376
Other NIG	664		7,275		6,077		2,652		16,668
Unrated2	4		—		—		—		4
Total lending commitments	21,880		43,462		41,478		6,640		113,460
Total exposure	$	44,279	$	64,843	$	53,916	$	13,594	$	176,632

NIG–Non-investment grade

1.Counterparty credit ratings are internally determined by the Credit Risk Management Department (“CRM”).

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

Institutional Securities Loans and Lending Commitments by Industry


$ in millions	At March 31, 2021		At December 31, 2020
Industry
Financials	$	52,174	$	44,358
Real estate	25,515		25,484
Industrials	17,310		15,861
Healthcare	13,656		12,650
Communications services	13,411		12,600
Information technology	11,502		11,358
Utilities	10,111		9,504
Consumer discretionary	9,982		11,177
Energy	9,380		10,064
Consumer staples	7,963		9,088
Materials	5,759		6,084
Insurance	4,410		3,889
Other	3,328		4,515
Total exposure	$	184,501	$	176,632

Sectors Currently in Focus due to COVID-19

The continuing effect on economic activity of COVID-19 and related governmental actions have impacted borrowers in many sectors and industries. While we are carefully monitoring all of our Institutional Securities business segment exposures, certain sectors are more sensitive to the current economic environment and are continuing to receive heightened focus. The sectors currently in focus are: air travel, retail, upstream energy, lodging and leisure, and healthcare services and systems. As of March 31, 2021, exposures to these sectors are included across the Industrials, Financials, Real estate, Consumer discretionary, Energy and Healthcare industries in the previous table, and in aggregate represent less than 10% of total Institutional Securities business segment lending exposure. Further, as of March 31, 2021, approximately 90% of these exposures are either investment grade and/or secured by collateral. The future developments of COVID-19 and related government actions and their effect on the economic environment remain uncertain; therefore, the sectors impacted and the extent of the impacts may change over time. Refer to “Risk Factors” in the 2020 Form 10-K.

Institutional Securities Lending Activities

The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial real estate and Securities-based lending and Other. Over 90% of our total lending exposure, which consists of loans and lending commitments, is investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.


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Institutional Securities Event-Driven Loans and Lending Commitments


	At March 31, 2021
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Loans, net of ACL	$	1,985	$	602	$	428	$	5,991	$	9,006
Lending commitments	4,238		5,502		2,380		4,596		16,716
Total exposure	$	6,223	$	6,104	$	2,808	$	10,587	$	25,722


	At December 31, 2020
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Loans, net of ACL	$	1,241	$	907	$	873	$	2,090	$	5,111
Lending commitments	2,810		4,649		2,678		4,650		14,787
Total exposure	$	4,051	$	5,556	$	3,551	$	6,740	$	19,898

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

Institutional Securities Loans and Lending Commitments Held for Investment


	At March 31, 2021
$ in millions	Loans		Lending Commitments		Total
Corporate	$	5,185	$	71,893	$	77,078
Secured lending facilities	25,886		9,085		34,971
Commercial real estate	7,277		276		7,553
Other	1,034		866		1,900
Total, before ACL	$	39,382	$	82,120	$	121,502
ACL	$	(671)	$	(350)	$	(1,021)


	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)

Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments


$ in millions	Corporate		Secured lending facilities		Commercial real estate		Other		Total
At December 31, 2020
ACL—Loans	$	309	$	198	$	211	$	21	$	739
ACL—Lending commitments	323		38		11		19		391
Total	$	632	$	236	$	222	$	40	$	1,130
Gross charge-offs	(1)		—		(9)		—		(10)


Provision for credit losses1	(89)		(7)		3		—		(93)
Other	(3)		(1)		(2)		—		(6)
Total at March 31, 2021	$	539	$	228	$	214	$	40	$	1,021
ACL—Loans	$	250	$	193	$	206	$	22	$	671
ACL—Lending commitments	289		35		8		18		350

1.In the current quarter, the provision for credit losses on loans was a release of $53 million and the Provision for credit losses on lending commitments was a release of $40 million.

