{"id":770505,"date":"2023-07-18T08:27:54","date_gmt":"2023-07-18T12:27:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-second-quarter-2023-earnings-results\/"},"modified":"2023-07-18T08:27:54","modified_gmt":"2023-07-18T12:27:54","slug":"morgan-stanley-second-quarter-2023-earnings-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-second-quarter-2023-earnings-results\/","title":{"rendered":"Morgan Stanley Second Quarter 2023 Earnings Results"},"content":{"rendered":"

<\/p>\n

Morgan Stanley Second Quarter 2023 Earnings Results<\/b><\/p>\n

Morgan Stanley Reports Net Revenues of $13.5 Billion, EPS of $1.24 and ROTCE of 12.1%<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–Morgan Stanley (NYSE: MS) <\/b>today reported net revenues of $13.5 billion for the second quarter ended June 30, 2023 compared with $13.1 billion a year ago. Net income applicable to Morgan Stanley was $2.2 billion, or $1.24 per diluted share,1<\/sup>compared with net income of $2.5 billion, or $1.39 per diluted share,1<\/sup> for the same period a year ago. The second quarter of 2023 was impacted by severance costs of $308 million2<\/sup> associated with an employee action.<\/p>\n

James P. Gorman,<\/b> Chairman and Chief Executive Officer, said, \u201cThe Firm delivered solid results in a challenging market environment. The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone. Consistent with our strategy, we continued to attract client assets \u2013 Wealth and Investment Management added $100 billion in net new assets, bringing in over $200 billion year-to-date. Our Institutional businesses navigated the markets well through macro uncertainties. We finished the quarter in a strong capital position and raised our quarterly common dividend by 7.5 cents for the second year in a row. We remain confident in our ability to grow in various market environments while maintaining a strong capital position.\u201d<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Financial Summary3<\/sup><\/b>,4<\/b><\/sup><\/p>\n<\/td>\n

\n\n\n

Highlights<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Firm <\/b>($ millions, except per share data)<\/p>\n<\/td>\n

\n

2Q 2023<\/span><\/b><\/p>\n<\/td>\n

\n

2Q 2022<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n
    \n
  • \nThe Firm reported net revenues of $13.5 billion and net income of $2.2 billion as our businesses navigated an environment that remains challenging.
    \n<\/li>\n
  • \nThe Firm delivered ROTCE of 12.1%.5
    \n
    <\/sup><\/li>\n
  • \nThe Firm expense efficiency ratio for the first half of the year was 75%.6<\/sup> Expenses for the quarter include severance costs of $308 million2<\/sup> and integration-related expenses of $99 million.
    \n<\/li>\n
  • \nStandardized Common Equity Tier 1 capital ratio was 15.5%.16
    \n
    <\/sup><\/li>\n
  • \nInstitutional Securities net revenues of $5.7 billion reflect continued muted activity in Investment Banking and declines in Equity and Fixed Income driven by lower client activity in a less favorable market environment compared to a year ago.
    \n<\/li>\n
  • \nWealth Management delivered strong net new client assets of $90 billion7<\/sup> and record net revenues of $6.7 billion, which reflect higher net interest income and the positive impact of DCP. Pre-tax margin was 25.2%,8<\/sup> reflecting higher compensation expenses driven by severance costs 2<\/sup> associated with an employee action, integration-related expenses and higher provisions for credit losses.
    \n<\/li>\n
  • \nInvestment Management results reflect net revenues of $1.3 billion on AUM of $1.4 trillion and positive net flows.<\/p>\n<\/li>\n<\/ul>\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues<\/p>\n<\/td>\n

\n

\n$13,457<\/p>\n<\/td>\n

\n

\n$13,132<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for credit losses<\/p>\n<\/td>\n

\n

\n$161<\/p>\n<\/td>\n

\n

\n$101<\/p>\n<\/td>\n<\/tr>\n

\n

\nCompensation expense<\/p>\n<\/td>\n

\n

\n$6,262<\/p>\n<\/td>\n

\n

\n$5,550<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation expenses<\/p>\n<\/td>\n

