Delaware | 1585 Broadway | 36-3145972 | (212) | 761-4000 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | New York, | NY | 10036 | (I.R.S. Employer Identification No.) | (Registrant’s telephone number, including area code) | ||||||||||||||||||
(Address of principal executive offices, including zip code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Common Stock, $0.01 par value | MS | New York Stock Exchange | ||||||
Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate | MS/PA | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series A, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate | MS/PE | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series E, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate | MS/PF | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series F, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate | MS/PI | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series I, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate | MS/PK | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series K, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 4.875% | MS/PL | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series L, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 4.250% | MS/PO | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series O, $0.01 par value | ||||||||
Depositary Shares, each representing 1/1,000th interest in a share of 6.500% | MS/PP | New York Stock Exchange | ||||||
Non-Cumulative Preferred Stock, Series P, $0.01 par value | ||||||||
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | MS/26C | New York Stock Exchange | ||||||
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto) | ||||||||
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 | MS/29 | New York Stock Exchange | ||||||
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Table of Contents | Table of Contents | Part | Item | Page | Table of Contents | Part | Item | Page | ||||||||||||||||||||
I | I | |||||||||||||||||||||||||||
I | 2 | I | 2 | |||||||||||||||||||||||||
I | 3 | I | 3 | |||||||||||||||||||||||||
I | 1 | I | 1 | |||||||||||||||||||||||||
I | 4 | I | 4 | |||||||||||||||||||||||||
II | II | |||||||||||||||||||||||||||
II | 1 | II | 1 | |||||||||||||||||||||||||
II | 1A | II | 1A | |||||||||||||||||||||||||
II | 2 | II | 2 | |||||||||||||||||||||||||
II | 5 | II | 5 | |||||||||||||||||||||||||
II | 6 | II | 6 | |||||||||||||||||||||||||
i |
ii |
March | 1 |
Management’s Discussion and Analysis |
2 | March |
Management’s Discussion and Analysis |
March | 3 |
Management’s Discussion and Analysis |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Consolidated results | Consolidated results | Consolidated results | ||||||||||||||||||||||||||
Net revenues | Net revenues | $ | 14,801 | $ | 15,719 | Net revenues | $ | 14,517 | $ | 14,801 | ||||||||||||||||||
Earnings applicable to Morgan Stanley common shareholders | Earnings applicable to Morgan Stanley common shareholders | $ | 3,542 | $ | 3,982 | Earnings applicable to Morgan Stanley common shareholders | $ | 2,836 | $ | 3,542 | ||||||||||||||||||
Earnings per diluted common share | Earnings per diluted common share | $ | 2.02 | $ | 2.19 | Earnings per diluted common share | $ | 1.70 | $ | 2.02 | ||||||||||||||||||
Consolidated financial measures | Consolidated financial measures | Consolidated financial measures | ||||||||||||||||||||||||||
Expense efficiency ratio1 | Expense efficiency ratio1 | 69 | % | 67 | % | Expense efficiency ratio1 | 72 | % | 69 | % | ||||||||||||||||||
Adjusted expense efficiency ratio1, 2 | 68 | % | 66 | % | ||||||||||||||||||||||||
ROE3 | 14.7 | % | 16.9 | % | ||||||||||||||||||||||||
Adjusted ROE2, 3 | 15.0 | % | 17.1 | % | ||||||||||||||||||||||||
ROE2 | ROE2 | 12.4 | % | 14.7 | % | |||||||||||||||||||||||
ROTCE2, 3 | ROTCE2, 3 | 19.8 | % | 21.1 | % | ROTCE2, 3 | 16.9 | % | 19.8 | % | ||||||||||||||||||
Adjusted ROTCE2, 3 | 20.3 | % | 21.4 | % | ||||||||||||||||||||||||
Pre-tax margin4 | Pre-tax margin4 | 31 | % | 34 | % | Pre-tax margin4 | 26 | % | 31 | % | ||||||||||||||||||
Effective tax rate | Effective tax rate | 19.0 | % | 22.0 | % | Effective tax rate | 19.3 | % | 19.0 | % | ||||||||||||||||||
Pre-tax margin by segment4 | Pre-tax margin by segment4 | Pre-tax margin by segment4 | ||||||||||||||||||||||||||
Institutional Securities | Institutional Securities | 36 | % | 39 | % | Institutional Securities | 28 | % | 36 | % | ||||||||||||||||||
Wealth Management | Wealth Management | 27 | % | 27 | % | Wealth Management | 26 | % | 27 | % | ||||||||||||||||||
Wealth Management, adjusted2 | 28 | % | 28 | % | ||||||||||||||||||||||||
Investment Management | Investment Management | 17 | % | 28 | % | Investment Management | 13 | % | 17 | % | ||||||||||||||||||
Investment Management, adjusted2 | 19 | % | 29 | % |
in millions, except per share and employee data | in millions, except per share and employee data | At March 31, 2022 | At December 31, 2021 | in millions, except per share and employee data | At March 31, 2023 | At December 31, 2022 | ||||||||||
Liquidity resources5 | $ | 323,227 | $ | 356,003 | ||||||||||||
Average liquidity resources for three months ended5 | Average liquidity resources for three months ended5 | $ | 321,195 | $ | 312,250 | |||||||||||
Loans6 | Loans6 | $ | 208,750 | $ | 200,761 | Loans6 | $ | 222,727 | $ | 222,182 | ||||||
Total assets | Total assets | $ | 1,222,233 | $ | 1,188,140 | Total assets | $ | 1,199,904 | $ | 1,180,231 | ||||||
Deposits | Deposits | $ | 360,840 | $ | 347,574 | Deposits | $ | 347,523 | $ | 356,646 | ||||||
Borrowings | Borrowings | $ | 229,817 | $ | 233,127 | Borrowings | $ | 250,182 | $ | 238,058 | ||||||
Common shareholders' equity | Common shareholders' equity | $ | 95,151 | $ | 97,691 | Common shareholders' equity | $ | 92,076 | $ | 91,391 | ||||||
Tangible common shareholders’ equity2 | $ | 70,083 | $ | 72,499 | ||||||||||||
Tangible common shareholders’ equity3 | Tangible common shareholders’ equity3 | $ | 67,951 | $ | 67,123 | |||||||||||
Common shares outstanding | Common shares outstanding | 1,756 | 1,772 | Common shares outstanding | 1,670 | 1,675 | ||||||||||
Book value per common share7 | Book value per common share7 | $ | 54.18 | $ | 55.12 | Book value per common share7 | $ | 55.13 | $ | 54.55 | ||||||
Tangible book value per common share2, 7 | $ | 39.91 | $ | 40.91 | ||||||||||||
Tangible book value per common share3, 7 | Tangible book value per common share3, 7 | $ | 40.68 | $ | 40.06 | |||||||||||
Worldwide employees (in thousands) | Worldwide employees (in thousands) | 77 | 75 | Worldwide employees (in thousands) | 82 | 82 | ||||||||||
Client assets8 (in billions) | Client assets8 (in billions) | $ | 6,247 | $ | 6,495 | Client assets8 (in billions) | $ | 5,920 | $ | 5,492 | ||||||
Capital Ratios9 | Capital Ratios9 | Capital Ratios9 | ||||||||||||||
Common Equity Tier 1 capital—Standardized | Common Equity Tier 1 capital—Standardized | 14.5 | % | 16.0 | % | Common Equity Tier 1 capital—Standardized | 15.1 | % | 15.3 | % | ||||||
Tier 1 capital—Standardized | Tier 1 capital—Standardized | 16.0 | % | 17.7 | % | Tier 1 capital—Standardized | 17.0 | % | 17.2 | % | ||||||
Common Equity Tier 1 capital—Advanced | Common Equity Tier 1 capital—Advanced | 15.9 | % | 17.4 | % | Common Equity Tier 1 capital—Advanced | 15.6 | % | 15.6 | % | ||||||
Tier 1 capital—Advanced | Tier 1 capital—Advanced | 17.6 | % | 19.1 | % | Tier 1 capital—Advanced | 17.5 | % | 17.6 | % | ||||||
Tier 1 leverage | Tier 1 leverage | 6.8 | % | 7.1 | % | Tier 1 leverage | 6.7 | % | 6.7 | % | ||||||
SLR | SLR | 5.5 | % | 5.6 | % | SLR | 5.5 | % | 5.5 | % |
4 | March 2023 Form 10-Q |
Management’s Discussion and Analysis |
Three Months Ended March 31, | ||||||||||||||
$ in millions, except per share data | 2022 | 2021 | ||||||||||||
Earnings applicable to Morgan Stanley common shareholders | $ | 3,542 | $ | 3,982 | ||||||||||
Impact of adjustments: | ||||||||||||||
Wealth Management—Compensation expenses | 1 | 30 | ||||||||||||
Wealth Management—Non-compensation expenses | 74 | 34 | ||||||||||||
Investment Management—Compensation expenses | 9 | 3 | ||||||||||||
Investment Management—Non-compensation expenses | 23 | 8 | ||||||||||||
Integration-related expenses | 107 | 75 | ||||||||||||
Related tax benefit | (25) | (17) | ||||||||||||
Adjusted earnings applicable to Morgan Stanley common shareholders—non-GAAP1 | $ | 3,624 | $ | 4,040 | ||||||||||
Earnings per diluted common share | $ | 2.02 | $ | 2.19 | ||||||||||
Impact of adjustments | 0.04 | 0.03 | ||||||||||||
Adjusted earnings per diluted common share—non-GAAP1 | $ | 2.06 | $ | 2.22 | ||||||||||
Expense efficiency ratio | 69 | % | 67 | % | ||||||||||
Impact of adjustments | (1) | % | (1) | % | ||||||||||
Adjusted expense efficiency ratio—non-GAAP1 | 68 | % | 66 | % | ||||||||||
Wealth Management Pre-tax margin | 27 | % | 27 | % | ||||||||||
Impact of adjustments | 1 | % | 1 | % | ||||||||||
Adjusted Wealth Management pre-tax margin—non-GAAP1 | 28 | % | 28 | % | ||||||||||
Investment Management Pre-tax margin | 17 | % | 28 | % | ||||||||||
Impact of adjustments | 2 | % | 1 | % | ||||||||||
Adjusted Investment Management pre-tax margin—non-GAAP1 | 19 | % | 29 | % |
Three Months Ended March 31, | ||||||||||||||
$ in millions, except per share data | 2023 | 2022 | ||||||||||||
Net revenues | $ | 14,517 | $ | 14,801 | ||||||||||
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1 | (153) | 441 | ||||||||||||
Adjusted Net revenues—non-GAAP | $ | 14,364 | $ | 15,242 | ||||||||||
Compensation expense | $ | 6,410 | $ | 6,274 | ||||||||||
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1 | (193) | 288 | ||||||||||||
Adjusted Compensation expense—non-GAAP | $ | 6,217 | $ | 6,562 | ||||||||||
Wealth Management Net revenues | $ | 6,559 | $ | 5,935 | ||||||||||
Adjustment for mark-to-market losses (gains) on certain employee deferred cash-based compensation plans1 | (101) | 296 | ||||||||||||
Adjusted Wealth Management Net revenues—non-GAAP | $ | 6,458 | $ | 6,231 | ||||||||||
