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美国证券交易委员会

华盛顿特区20549

形式 10-Q

根据1934年《证券交易法》第13或15（d）条的季度报告

截至本季度末2024年9月30日

佣金文件编号1-11758

（注册人章程中规定的确切名称）

特拉华州

百老汇大街1585号

36-3145972

(212)

761-4000

(州或其他司法管辖区) 成立为公司或组织)

纽约，

纽约

10036

（国税局雇主识别号）

（注册人的电话号码，包括地区代码）

（主要行政办公室地址，包括邮政编码）

根据该法第12(B)节登记的证券：
每个班级的标题			交易 符号			交易所名称 哪些注册
普通股，面值0.01美元			女士			纽约证券交易所
存托股份，每股代表浮动利率股份的1/1，000权益			MS/PA			纽约证券交易所
非累积优先股，A系列，面值0.01美元
存托股份，每股代表固定至浮动利率股份的1/1，000权益			MS/PE			纽约证券交易所
非累积优先股，E系列，面值0.01美元
存托股份，每股代表固定至浮动利率股份的1/1，000权益			MS/PF			纽约证券交易所
非累积优先股，F系列，面值0.01美元
存托股份，每股代表固定至浮动利率股份的1/1，000权益			MS/PI			纽约证券交易所
非累积优先股，第一系列，面值0.01美元
存托股份，每股代表固定至浮动利率股份的1/1，000权益			MS/PK			纽约证券交易所
非累积优先股，k系列，面值0.01美元
存托股份，每股代表4.875%股份的1/1，000权益			MS/PL			纽约证券交易所
非累积优先股，L系列，面值0.01美元
存托股份，每股代表4.250%股份的1/1，000权益			MS/PO			纽约证券交易所
非累积优先股，O系列，面值0.01美元
存托股份，每股代表6.500%股份的1/1，000权益			MS/PP			纽约证券交易所
非累积优先股，P系列，面值0.01美元
存托股份，每股代表6.625%股份的1/1，000权益			MS/PQ			纽约证券交易所
非累积优先股，Q系列，面值0.01美元
全球中期票据，A系列，2026年到期的固定利率阶梯高级票据			MS/26 C			纽约证券交易所
摩根士丹利财务有限责任公司（以及注册人对此的担保）
全球中期票据，A系列，2029年到期的浮动利率票据			MS/29			纽约证券交易所
摩根士丹利财务有限责任公司（以及注册人对此的担保）

通过勾选标记标明登记人是否（1）在过去12个月内（或在登记人被要求提交此类报告的较短期限内）提交了1934年证券交易法第13或15（d）条要求提交的所有报告，以及（2）在过去90天内一直遵守此类提交要求。 是 ☒ 没有预设

通过勾选来验证注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交的所有交互数据文件。 是**☒*☐

通过勾选标记来确定注册人是大型加速归档者、加速归档者、非加速归档者、小型报告公司还是新兴成长型公司。请参阅《交易法》第120亿.2条规则中“大型加速备案人”、“加速备案人”、“小型报告公司”和“新兴成长型公司”的定义。（勾选一项）：

大型加速文件服务器

☒

加速的文件管理器

☐

非加速文件管理器

☐

规模较小的新闻报道公司

☐

新兴市场和成长型公司

☐

如果是新兴成长型公司，请通过勾选标记表明注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。 ☐

通过勾选标记检查注册人是否是空壳公司（定义见《交易法》第120亿.2条）。 是的 没有 ☒

截至2024年10月31日，已有 1,611,035,579 注册人普通股股份，每股面值0.01美元，已发行。

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目录表

Form 10-Q季度报告

截至2024年9月30日的季度

目录表						部分			项目			页面
财务信息						I
管理层对财务状况和经营成果的探讨与分析						I			2			4
引言												4
执行摘要												5
业务细分												10
机构证券												11
财富管理												14
投资管理												17
补充财务信息												19
会计发展更新												19
关键会计估计												19
流动性与资本资源												20
资产负债表												20
监管要求												24
关于风险的定量和定性披露						I			3			29
市场风险												29
信用风险												31
国家和其他风险												37
独立注册会计师事务所报告												39
合并财务报表和附注						I			1			40
合并损益表(未经审计)												40
综合全面收益表(未经审计)												40
合并资产负债表（Un审计边在 2024年9月30日)												41
合并报表 总权益变动（未经审计）												42
综合现金流量表(未经审计)												43
合并财务报表附注(未经审计)												44
1.			介绍和陈述基础									44
2.			重大会计政策									45
3.			现金和现金等价物									45
4.			公允价值									45
5.			公允价值期权									51
6.			衍生工具和套期保值活动									52
7.			投资证券									56
8.			抵押交易									58
9.			贷款、贷款承诺和相关信用损失备抵									59
10.			其他资产									63
11.			存款									64
12.			借款和其他有担保融资									64
13.			承付款、担保和或有事项									64
14.			可变利益实体和证券化活动									69
15.			监管要求									71
16.			总股本									73
17.			利息收入和利息支出									75
18.			所得税									75
19.			分部、地理和收入信息									76
财务数据补充（未经审计）												79
常用术语和缩写词词汇表												80
控制和程序						I			4			81
其他信息						II
法律诉讼						II			1			81
风险因素						II			1A			81
未登记的股权证券销售和收益的使用						II			2			81
其他信息						II			5			81
陈列品						II			6			81
签名												81

			2

---

目录表

可用信息

我们向美国证券交易委员会（“SEC”）提交年度、季度和当前报告、委托书和其他信息。美国证券交易委员会维护一个网站， Www.sec.gov，其中包含年度、季度和当前报告、委托书和信息声明，以及发行人以电子方式向SEC提交的其他信息。我们的电子SEC文件可在SEC网站上向公众提供。

我们的网站是www.morganstanley.com.您可以访问我们的投资者关系网页 www.morganstanley.com/about-us-ir.我们在我们的投资者关系网页上或通过我们的投资者关系网页免费提供我们的委托声明、表格10-k的年度报告、表格10-Q的季度报告、表格8-k的当前报告以及根据1934年证券交易法（经修订）提交或提供的这些报告的任何修订（“交易法”），在此类材料以电子方式提交或提供给SEC后，在合理可行的范围内尽快。我们还通过我们的投资者关系网页，通过SEC网站的链接，提供由我们的董事、高级管理人员、10%或以上的股东和其他人根据《交易法》第16条提交的我们股权证券的受益所有权声明。

您可以访问有关我们公司治理的信息 www.morganstanley.com/about-us-governance，我们的可持续发展计划 www.morganstanley.com/about-us/sustainability-at-morgan-stanley，以及我们对多样性和包容性的承诺 www.morganstanley.com/about-us/diversity.我们的网页包括：

 

•修订和重述的公司证书;

•修订和重述的章程;

•我们的审计委员会、薪酬、管理发展和继任委员会、治理和可持续发展委员会、运营和技术委员会以及风险委员会的章程;

•公司治理政策;

•关于企业政治活动的政策;

•关于股东权利计划的政策;

•股权承诺;

•道德和商业行为准则;

•行为准则;

•诚信热线信息;

•环境和社会政策;以及

•2023年ESG报告。

我们的道德和商业行为准则适用于所有董事、高级管理人员和员工，包括我们的首席执行官、首席财务官和副首席财务官。我们将在我们的网站上发布对道德和商业行为准则的任何修订以及SEC或纽约证券交易所有限责任公司（“纽约证券交易所”）规则要求披露的任何豁免。您可以通过联系Investor Relations，1585 Broadway，New York，NY 10036（212-761-4000）免费索取这些文件的副本（不包括展品）。我们网站上的信息并未以引用的方式纳入本报告中。

			3

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目录表

管理层对财务状况和经营成果的探讨与分析

引言

摩根士丹利是一家全球金融服务公司，在其各个业务部门-机构证券、财富管理和投资管理-保持着重要的市场地位。摩根士丹利通过其子公司和附属公司，向包括企业、政府、金融机构和个人在内的庞大而多样化的客户和客户群体提供各种各样的产品和服务。除文意另有所指外，术语“摩根士丹利”、“商号”、“本公司”、“本公司”或“本公司”均指摩根士丹利(“母公司”)及其合并子公司。有关本表格10-Q中使用的某些术语和缩略语的定义，请参阅《常用术语和缩略语词汇表》。

以下是我们每个业务部门的客户以及主要产品和服务的说明：

机构证券为企业、政府、金融机构和超高净值客户提供各种产品和服务。投资银行服务包括融资和金融咨询服务，包括债务、股权证券和其他产品的承销，以及关于合并和收购、重组和项目融资的咨询。我们的股票和固定收益业务包括销售、融资、大宗经纪、做市、亚洲财富管理服务和某些与商业相关的投资。贷款活动包括发放公司贷款和商业房地产贷款，提供担保贷款，以及向客户提供基于证券的融资和其他融资。其他活动包括研究。

财富管理为个人投资者以及中小型企业和机构提供全面的金融服务和解决方案。财富管理涵盖：财务顾问主导的经纪、托管、行政和投资咨询服务；自主式经纪服务；金融和财富规划服务；工作场所服务，包括股票计划管理；证券贷款、住宅房地产贷款和其他贷款产品；银行业务；以及退休计划服务。

投资管理公司通过机构和中介渠道向不同的客户群体提供广泛的投资策略和产品，涵盖地域、资产类别以及公开和私人市场。通过各种投资工具提供的战略和产品包括股权、固定收益、替代方案和解决方案，以及流动性和覆盖服务。机构客户包括固定收益/固定缴款计划、基金会、捐赠基金、政府实体、主权财富基金、保险公司、第三方基金赞助商和公司。个人客户通常通过中间商提供服务，包括关联和非关联分销商。

管理层的讨论和分析包括我们认为对我们、投资者、分析师和其他利益相关者有用的某些指标，为我们的财务状况和经营业绩提供了进一步的透明度，或提供了一种额外的评估手段。这些指标在使用时是有定义的，可能与其他公司使用的指标不同或不一致。

竞争、风险因素、立法、法律和规章的发展以及其他因素对过去的业务结果产生了重大影响，今后可能还会继续受到这些因素的影响。这些因素也可能对我们实现战略目标的能力产生不利影响。此外，本文中对我们业务结果的讨论可能包含前瞻性陈述。这些陈述反映了管理层的信念和期望，会受到风险和不确定因素的影响，这些风险和不确定因素可能会导致实际结果大相径庭。有关可能影响我们未来业绩的风险和不确定因素的讨论，请参阅2023年Form 10-k中的“前瞻性陈述”、“业务竞争”、“业务监督和监管”和“风险因素”以及本文中的“流动性和资本资源-监管要求”。

			4			2024年9月10-Q表格

---

目录表
管理层的讨论与分析

执行摘要

财务业绩概览

综合业绩-截至2024年9月30日的三个月

•该公司公布的净收入为154亿美元亿，反映了我们各业务部门的强劲业绩。

•该公司第三季度的净资产收益率(ROE)为13.1%，净资产收益率(ROTCE)为17.5%，今年迄今的净资产收益率(ROE)为13.5%，净资产收益率(ROTCE)为18.2%。

•该公司第三季度和年初至今的费用效率比率均为72%，得益于我们的规模和纪律严明的费用管理，同时保持强大的基础设施以支持持续增长。

•该公司增加了21亿美元的普通股一级资本。截至2024年9月30日，该公司的标准化普通股一级资本充足率为15.1%。

•机构证券净收入为68美元亿，反映出股票和固定收益业务因客户活动增加而表现强劲，投资银行业务因承销收入增加而表现强劲。

•财富管理公司的税前利润率为28.3%。73亿美元的净收入反映了更高的资产管理和交易收入。该业务新增净资产20亿美元。第三季度，截至2024年9月30日，客户总资产达到6万亿。费用-截至2024年9月30日，本季度基于资产的流动为360亿美元，基于费用的总资产达到2.3万亿万亿。

•投资管理业绩反映了15美元的亿净收入，主要是由于资产管理收入平均AUM较高。该季度包括70美元亿的正长期净流量和1.6美元万亿的期末AUM.

净收入

(百万美元)

适用于摩根士丹利的净收入

(百万美元)

稀释后普通股每股收益

我们报告称，截至2024年9月30日的季度（“本季度”或“2024年第三季度”）净收入为154亿美元，与截至2023年9月30日的季度（“上一年季度”或“2023年第三季度”）的133亿美元相比增长了16%。摩根士丹利本季度的净利润为32亿美元，比上一季度的24亿美元增长了32%。每股普通股稀释收益为1.88美元，比上一季度的1.38美元增长了36%。

我们报告称，截至2024年9月30日的九个月（“本年度”，或“2024年年初”）净收入为455亿美元，与截至2023年9月30日的九个月（“上一年度”，或“2023年年初”）的412亿美元相比增长了10%。摩根士丹利本年度的净利润为97亿美元，比上年同期的76亿美元增长了28%。每股普通股稀释收益为5.73美元，比上年同期的4.33美元增长了32%。

2024年9月10-Q表格			5

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目录
管理层的讨论和分析

非利息支出

（百万美金）

•本季度万的薪酬和福利支出为673300美元，较上年同期增长13%，主要原因是与某些与投资业绩挂钩的基于递延现金的员工薪酬计划相关的支出增加，以及应补偿收入增加导致对财富管理代表的公式化支出增加。

本年度万的薪酬和福利支出为19800美元，比上年同期增长7%，这主要是由于可补偿收入增加和因收入增加而增加的酌情激励薪酬，部分被较低的遣散费成本抵消了向财富管理代表支付的公式化支出。

在上一年期间，薪酬和福利支出包括30800美元万的遣散费，这与2023年第二季度劳动力减少有关。这一具体的裁员发生在公司的业务部门和地理区域，影响了公司全球员工总数的约4%，这是由于公司在收购E*TRATE金融公司(“E*TRATE”)和伊顿·万斯公司(“Eaton Vance”)后对其全球员工队伍、运营费用和商业环境进行了审查，而不是战略的改变或业务的退出。我们记录了遣散费

去年同期，机构证券业务部门的万为20700美元，财富管理业务部门为7,800美元，投资管理业务部门为2,300美元万。这些费用主要发生在美洲和欧洲、中东和非洲地区，其中大部分发生在美洲。

•本年度季度的非薪酬支出为435000美元万，比上年同期增长7%，主要原因是与执行相关的支出增加和技术支出增加。

本年度万的非补偿支出为1281000美元，较上年同期增长3%，主要原因是执行相关支出增加和技术支出增加，但法律支出减少以及没有上年同期发生的与整合相关的支出部分抵消了这一增长。

在上一年期间，整合费用为24400美元万，其中17100美元万与财富管理业务部门整合E*TRADE有关，7 300美元万与伊顿万斯整合投资管理业务部门有关。整合相关支出主要包括非薪酬支出，例如与平台整合相关的资讯技术支出，以及与财富管理和投资管理业务部门内法人结构变化和客户整合相关的专业费用。截至2023年12月31日，所有与融合相关的活动基本完成。

信贷损失准备金

本季度贷款的信贷损失拨备和贷款承诺7,900美元万主要与某些特定商业房地产和公司贷款的拨备以及贷款组合的增长有关。这部分被宏观经济前景的改善所抵消。上一年季度贷款和贷款承诺的信贷损失准备金为13400万，主要与商业房地产部门的信贷恶化有关，包括为某些具体贷款拨备，主要是写字楼贷款组合。

本年度贷款信贷损失拨备和贷款承诺14900美元万主要用于某些特定商业房地产和公司贷款的拨备，以及某些贷款组合的增长。这部分被宏观经济前景的改善所抵消。前一年期间的贷款信贷损失准备金和贷款承诺额52900万主要与商业房地产部门的信贷恶化有关，包括某些特定贷款的准备金，主要是写字楼贷款组合，以及某些其他贷款组合的小幅增长。

关于信贷损失准备金的进一步资讯，请参阅本文的“信贷风险”。

			6			2024年9月10-Q表格

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目录
管理层的讨论和分析

业务部门业绩

按细分市场划分的净收入1

（百万美金）

适用于摩根士丹利的按分段计算的净收入1

(百万美元)

1.图表中的数额代表每个业务部门对适用财务类别总额的贡献，由于部门间抵销，这些数额可能不等于条形图顶部列示的总额。有关部门间抵销的详情，见财务报表附注19。

•本季度机构证券净收入为681500美元万，本年度净收入为2081300美元万，分别比上年同期增长20%和15%，主要反映了投资银行业务股票收入和承销业绩的增长。

•本季度财富管理净收入为727000美元万，本年度净收入为2094200美元万，较上年同期分别增长14%和7%，这主要是由于资产管理收入增加以及与某些员工递延现金薪酬计划(“DCP投资”)相关的投资收益增加，但净利息收入下降部分抵消了这一增长。

•本季度投资管理净收入为145500美元万，本年度净收入为421800美元万，分别比上年同期增长9%和8%，反映了资产管理和相关费用的增加以及基于业绩的收入和其他收入的增加。

2024年9月10-Q表格			7

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目录
管理层的讨论和分析

按地区划分的净收入1

(百万美元)

1.关于如何确定净收入地域细目的讨论，见2023年10-k报表财务报表附注22。

•由于财富管理业务部门的资产管理收入增加，以及机构证券业务部门的股票和投资银行业务业绩增加，本季度美洲公司的净收入比去年同期增长了13%。美洲地区本年度的净收入比上年同期增长9%，主要是由于财富管理业务部门的资产管理收入增加，以及机构证券业务部门的业务业绩增加。

•本季度欧洲、中东和非洲地区的净收入比去年同期增长了24%，这主要是由于投资银行业务和机构证券业务部门的固定收益业务业绩增加所致。本年度欧洲、中东和非洲地区的净收入比上年同期增长17%，主要是由于机构证券业务部门的投资银行收入增加以及投资管理业务部门的业绩增加所致。

•亚洲本季度的净收入比上一年同期增长了31%，这主要是由于机构证券和投资管理业务部门的业绩提高所致。本年度亚洲净收入较上年同期增长11%，主要

受机构证券业务部门股权业绩上升的推动。

选定的财务资讯和其他统计数据

			截至三个月 9月30日，						九个月结束 9月30日，
以百万美元为单位，每股数据除外			2024			2023			2024			2023
合并结果
净收入			$	15,383		$	13,273		$	45,538		$	41,247
适用于摩根士丹利普通股股东的收益			$	3,028		$	2,262		$	9,236		$	7,147
稀释后普通股每股收益			$	1.88		$	1.38		$	5.73		$	4.33
综合财务措施
费用效率比1			72		%	75		%	72		%	75		%
Roe2			13.1		%	10.0		%	13.5		%	10.5		%
罗特2, 3			17.5		%	13.5		%	18.2		%	14.2		%
税前利润率4			27		%	24		%	28		%	24		%
实际税率			23.6		%	22.6		%	22.7		%	20.9		%
按分部划分的税前利润率4
机构证券			28		%	21		%	30		%	22		%
理财			28		%	27		%	27		%	26		%
投资管理			18		%	18		%	17		%	15		%

百万美金，每股数据、全球员工和客户资产除外			在 9月30日， 2024			在 12月31日， 2023
截至三个月平均流动性资源5			$	342,620		$	314,504
贷款6			$	239,760		$	226,828
总资产			$	1,258,027		$	1,193,693
存款			$	363,722		$	351,804
借贷			$	298,180		$	263,732
普通股权益			$	93,897		$	90,288
有形普通股权益3			$	70,543		$	66,527
已发行普通股			1,612			1,627
普通股每股账面价值7			$	58.25		$	55.50
每股普通股有形账面价值3, 7			$	43.76		$	40.89
全球员工(单位：千人)			80			80
客户资产8(以十亿计)			$	7,572		$	6,588
资本比率9
普通股1级资本-标准化			15.1		%	15.2		%
第1级资本-标准化			17.1		%	17.1		%
普通股一级资本-高级			14.9		%	15.5		%
第1级资本-高级			16.9		%	17.4		%
第1级杠杆			6.9		%	6.7		%
单反			5.5		%	5.5		%

1.支出效率比率表示总的非利息支出占净收入的百分比。

2.净资产收益率和净资产收益率分别以平均普通股权益和平均有形普通股权益的百分比表示适用于摩根士丹利普通股股东的年化收益。

3.表示非公认会计准则财务指标。请参阅此处的“选定的非公认会计原则财务资讯”。

4.税前利润率是指扣除所得税拨备前的收入占净收入的百分比。

5.关于流动性资源的讨论，请参阅《流动性与资本资源-资产负债表-流动性风险管理框架-流动性资源》。

6.包括为投资而持有的贷款，扣除ACL后的净额，为出售而持有的贷款，也包括公允价值贷款，这些贷款计入资产负债表中的交易资产。

7.普通股每股账面价值和每股普通股有形账面价值分别等于普通股权益和有形普通股权益除以已发行普通股。

8.客户资产代表财富管理客户资产和投资管理AUM。某些财富管理客户资产投资于投资管理产品，也包括在投资管理的AUM中。

9.有关我们资本比率的讨论，请参阅此处的「流动性和资本资源-监管要求」。

			8			2024年9月10-Q表格

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目录
管理层的讨论和分析

经济和市场状况

2024年第三季度，经济环境、客户和投资者信心以及整体市场情绪继续改善。虽然通胀压力已经缓解，利率下降，但包括中东持续紧张局势、美国政治周期以及进一步降息的时机和速度在内的地缘政治风险对经济环境构成持续风险。这些因素已经并可能继续影响资本市场和我们的业务，如本文“业务部分”中进一步讨论的那样。

有关经济和市场状况以及地缘政治事件和战争或侵略行为对我们未来业绩的潜在影响的更多资讯，请参阅2023年Form 10-k中的“风险因素”和“前瞻性陈述”。

精选非GAAP财务资讯

我们使用美国公认会计准则编制财务报表。我们可能会不时在本文件中或在我们的收益发布、收益和其他电话会议、财务报告、最终委托书和其他公开披露的过程中披露某些“非GAAP财务指标”。“非GAAP财务计量”不包括或包括根据美国GAAP计算和列报的最直接可比计量中的金额。我们认为我们披露的非GAAP财务指标对我们、投资者、分析师和其他利益相关者有用，因为它提供了进一步的透明度，或者是评估或比较我们的财务状况、经营业绩和资本充足率的另一种手段。

这些衡量标准不符合或替代美国公认会计原则，可能与其他公司使用的非公认会计原则财务衡量标准不同或不一致。每当我们提到非GAAP财务衡量标准时，我们通常也会对其进行定义或提出根据美国GAAP计算和列报的最直接可比财务衡量标准，同时协调美国GAAP财务衡量标准和非GAAP财务衡量标准之间的差异。

我们提出了某些非GAAP财务指标，将按市值计价的收益和损失的影响从净收入中剔除了DCP投资的融资成本。我们还将按市值计价的损益对DCP的影响排除在薪酬费用之外。DCP投资和DCP的影响主要反映在我们的财富管理业务部门的业绩中。这些措施使各期间的基本经营业绩和收入趋势具有更好的可比性。通过剔除这些专案的影响，我们能够更好地描述业务驱动因素以及由此对净收入和相关薪酬费用的相应变化的影响。

DCP奖励的薪酬支出是根据授予的奖励的名义价值计算的，并根据员工选择的参考投资的公允价值的变化进行调整。补偿支出在归属期间确认，与递延奖励的每个单独归属部分相关。

我们作为本金直接投资于金融工具和其他投资，以经济地对冲我们在这些DCP奖励下的某些义务。此类投资的公允价值变动，扣除融资成本后，计入净收入，并计入财富管理业务部门的交易收入。虽然因参考投资公允价值变动而产生的补偿开支变动一般会被在净收入中确认的投资公允价值变动所抵销，但在归属期间立即确认投资损益与递延确认相关补偿开支之间通常存在时间差异。虽然这一时间差异可能对我们在任何个别时期的未计提所得税前的收入没有重大影响，但它可能会影响某些时期的财富管理业务部门的报告比率和运营指标，因为它可能对净收入和薪酬支出产生重大影响。

有关详细资讯，请参阅2023年Form 10-k《管理层对财务状况和经营成果的讨论与分析--其他事项》。

有形普通股权益是一种非GAAP财务指标，我们认为分析师、投资者和其他利益相关者认为这一指标有助于与同行进行比较，并允许对我们的股本进行逐期使用。有形普通股权益的计算是指普通股股东权益减去商誉和无形资产，扣除允许的抵押贷款偿还权扣除。此外，我们认为，某些使用有形普通股权益的比率，例如平均有形普通股权益回报率(“ROTCE”)和每股有形普通股账面价值，也是非公认会计准则的财务指标，对评估业务期间的经营业绩和资本充足率分别有用。ROTCE的计算是指适用于摩根士丹利普通股股东的年化收益占平均有形普通股权益的百分比。每股普通股有形账面价值的计算等于有形普通股权益除以已发行普通股。

本文件中提出的主要非公认会计准则财务指标如下表所示。

2024年9月10-Q表格			9

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目录
管理层的讨论和分析

从美国GAAP到非GAAP合并财务指标的调整

			截至三个月 9月30日，						九个月结束 9月30日，
百万美金			2024			2023			2024			2023
净收入			$	15,383		$	13,273		$	45,538		$	41,247
对DPP按市值计算损失（收益）的调整1			(239)			202			(372)			(65)
调整后净收入-非GAAP			$	15,144		$	13,475		$	45,166		$	41,182
补偿费用			$	6,733		$	5,935		$	19,889		$	18,607
对DPP按市值计算的收益（损失）进行调整1			(276)			57			(580)			(314)
调整后薪酬费用-非GAAP			$	6,457		$	5,992		$	19,309		$	18,293
财富管理净收入			$	7,270		$	6,404		$	20,942		$	19,623
对DPP按市值计算损失（收益）的调整1			(170)			143			(265)			(40)
调整后财富管理净收入-非GAAP			$	7,100		$	6,547		$	20,677		$	19,583
财富管理补偿费用			$	3,868		$	3,352		$	11,257		$	10,332
对DPP按市值计算的收益（损失）进行调整1			(184)			48			(373)			(178)
调整后财富管理薪酬费用-非GAAP			$	3,684		$	3,400		$	10,884		$	10,154

1.净收入和薪酬费用根据公司和财富管理业务部门的DPP投资和DPP进行调整。更多信息，请参阅2023年表格10-k中的「管理层对财务状况和运营结果的讨论和分析-其他事项」。

百万美金			在 9月30日， 2024			在 12月31日， 2023
有形股本
普通股权益			$	93,897		$	90,288
减：善意和无形资产净			(23,354)			(23,761)
有形普通股-非GAAP			$	70,543		$	66,527

			平均每月余额
			截至三个月 9月30日，						九个月结束 9月30日，
百万美金			2024			2023			2024			2023
有形股本
普通股权益			$	92,706		$	90,788		$	91,049		$	91,142
减：善意和无形资产净			(23,416)			(23,965)			(23,559)			(24,074)
有形普通股-非GAAP			$	69,290		$	66,823		$	67,490		$	67,068

按业务部门分类的非GAAP财务指标

			止三个月 9月30日，						九个月结束 9月30日，
数十亿美金			2024			2023			2024			2023
平均普通股权益1
机构证券			$	45.0		$	45.6		$	45.0		$	45.6
理财			29.1			28.8			29.1			28.8
投资管理			10.8			10.4			10.8			10.4
Roe2
机构证券			12		%	7		%	13		%	8		%
理财			21		%	18		%	19		%	18		%
投资管理			7		%	7		%	7		%	6		%
平均有形普通股权益1
机构证券			$	44.6		$	45.2		$	44.6		$	45.2
理财			15.5			14.8			15.5			14.8
投资管理			1.1			0.7			1.1			0.7
罗特2
机构证券			12		%	7		%	13		%	8		%
理财			39		%	35		%	37		%	35		%
投资管理			68		%	98		%	65		%	80		%

1.每个业务部门的平均普通股权益和平均有形普通股权益是使用我们的所需资本框架确定的(见本文“流动性和资本资源-监管要求-根据所需资本框架的平均普通股权益的归属”)。各分部的平均普通股权益和平均有形普通股权益的总和不等于母公司权益应占的综合计量。

2.按分部计算净资产收益率和净资产收益率时，采用适用于摩根士丹利的净收入减去分配给每个分部的优先股息，分别按年度分别占分配给每个分部的平均普通股权益和平均有形普通股权益的百分比。