\n

\n$4,222<\/p>\n<\/td>\n

\n

\n$4,162<\/p>\n<\/td>\n<\/tr>\n

\n

\nPre-tax income9<\/sup><\/p>\n<\/td>\n

\n

\n$2,812<\/p>\n<\/td>\n

\n

\n$3,319<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income app. to MS<\/p>\n<\/td>\n

\n

\n$2,182<\/p>\n<\/td>\n

\n

\n$2,495<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpense efficiency ratio6<\/sup><\/p>\n<\/td>\n

\n

\n78%<\/p>\n<\/td>\n

\n

\n74%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarnings per diluted share1<\/sup><\/p>\n<\/td>\n

\n

\n$1.24<\/p>\n<\/td>\n

\n

\n$1.39<\/p>\n<\/td>\n<\/tr>\n

\n

\nBook value per share<\/p>\n<\/td>\n

\n

\n$55.24<\/p>\n<\/td>\n

\n

\n$54.46<\/p>\n<\/td>\n<\/tr>\n

\n

\nTangible book value per share<\/p>\n<\/td>\n

\n

\n$40.79<\/p>\n<\/td>\n

\n

\n$40.07<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on equity<\/p>\n<\/td>\n

\n

\n8.9%<\/p>\n<\/td>\n

\n

\n10.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on tangible equity5<\/sup><\/p>\n<\/td>\n

\n

\n12.1%<\/p>\n<\/td>\n

\n

\n13.8%<\/p>\n<\/td>\n<\/tr>\n

\n

Institutional Securities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues<\/p>\n<\/td>\n

\n

\n$5,654<\/p>\n<\/td>\n

\n

\n$6,119<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment Banking<\/p>\n<\/td>\n

\n

\n$1,075<\/p>\n<\/td>\n

\n

\n$1,072<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity<\/p>\n<\/td>\n

\n

\n$2,548<\/p>\n<\/td>\n

\n

\n$2,960<\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income<\/p>\n<\/td>\n

\n

\n$1,716<\/p>\n<\/td>\n

\n

\n$2,500<\/p>\n<\/td>\n<\/tr>\n

\n

Wealth Management<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues<\/p>\n<\/td>\n

\n

\n$6,660<\/p>\n<\/td>\n

\n

\n$5,736<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee-based client assets ($ billions)10<\/sup><\/p>\n<\/td>\n

\n

\n$1,856<\/p>\n<\/td>\n

\n

\n$1,717<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee-based asset flows ($ billions)11<\/sup><\/p>\n<\/td>\n

\n

\n$22.7<\/p>\n<\/td>\n

\n

\n$28.5<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet new assets ($ billions)7<\/sup><\/p>\n<\/td>\n

\n

\n$89.5<\/p>\n<\/td>\n

\n

\n$52.9<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoans ($ billions)<\/p>\n<\/td>\n

\n

\n$144.7<\/p>\n<\/td>\n

\n

\n$143.6<\/p>\n<\/td>\n<\/tr>\n

\n

Investment Management<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues<\/p>\n<\/td>\n

\n

\n$1,281<\/p>\n<\/td>\n

\n

\n$1,411<\/p>\n<\/td>\n<\/tr>\n

\n

\nAUM ($ billions)12<\/sup><\/p>\n<\/td>\n

\n

\n$1,412<\/p>\n<\/td>\n

\n

\n$1,351<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term net flows ($ billions)13<\/sup><\/p>\n<\/td>\n

\n

\n$1.1<\/p>\n<\/td>\n

\n

\n$(3.5)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Institutional Securities<\/b><\/p>\n

\nInstitutional Securities reported net revenues for the current quarter of $5.7 billion compared with $6.1 billion a year ago. Pre-tax income was $1.0 billion compared with $1.6 billion a year ago.9<\/sup><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Investment Banking revenues were overall unchanged from a year ago:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