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


	At March 31, 2021		At December 31, 2020
Corporate	4.8	%	5.1	%
Secured lending facilities	0.7	%	0.8	%
Commercial real estate	2.8	%	2.9	%
Other	2.1	%	1.7	%
Total Institutional Securities loans	1.7	%	1.8	%

Wealth Management Loans and Lending Commitments


	At March 31, 2021
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Securities-based lending and Other	$	59,264	$	5,371	$	1,876	$	1,620	$	68,131
Residential real estate	7		1		3		36,791		36,802
Total loans, net of ACL	$	59,271	$	5,372	$	1,879	$	38,411	$	104,933
Lending commitments	11,294		2,281		131		257		13,963
Total exposure	$	70,565	$	7,653	$	2,010	$	38,668	$	118,896


	At December 31, 2020
	Contractual Years to Maturity
$ in millions	Less than 1		1-3		3-5		Over 5		Total
Securities-based lending and Other	$	54,483	$	4,587	$	2,167	$	1,672	$	62,909
Residential real estate	9		1		1		35,210		35,221
Total loans, net of ACL	$	54,492	$	4,588	$	2,168	$	36,882	$	98,130
Lending commitments	11,666		2,356		120		253		14,395
Total exposure	$	66,158	$	6,944	$	2,288	$	37,135	$	112,525

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

Securities-based lending allows clients to borrow money against the value of qualifying securities, generally for any purpose other than purchasing, trading or carrying securities, or refinancing margin debt. For more information about our securities-based lending and residential real estate loans, see


			28			March 2021 Form 10-Q


Table of Contents
Risk Disclosures

“Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2020 Form 10-K.

Wealth Management Allowance for Credit Losses—Loans and Lending Commitments


$ in millions
December 31, 20201	$	101
Gross charge-offs	—
Provision for credit losses2	(5)
Other	(1)
March 31, 2021	$	95
ACL—Loans	$	91
ACL—Lending commitments	4

1.At December 31, 2020, the ACL for Loans and Lending commitments was $96 million and $5 million, respectively.

2.In the current quarter, the Provision for credit losses on loans was a release of $5 million.

At March 31, 2021, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral, or reduce debt positions, when necessary.

Customer and Other Receivables

Margin Loans and Other lending


$ in millions	At March 31, 2021		At December 31, 2020
Institutional Securities	$	55,935	$	51,570
Wealth Management	26,609		23,144
Total	$	82,544	$	74,714

The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities.

Margin lending activities generally have lower credit risk due to the value of collateral held and their short-term nature. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.

Employee Loans

For information on employee loans and related ACL, see Note 10 to the financial statements.

Derivatives

Fair Value of OTC Derivative Assets


	Counterparty Credit Rating1
$ in millions	AAA		AA		A		BBB		NIG		Total
At March 31, 2021
Less than 1 year	$	1,346	$	15,620	$	45,783	$	23,734	$	12,533	$	99,016
1-3 years	591		4,755		15,600		12,197		7,535		40,678
3-5 years	703		4,907		10,115		8,153		3,695		27,573
Over 5 years	4,151		26,657		68,658		49,759		11,487		160,712
Total, gross	$	6,791	$	51,939	$	140,156	$	93,843	$	35,250	$	327,979
Counterparty netting	(3,245)		(40,745)		(109,294)		(71,170)		(19,149)		(243,603)
Cash and securities collateral	(2,879)		(8,735)		(24,958)		(16,801)		(7,961)		(61,334)
Total, net	$	667	$	2,459	$	5,904	$	5,872	$	8,140	$	23,042


	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 March 31, 2021		At December 31, 2020
Industry
Financials	$	8,404	$	6,195
Utilities	4,082		3,954
Consumer discretionary	2,350		1,866
Energy	1,007		965
Healthcare	961		1,494
Industrials	906		1,291
Information technology	894		1,104
Regional governments	845		806
Sovereign governments	708		650
Insurance	554		518
Not-for-profit organizations	538		701
Real estate	474		378
Communications services	473		529
Materials	363		430
Consumer staples	332		339
Other	151		81
Total	$	23,042	$	21,301

1.Counterparty credit ratings are determined internally by CRM.

