Morgan Stanley
(NYSE:MS)

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. The company operates through Institutional Securities, Wealth Management, an...

Website: http://www.morganstanley.com

Founded: 1935

Full Time Employees: 63,051

CEO: James P. Gorman

Sector: Financial Services

Industry: Capital Markets

Investment Banking Financial Services

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At a glance:

Strategic Shift Towards Wealth Management: Morgan Stanley has successfully diversified its revenue base by significantly expanding its Wealth Management division through organic growth and key acquisitions (e.g., E*TRADE, Eaton Vance), aiming for more stable, recurring revenue streams.
Diversified Global Financial Services Leader: The firm operates as a leading global financial services company with three core segments: Institutional Securities (investment banking, sales & trading), Wealth Management, and Investment Management, providing a broad range of services to clients worldwide.
Strong Capital and Liquidity Position: Morgan Stanley generally maintains a robust capital and liquidity profile, meeting regulatory requirements and providing a solid foundation for its operations and strategic initiatives.
Sensitivity to Market Volatility and Interest Rates: While wealth management provides stability, the Institutional Securities segment remains susceptible to market volatility and economic cycles. Additionally, net interest income across segments can be sensitive to changes in interest rates.

Bull Thesis:

Robust Wealth Management Expansion: Morgan Stanley's strategic focus and successful integration of acquisitions like E*TRADE and Eaton Vance continue to drive strong growth in its wealth management division, providing a stable, recurring revenue base less susceptible to market volatility.
Resilient Institutional Securities Franchise: Despite fluctuating market conditions, Morgan Stanley maintains a top-tier position in investment banking (M&A, ECM, DCM) and sales & trading, demonstrating its ability to capture significant market share and generate strong fees when deal activity is present.
Diversified Revenue Streams & Capital Strength: The firm's balanced mix of institutional securities, wealth management, and investment management businesses provides diversification, while its strong capital ratios enable consistent shareholder returns through buybacks and dividends.

Bear Thesis:

High Sensitivity to Market & Economic Downturns: A significant portion of Morgan Stanley's revenue, particularly within its institutional securities segment, remains highly susceptible to adverse shifts in market conditions, interest rates, and broader economic slowdowns, impacting trading volumes and deal activity.
Intense Competition in Wealth Management: The wealth management sector faces increasing competitive pressure from both traditional financial institutions and fintech disruptors, potentially leading to fee compression and challenges in client acquisition and retention.
Ongoing Regulatory & Litigation Risks: As a large global financial institution, Morgan Stanley is continuously exposed to regulatory scrutiny, potential fines, and litigation costs, which can impact profitability and reputation.

Main Competitors:

Goldman Sachs ($GS) (Investment Banking, Global Markets, Asset & Wealth Management), Competes directly across all major segments, including investment banking (M&A advisory, equity/debt underwriting), global markets (sales & trading), and asset & wealth management, targeting similar institutional and high-net-worth clients globally.
JPMorgan Chase & Co. ($JPM) (Corporate & Investment Bank, Asset & Wealth Management, Commercial Banking), A universal bank that competes with Morgan Stanley in investment banking, sales & trading, and asset & wealth management, leveraging its broader commercial banking relationships and extensive balance sheet to cross-sell services.
Bank of America ($BAC) (Global Banking & Markets, Merrill Lynch Wealth Management), Competes strongly in investment banking and global markets, and particularly in wealth management through its Merrill Lynch division, which serves a vast network of high-net-worth and affluent clients, often leveraging its large retail banking footprint.
UBS Group AG ($UBS) (Global Wealth Management, Investment Bank, Asset Management), A global leader in wealth management, directly competing with Morgan Stanley's wealth management division, especially for ultra-high-net-worth clients internationally. It also maintains a significant investment banking presence, particularly in Europe and Asia.

Moat:

Morgan Stanley's competitive moat is built on its strong brand reputation, deep client relationships across institutional and high-net-worth segments, and its diversified business model spanning investment banking, global markets, and wealth & investment management. Its global reach and specialized expertise in complex financial transactions further solidify its position. However, the firm operates in a highly competitive landscape characterized by intense rivalry from bulge bracket banks, boutique investment banks, and increasingly, technology-driven financial services firms. Key competitive pressures include fee compression, the constant battle for top talent, significant regulatory burdens, and the need for continuous technological innovation to meet evolving client demands and fend off disruptive fintech players.

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-06-30	2023-03-31	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2020-03-31	2019-12-31	2019-09-30	2018-12-31	2014-03-31	2013-03-31	2003-08-31	2003-05-31	2003-02-28	2002-11-30