有形普通股目标回报率

我们的ROTCE目标是20%。我们的ROTCE目标是基于正常市场环境的前瞻性陈述，可能会受到许多因素的重大影响。

有关市场和经济状况及其对我们未来经营业绩的潜在影响的进一步资讯，请参阅2023年Form 10-k中的“风险因素”和“前瞻性陈述”。

RoTCE代表了一种非GAAP财务指标。有关非公认会计准则计量的更多资讯，请参阅本文的“选定的非公认会计准则财务资讯”。

业务板块

我们几乎所有的运营收入和运营费用都直接归因于我们的业务部门。某些收入和支出已分配给每个业务部门，一般按其各自的净收入、非利息支出或其他相关措施按比例分配。见财务报表附注19，按损益表专案分列的分部净收入和分部间交易资料。

有关我们业务部门的组成部分、净收入、信贷损失准备金、薪酬费用和所得税的概述，请参阅2023年Form 10-k中的“管理层对财务状况和运营结果的讨论和分析-业务部门”。

			10			2024年9月10-Q表格

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目录
管理层的讨论和分析

机构证券

损益计算书信息

			止三个月 9月30日，						%变化
百万美金			2024			2023
收入
咨询			$	546		$	449		22		%
股权			362			237			53		%
固定收益			555			252			120		%
总承销			917			489			88		%
总投资银行业务			1,463			938			56		%
股权			3,045			2,507			21		%
固定收益			2,003			1,947			3		%
其他			304			277			10		%
净收入			$	6,815		$	5,669		20		%
信贷损失准备金			68			93			(27)		%
薪酬福利			2,271			2,057			10		%
非赔偿费用			2,565			2,320			11		%
非利息费用总额			4,836			4,377			10		%
所得税拨备前的收入			1,911			1,199			59		%
所得税拨备			438			263			67		%
净收入			1,473			936			57		%
适用于非控股权益的净利润			37			24			54		%
适用于摩根史坦利的净利润			$	1,436		$	912		57		%

			九个月结束 9月30日，						%变化
百万美金			2024			2023
收入
咨询			$	1,599		$	1,542		4		%
股权			1,144			664			72		%
固定收益			1,786			1,054			69		%
总承销			2,930			1,718			71		%
总投资银行业务			4,529			3,260			39		%
股权			8,905			7,784			14		%
固定收益			6,487			6,239			4		%
其他			892			837			7		%
净收入			$	20,813		$	18,120		15		%
信贷损失准备金			124			379			(67)		%
薪酬福利			6,905			6,637			4		%
非赔偿费用			7,476			7,036			6		%
非利息费用总额			14,381			13,673			5		%
所得税拨备前的收入			6,308			4,068			55		%
所得税拨备			1,406			802			75		%
净收入			4,902			3,266			50		%
适用于非控股权益的净利润			127			117			9		%
适用于摩根史坦利的净利润			$	4,775		$	3,149		52		%

投资银行业务

投资银行收件箱

			止三个月 9月30日，						九个月结束 9月30日，
数十亿美金			2024			2023			2024			2023
已完成的并购1			$	109		$	159		$	456		$	379
股权和股权相关发行2, 3			13			6			42			26
固定收益产品2, 4			75			50			255			189

资料来源：LSEG Data & Risk Analytics（原名Refinitiv），截至2024年10月1日。交易量可能并不代表特定时期的净收入。此外，由于某些交易的后续提款、价值变化或时间变化，前期的交易量可能与之前报告的金额有所不同。

1.包括1亿美金或以上的交易。基于交易中每位顾问的全额积分。

2.基於单一账簿管理人的全额积分和联合账簿管理人的同等积分。

3.包括规则第144A条普通股、可转换证券和配股的发行和注册公开发行。

4.包括规则144A和公开注册发行、不可转换优先股、抵押贷款支持证券和资产支持证券以及应税市政债券。不包括杠杆贷款和自主发行。

投资银行业务收入

本季度万的收入为146300美元，比去年同期增长了56%，反映了所有业务的增长，特别是固定收益承保业务。

•咨询收入的增加主要是由于完成的并购活动增加，特别是在欧洲、中东和非洲地区。

•股票承销收入的增长主要来自首次公开发行(IPO)、后续发行和二级大宗股票交易的增加。

•固定收益承销收入主要增加了非投资级和投资级发行。

本年度万的收入为452900美元，比上年同期增长39%，反映了所有业务的增长，特别是固定收益承保业务。

•咨询收入的增加主要是由于完成的并购活动增加，但部分被较低的费用变现所抵消。

•股票承销收入的增长主要来自首次公开发行(IPO)、后续发行和二级大宗股票交易的增加。

•固定收益承销收入主要增加了非投资级和投资级发行。

虽然投资银行业务的业绩较最近几个季度有所改善，但我们继续在完成并购活动低于长期平均水准的市场环境中运营。

请参阅此处的“投资银行业务量”。

2024年9月10-Q表格			11

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管理层的讨论和分析

股权、固定收益和其他净收入

股权和固定收益净收入

			截至2024年9月30日的三个月
									净息2			所有其他3
百万美金			交易			费1									总计
融资			$	1,913		$	144		$	(686)		$	—		$	1,371
执行服务			925			680			(98)			167			1,674
权益总额			$	2,838		$	824		$	(784)		$	167		$	3,045
固定收入总额			$	2,008		$	103		$	(169)		$	61		$	2,003

			截至2023年9月30日的三个月
									净息2			所有其他3
百万美金			交易			费1									总
融资			$	1,861		$	130		$	(857)		$	26		$	1,160
执行服务			803			534			(71)			81			1,347
权益总额			$	2,664		$	664		$	(928)		$	107		$	2,507
固定收入总额			$	2,013		$	90		$	(258)		$	102		$	1,947

			截至2024年9月30日的九个月
									净息2			所有其他3
百万美金			交易			费1									总计
融资			$	6,036		$	414		$	(2,296)		$	2		$	4,156
执行服务			2,830			1,901			(221)			239			4,749
权益总额			$	8,866		$	2,315		$	(2,517)		$	241		$	8,905
固定收入总额			$	6,705		$	303		$	(694)		$	173		$	6,487

			截至2023年9月30日的九个月
									净息2			所有其他3
百万美金			交易			费1									总计
融资			$	5,426		$	394		$	(2,016)		$	64		$	3,868
执行服务			2,308			1,695			(175)			88			3,916
权益总额			$	7,734		$	2,089		$	(2,191)		$	152		$	7,784
固定收益总额			$	6,428		$	283		$	(821)		$	349		$	6,239

1.包括佣金和手续费以及资产管理收入。

2.包括资金成本，根据资金使用情况分配给企业。

3.包括投资和其他收入。

股权

本季度万净收入为304500美元，本年度净收入为0500美元万，较上年同期分别增长21%和14%，反映出执行服务和融资的增长，特别是在美洲和亚洲。

•融资收入增加的主要原因是客户活动增加以及融资和流动资金成本降低。

•执行服务收入的增长主要是由于为促进客户活动而持有的库存增加，客户在衍生品和现金股票方面的活动增加，以及与业务相关的投资按市值计价的收益。

固定收益

本季度万净收入为200300美元，较上年同期增长3%，主要反映了全球宏观产品的增加，但部分被大宗商品减少所抵消。

•全球宏观产品收入增加，主要是因为利率产品的业绩有所改善，利率在不断变化

受央行活动和为促进客户外汇产品活动而持有的库存收益推动的环境。

•信贷产品收入与去年同期相比相对持平。

•大宗商品产品和其他固定收益收入下降，主要是由于为促进客户活动而持有的库存收益减少，以及与去年同期业绩上升相比，客户活动减少，这得益于能源市场波动性的增加。

本年度万净收入为8700美元，较上年同期增长4%，反映全球宏观和信贷产品增加，但部分被大宗商品减少所抵消。

•全球宏观产品收入的增长主要是由于为促进客户在外汇和汇率产品方面的活动而持有的库存增加。

•信贷产品收入的增长主要是由于为促进客户活动而持有的库存增加，以及证券化产品中客户活动的增加。

•大宗商品产品和其他固定收益收入的下降主要是由于客户活动减少，而上一年季度的业绩上升，这得益于能源市场的更高波动性。

其他净收入

本季度的其他净收入为30400美元万，而去年同期为27700美元，这主要是由于万投资按市值计价的收益高于上年同期的亏损，以及我们日本证券合资公司的贡献增加，但部分抵消了企业贷款按市值计价的亏损(包括套期保值)的增加。

本年度的其他净收入为200美元万，上年同期为83700美元万，这主要是由于公司贷款的净利息收入和手续费增加，DCP投资的按市值计价收益增加，以及我们的日本证券合资公司的贡献增加，但部分抵消了企业贷款按市值计价亏损(包括套期保值)的增加。

信贷损失准备金

本季度贷款的信贷损失拨备和贷款承诺为6,800美元万，主要与贷款组合的增长以及某些特定商业房地产和公司贷款的拨备有关。这部分被宏观经济前景的改善所抵消。前一年季度的贷款信贷损失准备金和贷款承诺额为9,300美元万，主要与商业房地产部门的信贷恶化有关，包括对某些具体贷款的准备金，主要是写字楼贷款。

本年度期间贷款和贷款承诺的信贷损失准备金为1.24亿美元

			12			2024年9月10-Q表格

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管理层的讨论和分析

主要与贷款组合的增长和某些特定商业房地产贷款的拨备有关。这部分被宏观经济前景的改善所抵消。上一年期间贷款和贷款承诺的信贷损失准备金为37900万，主要与商业房地产部门的信贷恶化有关，包括某些具体贷款的准备金，主要是写字楼贷款组合，以及某些其他贷款组合的适度增长。

关于信贷损失准备金的进一步资讯，请参阅本文的“信贷风险”。

非利息支出

本季度万的非利息支出为483600美元，比上一年同期增长了10%，这是由于非薪酬支出以及薪酬和福利支出增加的结果。

•薪酬和福利支出增加的主要原因是与DCP相关的收入和费用增加带来的更高的可自由支配激励薪酬。

•非报酬费用增加，主要是因为与执行有关的费用增加和技术支出增加。

本年度非利息支出为1438100美元万，比上年同期增长5%，原因是非薪酬支出以及薪酬和福利支出增加。

•薪酬和福利支出的增加主要是由于收入增加而产生的更高的可自由支配激励薪酬，但部分被较低的遣散费成本和与未偿还递延股本薪酬相关的支出减少所抵消。

•非补偿费用增加的主要原因是与执行相关的费用增加和技术支出增加，但部分被较低的法律费用所抵消。

2024年9月10-Q表格			13

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目录
管理层的讨论和分析

理财

损益计算书信息

			止三个月 9月30日，						%变化
百万美金			2024			2023
收入
资产管理			$	4,266		$	3,629		18		%
事务性1			1,076			678			59		%
净息			1,774			1,952			(9)		%
其他2			154			145			6		%
净收入			7,270			6,404			14		%
信贷损失准备金			11			41			(73)		%
薪酬福利			3,868			3,352			15		%
非赔偿费用			1,331			1,302			2		%
非利息费用总额			5,199			4,654			12		%
所得税拨备前的收入			$	2,060		$	1,709		21		%
所得税拨备			492			389			26		%
适用于摩根史坦利的净利润			$	1,568		$	1,320		19		%

			九个月结束 9月30日，						%变化
百万美金			2024			2023
收入
资产管理			$	12,084		$	10,463		15		%
事务性1			2,891			2,468			17		%
净息			5,428			6,266			(13)		%
其他2			539			426			27		%
净收入			20,942			19,623			7		%
信贷损失准备金			25			150			(83)		%
薪酬福利			11,257			10,332			9		%
非赔偿费用			3,973			4,039			(2)		%
非利息费用总额			15,230			14,371			6		%
拨备前收入 所得税			$	5,687		$	5,102		11		%
所得税拨备			1,313			1,098			20		%
适用于摩根史坦利的净利润			$	4,374		$	4,004		9		%

1.交易包括投资银行、交易以及佣金和费用收入。

2.其他包括投资和其他收入。

财富管理收件箱

数十亿美金			9月30日， 2024			12月31日， 2023
客户总资产1			$	5,974		$	5,129
美国银行子公司贷款			$	155		$	147
保证金及其他贷款2			$	26		$	21
存款3			$	358		$	346
年化加权平均存款成本4
期末			2.99%			2.92%
截至三个月的期间平均值			3.19%			2.86%

			止三个月 9月30日，						九个月结束 9月30日，
			2024			2023			2024			2023
净新增资产			$	63.9		$	35.7		$	195.2		$	234.8

1.客户资产是指财富管理公司为其提供服务的资产，包括财务顾问主导的经纪、托管、行政和投资咨询服务；自主式经纪和投资咨询服务；金融和财富规划服务；工作场所服务，包括股票计划管理和退休计划服务。有关更多资讯，请参阅此处的“顾问主导的渠道”和“自我导向的渠道”。

2.保证金和其他贷款是指保证金贷款安排，允许客户以符合资格的证券的价值为抵押借款，以及其他贷款，包括向非银行实体发放基于无目的证券的贷款。

3.存款反映了来自财富管理客户的负债和我们美国银行子公司的其他资金来源。存款包括扫码存款计划、储蓄和其他存款以及定期存款。

4.年化加权平均指各种存款产品的年化加权平均成本总额，不包括相关对冲衍生品的影响。存款期末成本以2024年9月30日和2023年12月31日的余额和利率为基础。期间平均值是根据该期间的每日余额和汇率计算的。

净新资产

NNA代表客户资产流入，包括利息、股息和资产收购，减去客户资产流出，不包括业务合并/剥离的影响以及费用和佣金的影响。在特定时期内，净资产净值水准受到多种因素的影响，包括影响客户投资和支出行为的宏观经济因素、季节性、我们吸引和留住财务顾问和客户的能力、可能影响某些客户渠道的资本市场活动，以及大量特殊的流入和流出。这些因素在最近一段时间对我们的NNA产生了影响。如果这些因素持续下去，我们NNA的增长速度可能会受到影响。

顾问主导的渠道

数十亿美金			9月30日， 2024			12月31日， 2023
顾问主导的客户资产1			$	4,647		$	3,979
收费客户资产2			$	2,302		$	1,983
收费客户资产占顾问主导的客户资产的百分比			50%			50%

			止三个月 9月30日，						九个月结束 9月30日，
			2024			2023			2024			2023
基于费用的资产流动3			$	35.7		$	22.5		$	87.9		$	67.6

1.顾问主导的客户资产代表分配了财富管理代表的账户中的客户资产。

2.基于收费的客户资产是指客户账户中的资产数额，其中服务的付款基础是根据这些资产计算的费用。

3.基于费用的资产流量包括新的基于费用的净资产(包括资产收购)、净账户转账、股息、利息和客户费用，不包括机构现金管理相关活动。关于收费资产流动中包括的流入和流出的说明，请参阅2023年表格10-k中的收费客户资产。

			14			2024年9月10-Q表格

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管理层的讨论和分析

自导频道

			9月30日， 2024			12月31日， 2023
自我指导的客户资产1(以十亿计)			$	1,327		$	1,150
自主家庭2 (in数百万）			8.2			8.1

			止三个月 9月30日，						九个月结束 9月30日，
			2024			2023			2024			2023
日均收入交易（「DART」）3 (in数千）			815			735			812			777

1.自我指导的客户资产代表非顾问领导的活跃账户。活跃账户定义为拥有至少25美金的资产。

2.自主家庭代表至少包括一个具有自主资产的活跃账户的家庭总数。参与我们的一个或多个财富管理渠道的个人家庭或参与者将包含在每个相应渠道计数中。

3.DART代表一个时期内的自营交易总额除以该时期内的交易天数。

工作场所频道1

			9月30日， 2024			12月31日， 2023
股票计划未归属资产2 (以十亿计)			$	461		$	416
股票计划参与者3(单位：百万)			6.7			6.6

1.工作场所渠道包括为公司、其高管和员工提供股权薪酬解决方案。

2.股票计划未归属资产代表上市公司证券在期末的市场价值。

3.股票计划参与者代表工作场所渠道中具有既得和/或未既得股票计划资产的总账户。在多个计划中拥有账户的个人被算作每个计划的参与者。

净收入

资产管理

本季度资产管理收入为426600美元万，本年度同期为1208400美元万，较上年同期分别增长18%和15%，主要反映了由于市场水准上升和基于费用的积极流动的累积影响，基于费用的资产水准上升。

请参阅此处的“基于费用的客户资产前滚”。

交易性收入

与去年同期相比，本季度107600美元的万和2100美元的万的交易收入分别增长了59%和17%，这主要是由于DCP投资的收益和客户活动的增加。

有关DCP影响的更多资讯，请参阅此处的“选定的非公认会计准则财务资讯”。

净息

本季度净利息收入为177400美元万，本年度净利息收入为542800美元万，与上年同期相比分别下降9%和13%，这主要是由于平均清扫存款较低，但部分被我们投资组合和贷款增长的较高收益率所抵消。

利率变化的水准和速度以及其他宏观经济因素影响了客户对现金配置到高收益产品的偏好，以及客户对贷款的需求。这些因素，以及其他发展，例如由于各种竞争动态而对某些存款类型的定价变化，已经影响了我们的净利息收入，如果这些因素持续存在，或者其他因素的出现，例如进一步降息，净利息收入可能在未来一段时间内受到进一步影响。

信贷损失准备金

本季度贷款信贷损失拨备和贷款承诺1,100美元万主要与某些特定的商业房地产贷款有关，但被宏观经济前景的改善部分抵消。前一年季度贷款信贷损失准备金和贷款承诺额4 100万主要与商业房地产部门状况恶化有关，包括为某些具体贷款拨备，主要是写字楼贷款。

本年度贷款信贷损失拨备和贷款承诺2,500美元万主要用于某些特定的商业房地产和证券贷款，以及投资组合的增长，但被宏观经济前景的改善部分抵消。前一年期间，贷款信贷损失准备金和贷款承诺额15000万主要与商业房地产部门状况恶化有关，包括为某些具体贷款拨备，主要是写字楼贷款。

非利息支出

本季度非利息费用为51.99亿美金，比上一季度增加了12%，主要是由于薪酬和福利费用增加。

•本季度薪酬和福利费用增加，主要是由于可补偿收入增加和与DPP相关的费用增加，导致对财富管理代表的公式支付增加。

•非薪酬费用较上一季度有所增加，反映了技术支出增加、营销和业务开发成本增加以及法律费用增加，但部分被专业服务费用减少所抵消。

2024年9月10-Q表格			15

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目录
管理层的讨论和分析

本年度非利息费用为1523000加元，与上一年度相比增加了6%，主要是由于薪酬和福利费用增加。

•薪酬和福利费用较上年同期有所增加，主要是由于可补偿收入增加和与DPP相关的费用增加，导致对财富管理代表的公式支付增加，但部分被较低的遣散费所抵消。

•非薪酬费用较上年同期有所下降，主要是由于本年度没有整合相关费用以及其他专业服务费用较低，但部分被技术支出的增加所抵消。

基于费用的客户资产结转

数十亿美金			在 6月30日， 2024			流入1			外流2			市场 影响3						在 9月30日， 2024
单独管理4			$	663		$	21		$	(8)		$	7					$	683
统一管理			561			30			(16)			30						605
顾问			199			10			(10)			10						209
投资组合经理			704			33			(24)			32						745
小计			$	2,127		$	94		$	(58)		$	79					$	2,242
现金管理			61			11			(12)			—						60
总收费 客户资产			$	2,188		$	105		$	(70)		$	79					$	2,302

数十亿美金			在 6月30日， 2023			流入1			外流2			市场 影响3			在 9月30日， 2023
单独管理4			$	556		$	15		$	(7)		$	14		$	578
统一管理			456			29			(19)			(17)			449
顾问			182			7			(9)			(5)			175
投资组合经理			607			27			(21)			(16)			597
小计			$	1,801		$	78		$	(56)		$	(24)		$	1,799
现金管理			55			16			(13)			—			58
总收费 客户资产			$	1,856		$	94		$	(69)		$	(24)		$	1,857

数十亿美金			在 12月31日， 2023			流入1			外流2			市场影响3			在 9月30日， 2024
单独管理4			$	589		$	55		$	(32)		$	71		$	683
统一管理			501			88			(41)			57			605
顾问			188			23			(27)			25			209
投资组合经理			645			88			(66)			78			745
小计			$	1,923		$	254		$	(166)		$	231		$	2,242
现金管理			60			46			(46)			—			60
总收费 客户资产			$	1,983		$	300		$	(212)		$	231		$	2,302

数十亿美金			在 12月31日， 2022			流入1			外流2			市场影响3			在 9月30日， 2023
单独管理4			$	501		$	40		$	(18)		$	55		$	578
统一管理			408			70			(43)			14			449
顾问			167			22			(25)			11			175
投资组合经理			552			74			(53)			24			597
小计			$	1,628		$	206		$	(139)		$	104		$	1,799
现金管理			50			48			(40)			—			58
总收费 客户资产			$	1,678		$	254		$	(179)		$	104		$	1,857

1.流入包括新账户、账户转帐、存款、股息和利息。

2.流出包括关闭或终止的账户、账户转帐、提款和客户费用。

3.市场影响包括组合投资的已实现和未实现损益。

4.包括基于第三方托管人报告的季度滞后资产价值的非托管账户价值。

平均费率1

			止三个月 9月30日，						九个月结束 9月30日，
费率（单位：基点）			2024			2023			2024			2023
单独管理			12			12			12			13
统一管理			91			92			91			92
顾问			80			79			79			80
投资组合经理			89			90			89			91
小计			65			65			65			66
现金管理			7			6			6			6
收费客户资产总额			63			64			63			64

1.基于与收费资产相关的咨询服务相关的资产管理收入。

有关上表中收费客户资产的描述，请参阅2023年表格10-k中的「管理层对财务状况和经营结果的讨论与分析-业务板块-财富管理收费客户资产」。

			16			2024年9月10-Q表格

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目录
管理层的讨论和分析

投资管理

损益计算书信息

			止三个月 9月30日，						%变化
百万美金			2024			2023
收入
资产管理及相关费用			$	1,384		$	1,312		5		%
基于绩效的收入和其他1			71			24			196		%
净收入			1,455			1,336			9		%
薪酬福利			594			526			13		%
非赔偿费用			601			569			6		%
非利息费用总额			1,195			1,095			9		%
所得税拨备前的收入			260			241			8		%
所得税拨备			67			59			14		%
净收入			193			182			6		%
适用于非控股权益的净利润（损失）			1			3			N/M
适用于摩根史坦利的净利润			$	192		$	179		7		%

			九个月结束 9月30日，						%变化
百万美金			2024			2023
收入
资产管理及相关费用			$	4,072		$	3,828		6		%
基于绩效的收入和其他1			146			78			87		%
净收入			4,218			3,906			8		%
薪酬福利			1,727			1,638			5		%
非赔偿费用			1,768			1,691			5		%
非利息费用总额			3,495			3,329			5		%
所得税拨备前的收入			723			577			25		%
所得税拨备			172			135			27		%
净收入			551			442			25		%
适用于非控股权益的净利润（损失）			2			2			N/M
适用于摩根史坦利的净利润			$	549		$	440		25		%

1.包括投资、交易、佣金和费用、净利息和其他收入。

净收入

资产管理及相关费用

本季度资产管理及相关费用为13.84亿美金，本年度资产管理及相关费用为407200美金，较上年同期分别增长5%和6%，主要是由于市场水平较上年同期较高，平均AUm较高。

资产管理收入受到资产管理资产的水准、相对组合和相关费率的影响。虽然较高的市场水准推动了本季度平均AUM的增长，但我们继续看到股票资产类别的净流出，这可能受到我们产品相对于其基准的表现的影响，但被更高的净额所抵消

反映客户偏好的替代方案和解决方案以及固定收益资产类别的资金流入。如果这些情况持续下去，我们预计我们的资产管理收入将继续受到影响。

见“管理或监管下的资产”。

基于绩效的收入和其他

本季度基于业绩的收入和其他收入为7100万美元，比去年同期有所增加，主要是由于DCP投资收入增加以及基础设施和房地产基金的应计附带权益增加，但部分抵消了某些私人基金应计附带权益的减少。

本年度基于业绩的收入和其他收入为1.46亿美元，较上年同期增加，主要是由于基础设施和房地产基金的应计附带权益增加，以及DCP投资收入增加，但部分被某些私人基金应计附带权益的减少所抵消。

非利息支出

本季度万的非利息支出为119500美元，比去年同期增长了9%，这是薪酬和福利支出以及非薪酬支出增加的结果。

•本季度薪酬和福利支出增加，主要是由于与DCP相关的支出增加，以及与附带权益相关的薪酬增加。

•非薪酬支出在本季度有所增加，主要是由于较高的AUM导致的分销支出增加，以及技术和基础设施支出的增加。

由于薪酬和福利支出以及非薪酬支出的增加，本年度的非利息支出为349500美元万，比上年同期增长了5%。

•薪酬和福利支出在本年度期间有所增加，主要原因是与附带权益相关的薪酬增加以及酌情奖励薪酬增加。

•非补偿支出在本年度期间增加，主要是由于较高的AUM导致的分配费用增加，以及技术和基础设施支出的增加。

2024年9月10-Q表格			17

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目录表
管理层的讨论和分析

管理或监督下的资产结转

数十亿美元			在 6月30日， 2024			流入1			外流2			市场影响3			其他4			在 9月30日， 2024
股权			$	301		$	9		$	(14)		$	15		$	5		$	316
固定收益			176			17			(12)			6			1			188
替代办法和解决方案			558			37			(28)			23			1			591
长期管理资产			$	1,035		$	63		$	(54)		$	44		$	7		$	1,095
流动性和叠加服务			483			570			(556)			9			(3)			503
总			$	1,518		$	633		$	(610)		$	53		$	4		$	1,598

数十亿美元			在 6月30日， 2023			流入1			外流2			市场影响3			其他4,5			在 9月30日， 2023
股权			$	289		$	9		$	(15)		$	(11)		$	—		$	272
固定收益			165			14			(15)			(1)			—			163
替代办法和解决方案			482			31			(29)			(10)			(2)			472
长期管理资产			$	936		$	54		$	(59)		$	(22)		$	(2)		$	907
流动性和叠加服务			476			553			(543)			—			(5)			481
总			$	1,412		$	607		$	(602)		$	(22)		$	(7)		$	1,388

数十亿美元			在 12月31日， 2023			流入1			外流2			市场影响3			其他4			在 9月30日， 2024
股权			$	295		$	29		$	(48)		$	41		$	(1)		$	316
固定收益			171			48			(37)			8			(2)			188
替代办法和解决方案			508			105			(78)			59			(3)			591
长期管理资产			$	974		$	182		$	(163)		$	108		$	(6)		$	1,095
流动性和叠加服务			485			1,659			(1,648)			20			(13)			503
总			$	1,459		$	1,841		$	(1,811)		$	128		$	(19)		$	1,598

数十亿美元			在 12月31日， 2022			流入1			外流2			市场影响3			其他4,5			在 9月30日， 2023
股权			$	259		$	29		$	(42)		$	30		$	(4)		$	272
固定收益			173			42			(48)			4			(8)			163
替代办法和解决方案			431			79			(63)			22			3			472
长期管理资产			$	863		$	150		$	(153)		$	56		$	(9)		$	907
流动性和叠加服务			442			1,713			(1,673)			10			(11)			481
总			$	1,305		$	1,863		$	(1,826)		$	66		$	(20)		$	1,388

1.流入指新客户和现有客户对新的或现有投资产品的投资或承诺，包括客户股息的再投资和投资资本的增加。资金流入不包括交易所的影响，即客户在同一资产类别内改变头寸。

2.流出是指客户资金的赎回、资金从承诺资本期过渡到投资资本期以及投资资本减少。资金外流不包括交易所的影响，即客户在同一资产类别内改变头寸。

3.市场影响包括有价证券投资的已实现和未实现损益。这不包括任何市场影响不影响管理费的基金。

4.其他包含所有期间的分配和外币影响。分配是指在基金的投资期过后，由于资本回报而导致的投资资本减少。它还包括客户未进行再投资的基金股息。外币影响反映了非美元计价基金的外币变动。

5.2023年，我们的零售市政和企业固定收益业务(“FIMS”)与我们的参数零售定制解决方案业务合并。这一变化的影响是60美元的亿资产类别从固定收益资产类别转移到其他资产类别。

平均AUM

			截至三个月 9月30日，						止九个月 9月30日，
数十亿美元			2024			2023			2024			2023
股权			$	307		$	287		$	302		$	278
固定收益			182			166			176			171
替代方案和解决方案			574			482			547			460
长期AUM小计			1,063			935			1,025			909
流动资金和覆盖服务			492			478			485			461
总AUM			$	1,555		$	1,413		$	1,510		$	1,370

平均收费标准1

			截至三个月 9月30日，						止九个月 9月30日，
费率（单位：基点）			2024			2023			2024			2023
股权			70			72			70			72
固定收益			37			36			36			35
替代办法和解决方案			28			30			29			32
长期资产管理量			41			44			42			45
流动性和叠加服务			12			12			12			13
管理资产总额			32			33			33			34