We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2020 Form 10-K and Note 7 to the financial statements.


March 2021 Form 10-Q			29


Table of Contents
Risk Disclosures

Country Risk

Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see, “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2020 Form 10-K.

Our sovereign exposures consist of financial contracts and obligations entered into with sovereign and local governments. Our non-sovereign exposures consist of financial contracts and obligations entered into primarily with corporations and financial institutions.

Index credit derivatives are included in the following country risk exposure table. Each reference entity within an index is allocated to that reference entity’s country of risk. Index exposures are allocated to the underlying reference entities in proportion to the notional weighting of each reference entity in the index, adjusted for any fair value receivable or payable for that reference entity. Where credit risk crosses multiple jurisdictions, for example, a CDS purchased from an issuer in a specific country that references bonds issued by an entity in a different country, the fair value of the CDS is reflected in the Net Counterparty Exposure row based on the country of the CDS issuer. Further, the notional amount of the CDS adjusted for the fair value of the receivable or payable is reflected in the Net Inventory row based on the country of the underlying reference entity.

Top 10 Non-U.S. Country Exposures at March 31, 2021


$ in millions	United Kingdom		Japan		France		Germany		Spain
Sovereign
Net inventory1	$	51	$	6,101	$	1,531	$	(3,354)	$	(563)
Net counterparty exposure2	16		66		24		73		15


Exposure before hedges	67		6,167		1,555		(3,281)		(548)
Hedges3	(310)		(91)		(6)		(287)		—
Net exposure	$	(243)	$	6,076	$	1,549	$	(3,568)	$	(548)

Non-sovereign
Net inventory1	$	894	$	508	$	(526)	$	(215)	$	(117)
Net counterparty exposure2	11,563		5,277		3,066		2,942		273
Loans	3,620		382		681		1,890		3,577
Lending commitments	5,452		181		4,368		4,355		922
Exposure before hedges	21,529		6,348		7,589		8,972		4,655
Hedges3	(1,653)		(173)		(752)		(1,055)		(151)
Net exposure	$	19,876	$	6,175	$	6,837	$	7,917	$	4,504
Total net exposure	$	19,633	$	12,251	$	8,386	$	4,349	$	3,956


$ in millions	Brazil		Canada		China		Australia		India
Sovereign
Net inventory1	$	2,962	$	(348)	$	87	$	445	$	1,734
Net counterparty exposure2	—		88		145		32		—


Exposure before hedges	2,962		(260)		232		477		1,734
Hedges3	(12)		—		(82)		—		—
Net exposure	$	2,950	$	(260)	$	150	$	477	$	1,734

Non-sovereign
Net inventory1	$	75	$	493	$	1,412	$	302	$	638
Net counterparty exposure2	429		2,079		740		720		754
Loans	208		164		636		405		214
Lending commitments	166		1,366		821		1,617		—
Exposure before hedges	878		4,102		3,609		3,044		1,606
Hedges3	(24)		(74)		(187)		(174)		—
Net exposure	$	854	$	4,028	$	3,422	$	2,870	$	1,606
Total net exposure	$	3,804	$	3,768	$	3,572	$	3,347	$	3,340

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

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

3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for any fair value receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2020 Form 10-K.

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

Collateral Held against Net Counterparty Exposure1


$ in millions		At March 31, 2021
Country of Risk	Collateral2
Germany	Spain and Italy	$	11,670
United Kingdom	U.K., U.S. and Italy	8,559
Other	Japan, U.S. and France	17,757

1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at March 31, 2021.

2.Primarily consists of cash, as well as government obligations of the countries listed.

Country Risk Exposures Related to the U.K.

At March 31, 2021, our country risk exposures in the U.K. included net exposures of $19,633 million (as shown in the Top 10 Non-U.S. Country Exposures table) and overnight deposits of $6,599 million. The $19,876 million of exposures to non-sovereigns were diversified across both names and sectors and include $7,144 million to U.K.-focused counterparties that generate more than one-third of their revenues in the U.K., $4,321 million to geographically diversified counterparties, and $7,573 million to exchanges and clearinghouses.