Wealth Management Compensation expense | $ | 3,477 | $ | 3,125 | ||||||||||
Adjustment for mark-to-market gains (losses) on certain employee deferred cash-based compensation plans1 | (119) | 200 | ||||||||||||
Adjusted Wealth Management Compensation expense—non-GAAP | $ | 3,358 | $ | 3,325 | ||||||||||
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Tangible equity | Tangible equity | Tangible equity | ||||||||||||||
Common shareholders' equity | $ | 95,151 | $ | 97,691 | ||||||||||||
Common shareholders’ equity | Common shareholders’ equity | $ | 92,076 | $ | 91,391 | |||||||||||
Less: Goodwill and net intangible assets | Less: Goodwill and net intangible assets | (25,068) | (25,192) | Less: Goodwill and net intangible assets | (24,125) | (24,268) | ||||||||||
Tangible common shareholders' equity—non-GAAP | $ | 70,083 | $ | 72,499 | ||||||||||||
Tangible common shareholders’ equity—non-GAAP | Tangible common shareholders’ equity—non-GAAP | $ | 67,951 | $ | 67,123 |
Average Monthly Balance | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Tangible equity | ||||||||||||||
Common shareholders’ equity | $ | 91,382 | $ | 96,667 | ||||||||||
Less: Goodwill and net intangible assets | (24,198) | (25,120) | ||||||||||||
Tangible common shareholders’ equity—non-GAAP | $ | 67,184 | $ | 71,547 |
Three Months Ended March 31, | ||||||||||||||
March 2023 Form 10-Q | 5 |
Management’s Discussion and Analysis |
Average Monthly Balance | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||
Tangible equity | ||||||||||||||
Common shareholders' equity | $ | 96,667 | $ | 94,343 | ||||||||||
Less: Goodwill and net intangible assets | (25,120) | (18,849) | ||||||||||||
Tangible common shareholders' equity—non-GAAP | $ | 71,547 | $ | 75,494 |
Three Months Ended March 31, | ||||||||||||||
$ in billions | 2022 | 2021 | ||||||||||||
Average common equity | ||||||||||||||
Unadjusted—GAAP | $ | 96.7 | $ | 94.3 | ||||||||||
Adjusted1—Non-GAAP | 96.7 | 94.4 | ||||||||||||
ROE2 | ||||||||||||||
Unadjusted—GAAP | 14.7 | % | 16.9 | % | ||||||||||
Adjusted1—Non-GAAP | 15.0 | % | 17.1 | % | ||||||||||
Average tangible common equity—Non-GAAP | ||||||||||||||
Unadjusted | $ | 71.5 | $ | 75.5 | ||||||||||
Adjusted1 | 71.6 | 75.5 | ||||||||||||
ROTCE2—Non-GAAP | ||||||||||||||
Unadjusted | 19.8 | % | 21.1 | % | ||||||||||
Adjusted1 | 20.3 | % | 21.4 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in billions | $ in billions | 2022 | 2021 | $ in billions | 2023 | 2022 | ||||||||||||||||||||||
Average common equity3 | ||||||||||||||||||||||||||||
Average common equity2 | Average common equity2 | |||||||||||||||||||||||||||
Institutional Securities | Institutional Securities | $ | 48.8 | $ | 43.5 | Institutional Securities | $ | 45.6 | $ | 48.8 | ||||||||||||||||||
Wealth Management | Wealth Management | 31.0 | 28.5 | Wealth Management | 28.8 | 31.0 | ||||||||||||||||||||||
Investment Management | Investment Management | 10.6 | 4.4 | Investment Management | 10.4 | 10.6 | ||||||||||||||||||||||
ROE4 | ||||||||||||||||||||||||||||
ROE3 | ROE3 | |||||||||||||||||||||||||||
Institutional Securities | Institutional Securities | 17 | % | 23 | % | Institutional Securities | 12 | % | 17 | % | ||||||||||||||||||
Wealth Management | Wealth Management | 16 | % | 17 | % | Wealth Management | 19 | % | 16 | % | ||||||||||||||||||
Investment Management | Investment Management | 8 | % | 25 | % | Investment Management | 5 | % | 8 | % | ||||||||||||||||||
Average tangible common equity3 | ||||||||||||||||||||||||||||
Average tangible common equity2 | Average tangible common equity2 | |||||||||||||||||||||||||||
Institutional Securities | Institutional Securities | $ | 48.3 | $ | 42.9 | Institutional Securities | $ | 45.2 | $ | 48.3 | ||||||||||||||||||
Wealth Management | Wealth Management | 16.3 | 13.4 | Wealth Management | 14.8 | 16.3 | ||||||||||||||||||||||
Investment Management | Investment Management | 0.8 | 1.2 | Investment Management | 0.7 | 0.8 | ||||||||||||||||||||||
ROTCE4 | ||||||||||||||||||||||||||||
ROTCE3 | ROTCE3 | |||||||||||||||||||||||||||
Institutional Securities | Institutional Securities | 17 | % | 23 | % | Institutional Securities | 12 | % | 17 | % | ||||||||||||||||||
Wealth Management | Wealth Management | 30 | % | 36 | % | Wealth Management | 36 | % | 30 | % | ||||||||||||||||||
Investment Management | Investment Management | 106 | % | 88 | % | Investment Management | 73 | % | 106 | % |
6 | March |
Management’s Discussion and Analysis |
Three Months Ended March 31, | |||||||||||
$ in millions | 2022 | 2021 | % Change | ||||||||
Revenues | |||||||||||
Advisory | $ | 944 | $ | 480 | 97 | % | |||||
Equity | 258 | 1,502 | (83) | % | |||||||
Fixed income | 432 | 631 | (32) | % | |||||||
Total Underwriting | 690 | 2,133 | (68) | % | |||||||
Total Investment banking | 1,634 | 2,613 | (37) | % | |||||||
Equity | 3,174 | 2,875 | 10 | % | |||||||
Fixed income | 2,923 | 2,966 | (1) | % | |||||||
Other | (74) | 123 | (160) | % | |||||||
Net revenues | $ | 7,657 | $ | 8,577 | (11) | % | |||||
Provision for credit losses | 44 | (93) | 147 | % | |||||||
Compensation and benefits | 2,604 | 3,114 | (16) | % | |||||||
Non-compensation expenses | 2,222 | 2,185 | 2 | % | |||||||
Total non-interest expenses | 4,826 | 5,299 | (9) | % | |||||||
Income before provision for income taxes | 2,787 | 3,371 | (17) | % | |||||||
Provision for income taxes | 535 | 736 | (27) | % | |||||||
Net income | 2,252 | 2,635 | (15) | % | |||||||
Net income applicable to noncontrolling interests | 61 | 34 | 79 | % | |||||||
Net income applicable to Morgan Stanley | $ | 2,191 | $ | 2,601 | (16) | % |
Three Months Ended March 31, | % Change | ||||||||||
$ in millions | 2023 | 2022 | |||||||||
Revenues | |||||||||||
Advisory | $ | 638 | $ | 944 | (32) | % | |||||
Equity | 202 | 258 | (22) | % | |||||||
Fixed income | 407 | 432 | (6) | % | |||||||
Total Underwriting | 609 | 690 | (12) | % | |||||||
Total Investment banking | 1,247 | 1,634 | (24) | % | |||||||
Equity | 2,729 | 3,174 | (14) | % | |||||||
Fixed income | 2,576 | 2,923 | (12) | % | |||||||
Other | 245 | (74) | N/M | ||||||||
Net revenues | $ | 6,797 | $ | 7,657 | (11) | % | |||||
Provision for credit losses | 189 | 44 | N/M | ||||||||
Compensation and benefits | 2,365 | 2,604 | (9) | % | |||||||
Non-compensation expenses | 2,351 | 2,222 | 6 | % | |||||||
Total non-interest expenses | 4,716 | 4,826 | (2) | % | |||||||
Income before provision for income taxes | 1,892 | 2,787 | (32) | % | |||||||
Provision for income taxes | 363 | 535 | (32) | % | |||||||
Net income | 1,529 | 2,252 | (32) | % | |||||||
Net income applicable to noncontrolling interests | 51 | 61 | (16) | % | |||||||
Net income applicable to Morgan Stanley | $ | 1,478 | $ | 2,191 | (33) | % |
Three Months Ended March 31, | ||||||||||||||
$ in billions | 2022 | 2021 | ||||||||||||
Completed mergers and acquisitions1 | $ | 320 | $ | 228 | ||||||||||
Equity and equity-related offerings2, 3 | 8 | 37 | ||||||||||||
Fixed income offerings2, 4 | 81 | 105 |
Three Months Ended March 31, | ||||||||||||||
$ in billions | 2023 | 2022 | ||||||||||||
Completed mergers and acquisitions1 | $ | 129 | $ | 331 | ||||||||||
Equity and equity-related offerings2, 3 | 10 | 8 | ||||||||||||
Fixed income offerings2, 4 | 63 | 81 |
Three Months Ended March 31, 2022 | |||||||||||||||||
Net Interest2 | All Other3 | ||||||||||||||||
$ in millions | Trading | Fees1 | Total | ||||||||||||||
Financing | $ | 1,251 | $ | 132 | $ | 87 | $ | 4 | $ | 1,474 | |||||||
Execution services | 924 | 693 | (34) | 117 | 1,700 | ||||||||||||
Total Equity | $ | 2,175 | $ | 825 | $ | 53 | $ | 121 | $ | 3,174 | |||||||
Total Fixed Income | $ | 2,258 | $ | 97 | $ | 508 | $ | 60 | $ | 2,923 |
Three Months Ended March 31, 2021 | |||||||||||||||||
Net Interest2 | All Other3 | ||||||||||||||||
$ in millions | Trading | Fees1 | Total | ||||||||||||||
Financing | $ | 645 | $ | 130 | $ | 182 | $ | 3 | $ | 960 | |||||||
Execution services | 1,114 | 800 | (62) | 63 | 1,915 | ||||||||||||
Total Equity | $ | 1,759 | $ | 930 | $ | 120 | $ | 66 | $ | 2,875 | |||||||
Total Fixed Income | $ | 2,313 | $ | 81 | $ | 439 | $ | 133 | $ | 2,966 |
Three Months Ended March 31, 2023 | |||||||||||||||||
Net Interest2 | All Other3 | ||||||||||||||||
$ in millions | Trading | Fees1 | Total | ||||||||||||||
Financing | $ | 1,696 | $ | 134 | $ | (541) | $ | 32 | $ | 1,321 | |||||||
Execution services | 848 | 619 | (59) | — | 1,408 | ||||||||||||
Total Equity | $ | 2,544 | $ | 753 | $ | (600) | $ | 32 | $ | 2,729 | |||||||
Total Fixed Income | $ | 2,478 | $ | 109 | $ | (89) | $ | 78 | $ | 2,576 |
Three Months Ended March 31, 2022 | |||||||||||||||||
Net Interest2 | All Other3 | ||||||||||||||||
$ in millions | Trading | Fees1 | Total | ||||||||||||||
Financing | $ | 1,251 | $ | 132 | $ | 87 | $ | 4 | $ | 1,474 | |||||||
Execution services | 924 | 693 | (34) | 117 | 1,700 | ||||||||||||
Total Equity | $ | 2,175 | $ | 825 | $ | 53 | $ | 121 | $ | 3,174 | |||||||
Total Fixed Income | $ | 2,258 | $ | 97 | $ | 508 | $ | 60 | $ | 2,923 |
March | 7 |
Management’s Discussion and Analysis |
8 | March |
Management’s Discussion and Analysis |
Three Months Ended March 31, | Three Months Ended March 31, | % Change | ||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | % Change | $ in millions | 2023 | 2022 | |||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||
Asset management | Asset management | $ | 3,626 | $ | 3,191 | 14 | % | Asset management | $ | 3,382 | $ | 3,626 | (7) | % | ||||||||
Transactional1 | Transactional1 | 635 | 1,228 | (48) | % | Transactional1 | 921 | 635 | 45 | % | ||||||||||||
Net interest | Net interest | 1,540 | 1,385 | 11 | % | Net interest | 2,158 | 1,540 | 40 | % | ||||||||||||
Other1 | Other1 | 134 | 155 | (14) | % | Other1 | 98 | 134 | (27) | % | ||||||||||||
Net revenues | Net revenues | 5,935 | 5,959 | — | % | Net revenues | 6,559 | 5,935 | 11 | % | ||||||||||||
Provision for credit losses | Provision for credit losses | 13 | (5) | N/M | Provision for credit losses | 45 | 13 | N/M | ||||||||||||||