revenues
investment banking	2,578,000,000	2,266,000,000	1,644,000,000	1,711,000,000	1,791,000,000	1,590,000,000	1,735,000,000	1,589,000,000		1,155,000,000	1,330,000,000		1,150,000,000	1,758,000,000		1,271,000,000	1,696,000,000	1,635,000,000		1,308,000,000	1,224,000,000	608,000,000	536,000,000	589,000,000
trading	3,680,000,000	5,020,000,000	4,745,000,000	5,111,000,000	3,778,000,000	4,002,000,000	4,131,000,000	4,852,000,000		3,802,000,000	4,477,000,000		3,597,000,000	3,983,000,000		3,056,000,000	2,314,000,000	2,608,000,000		2,962,000,000	2,694,000,000	2,105,000,000	1,583,000,000	1,556,000,000
investments	220,000,000	374,000,000	388,000,000	369,000,000	215,000,000	315,000,000	157,000,000	137,000,000		95,000,000	145,000,000		23,000,000	75,000,000		38,000,000	739,000,000	87,000,000		359,000,000	338,000,000	38,000,000	59,000,000	-22,000,000
commissions and fees	1,557,000,000	1,473,000,000	1,425,000,000	1,481,000,000	1,390,000,000	1,294,000,000	1,183,000,000	1,227,000,000		1,090,000,000	1,239,000,000		1,220,000,000	1,416,000,000		1,360,000,000	984,000,000	990,000,000		1,216,000,000	1,168,000,000
asset management	6,788,000,000	6,441,000,000	5,953,000,000	5,963,000,000	6,059,000,000	5,747,000,000	5,424,000,000	5,269,000,000		4,817,000,000	4,728,000,000		4,912,000,000	5,119,000,000		3,417,000,000	3,451,000,000	3,363,000,000
other	212,000,000	159,000,000	290,000,000	751,000,000	438,000,000	239,000,000	322,000,000	266,000,000		488,000,000	252,000,000		-52,000,000	234,000,000		-1,011,000,000	240,000,000	131,000,000		227,000,000	203,000,000	111,000,000	112,000,000	87,000,000
total non-interest revenues	15,035,000,000	15,733,000,000	14,445,000,000	15,386,000,000	13,671,000,000	13,187,000,000	12,952,000,000	13,340,000,000		11,447,000,000	12,171,000,000		10,850,000,000	12,585,000,000		8,131,000,000	9,424,000,000	8,814,000,000		8,621,000,000	7,973,000,000
interest income	11,027,250,000	15,456,000,000	14,905,000,000	13,748,000,000						12,048,000,000	10,870,000,000		3,612,000,000	2,650,000,000		3,503,000,000	3,952,000,000	4,350,000,000		1,343,000,000	1,398,000,000
interest expense	9,229,500,000	12,965,000,000	12,558,000,000	11,395,000,000						10,038,000,000	8,524,000,000		1,330,000,000	434,000,000		2,147,000,000	2,519,000,000	3,132,000,000		1,035,000,000	1,213,000,000	3,368,000,000	3,060,000,000	2,688,000,000
net interest	2,855,000,000	2,491,000,000	2,347,000,000	2,353,000,000	2,552,000,000	2,196,000,000	2,067,000,000	1,796,000,000		2,010,000,000	2,346,000,000		2,282,000,000	2,216,000,000		1,356,000,000	1,433,000,000	1,218,000,000		308,000,000	185,000,000
net revenues	17,890,000,000	18,224,000,000	16,792,000,000	17,739,000,000	16,223,000,000	15,383,000,000	15,019,000,000	15,136,000,000		13,457,000,000	14,517,000,000		13,132,000,000	14,801,000,000		9,487,000,000	10,857,000,000	10,032,000,000		8,929,000,000	8,158,000,000	5,251,000,000	5,049,000,000	5,478,000,000
provision for credit losses	18,000,000		196,000,000	135,000,000	115,000,000	79,000,000	76,000,000	-6,000,000		161,000,000	234,000,000		101,000,000	57,000,000
non-interest expenses
compensation and benefits	7,063,000,000	7,442,000,000	7,190,000,000	7,521,000,000	6,289,000,000	6,733,000,000	6,460,000,000	6,696,000,000		6,262,000,000	6,410,000,000		5,550,000,000	6,274,000,000		4,283,000,000	5,228,000,000	4,427,000,000		4,305,000,000	4,216,000,000	1,938,000,000	2,272,000,000	2,548,000,000
brokerage, clearing and exchange fees	1,128,000,000	1,141,000,000	1,188,000,000	1,222,000,000	1,180,000,000	1,044,000,000	995,000,000	921,000,000		875,000,000	881,000,000		878,000,000	882,000,000		740,000,000	633,000,000	637,000,000		443,000,000	428,000,000	212,000,000	202,000,000	191,000,000
information processing and communications	1,160,000,000	1,119,000,000	1,089,000,000	1,050,000,000	1,059,000,000	1,042,000,000	1,011,000,000	976,000,000		926,000,000	915,000,000		857,000,000	829,000,000		563,000,000	567,000,000	557,000,000		424,000,000	448,000,000	313,000,000	316,000,000	316,000,000
professional services	769,000,000	685,000,000	711,000,000	674,000,000	798,000,000	711,000,000	753,000,000	639,000,000		767,000,000	710,000,000		757,000,000	705,000,000		449,000,000	555,000,000	531,000,000		452,000,000	440,000,000	283,000,000	259,000,000	225,000,000
occupancy and equipment	491,000,000	473,000,000	459,000,000	449,000,000	527,000,000	473,000,000	464,000,000	441,000,000		471,000,000	440,000,000		430,000,000	427,000,000		365,000,000	375,000,000	353,000,000		359,000,000	379,000,000	191,000,000	195,000,000	196,000,000
marketing and business development	358,000,000	280,000,000	297,000,000	238,000,000	279,000,000	224,000,000	245,000,000	217,000,000		236,000,000	247,000,000		220,000,000	175,000,000		132,000,000	200,000,000	157,000,000		147,000,000	134,000,000	199,000,000	257,000,000	269,000,000
total non-interest expenses	12,112,000,000	12,196,000,000	11,974,000,000	12,060,000,000	11,202,000,000	11,083,000,000	10,869,000,000	10,747,000,000		10,484,000,000	10,523,000,000		9,712,000,000	10,156,000,000		7,341,000,000	8,124,000,000	7,322,000,000		6,622,000,000	6,576,000,000	3,374,000,000	4,134,000,000	4,052,000,000
income before provision for income taxes	5,760,000,000	6,028,000,000	4,622,000,000	5,544,000,000	4,906,000,000	4,221,000,000	4,074,000,000	4,395,000,000		2,812,000,000	3,760,000,000		3,319,000,000	4,588,000,000		2,146,000,000
provision for income taxes	1,336,000,000	1,373,000,000	1,047,000,000	1,173,000,000	1,182,000,000	995,000,000	957,000,000	933,000,000		591,000,000	727,000,000		783,000,000	873,000,000		366,000,000				762,000,000		561,000,000	276,000,000	499,000,000
net income	4,424,000,000	4,655,000,000	3,575,000,000	4,371,000,000	3,724,000,000	3,226,000,000	3,117,000,000	3,462,000,000		2,221,000,000	3,033,000,000		2,536,000,000	3,715,000,000		1,780,000,000	2,305,000,000	2,218,000,000		1,584,000,000	1,231,000,000	1,269,000,000	599,000,000	905,000,000
yoy	18.80%	44.30%	14.69%	26.26%		45.25%	2.77%			-40.22%			10.02%	67.49%		12.37%	87.25%	74.78%		75.03%
qoq	-4.96%	30.21%	-18.21%	17.37%	15.44%	3.50%	-9.97%			-26.77%			-31.74%			-22.78%	3.92%			28.68%	-2.99%	111.85%	-33.81%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	14.21%	7.12%	10.64%
net income applicable to noncontrolling interests	27,000,000	45,000,000	36,000,000	56,000,000	10,000,000	38,000,000	41,000,000	50,000,000		39,000,000	53,000,000		41,000,000	49,000,000		82,000,000	66,000,000	45,000,000
net income applicable to morgan stanley	4,397,000,000	4,610,000,000	3,539,000,000	4,315,000,000	3,714,000,000	3,188,000,000	3,076,000,000	3,412,000,000		2,182,000,000	2,980,000,000		2,495,000,000	3,666,000,000		1,698,000,000	2,239,000,000	2,173,000,000		1,505,000,000	962,000,000
preferred stock dividends	147,000,000	160,000,000	147,000,000	158,000,000	150,000,000	160,000,000	134,000,000	146,000,000		133,000,000	144,000,000		104,000,000	124,000,000		108,000,000	94,000,000	113,000,000		56,000,000
earnings applicable to morgan stanley common shareholders	4,250,000,000	4,450,000,000	3,392,000,000	4,157,000,000	3,564,000,000	3,028,000,000	2,942,000,000	3,266,000,000		2,049,000,000	2,836,000,000		2,391,000,000	3,542,000,000		1,590,000,000	2,085,000,000	2,060,000,000		1,449,000,000	936,000,000
earnings per common share
basic	2,710,000	2,830,000	2,150,000	2,620,000	2,250,000	1,910,000	1,850,000	2,040,000		1,250,000	1,720,000		1,400,000	2,040,000		1,020,000	985,000	1,280,000				1,180,000	560,000	840,000
diluted	2,680,000	2,800,000	2,130,000	2,600,000	2,220,000	1,880,000	1,820,000	2,020,000		1,240,000	1,700,000		1,390,000	2,020,000		1,010,000	972,500	1,270,000				1,150,000	550,000	820,000
average common shares outstanding
basic	-3,000,000	1,571,000,000	1,577,000,000	1,584,000,000	-3,000,000	1,588,000,000	1,594,000,000	1,601,000,000		1,635,000,000	1,645,000,000		1,704,000,000	1,733,000,000		1,555,000,000	-15,000,000	1,604,000,000		1,924,270,160,000,000	1,901,204,729,000,000	1,077,680,996,000,000	1,077,386,468,000,000	1,079,052,442,000,000
diluted	-2,000,000	1,590,000,000	1,593,000,000	1,600,000,000	-1,000,000	1,609,000,000	1,611,000,000	1,616,000,000		1,651,000,000	1,663,000,000		1,723,000,000	1,755,000,000		1,573,000,000	-13,000,000	1,627,000,000		1,969,652,798,000,000	1,940,264,085,000,000	1,100,593,303,000,000	1,097,478,351,000,000	1,099,724,140,000,000
interest income1					13,491,000,000	14,185,000,000	13,529,000,000	12,930,000,000
interest expense1					10,939,000,000	11,989,000,000	11,462,000,000	11,134,000,000
income from continuing operations before income taxes																	2,733,000,000	2,710,000,000		2,307,000,000	1,582,000,000
benefit from income taxes																	409,000,000	492,000,000			332,000,000
income from continuing operations																	2,305,000,000	2,218,000,000		1,545,000,000	1,250,000,000
income from discontinued operations, net of income taxes
revenues:
asset management, distribution and administration fees																				2,549,000,000	2,346,000,000
non-interest expenses:
discontinued operations:
income from discontinued operations before income taxes																				44,000,000
income from discontinued operations																				39,000,000
net income applicable to redeemable noncontrolling interests																					122,000,000
net income applicable to nonredeemable noncontrolling interests																				79,000,000	147,000,000
amounts applicable to morgan stanley:
earnings per basic common share:
earnings per basic common share																				750,000	490,000
earnings per diluted common share:
earnings per diluted common share																				740,000	480,000
dividends declared per common share																				50,000	50,000
average common shares outstanding:
basic	-3,000,000	1,571,000,000	1,577,000,000	1,584,000,000	-3,000,000	1,588,000,000	1,594,000,000	1,601,000,000		1,635,000,000	1,645,000,000		1,704,000,000	1,733,000,000		1,555,000,000	-15,000,000	1,604,000,000		1,924,270,160,000,000	1,901,204,729,000,000	1,077,680,996,000,000	1,077,386,468,000,000	1,079,052,442,000,000
diluted	-2,000,000	1,590,000,000	1,593,000,000	1,600,000,000	-1,000,000	1,609,000,000	1,611,000,000	1,616,000,000		1,651,000,000	1,663,000,000		1,723,000,000	1,755,000,000		1,573,000,000	-13,000,000	1,627,000,000		1,969,652,798,000,000	1,940,264,085,000,000	1,100,593,303,000,000	1,097,478,351,000,000	1,099,724,140,000,000
gain from discontinued operations																					-30,000,000
net gain from discontinued operations																					-19,000,000
principal transactions:
commissions																						775,000,000	709,000,000	670,000,000
fees:
asset management, distribution and administration																						956,000,000	885,000,000	903,000,000
merchant and cardmember																						340,000,000	339,000,000	363,000,000
servicing																						462,000,000	503,000,000	567,000,000
interest and dividends																						3,534,000,000	3,692,000,000	3,789,000,000
total revenues																						8,929,000,000	8,418,000,000	8,502,000,000
yoy
qoq																						6.07%	-0.99%
provision for consumer loan losses																						310,000,000	309,000,000	336,000,000
income before income taxes and dividends on preferred securities subject to mandatory redemption																						1,877,000,000	915,000,000	1,426,000,000
dividends on preferred securities subject to mandatory redemption																						47,000,000	40,000,000	22,000,000
earnings per common share:
basic	2,710,000	2,830,000	2,150,000	2,620,000	2,250,000	1,910,000	1,850,000	2,040,000		1,250,000	1,720,000		1,400,000	2,040,000		1,020,000	985,000	1,280,000				1,180,000	560,000	840,000
diluted	2,680,000	2,800,000	2,130,000	2,600,000	2,220,000	1,880,000	1,820,000	2,020,000		1,240,000	1,700,000		1,390,000	2,020,000		1,010,000	972,500	1,270,000				1,150,000	550,000	820,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-03-31	2021-12-31	2020-03-31	2019-12-31	2019-09-30	2018-12-31	2014-03-31	2013-03-31	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-11-30	2008-05-31	2008-02-29	2007-11-30	2007-05-31	2007-02-28	2006-08-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-01-12	2004-06-03	2003-08-31	2003-05-31	2003-02-28	2002-11-30