			30			March 2021 Form 10-Q


Table of Contents
Risk Disclosures

Operational Risk

Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events (e.g., fraud, theft, legal and compliance risks, cyber attacks or damage to physical assets). We may incur operational risk across the full scope of our business activities, including revenue-generating activities (e.g., sales and trading) and support and control groups (e.g., information technology and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2020 Form 10-K. In addition, for further information on market and economic conditions and their effects on risk in general, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—Coronavirus Disease (COVID-19) Pandemic” herein and “Risk Factors” in the 2020 Form 10-K.

Model Risk

Model risk refers to the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision making or damage to our reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2020 Form 10-K.

Liquidity Risk

Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2020 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein. In addition, for further information on market and economic conditions and their effects on risk in general, see “Risk Factors” in the 2020 Form 10-K.

Legal and Compliance Risk

Legal and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, or loss to reputation that we may suffer as a result of failure to comply

with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal and Compliance Risk” in the 2020 Form 10-K.


March 2021 Form 10-Q			31

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

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2021, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2021 and 2020, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2020, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 26, 2021, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2020 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

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

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


/s/ *Deloitte & Touche LLP*
New York, New York
May 3, 2021


			32			March 2021 Form 10-Q


Table of Contents
Consolidated Income Statements (Unaudited)

Three Months Ended
March 31,

$ in millions

2021

2020

Net income

i 4,168

i 1,780

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

( i 219)

( i 132)

Change in net unrealized gains (losses) on available-for-sale securities

( i 776)

i 1,325

Pension and other

i 5

i 25

Change in net debt valuation adjustment

i 137

i 3,803

Total other comprehensive income (loss)

( i 853)

i 5,021

Comprehensive income

i 3,315

i 6,801

Net income applicable to noncontrolling interests

i 48

i 82

Other comprehensive income (loss) applicable to noncontrolling interests

( i 61)

i 138

Comprehensive income applicable to Morgan Stanley

i 3,328

i 6,581


See Notes to Consolidated Financial Statements			33			March 2021 Form 10-Q


Table of Contents
Consolidated Balance Sheets

$ in millions, except share data

Cash and cash equivalents

Trading assets at fair value ($ i 111,342 and $ i 132,578 were pledged to various parties)

Investment securities (includes $ i 105,288 and $ i 110,383 at fair value)

Securities purchased under agreements to resell (includes $ i 9 and $ i 15 at fair value)

Held for investment (net of allowance of $ i 762 and $ i 835)

Intangible assets (net of accumulated amortization of $ i 3,358 and $ i 3,265)

Deposits (includes $ i 3,069 and $ i 3,521 at fair value)

Securities sold under agreements to repurchase (includes $ i 1,089 and $ i 1,115 at fair value)

Other secured financings (includes $ i 5,001 and $ i 11,701 at fair value)

Borrowings (includes $ i 74,022 and $ i 73,701 at fair value)

Common stock, $ i i 0.01 / par value:

Common stock held in treasury at cost, $ i i 0.01 / par value ( i 169,968,659 and i 229,269,835 shares)


March 2021 Form 10-Q			34			See Notes to Consolidated Financial Statements


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

Beginning and ending balance


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
Depository Shares, each representing 1/1000th 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
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 Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031	i MLPY	i NYSE Arca, Inc.