1.基于资产管理收入，扣除豁免，不包括绩效费用和其他非管理费用。对于某些非美国基金，包括顾问代表第三方分销商收取的部分咨询费。向分销商支付的这些费用包括在利润表的非补偿费用中。

有关上表中资产类别的描述，请参阅2023年10-k表格中的“管理层对财务状况和经营业绩的讨论与分析-业务板块-投资管理-管理或监督资产”。

			18			2024年9月10-Q表格

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目录表
管理层的讨论和分析

补充财务信息

美国银行子公司

我们在美国的子公司摩根士丹利银行和摩根士丹利私人银行(以下统称为“美国银行子公司”)接受存款，向各种客户提供贷款，包括大型企业和机构客户，以及高至超高净值个人，并投资于证券。我们美国银行子公司的贷款活动主要来自机构证券业务部门，包括担保贷款安排、商业和住宅房地产以及公司贷款。我们美国银行子公司在财富管理业务部门的贷款活动主要包括基于证券的贷款(允许客户以合格证券的价值为抵押)和住宅房地产贷款。

有关我们信用风险的进一步讨论，请参阅“关于风险的定量和定性披露--信用风险”。关于贷款和贷款承诺的进一步讨论，见财务报表附注9和13。

美国银行子公司的补充财务信息1

数十亿美元			在 9月30日， 2024			在 12月31日， 2023
投资证券：
可供出售的公允价值			$	75.8		$	66.6
持有至到期			48.8			51.4
总投资证券			$	124.6		$	118.0
财富管理贷款2
住宅房地产			$	64.9		$	60.3
以证券为基础的贷款和其他3			90.3			86.2
总财富管理贷款			$	155.2		$	146.5
机构证券贷款2
企业			$	6.4		$	10.1
有担保贷款安排			47.4			40.8
商业和住宅房地产			10.6			10.7
以证券为基础的贷款和其他			4.7			4.1
机构证券贷款总额			$	69.1		$	65.7
总资产			$	420.9		$	396.1
存款4			$	357.5		$	346.1

1.金额不包括银行子公司之间的交易，以及母公司和关联公司的存款。

2.表示贷款，扣除ACL后的净额。有关财富管理和机构证券业务部门贷款的进一步讨论，请参阅本文的“关于风险-信用风险的定量和定性披露”。

3.其他贷款主要包括定制贷款。有关其他贷款的进一步讨论，请参阅“关于风险--信用风险的定量和定性披露”。

4.有关存款的更多信息，请参阅《流动性与资本资源-资金管理-资产负债表-无担保融资》。

会计发展动态

财务会计准则委员会发布了适用于我们的某些会计更新。以下未列出的会计更新经评估后被确定为不适用，或在采用时不会对我们的财务状况或经营结果产生实质性影响。

我们目前正在评估以下会计更新；然而，我们预计采用后不会对我们的财务状况或运营结果产生实质性影响：

•所得税披露。这一会计更新要求披露与所得税有关的额外信息，包括所得税税率对账和已支付所得税的额外分类。对于所得税税率调节，这一更新要求(1)披露特定类别的调节项目；以及(2)披露大于或等于税前收入(或损失)乘以适用法定所得税税率计算的金额的5%的调节项目的额外信息。对于已缴纳的所得税，这一更新要求披露信息，包括(1)按联邦、州和外国税分列的已缴纳所得税金额(扣除退款后的净额)；以及(2)已缴纳的所得税金额(扣除已收到的退税后的净额)，按已缴纳所得税(扣除已收到的退款后的净额)等于或大于已缴纳所得税总额(已收到的退款后的净额)5%的个别司法管辖区分列。此外，更新要求披露(1)按国内和国外分列的所得税前收入(或亏损)；(2)按联邦、州和国外分列的所得税。会计更新从2025年1月1日开始在年度期间生效，允许提前采用。

•分部报告。这一会计更新要求在年度和中期基础上进行额外的可报告分部披露，主要是关于定期提供给首席运营决策者并包括在报告的分部损益计量中的重大分部费用和其他分部项目。此次更新不会改变如何识别或汇总运营部门，也不会改变如何应用定量阈值来确定应报告的部门。会计更新适用于2024年1月1日开始的财年，以及2025年1月1日开始的财年内的过渡期，并允许提前采用。

关键会计估计

我们的财务报表是根据美国公认会计原则编制的，这要求我们做出估计和假设(见财务报表附注1)。我们认为，在我们的重要会计政策(见2023年Form 10-k财务报表附注2和财务报表附注2)中，金融工具、商誉和无形资产的公允价值、法律和监管或有事项(见2023年Form 10-k财务报表附注14和财务报表附注13)和所得税政策涉及更高程度的判断性和复杂性。有关我们的关键会计政策的进一步讨论，请参阅2023年Form 10-k中的“管理层对财务状况和运营结果的讨论和分析--关键会计估计”。

2024年9月10-Q表格			19

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目录表
管理层的讨论和分析

流动性与资本资源

我们的流动性和资本政策由高级管理层制定和维护，并由资产/负债管理委员会和我们的董事会(“董事会”)监督。通过不同的风险和控制委员会，高级管理层审查与这些政策相关的业务表现，监测其他融资来源的可用性，并监督我们的资产和负债状况对流动性、利率和货币的敏感性。我们的公司财务部(“财务部”)、公司风险委员会、资产/负债管理委员会以及其他委员会和控制小组协助评估、监控和管理我们的业务活动对我们的资产负债表、流动性和资本结构的影响。流动资金及资本事宜定期向董事会及董事会的风险委员会报告。

资产负债表

我们定期监测和评估资产负债表的构成和规模。我们的资产负债表管理流程包括季度计划、特定于业务的阈值、监控特定于业务的使用情况与关键业绩指标，以及新的业务影响评估。

我们在合并和业务部门层面建立资产负债表门槛。我们监控资产负债表的使用情况，并审查业务活动和市场波动造成的差异。我们定期审查当前业绩与既定门槛的对比，并评估是否需要根据业务部门的需求重新分配我们的资产负债表。我们还监控关键指标，包括资产和负债规模以及资本使用情况。

按业务部门划分的总资产

			2024年9月30日
百万美元			是			WM			我			总
资产
现金和现金等价物			$	72,115		$	18,855		$	114		$	91,084
按公允价值交易资产			347,615			9,285			5,398			362,298
投资证券			39,074			121,610			—			160,684
根据转售协议购买的证券			112,935			24,417			—			137,352
所借用证券			131,569			843			—			132,412
客户和其他应收款			56,001			33,942			1,437			91,380
贷款1			75,617			155,253			4			230,874
商誉			448			10,198			6,089			16,735
无形资产			31			3,067			3,522			6,620
其他资产2			16,630			10,793			1,165			28,588
总资产			$	852,035		$	388,263		$	17,729		$	1,258,027

			2023年12月31日
百万美元			是			WM			IM			总
资产
现金和现金等价物			$	72,928		$	16,172		$	132		$	89,232
按公允价值计算的交易资产			353,841			7,962			5,271			367,074
投资证券			39,212			115,595			—			154,807
根据转售协议购买的证券			90,701			20,039			—			110,740
所借用证券			119,823			1,268			—			121,091
客户及其他应收账款			47,333			31,237			1,535			80,105
贷款1			72,110			146,526			4			218,640
商誉			424			10,199			6,084			16,707
无形资产			26			3,427			3,602			7,055
其他资产2			14,108			12,743			1,391			28,242
总资产			$	810,506		$	365,168		$	18,019		$	1,193,693

1.金额包括为投资而持有的贷款、扣除资产负债表净额及为出售而持有的贷款，但不包括按公允价值计入资产负债表交易资产内的贷款(见财务报表附注9)。

2.其他资产主要包括房地、设备和软件、与租赁有关的ROU资产、其他投资和递延税项资产。

总资产的很大一部分由现金和现金等价物、流动有价证券和短期应收账款组成。在机构证券业务部门，这些收入来自做市、融资和大宗经纪活动，而在财富管理业务部门，这些收入来自银行活动，包括投资组合管理。截至2024年9月30日，亿的总资产从2023年12月31日的1,194美元增加到12580美元。

流动性风险管理框架

我们的流动性风险管理框架的核心组成部分是要求的流动性框架、流动性压力测试和流动性资源，它们支持我们的目标流动性状况。有关公司要求的流动性框架和流动性压力测试的进一步讨论，请参阅2023年Form 10-k中的“管理层对财务状况和运营结果的讨论和分析-流动性和资本资源-流动性风险管理框架”。

截至2024年9月30日和2023年12月31日，我们保持了充足的流动性，以满足我们流动性压力测试中模拟的当期和或有融资义务。

流动资金来源

我们维持充足的流动资金资源，包括HQLA和银行的现金存款(“流动资金资源”)，以满足日常资金需求，并达到所需流动资金框架和流动资金压力测试确定的战略流动资金目标。我们积极管理我们的流动资金数额，考虑以下组成部分：无担保债务到期日概况；资产负债表规模和构成；压力环境下的资金需求，包括或有现金流出；法人、地区和部门的流动性要求；监管要求；以及抵押品要求。

			20			2024年9月10-Q表格

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目录表
管理层的讨论和分析

我们持有的流动资金数额基于我们的风险偏好，并经过调整以满足各种内部和监管要求，并为未来的业务活动提供资金。流动资金主要由母公司及其主要营运附属公司持有。紧随其后各表列的合资格HQLA总值与合资格的HQLA有所不同。根据LCR规则，合资格的HQLA也考虑了某些监管权重和其他运作上的考虑因素。

按投资类型划分的流动资金来源

			日均余额 截至三个月
美元(2.5亿美元)			9月30日， 2024			6月30日， 2024
中央银行的现金存款			$	48,848		$	51,309
未担保的HQLA证券1:
美国政府的义务			171,663			150,798
美国机构和机构抵押贷款支持证券			90,290			89,413
非美国主权债务2			24,011			19,849
其他投资级证券			810			831
HQLA总数1			$	335,622		$	312,200
银行现金存款(非HQLA)			6,998			7,380
流动性资源总量			$	342,620		$	319,580

1.HQLA是在应用权重之前提交的，包括所有在子公司持有的HQLA。

2.主要由未受约束的法国、英国、日本、意大利、西班牙和德国政府债务组成。

按银行和非银行法人单位分列的流动性资源

			日均余额 截至三个月
百万美元			9月30日， 2024			6月30日， 2024
银行法人实体
美国			$	136,171		$	131,093
非美国			5,581			5,726
银行法人实体总数			141,752			136,819
非银行法人实体
美国：
母公司			76,366			63,909
非归母			60,537			58,353
美国总			136,903			122,262
非美国			63,965			60,499
非银行法人实体总数			200,868			182,761
总流动性资源			$	342,620		$	319,580

流动性资源可能会根据我们资产负债表的总体规模和组成、无担保债务的到期情况以及压力环境下资金需求的估计等因素而在不同时期波动。

监管流动性框架

流动性覆盖率和净稳定资金比率

我们和我们的美国银行子公司必须保持100%的最低MCR和NSFR。

LCR规则要求大型银行机构拥有足够的合资格HQLA，以弥补因此而产生的现金净流出

30个历日内的重大压力，从而提高银行组织流动性风险状况的短期复原力。为LCR目的而厘定合资格的HQLA时，权重(或资产减值)适用于HQLA，而若干于附属公司持有的HQLA则不包括在内。

NSFR规则要求大型银行组织在一年内保持一定数量的可用稳定资金，这是它们的监管资本和受标准化权重限制的负债，等于或大于它们所需的稳定资金，这是它们预计的最低资金需求。

截至2024年9月30日，我们和我们的美国银行子公司符合100%的最低LCR和NSFR要求。

流动性覆盖率

			日均余额 截至三个月
美元(2.5亿美元)			9月30日， 2024			6月30日， 2024
符合条件的HQLA
中央银行的现金存款			$	40,406		$	43,887
证券1			234,710			215,681
符合条件的HQLA总数			$	275,116		$	259,568
现金净流出			$	205,868		$	198,559
LCR			134		%	131		%

1.主要包括美国国债、美国机构抵押贷款支持证券、主权债券和投资级公司债券。

资金管理

我们以降低业务中断风险的方式管理我们的资金。我们奉行有担保和无担保资金来源多元化的战略(按产品、投资者和地区)，并试图确保我们的负债期限等于或超过所融资资产的预期持有期。我们的目标是实现持久、担保和无担保融资的最佳组合。

我们通过不同来源在全球范围内为我们的资产负债表提供资金。这些来源包括我们的股本、借款、钞票、根据回购协议出售的证券、证券借贷、存款、信用证和信用额度。我们有针对全球投资者和货币的标准和结构性产品的积极融资计划。

财政部根据所资助资产的期限和利率概况将利息费用分配给我们的业务。财政部类似地根据存款和其他负债的特征将利息收入分配给跨企业携带存款产品和其他负债的企业。

担保融资

有关我们担保融资活动的讨论，请参阅“管理层对财务状况和运营结果的讨论和分析-流动性和资本

September 2024 Form 10-Q			21

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Table of Contents
Management’s Discussion and Analysis

Resources—Funding Management—Secured Financing” in the 2023 Form 10-K.

Collateralized Financing Transactions

$ in millions			At September 30, 2024			At December 31, 2023
Securities purchased under agreements to resell and Securities borrowed			$	269,764		$	231,831
Securities sold under agreements to repurchase and Securities loaned			$	75,784		$	77,708
Securities received as collateral1			$	5,595		$	6,219

1.Included within Trading assets in the balance sheet.

			Average Daily Balance Three Months Ended
$ in millions			September 30, 2024			December 31, 2023
Securities purchased under agreements to resell and Securities borrowed			$	251,448		$	235,928
Securities sold under agreements to repurchase and Securities loaned			$	84,632		$	87,285

See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2023 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.

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

Unsecured Financing

For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2023 Form 10-K.

Deposits

$ in millions			At September 30, 2024			At December 31, 2023
Savings and demand deposits:
Brokerage sweep deposits1			$	133,795		$	148,274
Savings and other			152,054			139,978
Total Savings and demand deposits			285,849			288,252
Time deposits2			77,873			63,552
Total3			$	363,722		$	351,804

1.Amounts represent balances swept from client brokerage accounts.

2.Our Time deposits are predominantly brokered certificates of deposit.

3.Our deposits are primarily held in U.S. offices.

Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current year period increased as a result of an increase in Time deposits and Savings and other deposits, partially offset by lower Brokerage sweep deposits, largely due to net outflows to alternative cash equivalent and other investment products.

Borrowings by Maturity at September 30, 20241

$ in millions			Parent Company			Subsidiaries			Total
Original maturities of one year or less			$	—		$	6,957		$	6,957
Original maturities greater than one year
2024			$	3,245		$	2,509		$	5,754
2025			13,025			15,500			28,525
2026			25,043			12,921			37,964
2027			21,360			8,996			30,356
2028			14,132			15,414			29,546
Thereafter			114,111			44,967			159,078
Total greater than one year			$	190,916		$	100,307		$	291,223
Total			$	190,916		$	107,264		$	298,180
Maturities over next 12 months2									$	25,097

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

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

Borrowings of $298 billion as of September 30, 2024 increased when compared with $264 billion at December 31, 2023, primarily due to issuances net of maturities and redemptions.

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

The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading

			22			September 2024 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.

For further information on Borrowings, see Note 12 to the financial statements.

Credit Ratings

We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2023 Form 10-K.

Parent Company and U.S. Bank Subsidiaries Issuer Ratings at October 31, 2024

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

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

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

Incremental Collateral or Terminating Payments

In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.

While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future

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

Capital Management

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

Common Stock Repurchases

			Three Months Ended September 30,						Nine Months Ended September 30,
in millions, except for per share data			2024			2023			2024			2023
Number of shares			8			17			27			45
Average price per share			$	99.94		$	87.59		$	93.14		$	89.26
Total			$	750		$	1,500		$	2,500		$	4,000

For additional information on our common stock repurchases, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein and Note 16 to the financial statements.

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

Common Stock Dividend Announcement

Announcement date			October 16, 2024
Amount per share			$0.925
Date to be paid			November 15, 2024
Shareholders of record as of			October 31, 2024

For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.

For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.

Off-Balance Sheet Arrangements

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

September 2024 Form 10-Q			23

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Table of Contents
Management’s Discussion and Analysis

We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2023 Form 10-K.

For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.

Regulatory Requirements

Regulatory Capital Framework

We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended (“BHC Act”) and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.

Regulatory Capital Requirements

We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2023 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments

to, and deductions from, capital for purposes of determining these ratios.

Risk-Based Regulatory Capital Ratio Requirements

			At September 30, 2024 and December 31, 2023
			Standardized			Advanced
Capital buffers
Capital conservation buffer			—			2.5%
SCB1			5.4%			N/A
G-SIB capital surcharge2			3.0%			3.0%
CCyB3			0%			0%
Capital buffer requirement			8.4%			5.5%

1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2023 Form 10-K.

2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2023 Form 10-K.

3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.

			Regulatory Minimum			At September 30, 2024 and December 31, 2023
						Standardized			Advanced
Required ratios1
CET1 capital ratio			4.5		%	12.9%			10.0%
Tier 1 capital ratio			6.0		%	14.4%			11.5%
Total capital ratio			8.0		%	16.4%			13.5%

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

Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At September 30, 2024 and December 31, 2023, the differences between the actual and required ratios were lower under the Standardized Approach.

Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%.

			24			September 2024 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.

Regulatory Capital Ratios

Risk-based capital

			Standardized									Advanced
$ in millions			At September 30, 2024			At December 31, 2023						At September 30, 2024			At December 31, 2023
Risk-based capital
CET1 capital			$	73,906		$	69,448					$	73,906		$	69,448
Tier 1 capital			83,744			78,183						83,744			78,183
Total capital			95,301			88,874						94,413			88,190
Total RWA			490,293			456,053						494,992			448,154
Risk-based capital ratios
CET1 capital			15.1		%	15.2		%				14.9		%	15.5		%
Tier 1 capital			17.1		%	17.1		%				16.9		%	17.4		%
Total capital			19.4		%	19.5		%				19.1		%	19.7		%
Required ratios1
CET1 capital			12.9		%	12.9		%				10.0		%	10.0		%
Tier 1 capital			14.4		%	14.4		%				11.5		%	11.5		%
Total capital			16.4		%	16.4		%				13.5		%	13.5		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital

$ in millions			At September 30, 2024			At December 31, 2023
Leveraged-based capital
Adjusted average assets1			$	1,218,361		$	1,159,626
Supplementary leverage exposure2			1,517,290			1,429,552
Leveraged-based capital ratios
Tier 1 leverage			6.9		%	6.7		%
SLR			5.5		%	5.5		%
Required ratios3
Tier 1 leverage			4.0%			4.0		%
SLR			5.0		%	5.0		%

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

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

3.Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital

$ in millions			At September 30, 2024			At December 31, 2023			Change
CET1 capital
Common shareholders' equity			$	93,897		$	90,288		$	3,609
Regulatory adjustments and deductions:
Net goodwill			(16,408)			(16,394)			(14)
Net intangible assets			(5,152)			(5,509)			357
Impact of CECL transition			62			124			(62)
Other adjustments and deductions1			1,507			939			568
Total CET1 capital			$	73,906		$	69,448		$	4,458
Additional Tier 1 capital
Preferred stock			$	9,750		$	8,750		$	1,000
Noncontrolling interests			907			758			149
Additional Tier 1 capital			$	10,657		$	9,508		$	1,149
Deduction for investments in covered funds			(819)			(773)			(46)
Total Tier 1 capital			$	83,744		$	78,183		$	5,561
Standardized Tier 2 capital
Subordinated debt			$	9,646		$	8,760		$	886
Eligible ACL			2,091			2,051			40
Other adjustments and deductions			(180)			(120)			(60)
Total Standardized Tier 2 capital			$	11,557		$	10,691		$	866
Total Standardized capital			$	95,301		$	88,874		$	6,427
Advanced Tier 2 capital
Subordinated debt			$	9,646		$	8,760		$	886
Eligible credit reserves			1,203			1,367			(164)
Other adjustments and deductions			(180)			(120)			(60)
Total Advanced Tier 2 capital			$	10,669		$	10,007		$	662
Total Advanced capital			$	94,413		$	88,190		$	6,223

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.

September 2024 Form 10-Q			25

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Table of Contents
Management’s Discussion and Analysis

RWA Rollforward

			Nine Months Ended September 30, 2024
$ in millions			Standardized			Advanced
Credit risk RWA
Balance at December 31, 2023			$	407,731		$	297,858
Change related to the following items:
Derivatives			2,192			12,697
Securities financing transactions			10,953			2,286
Investment securities			324			(1,514)
Commitments, guarantees and loans			8,162			18,580
Equity investments			412			202
Other credit risk			3,725			2,276
Total change in credit risk RWA			$	25,768		$	34,527
Balance at September 30, 2024			$	433,499		$	332,385
Market risk RWA
Balance at December 31, 2023			$	48,322		$	48,201
Change related to the following items:
Regulatory VaR			192			192
Regulatory stressed VaR			2,278			2,278
Incremental risk charge			496			496
Comprehensive risk measure			87			368
Specific risk			5,419			5,419
Total change in market risk RWA			$	8,472		$	8,753
Balance at September 30, 2024			$	56,794		$	56,954
Operational risk RWA
Balance at December 31, 2023			N/A			$	102,095
Change in operational risk RWA			N/A			3,558
Balance at September 30, 2024			N/A			$	105,653
Total RWA			$	490,293		$	494,992

Regulatory VaR—VaR for regulatory capital requirements

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

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

The increase in Operational risk RWA in the current year period is related to legal expenses and execution losses.

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

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

by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.

Required and Actual TLAC and Eligible LTD Ratios

									Actual Amount/Ratio
$ in millions			Regulatory Minimum			Required Ratio1			At September 30, 2024			At December 31, 2023
External TLAC2									$	265,787		$	250,914
External TLAC as a % of RWA			18.0		%	21.5		%	53.7		%	55.0		%
External TLAC as a % of leverage exposure			7.5		%	9.5		%	17.5		%	17.6		%
Eligible LTD3									$	170,779		$	162,547
Eligible LTD as a % of RWA			9.0		%	9.0		%	34.5		%	35.6		%
Eligible LTD as a % of leverage exposure			4.5		%	4.5		%	11.3		%	11.4		%

1.Required ratios are inclusive of applicable buffers.

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

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

We are in compliance with all TLAC requirements as of September 30, 2024 and December 31, 2023.

For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2023 Form 10-K.

Capital Plans, Stress Tests and the Stress Capital Buffer

The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.

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

As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.

Our SCB remained at 5.4% through September 30, 2024. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach Common Equity Tier 1 required ratio of 12.9%.

For the 2024 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 5, 2024. On June 26, 2024, the Federal Reserve published summary results of its

			26			September 2024 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

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

We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website and increased our quarterly common stock dividend to $0.925 per share from $0.85, beginning with the common stock dividend announced on July 16, 2024.

For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2023 Form 10-K.

Attribution of Average Common Equity According to the Required Capital Framework

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

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

Average Common Equity Attribution under the Required Capital Framework1

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in billions			2024			2023			2024			2023
Institutional Securities			$	45.0		$	45.6		$	45.0		$	45.6
Wealth Management			29.1			28.8			29.1			28.8
Investment Management			10.8			10.4			10.8			10.4
Parent Company			7.8			6.0			6.1			6.3
Total			$	92.7		$	90.8		$	91.0		$	91.1

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

We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.

Resolution and Recovery Planning

We are required to submit once every two years to the Federal Reserve and the FDIC (“Agencies”) a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2023 full resolution plan on June 30, 2023. In June 2024, we received joint feedback on our 2023 resolution plan from the Agencies, with no shortcomings or deficiencies identified.

As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy. In line with our SPOE strategy, the Parent Company has transferred, and has agreed to transfer on an ongoing basis, certain assets to its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”). In addition, the Parent Company has entered into an amended and restated support agreement with its material entities (including the Funding IHC) and certain other subsidiaries. In the event of a resolution scenario, the Parent Company would be obligated to contribute all of its contributable assets to our supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to our supported entities. The combined implication of the SPOE resolution strategy and the requirement to maintain certain levels of TLAC is that losses in resolution would be imposed on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.

For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2023 Form 10-K.

September 2024 Form 10-Q			27

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Management’s Discussion and Analysis

Regulatory Developments and Other Matters

FDIC Final Rulemaking on Insured Depository Institution Resolution Plans

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

FDIC Final Rulemaking on Special Assessment

Following the failures of certain banks and resulting losses to the FDIC’s Deposit Insurance Fund in the first half of 2023, the FDIC adopted a final rule on November 16, 2023 to implement a special assessment to recover the cost associated with protecting uninsured depositors. We recorded the cost of the special assessment of $286 million in Non-interest expenses when the final rule was published in the Federal Register, in the fourth quarter of 2023. We recorded the incremental estimated cost of $40 million during the first nine months of 2024 based on subsequent notifications received from the FDIC which contained the revised estimated net losses from those bank failures.

Basel III Endgame and G-SIB Surcharge Proposals

On July 27, 2023, U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to us and our U.S. Bank Subsidiaries (“Basel III Endgame Proposal”). For more information on the Basel III Endgame Proposal, as well as the proposed revisions to the G-SIB capital surcharge framework, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters” in the 2023 Form 10-K.

			28			September 2024 Form 10-Q

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Table of Contents

Quantitative and Qualitative Disclosures about Risk

Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2023 Form 10-K.

Market Risk

Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2023 Form 10-K.

Trading Risks

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

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

For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2023 Form 10-K.

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

			Three Months Ended
			September 30, 2024
$ in millions			Period End			Average			High1			Low1
Interest rate and credit spread			$	32		$	27		$	32		$	23
Equity price			25			22			28			19
Foreign exchange rate			10			11			15			7
Commodity price			14			14			18			11
Less: Diversification benefit2			(35)			(35)			N/A			N/A
Primary Risk Categories			$	46		$	39		$	46		$	34
Credit Portfolio			23			25			26			23
Less: Diversification benefit2			(21)			(18)			N/A			N/A
Total Management VaR			$	48		$	46		$	53		$	41

			Three Months Ended
			June 30, 2024
$ in millions			Period End			Average			High1			Low1
Interest rate and credit spread			$	29		$	28		$	46		$	23
Equity price			27			25			31			22
Foreign exchange rate			11			10			13			9
Commodity price			17			17			23			10
Less: Diversification benefit2			(44)			(40)			N/A			N/A
Primary Risk Categories			$	40		$	40		$	52		$	35
Credit Portfolio			24			24			26			22
Less: Diversification benefit2			(14)			(16)			N/A			N/A
Total Management VaR			$	50		$	48		$	66		$	44

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

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

Average Total Management VaR and average Management VaR for the Primary Risk Categories decreased slightly from the three months ended June 30, 2024, primarily driven by reduced exposures in the interest rate and credit spread category, partially offset by lower diversification benefit.

Distribution of VaR Statistics and Net Revenues

We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter.

September 2024 Form 10-Q			29

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Table of Contents
Risk Disclosures

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

($ in millions)

Daily Net Trading Revenues for the Current Quarter

($ in millions)

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 September 30, 2024			At June 30, 2024
Derivatives			$	6		$	6
Borrowings carried at fair value			52			48

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

The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.

Wealth Management Net Interest Income Sensitivity Analysis

$ in millions			At September 30, 2024			At June 30, 2024
Basis point change
+200			$	620		$	869
+100			328			462
-100			(392)			(494)
-200			(829)			(1,048)

The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.

We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.

			30			September 2024 Form 10-Q

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Risk Disclosures

Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in increasing interest rate scenarios and lower net interest income in declining interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent products available to depositors. Further, the level of interest rates could also impact client demand for loans.

Net interest income sensitivity to interest rates at September 30, 2024 decreased from June 30, 2024, primarily driven by the effect of changes in the mix of our assets and liabilities.

Investments Sensitivity, Including Related Carried Interest

			Loss from 10% Decline
$ in millions			At September 30, 2024			At June 30, 2024
Investments related to Investment Management activities			$	550		$	548
Other investments:
MUMSS			136			117
Other Firm investments			423			419

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

Asset Management Revenue Sensitivity

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

Credit Risk

Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.