($ millions)<\/b><\/p>\n<\/td>\n

\n

2Q 2023<\/span><\/b><\/p>\n<\/td>\n

\n

2Q 2022<\/span><\/b><\/p>\n<\/td>\n

<\/tr>\n
\n
    \n
  • \nAdvisory revenues decreased from a year ago driven by fewer completed M&A transactions.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Net Revenues<\/b><\/p>\n<\/td>\n

\n

$5,654<\/b><\/p>\n<\/td>\n

\n

$6,119<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nEquity underwriting revenues increased from a year ago primarily driven by higher follow-on and convertible offerings.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nFixed income underwriting revenues increased from a year ago primarily driven by higher investment grade bond issuances.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Investment Banking<\/b><\/p>\n<\/td>\n

\n

$1,075<\/b><\/p>\n<\/td>\n

\n

$1,072<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nAdvisory<\/p>\n<\/td>\n

\n

\n$455<\/p>\n<\/td>\n

\n

\n$598<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Equity net revenues down 14% from a year ago:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nEquity underwriting<\/p>\n<\/td>\n

\n

\n$225<\/p>\n<\/td>\n

\n

\n$148<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nEquity net revenues decreased from a year ago, primarily driven by declines in cash and derivative products on lower client activity and lower volatility in the markets.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nFixed income underwriting<\/p>\n<\/td>\n

\n

\n$395<\/p>\n<\/td>\n

\n

\n$326<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Fixed Income net revenues down 31% from a year ago:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Equity<\/b><\/p>\n<\/td>\n

\n

$2,548<\/b><\/p>\n<\/td>\n

\n

$2,960<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nFixed Income net revenues decreased from a year ago driven by declines across most products, with the exception of rates, as a result of lower client activity and lower market volatility compared with elevated levels a year ago.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Fixed Income<\/b><\/p>\n<\/td>\n

\n

$1,716<\/b><\/p>\n<\/td>\n

\n

$2,500<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Other<\/b><\/p>\n<\/td>\n

\n

$315<\/b><\/p>\n<\/td>\n

\n

$(413)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nOther revenues increased primarily driven by lower mark-to-market losses, net of loan hedges, and higher net interest income and fees on corporate loans, and mark-to-market gains on investments associated with certain employee deferred compensation plans (DCP) compared to losses in the prior year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Provision for credit losses<\/b><\/p>\n<\/td>\n

\n

$97<\/b><\/p>\n<\/td>\n

\n

$82<\/b><\/p>\n<\/td>\n

<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Provision for credit losses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total Expenses<\/b><\/p>\n<\/td>\n

\n

$4,580<\/b><\/p>\n<\/td>\n

\n

$4,483<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nIncreases in provisions for credit losses were primarily driven by credit deteriorations in the commercial real estate sector as well as modest growth across the portfolio.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCompensation<\/p>\n<\/td>\n

\n

\n$2,215<\/p>\n<\/td>\n

\n

\n$2,050<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNon-compensation<\/p>\n<\/td>\n

\n

\n$2,365<\/p>\n<\/td>\n

\n

\n$2,433<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total Expenses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nCompensation expenses increased on severance costs2<\/sup> associated with an employee action and expenses related to certain deferred compensation plans linked to investment performance, partially offset by a decline in discretionary compensation on lower revenues.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nNon-compensation expenses decreased from a year ago primarily driven by lower litigation costs, partially offset by higher investments in technology and higher execution-related expenses.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Wealth Management<\/b><\/p>\n

\nWealth Management reported record net revenues for the current quarter of $6.7 billion compared with $5.7 billion from a year ago. Pre-tax income of $1.7 billion9<\/sup> in the current quarter resulted in a reported pre-tax margin of 25.2%.8<\/sup><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Net revenues increased 16% from a year ago:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