Morgan Stanley – ‘10-Q’ for 3/31/21

On: Monday, 5/3/21, at 4:09pm ET · For: 3/31/21 · Accession #: 895421-21-334 · File #: 1-11758

Previous ‘10-Q’: ‘10-Q’ on 11/3/20 for 9/30/20 · Next: ‘10-Q’ on 8/2/21 for 6/30/21 · Latest: ‘10-Q’ on 11/3/23 for 9/30/23

Quarterly Report — Form 10-Q
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference


Table of Contents		Part	Item	Page
Financial Information		I		1
Management’s Discussion and Analysis of Financial Condition and Results of Operations		I	2	1
Introduction				1
Executive Summary				2
Business Segments				6
Institutional Securities				7
Wealth Management				9
Investment Management				11
Supplemental Financial Information				13
Accounting Development Updates				13
Critical Accounting Policies				13
Liquidity and Capital Resources				13
Balance Sheet				13
Regulatory Requirements				17
Quantitative and Qualitative Disclosures about Risk		I	3	23
Market Risk				23
Credit Risk				25
Country and Other Risks				30
Report of Independent Registered Public Accounting Firm				32
Consolidated Financial Statements and Notes		I	1	33
Consolidated Income Statements (Unaudited)				33
Consolidated Comprehensive Income Statements (Unaudited)				33
Consolidated Balance Sheets (Unaudited at March 31, 2021)				34
Consolidated Statements of Changes in Total Equity (Unaudited)				35
Consolidated Cash Flow Statements (Unaudited)				36
Notes to Consolidated Financial Statements (Unaudited)				37
1.	Introduction and Basis of Presentation			37
2.	Significant Accounting Policies			38
3.	Acquisitions			38
4.	Cash and Cash Equivalents			39
5.	Fair Values			39
6.	Fair Value Option			45
7.	Derivative Instruments and Hedging Activities			45
8.	Investment Securities			49
9.	Collateralized Transactions			50
10.	Loans, Lending Commitments and Related Allowance for Credit Losses			52
11.	Other Assets—Equity Method Investments			54
12.	Deposits			54
13.	Borrowings and Other Secured Financings			55
14.	Commitments, Guarantees and Contingencies			55
15.	Variable Interest Entities and Securitization Activities			57
16.	Regulatory Requirements			60
17.	Total Equity			62
18.	Interest Income and Interest Expense			63
19.	Income Taxes			63
20.	Segment, Geographic and Revenue Information			64
Financial Data Supplement (Unaudited)				66
Glossary of Common Terms and Acronyms				67
Other Information		II		68
Legal Proceedings		II	1	68
Risk Factors		II	1A	68
Unregistered Sales of Equity Securities and Use of Proceeds		II	2	68
Controls and Procedures		I	4	68
Exhibits		II	6	68
Signatures				69


$ in millions, except share data	(Unaudited) At March 31, 2021		At December 31, 2020
Assets
Cash and cash equivalents	$	i 118,118	$	i 105,654
Trading assets at fair value ($ i 111,342 and $ i 132,578 were pledged to various parties)	i 313,158		i 312,738
Investment securities (includes $ i 105,288 and $ i 110,383 at fair value)	i 189,206		i 182,154
Securities purchased under agreements to resell (includes $ i 9 and $ i 15 at fair value)	i 114,721		i 116,234
Securities borrowed	i 102,149		i 112,391
Customer and other receivables	i 115,043		i 97,737
Loans:
Held for investment (net of allowance of $ i 762 and $ i 835)	i 143,635		i 137,784
Held for sale	i 15,488		i 12,813
Goodwill	i 16,836		i 11,635
Intangible assets (net of accumulated amortization of $ i 3,358 and $ i 3,265)	i 8,846		i 4,980
Other assets	i 21,572		i 21,742
Total assets	$	i 1,158,772	$	i 1,115,862
Liabilities
Deposits (includes $ i 3,069 and $ i 3,521 at fair value)	$	i 323,138	$	i 310,782
Trading liabilities at fair value	i 185,667		i 157,631
Securities sold under agreements to repurchase (includes $ i 1,089 and $ i 1,115 at fair value)	i 54,624		i 50,587
Securities loaned	i 8,426		i 7,731
Other secured financings (includes $ i 5,001 and $ i 11,701 at fair value)	i 9,413		i 15,863
Customer and other payables	i 230,121		i 227,437
Other liabilities and accrued expenses	i 23,969		i 25,603
Borrowings (includes $ i 74,022 and $ i 73,701 at fair value)	i 215,826		i 217,079
Total liabilities	i 1,051,184		i 1,012,713
Commitments and contingent liabilities (see Note 14)			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 1,868,925,320 and i 1,809,624,144	i 20		i 20
Additional paid-in capital	i 27,406		i 25,546
Retained earnings	i 82,034		i 78,694
Employee stock trusts	i 3,861		i 3,043
Accumulated other comprehensive income (loss)	( i 2,754)		( i 1,962)
Common stock held in treasury at cost, $ i i 0.01 / par value ( i 169,968,659 and i 229,269,835 shares)	( i 8,197)		( i 9,767)
Common stock issued to employee stock trusts	( i 3,861)		( i 3,043)
Total Morgan Stanley shareholders’ equity	i 106,259		i 101,781
Noncontrolling interests	i 1,329		i 1,368
Total equity	i 107,588		i 103,149
Total liabilities and equity	$	i 1,158,772	$	i 1,115,862