Compensation and benefits | Compensation and benefits | 3,125 | 3,170 | (1) | % | Compensation and benefits | 3,477 | 3,125 | 11 | % | ||||||||||||
Non-compensation expenses | Non-compensation expenses | 1,224 | 1,194 | 3 | % | Non-compensation expenses | 1,325 | 1,224 | 8 | % | ||||||||||||
Total non-interest expenses | Total non-interest expenses | 4,349 | 4,364 | — | % | Total non-interest expenses | 4,802 | 4,349 | 10 | % | ||||||||||||
Income before provision for income taxes | Income before provision for income taxes | $ | 1,573 | $ | 1,600 | (2) | % | Income before provision for income taxes | $ | 1,712 | $ | 1,573 | 9 | % | ||||||||
Provision for income taxes | Provision for income taxes | 301 | 358 | (16) | % | Provision for income taxes | 336 | 301 | 12 | % | ||||||||||||
Net income applicable to Morgan Stanley | Net income applicable to Morgan Stanley | $ | 1,272 | $ | 1,242 | 2 | % | Net income applicable to Morgan Stanley | $ | 1,376 | $ | 1,272 | 8 | % |
$ in billions | At March 31, 2022 | At December 31, 2021 | ||||||
Total client assets | $ | 4,800 | $ | 4,930 | ||||
U.S. Bank Subsidiary loans | $ | 137 | $ | 129 | ||||
Margin and other lending1 | $ | 29 | $ | 31 | ||||
Deposits2 | $ | 352 | $ | 346 | ||||
Annualized weighted average cost of deposits | 0.09% | 0.10% |
$ in billions | At March 31, 2023 | At December 31, 2022 | ||||||
Total client assets1 | $ | 4,558 | $ | 4,187 | ||||
U.S. Bank Subsidiary loans | $ | 144 | $ | 146 | ||||
Margin and other lending2 | $ | 21 | $ | 22 | ||||
Deposits3 | $ | 341 | $ | 351 | ||||
Annualized weighted average cost of deposits4 | ||||||||
Period end | 2.05% | 1.59% | ||||||
Period average for three months ended | 1.86% | 1.32% |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net new assets3 | $ | 142.0 | $ | 104.9 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net new assets5 | $ | 109.6 | $ | 142.0 |
$ in billions | $ in billions | At March 31, 2022 | At December 31, 2021 | $ in billions | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||
Advisor-led client assets1 | Advisor-led client assets1 | $ | 3,835 | $ | 3,886 | Advisor-led client assets1 | $ | 3,582 | $ | 3,392 | ||||||||||||
Fee-based client assets2 | Fee-based client assets2 | $ | 1,873 | $ | 1,839 | Fee-based client assets2 | $ | 1,769 | $ | 1,678 | ||||||||||||
Fee-based client assets as a percentage of advisor-led client assets | Fee-based client assets as a percentage of advisor-led client assets | 49% | 47% | Fee-based client assets as a percentage of advisor-led client assets | 49% | 49% |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Fee-based asset flows3 | $ | 97.2 | $ | 37.2 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Fee-based asset flows3 | $ | 22.4 | $ | 97.2 |
$ in billions | $ in billions | At March 31, 2022 | At December 31, 2021 | $ in billions | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||
Self-directed assets1 | Self-directed assets1 | $ | 965 | $ | 1,044 | Self-directed assets1 | $ | 976 | $ | 795 | ||||||||||||
Self-directed households (in millions)2 | Self-directed households (in millions)2 | 7.6 | 7.4 | Self-directed households (in millions)2 | 8.1 | 8.0 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Daily average revenue trades (“DARTs”) (in thousands)3 | 1,016 | 1,619 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Daily average revenue trades (“DARTs”) (in thousands)3 | 831 | 1,016 |
$ in billions | $ in billions | At March 31, 2022 | At December 31, 2021 | $ in billions | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||
Stock plan unvested assets2 | Stock plan unvested assets2 | $ | 454 | $ | 509 | Stock plan unvested assets2 | $ | 358 | $ | 302 | ||||||||||||
Stock plan participants (in millions)3 | Stock plan participants (in millions)3 | 5.8 | 5.6 | Stock plan participants (in millions)3 | 6.5 | 6.3 |
March 2023 Form 10-Q | 9 |
Management’s Discussion and Analysis |
$ in billions | $ in billions | At December 31, 2021 | Inflows1 | Outflows | Market Impact | At March 31, 2022 | $ in billions | At December 31, 2022 | Inflows | Outflows | Market Impact | At March 31, 2023 | ||||||||||||||||||||||||||||
Separately managed2 | $ | 479 | $ | 87 | $ | (8) | $ | 7 | $ | 565 | ||||||||||||||||||||||||||||||
Separately managed1 | Separately managed1 | $ | 501 | $ | 16 | $ | (7) | $ | 18 | $ | 528 | |||||||||||||||||||||||||||||
Unified managed | Unified managed | 467 | 25 | (14) | (31) | 447 | Unified managed | 408 | 21 | (14) | 17 | 432 | ||||||||||||||||||||||||||||
Advisor | Advisor | 211 | 9 | (11) | (10) | 199 | Advisor | 167 | 9 | (9) | 9 | 176 | ||||||||||||||||||||||||||||
Portfolio manager | Portfolio manager | 636 | 30 | (21) | (30) | 615 | Portfolio manager | 552 | 26 | (20) | 20 | 578 | ||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 1,793 | $ | 151 | $ | (54) | $ | (64) | $ | 1,826 | Subtotal | $ | 1,628 | $ | 72 | $ | (50) | $ | 64 | $ | 1,714 | ||||||||||||||||||
Cash management | Cash management | 46 | 9 | (8) | — | 47 | Cash management | 50 | 20 | (15) | — | 55 | ||||||||||||||||||||||||||||
Total fee-based client assets | Total fee-based client assets | $ | 1,839 | $ | 160 | $ | (62) | $ | (64) | $ | 1,873 | Total fee-based client assets | $ | 1,678 | $ | 92 | $ | (65) | $ | 64 | $ | 1,769 |
$ in billions | $ in billions | At December 31, 2020 | Inflows | Outflows | Market Impact | At March 31, 2021 | $ in billions | At December 31, 2021 | Inflows2 | Outflows | Market Impact | At March 31, 2022 | ||||||||||||||||||||||
Separately managed2 | $ | 359 | $ | 13 | $ | (7) | $ | 20 | $ | 385 | ||||||||||||||||||||||||
Separately managed1 | Separately managed1 | $ | 479 | $ | 87 | $ | (8) | $ | 7 | $ | 565 | |||||||||||||||||||||||
Unified managed | Unified managed | 379 | 27 | (14) | 13 | 405 | Unified managed | 467 | 25 | (14) | (31) | 447 | ||||||||||||||||||||||
Advisor | Advisor | 177 | 12 | (9) | 8 | 188 | Advisor | 211 | 9 | (11) | (10) | 199 | ||||||||||||||||||||||
Portfolio manager | Portfolio manager | 509 | 33 | (18) | 25 | 549 | Portfolio manager | 636 | 30 | (21) | (30) | 615 | ||||||||||||||||||||||
Subtotal | Subtotal | $ | 1,424 | $ | 85 | $ | (48) | $ | 66 | $ | 1,527 | Subtotal | $ | 1,793 | $ | 151 | $ | (54) | $ | (64) | $ | 1,826 | ||||||||||||
Cash management | Cash management | 48 | 8 | (9) | — | 47 | Cash management | 46 | 9 | (8) | — | 47 | ||||||||||||||||||||||
Total fee-based client assets | Total fee-based client assets | $ | 1,472 | $ | 93 | $ | (57) | $ | 66 | $ | 1,574 | Total fee-based client assets | $ | 1,839 | $ | 160 | $ | (62) | $ | (64) | $ | 1,873 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
Fee rate in bps | Fee rate in bps | 2022 | 2021 | Fee rate in bps | 2023 | 2022 | ||||||||||||||||||||||
Separately managed | Separately managed | 13 | 14 | Separately managed | 13 | 13 | ||||||||||||||||||||||
Unified managed | Unified managed | 94 | 97 | Unified managed | 93 | 94 | ||||||||||||||||||||||
Advisor | Advisor | 81 | 81 | Advisor | 80 | 81 | ||||||||||||||||||||||
Portfolio manager | Portfolio manager | 92 | 93 | Portfolio manager | 91 | 92 | ||||||||||||||||||||||
Subtotal | Subtotal | 68 | 73 | Subtotal | 66 | 68 | ||||||||||||||||||||||
Cash management | Cash management | 6 | 5 | Cash management | 6 | 6 | ||||||||||||||||||||||
Total fee-based client assets | Total fee-based client assets | 67 | 71 | Total fee-based client assets | 65 | 67 |
10 | March |
Management’s Discussion and Analysis |
Three Months Ended March 31, | |||||||||||
$ in millions | 2022 | 2021 | % Change | ||||||||
Revenues | |||||||||||
Asset management and related fees | $ | 1,388 | $ | 1,103 | 26 | % | |||||
Performance-based income and other1 | (53) | 211 | (125) | % | |||||||
Net revenues | 1,335 | 1,314 | 2 | % | |||||||
Compensation and benefits | 545 | 514 | 6 | % | |||||||
Non-compensation expenses | 562 | 430 | 31 | % | |||||||
Total non-interest expenses | 1,107 | 944 | 17 | % | |||||||
Income before provision for income taxes | 228 | 370 | (38) | % | |||||||
Provision for income taxes | 37 | 81 | (54) | % | |||||||
Net income | 191 | 289 | (34) | % | |||||||
Net income (loss) applicable to noncontrolling interests | (12) | 14 | (186) | % | |||||||
Net income applicable to Morgan Stanley | $ | 203 | $ | 275 | (26) | % |
Three Months Ended March 31, | % Change | ||||||||||
$ in millions | 2023 | 2022 | |||||||||
Revenues | |||||||||||
Asset management and related fees | $ | 1,248 | $ | 1,388 | (10) | % | |||||
Performance-based income and other1 | 41 | (53) | 177 | % | |||||||
Net revenues | 1,289 | 1,335 | (3) | % | |||||||
Compensation and benefits | 568 | 545 | 4 | % | |||||||
Non-compensation expenses | 555 | 562 | (1) | % | |||||||
Total non-interest expenses | 1,123 | 1,107 | 1 | % | |||||||
Income before provision for income taxes | 166 | 228 | (27) | % | |||||||
Provision for income taxes | 30 | 37 | (19) | % | |||||||
Net income | 136 | 191 | (29) | % | |||||||
Net income (loss) applicable to noncontrolling interests | 2 | (12) | 117 | % | |||||||
Net income applicable to Morgan Stanley | $ | 134 | $ | 203 | (34) | % |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2021 | $ | 395 | $ | 207 | $ | 466 | $ | 1,068 | $ | 497 | $ | 1,565 | ||||||||
Inflows | 19 | 19 | 27 | 65 | 494 | 559 | ||||||||||||||
Outflows | (26) | (22) | (29) | (77) | (523) | (600) | ||||||||||||||
Market Impact | (48) | (7) | (14) | (69) | (2) | (71) | ||||||||||||||
Other | (3) | (2) | (1) | (6) | — | (6) | ||||||||||||||
March 31, 2022 | $ | 337 | $ | 195 | $ | 449 | $ | 981 | $ | 466 | $ | 1,447 |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2020 | $ | 242 | $ | 98 | $ | 153 | $ | 493 | $ | 288 | $ | 781 | ||||||||
Inflows | 31 | 13 | 15 | 59 | 459 | 518 | ||||||||||||||
Outflows | (23) | (9) | (10) | (42) | (433) | (475) | ||||||||||||||
Market Impact | 4 | (2) | 10 | 12 | — | 12 | ||||||||||||||
Acquired1 | 119 | 103 | 251 | 473 | 116 | 589 | ||||||||||||||
Other | (2) | (2) | (1) | (5) | (1) | (6) | ||||||||||||||