($ millions)<\/b><\/p>\n<\/td>\n

\n

2Q 2023<\/span><\/b><\/p>\n<\/td>\n

\n

2Q 2022<\/span><\/b><\/p>\n<\/td>\n

<\/tr>\n
\n
    \n
  • \nAsset management revenues decreased 2% from a year ago reflecting lower asset levels primarily due to declines in the markets.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Net Revenues<\/b><\/p>\n<\/td>\n

\n

$6,660<\/b><\/p>\n<\/td>\n

\n

$5,736<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nTransactional revenues14<\/sup> decreased 2% excluding the impact of mark-to-market gains on investments associated with certain employee deferred compensation plans compared to losses in the prior year quarter. The decrease was due to lower client activity compared to a year ago.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nAsset management<\/p>\n<\/td>\n

\n

\n$3,452<\/p>\n<\/td>\n

\n

\n$3,510<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nNet interest income increased from a year ago on higher interest rates, partially offset by the impact of lower brokerage sweep deposits as clients continue to redeploy balances.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTransactional14<\/sup><\/p>\n<\/td>\n

\n

\n$869<\/p>\n<\/td>\n

\n

\n$291<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNet interest income<\/p>\n<\/td>\n

\n

\n$2,156<\/p>\n<\/td>\n

\n

\n$1,747<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Provision for credit losses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n$183<\/p>\n<\/td>\n

\n

\n$188<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nIncreases in provisions for credit losses were largely driven by credit deteriorations in the commercial real estate sector.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Provision for credit losses<\/b><\/p>\n<\/td>\n

\n

$64<\/b><\/p>\n<\/td>\n

\n

$19<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total Expenses<\/b><\/p>\n<\/td>\n

\n

$4,915<\/b><\/p>\n<\/td>\n

\n

$4,196<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total Expenses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCompensation<\/p>\n<\/td>\n

\n

\n$3,503<\/p>\n<\/td>\n

\n

\n$2,895<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nCompensation expenses increased from a year ago driven by severance costs2<\/sup> associated with an employee action and expenses related to certain deferred compensation plans linked to investment performance.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNon-compensation<\/p>\n<\/td>\n

\n

\n$1,412<\/p>\n<\/td>\n

\n

\n$1,301<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nNon-compensation expenses increased from a year ago primarily driven by higher investments in technology, litigation, occupancy costs, and professional services.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Investment Management<\/b><\/p>\n

\nInvestment Management reported net revenues of $1.3 billion, down 9% from a year ago. Pre-tax income was $170 million compared with $249 million a year ago.9<\/sup><\/p>\n\n\n\n\n\n\n\n\n\n
\n

Net revenues decreased 9% from a year ago:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

($ millions)<\/b><\/p>\n<\/td>\n

\n

2Q 2023<\/span><\/b><\/p>\n<\/td>\n

\n

2Q 2022<\/span><\/b><\/p>\n<\/td>\n

<\/tr>\n
\n
    \n
  • \nAsset management and related fees decreased from a year ago driven primarily by lower average AUM due to the decline in asset values from the prior year quarter and the cumulative effect of outflows.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Net Revenues<\/b><\/p>\n<\/td>\n

\n

$1,281<\/b><\/p>\n<\/td>\n

\n

$1,411<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nPerformance-based income and other revenues decreased from a year ago due to lower accrued carried interest across private funds, partially offset by mark-to-market gains on investments associated with certain employee deferred compensation compared to losses in the prior year quarter.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nAsset management and related fees<\/p>\n<\/td>\n

\n

\n$1,268<\/p>\n<\/td>\n

\n

\n$1,304<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nPerformance-based income and other<\/p>\n<\/td>\n

\n

\n$13<\/p>\n<\/td>\n

\n

\n$107<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total Expenses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total Expenses<\/b><\/p>\n<\/td>\n

\n

$1,111<\/b><\/p>\n<\/td>\n

\n

$1,162<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nCompensation expenses decreased from a year ago primarily driven by lower compensation associated with carried interest, partially offset by expenses related to certain deferred compensation plans linked to investment performance and severance costs2<\/sup> associated with an employee action.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCompensation<\/p>\n<\/td>\n