Table of Contents
Consolidated Cash Flow Statements (Unaudited)


$ 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


	Balance / Range (Average1)
$ in millions, except inputs	At March 31, 2021		At December 31, 2020
Assets at Fair Value on a Recurring Basis



Other sovereign government obligations	$	i 17	$	i 268
Comparable pricing:
Bond price	N/M		i 106 points



MABS	$	i 374	$	i 322
Comparable pricing:
Bond price	i 0 to i 80 points ( i 51 points)		i 0 to i 80 points ( i 50 points)
Loans and lending commitments	$	i 5,045	$	i 5,759
Margin loan model:



Margin loan rate	i 1% to i 5% ( i 3%)		i 1% to i 5% ( i 3%)
Comparable pricing:
Loan price	i 75 to i 102 points ( i 98 points)		i 75 to i 102 points ( i 93 points)


	Carrying Value at March 31, 2021
$ in millions	Private Equity		Real Estate
Less than 5 years	$	i 1,340	$	i 413
5-10 years	i 795		i 395
Over 10 years	i 151		i 659
Total	$	i 2,286	$	i 1,467


	At March 31, 2021
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	i 3,765	$	i 1,149	$	i 4,914

Intangibles	i —		i 36		i 36
Other assets—Other investments	i —		i 82		i 82

Total	$	i 3,765	$	i 1,267	$	i 5,032
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	i 150	$	i 66	$	i 216
Total	$	i 150	$	i 66	$	i 216


$ in millions	At March 31, 2021
One-notch downgrade	$	i 231
Two-notch downgrade	i 242
Bilateral downgrade agreements included in the amounts above1	$	i 336


	Notional
$ in billions	At March 31, 2021		At December 31, 2020
Single name	$	i 126	$	i 116
Index and basket	i 208		i 116
Tranched index and basket	i 15		i 14
Total	$	i 349	$	i 246


	Fair Value Asset (Liability)
$ in millions	At March 31, 2021		At December 31, 2020
Single name	$	( i 1,460)	$	( i 1,452)
Index and basket	( i 1,187)		( i 57)
Tranched index and basket	( i 361)		( i 329)
Total	$	( i 3,008)	$	( i 1,838)


	At March 31, 2021
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield
AFS securities

U.S. Treasury securities:
Due within 1 year	$	i 12,458	$	i 12,530	i 1.2	%
After 1 year through 5 years	i 24,474		i 25,043		i 1.4	%
After 5 years through 10 years	i 12,729		i 12,799		i 1.0	%

Total	i 49,661		i 50,372
U.S. agency securities:
Due within 1 year	i 3		i 3		i 1.5	%
After 1 year through 5 years	i 142		i 146		i 1.5	%
After 5 years through 10 years	i 1,314		i 1,347		i 1.8	%
After 10 years	i 31,104		i 31,330		i 1.6	%
Total	i 32,563		i 32,826


Agency CMBS:
Due within 1 year	i 65		i 65		i 2.0	%
After 1 year through 5 years	i 948		i 964		i 1.3	%
After 5 years through 10 years	i 12,812		i 13,123		i 1.5	%
After 10 years	i 3,796		i 3,747		i 1.2	%
Total	i 17,621		i 17,899