March 31, 2021 | $ | 371 | $ | 201 | $ | 418 | $ | 990 | $ | 429 | $ | 1,419 |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2022 | $ | 259 | $ | 173 | $ | 431 | $ | 863 | $ | 442 | $ | 1,305 | ||||||||
Inflows | 10 | 16 | 18 | 44 | 585 | 629 | ||||||||||||||
Outflows | (12) | (17) | (16) | (45) | (568) | (613) | ||||||||||||||
Market Impact | 21 | 4 | 15 | 40 | 6 | 46 | ||||||||||||||
Other | (1) | (1) | — | (2) | (3) | (5) | ||||||||||||||
March 31, 2023 | $ | 277 | $ | 175 | $ | 448 | $ | 900 | $ | 462 | $ | 1,362 |
$ in billions | Equity | Fixed Income | Alternatives and Solutions | Long-Term AUM Subtotal | Liquidity and Overlay Services | Total | ||||||||||||||
December 31, 2021 | $ | 395 | $ | 207 | $ | 466 | $ | 1,068 | $ | 497 | $ | 1,565 | ||||||||
Inflows | 19 | 19 | 27 | 65 | 494 | 559 | ||||||||||||||
Outflows | (26) | (22) | (29) | (77) | (523) | (600) | ||||||||||||||
Market Impact | (48) | (7) | (14) | (69) | (2) | (71) | ||||||||||||||
Other | (3) | (2) | (1) | (6) | — | (6) | ||||||||||||||
March 31, 2022 | $ | 337 | $ | 195 | $ | 449 | $ | 981 | $ | 466 | $ | 1,447 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in billions | $ in billions | 2022 | 2021 | $ in billions | 2023 | 2022 | ||||||||||||||||||||||
Equity | Equity | $ | 355 | $ | 288 | Equity | $ | 271 | $ | 355 | ||||||||||||||||||
Fixed income | Fixed income | 201 | 131 | Fixed income | 175 | 201 | ||||||||||||||||||||||
Alternatives and Solutions | Alternatives and Solutions | 454 | 242 | Alternatives and Solutions | 441 | 454 | ||||||||||||||||||||||
Long-term AUM subtotal | Long-term AUM subtotal | 1,010 | 661 | Long-term AUM subtotal | 887 | 1010 | ||||||||||||||||||||||
Liquidity and Overlay Services | Liquidity and Overlay Services | 476 | 339 | Liquidity and Overlay Services | 442 | 476 | ||||||||||||||||||||||
Total AUM | Total AUM | $ | 1,486 | $ | 1,000 | Total AUM | $ | 1,329 | $ | 1,486 |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||
Fee rate in bps | Fee rate in bps | 2022 | 2021 | Fee rate in bps | 2023 | 2022 | |||||||||||||||||||||||||
Equity | Equity | 70 | 77 | Equity | 72 | 70 | |||||||||||||||||||||||||
Fixed income | Fixed income | 36 | 33 | Fixed income | 35 | 36 | |||||||||||||||||||||||||
Alternatives and Solutions | Alternatives and Solutions | 35 | 45 | Alternatives and Solutions | 33 | 35 | |||||||||||||||||||||||||
Long-term AUM | Long-term AUM | 48 | 57 | Long-term AUM | 45 | 48 | |||||||||||||||||||||||||
Liquidity and Overlay Services | Liquidity and Overlay Services | 7 | 8 | Liquidity and Overlay Services | 13 | 7 | |||||||||||||||||||||||||
Total AUM | Total AUM | 35 | 40 | Total AUM | 35 | 35 |
March 2023 Form 10-Q | 11 |
Management’s Discussion and Analysis |
12 | March |
Management’s Discussion and Analysis |
$ in billions | $ in billions | At March 31, 2022 | At December 31, 2021 | $ in billions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Investment securities portfolio: | Investment securities portfolio: | Investment securities portfolio: | ||||||||||||||
Investment securities—AFS | Investment securities—AFS | $ | 69.3 | $ | 81.6 | Investment securities—AFS | $ | 67.6 | $ | 66.9 | ||||||
Investment securities—HTM | Investment securities—HTM | 60.6 | 61.7 | Investment securities—HTM | 55.7 | 56.4 | ||||||||||
Total investment securities | Total investment securities | $ | 129.9 | $ | 143.3 | Total investment securities | $ | 123.3 | $ | 123.3 | ||||||
Wealth Management Loans2 | Wealth Management Loans2 | Wealth Management Loans2 | ||||||||||||||
Residential real estate | Residential real estate | $ | 47.2 | $ | 44.2 | Residential real estate | $ | 55.3 | $ | 54.4 | ||||||
Securities-based lending and Other3 | Securities-based lending and Other3 | 89.5 | 85.0 | Securities-based lending and Other3 | 88.4 | 91.7 | ||||||||||
Total, net of ACL | Total, net of ACL | $ | 136.7 | $ | 129.2 | Total, net of ACL | $ | 143.7 | $ | 146.1 | ||||||
Institutional Securities Loans2 | Institutional Securities Loans2 | Institutional Securities Loans2 | ||||||||||||||
Corporate | Corporate | $ | 7.0 | $ | 6.5 | Corporate | $ | 8.3 | $ | 6.9 | ||||||
Secured lending facilities | Secured lending facilities | 32.6 | 33.1 | Secured lending facilities | 38.3 | 37.1 | ||||||||||
Commercial and Residential real estate | Commercial and Residential real estate | 11.7 | 10.4 | Commercial and Residential real estate | 10.5 | 10.2 | ||||||||||
Securities-based lending and Other | Securities-based lending and Other | 6.8 | 6.3 | Securities-based lending and Other | 6.0 | 6.0 | ||||||||||
Total, net of ACL | Total, net of ACL | $ | 58.1 | $ | 56.3 | Total, net of ACL | $ | 63.1 | $ | 60.2 | ||||||
Total Assets | Total Assets | $ | 390.0 | $ | 386.1 | Total Assets | $ | 384.8 | $ | 391.0 | ||||||
Deposits4 | Deposits4 | $ | 352.1 | $ | 346.2 | Deposits4 | $ | 340.9 | $ | 350.6 |
March 2023 Form 10-Q | 13 |
Management’s Discussion and Analysis |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||
$ in millions | $ in millions | IS | WM | IM | Total | $ in millions | IS | WM | IM | Total | ||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 98,944 | $ | 36,603 | $ | 539 | $ | 136,086 | Cash and cash equivalents | $ | 84,356 | $ | 26,747 | $ | 155 | $ | 111,258 | ||||||||||
Trading assets at fair value | Trading assets at fair value | 290,709 | 1,598 | 4,574 | 296,881 | Trading assets at fair value | 310,842 | 4,560 | 4,899 | 320,301 | ||||||||||||||||||
Investment securities | Investment securities | 43,300 | 127,493 | — | 170,793 | Investment securities | 37,386 | 120,558 | — | 157,944 | ||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 112,144 | 15,623 | — | 127,767 | Securities purchased under agreements to resell | 108,722 | 13,163 | — | 121,885 | ||||||||||||||||||
Securities borrowed | Securities borrowed | 149,957 | 1,038 | — | 150,995 | Securities borrowed | 145,289 | 927 | — | 146,216 | ||||||||||||||||||
Customer and other receivables | Customer and other receivables | 57,315 | 36,186 | 1,303 | 94,804 | Customer and other receivables | 43,973 | 28,907 | 1,215 | 74,095 | ||||||||||||||||||
Loans1 | Loans1 | 59,542 | 136,713 | 5 | 196,260 | Loans1 | 71,008 | 143,684 | 4 | 214,696 | ||||||||||||||||||
Other assets2 | Other assets2 | 14,331 | 23,247 | 11,069 | 48,647 | Other assets2 | 17,619 | 24,859 | 11,031 | 53,509 | ||||||||||||||||||
Total assets | Total assets | $ | 826,242 | $ | 378,501 | $ | 17,490 | $ | 1,222,233 | Total assets | $ | 819,195 | $ | 363,405 | $ | 17,304 | $ | 1,199,904 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||
$ in millions | $ in millions | IS | WM | IM | Total | $ in millions | IS | WM | IM | Total | ||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 91,251 | $ | 36,003 | $ | 471 | $ | 127,725 | Cash and cash equivalents | $ | 88,362 | $ | 39,539 | $ | 226 | $ | 128,127 | ||||||||||
Trading assets at fair value | Trading assets at fair value | 288,405 | 1,921 | 4,543 | 294,869 | Trading assets at fair value | 294,884 | 1,971 | 4,460 | 301,315 | ||||||||||||||||||
Investment securities | Investment securities | 41,407 | 141,591 | — | 182,998 | Investment securities | 40,481 | 119,450 | — | 159,931 | ||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 112,267 | 7,732 | — | 119,999 | Securities purchased under agreements to resell | 102,511 | 11,396 | — | 113,907 | ||||||||||||||||||
Securities borrowed | Securities borrowed | 128,154 | 1,559 | — | 129,713 | Securities borrowed | 132,619 | 755 | — | 133,374 | ||||||||||||||||||
Customer and other receivables | Customer and other receivables | 57,009 | 37,643 | 1,366 | 96,018 | Customer and other receivables | 47,515 | 29,620 | 1,405 | 78,540 | ||||||||||||||||||
Loans1 | Loans1 | 58,822 | 129,307 | 5 | 188,134 | Loans1 | 67,676 | 146,105 | 4 | 213,785 | ||||||||||||||||||
Other assets2 | Other assets2 | 14,820 | 22,682 | 11,182 | 48,684 | Other assets2 | 15,789 | 24,469 | 10,994 | 51,252 | ||||||||||||||||||
Total assets | Total assets | $ | 792,135 | $ | 378,438 | $ | 17,567 | $ | 1,188,140 | Total assets | $ | 789,837 | $ | 373,305 | $ | 17,089 | $ | 1,180,231 |
Average Daily Balance Three Months Ended | ||||||||||||||||
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | March 31, 2023 | December 31, 2022 | ||||||||||
Cash deposits with central banks | Cash deposits with central banks | $ | 78,160 | $ | 70,147 | Cash deposits with central banks | $ | 65,677 | $ | 58,818 | ||||||
Unencumbered HQLA Securities1: | Unencumbered HQLA Securities1: | Unencumbered HQLA Securities1: | ||||||||||||||
U.S. government obligations | U.S. government obligations | 122,646 | 154,879 | U.S. government obligations | 132,225 | 136,020 | ||||||||||
U.S. agency and agency mortgage-backed securities | U.S. agency and agency mortgage-backed securities | 91,265 | 110,435 | U.S. agency and agency mortgage-backed securities | 92,219 | 87,591 | ||||||||||
Non-U.S. sovereign obligations2 | Non-U.S. sovereign obligations2 | 22,522 | 11,959 | Non-U.S. sovereign obligations2 | 21,113 | 20,583 | ||||||||||
Other investment grade securities | Other investment grade securities | 648 | 607 | Other investment grade securities | 694 | 694 | ||||||||||
Total HQLA1 | Total HQLA1 | $ | 315,241 | $ | 348,027 | Total HQLA1 | $ | 311,928 | $ | 303,706 | ||||||
Cash deposits with banks (non-HQLA) | Cash deposits with banks (non-HQLA) | 7,986 | 7,976 | Cash deposits with banks (non-HQLA) | 9,267 | 8,544 | ||||||||||
Total Liquidity Resources | Total Liquidity Resources | $ | 323,227 | $ | 356,003 | Total Liquidity Resources | $ | 321,195 | $ | 312,250 |
14 | March 2023 Form 10-Q |
Management’s Discussion and Analysis |
At March 31, 2022 | At December 31, 2021 | Average Daily Balance Three Months Ended | Average Daily Balance Three Months Ended | ||||||||||||||||
$ in millions | $ in millions | March 31, 2022 | $ in millions | March 31, 2023 | December 31, 2022 | ||||||||||||||
Bank legal entities | Bank legal entities | Bank legal entities | |||||||||||||||||
U.S. | U.S. | $ | 160,425 | $ | 171,642 | $ | 165,108 | U.S. | $ | 140,029 | $ | 134,845 | |||||||