Loans and Lending Commitments

			At September 30, 2024
$ in millions			HFI			HFS			FVO1			Total
Institutional Securities:
Corporate			$	6,304		$	9,094		$	—		$	15,398
Secured lending facilities			45,728			3,612			—			49,340
Commercial and Residential real estate			8,688			154			3,328			12,170
Securities-based lending and Other			2,819			—			5,055			7,874
Total Institutional Securities			63,539			12,860			8,383			84,782
Wealth Management:
Residential real estate			65,001			1			—			65,002
Securities-based lending and Other			90,572			1			—			90,573
Total Wealth Management			155,573			2			—			155,575
Total Investment Management2			4			—			503			507
Total loans			219,116			12,862			8,886			240,864
ACL			(1,104)									(1,104)
Total loans, net of ACL			$	218,012		$	12,862		$	8,886		$	239,760
Lending commitments3			$	142,325		$	27,452		$	524		$	170,301
Total exposure			$	360,337		$	40,314		$	9,410		$	410,061

			At December 31, 2023
$ in millions			HFI			HFS			FVO1			Total
Institutional Securities:
Corporate			$	6,758		$	11,862		$	—		$	18,620
Secured lending facilities			39,498			3,161			—			42,659
Commercial and Residential real estate			8,678			209			3,331			12,218
Securities-based lending and Other			2,818			—			4,402			7,220
Total Institutional Securities			57,752			15,232			7,733			80,717
Wealth Management:
Residential real estate			60,375			22			—			60,397
Securities-based lending and Other			86,423			1			—			86,424
Total Wealth Management			146,798			23			—			146,821
Total Investment Management2			4			—			455			459
Total loans			204,554			15,255			8,188			227,997
ACL			(1,169)									(1,169)
Total loans, net of ACL			$	203,385		$	15,255		$	8,188		$	226,828
Lending commitments3			$	128,134		$	21,329		$	510		$	149,973
Total exposure			$	331,519		$	36,584		$	8,698		$	376,801

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

1.FVO includes the fair value of certain unfunded lending commitments.

2.Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.

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

September 2024 Form 10-Q			31

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We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2023 Form 10-K.

Total loans and lending commitments increased by approximately $33 billion since December 31, 2023, primarily due to an increase in Corporate lending commitments and Secured lending facilities within the Institutional Securities business segment, and growth across portfolios within the Wealth Management business segment.

See Notes 4, 5, 9 and 13 to the financial statements for further information.

Allowance for Credit Losses—Loans and Lending Commitments

$ in millions			Nine Months Ended September 30, 2024
ACL—Loans
Beginning balance			$	1,169
Gross charge-offs			(155)
Recoveries			7
Net (charge-offs) recoveries			(148)
Provision for credit losses			81
Other			2
Ending balance			$	1,104
ACL—Lending commitments
Beginning balance			$	551
Provision for credit losses			68
Ending balance			$	619
Total ending balance			$	1,723

Provision for Credit Losses by Business Segment

			Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
$ in millions			IS			WM			Total			IS			WM			Total
Loans			$	7		$	11		$	18		$	54		$	27		$	81
Lending commitments			61			—			61			70			(2)			68
Total			$	68		$	11		$	79		$	124		$	25		$	149

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

The allowance for credit losses for loans and lending commitments was relatively unchanged since December 31, 2023, reflecting provisions for certain specific commercial real estate and corporate loans and growth across certain loan portfolios, offset by charge-offs and improvements in the macroeconomic outlook.

The base scenario used in our ACL models as of September 30, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2024, followed by a gradual improvement in 2025 as well as lower interest rates relative to the prior quarter forecast. The ACL calculation incorporates key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL calculation varies depending on portfolio composition and economic conditions.

Forecasted U.S. Real GDP Growth Rates in Base Scenario

			4Q 2024			4Q 2025
Year-over-year growth rate			1.6		%	1.9		%

Other key macroeconomic variables used in the ACL calculation include corporate credit spreads, interest rates and commercial real estate indices. See Note 2 to the financial statements in the 2023 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.

Status of Loans Held for Investment

			At September 30, 2024						At December 31, 2023
			IS			WM			IS			WM
Accrual			99.1		%	99.8		%	98.9		%	99.8		%
Nonaccrual1			0.9		%	0.2		%	1.1		%	0.2		%

1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more.

Net Charge-off Ratios for Loans Held for Investment

$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
For the Nine Months Ended September 30, 2024
Net charge-off (recovery) ratio1			0.56		%	0.03		%	1.14		%	—		%	—		%	0.07		%
Average loans			$	6,946		$	42,003		$	8,682		$	62,326		$	90,106		$	210,063
For the Nine Months Ended September 30, 2023
Net charge-off (recovery) ratio1			0.43		%	—		%	1.25		%	—		%	—		%	0.07		%
Average loans			$	7,057		$	37,346		$	8,612		$	56,330		$	91,583		$	200,928

CRE—Commercial real estate

SBL—Securities-based lending

1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.

			32			September 2024 Form 10-Q

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Institutional Securities Loans and Lending Commitments1

			At September 30, 2024
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Loans
AA			$	—		$	12		$	1		$	—		$	13
A			988			620			178			—			1,786
BBB			5,126			11,286			414			143			16,969
BB			11,280			22,773			1,747			371			36,171
Other NIG			9,269			12,169			3,184			247			24,869
Unrated2			278			895			115			2,904			4,192
Total loans, net of ACL			26,941			47,755			5,639			3,665			84,000
Lending commitments
AAA			—			75			—			—			75
AA			2,277			4,251			275			—			6,803
A			7,696			21,606			1,046			—			30,348
BBB			11,060			54,572			673			127			66,432
BB			2,464			19,988			2,395			854			25,701
Other NIG			1,122			18,520			2,747			3			22,392
Unrated2			17			110			—			—			127
Total lending commitments			24,636			119,122			7,136			984			151,878
Total exposure			$	51,577		$	166,877		$	12,775		$	4,649		$	235,878

			At December 31, 2023
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Loans
AA			$	3		$	11		$	216		$	—		$	230
A			1,054			950			182			—			2,186
BBB			7,117			10,076			346			—			17,539
BB			11,723			16,367			1,775			277			30,142
Other NIG			9,586			12,961			2,924			156			25,627
Unrated2			111			1,036			62			2,910			4,119
Total loans, net of ACL			29,594			41,401			5,505			3,343			79,843
Lending commitments
AAA			—			50			—			—			50
AA			2,610			3,064			154			—			5,828
A			7,704			21,256			593			—			29,553
BBB			9,161			46,304			106			—			55,571
BB			4,069			16,431			1,594			414			22,508
Other NIG			1,916			13,842			1,077			3			16,838
Unrated2			6			7			—			—			13
Total lending commitments			25,466			100,954			3,524			417			130,361
Total exposure			$	55,060		$	142,355		$	9,029		$	3,760		$	210,204

NIG–Non-investment grade

1.Counterparty credit ratings are internally determined by the CRM.

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

Institutional Securities Loans and Lending Commitments by Industry

$ in millions			At September 30, 2024			At December 31, 2023
Industry
Financials			$	65,851		$	57,804
Real estate			39,920			35,342
Communications services			20,119			15,301
Industrials			17,274			18,056
Information technology			15,097			12,430
Healthcare			14,111			14,274
Consumer discretionary			14,080			12,190
Utilities			12,626			11,522
Consumer staples			12,263			9,305
Energy			9,096			9,156
Insurance			6,808			6,486
Materials			6,616			6,503
Other			2,017			1,835
Total exposure			$	235,878		$	210,204

Institutional Securities Lending Activities

The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of September 30, 2024 and December 31, 2023, over 90% of our total lending exposure, which consists of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.

Institutional Securities Event-Driven Loans and Lending Commitments

			At September 30, 2024
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15						Total
Loans, net of ACL			$	2,112		$	1,007		$	2,402					$	5,521
Lending commitments			5,432			2,843			2,070						10,345
Total exposure			$	7,544		$	3,850		$	4,472					$	15,866

			At December 31, 2023
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15						Total
Loans, net of ACL			$	1,974		$	2,564		$	2,580					$	7,118
Lending commitments			3,564			685			549						4,798
Total exposure			$	5,538		$	3,249		$	3,129					$	11,916

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

September 2024 Form 10-Q			33

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Institutional Securities Loans and Lending Commitments Held for Investment

			At September 30, 2024
$ in millions			Loans			Lending Commitments			Total
Corporate			$	6,304		$	103,872		$	110,176
Secured lending facilities			45,728			18,176			63,904
Commercial real estate			8,688			854			9,542
Securities-based lending and Other			2,819			1,000			3,819
Total, before ACL			$	63,539		$	123,902		$	187,441
ACL			$	(782)		$	(602)		$	(1,384)

						At December 31, 2023
$ in millions									Loans			Lending Commitments			Total
Corporate									$	6,758		$	91,752		$	98,510
Secured lending facilities									39,498			15,589			55,087
Commercial real estate									8,678			266			8,944
Securities-based lending and Other									2,818			915			3,733
Total, before ACL									$	57,752		$	108,522		$	166,274
ACL									$	(874)		$	(533)		$	(1,407)

Institutional Securities Commercial Real Estate Loans and Lending Commitments

By Region

			At September 30, 2024												At December 31, 2023
$ in millions			Loans1			LC1			Total						Loans1			LC1			Total
Americas			$	5,294		$	183		$	5,477					$	5,410		$	289		$	5,699
EMEA			3,551			747			4,298						3,127			56			3,183
Asia			518			3			521						485			—			485
Total			$	9,363		$	933		$	10,296					$	9,022		$	345		$	9,367

By Property Type

			At September 30, 2024												At December 31, 2023
$ in millions			Loans1			LC1			Total						Loans1			LC1			Total
Office			$	3,037		$	134		$	3,171					$	3,310		$	186		$	3,496
Industrial			2,565			112			2,677						2,435			5			2,440
Multifamily			2,157			92			2,249						1,715			74			1,789
Retail			791			585			1,376						842			7			849
Hotel			805			10			815						718			73			791
Other			8			—			8						2			—			2
Total			$	9,363		$	933		$	10,296					$	9,022		$	345		$	9,367

LC–Lending Commitments

1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.

The current economic environment and changes in business and consumer behavior have adversely impacted commercial real estate borrowers due to pressure from higher interest rates, tenant lease renewals, and elevated refinancing risks for loans with near-term maturities, among other issues. While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given the sector’s sensitivity to economic and secular factors, credit conditions, and difficulties specific to certain property types, most notably office.

As of September 30, 2024 and December 31, 2023, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $10.3 billion and $9.4 billion, respectively. This represents 4.4% and 4.5%, respectively, of total exposure reflected in the Institutional

Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.

In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.

Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments

			Nine Months Ended September 30, 2024
$ in millions			Corporate			Secured Lending Facilities			CRE			Other			Total
ACL—Loans
Beginning balance			$	241		$	153		$	463		$	17		$	874
Gross charge-offs			(39)			(11)			(103)			—			(153)
Recoveries			—			—			4			1			5
Net (charge-offs) recoveries			(39)			(11)			(99)			1			(148)
Provision (release)			24			(12)			44			(2)			54
Other			1			—			3			(2)			2
Ending balance			$	227		$	130		$	411		$	14		$	782
ACL—Lending commitments
Beginning balance			$	431		$	70		$	26		$	6		$	533
Provision (release)			41			19			9			1			70
Other			(1)			1			—			(1)			(1)
Ending balance			$	471		$	90		$	35		$	6		$	602
Total ending balance			$	698		$	220		$	446		$	20		$	1,384

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

			At September 30, 2024			At December 31, 2023
Corporate			3.6		%	3.6		%
Secured lending facilities			0.3		%	0.4		%
Commercial real estate			4.7		%	5.3		%
Securities-based lending and Other			0.5		%	0.6		%
Total Institutional Securities loans			1.2		%	1.5		%

			34			September 2024 Form 10-Q

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Wealth Management Loans and Lending Commitments

			At September 30, 2024
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Securities-based lending and Other			$	80,274		$	8,754		$	1,167		$	146		$	90,341
Residential real estate			1			109			1,149			63,653			64,912
Total loans, net of ACL			$	80,275		$	8,863		$	2,316		$	63,799		$	155,253
Lending commitments			16,493			1,517			43			370			18,423
Total exposure			$	96,768		$	10,380		$	2,359		$	64,169		$	173,676

			At December 31, 2023
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Securities-based lending and Other			$	76,923		$	7,679		$	1,494		$	133		$	86,229
Residential real estate			1			91			1,255			58,950			60,297
Total loans, net of ACL			$	76,924		$	7,770		$	2,749		$	59,083		$	146,526
Lending commitments			16,312			2,937			19			344			19,612
Total exposure			$	93,236		$	10,707		$	2,768		$	59,427		$	166,138

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

Securities-based lending allows clients to borrow money against the value of qualifying securities, generally for any purpose other than purchasing, trading or carrying securities or refinancing margin debt. Other loans primarily include tailored lending, which typically consist of bespoke lending arrangements provided to ultra-high net worth clients. Securities-based lending and Other loans are generally secured by various types of eligible collateral, including marketable securities, private investments, commercial real estate and other financial assets. For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2023 Form 10-K.

Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type

			At September 30, 2024												At December 31, 2023
$ in millions			Loans1			LC1			Total						Loans1			LC1			Total
Retail			$	2,301		$	—		$	2,301					$	2,180		$	3		$	2,183
Multifamily			1,910			206			2,116						1,891			159			2,050
Office			1,963			1			1,964						1,736			16			1,752
Industrial			461			—			461						454			—			454
Hotel			445			—			445						400			—			400
Other			303			—			303						253			—			253
Total			$	7,383		$	207		$	7,590					$	6,914		$	178		$	7,092

LC–Lending Commitments

1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.

As of September 30, 2024 and December 31, 2023, our direct lending against CRE properties totaled $7.6 billion and $7.1 billion, respectively, within the Wealth Management business segment. This represents 4.4% and 4.3%, respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our private banking platform, are both

secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both September 30, 2024 and December 31, 2023, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE properties within Wealth Management are in the Americas region.

Wealth Management Allowance for Credit Losses—Loans and Lending Commitments

			Nine Months Ended September 30, 2024
$ in millions			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	100		$	195		$	295
Gross charge-offs			—			(2)			(2)
Recoveries			—			2			2
Provision (release)			(10)			37			27
Ending balance			$	90		$	232		$	322
ACL—Lending commitments
Beginning balance			$	4		$	14		$	18
Provision (release)			—			(2)			(2)
Other			—			1			1
Ending balance			$	4		$	13		$	17
Total ending balance			$	94		$	245		$	339

As of September 30, 2024 and December 31, 2023, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.

Customer and Other Receivables

Margin Loans and Other Lending

$ in millions			At September 30, 2024			At December 31, 2023
Institutional Securities			$	27,452		$	24,208
Wealth Management			25,640			21,436
Total			$	53,092		$	45,644

The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.

Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when

September 2024 Form 10-Q			35

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collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2023 Form 10-K.

Employee Loans

For information on employee loans and related ACL, see Note 9 to the financial statements.

Derivatives

Fair Value of OTC Derivative Assets

			Counterparty Credit Rating1
$ in millions			AAA			AA			A			BBB			NIG			Total
At September 30, 2024
Less than 1 year			$	1,462		$	13,704		$	39,171		$	21,069		$	11,888		$	87,294
1-3 years			508			6,727			17,810			10,526			7,122			42,693
3-5 years			771			8,306			9,799			5,527			3,772			28,175
Over 5 years			3,409			29,311			48,555			26,576			6,507			114,358
Total, gross			$	6,150		$	58,048		$	115,335		$	63,698		$	29,289		$	272,520
Counterparty netting			(3,115)			(45,823)			(88,474)			(45,495)			(17,191)			(200,098)
Cash and securities collateral			(2,586)			(9,846)			(23,926)			(12,032)			(5,527)			(53,917)
Total, net			$	449		$	2,379		$	2,935		$	6,171		$	6,571		$	18,505

			Counterparty Credit Rating1
$ in millions			AAA			AA			A			BBB			NIG			Total
At December 31, 2023
Less than 1 year			$	2,013		$	16,885		$	37,517		$	25,529		$	10,084		$	92,028
1-3 years			1,013			7,274			18,451			12,757			7,360			46,855
3-5 years			504			8,897			8,814			5,989			3,825			28,029
Over 5 years			3,955			29,511			50,512			28,003			6,597			118,578
Total, gross			$	7,485		$	62,567		$	115,294		$	72,278		$	27,866		$	285,490
Counterparty netting			(3,691)			(48,821)			(86,826)			(53,178)			(15,888)			(208,404)
Cash and securities collateral			(2,709)			(10,704)			(25,921)			(13,025)			(5,554)			(57,913)
Total, net			$	1,085		$	3,042		$	2,547		$	6,075		$	6,424		$	19,173

$ in millions			At September 30, 2024			At December 31, 2023
Industry
Financials			$	5,949		$	7,215
Utilities			4,096			4,267
Industrials			1,426			937
Consumer discretionary			921			684
Healthcare			904			468
Communications services			819			841
Regional governments			738			1,319
Information technology			651			677
Energy			596			533
Consumer staples			547			515
Materials			376			383
Real estate			195			167
Sovereign governments			188			262
Not-for-profit organizations			159			166
Insurance			133			156
Other			807			583
Total			$	18,505		$	19,173

1.Counterparty credit ratings are determined internally by the CRM.

We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2023 Form 10-K and Note 6 to the financial statements.

			36			September 2024 Form 10-Q

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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 other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2023 Form 10-K.

Top 10 Non-U.S. Country Exposures

			At September 30, 2024
$ in millions			United Kingdom			France			Japan			Brazil			Spain
Sovereign
Net inventory1			$	178		$	2,706		$	866		$	4,831		$	1,276
Net counterparty exposure2			29			1			9			—			—
Exposure before hedges			207			2,707			875			4,831			1,276
Hedges3			(55)			(102)			(184)			(144)			(8)
Net exposure			$	152		$	2,605		$	691		$	4,687		$	1,268
Non-sovereign
Net inventory1			$	1,047		$	486		$	874		$	113		$	309
Net counterparty exposure2			9,539			3,286			4,067			292			588
Loans			8,426			527			81			93			1,722
Lending commitments			8,891			3,064			200			370			1,625
Exposure before hedges			27,903			7,363			5,222			868			4,244
Hedges3			(1,980)			(1,645)			(229)			(35)			(349)
Net exposure			$	25,923		$	5,718		$	4,993		$	833		$	3,895
Total net exposure			$	26,075		$	8,323		$	5,684		$	5,520		$	5,163

$ in millions			Germany			Australia			Korea			China			India
Sovereign
Net inventory1			$	(3,231)		$	925		$	2,936		$	(234)		$	1,706
Net counterparty exposure2			85			46			281			247			—
Exposure before hedges			(3,146)			971			3,217			13			1,706
Hedges3			(247)			—			(43)			(66)			—
Net exposure			$	(3,393)		$	971		$	3,174		$	(53)		$	1,706
Non-sovereign
Net inventory1			$	392		$	413		$	28		$	2,316		$	697
Net counterparty exposure2			2,953			542			1,083			401			1,128
Loans			1,602			1,955			—			141			28
Lending commitments			5,479			1,571			—			821			—
Exposure before hedges			10,426			4,481			1,111			3,679			1,853
Hedges3			(1,948)			(460)			(35)			(57)			(10)
Net exposure			$	8,478		$	4,021		$	1,076		$	3,622		$	1,843
Total net exposure			$	5,085		$	4,992		$	4,250		$	3,569		$	3,549

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

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

3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2023 Form 10-K.

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

Collateral Held Against Net Counterparty Exposure1

$ in millions						At September 30, 2024
Country of Risk			Collateral2
United Kingdom			U.K., U.S., and Italy			$	7,947
Germany			Spain, Italy, and U.S.			5,150
Other			Japan, Italy, and U.S.			14,220

1.The benefit of collateral received is reflected in the Top 10 Non-U.S. Country Exposures at September 30, 2024.

2.Primarily consists of cash and government obligations of the countries listed.

Operational Risk

Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, from human factors or from external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., information technology and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2023 Form 10-K.

Model Risk

Model risk refers to the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making or damage to our reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2023 Form 10-K.

Liquidity Risk

Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2023 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.

September 2024 Form 10-Q			37

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Risk Disclosures

Legal, Regulatory and Compliance Risk

Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2023 Form 10-K.

Climate Risk

Climate change manifests as physical and transition risks. The physical risks of climate change include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. The transition risk of climate change include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer behavior and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure or carbon taxes. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2023 Form 10-K.

			38			September 2024 Form 10-Q

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Report of Independent Registered Public Accounting Firm

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

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of September 30, 2024, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and nine-month ended periods ended September 30, 2024 and 2023, and the cash flow statements for the nine-month ended periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2023, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

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

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

/s/ Deloitte & Touche LLP
New York, New York
November 4, 2024

September 2024 Form 10-Q			39

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Consolidated Income Statement (Unaudited)

			Three Months Ended September 30,						Nine Months Ended September 30,
in millions, except per share data			2024			2023			2024			2023
Revenues
Investment banking			$	1,590		$	1,048		$	4,914		$	3,533
Trading			4,002			3,679			12,985			11,958
Investments			315			144			609			384
Commissions and fees			1,294			1,098			3,704			3,427
Asset management			5,747			5,031			16,440			14,576
Other			239			296			827			1,036
Total non-interest revenues			13,187			11,296			39,479			34,914
Interest income1			14,185			12,126			40,644			33,019
Interest expense1			11,989			10,149			34,585			26,686
Net interest			2,196			1,977			6,059			6,333
Net revenues			15,383			13,273			45,538			41,247
Provision for credit losses			79			134			149			529
Non-interest expenses
Compensation and benefits			6,733			5,935			19,889			18,607
Brokerage, clearing and exchange fees			1,044			855			2,960			2,611
Information processing and communications			1,042			947			3,029			2,788
Professional services			711			759			2,103			2,236
Occupancy and equipment			473			456			1,378			1,367
Marketing and business development			224			191			686			674
Other			856			851			2,654			2,718
Total non-interest expenses			11,083			9,994			32,699			31,001
Income before provision for income taxes			4,221			3,145			12,690			9,717
Provision for income taxes			995			710			2,885			2,028
Net income			$	3,226		$	2,435		$	9,805		$	7,689
Net income applicable to noncontrolling interests			38			27			129			119
Net income applicable to Morgan Stanley			$	3,188		$	2,408		$	9,676		$	7,570
Preferred stock dividends			160			146			440			423
Earnings applicable to Morgan Stanley common shareholders			$	3,028		$	2,262		$	9,236		$	7,147
Earnings per common share
Basic			$	1.91		$	1.39		$	5.79		$	4.37
Diluted			$	1.88		$	1.38		$	5.73		$	4.33
Average common shares outstanding
Basic			1,588			1,624			1,594			1,635
Diluted			1,609			1,643			1,612			1,653

1.Prior period amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Consolidated Comprehensive Income Statement

(Unaudited)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Net income			$	3,226		$	2,435		$	9,805		$	7,689
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			284			(149)			(31)			(240)
Change in net unrealized gains (losses) on available-for-sale securities			723			(366)			900			125
Pension and other			3			(1)			16			(3)
Change in net debt valuation adjustment			(175)			(414)			(463)			(960)
Net change in cash flow hedges			34			(3)			6			(16)
Total other comprehensive income (loss)			$	869		$	(933)		$	428		$	(1,094)
Comprehensive income			$	4,095		$	1,502		$	10,233		$	6,595
Net income applicable to noncontrolling interests			38			27			129			119
Other comprehensive income (loss) applicable to noncontrolling interests			95			(31)			(7)			(145)
Comprehensive income applicable to Morgan Stanley			$	3,962		$	1,506		$	10,111		$	6,621

September 2024 Form 10-Q			40			See Notes to Consolidated Financial Statements

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Consolidated Balance Sheet

$ in millions, except share data			(Unaudited) At September 30, 2024			At December 31, 2023
Assets
Cash and cash equivalents			$	91,084		$	89,232
Trading assets at fair value ($150,702 and $162,698 were pledged to various parties)			362,298			367,074
Investment securities:
Available-for-sale at fair value (amortized cost of $100,685 and $92,149)			97,828			88,113
Held-to-maturity (fair value of $54,894 and $57,453)			62,856			66,694
Securities purchased under agreements to resell (includes $— and $7 at fair value)			137,352			110,740
Securities borrowed			132,412			121,091
Customer and other receivables			91,380			80,105
Loans:
Held for investment (net of allowance for credit losses of $1,104 and $1,169)			218,012			203,385
Held for sale			12,862			15,255
Goodwill			16,735			16,707
Intangible assets (net of accumulated amortization of $5,299 and $4,847)			6,620			7,055
Other assets			28,588			28,242
Total assets			$	1,258,027		$	1,193,693
Liabilities
Deposits (includes $7,327 and $6,472 at fair value)			$	363,722		$	351,804
Trading liabilities at fair value			152,238			151,513
Securities sold under agreements to repurchase (includes $996 and $1,020 at fair value)			58,329			62,651
Securities loaned			17,455			15,057
Other secured financings (includes $14,127 and $9,899 at fair value)			18,143			12,655
Customer and other payables			216,591			208,148
Other liabilities and accrued expenses			28,698			28,151
Borrowings (includes $107,547 and $93,900 at fair value)			298,180			263,732
Total liabilities			1,153,356			1,093,711
Commitments and contingent liabilities (see Note 13)
Equity
Morgan Stanley shareholders’ equity:
Preferred stock			9,750			8,750
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,612,068,430 and 1,626,828,437			20			20
Additional paid-in capital			29,820			29,832
Retained earnings			102,911			97,996
Employee stock trusts			5,095			5,314
Accumulated other comprehensive income (loss)			(5,986)			(6,421)
Common stock held in treasury at cost, $0.01 par value (426,825,549 and 412,065,542 shares)			(32,868)			(31,139)
Common stock issued to employee stock trusts			(5,095)			(5,314)
Total Morgan Stanley shareholders’ equity			103,647			99,038
Noncontrolling interests			1,024			944
Total equity			104,671			99,982
Total liabilities and equity			$	1,258,027		$	1,193,693

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

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

                                                                                                                                                                                                                                                                

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Preferred Stock
Beginning balance			$	8,750		$	8,750		$	8,750		$	8,750
Issuance of preferred stock			1,000			—			1,000			—
Ending balance			9,750			8,750			9,750			8,750
Common Stock
Beginning and ending balance			20			20			20			20
Additional Paid-in Capital
Beginning balance			29,459			29,245			29,832			29,339
Share-based award activity			366			350			(7)			256
Issuance of preferred stock			(5)			—			(5)			—
Ending balance			29,820			29,595			29,820			29,595
Retained Earnings
Beginning balance			101,374			97,151			97,996			94,862
Cumulative adjustment related to the adoption of an accounting standard update1			—			—			(60)			—
Net income applicable to Morgan Stanley			3,188			2,408			9,676			7,570
Preferred stock dividends2			(160)			(146)			(440)			(423)
Common stock dividends2			(1,492)			(1,404)			(4,259)			(4,001)
Other net increases (decreases)			1			(2)			(2)			(1)
Ending balance			102,911			98,007			102,911			98,007
Employee Stock Trusts
Beginning balance			5,110			5,258			5,314			4,881
Share-based award activity			(15)			(14)			(219)			363
Ending balance			5,095			5,244			5,095			5,244
Accumulated Other Comprehensive Income (Loss)
Beginning balance			(6,760)			(6,300)			(6,421)			(6,253)
Net change in Accumulated other comprehensive income (loss)			774			(902)			435			(949)
Ending balance			(5,986)			(7,202)			(5,986)			(7,202)
Common Stock Held in Treasury at Cost
Beginning balance			(32,129)			(28,480)			(31,139)			(26,577)
Share-based award activity			74			77			1,629			1,479
Repurchases of common stock and employee tax withholdings			(813)			(1,556)			(3,358)			(4,861)
Ending balance			(32,868)			(29,959)			(32,868)			(29,959)
Common Stock Issued to Employee Stock Trusts
Beginning balance			(5,110)			(5,258)			(5,314)			(4,881)
Share-based award activity			15			14			219			(363)
Ending balance			(5,095)			(5,244)			(5,095)			(5,244)
Noncontrolling Interests
Beginning balance			892			975			944			1,090
Net income applicable to noncontrolling interests			38			27			129			119
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests			95			(31)			(7)			(145)
Other net increases (decreases)			(1)			(24)			(42)			(117)
Ending balance			1,024			947			1,024			947
Total Equity			$	104,671		$	100,158		$	104,671		$	100,158

1.The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 for further information.