Corporate bonds:
Due within 1 year	i 397		i 400		i 2.4	%
After 1 year through 5 years	i 1,147		i 1,174		i 2.7	%
After 5 years through 10 years	i 97		i 99		i 2.2	%
After 10 years	i 10		i 10		i 1.6	%
Total	i 1,651		i 1,683
State and municipal securities:
Due within 1 year	i 3		i 3		i 1.8	%
After 1 year through 5 years	i 16		i 17		i 2.2	%
After 5 years through 10 years	i 24		i 33		i 2.4	%
After 10 Years	i 135		i 158		i 4.4	%
Total	i 178		i 211
FFELP student loan ABS:
Due within 1 year	i 33		i 32		i 0.8	%
After 1 year through 5 years	i 73		i 72		i 0.8	%
After 5 years through 10 years	i 216		i 212		i 0.8	%
After 10 years	i 1,644		i 1,651		i 1.1	%
Total	i 1,966		i 1,967
Other ABS:

After 1 year through 5 years	i 330		i 330		i 0.4	%


Total	i 330		i 330

Total AFS securities	i 103,970		i 105,288		i 1.4	%

HTM securities

U.S. Treasury securities:
Due within 1 year	i 3,148		i 3,184		i 2.0	%
After 1 year through 5 years	i 18,837		i 19,494		i 1.7	%
After 5 years through 10 years	i 6,322		i 6,740		i 2.3	%
After 10 years	i 1,380		i 1,381		i 2.2	%
Total	i 29,687		i 30,799
U.S. agency securities:


After 5 years through 10 years	i 601		i 620		i 2.0	%
After 10 years	i 50,197		i 49,263		i 1.7	%
Total	i 50,798		i 49,883


	At March 31, 2021
$ in millions	Loans Held for Investment		Loans Held for Sale		Total Loans
Corporate	$	i 5,185	$	i 11,824	$	i 17,009
Secured lending facilities	i 25,886		i 3,025		i 28,911
Commercial real estate	i 7,277		i 504		i 7,781
Residential real estate	i 36,843		i 51		i 36,894
Securities-based lending and Other loans	i 69,206		i 84		i 69,290
Total loans	i 144,397		i 15,488		i 159,885
ACL	( i 762)				( i 762)
Total loans, net	$	i 143,635	$	i 15,488	$	i 159,123
Fixed rate loans, net					$	i 35,153
Floating or adjustable rate loans, net					i 123,970
Loans to non-U.S. borrowers, net					i 22,518


	Fair Value At March 31, 2021
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	i 654	$	i —	$	i 654
Non-investment grade	i 9		i 62		i 71
Total	$	i 663	$	i 62	$	i 725
Interests purchased in the secondary market
Investment grade	$	i 243	$	i 10	$	i 253
Non-investment grade	i 101		i 21		i 122
Total	$	i 344	$	i 31	$	i 375
Derivative assets	$	i 391	$	i 1	$	i 392
Derivative liabilities	i 234		i 49		i 283


	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	At March 31, 2021		At December 31, 2020
Customer and other receivables	$	i 2,195	$	i 1,652
Customer and other payables	i 2,329		i 2,119


2020 Form 10-K			Annual report on Form 10-K for year ended December 31, 2020 filed with the SEC
ABS			Asset-backed securities
ACL			Allowance for credit losses
AFS			Available-for-sale
AML			Anti-money laundering
AOCI			Accumulated other comprehensive income (loss)

AUM			Assets under management or supervision

Balance sheets			Consolidated balance sheets

BHC			Bank holding company

bps			Basis points; one basis point equals 1/100th of 1%

Cash flow statements			Consolidated cash flow statements

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)