\n

\n$544<\/p>\n<\/td>\n

\n

\n$605<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNon-compensation<\/p>\n<\/td>\n

\n

\n$567<\/p>\n<\/td>\n

\n

\n$557<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Other Matters<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2Q 2023<\/span><\/b><\/p>\n<\/td>\n

\n

2Q 2022<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nThe Firm repurchased $1 billion of its outstanding common stock during the quarter as part of its Share Repurchase Program.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Capital<\/b>15<\/sup><\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nStandardized Approach<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCET1 capital16<\/sup><\/p>\n<\/td>\n

\n

\n15.5%<\/p>\n<\/td>\n

\n

\n15.2%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nThe Firm reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock without a set expiration date.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTier 1 capital16<\/sup><\/p>\n<\/td>\n

\n

\n17.4%<\/p>\n<\/td>\n

\n

\n16.9%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nAdvanced Approach<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCET1 capital16<\/sup><\/p>\n<\/td>\n

\n

\n15.9%<\/p>\n<\/td>\n

\n

\n15.5%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nThe Board of Directors declared a $0.85 quarterly dividend per share, representing an increase of 7.5 cents per share, payable on August 15, 2023 to common shareholders of record on July 31, 2023.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTier 1 capital16<\/sup><\/p>\n<\/td>\n

\n

\n17.8%<\/p>\n<\/td>\n

\n

\n17.1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nLeverage-based capital<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTier 1 leverage17<\/sup><\/p>\n<\/td>\n

\n

\n6.7%<\/p>\n<\/td>\n

\n

\n6.6%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n
    \n
  • \nStandardized Common Equity Tier 1 capital ratio was 15.5%, 220 basis points above the aggregate standardized approach CET1 requirement inclusive of buffers as of June 30 and 260 basis points above the estimated aggregate standardized approach CET1 requirement that will take effect as of October 1, 2023.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nSLR18<\/sup><\/p>\n<\/td>\n

\n

\n5.5%<\/p>\n<\/td>\n

\n

\n5.4%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Common Stock Repurchases<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nRepurchases ($ millions)<\/p>\n<\/td>\n

\n

\n$1,000<\/p>\n<\/td>\n

\n

\n$2,738<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNumber of Shares (millions)<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n33<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nAverage Price<\/p>\n<\/td>\n

\n

\n$83.86<\/p>\n<\/td>\n

\n

\n$82.05<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

Period End Shares <\/b>(millions)<\/p>\n<\/td>\n

\n

\n1,659<\/p>\n<\/td>\n

\n

\n1,723<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

Effective Tax Rate<\/b><\/p>\n<\/td>\n

\n

\n21.0%<\/p>\n<\/td>\n

\n

\n23.6%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n<\/tr>\n<\/table>\n

\nMorgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm\u2019s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com<\/a>.<\/p>\n

\nA financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.morganstanley.com<\/a>.<\/p>\n

\nNOTICE:<\/p>\n

\nThe information provided herein and in the financial supplement, including information provided on the Firm\u2019s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available on www.morganstanley.com<\/a>.<\/p>\n

\nThis earnings release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management\u2019s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see \u201cForward-Looking Statements\u201d preceding Part I, Item 1, \u201cCompetition\u201d and \u201cSupervision and Regulation\u201d in Part I, Item 1, \u201cRisk Factors\u201d in Part I, Item 1A, \u201cLegal Proceedings\u201d in Part I, Item 3, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 and \u201cQuantitative and Qualitative Disclosures about Risk\u201d in Part II, Item 7A in the Firm\u2019s Annual Report on Form 10-K for the year ended December 31, 2022 and other items throughout the Form 10-K, the Firm\u2019s Quarterly Reports on Form 10-Q and the Firm\u2019s Current Reports on Form 8-K, including any amendments thereto.<\/p>\n

1<\/sup> Includes preferred dividends related to the calculation of earnings per share of $133 million and $104 million for the second quarter of 2023 and 2022, respectively.<\/p>\n