2. See Note 16 for information regarding dividends per share for each class of stock.

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

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Consolidated Cash Flow Statement (Unaudited)

			Nine Months Ended September 30,
$ in millions			2024			2023
Cash flows from operating activities
Net income			$	9,805		$	7,689
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense			1,231			1,348
Depreciation and amortization			3,516			2,850
Provision for credit losses			149			529
Other operating adjustments			121			44
Changes in assets and liabilities:
Trading assets, net of Trading liabilities			12,358			(53,171)
Securities borrowed			(11,321)			12,458
Securities loaned			2,398			(2,615)
Customer and other receivables and other assets			(10,317)			3,884
Customer and other payables and other liabilities			12,556			(15,265)
Securities purchased under agreements to resell			(26,612)			12,338
Securities sold under agreements to repurchase			(4,322)			14,127
Net cash provided by (used for) operating activities			(10,438)			(15,784)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software			(2,583)			(2,483)
Changes in loans, net			(13,934)			(4,186)
AFS securities:
Purchases			(27,717)			(9,522)
Proceeds from sales			5,540			5,315
Proceeds from paydowns and maturities			15,616			12,017
HTM securities:
Purchases			(3,523)			—
Proceeds from paydowns and maturities			8,279			4,922
Other investing activities			(988)			(346)
Net cash provided by (used for) investing activities			(19,310)			5,717
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings			1,384			146
Deposits			11,519			(11,188)
Issuance of preferred stock, net of issuance costs			995			—
Proceeds from issuance of Borrowings			80,369			60,916
Payments for:
Borrowings			(54,596)			(48,847)
Repurchases of common stock and employee tax withholdings			(3,347)			(4,836)
Cash dividends			(4,553)			(4,286)
Other financing activities			(270)			(325)
Net cash provided by (used for) financing activities			31,501			(8,420)
Effect of exchange rate changes on cash and cash equivalents			99			(1,239)
Net increase (decrease) in cash and cash equivalents			1,852			(19,726)
Cash and cash equivalents, at beginning of period			89,232			128,127
Cash and cash equivalents, at end of period			$	91,084		$	108,401
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest			$	34,498		$	30,299
Income taxes, net of refunds			1,449			1,248

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

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

1. Introduction and Basis of Presentation

The Firm

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.

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

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

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

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

generally served through intermediaries, including affiliated and non-affiliated distributors.

Basis of Financial Information

The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.

The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.

The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2023 Form 10-K. Certain footnote disclosures included in the 2023 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.

Consolidation

The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.

For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2023 Form 10-K.

September 2024 Form 10-Q			44

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

2. Significant Accounting Policies

For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2023 Form 10-K.

In the first quarter of 2024, the Firm implemented certain presentation changes which resulted in a decrease to both interest income and interest expense of $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. These changes further aligned the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the consolidated income statement in 2023 and accordingly, prior period amounts were adjusted to conform with the current presentation.

During the nine months ended September 30, 2024 there were no significant updates to the Firm’s significant accounting policies, other than for the accounting update adopted.

Accounting Updates Adopted in 2024

Investments - Tax Credit Structures

The Firm adopted the Investments - Equity Method and Joint Ventures - Tax Credit Structures accounting update on January 1, 2024 using the modified retrospective method. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received and recognized net in the income statement as a component of provision for income taxes. The update requires a separate accounting policy election to be made for each tax credit program. Additional disclosures are required regarding (i) the nature of our tax equity investments and (ii) the effect of our tax equity investments and related income tax credits on the financial condition and results of operations (see Note 10).

The adoption resulted in a decrease to Retained earnings of $60 million as of January 1, 2024, net of tax, and a corresponding reduction to Other assets.

3. Cash and Cash Equivalents

$ in millions			At September 30, 2024			At December 31, 2023
Cash and due from banks			$	5,636		$	7,323
Interest bearing deposits with banks			85,448			81,909
Total Cash and cash equivalents			$	91,084		$	89,232
Restricted cash			$	29,352		$	30,571

For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2023 Form 10-K.

4. Fair Values

Recurring Fair Value Measurements    

Assets and Liabilities Measured at Fair Value on a Recurring Basis

			At September 30, 2024
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	59,122		$	49,130		$	—		$	—		$	108,252
Other sovereign government obligations			32,916			13,712			109			—			46,737
State and municipal securities			—			2,658			13			—			2,671
MABS			—			1,434			441			—			1,875
Loans and lending commitments2			—			7,302			1,584			—			8,886
Corporate and other debt			—			37,487			1,726			—			39,213
Corporate equities3,5			106,910			1,284			194			—			108,388
Derivative and other contracts:
Interest rate			2,904			130,161			447			—			133,512
Credit			—			10,115			389			—			10,504
Foreign exchange			118			81,209			305			—			81,632
Equity			1,869			90,559			682			—			93,110
Commodity and other			1,661			13,239			2,281			—			17,181
Netting1			(5,185)			(253,149)			(770)			(39,608)			(298,712)
Total derivative and other contracts			1,367			72,134			3,334			(39,608)			37,227
Investments4,5			930			962			810			—			2,702
Physical commodities			—			603			—			—			603
Total trading assets4			201,245			186,706			8,211			(39,608)			356,554
Investment securities—AFS			67,986			29,842			—			—			97,828
Total assets at fair value			$	269,231		$	216,548		$	8,211		$	(39,608)		$	454,382

			45			September 2024 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

			At September 30, 2024
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	7,326		$	1		$	—		$	7,327
Trading liabilities:
U.S. Treasury and agency securities			24,264			22			—			—			24,286
Other sovereign government obligations			24,765			4,258			2			—			29,025
Corporate and other debt			—			13,199			43			—			13,242
Corporate equities3			52,315			724			27			—			53,066
Derivative and other contracts:
Interest rate			2,771			117,046			447			—			120,264
Credit			—			10,683			275			—			10,958
Foreign exchange			287			79,411			210			—			79,908
Equity			2,478			104,267			1,450			—			108,195
Commodity and other			1,705			12,055			1,257			—			15,017
Netting1			(5,185)			(253,149)			(770)			(42,619)			(301,723)
Total derivative and other contracts			2,056			70,313			2,869			(42,619)			32,619
Total trading liabilities			103,400			88,516			2,941			(42,619)			152,238
Securities sold under agreements to repurchase			—			543			453			—			996
Other secured financings			—			13,980			147			—			14,127
Borrowings			—			106,076			1,471			—			107,547
Total liabilities at fair value			$	103,400		$	216,441		$	5,013		$	(42,619)		$	282,235

			At December 31, 2023
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	56,459		$	53,741		$	—		$	—		$	110,200
Other sovereign government obligations			22,580			9,946			94			—			32,620
State and municipal securities			—			2,148			34			—			2,182
MABS			—			1,540			489			—			2,029
Loans and lending commitments2			—			6,122			2,066			—			8,188
Corporate and other debt			—			35,833			1,983			—			37,816
Corporate equities3,5			126,772			929			199			—			127,900
Derivative and other contracts:
Interest rate			7,284			140,139			784			—			148,207
Credit			—			10,244			393			—			10,637
Foreign exchange			12			93,218			20			—			93,250
Equity			2,169			55,319			587			—			58,075
Commodity and other			1,608			11,862			2,811			—			16,281
Netting1			(7,643)			(237,497)			(1,082)			(42,915)			(289,137)
Total derivative and other contracts			3,430			73,285			3,513			(42,915)			37,313
Investments4			781			836			949			—			2,566
Physical commodities			—			736			—			—			736
Total trading assets4			210,022			185,116			9,327			(42,915)			361,550
Investment securities—AFS			57,405			30,708			—			—			88,113
Securities purchased under agreements to resell			—			7			—			—			7
Total assets at fair value			$	267,427		$	215,831		$	9,327		$	(42,915)		$	449,670

			At December 31, 2023
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	6,439		$	33		$	—		$	6,472
Trading liabilities:
U.S. Treasury and agency securities			27,708			16			—			—			27,724
Other sovereign government obligations			26,829			3,955			6			—			30,790
Corporate and other debt			—			10,560			9			—			10,569
Corporate equities3			46,809			300			45			—			47,154
Derivative and other contracts:
Interest rate			8,000			129,983			857			—			138,840
Credit			—			10,795			297			—			11,092
Foreign exchange			96			89,880			385			—			90,361
Equity			2,411			64,794			1,689			—			68,894
Commodity and other			1,642			11,904			1,521			—			15,067
Netting1			(7,643)			(237,497)			(1,082)			(42,757)			(288,979)
Total derivative and other contracts			4,506			69,859			3,667			(42,757)			35,275
Total trading liabilities			105,852			84,690			3,727			(42,757)			151,512
Securities sold under agreements to repurchase			—			571			449			—			1,020
Other secured financings			—			9,807			92			—			9,899
Borrowings			—			92,022			1,878			—			93,900
Total liabilities at fair value			$	105,852		$	193,529		$	6,179		$	(42,757)		$	262,803

MABS—Mortgage- and asset-backed securities

1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.

2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.

3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.

4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.

5.At September 30, 2024 and December 31, 2023, the Firm's Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.

Detail of Loans and Lending Commitments at Fair Value

$ in millions			At September 30, 2024			At December 31, 2023
Commercial Real Estate			$	766		$	422
Residential Real Estate			2,562			2,909
Securities-based lending and Other loans			5,558			4,857
Total			$	8,886		$	8,188

Unsettled Fair Value of Futures Contracts1

$ in millions			At September 30, 2024			At December 31, 2023
Customer and other receivables (payables), net			$	2,183		$	1,062

1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.

September 2024 Form 10-Q			46

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Notes to Consolidated Financial Statements (Unaudited)

For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2023 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
U.S. Treasury and agency securities
Beginning balance			$	—		$	—		$	—		$	17
Sales			—			—			—			(10)
Net transfers			—			—			—			(7)
Ending balance			$	—		$	—		$	—		$	—
Unrealized gains (losses)			$	—		$	—		$	—		$	—
Other sovereign government obligations
Beginning balance			$	74		$	128		$	94		$	169
Realized and unrealized gains (losses)			3			—			1			6
Purchases			14			17			48			18
Sales			(27)			(30)			(74)			(112)
Net transfers			45			(21)			40			13
Ending balance			$	109		$	94		$	109		$	94
Unrealized gains (losses)			$	(2)		$	1		$	(2)		$	1
State and municipal securities
Beginning balance			$	—		$	40		$	34		$	145
Realized and unrealized gains (losses)			—			(3)			—			(2)
Purchases			—			147			—			255
Sales			—			(20)			(29)			(218)
Net transfers			13			(52)			8			(68)
Ending balance			$	13		$	112		$	13		$	112
Unrealized gains (losses)			$	—		$	(3)		$	—		$	(3)
MABS
Beginning balance			$	423		$	486		$	489		$	416
Realized and unrealized gains (losses)			10			(1)			27			13
Purchases			43			88			140			149
Sales			(58)			(33)			(243)			(79)
Settlements			—			—			—			50
Net transfers			23			(4)			28			(13)
Ending balance			$	441		$	536		$	441		$	536
Unrealized gains (losses)			$	15		$	4		$	9		$	5
Loans and lending commitments
Beginning balance			$	2,176		$	2,400		$	2,066		$	2,017
Realized and unrealized gains (losses)			29			(6)			19			(91)
Purchases and originations			130			997			681			1,569
Sales			(648)			(539)			(917)			(686)
Settlements			(4)			(666)			(174)			(717)
Net transfers			(99)			(147)			(91)			(53)
Ending balance			$	1,584		$	2,039		$	1,584		$	2,039
Unrealized gains (losses)			$	(1)		$	(6)		$	(2)		$	(91)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Corporate and other debt
Beginning balance			$	1,925		$	2,223		$	1,983		$	2,096
Realized and unrealized gains (losses)			9			108			44			231
Purchases and originations			423			346			834			561
Sales			(496)			(465)			(980)			(618)
Settlements			(73)			(6)			(85)			(6)
Net transfers			(62)			257			(70)			199
Ending balance			$	1,726		$	2,463		$	1,726		$	2,463
Unrealized gains (losses)			$	6		$	113		$	101		$	239
Corporate equities
Beginning balance			$	217		$	166		$	199		$	116
Realized and unrealized gains (losses)			(24)			(29)			(93)			(64)
Purchases			26			32			65			101
Sales			(29)			(34)			(58)			(38)
Net transfers			4			60			81			80
Ending balance			$	194		$	195		$	194		$	195
Unrealized gains (losses)			$	(11)		$	(25)		$	(17)		$	(36)
Investments
Beginning balance			$	843		$	968		$	949		$	923
Realized and unrealized gains (losses)			53			17			63			24
Purchases			18			6			42			153
Sales			(101)			(76)			(241)			(183)
Net transfers			(3)			19			(3)			17
Ending balance			$	810		$	934		$	810		$	934
Unrealized gains (losses)			$	24		$	19		$	6		$	17
Investment securities—AFS
Beginning balance			$	—		$	—		$	—		$	35
Realized and unrealized gains (losses)			—			(5)			—			(4)
Net transfers			—			40			—			4
Ending balance			$	—		$	35		$	—		$	35
Unrealized gains (losses)			$	—		$	(5)		$	—		$	(4)
Net derivatives: Interest rate
Beginning balance			$	262		$	49		$	(73)		$	(151)
Realized and unrealized gains (losses)			(120)			49			(103)			(318)
Purchases			20			26			27			57
Issuances			(6)			(7)			(14)			(63)
Settlements			(77)			(110)			(18)			329
Net transfers			(79)			(256)			181			(103)
Ending balance			$	—		$	(249)		$	—		$	(249)
Unrealized gains (losses)			$	(114)		$	7		$	(65)		$	(94)

			47			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Net derivatives: Credit
Beginning balance			$	124		$	96		$	96		$	110
Realized and unrealized gains (losses)			108			9			(42)			(12)
Settlements			(116)			(7)			39			(7)
Net transfers			(2)			(8)			21			(1)
Ending balance			$	114		$	90		$	114		$	90
Unrealized gains (losses)			$	108		$	8		$	(21)		$	4
Net derivatives: Foreign exchange
Beginning balance			$	(118)		$	28		$	(365)		$	66
Realized and unrealized gains (losses)			51			(13)			57			(53)
Settlements			117			16			264			(68)
Net transfers			45			(160)			139			(74)
Ending balance			$	95		$	(129)		$	95		$	(129)
Unrealized gains (losses)			$	51		$	(16)		$	61		$	(51)
Net derivatives: Equity
Beginning balance			$	(1,055)		$	(775)		$	(1,102)		$	(736)
Realized and unrealized gains (losses)			(123)			195			125			192
Purchases			54			38			186			157
Issuances			(161)			(166)			(473)			(492)
Settlements			265			252			337			229
Net transfers			252			(326)			159			(132)
Ending balance			$	(768)		$	(782)		$	(768)		$	(782)
Unrealized gains (losses)			$	(155)		$	160		$	11		$	93
Net derivatives: Commodity and other
Beginning balance			$	1,203		$	1,416		$	1,290		$	1,083
Realized and unrealized gains (losses)			223			(7)			789			549
Purchases			70			7			126			70
Issuances			(23)			(9)			(37)			(80)
Settlements			(398)			(92)			(909)			(313)
Net transfers			(51)			(34)			(235)			(28)
Ending balance			$	1,024		$	1,281		$	1,024		$	1,281
Unrealized gains (losses)			$	(58)		$	(142)		$	(48)		$	216
Deposits
Beginning balance			$	34		$	36		$	33		$	20
Realized and unrealized losses (gains)			—			(1)			—			(1)
Purchases			—			6			—			26
Net transfers			(33)			(25)			(32)			(29)
Ending balance			$	1		$	16		$	1		$	16
Unrealized losses (gains)			$	—		$	(1)		$	—		$	(1)
Nonderivative trading liabilities
Beginning balance			$	42		$	89		$	60		$	74
Realized and unrealized losses (gains)			6			(4)			(17)			(12)
Purchases			(44)			(29)			(50)			(49)
Sales			25			23			78			77
Settlements			—			—			(1)			—
Net transfers			43			15			2			4
Ending balance			$	72		$	94		$	72		$	94
Unrealized losses (gains)			$	9		$	(2)		$	(6)		$	(11)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Securities sold under agreements to repurchase
Beginning balance			$	449		$	454		$	449		$	512
Realized and unrealized losses (gains)			4			4			4			11
Issuances			—			—			—			1
Settlements			—			—			—			(9)
Net transfers			—			—			—			(57)
Ending balance			$	453		$	458		$	453		$	458
Unrealized losses (gains)			$	3		$	4		$	4		$	11
Other secured financings
Beginning balance			$	91		$	90		$	92		$	91
Realized and unrealized losses (gains)			1			(1)			(4)			2
Issuances			57			15			94			59
Settlements			(16)			(6)			(58)			(54)
Net transfers			14			—			23			—
Ending balance			$	147		$	98		$	147		$	98
Unrealized losses (gains)			$	1		$	(1)		$	(4)		$	2
Borrowings
Beginning balance			$	1,976		$	1,787		$	1,878		$	1,587
Realized and unrealized losses (gains)			86			18			90			83
Issuances			95			342			412			626
Settlements			(105)			(182)			(212)			(355)
Net transfers			(581)			(437)			(697)			(413)
Ending balance			$	1,471		$	1,528		$	1,471		$	1,528
Unrealized losses (gains)			$	109		$	18		$	115		$	48
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA			(1)			(4)			—			10

Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.

The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.

Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.

September 2024 Form 10-Q			48

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

Valuation Techniques and Unobservable Inputs

			Balance / Range (Average1)
$ in millions, except inputs			At September 30, 2024			At December 31, 2023
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations			$	109		$	94
Comparable pricing:
Bond price			70 to 100 points (80 points)			61 to 110 points (87 points)
MABS			$	441		$	489
Comparable pricing:
Bond price			1 to 88 points (59 points)			0 to 88 points (61 points)
Loans and lending commitments			$	1,584		$	2,066
Margin loan model:
Margin loan rate			1% to 4% (3%)			2% to 4% (3%)
Comparable pricing:
Loan price			83 to 101 points (97 points)			85 to 102 points (98 points)
Corporate and other debt			$	1,726		$	1,983
Comparable pricing:
Bond price			29 to 128 points (82 points)			28 to 135 points (82 points)
Discounted cash flow:
Loss given default			54% to 84% (62% / 54%)			54% to 84% (62% / 54%)
Corporate equities			$	194		$	199
Comparable pricing:
Equity price			100%			100%
Investments			$	810		$	949
Discounted cash flow:
WACC			12% to 18% (16%)			16% to 18% (17%)
Exit multiple			9 to 10 times (10 times)			9 to 17 times (15 times)
Market approach:
EBITDA multiple			21 times			22 times
Comparable pricing:
Equity price			24% to 100% (84%)			24% to 100% (86%)
Net derivative and other contracts:
Interest rate			$	0		$	(73)
Option model:
IR volatility skew			66% to 89% (74% / 73%)			70% to 100% (81% / 93%)
IR curve correlation			30% to 99% (83% / 87%)			49% to 99% (77% / 79%)
Bond volatility			77% to 188% (91% / 88%)			79% to 85% (82% / 85%)
Inflation volatility			29% to 69% (44% / 40%)			27% to 70% (43% / 39%)
Credit			$	114		$	96
Credit default swap model:
Cash-synthetic    basis			7 points			7 points
Bond price			0 to 90 points (42 points)			0 to 92 points (46 points)
Credit spread			10 to 366 bps (93 bps)			10 to 404 bps (94 bps)
Funding spread			13 to 590 bps (81 bps)			18 to 590 bps (67 bps)

			Balance / Range (Average1)
$ in millions, except inputs			At September 30, 2024			At December 31, 2023
Foreign exchange2			$	95		$	(365)
Option model:
IR curve			4% to 12% (8% / 5%)			-4% to 26% (7% / 5%)
Foreign exchange volatility skew			N/M			-3% to 12% (2% / 0%)
Contingency probability			85% to 95% (89% / 95%)			95%
Equity2			$	(768)		$	(1,102)
Option model:
Equity volatility			10% to 95% (24%)			6% to 97% (23%)
Equity volatility skew			-1% to 0% (0%)			-1% to 0% (0%)
Equity correlation			18% to 94% (55%)			25% to 97% (49%)
FX correlation			-65% to 50% (-21%)			-79% to 40% (-28%)
IR correlation			-25% to 23% (12%)			10% to 30% (15%)
Commodity and other			$	1,024		$	1,290
Option model:
Forward power price			$0 to $193 ($39) per MWh			$0 to $220 ($49) per MWh
Commodity volatility			7% to 135% (35%)			8% to 123% (31%)
Cross-commodity correlation			54% to 100% (95%)			54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase			$	453		$	449
Discounted cash flow:
Funding spread			11 to 127 bps (49 / 32 bps)			28 to 135 bps (79 bps)
Other secured financings			$	147		$	92
Comparable pricing:
Loan price			23 to 101 points (74 points)			22 to 101 points (76 points)
Borrowings			$	1,471		$	1,878
Option model:
Equity volatility			9% to 65% (24%)			6% to 69% (13%)
Equity volatility skew			-3% to 0% (0%)			-2% to 0% (0%)
Equity correlation			42% to 97% (71%)			41% to 97% (79%)
Equity - FX correlation			-50% to 23% (-18%)			-65% to 40% (-30%)
IR curve correlation			N/M			50% to 89% (71% / 70%)
Credit default swap model:
Credit spread			341 to 519 bps (430 bps)			N/M
Discounted cash flow:
Loss given default			54% to 84% (62% / 54%)			54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans			$	5,570		$	4,532
Corporate loan model:
Credit spread			115 to 13,954 bps (1,131 bps)			99 to 1,467 bps (1,015 bps)
Comparable pricing:
Loan price			29 to 100 points (87 points)			25 to 93 points (70 points)
Warehouse model:
Credit spread			122 to 271 bps (186 bps)			115 to 268 bps (185 bps)

Points—Percentage of par

IR—Interest rate

FX—Foreign exchange

1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.

2.Includes derivative contracts with multiple risks (i.e., hybrid products).

			49			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.

For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2023 Form 10-K. During the three months ended September 30, 2024, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.

Net Asset Value Measurements

Fund Interests

			At September 30, 2024						At December 31, 2023
$ in millions			Carrying Value			Commitment			Carrying Value			Commitment
Private equity			$	2,612		$	638		$	2,685		$	720
Real estate			3,060			229			2,765			240
Hedge			72			2			74			3
Total			$	5,744		$	869		$	5,524		$	963

Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.

For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2023 Form 10-K.

See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.

Nonredeemable Funds by Contractual Maturity

			Carrying Value at September 30, 2024
$ in millions			Private Equity			Real Estate
Less than 5 years			$	1,094		$	1,867
5-10 years			1,421			1,099
Over 10 years			97			94
Total			$	2,612		$	3,060

Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

			At September 30, 2024
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	1,991		$	5,570		$	7,561
Total			$	1,991		$	5,570		$	7,561
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	62		$	60		$	122
Total			$	62		$	60		$	122

			At December 31, 2023
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	4,215		$	4,532		$	8,747
Other assets—Other investments			—			4			4
Other assets—ROU assets			23			—			23
Total			$	4,238		$	4,536		$	8,774
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	110		$	60		$	170
Total			$	110		$	60		$	170

1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.

Gains (Losses) from Nonrecurring Fair Value Remeasurements1

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Assets
Loans2			$	(136)		$	(35)		$	(190)		$	(117)
Other assets—Other investments3			—			5			(7)			4
Other assets—Premises, equipment and software4			(10)			(2)			(12)			(6)
Other assets—ROU assets5			—			—			—			(10)
Total			$	(146)		$	(32)		$	(209)		$	(129)
Liabilities
Other liabilities and accrued expenses—Lending commitments2			$	(2)		$	7		$	8		$	38
Total			$	(2)		$	7		$	8		$	38

1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.

September 2024 Form 10-Q			50

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.

3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.

4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

5.Losses related to Other Assets—ROU assets include impairments related to discontinued leased properties.

Financial Instruments Not Measured at Fair Value

			At September 30, 2024
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	91,084		$	91,084		$	—		$	—		$	91,084
Investment securities—HTM			62,856			17,292			36,455			1,147			54,894
Securities purchased under agreements to resell			137,352			—			135,629			1,799			137,428
Securities borrowed			132,412			—			132,413			—			132,413
Customer and other receivables			84,207			—			80,049			4,051			84,100
Loans1,2
Held for investment			218,012			—			8,321			205,719			214,040
Held for sale			12,862			—			5,366			7,601			12,967
Other assets			704			—			704			—			704
Financial liabilities
Deposits			$	356,395		$	—		$	356,592		$	—		$	356,592
Securities sold under agreements to repurchase			57,333			—			57,336			—			57,336
Securities loaned			17,455			—			17,455			—			17,455
Other secured financings			4,016			—			4,015			—			4,015
Customer and other payables			216,362			—			216,362			—			216,362
Borrowings			190,633			—			193,720			102			193,822
			Commitment Amount
Lending commitments3			$	169,777		$	—		$	1,180		$	1,038		$	2,218

			At December 31, 2023
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	89,232		$	89,232		$	—		$	—		$	89,232
Investment securities—HTM			66,694			21,937			34,411			1,105			57,453
Securities purchased under agreements to resell			110,733			—			108,099			2,674			110,773
Securities borrowed			121,091			—			121,091			—			121,091
Customer and other receivables			74,337			—			70,110			4,031			74,141
Loans1,2
Held for investment			203,385			—			20,125			176,291			196,416
Held for sale			15,255			—			8,652			6,672			15,324
Other assets			704			—			704			—			704
Financial liabilities
Deposits			$	345,332		$	—		$	345,391		$	—		$	345,391
Securities sold under agreements to repurchase			61,631			—			61,621			—			61,621
Securities loaned			15,057			—			15,055			—			15,055
Other secured financings			2,756			—			2,756			—			2,756
Customer and other payables			208,015			—			208,015			—			208,015
Borrowings			169,832			—			171,009			4			171,013
			Commitment Amount
Lending commitments3			$	149,464		$	—		$	1,338		$	749		$	2,087

1.Amounts include loans measured at fair value on a nonrecurring basis.

2.Loans amounts have been disaggregated into HFI and HFS for the first time in the fourth quarter of 2023. Prior period amounts have been revised to match the current period presentation.

3.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.

The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.

5. Fair Value Option

The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.

Borrowings Measured at Fair Value on a Recurring Basis

$ in millions			At September 30, 2024			At December 31, 2023
Business Unit Responsible for Risk Management
Equity			$	53,530		$	46,073
Interest rates			35,239			31,055
Commodities			14,071			12,798
Credit			3,047			2,400
Foreign exchange			1,660			1,574
Total			$	107,547		$	93,900

			51			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Net Revenues from Borrowings under the Fair Value Option

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Trading revenues			$	(6,993)		$	3,479		$	(6,158)		$	(1,412)
Interest expense			175			124			474			351
Net revenues1			$	(7,168)		$	3,355		$	(6,632)		$	(1,763)

1.Amounts do not reflect any gains or losses from related economic hedges.

Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.

Gains (Losses) Due to Changes in Instrument-Specific Credit Risk

			Three Months Ended September 30,
			2024						2023
$ in millions			Trading Revenues			OCI			Trading Revenues			OCI
Loans and other receivables1			$	(15)		$	—		$	(8)		$	—
Lending commitments			(3)			—			—			—
Deposits			—			(3)			—			4
Borrowings			(4)			(227)			(6)			(547)

			Nine Months Ended September 30,
			2024						2023
$ in millions			Trading Revenues			OCI			Trading Revenues			OCI
Loans and other receivables1			$	(13)		$	—		$	(112)		$	—
Lending commitments			(4)			—			11			—
Deposits			—			8			—			21
Borrowings			(21)			(617)			(15)			(1,289)

$ in millions			At September 30, 2024			At December 31, 2023
Cumulative pre-tax DVA gain (loss) recognized in AOCI			$	(2,775)		$	(2,166)

1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.

Difference Between Contractual Principal and Fair Value1

$ in millions			At September 30, 2024			At December 31, 2023
Loans and other receivables2			$	10,943		$	11,086
Nonaccrual loans2			8,409			8,566
Borrowings3			1,973			3,030

1.Amounts indicate contractual principal greater than or (less than) fair value.

2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.

3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.

The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.