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

FFIEC			Federal Financial Institutions Examination Council

FHC			Financial Holding Company

FICC			Fixed Income Clearing Corporation

FICO			Fair Isaac Corporation

Financial statements			Consolidated financial statements

FVA			Funding valuation adjustment

G-SIB			Global systemically important banks

HELOC			Home Equity Line of Credit

HQLA			High-quality liquid assets

HTM			Held-to-maturity

I/E			Intersegment eliminations

IHC			Intermediate holding company

IM			Investment Management

Income statements			Consolidated income statements

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

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


$ 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
January	18,296,995	$	74.00	12,800,000	$	9,057
February	2,358,797	$	71.57	1,600,000	$	8,947
March	13,231,966	$	82.18	13,161,366	$	7,865
Total	33,887,758	$	77.03	27,561,366


Exhibit No.			Description
3.1			Amended and Restated Certificate of Incorporation of Morgan Stanley, as amended to date.
15			Letter of awareness from Deloitte & Touche LLP, dated May 3 , 202 1 , concerning unaudited interim financial information.
31.1			Rule 13a-14(a) Certification of Chief Executive Officer.
31.2			Rule 13a-14(a) Certification of Chief Financial Officer.
32.1			Section 1350 Certification of Chief Executive Officer.
32.2			Section 1350 Certification of Chief Financial Officer.
101			Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104			Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

Morgan Stanley – ‘10-Q’ for 3/31/21

On: Monday, 5/3/21, at 4:09pm ET · For: 3/31/21 · Accession #: 895421-21-334 · File #: 1-11758

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MORGAN STANLEY (Registrant)

By:			/s/ JONATHAN PRUZAN
			Jonathan Pruzan Executive Vice President and Chief Financial Officer

By:			/s/ RAJA J. AKRAM
			Raja J. Akram Deputy Chief Financial Officer, Chief Accounting Officer and Controller

This ‘10-Q’ Filing	Date	Other Filings

	3/21/31
	9/15/26
	6/30/23
	3/15/23
	12/31/21	10-K, 11-K, 13F-HR
	7/1/21	424B2, FWP
	6/30/21	10-Q, 13F-HR, 13F-HR/A, 424B2, FWP
	5/14/21	4, 424B2, FWP
Filed on:	5/3/21	424B2, FWP
	4/30/21	424B2, FWP
	4/16/21	424B2, 8-K, FWP
	4/15/21	424B2, 8-K, FWP, SC 13G
	4/5/21	424B2, FWP
	4/1/21	424B2, DEF 14A, DEFA14A, FWP
For Period end:	3/31/21	13F-HR, 424B2, FWP
	3/25/21	424B2, FWP
	3/22/21	424B2, FWP, SC 13G, SC 13G/A
	3/19/21	424B2, FWP
	3/15/21	424B2, FWP
	3/5/21	424B2, FWP
	3/1/21	3, 424B2, 8-K, FWP, S-3ASR
	2/26/21	10-K, 4, 424B2, FWP
	2/16/21	13F-HR, 4, 424B2, FWP, SC 13G
	2/11/21	4, 424B2, FWP, SC 13G, SC 13G/A
	1/29/21	424B2, 424B3, EFFECT, FWP
	12/31/20	10-K, 11-K, 13F-HR, 424B2, 5, FWP, SC 13G
	12/18/20	424B2, 8-K, FWP, SC 13G
	10/2/20	3, 4, 424B2, 8-K, FWP
	7/15/20	424B2, FWP
	6/22/20	424B2, FWP
	5/12/20	424B2, FWP
	3/31/20	10-Q, 13F-HR, 13F-HR/A, 25-NSE, 424B2, FWP
	3/19/20	424B2, FWP
	1/1/20
	12/31/19	10-K, 11-K, 13F-HR, 424B2, FWP, SC 13G
	6/28/19	424B2, FWP
	6/4/19	4, 424B2, FWP
	1/17/19	424B2, 8-K, FWP
	12/20/18	4, 424B2, FWP
	10/19/18	424B2, FWP
	9/13/18	424B2, FWP
	4/26/18	4, 424B2, FWP
	4/18/18	424B2, 8-K, FWP, SC 13D/A
	1/23/17	424B2, FWP
	12/11/15	424B2, FWP
	1/23/15	4, 424B2, FWP
	9/23/14	424B2, FWP
		List all Filings