2<\/sup> The Firm recorded severance costs of $308 million in the second quarter of 2023, associated with an employee action, which were reported in business segments’ results as follows: Institutional Securities $207 million, Wealth Management $78 million and Investment Management $23 million.<\/p>\n

3<\/sup> The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). From time to time, Morgan Stanley may disclose certain \u201cnon-GAAP financial measures\u201d in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a \u201cnon-GAAP financial measure\u201d as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing our financial condition, operating results, or capital adequacy. These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable U.S. GAAP financial measure.<\/p>\n

4<\/sup> Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.<\/p>\n

5<\/sup> Return on average tangible common equity is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance and capital adequacy. The calculation of return on average tangible common equity represents full year or annualized net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. Tangible common equity, also a non-GAAP financial measure, represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction.<\/p>\n

6<\/sup> The Firm expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. For the quarter ended June 30, 2023, Firm results include pre-tax integration-related expenses of $99 million, of which $75 million is reported in the Wealth Management business segment and $24 million is reported in the Investment Management business segment.<\/p>\n

7<\/sup> Wealth Management net new assets represent client inflows, including dividends and interest, and asset acquisitions, less client outflows, and exclude activity from business combinations\/divestitures and the impact of fees and commissions.<\/p>\n

8<\/sup> Pre-tax margin represents income before provision for income taxes divided by net revenues.<\/p>\n

9<\/sup> Pre-tax income represents income before provision for income taxes.<\/p>\n

10<\/sup> Wealth Management fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.<\/p>\n

11<\/sup> Wealth Management fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management-related activity.<\/p>\n

12<\/sup> AUM is defined as assets under management.<\/p>\n

13<\/sup> Long-term net flows include the Equity, Fixed Income and Alternative and Solutions asset classes and excludes the Liquidity and Overlay Services asset class.<\/p>\n

14<\/sup> Transactional revenues include investment banking, trading, and commissions and fee revenues.<\/p>\n

15<\/sup> Capital ratios are estimates as of the press release date, July 18, 2023.<\/p>\n

16<\/sup> CET1 capital is defined as Common Equity Tier 1 capital. The Firm\u2019s risk-based capital ratios are computed under each of the (i) standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) (the \u201cStandardized Approach\u201d) and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the \u201cAdvanced Approach\u201d). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to “Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Liquidity and Capital Resources \u2013 Regulatory Requirements” in the Firm\u2019s Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K).<\/p>\n

17<\/sup> The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firm\u2019s leverage. Tier 1 leverage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.<\/p>\n

18<\/sup> The Firm\u2019s supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately $78.5 billion and $77.8 billion, and supplementary leverage exposure denominator of approximately $1.4 trillion and $1.5 trillion, for the second quarter of 2023 and 2022, respectively.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Consolidated Income Statement Information<\/b><\/td>\n<\/tr>\n
(unaudited, dollars in millions)<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nQuarter Ended<\/b><\/td>\n\nPercentage Change From:<\/b><\/td>\n\nSix Months Ended<\/b><\/td>\n\nPercentage<\/b><\/td>\n<\/tr>\n
\nJun 30, 2023<\/b><\/td>\n\nMar 31, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nMar 31, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nJun 30, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nChange<\/b><\/td>\n<\/tr>\n
Revenues:<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Investment banking<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,155<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,330<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,150<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(13<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,485<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,908<\/p>\n<\/td>\n

\n\n

\n(15<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Trading<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,802<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,477<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,597<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(15<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,279<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,580<\/p>\n<\/td>\n

\n\n

\n9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Investments<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n95<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n145<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(34<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n240<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n98<\/p>\n<\/td>\n

\n\n

\n145<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Commissions and fees<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,090<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,239<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,220<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(12<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(11<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,329<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,636<\/p>\n<\/td>\n

\n\n

\n(12<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Asset management<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,817<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,728<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,912<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n(2<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,545<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,031<\/p>\n<\/td>\n