Non-U.S. | Non-U.S. | 9,480 | 8,582 | 8,978 | Non-U.S. | 6,651 | 6,980 | ||||||||||||
Total Bank legal entities | Total Bank legal entities | 169,905 | 180,224 | 174,086 | Total Bank legal entities | 146,680 | 141,825 | ||||||||||||
Non-Bank legal entities | Non-Bank legal entities | Non-Bank legal entities | |||||||||||||||||
U.S.: | U.S.: | U.S.: | |||||||||||||||||
Parent Company | Parent Company | 35,496 | 60,391 | 44,846 | Parent Company | 52,315 | 56,111 | ||||||||||||
Non-Parent Company | Non-Parent Company | 58,073 | 52,932 | 59,925 | Non-Parent Company | 58,027 | 54,813 | ||||||||||||
Total U.S. | Total U.S. | 93,569 | 113,323 | 104,771 | Total U.S. | 110,342 | 110,924 | ||||||||||||
Non-U.S. | Non-U.S. | 59,753 | 62,456 | 59,424 | Non-U.S. | 64,173 | 59,501 | ||||||||||||
Total Non-Bank legal entities | Total Non-Bank legal entities | 153,322 | 175,779 | 164,195 | Total Non-Bank legal entities | 174,515 | 170,425 | ||||||||||||
Total Liquidity Resources | Total Liquidity Resources | $ | 323,227 | $ | 356,003 | $ | 338,281 | Total Liquidity Resources | $ | 321,195 | $ | 312,250 |
Average Daily Balance Three Months Ended | Average Daily Balance Three Months Ended | |||||||||||||||
$ in millions | $ in millions | March 31, 2022 | December 31, 2021 | $ in millions | March 31, 2023 | December 31, 2022 | ||||||||||
Eligible HQLA1 | Eligible HQLA1 | Eligible HQLA1 | ||||||||||||||
Cash deposits with central banks | Cash deposits with central banks | $ | 63,336 | $ | 54,606 | Cash deposits with central banks | $ | 58,133 | $ | 52,765 | ||||||
Securities2 | Securities2 | 171,692 | 183,105 | Securities2 | 185,375 | 186,551 | ||||||||||
Total Eligible HQLA1 | Total Eligible HQLA1 | $ | 235,028 | $ | 237,711 | Total Eligible HQLA1 | $ | 243,508 | $ | 239,316 | ||||||
LCR | LCR | 130 | % | 134 | % | LCR | 135 | % | 132 | % |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Securities purchased under agreements to resell and Securities borrowed | Securities purchased under agreements to resell and Securities borrowed | $ | 278,762 | $ | 249,712 | Securities purchased under agreements to resell and Securities borrowed | $ | 268,101 | $ | 247,281 | ||||||
Securities sold under agreements to repurchase and Securities loaned | Securities sold under agreements to repurchase and Securities loaned | $ | 74,290 | $ | 74,487 | Securities sold under agreements to repurchase and Securities loaned | $ | 76,079 | $ | 78,213 | ||||||
Securities received as collateral1 | Securities received as collateral1 | $ | 7,844 | $ | 10,504 | Securities received as collateral1 | $ | 9,867 | $ | 9,954 |
Average Daily Balance Three Months Ended | Average Daily Balance Three Months Ended | |||||||||||||||
$ in millions | $ in millions | March 31, 2022 | December 31, 2021 | $ in millions | March 31, 2023 | December 31, 2022 | ||||||||||
Securities purchased under agreements to resell and Securities borrowed | Securities purchased under agreements to resell and Securities borrowed | $ | 259,971 | $ | 236,327 | Securities purchased under agreements to resell and Securities borrowed | $ | 254,449 | $ | 261,627 | ||||||
Securities sold under agreements to repurchase and Securities loaned | Securities sold under agreements to repurchase and Securities loaned | $ | 72,387 | $ | 69,565 | Securities sold under agreements to repurchase and Securities loaned | $ | 77,154 | $ | 77,268 |
March 2023 Form 10-Q | 15 |
Management’s Discussion and Analysis |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Savings and demand deposits: | Savings and demand deposits: | Savings and demand deposits: | ||||||||||||||
Brokerage sweep deposits1 | Brokerage sweep deposits1 | $ | 316,044 | $ | 298,352 | Brokerage sweep deposits1 | $ | 175,448 | $ | 202,592 | ||||||
Savings and other | Savings and other | 32,607 | 34,395 | Savings and other | 122,882 | 117,356 | ||||||||||
Total Savings and demand deposits | Total Savings and demand deposits | 348,651 | 332,747 | Total Savings and demand deposits | 298,330 | 319,948 | ||||||||||
Time deposits | Time deposits | 12,189 | 14,827 | Time deposits | 49,193 | 36,698 | ||||||||||
Total2 | Total2 | $ | 360,840 | $ | 347,574 | Total2 | $ | 347,523 | $ | 356,646 |
$ in millions | $ in millions | Parent Company | Subsidiaries | Total | $ in millions | Parent Company | Subsidiaries | Total | ||||||||||||||
Original maturities of one year or less | Original maturities of one year or less | $ | — | $ | 4,146 | $ | 4,146 | Original maturities of one year or less | $ | — | $ | 4,587 | $ | 4,587 | ||||||||
Original maturities greater than one year | Original maturities greater than one year | Original maturities greater than one year | ||||||||||||||||||||
2022 | $ | 7,034 | $ | 5,273 | $ | 12,307 | ||||||||||||||||
2023 | 2023 | 13,710 | 7,555 | 21,265 | 2023 | $ | 4,504 | $ | 6,418 | $ | 10,922 | |||||||||||
2024 | 2024 | 20,066 | 8,779 | 28,845 | 2024 | 19,858 | 11,897 | 31,755 | ||||||||||||||
2025 | 2025 | 19,821 | 7,121 | 26,942 | 2025 | 21,666 | 9,428 | 31,094 | ||||||||||||||
2026 | 2026 | 19,652 | 5,537 | 25,189 | 2026 | 24,066 | 6,267 | 30,333 | ||||||||||||||
2027 | 2027 | 18,855 | 6,876 | 25,731 | ||||||||||||||||||
Thereafter | Thereafter | 85,382 | 25,741 | 111,123 | Thereafter | 85,715 | 30,045 | 115,760 | ||||||||||||||
Total | Total | $ | 165,665 | $ | 60,006 | $ | 225,671 | Total | $ | 174,664 | $ | 70,931 | $ | 245,595 | ||||||||
Total Borrowings | Total Borrowings | $ | 165,665 | $ | 64,152 | $ | 229,817 | Total Borrowings | $ | 174,664 | $ | 75,518 | $ | 250,182 | ||||||||
Maturities over next 12 months2 | Maturities over next 12 months2 | $ | 21,328 | Maturities over next 12 months2 | $ | 20,382 |
Parent Company | |||||||||||
Short-Term | Long-Term | Rating | |||||||||
DBRS, Inc. | R-1 (middle) | A (high) | Stable | ||||||||
Fitch Ratings, Inc. | F1 | ||||||||||
Moody’s Investors Service, Inc. | P-1 | A1 | Stable | ||||||||
Rating and Investment Information, Inc. | a-1 | A | |||||||||
S&P Global Ratings | A-2 |
MSBNA | |||||||||||
Short-Term | Long-Term | Rating | |||||||||
Fitch Ratings, Inc. | |||||||||||
Moody’s Investors Service, Inc. | P-1 | Aa3 | Stable | ||||||||
S&P Global Ratings | A-1 | A+ | Stable |
MSPBNA | |||||||||||
Short-Term | Long-Term | Rating | |||||||||
Moody’s Investors Service, Inc. | P-1 | Aa3 | Stable | ||||||||
S&P Global Ratings | A-1 | A+ | Stable |
16 | March 2023 Form 10-Q |
Management’s Discussion and Analysis |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
in millions, except for per share data | in millions, except for per share data | 2022 | 2021 | in millions, except for per share data | 2023 | 2022 | ||||||||||||||||||||||
Number of shares | Number of shares | 30 | 28 | Number of shares | 16 | 30 | ||||||||||||||||||||||
Average price per share | Average price per share | $ | 95.20 | $ | 77.47 | Average price per share | $ | 95.16 | $ | 95.20 | ||||||||||||||||||
Total | Total | $ | 2,872 | $ | 2,135 | Total | $ | 1,500 | $ | 2,872 |
Announcement date | April | ||||
Amount per share | $ | ||||
Date to be paid | May | ||||
Shareholders of record as of |
March 2023 Form 10-Q | 17 |
Management’s Discussion and Analysis |
At March 31, 2022 and December 31, 2021 | At March 31, 2023 and December 31, 2022 | ||||||||||||||||||||||||
Standardized | Advanced | Standardized | Advanced | ||||||||||||||||||||||
Capital buffers | Capital buffers | Capital buffers | |||||||||||||||||||||||
Capital conservation buffer | Capital conservation buffer | — | 2.5% | Capital conservation buffer | — | 2.5% | |||||||||||||||||||
SCB1 | SCB1 | 5.7% | N/A | SCB1 | 5.8% | N/A | |||||||||||||||||||
G-SIB capital surcharge2 | G-SIB capital surcharge2 | 3.0% | G-SIB capital surcharge2 | 3.0% | |||||||||||||||||||||
CCyB3 | CCyB3 | 0% | CCyB3 | 0 | |||||||||||||||||||||
Capital buffer requirement | Capital buffer requirement | 8.7% | 5.5% | Capital buffer requirement | 8.8% | 5.5% |
Regulatory Minimum | At March 31, 2022 and December 31, 2021 | Regulatory Minimum | At March 31, 2023 and December 31, 2022 | |||||||||||||||||||||||||
Standardized | Advanced | Regulatory Minimum | Standardized | Advanced | ||||||||||||||||||||||||
Required ratios1 | Required ratios1 | Required ratios1 | ||||||||||||||||||||||||||
Common Equity Tier 1 capital ratio | Common Equity Tier 1 capital ratio | 4.5 | % | 13.2% | 10.0% | Common Equity Tier 1 capital ratio | 4.5 | % | 13.3% | 10.0% | ||||||||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 6.0 | % | 14.7% | 11.5% | Tier 1 capital ratio | 6.0 | % | 14.8% | 11.5% | ||||||||||||||||||
Total capital ratio | Total capital ratio | 8.0 | % | 16.7% | 13.5% | Total capital ratio | 8.0 | % | 16.8% | 13.5% |
$ in millions | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | ||||||||||||||||||||
Risk-based capital— Standardized | |||||||||||||||||||||||
Common Equity Tier 1 capital | $ | 72,477 | $ | 75,742 | |||||||||||||||||||
Tier 1 capital | 80,121 | 83,348 | |||||||||||||||||||||
Total capital | 89,468 | 93,166 | |||||||||||||||||||||
Total RWA | 501,429 | 471,921 | |||||||||||||||||||||
Common Equity Tier 1 capital ratio | 13.2 | % | 14.5 | % | 16.0 | % | |||||||||||||||||
Tier 1 capital ratio | 14.7 | % | 16.0 | % | 17.7 | % | |||||||||||||||||
Total capital ratio | 16.7 | % | 17.8 | % | 19.7 | % |
$ in millions | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||
Risk-based capital— Standardized | ||||||||||||||||||||
Common Equity Tier 1 capital | $ | 69,454 | $ | 68,670 | ||||||||||||||||
Tier 1 capital | 77,947 | 77,191 | ||||||||||||||||||
Total capital | 89,794 | 86,575 | ||||||||||||||||||
Total RWA | 459,107 | 447,849 | ||||||||||||||||||
Common Equity Tier 1 capital ratio | 13.3 | % | 15.1 | % | 15.3 | % | ||||||||||||||
Tier 1 capital ratio | 14.8 | % | 17.0 | % | 17.2 | % | ||||||||||||||
Total capital ratio | 16.8 | % | 19.6 | % | 19.3 | % |
$ in millions | $ in millions | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | $ in millions | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||