assets
cash and cash equivalents	111,695,000,000	103,734,000,000	109,130,000,000	90,739,000,000	105,386,000,000	91,084,000,000	90,160,000,000	102,305,000,000	89,232,000,000	108,401,000,000	104,994,000,000	111,258,000,000	128,127,000,000	136,086,000,000	127,725,000,000	131,509,000,000														23,782,000,000	20,965,000,000	25,598,000,000	31,786,000,000	16,636,000,000	18,546,000,000	25,409,000,000	13,779,000,000	27,681,000,000	25,086,000,000	1,000,000	46,000,000	24,272,000,000	28,058,000,000	29,309,000,000	14,589,000,000
trading assets at fair value	428,276,000,000	423,823,000,000	425,519,000,000	400,243,000,000	331,884,000,000	362,298,000,000	357,043,000,000	367,633,000,000	367,074,000,000	346,685,000,000	328,454,000,000	320,301,000,000	301,315,000,000	296,881,000,000	294,869,000,000	270,916,000,000	297,110,000,000	277,423,000,000	266,299,000,000
investment securities:
available-for-sale at fair value	110,466,000,000	108,327,000,000	106,872,000,000	98,888,000,000	98,608,000,000	97,828,000,000	91,238,000,000	87,313,000,000	88,113,000,000	76,261,000,000	79,567,000,000	83,932,000,000
held-to-maturity	53,090,000,000	55,205,000,000	56,701,000,000	59,394,000,000	61,071,000,000	62,856,000,000	64,193,000,000	65,420,000,000	66,694,000,000	70,705,000,000	72,225,000,000	74,012,000,000
securities purchased under agreements to resell	120,243,000,000	111,734,000,000	106,755,000,000	119,048,000,000	118,565,000,000	137,352,000,000	118,910,000,000	122,733,000,000	110,740,000,000	101,569,000,000	97,914,000,000	121,885,000,000	113,907,000,000	127,767,000,000	119,999,000,000	104,800,000,000	88,224,000,000	93,367,000,000	98,522,000,000											165,928,000,000	143,097,000,000	126,887,000,000	144,051,000,000	192,038,000,000	171,547,000,000	176,260,000,000		143,642,000,000	145,579,000,000			74,271,000,000	71,374,000,000	59,687,000,000
securities borrowed	151,908,000,000	129,113,000,000	139,959,000,000	140,226,000,000	123,859,000,000	132,412,000,000	122,709,000,000	132,852,000,000	121,091,000,000	120,916,000,000	139,126,000,000	146,216,000,000	133,374,000,000	150,995,000,000	129,713,000,000	72,300,000,000	106,549,000,000	132,401,000,000	116,313,000,000	147,595,000,000	135,727,000,000	142,937,000,000	178,859,000,000	181,055,000,000	167,501,000,000	128,922,000,000	107,853,000,000	92,589,000,000		257,796,000,000	243,695,000,000	239,994,000,000	252,213,000,000	277,093,000,000	283,024,000,000	252,896,000,000		227,097,000,000	228,454,000,000			162,366,000,000	153,639,000,000	140,566,000,000
customer and other receivables	114,720,000,000	113,257,000,000	98,310,000,000	92,153,000,000	86,158,000,000	91,380,000,000	88,718,000,000	81,639,000,000	80,105,000,000	76,495,000,000	75,964,000,000	74,095,000,000	78,540,000,000	94,804,000,000	96,018,000,000	74,424,000,000	55,646,000,000	59,514,000,000	53,298,000,000	60,506,000,000	62,271,000,000
loans:
held for investment	268,720,000,000	255,867,000,000	245,654,000,000	232,792,000,000	225,834,000,000	218,012,000,000	212,964,000,000	203,794,000,000	203,385,000,000	202,742,000,000	200,528,000,000	199,550,000,000	198,997,000,000	182,247,000,000	174,302,000,000	131,335,000,000	118,060,000,000	110,815,000,000	99,815,000,000	41,575,000,000
held for sale	9,374,000,000	11,433,000,000	12,332,000,000	16,111,000,000	12,319,000,000	12,862,000,000	15,283,000,000	13,426,000,000	15,255,000,000	14,230,000,000	15,284,000,000	15,146,000,000	14,788,000,000	14,013,000,000	13,832,000,000	17,362,000,000	12,577,000,000	14,707,000,000	15,764,000,000	4,730,000,000
goodwill	16,726,000,000	16,725,000,000	16,734,000,000	16,714,000,000	16,706,000,000	16,735,000,000	16,719,000,000	16,722,000,000	16,707,000,000	16,699,000,000	16,652,000,000	16,657,000,000	16,652,000,000	16,825,000,000	16,833,000,000	7,125,000,000	7,143,000,000	7,139,000,000	6,688,000,000	6,601,000,000	6,633,000,000	6,743,000,000	6,749,000,000	7,169,000,000	7,162,000,000	6,977,000,000	6,836,000,000	2,226,000,000		2,988,000,000	3,053,000,000	3,024,000,000	2,977,000,000	3,131,000,000						230,000,000	314,000,000	1,466,000,000	1,476,000,000	1,460,000,000
intangible assets	6,010,000,000	6,097,000,000	6,185,000,000	6,305,000,000	6,453,000,000	6,620,000,000	6,763,000,000	6,914,000,000	7,055,000,000	7,204,000,000	7,322,000,000	7,470,000,000	7,618,000,000	8,244,000,000	8,360,000,000	2,021,000,000	2,107,000,000	2,211,000,000	2,163,000,000	3,210,000,000	3,694,000,000	4,581,000,000	4,924,000,000	4,998,000,000	5,054,000,000	5,679,000,000	5,553,000,000	849,000,000		902,000,000	1,008,000,000	1,047,000,000	1,155,000,000	1,131,000,000
other assets	29,042,000,000	29,491,000,000	29,719,000,000	27,683,000,000	28,228,000,000	28,588,000,000	27,747,000,000	27,752,000,000	28,242,000,000	27,106,000,000	26,881,000,000	29,382,000,000	26,982,000,000	23,578,000,000	23,491,000,000	19,846,000,000	20,117,000,000	19,581,000,000	15,641,000,000	9,548,000,000	10,284,000,000	13,558,000,000	13,059,000,000	14,083,000,000	16,845,000,000	16,325,000,000	15,972,000,000	16,532,000,000	5,387,000,000	14,172,000,000	10,543,000,000	8,851,000,000	10,424,000,000	23,280,000,000	15,437,000,000	15,988,000,000	7,608,000,000	11,918,000,000	9,631,000,000	14,000,000	10,000,000	8,570,000,000	8,787,000,000	8,578,000,000	2,618,000,000
total assets	1,420,270,000,000	1,364,806,000,000	1,353,870,000,000	1,300,296,000,000	1,215,071,000,000	1,258,027,000,000	1,212,447,000,000	1,228,503,000,000	1,193,693,000,000	1,169,013,000,000	1,164,911,000,000	1,199,904,000,000	1,180,231,000,000	1,222,233,000,000	1,188,140,000,000	947,795,000,000	895,429,000,000	902,604,000,000	853,531,000,000	831,381,000,000	801,383,000,000	836,185,000,000	809,456,000,000	819,719,000,000	771,462,000,000	769,503,000,000	676,957,000,000	626,023,000,000	282,550,000,000	1,031,228,000,000	1,090,896,000,000	1,045,409,000,000	1,199,993,000,000	1,182,061,000,000	1,028,872,000,000	959,613,000,000	202,418,000,000	837,391,000,000	818,711,000,000			580,632,000,000	586,881,000,000	559,436,000,000	144,406,000,000
liabilities
deposits	415,523,000,000	405,480,000,000	389,377,000,000	381,563,000,000	376,007,000,000	363,722,000,000	348,890,000,000	352,494,000,000	351,804,000,000	345,458,000,000	348,511,000,000	347,523,000,000	356,646,000,000	360,840,000,000	347,574,000,000	235,239,000,000	190,356,000,000	180,738,000,000	187,820,000,000		80,623,000,000	63,495,000,000	61,368,000,000	63,926,000,000	62,215,000,000	62,415,000,000	62,382,000,000	59,922,000,000		35,227,000,000	35,687,000,000	31,179,000,000	43,577,000,000	37,313,000,000	25,175,000,000	23,331,000,000		19,822,000,000	16,253,000,000			13,312,000,000	13,761,000,000	14,127,000,000
trading liabilities at fair value	169,569,000,000	162,408,000,000	171,351,000,000	170,009,000,000	153,764,000,000	152,238,000,000	155,018,000,000	152,843,000,000	151,513,000,000	150,298,000,000	147,043,000,000	170,764,000,000	154,438,000,000	176,580,000,000	158,328,000,000	142,076,000,000	133,356,000,000	143,405,000,000	126,747,000,000
securities sold under agreements to repurchase	78,539,000,000	61,504,000,000	69,537,000,000	69,272,000,000	50,067,000,000	58,329,000,000	65,677,000,000	82,404,000,000	62,651,000,000	76,661,000,000	56,363,000,000	60,491,000,000	62,534,000,000	60,068,000,000	62,188,000,000	45,816,000,000	54,200,000,000	59,462,000,000	49,759,000,000	114,183,000,000	119,270,000,000	156,891,000,000	185,134,000,000	174,591,000,000	159,401,000,000	147,344,000,000	91,935,000,000	69,641,000,000		136,998,000,000	160,492,000,000	162,840,000,000	252,710,000,000	288,672,000,000	246,952,000,000	245,724,000,000		192,374,000,000	179,113,000,000			139,890,000,000	131,838,000,000	134,211,000,000
securities loaned	17,310,000,000	15,944,000,000	19,193,000,000	16,604,000,000	15,226,000,000	17,455,000,000	17,078,000,000	15,945,000,000	15,057,000,000	13,064,000,000	13,369,000,000	15,588,000,000	15,679,000,000	14,222,000,000	12,299,000,000	11,631,000,000	8,506,000,000	9,691,000,000	11,908,000,000	32,370,000,000	40,351,000,000	36,084,000,000	26,524,000,000	31,372,000,000	26,246,000,000	26,182,000,000	18,002,000,000	19,106,000,000		45,981,000,000	86,890,000,000	110,423,000,000	147,216,000,000	161,839,000,000	138,998,000,000	141,021,000,000		114,745,000,000	114,006,000,000			57,490,000,000	55,388,000,000	55,031,000,000
other secured financings	21,603,000,000	21,441,000,000	23,537,000,000	22,267,000,000	21,602,000,000	18,143,000,000	17,140,000,000	15,091,000,000	12,655,000,000	9,668,000,000	8,294,000,000	8,670,000,000	8,158,000,000	8,808,000,000	10,041,000,000	13,058,000,000	14,698,000,000	9,836,000,000	9,466,000,000	13,481,000,000	16,294,000,000	12,958,000,000	7,735,000,000							29,878,000,000	40,753,000,000		43,456,000,000	51,594,000,000	37,942,000,000	27,035,000,000		20,092,000,000
customer and other payables	226,519,000,000	226,445,000,000	215,345,000,000	201,731,000,000	175,938,000,000	216,591,000,000	205,897,000,000	214,370,000,000	208,148,000,000	200,479,000,000	216,820,000,000	220,700,000,000	216,134,000,000	243,609,000,000	228,685,000,000	198,074,000,000	197,834,000,000	202,915,000,000	179,559,000,000	175,998,000,000	137,127,000,000
other liabilities and accrued expenses	29,620,000,000	28,854,000,000	27,459,000,000	25,613,000,000	28,220,000,000	28,698,000,000	25,944,000,000	23,833,000,000	28,151,000,000	26,034,000,000	25,177,000,000	24,032,000,000	27,353,000,000	24,214,000,000	29,300,000,000	19,817,000,000	21,155,000,000	19,348,000,000	17,204,000,000	14,118,000,000	13,622,000,000	13,961,000,000	15,602,000,000	13,957,000,000	20,849,000,000	18,414,000,000	18,960,000,000	11,986,000,000	4,062,000,000	23,289,000,000	20,745,000,000	24,606,000,000	26,782,000,000	24,063,000,000	20,742,000,000	14,984,000,000	7,992,000,000	17,794,000,000	15,008,000,000			13,641,000,000	12,226,000,000	12,556,000,000	1,067,000,000
borrowings	348,935,000,000	331,679,000,000	328,801,000,000	305,390,000,000	288,819,000,000	298,180,000,000	275,197,000,000	271,383,000,000	263,732,000,000	247,193,000,000	247,973,000,000	250,182,000,000	238,058,000,000	229,817,000,000	233,127,000,000	194,856,000,000	192,627,000,000	193,659,000,000	189,662,000,000