\n\n

\n(5<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Other<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n488<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n252<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(52<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n94<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n740<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n182<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

<\/tr>\n
Total non-interest revenues<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,447<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,171<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,850<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(6<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23,618<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23,435<\/p>\n<\/td>\n

\n\n

\n1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,048<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,870<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,612<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n11<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22,918<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,262<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

<\/tr>\n
Interest expense<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,038<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,524<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,330<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n18<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,562<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,764<\/p>\n<\/td>\n

\n\n

\n*<\/p>\n<\/td>\n

<\/tr>\n
Net interest<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,010<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,346<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,282<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(14<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(12<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,356<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,498<\/p>\n<\/td>\n

\n\n

\n(3<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Net revenues<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,457<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,517<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,132<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(7<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,974<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,933<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Provision for credit losses<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n161<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n234<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n101<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(31<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n59<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n395<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n158<\/p>\n<\/td>\n

\n\n

\n150<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Non-interest expenses:<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Compensation and benefits<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,262<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,410<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,550<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(2<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n13<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,672<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,824<\/p>\n<\/td>\n

\n\n

\n7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Non-compensation expenses:<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Brokerage, clearing and exchange fees<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n875<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n881<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n878<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(1<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,756<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,760<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Information processing and communications<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n926<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n915<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n857<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,841<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,686<\/p>\n<\/td>\n

\n\n

\n9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Professional services<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n767<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n710<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n757<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,477<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,462<\/p>\n<\/td>\n

\n\n

\n1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Occupancy and equipment<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n471<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n440<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n430<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n10<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n911<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n857<\/p>\n<\/td>\n

\n\n

\n6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Marketing and business development<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n236<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n247<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n220<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(4<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n483<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n395<\/p>\n<\/td>\n

\n\n

\n22<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Other<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n947<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n920<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,020<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n(7<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,867<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,884<\/p>\n<\/td>\n

\n\n

\n(1<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Total non-compensation expenses<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,222<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,113<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,335<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,044<\/p>\n<\/td>\n

\n\n

\n4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total non-interest expenses<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,484<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,523<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,712<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21,007<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,868<\/p>\n<\/td>\n

\n\n

\n6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Income before provision for income taxes<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,812<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,760<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,319<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(25<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(15<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,572<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,907<\/p>\n<\/td>\n

\n\n

\n(17<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Provision for income taxes<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n591<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n727<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n783<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(19<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(25<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,318<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,656<\/p>\n<\/td>\n

\n\n

\n(20<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Net income<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,221<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n3,033<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,536<\/p>\n<\/td>\n

\n\n\n

\n(27<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(12<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,254<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n6,251<\/p>\n<\/td>\n

\n\n

\n(16<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Net income applicable to nonredeemable noncontrolling interests<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n39<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(26<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(5<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n92<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n90<\/p>\n<\/td>\n

\n\n

\n2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Net income applicable to Morgan Stanley<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,182<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,980<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,495<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(27<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(13<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,162<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,161<\/p>\n<\/td>\n

\n\n

\n(16<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Preferred stock dividend<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n133<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n144<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n104<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(8<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n28<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n277<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n228<\/p>\n<\/td>\n

\n\n

\n21<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

Earnings applicable to Morgan Stanley common shareholders<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,049<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,836<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2,391<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(28<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(14<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n4,885<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,933<\/p>\n<\/td>\n

\n\n

\n(18<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Notes:<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n

\n-Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP) were: 2Q23: $13,343 million, 1Q23: $14,364 million, 2Q22: $13,847 million, 2Q23 YTD: $27,707 million, 2Q22 YTD: $29,089 million.<\/p>\n<\/td>\n<\/tr>\n

\n

\n-Firm compensation expenses excluding DCP were: 2Q23: $6,084 million, 1Q23: $6,217 million, 2Q22: $6,048 million, 2Q23 YTD: $12,301 million, 2Q22 YTD: $12,610 million.<\/p>\n<\/td>\n<\/tr>\n