Risk-based capital— Advanced | Risk-based capital— Advanced | Risk-based capital— Advanced | |||||||||||||||||||||||
Common Equity Tier 1 capital | Common Equity Tier 1 capital | $ | 72,477 | $ | 75,742 | Common Equity Tier 1 capital | $ | 69,454 | $ | 68,670 | |||||||||||||||
Tier 1 capital | Tier 1 capital | 80,121 | 83,348 | Tier 1 capital | 77,947 | 77,191 | |||||||||||||||||||
Total capital | Total capital | 89,129 | 92,927 | Total capital | 89,321 | 86,159 | |||||||||||||||||||
Total RWA | Total RWA | 456,524 | 435,749 | Total RWA | 444,796 | 438,806 | |||||||||||||||||||
Common Equity Tier 1 capital ratio | Common Equity Tier 1 capital ratio | 10.0 | % | 15.9 | % | 17.4 | % | Common Equity Tier 1 capital ratio | 10.0 | % | 15.6 | % | 15.6 | % | |||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 11.5 | % | 17.6 | % | 19.1 | % | Tier 1 capital ratio | 11.5 | % | 17.5 | % | 17.6 | % | |||||||||||
Total capital ratio | Total capital ratio | 13.5 | % | 19.5 | % | 21.3 | % | Total capital ratio | 13.5 | % | 20.1 | % | 19.6 | % | |||||||||||
$ in millions | $ in millions | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | $ in millions | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||
Leverage-based capital | Leverage-based capital | Leverage-based capital | |||||||||||||||||||||||
Adjusted average assets2 | Adjusted average assets2 | $ | 1,184,494 | $ | 1,169,939 | Adjusted average assets2 | $ | 1,168,328 | $ | 1,150,772 | |||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 4.0 | % | 6.8 | % | 7.1 | % | Tier 1 leverage ratio | 4.0 | % | 6.7 | % | 6.7 | % | |||||||||||
Supplementary leverage exposure3 | Supplementary leverage exposure3 | $ | 1,466,624 | $ | 1,476,962 | Supplementary leverage exposure3 | $ | 1,422,808 | $ | 1,399,403 | |||||||||||||||
SLR | SLR | 5.0 | % | 5.5 | % | 5.6 | % | SLR | 5.0 | % | 5.5 | % | 5.5 | % |
18 | March 2023 Form 10-Q |
Management’s Discussion and Analysis |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | Change | $ in millions | At March 31, 2023 | At December 31, 2022 | Change | |||||||||||||||||
Common Equity Tier 1 capital | Common Equity Tier 1 capital | Common Equity Tier 1 capital | |||||||||||||||||||||||
Common stock and surplus | Common stock and surplus | $ | 8,331 | $ | 11,361 | $ | (3,030) | Common stock and surplus | $ | 1,395 | $ | 2,782 | $ | (1,387) | |||||||||||
Retained earnings | Retained earnings | 91,907 | 89,679 | 2,228 | Retained earnings | 96,516 | 95,047 | 1,469 | |||||||||||||||||
AOCI | AOCI | (4,902) | (3,102) | (1,800) | AOCI | (5,711) | (6,253) | 542 | |||||||||||||||||
Regulatory adjustments and deductions: | Regulatory adjustments and deductions: | Regulatory adjustments and deductions: | |||||||||||||||||||||||
Net goodwill | Net goodwill | (16,610) | (16,641) | 31 | Net goodwill | (16,388) | (16,393) | 5 | |||||||||||||||||
Net intangible assets | Net intangible assets | (6,610) | (6,704) | 94 | Net intangible assets | (5,914) | (6,048) | 134 | |||||||||||||||||
Other adjustments and deductions1 | Other adjustments and deductions1 | 361 | 1,149 | (788) | Other adjustments and deductions1 | (444) | (465) | 21 | |||||||||||||||||
Total Common Equity Tier 1 capital | Total Common Equity Tier 1 capital | $ | 72,477 | $ | 75,742 | $ | (3,265) | Total Common Equity Tier 1 capital | $ | 69,454 | $ | 68,670 | $ | 784 | |||||||||||
Additional Tier 1 capital | Additional Tier 1 capital | Additional Tier 1 capital | |||||||||||||||||||||||
Preferred stock | Preferred stock | $ | 7,750 | $ | 7,750 | $ | — | Preferred stock | $ | 8,750 | $ | 8,750 | $ | — | |||||||||||
Noncontrolling interests | Noncontrolling interests | 572 | 562 | 10 | Noncontrolling interests | 571 | 552 | 19 | |||||||||||||||||
Additional Tier 1 capital | Additional Tier 1 capital | $ | 8,322 | $ | 8,312 | $ | 10 | Additional Tier 1 capital | $ | 9,321 | $ | 9,302 | $ | 19 | |||||||||||
Deduction for investments in covered funds | Deduction for investments in covered funds | (678) | (706) | 28 | Deduction for investments in covered funds | (828) | (781) | (47) | |||||||||||||||||
Total Tier 1 capital | Total Tier 1 capital | $ | 80,121 | $ | 83,348 | $ | (3,227) | Total Tier 1 capital | $ | 77,947 | $ | 77,191 | $ | 756 | |||||||||||
Standardized Tier 2 capital | Standardized Tier 2 capital | Standardized Tier 2 capital | |||||||||||||||||||||||
Subordinated debt | Subordinated debt | $ | 8,119 | $ | 8,609 | $ | (490) | Subordinated debt | $ | 9,997 | $ | 7,846 | $ | 2,151 | |||||||||||
Eligible ACL | Eligible ACL | 1,329 | 1,155 | 174 | Eligible ACL | 1,898 | 1,613 | 285 | |||||||||||||||||
Other adjustments and deductions | Other adjustments and deductions | (101) | 54 | (155) | Other adjustments and deductions | (48) | (75) | 27 | |||||||||||||||||
Total Standardized Tier 2 capital | Total Standardized Tier 2 capital | $ | 9,347 | $ | 9,818 | $ | (471) | Total Standardized Tier 2 capital | $ | 11,847 | $ | 9,384 | $ | 2,463 | |||||||||||
Total Standardized capital | Total Standardized capital | $ | 89,468 | $ | 93,166 | $ | (3,698) | Total Standardized capital | $ | 89,794 | $ | 86,575 | $ | 3,219 | |||||||||||
Advanced Tier 2 capital | Advanced Tier 2 capital | Advanced Tier 2 capital | |||||||||||||||||||||||
Subordinated debt | Subordinated debt | $ | 8,119 | $ | 8,609 | $ | (490) | Subordinated debt | $ | 9,997 | $ | 7,846 | $ | 2,151 | |||||||||||
Eligible credit reserves | Eligible credit reserves | 990 | 916 | 74 | Eligible credit reserves | 1,425 | 1,197 | 228 | |||||||||||||||||
Other adjustments and deductions | Other adjustments and deductions | (101) | 54 | (155) | Other adjustments and deductions | (48) | (75) | 27 | |||||||||||||||||
Total Advanced Tier 2 capital | Total Advanced Tier 2 capital | $ | 9,008 | $ | 9,579 | $ | (571) | Total Advanced Tier 2 capital | $ | 11,374 | $ | 8,968 | $ | 2,406 | |||||||||||
Total Advanced capital | Total Advanced capital | $ | 89,129 | $ | 92,927 | $ | (3,798) | Total Advanced capital | $ | 89,321 | $ | 86,159 | $ | 3,162 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||
$ in millions | $ in millions | Standardized | Advanced | $ in millions | Standardized | Advanced | ||||||||||
Credit risk RWA | Credit risk RWA | Credit risk RWA | ||||||||||||||
Balance at December 31, 2021 | $ | 416,502 | $ | 285,247 | ||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 397,275 | $ | 285,638 | |||||||||||
Change related to the following items: | Change related to the following items: | Change related to the following items: | ||||||||||||||
Derivatives | Derivatives | 13,678 | 12,933 | Derivatives | 1,388 | 1,399 | ||||||||||
Securities financing transactions | Securities financing transactions | 8,826 | 2,692 | Securities financing transactions | 4,672 | 1,842 | ||||||||||
Investment securities | Investment securities | (1,586) | (4,303) | Investment securities | (290) | 77 | ||||||||||
Commitments, guarantees and loans | Commitments, guarantees and loans | 6,926 | 116 | Commitments, guarantees and loans | (1,968) | 1,374 | ||||||||||
Equity investments | Equity investments | (2,465) | (2,568) | Equity investments | (370) | (380) | ||||||||||
Other credit risk | Other credit risk | 3,945 | 4,863 | Other credit risk | 5,258 | 4,714 | ||||||||||
Total change in credit risk RWA | Total change in credit risk RWA | $ | 29,324 | $ | 13,733 | Total change in credit risk RWA | $ | 8,690 | $ | 9,026 | ||||||
Balance at March 31, 2022 | $ | 445,826 | $ | 298,980 | ||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | 405,965 | $ | 294,664 | |||||||||||
Market risk RWA | Market risk RWA | Market risk RWA | ||||||||||||||
Balance at December 31, 2021 | $ | 55,419 | $ | 55,419 | ||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 50,574 | $ | 50,563 | |||||||||||
Change related to the following items: | Change related to the following items: | Change related to the following items: | ||||||||||||||
Regulatory VaR | Regulatory VaR | 277 | 277 | Regulatory VaR | 242 | 242 | ||||||||||
Regulatory stressed VaR | Regulatory stressed VaR | 2,564 | 2,564 | Regulatory stressed VaR | (1,042) | (1,042) | ||||||||||
Incremental risk charge | Incremental risk charge | (230) | (230) | Incremental risk charge | (405) | (405) | ||||||||||
Comprehensive risk measure | Comprehensive risk measure | (395) | (527) | Comprehensive risk measure | 24 | (84) | ||||||||||
Specific risk | Specific risk | (2,032) | (2,032) | Specific risk | 3,749 | 3,749 | ||||||||||
Total change in market risk RWA | Total change in market risk RWA | $ | 184 | $ | 52 | Total change in market risk RWA | $ | 2,568 | $ | 2,460 | ||||||
Balance at March 31, 2022 | $ | 55,603 | $ | 55,471 | ||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | 53,142 | $ | 53,023 | |||||||||||
Operational risk RWA | Operational risk RWA | Operational risk RWA | ||||||||||||||
Balance at December 31, 2021 | N/A | $ | 95,083 | |||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | N/A | $ | 102,605 | ||||||||||||
Change in operational risk RWA | Change in operational risk RWA | N/A | 6,990 | Change in operational risk RWA | N/A | (5,496) | ||||||||||
Balance at March 31, 2022 | N/A | $ | 102,073 | |||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | N/A | $ | 97,109 | ||||||||||||
Total RWA | Total RWA | $ | 501,429 | $ | 456,524 | Total RWA | $ | 459,107 | $ | 444,796 |
March 2023 Form 10-Q | 19 |
Management’s Discussion and Analysis |
Actual Amount/Ratio | Actual Amount/Ratio | |||||||||||||||||||||||||||
$ in millions | $ in millions | Regulatory Minimum | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | $ in millions | Regulatory Minimum | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||
External TLAC2 | External TLAC2 | $ | 230,546 | $ | 235,681 | External TLAC2 | $ | 250,191 | $ | 245,951 | ||||||||||||||||||
External TLAC as a % of RWA | External TLAC as a % of RWA | 18.0 | % | 21.5 | % | 46.0 | % | 49.9 | % | External TLAC as a % of RWA | 18.0 | % | 21.5 | % | 54.5 | % | 54.9 | % | ||||||||||