total liabilities	1,307,618,000,000	1,253,755,000,000	1,244,600,000,000	1,192,449,000,000	1,109,643,000,000	1,153,356,000,000	1,110,841,000,000	1,128,363,000,000	1,093,711,000,000	1,068,855,000,000	1,063,550,000,000	1,097,950,000,000	1,079,000,000,000	1,118,158,000,000	1,081,542,000,000	860,567,000,000	812,732,000,000	819,054,000,000	772,125,000,000	761,113,000,000
commitments and contingent liabilities
equity
morgan stanley shareholders’ equity:
preferred stock	9,750,000,000	9,750,000,000	9,750,000,000	9,750,000,000	9,750,000,000	9,750,000,000	8,750,000,000	8,750,000,000	8,750,000,000	8,750,000,000	8,750,000,000	8,750,000,000	8,750,000,000	7,750,000,000	7,750,000,000	8,520,000,000	8,520,000,000	8,520,000,000	8,520,000,000	3,220,000,000	1,508,000,000	9,597,000,000	9,597,000,000	9,597,000,000	9,597,000,000	9,597,000,000	9,597,000,000	19,208,000,000	19,155,000,000	1,100,000,000	1,100,000,000	1,100,000,000	1,100,000,000	1,100,000,000	1,100,000,000
common stock																																										12,000,000	12,000,000	12,000,000	12,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,582,834,137 and 1,606,653,706	20,000,000
additional paid-in capital	31,153,000,000	30,730,000,000	30,263,000,000	29,773,000,000	30,179,000,000	29,820,000,000	29,459,000,000	29,046,000,000	29,832,000,000	29,595,000,000	29,245,000,000	28,856,000,000	29,339,000,000	28,007,000,000	28,841,000,000	23,428,000,000	23,935,000,000	23,649,000,000	23,794,000,000	23,364,000,000	23,661,000,000
retained earnings	115,091,000,000	112,426,000,000	109,567,000,000	107,653,000,000	104,989,000,000	102,911,000,000	101,374,000,000	99,811,000,000	97,996,000,000	98,007,000,000	97,151,000,000	96,392,000,000	94,862,000,000	91,722,000,000	89,432,000,000	71,518,000,000	70,589,000,000	69,071,000,000	64,175,000,000	43,522,000,000	40,750,000,000	39,269,000,000	38,210,000,000	36,539,000,000	35,056,000,000	34,726,000,000	34,245,000,000	35,577,000,000	38,096,000,000	39,581,000,000	38,852,000,000	38,045,000,000	46,256,000,000	43,975,000,000	39,519,000,000	36,456,000,000	35,185,000,000	33,011,000,000	33,160,000,000			27,270,000,000	26,251,000,000	25,901,000,000	25,250,000,000
employee stock trusts	5,154,000,000	5,058,000,000	5,085,000,000	5,277,000,000	5,103,000,000	5,095,000,000	5,110,000,000	5,250,000,000	5,314,000,000	5,244,000,000	5,258,000,000	5,343,000,000	4,881,000,000	4,975,000,000	3,955,000,000	3,088,000,000	2,918,000,000	2,865,000,000	2,836,000,000	2,099,000,000
accumulated other comprehensive income	-6,285,000,000	-6,346,000,000	-5,913,000,000	-5,961,000,000	-6,814,000,000	-5,986,000,000	-6,760,000,000	-7,057,000,000	-6,421,000,000	-7,202,000,000	-6,300,000,000	-5,711,000,000	-6,253,000,000	-4,902,000,000	-3,102,000,000	2,095,000,000	-2,788,000,000	-1,598,000,000	-2,292,000,000																32,000,000							-239,000,000	-271,000,000	-270,000,000	-251,000,000
common stock held in treasury at cost, 0.01 par value	-38,097,000,000	-36,618,000,000	-35,503,000,000	-34,423,000,000	-33,613,000,000	-32,868,000,000	-32,129,000,000	-31,372,000,000	-31,139,000,000	-29,959,000,000	-28,480,000,000	-27,481,000,000	-26,577,000,000	-19,696,000,000	-17,500,000,000	-19,721,000,000	-18,727,000,000	-17,280,000,000	-13,971,000,000
common stock issued to employee stock trusts	-5,154,000,000	-5,058,000,000	-5,085,000,000	-5,277,000,000	-5,103,000,000	-5,095,000,000	-5,110,000,000	-5,250,000,000	-5,314,000,000	-5,244,000,000	-5,258,000,000	-5,343,000,000	-4,881,000,000	-4,975,000,000	-3,955,000,000	-3,088,000,000	-2,918,000,000	-2,865,000,000	-2,836,000,000	-2,099,000,000
total morgan stanley shareholders’ equity	111,632,000,000	109,962,000,000	108,184,000,000	106,812,000,000	104,511,000,000	103,647,000,000	100,714,000,000	99,198,000,000	99,038,000,000	99,211,000,000	100,386,000,000	100,826,000,000	100,141,000,000	102,901,000,000	105,441,000,000	85,860,000,000	81,549,000,000	82,382,000,000	80,246,000,000	67,071,000,000	62,704,000,000	58,186,000,000	51,013,000,000	48,264,000,000	46,688,000,000	46,349,000,000	46,586,000,000	48,522,000,000
noncontrolling interests	1,020,000,000	1,089,000,000	1,086,000,000	1,035,000,000	917,000,000	1,024,000,000	892,000,000	942,000,000	944,000,000	947,000,000	975,000,000	1,128,000,000	1,090,000,000	1,174,000,000	1,157,000,000	1,368,000,000	1,148,000,000	1,168,000,000	1,160,000,000			8,322,000,000
total equity	112,652,000,000	111,051,000,000	109,270,000,000	107,847,000,000	105,428,000,000	104,671,000,000	101,606,000,000	100,140,000,000	99,982,000,000	100,158,000,000	101,361,000,000	101,954,000,000	101,231,000,000	104,075,000,000	106,598,000,000	87,228,000,000	82,697,000,000	83,550,000,000	81,406,000,000	70,268,000,000	66,072,000,000	66,508,000,000	59,159,000,000	55,179,000,000	52,780,000,000	52,224,000,000	51,463,000,000	49,207,000,000
total liabilities and equity	1,420,270,000,000	1,364,806,000,000	1,353,870,000,000	1,300,296,000,000	1,215,071,000,000	1,258,027,000,000	1,212,447,000,000	1,228,503,000,000	1,193,693,000,000	1,169,013,000,000	1,164,911,000,000	1,199,904,000,000	1,180,231,000,000	1,222,233,000,000	1,188,140,000,000	947,795,000,000	895,429,000,000	902,604,000,000	853,531,000,000			836,185,000,000	809,456,000,000	819,719,000,000	771,462,000,000	769,503,000,000	676,957,000,000	626,023,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,591,091,689 and 1,606,653,706		20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,598,299,431 and 1,606,653,706			20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,606,806,297 and 1,606,653,706				20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,606,653,706 and 1,626,828,437					20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,612,068,430 and 1,626,828,437						20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,619,075,147 and 1,626,828,437							20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,626,657,461 and 1,626,828,437								20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,626,828,437 and 1,675,487,409									20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,642,250,165 and 1,675,487,409										20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,658,733,133 and 1,675,487,409											20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,670,318,320 and 1,675,487,409												20,000,000
investment securities													159,931,000,000	170,793,000,000	182,998,000,000	116,157,000,000	105,725,000,000	105,790,000,000	91,832,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,675,487,409 and 1,772,226,530													20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,756,153,374 and 1,772,226,530														20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,772,226,530 and 1,809,624,144															20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,575,500,507 and 1,593,973,680																20,000,000
cash and cash equivalents:
cash and due from banks																	4,293,000,000	35,721,000,000	30,541,000,000	13,785,000,000	17,773,000,000	8,120,000,000	8,770,000,000	5,979,000,000	6,988,000,000	6,218,000,000	9,184,000,000	8,019,000,000	16,118,000,000
interest bearing deposits with banks																	45,366,000,000	13,196,000,000	21,299,000,000	41,639,000,000	25,129,000,000	44,488,000,000	27,577,000,000	29,499,000,000	25,003,000,000	22,392,000,000	25,822,000,000	40,522,000,000	39,137,000,000
restricted cash																	32,512,000,000	30,739,000,000	35,356,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,593,973,680 and 1,699,828,943																	20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,623,587,078 and 1,699,828,943																		20,000,000
shares authorized: 3,500,000,000; shares issued: 2,038,893,979; shares outstanding: 1,699,828,943 and 1,788,086,805																			20,000,000
cash deposited with clearing organizations or segregated under federal and other regulations or requirements																				43,651,000,000	31,313,000,000	21,932,000,000	21,930,000,000	22,367,000,000	23,712,000,000	21,753,000,000	21,643,000,000	23,094,000,000
trading assets, at fair value																				259,545,000,000	267,236,000,000
securities available for sale, at fair value																				58,886,000,000	41,454,000,000	27,733,000,000
securities received as collateral, at fair value																				21,613,000,000	17,971,000,000	13,161,000,000	14,781,000,000	16,891,000,000	13,656,000,000	16,414,000,000	9,872,000,000	7,088,000,000		25,528,000,000	49,119,000,000	82,229,000,000
federal funds sold and securities purchased under agreements to resell																				107,576,000,000	140,415,000,000	162,923,000,000	144,862,000,000	138,633,000,000	143,208,000,000	146,985,000,000	121,799,000,000	120,540,000,000
other investments																				5,143,000,000	4,940,000,000	4,719,000,000	5,601,000,000	3,901,000,000	3,752,000,000	3,899,000,000	3,796,000,000	3,816,000,000		5,886,000,000	5,257,000,000	4,524,000,000	13,302,000,000
premises, equipment and software costs																				5,778,000,000	5,928,000,000	6,366,000,000	6,100,000,000	6,047,000,000	7,067,000,000	6,765,000,000	6,548,000,000	6,018,000,000
deposits (includes 0 and 185 at fair value at march 31, 2014 and december 31, 2013, respectively).																				116,648,000,000
commercial paper and other short-term borrowings																				1,786,000,000	2,475,000,000	3,302,000,000	3,835,000,000	3,323,000,000	2,378,000,000	2,913,000,000	3,030,000,000	3,411,000,000	6,390,000,000	23,816,000,000	25,952,000,000	34,495,000,000	33,747,000,000	33,829,000,000	25,998,000,000	29,409,000,000	17,630,000,000	37,829,000,000	40,057,000,000			28,782,000,000	40,482,000,000	45,541,000,000
trading liabilities, at fair value																				111,590,000,000	132,472,000,000
obligation to return securities received as collateral, at fair value																				27,565,000,000	23,510,000,000	18,069,000,000	14,781,000,000	16,891,000,000	13,656,000,000	16,414,000,000	9,872,000,000	7,088,000,000		25,528,000,000	49,119,000,000	82,229,000,000