\n

\n-The End Notes are an integral part of this presentation. Refer to pages 12 – 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Consolidated Financial Metrics, Ratios and Statistical Data<\/b><\/td>\n<\/tr>\n
(unaudited)<\/b><\/td>\n<\/tr>\n
\nQuarter Ended<\/b><\/td>\n\nPercentage Change From:<\/b><\/td>\n\nSix Months Ended<\/b><\/td>\n\nPercentage<\/b><\/td>\n<\/tr>\n
\nJun 30, 2023<\/b><\/td>\n\nMar 31, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nMar 31, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nJun 30, 2023<\/b><\/td>\n\nJun 30, 2022<\/b><\/td>\n\nChange<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Financial Metrics:<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Earnings per basic share<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.72<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.40<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(27<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(11<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2.98<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n3.45<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(14<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Earnings per diluted share<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.70<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1.39<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(27<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(11<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n2.95<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n3.41<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(13<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Return on average common equity<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12.4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12.4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Return on average tangible common equity<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13.8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14.5<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16.8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Book value per common share<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n55.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n55.13<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n54.46<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n55.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n54.46<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n<\/tr>\n
Tangible book value per common share<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n40.79<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n40.68<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n40.07<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n40.79<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n40.07<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Financial Ratios:<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Pre-tax profit margin<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Compensation and benefits as a % of net revenues<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n47<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n45<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Non-compensation expenses as a % of net revenues<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n31<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n30<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Firm expense efficiency ratio<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n78<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n72<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n75<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n71<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Effective tax rate<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19.3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Statistical Data:<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Period end common shares outstanding (millions)<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,659<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,670<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,723<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(1<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(4<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n
Average common shares outstanding (millions)<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Basic<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,635<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,645<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,704<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(1<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(4<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,640<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,718<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(5<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,651<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,663<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,723<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(1<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n(4<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,657<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,739<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n(5<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Worldwide employees<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n82,006<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n82,266<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n78,386<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n—<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n5<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
The End Notes are an integral part of this presentation. Refer to pages 12 – 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

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Morgan Stanley Second Quarter 2023 Earnings Results Morgan Stanley Reports Net Revenues of $13.5 Billion, EPS of $1.24 and ROTCE of 12.1% NEW YORK–(BUSINESS WIRE)–Morgan Stanley (NYSE: MS) today reported net revenues of $13.5 billion for the second quarter ended June 30, 2023 compared with $13.1 billion a year ago. Net income applicable to Morgan Stanley was $2.2 billion, or $1.24 per diluted share,1compared with net income of $2.5 billion, or $1.39 per diluted share,1 for the same period a year ago. The second quarter of 2023 was impacted by severance costs of $308 million2 associated with an employee action. James P. Gorman, Chairman and Chief Executive Officer, said, \u201cThe Firm delivered solid results in a challenging market environment. The … <\/p>\n

Continue reading “Morgan Stanley Second Quarter 2023 Earnings Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-770505","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMorgan Stanley Second Quarter 2023 Earnings Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-second-quarter-2023-earnings-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgan Stanley Second Quarter 2023 Earnings Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Morgan Stanley Second Quarter 2023 Earnings Results Morgan Stanley Reports Net Revenues of $13.5 Billion, EPS of $1.24 and ROTCE of 12.1% NEW YORK–(BUSINESS WIRE)–Morgan Stanley (NYSE: MS) today reported net revenues of $13.5 billion for the second quarter ended June 30, 2023 compared with $13.1 billion a year ago. Net income applicable to Morgan Stanley was $2.2 billion, or $1.24 per diluted share,1compared with net income of $2.5 billion, or $1.39 per diluted share,1 for the same period a year ago. The second quarter of 2023 was impacted by severance costs of $308 million2 associated with an employee action. James P. Gorman, Chairman and Chief Executive Officer, said, \u201cThe Firm delivered solid results in a challenging market environment. 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