External TLAC as a % of leverage exposure | External TLAC as a % of leverage exposure | 7.5 | % | 9.5 | % | 15.7 | % | 16.0 | % | External TLAC as a % of leverage exposure | 7.5 | % | 9.5 | % | 17.6 | % | 17.6 | % | ||||||||||
Eligible LTD3 | Eligible LTD3 | $ | 144,959 | $ | 144,659 | Eligible LTD3 | $ | 162,775 | $ | 159,444 | ||||||||||||||||||
Eligible LTD as a % of RWA | Eligible LTD as a % of RWA | 9.0 | % | 9.0 | % | 28.9 | % | 30.7 | % | Eligible LTD as a % of RWA | 9.0 | % | 9.0 | % | 35.5 | % | 35.6 | % | ||||||||||
Eligible LTD as a % of leverage exposure | Eligible LTD as a % of leverage exposure | 4.5 | % | 4.5 | % | 9.9 | % | 9.8 | % | Eligible LTD as a % of leverage exposure | 4.5 | % | 4.5 | % | 11.4 | % | 11.4 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in billions | $ in billions | 2022 | 2021 | $ in billions | 2023 | 2022 | ||||||||||||||||||||||
Institutional Securities | Institutional Securities | $ | 48.8 | $ | 43.5 | Institutional Securities | $ | 45.6 | $ | 48.8 | ||||||||||||||||||
Wealth Management | Wealth Management | 31.0 | 28.5 | Wealth Management | 28.8 | 31.0 | ||||||||||||||||||||||
Investment Management2 | 10.6 | 4.4 | ||||||||||||||||||||||||||
Investment Management | Investment Management | 10.4 | 10.6 | |||||||||||||||||||||||||
Parent | Parent | 6.3 | 17.9 | Parent | 6.6 | 6.3 | ||||||||||||||||||||||
Total | Total | $ | 96.7 | $ | 94.3 | Total | $ | 91.4 | $ | 96.7 |
20 | March 2023 Form 10-Q |
Management’s Discussion and Analysis |
March | 21 |
Management’s Discussion and Analysis |
22 | March |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
March 31, 2022 | March 31, 2023 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Period End | Average | High1 | Low1 | $ in millions | Period End | Average | High1 | Low1 | ||||||||||||||||||
Interest rate and credit spread | Interest rate and credit spread | $ | 30 | $ | 25 | $ | 33 | $ | 21 | Interest rate and credit spread | $ | 32 | $ | 36 | $ | 43 | $ | 31 | ||||||||||
Equity price | Equity price | 28 | 25 | 41 | 17 | Equity price | 29 | 25 | 31 | 16 | ||||||||||||||||||
Foreign exchange rate | Foreign exchange rate | 16 | 8 | 19 | 3 | Foreign exchange rate | 10 | 10 | 18 | 6 | ||||||||||||||||||
Commodity price | Commodity price | 24 | 20 | 27 | 15 | Commodity price | 21 | 24 | 35 | 16 | ||||||||||||||||||
Less: Diversification benefit2 | Less: Diversification benefit2 | (51) | (41) | N/A | Less: Diversification benefit2 | (44) | (47) | N/A | ||||||||||||||||||||
Primary Risk Categories | Primary Risk Categories | $ | 47 | $ | 37 | $ | 47 | $ | 31 | Primary Risk Categories | $ | 48 | $ | 48 | $ | 60 | $ | 39 | ||||||||||
Credit Portfolio | Credit Portfolio | 15 | 13 | 15 | 12 | Credit Portfolio | 21 | 19 | 21 | 18 | ||||||||||||||||||
Less: Diversification benefit2 | Less: Diversification benefit2 | (15) | (11) | N/A | Less: Diversification benefit2 | (19) | (12) | N/A | ||||||||||||||||||||
Total Management VaR | Total Management VaR | $ | 47 | $ | 39 | $ | 48 | $ | 32 | Total Management VaR | $ | 50 | $ | 55 | $ | 72 | $ | 45 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Period End | Average | High1 | Low1 | $ in millions | Period End | Average | High1 | Low1 | ||||||||||||||||||
Interest rate and credit spread | Interest rate and credit spread | $ | 21 | $ | 25 | $ | 32 | $ | 21 | Interest rate and credit spread | $ | 37 | $ | 36 | $ | 43 | $ | 32 | ||||||||||
Equity price | Equity price | 20 | 25 | 32 | 20 | Equity price | 16 | 20 | 28 | 16 | ||||||||||||||||||
Foreign exchange rate | Foreign exchange rate | 6 | 6 | 9 | 4 | Foreign exchange rate | 10 | 9 | 12 | 7 | ||||||||||||||||||
Commodity price | Commodity price | 16 | 17 | 26 | 14 | Commodity price | 26 | 30 | 41 | 20 | ||||||||||||||||||
Less: Diversification benefit2 | Less: Diversification benefit2 | (31) | (35) | N/A | Less: Diversification benefit2 | (36) | (39) | N/A | ||||||||||||||||||||
Primary Risk Categories | Primary Risk Categories | $ | 32 | $ | 38 | $ | 51 | $ | 32 | Primary Risk Categories | $ | 53 | $ | 56 | $ | 65 | $ | 47 | ||||||||||
Credit Portfolio | Credit Portfolio | 12 | 12 | 13 | 12 | Credit Portfolio | 19 | 18 | 19 | 15 | ||||||||||||||||||
Less: Diversification benefit2 | Less: Diversification benefit2 | (12) | (10) | N/A | Less: Diversification benefit2 | (9) | (10) | N/A | ||||||||||||||||||||
Total Management VaR | Total Management VaR | $ | 32 | $ | 40 | $ | 54 | $ | 32 | Total Management VaR | $ | 63 | $ | 64 | $ | 71 | $ | 56 |
March | 23 |
Risk Disclosures |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Derivatives | Derivatives | $ | 7 | $ | 7 | Derivatives | $ | 6 | $ | 7 | ||||||
Borrowings carried at fair value | Borrowings carried at fair value | 44 | 48 | Borrowings carried at fair value | 42 | 39 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Basis point change | Basis point change | Basis point change | ||||||||||||||
+100 | +100 | $ | 162 | $ | 1,267 | +100 | $ | 533 | $ | 643 | ||||||
-100 | -100 | (622) | (893) | -100 | (637) | (745) |
24 | March 2023 Form 10-Q |
Risk Disclosures |
Loss from 10% Decline | Loss from 10% Decline | |||||||||||||||
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Investments related to Investment Management activities | Investments related to Investment Management activities | $ | 415 | $ | 407 | Investments related to Investment Management activities | $ | 449 | $ | 431 | ||||||
Other investments: | Other investments: | Other investments: | ||||||||||||||
MUMSS | MUMSS | 158 | 167 | MUMSS | 144 | 143 | ||||||||||
Other Firm investments | Other Firm investments | 344 | 331 | Other Firm investments | 375 | 378 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||
$ in millions | $ in millions | HFI | HFS | FVO | Total | $ in millions | HFI | HFS | FVO2 | Total | ||||||||||||||||||
Institutional Securities: | Institutional Securities: | Institutional Securities: | ||||||||||||||||||||||||||
Corporate | Corporate | $ | 6,105 | $ | 7,069 | $ | 8 | $ | 13,182 | Corporate | $ | 7,435 | $ | 11,150 | $ | — | $ | 18,585 | ||||||||||
Secured lending facilities | Secured lending facilities | 29,896 | 4,661 | — | 34,557 | Secured lending facilities | 37,187 | 3,006 | 6 | 40,199 | ||||||||||||||||||
Commercial and Residential real estate | Commercial and Residential real estate | 8,276 | 1,986 | 4,492 | 14,754 | Commercial and Residential real estate | 8,601 | 948 | 2,535 | 12,084 | ||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 1,972 | 131 | 7,633 | 9,736 | Securities-based lending and Other | 3,430 | 16 | 5,276 | 8,722 | ||||||||||||||||||
Total Institutional Securities | Total Institutional Securities | 46,249 | 13,847 | 12,133 | 72,229 | Total Institutional Securities | 56,653 | 15,120 | 7,817 | 79,590 | ||||||||||||||||||
Wealth Management: | Wealth Management: | Wealth Management: | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 47,236 | 6 | — | 47,242 | Residential real estate | 55,400 | 25 | — | 55,425 | ||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 89,436 | 160 | — | 89,596 | Securities-based lending and Other | 88,463 | 1 | — | 88,464 | ||||||||||||||||||
Total Wealth Management | Total Wealth Management | 136,672 | 166 | — | 136,838 | Total Wealth Management | 143,863 | 26 | — | 143,889 | ||||||||||||||||||
Total Investment Management1 | Total Investment Management1 | 5 | — | 357 | 362 | Total Investment Management1 | 4 | — | 214 | 218 | ||||||||||||||||||
Total loans2 | 182,926 | 14,013 | 12,490 | 209,429 | ||||||||||||||||||||||||
Total loans | Total loans | 200,520 | 15,146 | 8,031 | 223,697 | |||||||||||||||||||||||
ACL | ACL | (679) | (679) | ACL | (970) | (970) | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | $ | 182,247 | $ | 14,013 | $ | 12,490 | $ | 208,750 | Total loans, net of ACL | $ | 199,550 | $ | 15,146 | $ | 8,031 | $ | 222,727 | ||||||||||
Lending commitments3 | Lending commitments3 | $ | 142,492 | Lending commitments3 | $ | 140,096 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 351,242 | Total exposure | $ | 362,823 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||
$ in millions | $ in millions | HFI | HFS | FVO | Total | $ in millions | HFI | HFS | FVO2 | Total | ||||||||||||||||||
Institutional Securities: | Institutional Securities: | Institutional Securities: | ||||||||||||||||||||||||||
Corporate | Corporate | $ | 5,567 | $ | 8,107 | $ | 8 | $ | 13,682 | Corporate | $ | 6,589 | $ | 10,634 | $ | — | $ | 17,223 | ||||||||||
Secured lending facilities | Secured lending facilities | 31,471 | 3,879 | — | 35,350 | Secured lending facilities | 35,606 | 3,176 | 6 | 38,788 | ||||||||||||||||||
Commercial and Residential real estate | Commercial and Residential real estate | 7,227 | 1,777 | 4,774 | 13,778 | Commercial and Residential real estate | 8,515 | 926 | 2,548 | 11,989 | ||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 1,292 | 45 | 7,710 | 9,047 | Securities-based lending and Other | 2,865 | 39 | 5,625 | 8,529 | ||||||||||||||||||
Total Institutional Securities | Total Institutional Securities | 45,557 | 13,808 | 12,492 | 71,857 | Total Institutional Securities | 53,575 | 14,775 | 8,179 | 76,529 | ||||||||||||||||||
Wealth Management: | Wealth Management: | Wealth Management: | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 44,251 | 7 | — | 44,258 | Residential real estate | 54,460 | 4 | — | 54,464 | ||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 85,143 | 17 | — | 85,160 | Securities-based lending and Other | 91,797 | 9 | — | 91,806 | ||||||||||||||||||
Total Wealth Management | Total Wealth Management | 129,394 | 24 | — | 129,418 | Total Wealth Management | 146,257 | 13 | — | 146,270 | ||||||||||||||||||
Total Investment Management1 | Total Investment Management1 | 5 | — | 135 | 140 | Total Investment Management1 | 4 | — | 218 | 222 | ||||||||||||||||||
Total loans2 | 174,956 | 13,832 | 12,627 | 201,415 | ||||||||||||||||||||||||
Total loans | Total loans | 199,836 | 14,788 | 8,397 | 223,021 | |||||||||||||||||||||||
ACL | ACL | (654) | (654) | ACL | (839) | (839) | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | $ | 174,302 | $ | 13,832 | $ | 12,627 | $ | 200,761 | Total loans, net of ACL | $ | 198,997 | $ | 14,788 | $ | 8,397 | $ | 222,182 | ||||||||||