long-term borrowings																				153,374,000,000	165,142,000,000	196,136,000,000	182,810,000,000	189,203,000,000	193,374,000,000	196,437,000,000	186,792,000,000	182,108,000,000	165,822,000,000	210,724,000,000	200,316,000,000	190,624,000,000	171,932,000,000	159,833,000,000	133,364,000,000	121,395,000,000	105,005,000,000	102,351,000,000	102,303,000,000			63,295,000,000	65,425,000,000	60,469,000,000	53,300,000,000
shares authorized: 3,500,000,000 at march 31, 2014 and december 31, 2013;
shares issued: 2,038,893,979 at march 31, 2014 and december 31, 2013;
shares outstanding: 1,971,686,139 at march 31, 2014 and 1,944,868,751 at december 31, 2013																				20,000,000
accumulated other comprehensive loss																				-968,000,000	-694,000,000	-426,000,000	-354,000,000	-559,000,000	-560,000,000	-299,000,000	-342,000,000	-471,000,000	-125,000,000	-218,000,000	-138,000,000	-199,000,000	-119,000,000	-127,000,000		-130,000,000	-190,000,000	-125,000,000	-151,000,000
common stock held in treasury, at cost, 0.01 par value...																				-2,087,000,000	-2,541,000,000		-4,104,000,000	-4,078,000,000	-6,039,000,000	-6,131,000,000	-6,143,000,000	-6,233,000,000	-7,926,000,000			-9,591,000,000					-8,214,000,000
nonredeemable noncontrolling interests																				3,197,000,000	3,368,000,000
total liabilities, redeemable noncontrolling interests and equity																				831,381,000,000	801,383,000,000
loans																					30,615,000,000	11,882,000,000	7,764,000,000	7,484,000,000
redeemable noncontrolling interests																					4,425,000,000
shares authorized: 3,500,000,000 at march 31, 2013 and december 31, 2012;
shares issued: 2,038,893,979 at december 31, 2012 and march 31,2013;
shares outstanding: 1,960,582,868 at march 31, 2013 and 1,974,042,123 at december 31, 2012																					20,000,000
employee stock trust																					1,872,000,000	3,468,000,000	3,666,000,000	3,772,000,000	4,064,000,000	4,058,000,000	4,163,000,000	4,167,000,000	3,901,000,000	7,468,000,000	7,468,000,000	5,569,000,000	5,808,000,000	5,773,000,000	4,693,000,000	4,746,000,000	3,060,000,000	3,547,000,000	3,648,000,000			2,778,000,000	2,870,000,000	2,942,000,000	3,003,000,000
common stock issued to employee trust																					-1,872,000,000	-3,468,000,000	-3,666,000,000	-3,772,000,000	-4,064,000,000	-4,058,000,000	-4,163,000,000	-4,167,000,000	-3,901,000,000	-7,468,000,000	-7,468,000,000	-5,569,000,000	-5,808,000,000	-5,773,000,000	-4,693,000,000	-4,746,000,000	-3,060,000,000	-3,547,000,000	-3,648,000,000			-2,778,000,000	-2,870,000,000	-2,942,000,000	-2,618,000,000
financial instruments owned, at fair value
u.s. government and agency securities																						46,626,000,000	63,976,000,000	69,274,000,000	62,215,000,000	82,881,000,000	63,717,000,000	26,997,000,000		26,498,000,000	41,028,000,000	23,887,000,000	35,198,000,000	42,569,000,000	38,981,000,000	34,875,000,000		30,377,000,000	34,386,000,000			27,222,000,000	25,297,000,000	37,067,000,000
other sovereign government obligations																						38,878,000,000	29,403,000,000	31,341,000,000	25,445,000,000	39,576,000,000	26,768,000,000	23,899,000,000		32,467,000,000	37,290,000,000	21,606,000,000	28,764,000,000	32,349,000,000	27,848,000,000	25,092,000,000		21,391,000,000	24,276,000,000			18,493,000,000	23,272,000,000	27,815,000,000
corporate and other debt																						88,459,000,000	86,546,000,000	90,192,000,000	90,454,000,000	94,794,000,000	87,802,000,000	82,687,000,000		130,943,000,000	160,773,000,000	147,724,000,000	167,751,000,000	181,963,000,000	142,162,000,000	122,244,000,000		98,386,000,000	96,131,000,000			71,654,000,000	73,693,000,000	58,996,000,000
corporate equities																						67,042,000,000	53,994,000,000	67,591,000,000	57,968,000,000	52,310,000,000	42,582,000,000	34,260,000,000		89,075,000,000	89,006,000,000	87,377,000,000	99,728,000,000	97,082,000,000	74,794,000,000	56,797,000,000		43,336,000,000	36,443,000,000			22,792,000,000	22,956,000,000	22,220,000,000
derivative and other contracts																						49,913,000,000	53,853,000,000	47,906,000,000	49,081,000,000	55,265,000,000	58,372,000,000	79,149,000,000
investments																						9,068,000,000	9,164,000,000	9,482,000,000	9,286,000,000	9,252,000,000	8,825,000,000	9,482,000,000		15,451,000,000	14,821,000,000	14,270,000,000	10,050,000,000
physical commodities																						8,126,000,000	5,694,000,000	4,898,000,000	5,329,000,000	4,418,000,000	3,343,000,000	2,484,000,000		3,654,000,000	3,445,000,000	3,096,000,000	3,165,000,000	2,839,000,000	3,134,000,000	2,459,000,000		2,886,000,000	1,727,000,000			656,000,000	496,000,000	638,000,000
total financial instruments owned, at fair value																						308,112,000,000	302,630,000,000	320,684,000,000	299,778,000,000	338,496,000,000	291,409,000,000	258,958,000,000		390,393,000,000
receivables:
customers																						43,959,000,000	27,738,000,000	25,949,000,000	27,594,000,000	25,854,000,000	28,410,000,000	25,894,000,000		58,172,000,000	67,793,000,000	76,352,000,000	113,866,000,000	90,320,000,000	59,474,000,000	63,799,000,000		52,626,000,000	43,030,000,000			34,391,000,000	30,779,000,000	30,039,000,000
brokers, dealers and clearing organizations																						6,131,000,000	8,291,000,000	6,575,000,000	5,719,000,000	4,937,000,000	5,098,000,000	6,545,000,000		15,035,000,000	16,219,000,000	16,011,000,000	17,009,000,000	14,426,000,000	4,913,000,000	14,656,000,000		3,876,000,000	4,142,000,000			5,625,000,000	6,851,000,000	6,456,000,000
fees, interest and other																						8,840,000,000	10,454,000,000	9,768,000,000	11,164,000,000	11,330,000,000	11,348,000,000	6,635,000,000		8,628,000,000	9,223,000,000	8,320,000,000	11,991,000,000	11,087,000,000	8,490,000,000	7,233,000,000		8,635,000,000	8,303,000,000			4,638,000,000	5,234,000,000	4,187,000,000
liabilities and equity
financial instruments sold, not yet purchased, at fair value:
total financial instruments sold, not yet purchased, at fair value																						136,270,000,000	125,189,000,000	125,842,000,000	107,383,000,000	118,593,000,000	110,561,000,000	100,085,000,000		161,748,000,000
payables:
interest and dividends																						2,659,000,000	2,519,000,000		2,597,000,000	3,143,000,000	2,674,000,000	3,022,000,000		4,056,000,000	3,095,000,000	1,724,000,000	6,541,000,000	4,687,000,000	4,996,000,000	4,377,000,000		2,873,000,000	3,450,000,000			2,512,000,000	2,951,000,000	5,186,000,000
common stock, 0.01 par value...																																12,000,000
shares authorized: 3,500,000,000 at march 31, 2011 and december 31, 2010;
shares issued: 1,603,913,074 at march 31, 2011 and december 31, 2010;
shares outstanding: 1,545,064,012 at march 31, 2011 and 1,512,022,095 at december 31, 2010																						16,000,000
paid-in capital																						12,185,000,000	7,649,000,000	6,750,000,000	8,619,000,000	8,441,000,000	9,214,000,000	429,000,000	1,619,000,000	340,000,000		1,902,000,000	2,165,000,000	2,084,000,000	1,971,000,000	1,409,000,000	2,389,000,000	2,215,000,000	1,994,000,000			3,288,000,000	3,346,000,000	3,440,000,000	3,678,000,000
common stock held in treasury at cost, 0.01 par value...																						-2,455,000,000
securities available for sale																							19,367,000,000	18,637,000,000
commitments and contingencies
shares authorized: 3,500,000,000 at june 30, 2010 and december 31, 2009;
shares issued: 1,487,850,163 at june 30, 2010 and december 31, 2009;
shares outstanding: 1,397,007,417 at june 30, 2010 and 1,360,595,214 at december 31, 2009																							15,000,000
non-controlling interests																							8,146,000,000	6,915,000,000	6,092,000,000	5,875,000,000	4,877,000,000	685,000,000
other secured financings, at fair value																								9,560,000,000	8,102,000,000	10,278,000,000	10,148,000,000	10,515,000,000				27,772,000,000
interest																								2,729,000,000
shares authorized: 3,500,000,000 at march 31, 2010 and december 31, 2009;
shares issued: 1,487,850,163 at march 31, 2010 and december 31, 2009;
shares outstanding: 1,398,469,576 at march 31, 2010 and 1,360,595,214 at december 31, 2009																								15,000,000
other loans																									7,259,000,000	6,557,000,000	5,814,000,000	6,698,000,000		3,769,000,000	9,575,000,000	11,629,000,000	14,334,000,000
shares authorized: 3,500,000,000 in 2009 and 2008;
shares issued: 1,487,850,163 in 2009 and 1,211,701,552 in 2008;
shares outstanding: 1,360,595,214 in 2009 and 1,074,497,565 in 2008																									15,000,000
shares authorized: 3,500,000,000 at september 30, 2009, december 31, 2008 and november 30, 2008;
shares issued: 1,487,850,163 at september 30, 2009, 1,211,701,552 at december 31, 2008 and november 30, 2008;
shares outstanding: 1,358,900,574 at september 30, 2009, 1,074,497,565 at december 31, 2008 and 1,047,598,394 at november 30, 2008																										15,000,000
shares authorized: 3,500,000,000 at june 30, 2009, december 31, 2008 and november 30, 2008;
shares issued: 1,487,850,163 at june 30, 2009, 1,211,701,552 at december 31, 2008 and november 30, 2008;
shares outstanding: 1,359,204,010 at june 30, 2009, 1,074,497,565 at december 31, 2008 and 1,047,598,394 at november 30, 2008																											15,000,000
liabilities and shareholders’ equity
shares authorized: 3,500,000,000 at march 31, 2009, december 31, 2008 and november 30, 2008;
shares issued: 1,211,701,552 at march 31, 2009, december 31, 2008 and november 30, 2008;
shares outstanding: 1,081,607,788 at march 31, 2009, 1,074,497,565 at december 31, 2008 and 1,047,598,394 at november 30, 2008																												12,000,000
assets:
financial instruments owned																													5,711,000,000								13,399,000,000				169,000,000				3,059,000,000
securities purchased under agreement to resell with affiliate																													6,000,000,000								24,298,000,000