Fair Value Loans on Nonaccrual Status

$ in millions			At September 30, 2024			At December 31, 2023
Nonaccrual loans			$	824		$	440
Nonaccrual loans 90 or more days past due			20			75

6. Derivative Instruments and Hedging Activities

Fair Values of Derivative Contracts

			Assets at September 30, 2024
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	—		$	—		$	3
Foreign exchange			44			3			—			47
Total			47			3			—			50
Not designated as accounting hedges
Economic hedges of loans
Credit			—			33			—			33
Other derivatives
Interest rate			115,855			17,372			282			133,509
Credit			5,026			5,445			—			10,471
Foreign exchange			78,738			2,721			126			81,585
Equity			32,410			—			60,700			93,110
Commodity and other			14,868			2			2,311			17,181
Total			246,897			25,573			63,419			335,889
Total gross derivatives			$	246,944		$	25,576		$	63,419		$	335,939
Amounts offset
Counterparty netting			(177,423)			(22,675)			(60,104)			(260,202)
Cash collateral netting			(36,738)			(1,772)			—			(38,510)
Total in Trading assets			$	32,783		$	1,129		$	3,315		$	37,227
Amounts not offset1
Financial instruments collateral			(15,407)			—			—			(15,407)
Net amounts			$	17,376		$	1,129		$	3,315		$	21,820
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	2,592

			52			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Liabilities at September 30, 2024
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	420		$	—		$	—		$	420
Foreign exchange			71			35			—			106
Total			491			35			—			526
Not designated as accounting hedges
Economic hedges of loans
Credit			53			786			—			839
Other derivatives
Interest rate			104,680			14,939			225			119,844
Credit			5,071			5,048			—			10,119
Foreign exchange			76,813			2,696			293			79,802
Equity			48,782			—			59,413			108,195
Commodity and other			12,475			—			2,542			15,017
Total			247,874			23,469			62,473			333,816
Total gross derivatives			$	248,365		$	23,504		$	62,473		$	334,342
Amounts offset
Counterparty netting			(177,423)			(22,675)			(60,104)			(260,202)
Cash collateral netting			(40,917)			(604)			—			(41,521)
Total in Trading liabilities			$	30,025		$	225		$	2,369		$	32,619
Amounts not offset1
Financial instruments collateral			(5,588)			—			(200)			(5,788)
Net amounts			$	24,437		$	225		$	2,169		$	26,831
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												4,660

			Assets at December 31, 2023
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	25		$	—		$	—		$	25
Foreign exchange			5			5			—			10
Total			30			5			—			35
Not designated as accounting hedges
Economic hedges of loans
Credit			2			27			—			29
Other derivatives
Interest rate			127,414			19,914			854			148,182
Credit			5,712			4,896			—			10,608
Foreign exchange			90,654			2,570			16			93,240
Equity			20,338			—			37,737			58,075
Commodity and other			13,928			—			2,353			16,281
Total			258,048			27,407			40,960			326,415
Total gross derivatives			$	258,078		$	27,412		$	40,960		$	326,450
Amounts offset
Counterparty netting			(184,553)			(23,851)			(38,510)			(246,914)
Cash collateral netting			(39,493)			(2,730)			—			(42,223)
Total in Trading assets			$	34,032		$	831		$	2,450		$	37,313
Amounts not offset1
Financial instruments collateral			(15,690)			—			—			(15,690)
Net amounts			$	18,342		$	831		$	2,450		$	21,623
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	2,641

			Liabilities at December 31, 2023
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	467		$	—		$	—		$	467
Foreign exchange			414			43			—			457
Total			881			43			—			924
Not designated as accounting hedges
Economic hedges of loans
Credit			43			702			—			745
Other derivatives
Interest rate			120,604			17,179			590			138,373
Credit			5,920			4,427			—			10,347
Foreign exchange			87,104			2,694			106			89,904
Equity			31,545			—			37,349			68,894
Commodity and other			12,237			—			2,830			15,067
Total			257,453			25,002			40,875			323,330
Total gross derivatives			$	258,334		$	25,045		$	40,875		$	324,254
Amounts offset
Counterparty netting			(184,553)			(23,851)			(38,510)			(246,914)
Cash collateral netting			(41,082)			(983)			—			(42,065)
Total in Trading liabilities			$	32,699		$	211		$	2,365		$	35,275
Amounts not offset1
Financial instruments collateral			(6,864)			(8)			(37)			(6,909)
Net amounts			$	25,835		$	203		$	2,328		$	28,366
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	5,911

1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.

See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.

Notionals of Derivative Contracts

			Assets at September 30, 2024
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	129		$	—		$	129
Foreign exchange			11			1			—			12
Total			11			130			—			141
Not designated as accounting hedges
Economic hedges of loans
Credit			—			1			—			1
Other derivatives
Interest rate			4,226			6,682			639			11,547
Credit			242			195			—			437
Foreign exchange			3,594			214			11			3,819
Equity			665			—			614			1,279
Commodity and other			132			3			81			216
Total			8,859			7,095			1,345			17,299
Total gross derivatives			$	8,870		$	7,225		$	1,345		$	17,440

			53			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Liabilities at September 30, 2024
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	2		$	177		$	—		$	179
Foreign exchange			5			3			—			8
Total			7			180			—			187
Not designated as accounting hedges
Economic hedges of loans
Credit			2			22			—			24
Other derivatives
Interest rate			4,222			6,605			533			11,360
Credit			245			181			—			426
Foreign exchange			3,836			218			35			4,089
Equity			714			—			992			1,706
Commodity and other			106			1			94			201
Total			9,125			7,027			1,654			17,806
Total gross derivatives			$	9,132		$	7,207		$	1,654		$	17,993

			Assets at December 31, 2023
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	92		$	—		$	92
Foreign exchange			1			1			—			2
Total			1			93			—			94
Not designated as accounting hedges
Economic hedges of loans
Credit			—			1			—			1
Other derivatives
Interest rate			4,153			8,357			560			13,070
Credit			214			176			—			390
Foreign exchange			3,378			165			7			3,550
Equity			528			—			440			968
Commodity and other			142			—			65			207
Total			8,415			8,699			1,072			18,186
Total gross derivatives			$	8,416		$	8,792		$	1,072		$	18,280

			Liabilities at December 31, 2023
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	183		$	—		$	186
Foreign exchange			14			3			—			17
Total			17			186			—			203
Not designated as accounting hedges
Economic hedges of loans
Credit			2			22			—			24
Other derivatives
Interest rate			4,631			8,197			455			13,283
Credit			229			155			—			384
Foreign exchange			3,496			167			33			3,696
Equity			587			—			712			1,299
Commodity and other			101			—			79			180
Total			9,046			8,541			1,279			18,866
Total gross derivatives			$	9,063		$	8,727		$	1,279		$	19,069

The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the

benefit of legally enforceable netting arrangements or risk mitigating transactions.

For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2023 Form 10-K.

Gains (Losses) on Accounting Hedges

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
$ in millions			2024			2023			2024			2023
Fair value hedges—Recognized in Interest income
Interest rate contracts			$	(1,277)		$	259		$	(686)		$	457
Investment Securities—AFS			1,302			(239)			755			(423)
Fair value hedges—Recognized in Interest expense
Interest rate contracts			$	5,777		$	(2,742)		$	3,627		$	(2,806)
Deposits			(227)			(15)			(235)			(31)
Borrowings			(5,561)			2,781			(3,403)			2,856
Net investment hedges—Foreign exchange contracts
Recognized in OCI			$	(533)		$	375		$	122		$	381
Forward points excluded from hedge effectiveness testing—Recognized in Interest income			50			60			140			166
Cash flow hedges—Interest rate contracts1
Recognized in OCI			$	34		$	(12)		$	(26)		$	(30)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income			(11)			(6)			(34)			(9)
Net change in cash flow hedges included within AOCI			45			(6)			8			(21)

1.For the three months ended September 30, 2024, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of September 30, 2024, is approximately $(5) million. The maximum length of time over which forecasted cash flows are hedged is 18 months.

Fair Value Hedges—Hedged Items 

$ in millions			At September 30, 2024			At December 31, 2023
Investment Securities—AFS
Amortized cost basis currently or previously hedged			$	55,000		$	47,179
Basis adjustments included in amortized cost1			$	220		$	(732)
Deposits
Carrying amount currently or previously hedged			$	22,816		$	10,569
Basis adjustments included in carrying amount1			$	204		$	(31)
Borrowings
Carrying amount currently or previously hedged			$	175,810		$	158,659
Basis adjustments included in carrying amount—Outstanding hedges			$	(5,826)		$	(9,219)
Basis adjustments included in carrying amount—Terminated hedges			$	(654)		$	(671)

1.Hedge accounting basis adjustments are primarily related to outstanding hedges.

Gains (Losses) on Economic Hedges of Loans

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
$ in millions			2024			2023			2024			2023
Recognized in Other revenues
Credit contracts1			$	(101)		$	(104)		$	(248)		$	(330)

1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.

September 2024 Form 10-Q			54

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Net Derivative Liabilities and Collateral Posted

$ in millions			At September 30, 2024			At December 31, 2023
Net derivative liabilities with credit risk-related contingent features			$	23,138		$	21,957
Collateral posted			16,361			16,389

The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.

Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade

$ in millions			At September 30, 2024
One-notch downgrade			$	213
Two-notch downgrade			458
Bilateral downgrade agreements included in the amounts above1			$	543

1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.

The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.

Maximum Potential Payout/Notional of Credit Protection Sold1

			Years to Maturity at September 30, 2024
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	18		$	29		$	41		$	15		$	103
Non-investment grade			7			16			17			3			43
Total			$	25		$	45		$	58		$	18		$	146
Index and basket CDS
Investment grade			$	5		$	11		$	11		$	1		$	28
Non-investment grade			9			23			156			66			254
Total			$	14		$	34		$	167		$	67		$	282
Total CDS sold			$	39		$	79		$	225		$	85		$	428
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	39		$	79		$	225		$	88		$	431
CDS protection sold with identical protection purchased															$	373

			Years to Maturity at December 31, 2023
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	19		$	29		$	39		$	10		$	97
Non-investment grade			7			14			17			1			39
Total			$	26		$	43		$	56		$	11		$	136
Index and basket CDS
Investment grade			$	8		$	19		$	85		$	4		$	116
Non-investment grade			8			14			95			17			134
Total			$	16		$	33		$	180		$	21		$	250
Total CDS sold			$	42		$	76		$	236		$	32		$	386
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	42		$	76		$	236		$	35		$	389
CDS protection sold with identical protection purchased															$	330

Fair Value Asset (Liability) of Credit Protection Sold1

$ in millions			At September 30, 2024			At December 31, 2023
Single-name CDS
Investment grade			$	2,122		$	1,904
Non-investment grade			670			399
Total			$	2,792		$	2,303
Index and basket CDS
Investment grade			$	993		$	1,929
Non-investment grade			1,416			45
Total			$	2,409		$	1,974
Total CDS sold			$	5,201		$	4,277
Other credit contracts			133			314
Total credit protection sold			$	5,334		$	4,591

1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.

Protection Purchased with CDS

			Notional
$ in billions			At September 30, 2024			At December 31, 2023
Single name			$	173		$	166
Index and basket			252			213
Tranched index and basket			31			30
Total			$	456		$	409

			Fair Value Asset (Liability)
$ in millions			At September 30, 2024			At December 31, 2023
Single name			$	(3,222)		$	(2,799)
Index and basket			(1,559)			(1,208)
Tranched index and basket			(1,008)			(1,012)
Total			$	(5,789)		$	(5,019)

The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.

The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further

			55			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2023 Form 10-K.

7. Investment Securities

AFS and HTM Securities

			At September 30, 2024
$ in millions			Amortized Cost1			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
AFS securities
U.S. Treasury securities			$	68,369		$	117		$	500		$	67,986
U.S. agency securities2			24,227			6			2,098			22,135
Agency CMBS			5,828			—			365			5,463
State and municipal securities			1,620			4			13			1,611
FFELP student loan ABS3			641			—			8			633
Total AFS securities			100,685			127			2,984			97,828
HTM securities
U.S. Treasury securities			18,169			—			877			17,292
U.S. agency securities2			42,067			82			6,992			35,157
Agency CMBS			1,245			—			81			1,164
Non-agency CMBS			1,375			6			100			1,281
Total HTM securities			62,856			88			8,050			54,894
Total investment securities			$	163,541		$	215		$	11,034		$	152,722

			At December 31, 2023
$ in millions			Amortized Cost1			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
AFS securities
U.S. Treasury securities			$	58,484		$	24		$	1,103		$	57,405
U.S. agency securities2			25,852			4			2,528			23,328
Agency CMBS			5,871			—			456			5,415
State and municipal securities			1,132			46			5			1,173
FFELP student loan ABS3			810			—			18			792
Total AFS securities			92,149			74			4,110			88,113
HTM securities
U.S. Treasury securities			23,222			—			1,285			21,937
U.S. agency securities2			40,894			—			7,699			33,195
Agency CMBS			1,337			—			121			1,216
Non-agency CMBS			1,241			2			138			1,105
Total HTM securities			66,694			2			9,243			57,453
Total investment securities			$	158,843		$	76		$	13,353		$	145,566

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

AFS Securities in an Unrealized Loss Position

			At September 30, 2024						At December 31, 2023
$ in millions			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months			$	21,410		$	30		$	14,295		$	22
12 months or longer			23,865			470			33,458			1,081
Total			45,275			500			47,753			1,103
U.S. agency securities
Less than 12 months			638			1			4,297			43
12 months or longer			20,163			2,097			18,459			2,485
Total			20,801			2,098			22,756			2,528
Agency CMBS
Less than 12 months			25			—			—			—
12 months or longer			5,105			365			5,415			456
Total			5,130			365			5,415			456
State and municipal securities
Less than 12 months			620			11			524			3
12 months or longer			36			2			35			2
Total			656			13			559			5
FFELP student loan ABS
Less than 12 months			24			—			56			1
12 months or longer			484			8			616			17
Total			508			8			672			18
Total AFS securities in an unrealized loss position
Less than 12 months			22,717			42			19,172			69
12 months or longer			49,653			2,942			57,983			4,041
Total			$	72,370		$	2,984		$	77,155		$	4,110

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2023 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of September 30, 2024 and December 31, 2023, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at September 30, 2024 and December 31, 2023 reflect an ACL of $54 million and $44 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2023 Form 10-K for a description of the ACL methodology used for HTM Securities.

As of September 30, 2024 and December 31, 2023, 98% of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at September 30, 2024 and December 31, 2023.

September 2024 Form 10-Q			56

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity

			At September 30, 2024
$ in millions			Amortized Cost1			Fair Value			Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year			$	18,132		$	17,928		2.0		%
After 1 year through 5 years			44,001			43,834			3.5		%
After 5 years through 10 years			6,236			6,224			4.1		%
Total			68,369			67,986
U.S. agency securities:
Due within 1 year			10			10			0.7		%
After 1 year through 5 years			277			268			1.6		%
After 5 years through 10 years			448			420			1.8		%
After 10 years			23,492			21,437			3.7		%
Total			24,227			22,135
Agency CMBS:
After 1 year through 5 years			3,874			3,740			1.9		%
After 5 years through 10 years			832			797			1.7		%
After 10 years			1,122			926			1.4		%
Total			5,828			5,463
State and municipal securities:
Due within 1 year			861			861			5.1		%
After 1 year through 5 years			305			304			4.6		%
After 5 years through 10 years			95			94			4.7		%
After 10 Years			359			352			4.0		%
Total			1,620			1,611
FFELP student loan ABS:
Due within 1 year			12			12			5.8		%
After 1 year through 5 years			116			113			6.1		%
After 5 years through 10 years			25			24			5.9		%
After 10 years			488			484			6.3		%
Total			641			633
Total AFS securities			$	100,685		$	97,828		3.2		%

			At September 30, 2024
$ in millions			Amortized Cost1			Fair Value			Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year			$	4,596		$	4,524		1.4		%
After 1 year through 5 years			11,514			11,177			2.2		%
After 5 years through 10 years			503			431			1.1		%
After 10 years			1,556			1,160			2.3		%
Total			18,169			17,292
U.S. agency securities:
After 1 year through 5 years			4			4			1.8		%
After 5 years through 10 years			243			232			2.1		%
After 10 years			41,820			34,921			2.1		%
Total			42,067			35,157
Agency CMBS:
Due within 1 year			320			314			1.9		%
After 1 year through 5 years			695			655			1.2		%
After 5 years through 10 years			125			109			1.5		%
After 10 years			105			86			1.5		%
Total			1,245			1,164
Non-agency CMBS:
Due within 1 year			130			108			3.9		%
After 1 year through 5 years			476			464			5.0		%
After 5 years through 10 years			607			548			3.7		%
After 10 years			162			161			5.5		%
Total			1,375			1,281
Total HTM securities			$	62,856		$	54,894		2.1		%
Total investment securities			$	163,541		$	152,722		2.8		%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At September 30, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.7% for AFS securities contractually maturing within 1 year and 3.9% for all AFS securities.

Gross Realized Gains (Losses) on Sales of AFS Securities

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Gross realized gains			$	—		$	15		$	50		$	66
Gross realized (losses)			—			(1)			—			(21)
Total1			$	—		$	14		$	50		$	45

1.Realized gains and losses are recognized in Other revenues in the income statement.

			57			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

8. Collateralized Transactions

Offsetting of Certain Collateralized Transactions

			At September 30, 2024
$ in millions			Gross Amounts			Amounts Offset			Balance Sheet Net Amounts			Amounts Not Offset1			Net Amounts
Assets
Securities purchased under agreements to resell			$	356,962		$	(219,610)		$	137,352		$	(135,517)		$	1,835
Securities borrowed			169,645			(37,233)			132,412			(125,108)			7,304
Liabilities
Securities sold under agreements to repurchase			$	277,939		$	(219,610)		$	58,329		$	(53,937)		$	4,392
Securities loaned			54,688			(37,233)			17,455			(17,436)			19
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell															$	1,751
Securities borrowed															2,877
Securities sold under agreements to repurchase															2,865
Securities loaned															1

			At December 31, 2023
$ in millions			Gross Amounts			Amounts Offset			Balance Sheet Net Amounts			Amounts Not Offset1			Net Amounts
Assets
Securities purchased under agreements to resell			$	300,242		$	(189,502)		$	110,740		$	(108,893)		$	1,847
Securities borrowed			142,453			(21,362)			121,091			(115,969)			5,122
Liabilities
Securities sold under agreements to repurchase			$	252,153		$	(189,502)		$	62,651		$	(58,357)		$	4,294
Securities loaned			36,419			(21,362)			15,057			(15,046)			11
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell															$	1,741
Securities borrowed															607
Securities sold under agreements to repurchase															3,014
Securities loaned															2

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2023 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity

			At September 30, 2024
$ in millions			Overnight and Open			Less than 30 Days			30-90 Days			Over 90 Days			Total
Securities sold under agreements to repurchase			$	125,805		$	92,731		$	26,800		$	32,603		$	277,939
Securities loaned			38,592			—			348			15,748			54,688
Total included in the offsetting disclosure			$	164,397		$	92,731		$	27,148		$	48,351		$	332,627
Trading liabilities— Obligation to return securities received as collateral			12,702			—			—			—			12,702
Total			$	177,099		$	92,731		$	27,148		$	48,351		$	345,329

			At December 31, 2023
$ in millions			Overnight and Open			Less than 30 Days			30-90 Days			Over 90 Days			Total
Securities sold under agreements to repurchase			$	80,376		$	114,826		$	25,510		$	31,441		$	252,153
Securities loaned			21,508			1,345			709			12,857			36,419
Total included in the offsetting disclosure			$	101,884		$	116,171		$	26,219		$	44,298		$	288,572
Trading liabilities— Obligation to return securities received as collateral			13,528			—			—			—			13,528
Total			$	115,412		$	116,171		$	26,219		$	44,298		$	302,100

Gross Secured Financing Balances by Class of Collateral Pledged

$ in millions			At September 30, 2024			At December 31, 2023
Securities sold under agreements to repurchase
U.S. Treasury and agency securities			$	88,009		$	98,377
Other sovereign government obligations			163,345			122,342
Corporate equities			12,951			18,144
Other			13,634			13,290
Total			$	277,939		$	252,153
Securities loaned
Other sovereign government obligations			$	1,261		$	1,379
Corporate equities			52,311			34,434
Other			1,116			606
Total			$	54,688		$	36,419
Total included in the offsetting disclosure			$	332,627		$	288,572
Trading liabilities—Obligation to return securities received as collateral
Corporate equities			$	12,685		$	13,502
Other			17			26
Total			$	12,702		$	13,528
Total			$	345,329		$	302,100

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge

$ in millions			At September 30, 2024			At December 31, 2023
Trading assets			$	37,782		$	37,522

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge

$ in millions			At September 30, 2024			At December 31, 2023
Collateral received with right to sell or repledge			$	884,657		$	735,830
Collateral that was sold or repledged1			685,820			553,386

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

September 2024 Form 10-Q			58

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes

$ in millions			At September 30, 2024			At December 31, 2023
Segregated securities1			$	24,687		$	20,670

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending

$ in millions			At September 30, 2024			At December 31, 2023
Margin and other lending			$	53,092		$	45,644

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2023 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12. Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $1,074 million at September 30, 2024 and $3,472 million at December 31, 2023.

9. Loans, Lending Commitments and Related Allowance for Credit Losses

Loans by Type

			At September 30, 2024
$ in millions			HFI Loans			HFS Loans			Total Loans
Corporate			$	6,304		$	9,094		$	15,398
Secured lending facilities			45,728			3,612			49,340
Commercial real estate			8,688			154			8,842
Residential real estate			65,001			1			65,002
Securities-based lending and Other			93,395			1			93,396
Total loans			219,116			12,862			231,978
ACL			(1,104)						(1,104)
Total loans, net			$	218,012		$	12,862		$	230,874
Loans to non-U.S. borrowers, net			$	23,319		$	4,037		$	27,356

			At December 31, 2023
$ in millions			HFI Loans			HFS Loans			Total Loans
Corporate			$	6,758		$	11,862		$	18,620
Secured lending facilities			39,498			3,161			42,659
Commercial real estate			8,678			209			8,887
Residential real estate			60,375			22			60,397
Securities-based lending and Other			89,245			1			89,246
Total loans			204,554			15,255			219,809
ACL			(1,169)						(1,169)
Total loans, net			$	203,385		$	15,255		$	218,640
Loans to non-U.S. borrowers, net			$	21,152		$	5,043		$	26,195

For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2023 Form 10-K.

Loans by Interest Rate Type

			At September 30, 2024						At December 31, 2023
$ in millions			Fixed Rate			Floating or Adjustable Rate			Fixed Rate			Floating or Adjustable Rate
Corporate			$	—		$	15,397		$	—		$	18,620
Secured lending facilities			—			49,341			—			42,659
Commercial real estate			141			8,700			141			8,746
Residential real estate			30,492			34,510			28,934			31,464
Securities-based lending and Other			24,764			68,633			23,922			65,323
Total loans, before ACL			$	55,397		$	176,581		$	52,997		$	166,812

See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.

			59			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Loans Held for Investment before Allowance by Credit Quality and Origination Year

			At September 30, 2024									At December 31, 2023
			Corporate
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	2,083		$	3,953		$	6,036		$	2,350		$	3,863		$	6,213
2024			53			12			65
2023			—			50			50			—			88			88
2022			—			28			28			—			166			166
2021			15			75			90			15			89			104
2020			9			26			35			29			25			54
Prior			—			—			—			—			133			133
Total			$	2,160		$	4,144		$	6,304		$	2,394		$	4,364		$	6,758

			At September 30, 2024									At December 31, 2023
			Secured Lending Facilities
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	10,512		$	25,384		$	35,896		$	9,494		$	22,240		$	31,734
2024			818			2,474			3,292
2023			1,423			1,333			2,756			1,535			1,459			2,994
2022			286			2,243			2,529			392			2,390			2,782
2021			—			285			285			—			365			365
2020			—			—			—			—			80			80
Prior			100			870			970			356			1,187			1,543
Total			$	13,139		$	32,589		$	45,728		$	11,777		$	27,721		$	39,498

			At September 30, 2024									At December 31, 2023
			Commercial Real Estate
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	—		$	176		$	176		$	—		$	170		$	170
2024			112			1,699			1,811
2023			409			810			1,219			261			1,067			1,328
2022			245			1,855			2,100			284			1,900			2,184
2021			145			1,743			1,888			370			1,494			1,864
2020			—			430			430			—			756			756
Prior			—			1,064			1,064			195			2,181			2,376
Total			$	911		$	7,777		$	8,688		$	1,110		$	7,568		$	8,678

			At September 30, 2024
			Residential Real Estate
			by FICO Scores												by LTV Ratio									Total
$ in millions			≥ 740			680-739			≤ 679						≤ 80%			> 80%
Revolving			$	126		$	38		$	5					$	169		$	—					$	169
2024			6,403			1,151			117						6,935			736						7,671
2023			6,946			1,449			210						7,703			902						8,605
2022			10,444			2,346			375						12,125			1,040						13,165
2021			10,646			2,274			233						12,253			900						13,153
2020			6,591			1,363			99						7,640			413						8,053
Prior			10,848			2,932			405						13,161			1,024						14,185
Total			$	52,004		$	11,553		$	1,444					$	59,986		$	5,015					$	65,001

			At December 31, 2023
			Residential Real Estate
			by FICO Scores												by LTV Ratio									Total
$ in millions			≥ 740			680-739			≤ 679						≤ 80%			> 80%
Revolving			$	108		$	33		$	8					$	149		$	—					$	149
2023			7,390			1,517			230						8,168			969						9,137
2022			10,927			2,424			389						12,650			1,090						13,740
2021			11,075			2,376			239						12,763			927						13,690
2020			6,916			1,430			104						8,017			433						8,450
Prior			11,642			3,131			436						14,106			1,103						15,209
Total			$	48,058		$	10,911		$	1,406					$	55,853		$	4,522					$	60,375

			At September 30, 2024
			Securities-based lending1			Other2
$ in millions						IG			NIG			Total
Revolving			$	73,585		$	6,672		$	1,605		$	81,862
2024			1,003			562			361			1,926
2023			962			434			656			2,052
2022			642			463			1,114			2,219
2021			100			103			483			686
2020			39			239			481			759
Prior			231			1,214			2,446			3,891
Total			$	76,562		$	9,687		$	7,146		$	93,395

			At December 31, 2023
			Securities-based lending1			Other2
$ in millions						IG			NIG			Total
Revolving			$	71,474		$	5,230		$	1,362		$	78,066
2023			1,612			627			346			2,585
2022			1,128			816			804			2,748
2021			165			330			377			872
2020			—			435			414			849
Prior			215			2,096			1,814			4,125
Total			$	74,594		$	9,534		$	5,117		$	89,245

IG—Investment Grade

NIG—Non-investment Grade

1. Securities-based loans are subject to collateral maintenance provisions, and at September 30, 2024 and December 31, 2023, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2023 Form 10-K.

2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.

Past Due Loans Held for Investment before Allowance1

$ in millions			At September 30, 2024			At December 31, 2023
Corporate			$	—		$	47
Commercial real estate			182			185
Residential real estate			147			160
Securities-based lending and Other			87			1
Total			$	416		$	393

1.As of September 30, 2024, the majority of the amounts are 90 days or more past due. As of December 31, 2023, the majority of the amounts are past due for a period of less than 90 days.

Nonaccrual Loans Held for Investment before Allowance1

$ in millions			At September 30, 2024			At December 31, 2023
Corporate			$	75		$	95
Secured lending facilities			6			87
Commercial real estate			469			426
Residential real estate			119			95
Securities-based lending and Other			267			174
Total			$	936		$	877
Nonaccrual loans without an ACL			$	200		$	86

1.There were no loans held for investment that were 90 days or more past due and still accruing as of September 30, 2024 and December 31, 2023. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2023 Form 10-K.

See Note 2 to the financial statements in the 2023 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans.

September 2024 Form 10-Q			60

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower's financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.

Modified Loans Held for Investment

Period-end loans held for investment modified during the following periods1

			Three Months Ended September 30,
			2024									2023
$ in millions			Amortized Cost			% of Total Loans2						Amortized Cost			% of Total Loans2
Term Extension
Corporate			$	30		0.5		%				$	82		1.1		%
Commercial real estate			56			0.6		%				198			2.4		%
Securities-based lending and Other			21			—		%				105			0.1		%
Total Modifications			$	107		—		%				$	385		0.2		%

			Nine Months Ended September 30,
			2024									2023
$ in millions			Amortized Cost			% of Total Loans2						Amortized Cost			% of Total Loans2
Term Extension
Corporate			$	136		2.2		%				$	114		1.6		%
Commercial real estate			136			1.6		%				219			2.6		%
Residential real estate			—			—		%				1			—		%
Securities-based lending and Other			149			0.2		%				129			0.1		%
Total			$	421		0.2		%				$	463		0.3		%
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate			$	—		—		%				$	40		0.5		%
Residential real estate			1			—		%				—			—		%
Total			$	1		—		%				$	40		0.5		%
Total Modifications			$	422		0.2		%				$	503		0.3		%

1.Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the three months ended September 30, 2024 and 2023, were $212 million and $424 million, as of September 30, 2024 and September 30, 2023, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the nine months ended September 30, 2024 and 2023, were $676 million and $877 million, as of September 30, 2024 and September 30, 2023, respectively.