advances to subsidiaries:
bank and bank holding company																													2,841,000,000
non-bank																													171,433,000,000
investment in subsidiaries, at equity:
liabilities and shareholders’ equity:
financial instruments sold, not yet purchased																													414,000,000								9,706,000,000								134,000,000
payables to subsidiaries																													55,031,000,000								32,903,000,000								29,733,000,000
shareholders’ equity:
shares authorized: 3,500,000,000 in 2008 and 2007;
shares issued: 1,211,701,522 in 2008 and 2007;
shares outstanding: 1,047,598,394 in 2008 and 1,056,289,659 in 2007																													12,000,000
total shareholders’ equity																													50,831,000,000	34,493,000,000	33,280,000,000	31,269,000,000	39,511,000,000	37,954,000,000	34,172,000,000	30,123,000,000	29,182,000,000	28,226,000,000	28,330,000,000			23,707,000,000	22,631,000,000	22,465,000,000	21,885,000,000
total liabilities and shareholders’ equity																													282,550,000,000	1,031,228,000,000	1,090,896,000,000	1,045,409,000,000	1,199,993,000,000	1,182,061,000,000	1,028,872,000,000	959,613,000,000	202,418,000,000	837,391,000,000	818,711,000,000			580,632,000,000	586,881,000,000	559,436,000,000	144,406,000,000
cash and securities deposited with clearing organizations or segregated under federal and other regulations or requirements																														53,393,000,000	60,964,000,000	61,608,000,000	47,114,000,000	35,739,000,000	43,986,000,000	38,300,000,000
derivative contracts																														92,305,000,000	99,474,000,000	77,003,000,000	56,461,000,000	50,952,000,000	48,753,000,000	42,362,000,000		49,413,000,000	42,449,000,000			43,506,000,000	55,739,000,000	50,235,000,000
collateralized agreements:
premises, equipment and software costs, at cost																														4,856,000,000	4,548,000,000	4,372,000,000
collateralized financings:
shares authorized: 3,500,000,000 at may 31, 2008 and november 30, 2007;
shares issued: 1,211,701,552 at may 31, 2008 and november 30, 2007;
shares outstanding: 1,108,865,416 at may 31, 2008 and 1,056,289,659 at november 30, 2007																														12,000,000
102,836,136 shares at may 31, 2008 and 155,411,893 shares at november 30, 2007																														-6,322,000,000
total financial instruments owned																															445,837,000,000	374,963,000,000	401,117,000,000	407,754,000,000	335,672,000,000	283,829,000,000		245,789,000,000	235,412,000,000
total financial instruments sold, not yet purchased																															171,111,000,000	134,341,000,000	166,549,000,000	157,807,000,000	152,979,000,000	149,561,000,000		137,443,000,000	131,901,000,000
shares authorized: 3,500,000,000 at february 29, 2008 and november 30, 2007;
shares issued: 1,211,701,552 at february 29, 2008 and november 30, 2007;
shares outstanding: 1,105,301,550 at february 29, 2008 and 1,056,289,659 at november 30, 2007																															12,000,000
106,400,002 shares at february 29, 2008 and 155,411,893 shares at november 30, 2007																															-6,546,000,000
consumer loans																																	21,917,000,000	22,429,000,000	23,261,000,000	20,726,000,000		21,042,000,000	19,741,000,000			18,449,000,000	18,620,000,000	21,150,000,000
capital units																																			66,000,000	66,000,000		66,000,000	66,000,000			66,000,000	66,000,000	66,000,000
securities received as collateral																																	112,236,000,000	82,684,000,000	58,170,000,000	51,890,000,000		43,974,000,000	41,032,000,000			22,320,000,000	18,637,000,000	13,194,000,000
office facilities and other equipment, at cost																																	4,501,000,000	4,313,000,000
financial instruments sold, not yet purchased:
obligation to return securities received as collateral																																	112,236,000,000	82,684,000,000	58,170,000,000	51,890,000,000		43,974,000,000	41,032,000,000			22,320,000,000	18,637,000,000	13,194,000,000
shares authorized: 3,500,000,000 at may 31, 2007 and november 30, 2006;
shares issued: 1,211,701,552 at may 31, 2007 and november 30, 2006;
shares outstanding: 1,051,690,047 at may 31, 2007 and 1,048,877,006 at november 30, 2006																																	12,000,000
160,011,505 shares at may 31, 2007 and 162,824,546 shares at november 30, 2006																																	-9,903,000,000
shares authorized: 3,500,000,000 at february 28, 2007 and november 30, 2006;
shares issued: 1,211,701,552 at february 28, 2007 and november 30, 2006;
shares outstanding: 1,061,644,077 at february 28, 2007 and 1,048,877,006 at november 30, 2006																																		12,000,000
150,057,475 shares at february 28, 2007 and 162,824,546 shares at november 30, 2006																																		-9,090,000,000
office facilities, at cost																																			3,409,000,000	2,744,000,000		2,727,000,000	2,697,000,000			2,354,000,000	2,337,000,000	2,317,000,000
aircraft held for sale																																				3,010,000,000
goodwill and net intangible assets																																			2,943,000,000	2,873,000,000		2,531,000,000
shares authorized: 3,500,000,000 at august 31, 2006 and november 30, 2005;
shares issued: 1,211,701,552 at august 31, 2006 and november 30, 2005;
shares outstanding: 1,058,664,567 at august 31, 2006 and 1,057,677,994 at november 30, 2005																																			12,000,000
153,036,985 shares at august 31, 2006 and 154,023,558 shares at november 30, 2005																																			-8,462,000,000
shares authorized: 3,500,000,000 at february 28, 2006 and november 30, 2005;
shares issued: 1,211,701,552 at february 28, 2006 and november 30, 2005;
shares outstanding: 1,070,407,513 at february 28, 2006 and 1,057,677,994 at november 30, 2005																																				12,000,000
141,294,039 shares at february 28, 2006 and 154,023,558 shares at november 30, 2005																																				-7,624,000,000
advances to subsidiaries																																					113,835,000,000								100,578,000,000
investment in subsidiaries, at equity																																					29,499,000,000								23,562,000,000
shares authorized: 3,500,000,000 in 2005 and 2004;
shares issued: 1,211,701,522 in 2005 and 2004;
shares outstanding: 1,057,677,994 in 2005 and 1,087,087,116 in 2004																																					12,000,000
cash and securities deposited with clearing organizations or segregated under federal and other regulations																																						43,853,000,000	49,378,000,000			33,115,000,000	35,099,000,000	40,707,000,000
aircraft under operating leases																																						2,000,000,000	3,698,000,000			4,472,000,000	4,537,000,000	4,815,000,000
shares authorized: 3,500,000,000 at august 31, 2005 and november 30, 2004; shares issued: 1,211,701,552 at august 31, 2005 and november 30, 2004; shares outstanding: 1,082,727,000 at august 31, 2005 and 1,087,087,116 at november 30, 2004																																						12,000,000
128,974,552 shares at august 31, 2005 and 124,614,436 shares at november 30, 2004																																						-6,887,000,000
goodwill and intangible assets																																							2,528,000,000
other secured borrowings																																							16,362,000,000
shares authorized: 3,500,000,000 at may 31, 2005 and november 30, 2004;
shares issued: 1,211,701,552 at may 31, 2005 and november 30, 2004;
shares outstanding: 1,086,652,691 at may 31, 2005 and 1,087,087,116 at november 30, 2004																																							12,000,000
subtotal																																							38,663,000,000			33,109,000,000	32,208,000,000	32,025,000,000	31,692,000,000
125,048,861 shares at may 31, 2005 and 124,614,436 shares at november 30, 2004																																							-6,685,000,000
receivables																																								22,000,000
office facilities																																								14,000,000	6,000,000
amortizable intangible assets																																								91,000,000	350,000,000
total assets acquired																																								372,000,000	949,000,000
total liabilities assumed																																								61,000,000	145,000,000
net assets acquired																																								311,000,000	804,000,000
19.
receivables and prepaid expenses																																									54,000,000
compensation and benefits expense																																									1,940,000,000
total non-interest expenses																																									3,374,000,000
income from continuing operations before losses from unconsolidated investees, income taxes and dividends on preferred securities subject to mandatory redemption																																									1,875,000,000
benefit from income taxes																																									455,000,000
income from continuing operations																																									1,268,000,000
net income																																									1,269,000,000
earnings per common share:
basic																																									1,180,000
diluted																																									1,150,000
preferred securities subject to mandatory redemption																																										2,810,000,000	2,710,000,000	2,010,000,000
note receivable related to esop																																										-8,000,000	-8,000,000	-9,000,000	-13,000,000
common stock held in treasury, at cost																																										-6,616,000,000	-6,699,000,000	-6,609,000,000	-7,176,000,000
short-term borrowings																																													38,287,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2021-12-31	2014-03-31	2011-03-31	2010-03-31	2009-12-31	2009-03-31	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28

cash flows from operating activities
net income	4,655,000,000	3,575,000,000	4,371,000,000	3,724,000,000	3,226,000,000	3,117,000,000	3,462,000,000	1,541,000,000	8,188,000,000	1,584,000,000	1,130,000,000	2,011,000,000	770,000,000	-190,000,000	1,425,000,000	1,026,000,000	1,551,000,000	-3,588,000,000	1,543,000,000	2,582,000,000	2,672,000,000	2,206,000,000	1,748,000,000	1,957,000,000	1,561,000,000	2,465,000,000	144,000,000	928,000,000	1,402,000,000	1,200,000,000	837,000,000	1,223,000,000	1,226,000,000	1,014,000,000	1,269,000,000	599,000,000	905,000,000
adjustments to reconcile net income to net cash from operating activities:
stock-based compensation expense	449,000,000	469,000,000	539,000,000	391,000,000	372,000,000	417,000,000	442,000,000	361,000,000	1,260,000,000
depreciation and amortization	1,348,000,000	1,307,000,000	865,000,000	1,645,000,000	1,270,000,000	1,271,000,000	975,000,000	1,406,000,000	2,229,000,000	326,000,000	379,000,000	154,000,000	395,000,000	155,000,000	100,000,000	83,000,000	126,000,000	-3,000,000	224,000,000	50,000,000	204,000,000	338,000,000	173,000,000	186,000,000	179,000,000	151,000,000	186,000,000	247,000,000	231,000,000	342,000,000	161,000,000	131,000,000	171,000,000
benefit from credit losses	0	196,000,000	135,000,000	115,000,000	79,000,000	76,000,000	-6,000,000	3,000,000
other operating adjustments	112,000,000	158,000,000	-2,000,000	-117,000,000	46,000,000	87,000,000	-12,000,000	264,000,000	-33,000,000
changes in assets and liabilities:
trading assets, net of trading liabilities	-3,842,000,000	-17,002,000,000	-48,968,000,000	22,138,000,000	1,983,000,000	11,770,000,000	-1,395,000,000	-7,855,000,000	-7,961,000,000	31,336,000,000
securities borrowed	10,846,000,000	267,000,000	-16,367,000,000	8,553,000,000	-9,703,000,000	10,143,000,000	-11,761,000,000	-175,000,000	-1,234,000,000	-17,888,000,000	-4,207,000,000	-13,554,000,000	-38,579,000,000	-4,537,000,000	16,745,000,000	-14,101,000,000	-3,701,000,000	17,038,000,000	-4,819,000,000	24,880,000,000	22,538,000,000
securities loaned	-3,249,000,000	2,589,000,000	1,378,000,000	-2,229,000,000	377,000,000	1,133,000,000	888,000,000	1,993,000,000	6,785,000,000	-429,000,000	6,990,000,000	5,126,000,000	64,000,000	4,526,000,000	-12,002,000,000	-40,909,000,000	-23,533,000,000	-34,722,000,000	-2,071,000,000	-14,623,000,000	11,582,000,000
customer and other receivables and other assets	-13,889,000,000	-4,144,000,000	-9,109,000,000	5,009,000,000	-2,581,000,000	-8,008,000,000	272,000,000	-3,282,000,000	5,909,000,000	-1,299,000,000
customer and other payables and other liabilities	13,250,000,000	11,856,000,000	24,460,000,000	-38,106,000,000	13,398,000,000	-4,577,000,000	3,735,000,000	11,636,000,000	-14,963,000,000	16,904,000,000
securities purchased under agreements to resell	-4,979,000,000	12,293,000,000	-483,000,000	18,787,000,000	-18,442,000,000	3,823,000,000	-11,993,000,000	-9,171,000,000	-8,920,000,000						-13,612,000,000	-22,831,000,000	-16,210,000,000	50,023,000,000	-32,859,000,000	48,908,000,000	-17,172,000,000
securities sold under agreements to repurchase	-8,033,000,000	265,000,000	19,205,000,000	-8,262,000,000	-7,348,000,000	-16,727,000,000	19,753,000,000	-14,010,000,000	1,898,000,000	-31,492,000,000	9,293,000,000	15,190,000,000	12,057,000,000	-22,572,000,000	-14,197,000,000	-23,494,000,000	-2,348,000,000	-91,149,000,000	1,279,000,000	-35,962,000,000	20,471,000,000
net cash from operating activities	-3,332,000,000	11,829,000,000	-23,976,000,000	11,800,000,000	-17,323,000,000	2,525,000,000	4,360,000,000	-17,752,000,000	-6,938,000,000	5,327,000,000	-1,322,000,000	21,094,000,000	4,237,000,000	-32,521,000,000	15,920,000,000	8,423,000,000	-19,091,000,000			15,260,000,000	-30,165,000,000	-16,349,000,000	-2,853,000,000	-21,143,000,000	-20,458,000,000	-10,363,000,000	-15,217,000,000	-5,290,000,000	-482,000,000	12,352,000,000	6,599,000,000	-24,780,000,000	-18,677,000,000	4,425,000,000	1,752,000,000	12,062,000,000	-15,884,000,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	-3,332,000,000	11,829,000,000	-23,976,000,000	11,800,000,000	-17,323,000,000	2,525,000,000	4,360,000,000	-17,752,000,000	-6,938,000,000	5,327,000,000	-1,322,000,000	21,094,000,000	4,237,000,000	-32,521,000,000	15,920,000,000	8,423,000,000	-19,091,000,000			15,260,000,000	-30,165,000,000	-16,349,000,000	-2,853,000,000	-21,143,000,000	-20,458,000,000	-10,363,000,000	-15,217,000,000	-5,290,000,000	-482,000,000	12,352,000,000	6,599,000,000	-24,780,000,000	-18,677,000,000	4,425,000,000	1,752,000,000	12,062,000,000	-15,884,000,000
cash flows from investing activities
proceeds from
other assets—premises, equipment and software	-713,000,000	-763,000,000	-713,000,000	-879,000,000	-916,000,000	-851,000,000	-816,000,000	-929,000,000	-848,000,000
changes in loans	-10,374,000,000	-11,700,000,000	-6,486,000,000	-8,684,000,000	-4,207,000,000	-9,372,000,000	-355,000,000	127,000,000	-26,027,000,000
afs securities:
purchases	-10,080,000,000	-12,125,000,000	-6,562,000,000	-7,610,000,000	-9,349,000,000	-9,349,000,000	-9,019,000,000	-13,556,000,000	-34,493,000,000
proceeds from sales	2,188,000,000	748,000,000	1,714,000,000	188,000,000	5,000,000	987,000,000	4,548,000,000	614,000,000	7,091,000,000
proceeds from paydowns and maturities	7,012,000,000	3,797,000,000	5,314,000,000	5,473,000,000	6,085,000,000	4,223,000,000	5,308,000,000	2,299,000,000	32,733,000,000
htm securities:
other investing activities	-296,000,000	-426,000,000	-24,000,000	-497,000,000	-518,000,000	-199,000,000	-271,000,000	-577,000,000	16,000,000	-41,000,000
net cash from investing activities	-10,676,000,000	-17,672,000,000	-5,034,000,000	-10,150,000,000	-6,696,000,000	-13,668,000,000	1,054,000,000	-8,801,000,000	-24,176,000,000	-9,818,000,000	2,545,000,000	-18,812,000,000		-1,135,000,000	467,000,000	1,048,000,000	-509,000,000	-1,064,000,000	-1,705,000,000	-8,162,000,000	-507,000,000	-2,454,000,000	-2,193,000,000	751,000,000	1,551,000,000	-2,308,000,000	-1,723,000,000	-1,189,000,000	1,099,000,000	-1,987,000,000	-2,354,000,000	-1,963,000,000	3,208,000,000	-1,325,000,000	-280,000,000	2,047,000,000	1,321,000,000
cash flows from financing activities
net proceeds from
other secured financings	-2,525,000,000	4,057,000,000	-683,000,000	2,974,000,000	24,000,000	135,000,000	1,225,000,000	650,000,000	-38,000,000	-1,719,000,000	2,312,000,000	1,458,000,000	-2,176,000,000	-2,024,000,000	-7,158,000,000	-10,875,000,000	12,981,000,000	-9,568,000,000	-6,116,000,000	-8,138,000,000	-409,000,000	7,614,000,000	9,144,000,000	1,763,000,000	3,501,000,000
deposits	15,879,000,000	7,712,000,000	5,520,000,000	12,436,000,000	14,460,000,000	-3,475,000,000	534,000,000	6,113,000,000	43,981,000,000	4,269,000,000	-317,000,000	1,711,000,000	-200,000,000	8,567,000,000	1,547,000,000	-460,000,000	4,508,000,000	7,911,000,000	-26,000,000	6,264,000,000	8,950,000,000	3,135,000,000	2,615,000,000	-771,000,000	4,668,000,000	-1,159,000,000	3,569,000,000	2,303,000,000	173,000,000	1,385,000,000	1,098,000,000	-824,000,000	-721,000,000	-473,000,000	-449,000,000	-366,000,000	370,000,000
issuance of preferred stock, net of issuance costs				0
proceeds from issuance of borrowings	24,843,000,000	36,902,000,000	32,439,000,000	27,996,000,000	25,899,000,000	26,391,000,000	28,079,000,000	17,508,000,000	66,576,000,000
payments for:
borrowings	-26,102,000,000	-24,247,000,000	-20,845,000,000	-25,634,000,000	-15,860,000,000	-21,015,000,000	-17,721,000,000	-15,958,000,000	-39,733,000,000
repurchases of common stock and employee tax withholdings	-1,146,000,000	-1,129,000,000	-2,030,000,000	-852,000,000	-806,000,000	-823,000,000	-1,718,000,000	-1,342,000,000	-7,628,000,000	-672,000,000
cash dividends	-1,705,000,000	-1,584,000,000	-1,616,000,000	-1,585,000,000	-1,590,000,000	-1,467,000,000	-1,496,000,000	-1,477,000,000	-2,089,000,000	-143,000,000	-302,000,000	-293,000,000	-287,000,000	-645,000,000	-309,000,000	-312,000,000	-314,000,000	-306,000,000	-305,000,000	-303,000,000	-305,000,000	-303,000,000	-286,000,000	-288,000,000	-290,000,000	-291,000,000	-293,000,000	-295,000,000	-301,000,000	-274,000,000	-274,000,000	-275,000,000	-273,000,000	-247,000,000	-249,000,000	-249,000,000	-249,000,000
other financing activities	-168,000,000	-44,000,000	260,000,000	-80,000,000	-74,000,000	-150,000,000	-46,000,000	200,000,000	383,000,000
net cash from financing activities	9,076,000,000	21,667,000,000	13,045,000,000	15,255,000,000	23,048,000,000	-404,000,000	8,857,000,000	5,694,000,000	62,727,000,000	519,000,000	2,816,000,000	1,585,000,000	-137,000,000	4,188,000,000	-16,118,000,000	-6,577,000,000	14,622,000,000	9,425,000,000	-5,656,000,000	8,052,000,000	26,702,000,000	20,863,000,000	8,799,000,000	9,776,000,000	14,902,000,000	14,404,000,000	19,535,000,000	-2,503,000,000	640,000,000	-23,797,000,000	9,928,000,000	25,253,000,000	19,337,000,000	2,320,000,000	-5,258,000,000	-15,360,000,000	14,660,000,000
effect of exchange rate changes on cash and cash equivalents	-464,000,000	2,567,000,000	1,318,000,000	-2,603,000,000	1,895,000,000	-598,000,000	-1,198,000,000	1,690,000,000	-2,002,000,000	59,000,000	644,000,000	-380,000,000	-149,000,000	-661,000,000	-349,000,000	-77,000,000	345,000,000
net increase in cash and cash equivalents	-5,396,000,000	18,391,000,000	-14,647,000,000	14,302,000,000	924,000,000	-12,145,000,000	13,073,000,000	-19,169,000,000	29,611,000,000		4,993,000,000	3,487,000,000	3,381,000,000	-30,129,000,000	-80,000,000			-10,990,000,000	4,802,000,000						-4,005,000,000	1,733,000,000	2,595,000,000	-8,982,000,000	1,257,000,000	-13,432,000,000	14,173,000,000	-1,490,000,000	3,868,000,000	5,420,000,000			97,000,000
cash and cash equivalents, at beginning of period	0	0	105,386,000,000	0	0	0	89,232,000,000	0	18,458,000,000	59,883,000,000	47,615,000,000	31,991,000,000	0	78,670,000,000	0	0	25,598,000,000	0	0	0	20,606,000,000	0	0	0	29,414,000,000	0	0	0	32,811,000,000	0	0	0	29,692,000,000	0	0	0	29,212,000,000
cash and cash equivalents, at end of period	-5,396,000,000	18,391,000,000	90,739,000,000	14,302,000,000	924,000,000	-12,145,000,000	102,305,000,000	-19,169,000,000	48,069,000,000	55,424,000,000	52,608,000,000	35,478,000,000	3,381,000,000	48,541,000,000	-80,000,000	2,817,000,000	20,965,000,000	-10,990,000,000	4,802,000,000	15,150,000,000	16,636,000,000	2,060,000,000	3,753,000,000	-10,616,000,000	25,409,000,000	1,733,000,000	2,595,000,000	-8,982,000,000	34,068,000,000	-13,432,000,000	14,173,000,000	-1,490,000,000	33,560,000,000	5,420,000,000	-3,786,000,000	-1,251,000,000	29,309,000,000
supplemental disclosure of cash flow information
cash payments for:
interest	10,139,000,000	12,079,000,000	12,464,000,000	11,861,000,000	11,478,000,000	11,142,000,000	11,878,000,000	11,641,000,000	-8,457,000,000
income taxes, net of refunds	339,000,000	1,811,000,000	534,000,000	436,000,000	406,000,000	810,000,000	233,000,000	787,000,000	2,628,000,000
deferred income taxes
cash paid as part of the eaton vance acquisition, net of cash acquired
investment securities:
cash acquired as part of the e*trade acquisition
(release of) benefit from credit losses on lending activities
cash and cash equivalents:
cash and due from banks										13,785,000,000	8,120,000,000	5,979,000,000	770,000,000	8,019,000,000
interest bearing deposits with banks										41,639,000,000	44,488,000,000	29,499,000,000	2,611,000,000	40,522,000,000
restricted cash
income on equity method investees										-38,000,000
compensation payable in common stock and options										311,000,000	340,000,000	370,000,000	244,000,000	204,000,000	405,000,000	659,000,000	608,000,000	-191,000,000	866,000,000	659,000,000	607,000,000	593,000,000	295,000,000	323,000,000	744,000,000	198,000,000	230,000,000	206,000,000	202,000,000	462,000,000	90,000,000	46,000,000	65,000,000
net loss on business dispositions										-66,000,000
net gain on sale of securities available for sale										-6,000,000
impairment charges										33,000,000				278,000,000
(provision) release for credit losses on lending activities										10,000,000
other non-cash adjustments to net income										-65,000,000
cash deposited with clearing organizations or segregated under federal and other regulations or requirements										-4,448,000,000	-2,752,000,000	1,345,000,000	-2,075,000,000	945,000,000
federal funds sold and securities purchased under agreements to resell										10,554,000,000	-14,670,000,000	4,575,000,000	3,777,000,000	2,169,000,000