2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment

			Three Months Ended September 30, 20241
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			11			0			$	—		—		%
Commercial real estate			27			0			—			—		%
Securities-based lending and Other			12			0			—			—		%

			Three Months Ended September 30, 20231
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			23			0			$	—		—		%
Commercial real estate			3			0			—			—		%
Securities-based lending and Other			4			0			—			—		%

			Nine Months Ended September 30, 20241
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			23			0			$	—		—		%
Commercial real estate			14			0			—			—		%
Securities-based lending and Other			21			0			—			—		%
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate			120			0			$	—		1		%

			Nine Months Ended September 30, 20231
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			21			0			$	—		—		%
Commercial real estate			3			0			—			—		%
Residential real estate			4			0			—			—		%
Securities-based lending and Other			8			0			—			—		%
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Commercial real estate			7			6			$	—		—		%

1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.

Past Due Loans Held for Investment Modified in the Last 12 months

						At September 30, 2024
$ in millions						30-89 Days Past Due			90+ Days Past Due			Total
Commercial real estate						$	—		$	67		$	67
Securities-based lending and Other loans						42			—			42
Total						$	42		$	67		$	109

			61			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

						At September 30, 2023
$ in millions						30-89 Days Past Due			90+ days Past Due			Total
Commercial real estate						$	21		$	—		$	21
Residential real estate						—			1			1
Total						$	21		$	1		$	22

At September 30, 2024, there was one commercial real estate loan held for investment with an amortized cost of $67 million that defaulted during the nine months ended September 30, 2024 that had been modified in the 12 month period prior to default. There were no loans held for investment that defaulted during the nine months ended September 30, 2023, that had been modified in the 12 month period prior.

Provision for Credit Losses

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Loans			$	18		$	123		$	81		$	462
Lending commitments			61			11			68			67

Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments

			Nine Months Ended September 30, 2024
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	241		$	153		$	463		$	100		$	212		$	1,169
Gross charge-offs			(39)			(11)			(103)			—			(2)			(155)
Recoveries			—			—			4			—			3			7
Net (charge-offs) recoveries			(39)			(11)			(99)			—			1			(148)
Provision (release)			24			(12)			44			(10)			35			81
Other			1			—			3			—			(2)			2
Ending balance			$	227		$	130		$	411		$	90		$	246		$	1,104
Percent of loans to total loans1			3		%	21		%	4		%	30		%	42		%	100		%
ACL—Lending commitments
Beginning balance			$	431		$	70		$	26		$	4		$	20		$	551
Provision (release)			41			19			9			—			(1)			68
Other			(1)			1			—			—			—			—
Ending balance			$	471		$	90		$	35		$	4		$	19		$	619
Total ending balance			$	698		$	220		$	446		$	94		$	265		$	1,723

			Nine Months Ended September 30, 2023
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	235		$	153		$	275		$	87		$	89		$	839
Gross charge-offs			(30)			—			(108)			—			(3)			(141)
Recoveries			—			—			—			1			—			1
Net (charge-offs) recoveries			(30)			—			(108)			1			(3)			(140)
Provision (release)			44			2			261			22			133			462
Other			(1)			(1)			(2)			—			—			(4)
Ending balance			$	248		$	154		$	426		$	110		$	219		$	1,157
Percent of loans to total loans1			4		%	19		%	4		%	28		%	45		%	100		%
ACL—Lending commitments
Beginning balance			$	411		$	51		$	15		$	4		$	23		$	504
Provision (release)			29			24			12			—			2			67
Other			(1)			—			(1)			—			—			(2)
Ending balance			$	439		$	75		$	26		$	4		$	25		$	569
Total ending balance			$	687		$	229		$	452		$	114		$	244		$	1,726

CRE—Commercial real estate

SBL—Securities-based lending

1.Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment.

The allowance for credit losses for loans and lending commitments was relatively unchanged for the nine months ended September 30, 2024, reflecting provisions for certain specific commercial real estate and corporate loans and growth across certain loan portfolios, offset by charge-offs and improvements in the macroeconomic outlook. The base scenario used in our ACL models as of September 30, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2024, followed by a gradual improvement in 2025 as well as lower interest rates relative to the prior quarter forecast. The ACL calculation incorporates key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL calculation varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in the ACL calculation include corporate credit spreads, interest rates and commercial real estate indices. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2023 Form 10-K.

Gross Charge-offs by Origination Year

			Three Months Ended September 30, 2024
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
Revolving			$	(39)		$	—		$	—		$	—		$	—		$	(39)
2022			—			—			(18)			—			—			(18)
Prior			—			—			(44)			—			—			(44)
Total			$	(39)		$	—		$	(62)		$	—		$	—		$	(101)

September 2024 Form 10-Q			62

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Three Months Ended September 30, 2023
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
2020			—			—			—			—			(1)			(1)
2019			—			—			(39)			—			—			(39)
Total			$	—		$	—		$	(39)		$	—		$	(1)		$	(40)

			Nine Months Ended September 30, 2024
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
Revolving			$	(39)		$	—		$	—		$	—		$	—		$	(39)
2022			—			—			(18)			—			—			(18)
2021			—			—			—			—			(2)			(2)
2020			—			(11)			—			—			—			(11)
Prior			—			—			(85)			—			—			(85)
Total			$	(39)		$	(11)		$	(103)		$	—		$	(2)		$	(155)

			Nine Months Ended September 30, 2023
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
Revolving			$	(30)		$	—		$	—		$	—		$	—		$	(30)
2020			—			—			—			—			(2)			(2)
2019			—			—			(68)			—			(1)			(69)
Prior			—			—			(40)			—			—			(40)
Total			$	(30)		$	—		$	(108)		$	—		$	(3)		$	(141)

Selected Credit Ratios

			At September 30, 2024			At December 31, 2023
ACL for loans to total HFI loans			0.5		%	0.6		%
Nonaccrual HFI loans to total HFI loans			0.4		%	0.4		%
ACL for loans to nonaccrual HFI loans			117.9		%	133.3		%

Employee Loans

$ in millions			At September 30, 2024			At December 31, 2023
Currently employed by the Firm1			$	4,182		$	4,257
No longer employed by the Firm2			86			92
Employee loans			$	4,268		$	4,349
ACL			(109)			(121)
Employee loans, net of ACL			$	4,159		$	4,228
Remaining repayment term, weighted average in years			5.7			5.8

1.These loans are predominantly current.

2.These loans are predominantly past due for a period of 90 days or more.

Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2023 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.

10. Other Assets

Equity Method Investments

$ in millions			At September 30, 2024			At December 31, 2023
Investments			$	2,202		$	1,915

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Income (loss)			$	75		$	19		$	185		$	105

Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.

Japanese Securities Joint Venture

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Income (loss) from investment in MUMSS			$	52		$	10		$	128		$	102

For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2023 Form 10-K.

Tax Equity Investments

The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments.

Effective January 1, 2024, the Firm made an election to account for certain renewable energy and other tax equity investments programs using the proportional amortization method under newly adopted accounting guidance.

Tax Equity Investments under the Proportional Amortization Method

$ in millions			At September 30, 2024			At December 31, 2023
Low-income housing1			$	1,790		$	1,699
Renewable energy and other2			29			—
Total3			$	1,819		$	1,699

1.Amounts include unfunded equity contributions of $620 million and $661 million as of September 30, 2024 and December 31, 2023, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.

2.Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method.

3.At September 30, 2024, this amount excludes $48 million of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

			63			September 2024 Form 10-Q

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Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.

Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Income tax credits and other income tax benefits			$	74		$	60		$	227		$	184
Proportional amortization			(59)			(49)			(177)			(148)
Net benefits			$	15		$	11		$	50		$	36

11. Deposits

Deposits

$ in millions			At September 30, 2024			At December 31, 2023
Savings and demand deposits			$	285,849		$	288,252
Time deposits			77,873			63,552
Total			$	363,722		$	351,804
Deposits subject to FDIC insurance			$	290,565		$	276,598
Deposits not subject to FDIC insurance			$	73,157		$	75,206

Time Deposit Maturities

$ in millions			At September 30, 2024
2024			$	10,698
2025			32,435
2026			15,553
2027			9,143
2028			5,830
Thereafter			4,214
Total			$	77,873

12. Borrowings and Other Secured Financings

Borrowings

$ in millions			At September 30, 2024			At December 31, 2023
Original maturities of one year or less			$	6,957		$	3,188
Original maturities greater than one year
Senior			$	277,087		$	248,174
Subordinated			14,136			12,370
Total greater than one year			$	291,223		$	260,544
Total			$	298,180		$	263,732
Weighted average stated maturity, in years1			6.5			6.6

1.Only includes borrowings with original maturities greater than one year.

Other Secured Financings

$ in millions			At September 30, 2024			At December 31, 2023
Original maturities:
One year or less			$	13,857		$	5,732
Greater than one year			4,286			6,923
Total			$	18,143		$	12,655
Transfers of assets accounted for as secured financings			$	9,419		$	5,848

Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.

For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.

13. Commitments, Guarantees and Contingencies

Commitments

			Years to Maturity at September 30, 2024
$ in millions			Less than 1			1-3			3-5			Over 5			Total
Lending:
Corporate			$	17,694		$	41,246		$	63,961		$	4,243		$	127,144
Secured lending facilities			6,642			7,054			5,207			3,445			22,348
Commercial and Residential real estate			262			476			123			390			1,251
Securities-based lending and Other			16,532			2,086			485			455			19,558
Forward-starting secured financing receivables1			140,981			1,041			—			—			142,022
Central counterparty			300			—			—			17,406			17,706
Underwriting			775			—			—			—			775
Investment activities			1,752			90			88			461			2,391
Letters of credit and other financial guarantees			29			16			—			7			52
Total			$	184,967		$	52,009		$	69,864		$	26,407		$	333,247
Lending commitments participated to third parties															$	9,967

1.These amounts primarily include secured financing receivables yet to settle as of September 30, 2024, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.

Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.

For a further description of these commitments, refer to Note 14 to the financial statements in the 2023 Form 10-K.

September 2024 Form 10-Q			64

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Guarantees

			At September 30, 2024
			Maximum Potential Payout/Notional of Obligations by Years to Maturity															Carrying Amount Asset (Liability)
$ in millions			Less than 1			1-3			3-5			Over 5
Non-credit derivatives1			$	1,383,450		$	786,666		$	178,523		$	488,219					$	(28,344)
Standby letters of credit and other financial guarantees issued2,3			1,749			1,002			1,097			2,692						9
Liquidity facilities			2,347			—			—			—						2
Whole loan sales guarantees			9			78			—			23,071						—
Securitization representations and warranties4			—			—			—			85,252						—
General partner guarantees			171			32			133			30						(95)
Client clearing guarantees			290			—			—			—						—

1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.

2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.

3.As of September 30, 2024, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $58 million.

4.Related to commercial and residential mortgage securitizations.

The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.

For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2023 Form 10-K.

Other Guarantees and Indemnities

In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2023 Form 10-K.

In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including

any related debt or trading obligations) are included in the financial statements.

Finance Subsidiary

The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.

Contingencies

Legal

In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, sales and trading businesses, and our activities in the capital markets.

The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.

The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Legal expenses			$	24		$	18		$	10		$	214

			65			September 2024 Form 10-Q

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The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm.

In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.

While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.

Antitrust Related Matters

The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

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

In August of 2017, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. Plaintiffs’ motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. On May 20, 2023, the Firm reached an agreement in principle to settle the litigation. On September 11, 2024, the court granted final approval of the settlement.

September 2024 Form 10-Q			66

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The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, along with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). Plaintiffs seek, among other relief, treble damages. The class action complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On October 5, 2023, defendants petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision, which was granted on February 5, 2024.

European Matters

Tax

In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) is challenging in the Dutch courts the prior set-off by the Firm of approximately €124 million (approximately $138 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and to keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority's appeal in matters re-styled Case number 18/00318 and Case number 18/00319. On January 19, 2024, the Dutch High Court granted the Firm’s appeal in matters re-styled Case number 20/01884 and referred the case to the Court of Appeal in The Hague.

On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns for 2007 to 2012. The Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation.

Danish Underwriting Matter

On October 5, 2017, various institutional investors filed a claim against the Firm and another bank in a matter now styled Case number B-803-18 (previously BS 99-6998/2017), in the City Court of Copenhagen, Denmark concerning their roles as underwriters of the initial public offering (“IPO”) in March 2014 of the Danish company OW Bunker A/S. The claim seeks damages of approximately DKK529 million (approximately $79 million) plus interest in respect of alleged losses arising from investing in shares in OW Bunker, which entered into bankruptcy in November 2014. Separately, on November 29, 2017, another group of institutional investors joined the Firm and another bank as defendants to pending proceedings in the High Court of Eastern Denmark against various other parties involved in the IPO in a matter styled Case number B-2073-16. The claim brought against the Firm and the other bank has been given its own Case number B-2564-17. The investors claim damages of approximately DKK767 million (approximately $115 million) plus interest from the Firm and the other bank on a joint and several basis with the defendants to these proceedings. Both claims are based on alleged prospectus liability; the second claim also alleges professional liability of banks acting as financial intermediaries. On June 8, 2018, the City Court of Copenhagen, Denmark ordered that the matters now styled Case number B-803-18, Case number B-2073-16, and Case number B-2564-17 (“the Cases”) be heard together before the High Court of Eastern Denmark. On July 1, 2024, defendants reached a conditional settlement agreement with the plaintiffs in the Cases. A conditional settlement agreement was reached in an additional related claim to which the Firm is not a party but which formed part of the complex of cases proceeding before the High Court of Eastern Denmark in connection with the bankruptcy of OW Bunker (Case number B-407-17). The conditional settlement agreements were conditioned upon approval of the settlement of Case number B-407-17 by the 14th Division of the Danish Court of Appeal Eastern Division. Approval was granted on August 26, 2024, and the settlement agreements are now final.

U.K. Government Bond Matter

The Firm is engaging with the U.K. Competition and Markets Authority in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm's activities concerning certain liquid fixed income products between 2009 and 2012. On May 24, 2023, the U.K. Competition and Markets Authority issued a Statement of Objections setting out its provisional findings that the Firm had breached U.K. competition law by sharing competitively sensitive information in connection with gilts and gilt asset swaps between 2009 and 2012. The Firm is contesting the provisional findings. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft,

			67			September 2024 Form 10-Q

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et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 28, 2023, the defendants filed a joint motion to dismiss the complaint. On September 16, 2024, the joint motion to dismiss was granted, and the complaint was dismissed without prejudice. On October 15, 2024, the Firm reached an agreement in principle to settle the U.S. litigation.

Other

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

Division denied the plaintiff’s and the Firm’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification. On February 14, 2024, the defendants filed their notice of appeal of the court’s grant of class certification.

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has filed notices of appeal.

The Firm has been named in three putative class actions regarding cash sweep programs for retail clients. On February 1, 2024, E*TRADE Securities LLC (“E*TRADE Securities”) and Morgan Stanley Smith Barney LLC (“MSSB”) were named in Burmin, et al. v. E*TRADE Securities LLC, et al., filed in the United States District Court for the District of New Jersey, alleging that, from February 2018 to present, E*TRADE Securities (and post-merger MSSB) breached customer agreements by failing to pay a reasonable rate of interest to Individual Retirement Account holders on cash balances swept to the affiliate bank deposit program. A motion to dismiss is pending. On June 14, 2024, MSSB and other Firm entities were named in Estate of Sherlip, et al. v. Morgan Stanley, et al. (“Sherlip”) and, on October 11, 2024, were named in Safron Capital Corp., et al. v. Morgan Stanley, et al. (“Safron”). On October 9, 2024, plaintiffs in Sherlip

September 2024 Form 10-Q			68

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amended their complaint. Sherlip and Safron were filed in the United States District Court for the SDNY, alleging that the defendants failed to pay a reasonable rate of interest to account holders on cash balances swept to the affiliate bank deposit program. Plaintiffs in both cases allege violations of statutory, contractual and common law duties as well as unjust enrichment. The plaintiff in Safron also alleges violation of Section 349 of New York's General Business law and civil violation of the federal Racketeer Influenced and Corrupt Organizations Act. Together, the complaints seek, among other relief, certification of a class of plaintiffs, unspecified compensatory damages, equitable and injunctive relief and treble damages.

The Firm has been engaged with and is responding to requests for information from the Enforcement Division of the SEC regarding advisory account cash balances swept to the affiliate bank deposit program and compliance with the Investment Advisers Act of 1940, and from a state securities regulator regarding brokerage account cash balances swept to the affiliate bank deposit program.

14. Variable Interest Entities and Securitization Activities

Consolidated VIE Assets and Liabilities by Type of Activity

			At September 30, 2024						At December 31, 2023
$ in millions			VIE Assets			VIE Liabilities			VIE Assets			VIE Liabilities
MABS1			$	759		$	265		$	597		$	256
Investment vehicles2			775			573			753			502
MTOB			681			630			582			520
Other			292			98			378			97
Total			$	2,507		$	1,566		$	2,310		$	1,375

MTOB—Municipal tender option bonds

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.

2.Amounts include investment funds and CLOs.

Consolidated VIE Assets and Liabilities by Balance Sheet Caption

$ in millions			At September 30, 2024			At December 31, 2023
Assets
Cash and cash equivalents			$	105		$	164
Trading assets at fair value			2,061			1,557
Investment securities			287			492
Securities purchased under agreements to resell			33			67
Customer and other receivables			19			26
Other assets			2			4
Total			$	2,507		$	2,310
Liabilities
Other secured financings			$	1,382		$	1,222
Other liabilities and accrued expenses			119			121
Borrowings			65			32
Total			$	1,566		$	1,375
Noncontrolling interests			$	52		$	54

Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.

In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.

Non-consolidated VIEs

			At September 30, 2024
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	169,011		$	5,193		$	3,529		$	3,942		$	75,964
Maximum exposure to loss3
Debt and equity interests			$	26,255		$	307		$	—		$	2,441		$	10,822
Derivative and other contracts			—			—			2,347			—			4,899
Commitments, guarantees and other			6,784			—			—			—			173
Total			$	33,039		$	307		$	2,347		$	2,441		$	15,894
Carrying value of variable interests—Assets
Debt and equity interests			$	26,255		$	307		$	—		$	1,952		$	10,791
Derivative and other contracts			—			—			5			—			1,524
Total			$	26,255		$	307		$	5		$	1,952		$	12,315
Additional VIE assets owned4															$	15,894
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	3		$	—		$	448
Total			$	—		$	—		$	3		$	—		$	448

			At December 31, 2023
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	144,906		$	1,526		$	3,152		$	3,102		$	50,052
Maximum exposure to loss3
Debt and equity interests			$	21,203		$	52		$	—		$	2,049		$	9,076
Derivative and other contracts			—			—			2,092			—			4,452
Commitments, guarantees and other			3,439			—			—			—			55
Total			$	24,642		$	52		$	2,092		$	2,049		$	13,583
Carrying value of variable interests–Assets
Debt and equity interests			$	21,203		$	52		$	—		$	1,682		$	9,075
Derivative and other contracts			—			—			2			—			1,330
Total			$	21,203		$	52		$	2		$	1,682		$	10,405
Additional VIE assets owned4															$	15,002
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	3		$	—		$	452

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.

2.Other primarily includes exposures to commercial real estate property and investment funds.

3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.

4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.

			69			September 2024 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).

The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.

The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.

Liabilities issued by VIEs generally are non-recourse to the Firm.

Detail of Mortgage- and Asset-Backed Securitization Assets

			At September 30, 2024						At December 31, 2023
$ in millions			UPB			Debt and Equity Interests			UPB			Debt and Equity Interests
Residential mortgages			$	18,547		$	2,984		$	17,346		$	3,355
Commercial mortgages			77,915			8,937			74,590			8,342
U.S. agency collateralized mortgage obligations			42,255			6,371			42,917			6,675
Other consumer or commercial loans			30,294			7,963			10,053			2,831
Total			$	169,011		$	26,255		$	144,906		$	21,203

Transferred Assets with Continuing Involvement

			At September 30, 2024
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	5,968		$	75,286		$	19,432		$	13,153
Retained interests
Investment grade			$	184		$	542		$	945		$	—
Non-investment grade			134			898			—			55
Total			$	318		$	1,440		$	945		$	55
Interests purchased in the secondary market3
Investment grade			$	81		$	17		$	74		$	—
Non-investment grade			6			21			—			—
Total			$	87		$	38		$	74		$	—
Derivative assets			$	—		$	—		$	—		$	1,326
Derivative liabilities			—			—			—			374

			At December 31, 2023
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	4,333		$	73,818		$	12,083		$	12,438
Retained interests
Investment grade			$	149		$	653		$	460		$	—
Non-investment grade			83			788			—			69
Total			$	232		$	1,441		$	460		$	69
Interests purchased in the secondary market3
Investment grade			$	20		$	22		$	42		$	—
Non-investment grade			—			16			—			—
Total			$	20		$	38		$	42		$	—
Derivative assets			$	—		$	—		$	—		$	1,073
Derivative liabilities			—			—			—			426

			Fair Value At September 30, 2024
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	1,053		$	—		$	1,053
Non-investment grade			11			73			84
Total			$	1,064		$	73		$	1,137
Interests purchased in the secondary market3
Investment grade			$	169		$	3		$	172
Non-investment grade			17			10			27
Total			$	186		$	13		$	199
Derivative assets			$	1,326		$	—		$	1,326
Derivative liabilities			374			—			374

			Fair Value at December 31, 2023
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	576		$	—		$	576
Non-investment grade			10			56			66
Total			$	586		$	56		$	642
Interests purchased in the secondary market3
Investment grade			$	77		$	7		$	84
Non-investment grade			12			4			16
Total			$	89		$	11		$	100
Derivative assets			$	1,073		$	—		$	1,073
Derivative liabilities			426			—			426

RML—Residential mortgage loans

CML—Commercial mortgage loans

1.Amounts include CLO transactions managed by unrelated third parties.

2.Amounts include assets transferred by unrelated transferors.

3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.

The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2023 Form 10-K and Note 4 herein. Further, as

September 2024 Form 10-Q			70

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Notes to Consolidated Financial Statements (Unaudited)

permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.

Proceeds from New Securitization Transactions and Sales of Loans

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
New transactions1			$	7,562		$	9,132		$	24,160		$	15,257
Retained interests			850			115			5,041			2,767

1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.

The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).

Assets Sold with Retained Exposure

$ in millions			At September 30, 2024			At December 31, 2023
Gross cash proceeds from sale of assets1			$	79,720		$	60,766
Fair value
Assets sold			$	81,720		$	62,221
Derivative assets recognized in the balance sheet			2,194			1,546
Derivative liabilities recognized in the balance sheet			194			93

1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.

For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2023 Form 10-K.

15. Regulatory Requirements

Regulatory Capital Framework and Requirements

For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2023 Form 10-K.

The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of

regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At September 30, 2024 and December 31, 2023, the differences between the actual and required ratios were lower under the Standardized Approach.

CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.

Capital Buffer Requirements

			At September 30, 2024 and December 31, 2023
			Standardized			Advanced
Capital buffers
Capital conservation buffer			—			2.5%
SCB			5.4%			N/A
G-SIB capital surcharge			3.0%			3.0%
CCyB1			0%			0%
Capital buffer requirement			8.4%			5.5%

1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.

Risk-Based Regulatory Capital Ratio Requirements

			Regulatory Minimum			At September 30, 2024 and December 31, 2023
						Standardized			Advanced
Required ratios1
CET1 capital ratio			4.5		%	12.9%			10.0%
Tier 1 capital ratio			6.0		%	14.4%			11.5%
Total capital ratio			8.0		%	16.4%			13.5%

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

			71			September 2024 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

The Firm’s Regulatory Capital and Capital Ratios

Risk-based capital

			Standardized
$ in millions			At September 30, 2024			At December 31, 2023
Risk-based capital
CET1 capital			$	73,906		$	69,448
Tier 1 capital			83,744			78,183
Total capital			95,301			88,874
Total RWA			490,293			456,053
Risk-based capital ratio
CET1 capital			15.1		%	15.2		%
Tier 1 capital			17.1		%	17.1		%
Total capital			19.4		%	19.5		%
Required ratio1
CET1 capital			12.9		%	12.9		%
Tier 1 capital			14.4		%	14.4		%
Total capital			16.4		%	16.4		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital

$ in millions			At September 30, 2024			At December 31, 2023
Leveraged-based capital
Adjusted average assets1			$	1,218,361		$	1,159,626
Supplementary leverage exposure2			1,517,290			1,429,552
Leveraged-based capital ratio
Tier 1 leverage			6.9		%	6.7		%
SLR			5.5		%	5.5		%
Required ratio3
Tier 1 leverage			4.0		%	4.0		%
SLR			5.0		%	5.0		%

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

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

3.Required ratios are inclusive of any buffers applicable as of the date presented.

U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios

The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.

The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition,

failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.

At September 30, 2024 and December 31, 2023, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and are phased-in at 75% from January 1, 2024. The deferral impacts will become fully phased-in beginning on January 1, 2025.

MSBNA’s Regulatory Capital

			Well-Capitalized Requirement			Required Ratio1			At September 30, 2024						At December 31, 2023
$ in millions									Amount			Ratio			Amount			Ratio
Risk-based capital
CET1 capital			6.5		%	7.0		%	$	24,752		23.0		%	$	21,925		21.7		%
Tier 1 capital			8.0		%	8.5		%	24,752			23.0		%	21,925			21.7		%
Total capital			10.0		%	10.5		%	25,607			23.8		%	22,833			22.6		%
Leverage-based capital
Tier 1 leverage			5.0		%	4.0		%	$	24,752		11.3		%	$	21,925		10.6		%
SLR			6.0		%	3.0		%	24,752			8.6		%	21,925			8.2		%

MSPBNA’s Regulatory Capital

			Well-Capitalized Requirement			Required Ratio1			At September 30, 2024						At December 31, 2023
$ in millions									Amount			Ratio			Amount			Ratio
Risk-based capital
CET1 capital			6.5		%	7.0		%	$	17,177		27.3		%	$	15,388		25.8		%
Tier 1 capital			8.0		%	8.5		%	17,177			27.3		%	15,388			25.8		%
Total capital			10.0		%	10.5		%	17,496			27.8		%	15,675			26.3		%
Leverage-based capital
Tier 1 leverage			5.0		%	4.0		%	$	17,177		8.3		%	$	15,388		7.5		%
SLR			6.0		%	3.0		%	17,177			8.0		%	15,388			7.2		%

1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.

Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.

Other Regulatory Capital Requirements

MS&Co. Regulatory Capital

$ in millions			At September 30, 2024			At December 31, 2023
Net capital			$	17,160		$	18,121
Excess net capital			12,342			13,676

MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,

September 2024 Form 10-Q			72

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Notes to Consolidated Financial Statements (Unaudited)

respectively, and is registered as a swap dealer with the CFTC.

As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At September 30, 2024 and December 31, 2023, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.

Other Regulated Subsidiaries

Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of September 30, 2024 and December 31, 2023, as applicable:

•MSSB,

•MSIP,

•MSESE,

•MSMS,

•MSCS, and

•MSCG

See Note 16 to the financial statements in the 2023 Form 10-K for further information.

16. Total Equity

Preferred Stock

			Shares Outstanding						Carrying Value
$ in millions, except per share data			At September 30, 2024			Liquidation Preference per Share			At September 30, 2024			At December 31, 2023
Series
A			44,000			$	25,000		$	1,100		$	1,100
C1			519,882			1,000			408			408
E			34,500			25,000			862			862
F			34,000			25,000			850			850
I			40,000			25,000			1,000			1,000
K			40,000			25,000			1,000			1,000
L			20,000			25,000			500			500
M			400,000			1,000			430			430
N			3,000			100,000			300			300
O			52,000			25,000			1,300			1,300
P			40,000			25,000			1,000			1,000
Q			40,000			25,000			1,000			—
Total									$	9,750		$	8,750
Shares authorized												30,000,000

1.Series C preferred stock is held by MUFG.

For a description of Series A through Series P preferred stock, see Note 17 to the financial statements in the 2023 Form 10-

K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).

Share Repurchases

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Repurchases of common stock under the Firm’s Share Repurchase Authorization			$	750		$	1,500		$	2,500		$	4,000

On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2024, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 17 to the financial statements in the 2023 Form 10-K.

On July 30, 2024, the Firm issued 40 million depositary shares of Series Q Preferred Stock, for an aggregate price of $1.0 billion. Each depositary share represents a 1/1000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series Q, $0.01 par value (“Series Q Preferred Stock”). The Series Q Preferred Stock is redeemable at the Firm’s option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2029 or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of this series), in each case at a redemption price of $25,000 per share (equivalent to $25 per depositary share). The Series Q Preferred Stock also has a preference over the Firm’s common stock upon liquidation and qualifies as Tier 1 capital.