premises, equipment and software										2,000,000
business dispositions, net of cash disposed										135,000,000
loans										-4,560,000,000
purchases of securities available for sale										-8,188,000,000	-3,357,000,000	-18,674,000,000						-879,000,000	-5,219,000,000
sales of securities available for sale										1,853,000,000								56,000,000
maturities and redemptions of securities available for sale										981,000,000
commercial paper and other short-term borrowings										-356,000,000	46,000,000
noncontrolling interests										-9,000,000
proceeds from:
excess tax benefits associated with stock-based awards										84,000,000	29,000,000	2,000,000	90,000,000	10,000,000
derivatives financing activities										150,000,000	89,000,000	-39,000,000	-7,000,000	-53,000,000	1,346,000,000	-1,459,000,000	549,000,000	-1,157,000,000	387,000,000	489,000,000	-578,000,000	-456,000,000	1,158,000,000	12,000,000	-168,000,000
issuance of long-term borrowings										7,701,000,000	14,285,000,000	7,755,000,000	7,618,000,000	19,433,000,000	6,615,000,000	21,214,000,000	9,725,000,000	20,114,000,000	14,031,000,000	18,556,000,000	21,839,000,000	14,586,000,000	7,570,000,000	13,600,000,000	12,093,000,000	12,593,000,000	7,407,000,000	3,164,000,000	12,604,000,000	8,913,000,000	7,629,000,000	7,540,000,000	13,519,000,000	3,304,000,000	1,810,000,000	8,076,000,000	8,296,000,000
long-term borrowings										-8,786,000,000	-13,046,000,000	-9,693,000,000	-4,629,000,000
effect of cash and cash equivalents related to variable interest entities										-546,000,000	310,000,000
net decrease in cash and cash equivalents										-4,459,000,000							-4,633,000,000				-3,970,000,000		3,753,000,000
cash and cash equivalents include:
loss on equity method investees											660,000,000
loss on business dispositions												932,000,000
gain on sale of securities available for sale											-12,000,000
loss on repurchase of long-term debt											23,000,000
insurance reimbursement
impairment charges and other-than-temporary impairment charges											3,000,000	10,000,000
financial instruments owned, net of financial instruments sold, not yet purchased											7,568,000,000	-5,073,000,000	26,430,000,000	1,711,000,000	3,303,000,000	51,460,000,000	-30,893,000,000	12,096,000,000	-7,234,000,000	8,633,000,000	-44,068,000,000	-13,475,000,000	-32,276,000,000	-16,393,000,000	-19,998,000,000	-6,785,000,000	-4,533,000,000	6,019,000,000	-17,682,000,000	5,102,000,000	-6,188,000,000	-13,312,000,000	2,876,000,000	-16,251,000,000	2,484,000,000	18,310,000,000	-8,799,000,000
receivables, loans and other assets											-7,417,000,000	4,521,000,000
payables and other liabilities											1,350,000,000	5,487,000,000	3,985,000,000	-18,000,000,000	19,064,000,000	37,402,000,000	47,366,000,000	26,193,000,000	28,481,000,000	18,190,000,000	-1,807,000,000	-4,715,000,000	13,419,000,000	22,112,000,000	2,787,000,000	-2,387,000,000	-10,642,000,000	10,902,000,000	1,305,000,000	11,625,000,000	1,151,000,000	24,045,000,000	238,000,000	339,000,000	4,167,000,000	1,124,000,000	3,178,000,000
premises, equipment and software costs											-409,000,000	-138,000,000	-570,000,000	-1,127,000,000	-313,000,000	-475,000,000	-335,000,000
sales and redemptions of securities available for sale											6,311,000,000
dividends related to noncontrolling interests											-7,000,000
net proceeds from:
public offerings and other issuances of common stock
repurchases of common stock for employee tax withholding											-273,000,000	-262,000,000	-13,000,000	-14,000,000	-18,000,000
gain on repurchase of long-term debt
net (payments for) proceeds from:
short-term borrowings												945,000,000	-535,000,000	-6,691,000,000	-9,657,000,000	-2,136,000,000	-8,543,000,000	3,650,000,000	183,000,000	-82,000,000	4,523,000,000	2,700,000,000	-8,030,000,000	4,619,000,000	-1,711,000,000	-6,709,000,000	-2,228,000,000	9,265,000,000	-5,511,000,000	5,886,000,000	-4,352,000,000	7,565,000,000	-1,182,000,000	-396,000,000
issuance of common stock												1,000,000	2,000,000	19,000,000	31,000,000	111,000,000	241,000,000	143,000,000	182,000,000	270,000,000	332,000,000	253,000,000	161,000,000	130,000,000	99,000,000	31,000,000	43,000,000	41,000,000	212,000,000	82,000,000	45,000,000	88,000,000	107,000,000	50,000,000	39,000,000	36,000,000	97,000,000
provision for consumer loan losses
gains on business dispositions															-732,000,000
insurance settlement																										0	0	0	-251,000,000
receivables and other assets													-1,416,000,000	2,771,000,000	20,834,000,000	13,076,000,000	7,108,000,000	24,990,000,000	22,778,000,000	-26,934,000,000	-19,048,000,000	-28,142,000,000	13,385,000,000	2,609,000,000	-26,273,000,000	1,232,000,000	-10,110,000,000	15,622,000,000	-9,418,000,000	-22,840,000,000	11,160,000,000	-2,758,000,000	-12,438,000,000	-1,658,000,000	-2,027,000,000	-1,616,000,000	-11,046,000,000
business acquisitions, net of cash acquired													0		0	0	-174,000,000	0	-2,000,000	0	-1,167,000,000
net principal disbursed on consumer loans																		0	-79,000,000	-4,074,000,000	-623,000,000	-2,019,000,000	-3,774,000,000	-2,717,000,000	-3,654,000,000	-6,967,000,000	-2,313,000,000	-1,427,000,000	-3,386,000,000	-4,126,000,000	-2,229,000,000	-3,077,000,000	73,000,000	-2,137,000,000	-1,380,000,000	-590,000,000	-4,391,000,000
sales of consumer loans																		0	0	3,723,000,000	1,578,000,000	929,000,000	2,244,000,000	1,349,000,000	7,010,000,000	4,783,000,000	788,000,000	262,000,000	4,692,000,000	2,415,000,000	740,000,000	1,239,000,000	3,196,000,000	892,000,000	1,241,000,000	2,812,000,000	5,919,000,000
non-controlling interests
morgan stanley public offerings of common stock													0
issuance of preferred stock and common stock warrant
issuance of junior subordinated debentures related to china investment corporation															0	0	5,579,000,000
series d preferred stock and warrant													0
redemption of capital units																		0	0	0	-66,000,000
repurchases of common stock through capital management share repurchase program
cash distribution in connection with the discover spin-off																		0
gain on business dispositions														19,000,000
business dispositions														-8,000,000	780,000,000
net cash (used for) investing activities
business acquisition, net of cash acquired
repayments of long-term borrowings														-14,414,000,000	-8,448,000,000	-12,480,000,000	-10,330,000,000	-11,150,000,000	-7,810,000,000	-7,676,000,000	-6,484,000,000	-5,755,000,000	-3,582,000,000	-9,201,000,000	-2,105,000,000	-2,165,000,000	-7,782,000,000	-3,444,000,000	-3,344,000,000	-1,181,000,000	-2,005,000,000	-4,083,000,000	-4,646,000,000	-2,075,000,000	-2,101,000,000	-4,258,000,000	-4,207,000,000
(gains) losses from unconsolidated investees															-8,000,000	-19,000,000	-2,000,000
benefit from consumer loan losses																		6,000,000			195,000,000	239,000,000	232,000,000	130,000,000	155,000,000	310,000,000	224,000,000	209,000,000	135,000,000	223,000,000	240,000,000	200,000,000	262,000,000
cash and securities deposited with clearing organizations or segregated under federal and other regulations or requirements															-5,405,000,000	7,571,000,000	837,000,000	-18,379,000,000	3,885,000,000	-11,375,000,000	-6,171,000,000	14,448,000,000	2,626,000,000	-8,312,000,000	1,830,000,000
tax benefits associated with stock-based awards															-67,000,000	-112,000,000	226,000,000	39,000,000	61,000,000	71,000,000	110,000,000	84,000,000	21,000,000	25,000,000	14,000,000	78,000,000	16,000,000	30,000,000	231,000,000
repurchases of common stock through open market share repurchase program
gain on sale of quilter holdings ltd.																		0	0
repurchases of common stock																		-516,000,000	-628,000,000	-1,399,000,000	-1,210,000,000	-995,000,000	-1,069,000,000	-113,000,000	-1,199,000,000	-1,192,000,000	-225,000,000	-904,000,000	-1,372,000,000	-688,000,000	-257,000,000			0	0	-180,000,000	-170,000,000
losses from unconsolidated investees
cumulative effect of accounting change																										0	0	0	-49,000,000
lease adjustment																										0	0	0	109,000,000
aircraft-related charges																						0	0	0	125,000,000	-1,146,000,000				0	-2,000,000
other-than-temporary impairment charge
office facilities and aircraft under operating leases																		-241,000,000	-621,000,000	-312,000,000	-295,000,000	-334,000,000	-663,000,000	2,119,000,000	-129,000,000	-124,000,000	-154,000,000	-184,000,000	-78,000,000	-276,000,000	-107,000,000	-125,000,000	-61,000,000	-80,000,000	-141,000,000	-175,000,000	-207,000,000
sale of quilter holdings ltd.																		0	0
sale of interest in posit																										0	0	0	90,000,000
msci inc. initial public offering
issuance of preferred stock																						0
losses (gains) from unconsolidated investees
net cash (used for) operating activities
gain on sale of quilter																					-168,000,000
securities borrowed, net of securities loaned																							-10,899,000,000	-21,252,000,000	11,912,000,000	-11,435,000,000	2,096,000,000	-27,621,000,000	24,376,000,000	7,581,000,000	2,939,000,000	-18,850,000,000	-13,435,000,000	15,438,000,000	-6,625,000,000	-12,716,000,000	1,640,000,000
securities sold under agreements to repurchase, net of securities purchased under agreements to resell																							8,444,000,000	-2,503,000,000	6,520,000,000											-14,060,000,000	14,971,000,000
purchase of goldfish																							0	0	-1,676,000,000
purchase of pulse, net of cash acquired																										0	-44,000,000	0	-279,000,000
purchase of barra, inc., net of cash acquired																														0
issuance of preferred securities subject to mandatory redemption																																		0	500,000,000	700,000,000	800,000,000
redemption of preferred securities subject to mandatory redemption																																		0
non-cash charges (credits) included in net income:
cash and securities deposited with clearing organizations or segregated under federal and other regulations																											5,525,000,000	-11,802,000,000	-834,000,000	8,853,000,000	-3,813,000,000	-15,614,000,000	2,358,000,000	4,589,000,000	1,984,000,000	5,608,000,000	-2,296,000,000
securities sold under agreements to repurchase, net of securities purchased under agreements to resell, certain derivatives financing activities and other secured financings
income on discontinued operations
income from continuing operations																												928,000,000	1,345,000,000	1,199,000,000
aircraft impairment charge
securities sold under agreements to repurchase, net of securities purchased under agreements to resell, certain derivatives financing activities and other secured borrowings
securities sold under agreements to repurchase, net of securities purchased under agreements to resell and certain derivatives financing activities																													-2,052,000,000	-37,920,000,000	8,044,000,000	15,429,000,000	12,533,000,000
loss on discontinued operations																														-1,000,000
gain on sale of building and sale of self-directed online brokerage accounts
restructuring and other charges
sale of self-directed online brokerage accounts
issuance of put options
redemption of cumulative preferred stock
purchase of quilter holdings limited, net of cash acquired
sale of office building
cash flows from operating activities:
aircraft asset charge																																			0	0	36,000,000
other non-cash charges included in net income																																			500,000,000	466,000,000	498,000,000
cash flows from investing activities:
cash flows from financing activities:
securities sold under agreements to repurchase, net of securities purchased under agreements to resell, and certain derivatives financing activities
gain on sale of building
asset impairment charge
net (payments for) proceeds from short-term borrowings																																				-5,059,000,000	-5,248,000,000
gain on sale of business
gain on sale of self-directed online brokerage accounts
compensation payable in common or preferred stock
purchase of ansett worldwide aviation services, net of cash acquired
net proceeds from (payments for) short-term borrowings

Morgan Stanley(NYSE:MS)

Morgan Stanley
(NYSE:MS)