Common Shares Outstanding for Basic and Diluted EPS

			Three Months Ended September 30,						Nine Months Ended September 30,
in millions			2024			2023			2024			2023
Weighted average common shares outstanding, basic			1,588			1,624			1,594			1,635
Effect of dilutive RSUs and PSUs			21			19			18			18
Weighted average common shares outstanding and common stock equivalents, diluted			1,609			1,643			1,612			1,653
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)			—			—			—			3

			73			September 2024 Form 10-Q

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Dividends

$ in millions, except per share data			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
			Per Share1			Total			Per Share1			Total
Preferred stock series
A			$	400		$	17		$	396		$	17
C			25			13			25			13
E			455			16			445			15
F			439			15			430			15
I			398			16			398			16
K			366			15			366			15
L			305			6			305			6
M2			30			12			29			12
N3			2,215			6			2,226			7
O			266			13			266			14
P			406			17			406			16
Q			345			14			—			—
Total Preferred stock						$	160					$	146
Common stock			$	0.925		$	1,492		$	0.850		$	1,404

$ in millions, except per share data			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
			Per Share1			Total			Per Share1			Total
Preferred stock series
A			$	1,190		$	52		$	1,116		$	49
C			75			39			75			39
E			1,351			47			1,336			46
F			1,308			44			1,289			44
I			1,195			48			1,195			48
K			1,097			44			1,097			44
L			914			18			914			18
M2			59			24			59			24
N3			6,726			20			6,928			21
O			797			41			797			41
P			1,219			49			1,219			49
Q			345			14			—			—
Total Preferred stock						$	440					$	423
Common stock			$	2.625		$	4,259		$	2.400		$	4,001

1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.

2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.

3. Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.

Accumulated Other Comprehensive Income (Loss)1

$ in millions			CTA			AFS Securities			Pension and Other			DVA			Cash Flow Hedges			Total
June 30, 2024			$	(1,355)		$	(2,917)		$	(582)		$	(1,894)		$	(12)		$	(6,760)
OCI during the period			184			723			3			(170)			34			774
September 30, 2024			$	(1,171)		$	(2,194)		$	(579)		$	(2,064)		$	22		$	(5,986)
June 30, 2023			$	(1,199)		$	(3,701)		$	(510)		$	(873)		$	(17)		$	(6,300)
OCI during the period			(120)			(366)			(1)			(412)			(3)			(902)
September 30, 2023			$	(1,319)		$	(4,067)		$	(511)		$	(1,285)		$	(20)		$	(7,202)
December 31, 2023			$	(1,153)		$	(3,094)		$	(595)		$	(1,595)		$	16		$	(6,421)
OCI during the period			(18)			900			16			(469)			6			435
September 30, 2024			$	(1,171)		$	(2,194)		$	(579)		$	(2,064)		$	22		$	(5,986)
December 31, 2022			$	(1,204)		$	(4,192)		$	(508)		$	(345)		$	(4)		$	(6,253)
OCI during the period			(115)			125			(3)			(940)			(16)			(949)
September 30, 2023			$	(1,319)		$	(4,067)		$	(511)		$	(1,285)		$	(20)		$	(7,202)

1.Amounts are net of tax and noncontrolling interests.

Components of Period Changes in OCI

			Three Months Ended September 30, 2024
$ in millions			Pre-tax Gain (Loss)			Income Tax Benefit (Provision)			After-tax Gain (Loss)			Non-controlling Interests			Net
CTA
OCI activity			$	124		$	160		$	284		$	100		$	184
Reclassified to earnings			—			—			—			—			—
Net OCI			$	124		$	160		$	284		$	100		$	184
Change in net unrealized gains (losses) on AFS securities
OCI activity			$	947		$	(224)		$	723		$	—		$	723
Reclassified to earnings			—			—			—			—			—
Net OCI			$	947		$	(224)		$	723		$	—		$	723
Pension and other
OCI activity			$	1		$	—		$	1		$	—		$	1
Reclassified to earnings			5			(3)			2			—			2
Net OCI			$	6		$	(3)		$	3		$	—		$	3
Change in net DVA
OCI activity			$	(234)		$	57		$	(177)		$	(5)		$	(172)
Reclassified to earnings			4			(2)			2			—			2
Net OCI			$	(230)		$	55		$	(175)		$	(5)		$	(170)
Change in fair value of cash flow hedge derivatives
OCI activity			$	33		$	(8)		$	25		$	—		$	25
Reclassified to earnings			11			(2)			9			—			9
Net OCI			$	44		$	(10)		$	34		$	—		$	34

			Three Months Ended September 30, 2023
$ in millions			Pre-tax Gain (Loss)			Income Tax Benefit (Provision)			After-tax Gain (Loss)			Non-controlling Interests			Net
CTA
OCI activity			$	(38)		$	(111)		$	(149)		$	(29)		$	(120)
Reclassified to earnings			—			—			—			—			—
Net OCI			$	(38)		$	(111)		$	(149)		$	(29)		$	(120)
Change in net unrealized gains (losses) on AFS securities
OCI activity			$	(464)		$	108		$	(356)		$	—		$	(356)
Reclassified to earnings			(14)			4			(10)			—			(10)
Net OCI			$	(478)		$	112		$	(366)		$	—		$	(366)
Pension and other
OCI activity			$	—		$	—		$	—		$	—		$	—
Reclassified to earnings			(1)			—			(1)			—			(1)
Net OCI			$	(1)		$	—		$	(1)		$	—		$	(1)
Change in net DVA
OCI activity			$	(549)		$	130		$	(419)		$	(2)		$	(417)
Reclassified to earnings			6			(1)			5			—			5
Net OCI			$	(543)		$	129		$	(414)		$	(2)		$	(412)
Change in fair value of cash flow hedge derivatives
OCI activity			$	(12)		$	3		$	(9)		$	—		$	(9)
Reclassified to earnings			6			—			6			—			6
Net OCI			$	(6)		$	3		$	(3)		$	—		$	(3)

September 2024 Form 10-Q			74

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Nine Months Ended September 30, 2024
$ in millions			Pre-tax Gain (Loss)			Income Tax Benefit (Provision)			After-tax Gain (Loss)			Non-controlling Interests			Net
CTA
OCI activity			$	(5)		$	(26)		$	(31)		$	(13)		$	(18)
Reclassified to earnings			—			—			—			—			—
Net OCI			$	(5)		$	(26)		$	(31)		$	(13)		$	(18)
Change in net unrealized gains (losses) on AFS securities
OCI activity			$	1,229		$	(291)		$	938		$	—		$	938
Reclassified to earnings			(50)			12			(38)			—			(38)
Net OCI			$	1,179		$	(279)		$	900		$	—		$	900
Pension and other
OCI activity			$	6		$	—		$	6		$	—		$	6
Reclassified to earnings			15			(5)			10			—			10
Net OCI			$	21		$	(5)		$	16		$	—		$	16
Change in net DVA
OCI activity			$	(630)		$	151		$	(479)		$	6		$	(485)
Reclassified to earnings			21			(5)			16			—			16
Net OCI			$	(609)		$	146		$	(463)		$	6		$	(469)
Change in fair value of cash flow hedge derivatives
OCI activity			$	(26)		$	6		$	(20)		$	—		$	(20)
Reclassified to earnings			34			(8)			26			—			26
Net OCI			$	8		$	(2)		$	6		$	—		$	6

			Nine Months Ended September 30, 2023
$ in millions			Pre-tax Gain (Loss)			Income Tax Benefit (Provision)			After-tax Gain (Loss)			Non-controlling Interests			Net
CTA
OCI activity			$	(136)		$	(104)		$	(240)		$	(125)		$	(115)
Reclassified to earnings			—			—			—			—			—
Net OCI			$	(136)		$	(104)		$	(240)		$	(125)		$	(115)
Change in net unrealized gains (losses) on AFS securities
OCI activity			$	208		$	(49)		$	159		$	—		$	159
Reclassified to earnings			(45)			11			(34)			—			(34)
Net OCI			$	163		$	(38)		$	125		$	—		$	125
Pension and other
OCI activity			$	(1)		$	—		$	(1)		$	—		$	(1)
Reclassified to earnings			(2)			—			(2)			—			(2)
Net OCI			$	(3)		$	—		$	(3)		$	—		$	(3)
Change in net DVA
OCI activity			$	(1,283)		$	311		$	(972)		$	(20)		$	(952)
Reclassified to earnings			15			(3)			12			—			12
Net OCI			$	(1,268)		$	308		$	(960)		$	(20)		$	(940)
Change in fair value of cash flow hedge derivatives
OCI activity			$	(30)		$	6		$	(24)		$	—		$	(24)
Reclassified to earnings			9			(1)			8			—			8
Net OCI			$	(21)		$	5		$	(16)		$	—		$	(16)

17. Interest Income and Interest Expense

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Interest income
Cash and cash equivalents1			$	680		$	930		$	2,316		2,484
Investment securities			1,335			1,019			3,809			2,886
Loans			3,557			3,236			10,345			9,105
Securities purchased under agreements to resell2			3,580			1,977			9,121			5,282
Securities borrowed3			1,384			1,307			4,118			3,848
Trading assets, net of Trading liabilities			1,577			1,334			4,490			3,171
Customer receivables and Other1, 4			2,072			2,323			6,445			6,243
Total interest income			$	14,185		$	12,126		$	40,644		$	33,019
Interest expense
Deposits			$	2,751		$	2,271		$	7,777		$	5,793
Borrowings			3,434			2,992			9,985			8,267
Securities sold under agreements to repurchase5			2,994			1,897			8,120			4,567
Securities loaned6			274			208			767			575
Customer payables and Other4, 7			2,536			2,781			7,936			7,484
Total interest expense			$	11,989		$	10,149		$	34,585		$	26,686
Net interest			$	2,196		$	1,977		$	6,059		$	6,333

1.In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.

2.Includes interest paid on Securities purchased under agreements to resell.

3.Includes fees paid on Securities borrowed.

4.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information.

5.Includes interest received on Securities sold under agreements to repurchase.

6.Includes fees received on Securities loaned.

7.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.

Accrued Interest

$ in millions			At September 30, 2024			At December 31, 2023
Customer and other receivables			$	5,326		$	4,206
Customer and other payables			5,473			4,360

18. Income Taxes

The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York.

The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a

			75			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.

It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months.

19. Segment, Geographic and Revenue Information

Selected Financial Information by Business Segment

			Three Months Ended September 30, 2024
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	1,463		$	167		$	—		$	(40)		$	1,590
Trading			3,708			300			(24)			18			4,002
Investments			179			13			123			—			315
Commissions and fees1			760			609			—			(75)			1,294
Asset management1,2			167			4,266			1,384			(70)			5,747
Other			99			141			3			(4)			239
Total non-interest revenues			6,376			5,496			1,486			(171)			13,187
Interest income			10,423			4,148			33			(419)			14,185
Interest expense			9,984			2,374			64			(433)			11,989
Net interest			439			1,774			(31)			14			2,196
Net revenues			$	6,815		$	7,270		$	1,455		$	(157)		$	15,383
Provision for credit losses			$	68		$	11		$	—		$	—		$	79
Compensation and benefits			2,271			3,868			594			—			6,733
Non-compensation expenses			2,565			1,331			601			(147)			4,350
Total non-interest expenses			$	4,836		$	5,199		$	1,195		$	(147)		$	11,083
Income before provision for income taxes			$	1,911		$	2,060		$	260		$	(10)		$	4,221
Provision for income taxes			438			492			67			(2)			995
Net income			1,473			1,568			193			(8)			3,226
Net income applicable to noncontrolling interests			37			—			1			—			38
Net income applicable to Morgan Stanley			$	1,436		$	1,568		$	192		$	(8)		$	3,188

			Three Months Ended September 30, 2023
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	938		$	126		$	—		$	(16)		$	1,048
Trading			3,660			(10)			24			5			3,679
Investments			100			22			22			—			144
Commissions and fees1			606			562			—			(70)			1,098
Asset management1,2			150			3,629			1,312			(60)			5,031
Other			164			123			10			(1)			296
Total non-interest revenues			5,618			4,452			1,368			(142)			11,296
Interest income			8,611			3,797			37			(319)			12,126
Interest expense			8,560			1,845			69			(325)			10,149
Net interest			51			1,952			(32)			6			1,977
Net revenues			$	5,669		$	6,404		$	1,336		$	(136)		$	13,273
Provision for credit losses			$	93		$	41		$	—		$	—		$	134
Compensation and benefits			2,057			3,352			526			—			5,935
Non-compensation expenses			2,320			1,302			569			(132)			4,059
Total non-interest expenses			$	4,377		$	4,654		$	1,095		$	(132)		$	9,994
Income before provision for income taxes			$	1,199		$	1,709		$	241		$	(4)		$	3,145
Provision for income taxes			263			389			59			(1)			710
Net income			936			1,320			182			(3)			2,435
Net income applicable to noncontrolling interests			24			—			3			—			27
Net income applicable to Morgan Stanley			$	912		$	1,320		$	179		$	(3)		$	2,408

			Nine Months Ended September 30, 2024
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	4,529		$	483		$	—		$	(98)		$	4,914
Trading			12,338			638			(34)			43			12,985
Investments			282			56			271			—			609
Commissions and fees1			2,135			1,770			—			(201)			3,704
Asset management1,2			484			12,084			4,072			(200)			16,440
Other			343			483			10			(9)			827
Total non-interest revenues			20,111			15,514			4,319			(465)			39,479
Interest income			29,642			12,147			86			(1,231)			40,644
Interest expense			28,940			6,719			187			(1,261)			34,585
Net interest			702			5,428			(101)			30			6,059
Net revenues			$	20,813		$	20,942		$	4,218		$	(435)		$	45,538
Provision for credit losses			$	124		$	25		$	—		$	—		$	149
Compensation and benefits			6,905			11,257			1,727			—			19,889
Non-compensation expenses			7,476			3,973			1,768			(407)			12,810
Total non-interest expenses			$	14,381		$	15,230		$	3,495		$	(407)		$	32,699
Income before provision for income taxes			$	6,308		$	5,687		$	723		$	(28)		$	12,690
Provision for income taxes			1,406			1,313			172			(6)			2,885
Net income			4,902			4,374			551			(22)			9,805
Net income applicable to noncontrolling interests			127			—			2			—			129
Net income applicable to Morgan Stanley			$	4,775		$	4,374		$	549		$	(22)		$	9,676

September 2024 Form 10-Q			76

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Nine Months Ended September 30, 2023
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	3,260		$	339		$	—		$	(66)		$	3,533
Trading			11,511			425			(2)			24			11,958
Investments			151			60			173			—			384
Commissions and fees1			1,925			1,704			—			(202)			3,427
Asset management1,2			448			10,463			3,828			(163)			14,576
Other			669			366			9			(8)			1,036
Total non-interest revenues			17,964			13,357			4,008			(415)			34,914
Interest income3			23,160			11,124			95			(1,360)			33,019
Interest expense3			23,004			4,858			197			(1,373)			26,686
Net interest			156			6,266			(102)			13			6,333
Net revenues			$	18,120		$	19,623		$	3,906		$	(402)		$	41,247
Provision for credit losses			$	379		$	150		$	—		$	—		$	529
Compensation and benefits			6,637			10,332			1,638			—			18,607
Non-compensation expenses			7,036			4,039			1,691			(372)			12,394
Total non-interest expenses			$	13,673		$	14,371		$	3,329		$	(372)		$	31,001
Income before provision for income taxes			$	4,068		$	5,102		$	577		$	(30)		$	9,717
Provision for income taxes			802			1,098			135			(7)			2,028
Net income			3,266			4,004			442			(23)			7,689
Net income applicable to noncontrolling interests			117			—			2			—			119
Net income applicable to Morgan Stanley			$	3,149		$	4,004		$	440		$	(23)		$	7,570

1.Substantially all revenues are from contracts with customers.

2.Includes certain fees that may relate to services performed in prior periods.

3.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information.

For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2023 Form 10-K.

Detail of Investment Banking Revenues

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Institutional Securities Advisory			$	546		$	449		$	1,599		$	1,542
Institutional Securities Underwriting			917			489			2,930			1,718
Firm Investment banking revenues from contracts with customers			91		%	94		%	90		%	91		%

Trading Revenues by Product Type

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Interest rate			$	1,450		$	1,124		$	4,771		$	3,701
Foreign exchange			352			284			893			672
Equity1			2,100			2,167			6,726			6,782
Commodity and other			451			447			1,528			1,321
Credit			(351)			(343)			(933)			(518)
Total			$	4,002		$	3,679		$	12,985		$	11,958

1.Dividend income is included within equity contracts.

The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and

liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest

$ in millions			At September 30, 2024			At December 31, 2023
Net cumulative unrealized performance-based fees at risk of reversing			$	812		$	787

The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Fee waivers			$	25		$	27		$	70		$	73

The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.

Certain Other Fee Waivers

Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.

Other Expenses—Transaction Taxes

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Transaction taxes			$	217		$	222		$	658		$	683

Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are

			77			September 2024 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

levied on trades of listed derivative instruments in certain countries.

Net Revenues by Region

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Americas			$	11,557		$	10,268		$	34,392		$	31,453
EMEA			1,828			1,479			5,525			4,716
Asia			1,998			1,526			5,621			5,078
Total			$	15,383		$	13,273		$	45,538		$	41,247

For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2023 Form 10-K.

Revenues Recognized from Prior Services

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2024			2023			2024			2023
Non-interest revenues			$	566		$	468		$	1,416		$	1,350

The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.

Receivables from Contracts with Customers

$ in millions			At September 30, 2024			At December 31, 2023
Customer and other receivables			$	2,635		$	2,339

Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.

Assets by Business Segment

$ in millions			At September 30, 2024			At December 31, 2023
Institutional Securities			$	852,035		$	810,506
Wealth Management			388,263			365,168
Investment Management			17,729			18,019
Total1			$	1,258,027		$	1,193,693

1. Parent assets have been fully allocated to the business segments.

September 2024 Form 10-Q			78

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Table of Contents
Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

			Three Months Ended September 30,
			2024									2023
$ in millions			Average Daily Balance			Interest			Annualized Average Rate			Average Daily Balance			Interest			Annualized Average Rate
Interest earning assets
Cash and cash equivalents1:
U.S.			$	39,915		$	405		4.0		%	$	56,844		$	649		4.5		%
Non-U.S.			43,911			275			2.5		%	45,386			281			2.5		%
Investment securities2			$	158,115		1,335			3.4		%	149,855			1,019			2.7		%
Loans2			229,399			3,557			6.2		%	215,797			3,236			5.9		%
Securities purchased under agreements to resell3:
U.S.			76,150			2,069			10.8		%	39,154			1,152			11.7		%
Non-U.S.			47,101			1,511			12.8		%	56,439			825			5.8		%
Securities borrowed4:
U.S.			109,809			1,289			4.7		%	109,269			1,204			4.4		%
Non-U.S.			18,388			95			2.1		%	17,641			103			2.3		%
Trading assets, net of Trading liabilities:
U.S.			111,904			1,317			4.7		%	99,865			1,105			4.4		%
Non-U.S.			19,250			260			5.4		%	17,237			229			5.3		%
Customer receivables and Other1,10:
U.S.			55,738			1,506			10.7		%	47,016			1,711			14.4		%
Non-U.S.			15,710			566			14.3		%	14,255			612			17.0		%
Total			$	925,390		$	14,185		6.1		%	$	868,758		$	12,126		5.5		%
Interest bearing liabilities
Deposits2			$	350,784		$	2,751		3.1		%	$	341,475		$	2,271		2.6		%
Borrowings2,5			274,562			3,434			5.0		%	250,440			2,992			4.7		%
Securities sold under agreements to repurchase6,8:
U.S.			14,484			1,413			38.8		%	26,790			1,047			15.5		%
Non-U.S.			52,804			1,581			11.9		%	48,171			850			7.0		%
Securities loaned7,8:
U.S.			11,507			34			1.2		%	3,422			20			2.3		%
Non-U.S.			5,837			240			16.4		%	9,732			188			7.7		%
Customer payables and Other9,10:
U.S.			140,966			1,622			4.6		%	130,722			1,824			5.5		%
Non-U.S.			60,460			914			6.0		%	62,004			957			6.1		%
Total			$	911,404		$	11,989		5.2		%	$	872,756		$	10,149		4.6		%
Net interest income and net interest rate spread						$	2,196		0.9		%				$	1,977		0.9		%

			Nine Months Ended September 30,
			2024									2023
$ in millions			Average Daily Balance			Interest			Annualized Average Rate			Average Daily Balance			Interest			Annualized Average Rate
Interest earning assets
Cash and cash equivalents1:
U.S.			$	45,116		$	1,486		4.4		%	$	57,345		$	1,733		4.0		%
Non-U.S.			43,953			830			2.5		%	50,196			751			2.0		%
Investment securities2			155,737			3,809			3.3		%	154,304			2,886			2.5		%
Loans2			224,134			10,345			6.2		%	215,071			9,105			5.7		%
Securities purchased under agreements to resell3:
U.S.			62,127			5,259			11.3		%	46,670			3,216			9.2		%
Non-U.S.			48,678			3,862			10.6		%	61,648			2,066			4.5		%
Securities borrowed4:
U.S.			108,510			3,798			4.7		%	118,788			3,568			4.0		%
Non-U.S.			18,817			320			2.3		%	18,496			280			2.0		%
Trading assets, net of Trading liabilities:
U.S.			106,242			3,783			4.8		%	91,621			2,662			3.9		%
Non-U.S.			14,628			707			6.5		%	11,548			509			5.9		%
Customer receivables and Other1,10:
U.S.			52,726			4,759			12.1		%	45,800			4,554			13.3		%
Non-U.S.			15,791			1,686			14.3		%	14,818			1,689			15.2		%
Total			$	896,459		$	40,644		6.1		%	$	886,305		$	33,019		5.0		%
Interest bearing liabilities
Deposits2			$	347,548		$	7,777		3.0		%	$	342,628		$	5,793		2.3		%
Borrowings2,5			261,239			9,985			5.1		%	248,534			8,267			4.4		%
Securities sold under agreements to repurchase6,8:
U.S.			19,104			3,928			27.6		%	22,851			2,467			14.4		%
Non-U.S.			55,603			4,192			10.1		%	44,373			2,100			6.3		%
Securities loaned7,8:
U.S.			9,355			75			1.1		%	4,097			50			1.6		%
Non-U.S.			6,889			692			13.5		%	10,000			525			7.0		%
Customer payables and Other9,10:
U.S.			133,046			5,148			5.2		%	135,061			4,934			4.9		%
Non-U.S.			61,571			2,788			6.1		%	64,771			2,550			5.3		%
Total			$	894,355		$	34,585		5.2		%	$	872,315		$	26,686		4.1		%
Net interest income and net interest rate spread						$	6,059		0.9		%				$	6,333		0.9		%

1.In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.

2.Amounts include primarily U.S. balances.

3.Includes interest paid on Securities purchased under agreements to resell.

4.Includes fees paid on Securities borrowed.

5.Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.

6.Includes interest received on Securities sold under agreements to repurchase.

7.Includes fees received on Securities loaned.

8.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.

9.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.

10.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information.

			79			September 2024 Form 10-Q

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Table of Contents
Glossary of Common Terms and Acronyms

2023 Form 10-K			Annual report on Form 10-K for year ended December 31, 2023 filed with the SEC
ABS			Asset-backed securities
ACL			Allowance for credit losses
AFS			Available-for-sale
AML			Anti-money laundering
AOCI			Accumulated other comprehensive income (loss)
AUM			Assets under management or supervision
Balance sheet			Consolidated balance sheet
BHC			Bank holding company
bps			Basis points; one basis point equals 1/100th of 1%
Cash flow statement			Consolidated cash flow statement
CCAR			Comprehensive Capital Analysis and Review
CCyB			Countercyclical capital buffer
CDO			Collateralized debt obligation(s), including Collateralized loan obligation(s)
CDS			Credit default swaps
CECL			Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CET1			Common Equity Tier 1
CFTC			U.S. Commodity Futures Trading Commission
CLN			Credit-linked note(s)
CLO			Collateralized loan obligation(s)
CMBS			Commercial mortgage-backed securities
CMO			Collateralized mortgage obligation(s)
CRE			Commercial real estate
CRM			Credit Risk Management Department
CTA			Cumulative foreign currency translation adjustments
DCP			Employee deferred cash-based compensation plans linked to investment performance
DCP investments			Investments associated with certain DCP
DVA			Debt valuation adjustment
EBITDA			Earnings before interest, taxes, depreciation and amortization
EMEA			Europe, Middle East and Africa
EPS			Earnings per common share
FDIC			Federal Deposit Insurance Corporation
FFELP			Federal Family Education Loan Program
FHC			Financial holding company
FICO			Fair Isaac Corporation
Financial statements			Consolidated financial statements
FVO			Fair value option
G-SIB			Global systemically important bank
HFI			Held-for-investment
HFS			Held-for-sale
HQLA			High-quality liquid assets
HTM			Held-to-maturity
I/E			Intersegment eliminations
IHC			Intermediate holding company
IM			Investment Management
Income statement			Consolidated income statement

IRS			Internal Revenue Service
IS			Institutional Securities
LCR			Liquidity coverage ratio, as adopted by the U.S. banking agencies
LTV			Loan-to-value
M&A			Merger, acquisition and restructuring transaction
MSBNA			Morgan Stanley Bank, N.A.
MS&Co.			Morgan Stanley & Co. LLC
MSCG			Morgan Stanley Capital Group Inc.
MSCS			Morgan Stanley Capital Services LLC
MSEHSE			Morgan Stanley Europe Holdings SE
MSESE			Morgan Stanley Europe SE
MSIP			Morgan Stanley & Co. International plc
MSMS			Morgan Stanley MUFG Securities Co., Ltd.
MSPBNA			Morgan Stanley Private Bank, National Association
MSSB			Morgan Stanley Smith Barney LLC
MUFG			Mitsubishi UFJ Financial Group, Inc.
MUMSS			Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWh			Megawatt hour
N/A			Not Applicable
N/M			Not Meaningful
NAV			Net asset value
Non-GAAP			Non-generally accepted accounting principles in the U.S.
NSFR			Net stable funding ratio, as adopted by the U.S. banking agencies
OCC			Office of the Comptroller of the Currency
OCI			Other comprehensive income (loss)
OTC			Over-the-counter
PSU			Performance-based stock unit
ROE			Return on average common equity
ROTCE			Return on average tangible common equity
ROU			Right-of-use
RSU			Restricted stock unit
RWA			Risk-weighted assets
SCB			Stress capital buffer
SEC			U.S. Securities and Exchange Commission
SLR			Supplementary leverage ratio
S&P			Standard & Poor’s
SPE			Special purpose entity
SPOE			Single point of entry
TLAC			Total loss-absorbing capacity
U.K.			United Kingdom
UPB			Unpaid principal balance
U.S.			United States of America
U.S. Bank Subsidiaries			MSBNA and MSPBNA
U.S. GAAP			Accounting principles generally accepted in the U.S.
VaR			Value-at-Risk
VIE			Variable interest entity
WACC			Implied weighted average cost of capital
WM			Wealth Management

September 2024 Form 10-Q			80

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Table of Contents

Controls and Procedures

Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.

No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Legal Proceedings

See “Contingencies—Legal” in Note 13 to the Financial

Statements for information about our material legal

proceedings.

Risk Factors

For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

$ in millions, except per share data			Total Number of Shares Purchased1			Average Price Paid per Share2			Total Shares Purchased as Part of Share Repurchase Authorization3,4			Dollar Value of Remaining Authorized Repurchase
July			1,569,110			$	103.74		1,535,900			$	19,840
August			3,980,363			$	99.26		3,553,100			$	19,489
September			2,501,513			$	99.17		2,415,827			$	19,250
Three Months Ended September 30, 2024			8,050,986			$	100.10		7,504,827

1.Includes 546,159 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended September 30, 2024.

2.Excludes excise tax of $7 million levied on share repurchases, net of issuances, payable in April 2025.

3.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.

4.The Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”) from time to time as conditions warrant and subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase Authorization has no set expiration or termination date.

On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a

set expiration date, beginning in the third quarter of 2024, which will be exercised from time to time as conditions warrant. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”

Other Information

None.

Exhibits

Exhibit No.			Description
15			Letter of awareness from Deloitte & Touche LLP, dated November 4, 2024, 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).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MORGAN STANLEY (Registrant)
By:			/s/ SHARON YESHAYA
			Sharon Yeshaya Executive Vice President and Chief Financial Officer
By:			/s/ RAJA J. AKRAM
			Raja J. Akram Deputy Chief Financial Officer, Chief Accounting Officer and Controller

Date: November 4, 2024

			81			September 2024 Form 10-Q