Lending commitments3 | Lending commitments3 | $ | 134,934 | Lending commitments3 | $ | 136,960 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 335,695 | Total exposure | $ | 359,142 |
March | 25 |
Risk Disclosures |
$ in millions | |||||
ACL—Loans | $ | ||||
ACL—Lending Commitments | |||||
Total at December 31, | |||||
Gross charge-offs | |||||
Provision for credit losses | |||||
Other | |||||
Total at March 31, | $ | ||||
ACL—Loans | $ | ||||
ACL—Lending commitments |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IS | WM | Total | $ in millions | IS | WM | Total | ||||||||||||||||||||||||||||||||
Loans | Loans | $ | 24 | $ | 15 | $ | 39 | Loans | $ | 160 | $ | 41 | $ | 201 | ||||||||||||||||||||||||||
Lending commitments | Lending commitments | 20 | (2) | 18 | Lending commitments | 29 | 4 | 33 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 44 | $ | 13 | $ | 57 | Total | $ | 189 | $ | 45 | $ | 234 |
4Q 2022 | 4Q 2023 | |||||||
Year-over-year growth rate | 3.3 | % | 2.1 | % |
4Q 2023 | 4Q 2024 | |||||||
Year-over-year growth rate | (0.1) | % | 2.0 | % |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||
IS | WM | IS | WM | IS | WM | IS | WM | |||||||||||||||||||||
Accrual | Accrual | 99.0 | % | 99.8 | % | 98.7 | % | 99.8 | % | Accrual | 98.9 | % | 99.9 | % | 99.3 | % | 99.9 | % | ||||||||||
Nonaccrual1 | Nonaccrual1 | 1.0 | % | 0.2 | % | 1.3 | % | 0.2 | % | Nonaccrual1 | 1.1 | % | 0.1 | % | 0.7 | % | 0.1 | % |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Net charge-off (recovery) ratio1 | Net charge-off (recovery) ratio1 | 0.01 | % | — | % | 0.81 | % | — | % | — | % | 0.04 | % | |||||||||||||||||||||||||||
Average loans | Average loans | $ | 6,953 | $ | 36,322 | $ | 8,568 | $ | 54,802 | $ | 93,021 | $ | 199,666 | |||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Net charge-off ratio1 | — | % | 0.01 | % | 0.09 | % | — | % | — | % | 0.01 | % | ||||||||||||||||||||||||||||
Average loans | $ | 5,802 | $ | 31,353 | $ | 7,805 | $ | 45,521 | $ | 87,900 | $ | 178,381 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Net charge-off ratio1 | Net charge-off ratio1 | 0.02 | % | — | % | 0.12 | % | — | % | — | % | 0.01 | % | Net charge-off ratio1 | — | % | 0.01 | % | 0.09 | % | — | % | — | % | 0.01 | % | ||||||||||||||
Average loans | Average loans | $ | 5,637 | $ | 25,915 | $ | 7,292 | $ | 35,888 | $ | 65,888 | $ | 140,620 | Average loans | $ | 5,802 | $ | 31,353 | $ | 7,805 | $ | 45,521 | $ | 87,900 | $ | 178,381 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
Contractual Years to Maturity | Contractual Years to Maturity | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||
AA | AA | $ | 18 | $ | 5 | $ | — | $ | — | $ | 23 | AA | $ | 48 | $ | — | $ | 105 | $ | — | $ | 153 | ||||||||||||
A | A | 986 | 892 | 740 | — | 2,618 | A | 1,184 | 2,020 | 186 | — | 3,390 | ||||||||||||||||||||||
BBB | BBB | 6,239 | 8,634 | 474 | — | 15,347 | BBB | 5,157 | 11,706 | 453 | — | 17,316 | ||||||||||||||||||||||
BB | BB | 10,520 | 18,820 | 1,758 | 59 | 31,157 | BB | 13,020 | 17,732 | 623 | 377 | 31,752 | ||||||||||||||||||||||
Other NIG | Other NIG | 5,364 | 9,235 | 3,220 | 160 | 17,979 | Other NIG | 7,942 | 11,081 | 3,440 | 181 | 22,644 | ||||||||||||||||||||||
Unrated2 | Unrated2 | 76 | 790 | 679 | 3,006 | 4,551 | Unrated2 | 72 | 956 | 586 | 1,956 | 3,570 | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | 23,203 | 38,376 | 6,871 | 3,225 | 71,675 | Total loans, net of ACL | 27,423 | 43,495 | 5,393 | 2,514 | 78,825 | ||||||||||||||||||||||
Lending commitments | Lending commitments | Lending commitments | ||||||||||||||||||||||||||||||||
AAA | AAA | — | 50 | — | — | 50 | AAA | — | 50 | — | — | 50 | ||||||||||||||||||||||
AA | AA | 3,367 | 2,813 | — | — | 6,180 | AA | 2,273 | 2,775 | 289 | — | 5,337 | ||||||||||||||||||||||
A | A | 6,485 | 17,355 | 508 | 309 | 24,657 | A | 5,336 | 19,947 | 407 | — | 25,690 | ||||||||||||||||||||||
BBB | BBB | 5,997 | 43,083 | 777 | — | 49,857 | BBB | 11,852 | 41,144 | 747 | — | 53,743 | ||||||||||||||||||||||
BB | BB | 4,432 | 21,411 | 2,220 | 1 | 28,064 | BB | 3,680 | 17,212 | 863 | 171 | 21,926 | ||||||||||||||||||||||
Other NIG | Other NIG | 891 | 14,942 | 3,290 | 3 | 19,126 | Other NIG | 1,226 | 13,411 | 861 | 3 | 15,501 | ||||||||||||||||||||||
Unrated2 | Unrated2 | — | 20 | 10 | — | 30 | Unrated2 | 2 | 5 | — | — | 7 | ||||||||||||||||||||||
Total lending commitments | Total lending commitments | 21,172 | 99,674 | 6,805 | 313 | 127,964 | Total lending commitments | 24,369 | 94,544 | 3,167 | 174 | 122,254 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 44,375 | $ | 138,050 | $ | 13,676 | $ | 3,538 | $ | 199,639 | Total exposure | $ | 51,792 | $ | 138,039 | $ | 8,560 | $ | 2,688 | $ | 201,079 |
26 | March |
Risk Disclosures |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
Contractual Years to Maturity | Contractual Years to Maturity | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||
AA | AA | $ | — | $ | 35 | $ | 38 | $ | — | $ | 73 | AA | $ | 66 | $ | — | $ | 139 | $ | — | $ | 205 | ||||||||||||
A | A | 890 | 1,089 | 675 | — | 2,654 | A | 1,331 | 787 | 185 | — | 2,303 | ||||||||||||||||||||||
BBB | BBB | 5,335 | 8,944 | 563 | — | 14,842 | BBB | 5,632 | 10,712 | 465 | — | 16,809 | ||||||||||||||||||||||
BB | BB | 10,734 | 18,349 | 814 | 18 | 29,915 | BB | 11,045 | 19,219 | 796 | 162 | 31,222 | ||||||||||||||||||||||
Other NIG | Other NIG | 4,656 | 10,475 | 3,439 | 160 | 18,730 | Other NIG | 7,274 | 10,249 | 3,945 | 139 | 21,607 | ||||||||||||||||||||||
Unrated2 | Unrated2 | 171 | 665 | 511 | 3,753 | 5,100 | Unrated2 | 95 | 924 | 624 | 2,066 | 3,709 | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | 21,786 | 39,557 | 6,040 | 3,931 | 71,314 | Total loans, net of ACL | 25,443 | 41,891 | 6,154 | 2,367 | 75,855 | ||||||||||||||||||||||
Lending commitments | Lending commitments | Lending commitments | ||||||||||||||||||||||||||||||||
AAA | AAA | — | 50 | — | — | 50 | AAA | — | 50 | — | — | 50 | ||||||||||||||||||||||
AA | AA | 3,283 | 2,690 | — | — | 5,973 | AA | 2,515 | 2,935 | 11 | — | 5,461 | ||||||||||||||||||||||
A | A | 5,255 | 17,646 | 407 | 303 | 23,611 | A | 5,030 | 19,717 | 202 | 330 | 25,279 | ||||||||||||||||||||||
BBB | BBB | 6,703 | 36,096 | 766 | — | 43,565 | BBB | 10,263 | 39,615 | 566 | — | 50,444 | ||||||||||||||||||||||
BB | BB | 2,859 | 19,698 | 3,122 | — | 25,679 | BB | 3,691 | 17,656 | 1,416 | 96 | 22,859 | ||||||||||||||||||||||
Other NIG | Other NIG | 992 | 13,420 | 6,180 | 55 | 20,647 | Other NIG | 1,173 | 13,872 | 530 | — | 15,575 | ||||||||||||||||||||||
Unrated2 | Unrated2 | 672 | 40 | 3 | — | 715 | Unrated2 | — | 20 | — | 3 | 23 | ||||||||||||||||||||||
Total lending commitments | Total lending commitments | 19,764 | 89,640 | 10,478 | 358 | 120,240 | Total lending commitments | 22,672 | 93,865 | 2,725 | 429 | 119,691 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 41,550 | $ | 129,197 | $ | 16,518 | $ | 4,289 | $ | 191,554 | Total exposure | $ | 48,115 | $ | 135,756 | $ | 8,879 | $ | 2,796 | $ | 195,546 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Industry | Industry | Industry | ||||||||||||||
Financials | Financials | $ | 54,331 | $ | 52,066 | Financials | $ | 52,298 | $ | 54,222 | ||||||
Real estate | Real estate | 33,438 | 31,560 | Real estate | 36,203 | 32,358 | ||||||||||
Communications services | Communications services | 14,857 | 15,336 | |||||||||||||
Industrials | Industrials | 14,855 | 17,446 | Industrials | 14,620 | 14,557 | ||||||||||
Information technology | Information technology | 14,379 | 13,790 | |||||||||||||
Healthcare | Healthcare | 13,513 | 12,618 | Healthcare | 12,506 | 12,353 | ||||||||||
Information technology | 12,844 | 13,471 | ||||||||||||||
Communications services | 12,705 | 12,645 | ||||||||||||||
Utilities | Utilities | 11,730 | 10,542 | |||||||||||||
Consumer discretionary | Consumer discretionary | 12,204 | 11,628 | Consumer discretionary | 11,540 | 11,592 | ||||||||||
Utilities | 9,931 | 10,310 | ||||||||||||||
Consumer staples | Consumer staples | 10,317 | 7,823 | |||||||||||||
Energy | Energy | 8,672 | 9,115 | |||||||||||||
Materials | Materials | 9,275 | 6,394 | Materials | 6,210 | 6,102 | ||||||||||
Energy | 9,212 | 8,544 | ||||||||||||||
Consumer staples | 8,254 | 7,855 | ||||||||||||||
Insurance | Insurance | 7,041 | 4,954 | Insurance | 5,979 | 5,925 | ||||||||||
Other | Other | 2,036 | 2,063 | Other | 1,768 | 1,831 | ||||||||||
Total exposure | Total exposure | $ | 199,639 | $ | 191,554 | Total exposure | $ | 201,079 | $ | 195,546 |
At March 31, 2022 | |||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||
Loans, net of ACL | $ | 923 | $ | 1,168 | $ | 2,254 | $ | 4,345 | |||||||||
Lending commitments | 3,017 | 9,288 | 4,900 | 17,205 | |||||||||||||
Total exposure | $ | 3,940 | $ | 10,456 | $ | 7,154 | $ | 21,550 |
At December 31, 2021 | |||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||
Loans, net of ACL | $ | 951 | $ | 2,088 | $ | 1,803 | $ | 4,842 | |||||||||
Lending commitments | 1,619 | 5,288 | 8,879 | 15,786 | |||||||||||||
Total exposure | $ | 2,570 | $ | 7,376 | $ | 10,682 | $ | 20,628 |
At March 31, 2023 | |||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||
Loans, net of ACL | $ | 2,361 | $ | 1,193 | $ | 2,401 | $ | 5,955 | |||||||||
Lending commitments | 4,507 | 481 | 459 | 5,447 | |||||||||||||
Total exposure | $ | 6,868 | $ | 1,674 | $ | 2,860 | $ | 11,402 |
At December 31, 2022 | |||||||||||||||||
Contractual Years to Maturity | |||||||||||||||||
$ in millions | <1 | 1-5 | 5-15 | Total | |||||||||||||
Loans, net of ACL | $ | 2,385 | $ | 1,441 | $ | 2,771 | $ | 6,597 | |||||||||
Lending commitments | 3,079 | 861 | 603 | 4,543 | |||||||||||||
Total exposure | $ | 5,464 | $ | 2,302 | $ | 3,374 | $ | 11,140 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Loans | Lending Commitments | Total | $ in millions | Loans | Lending Commitments | Total | ||||||||||||||||||||||||||
Corporate | Corporate | $ | 6,105 | $ | 76,006 | $ | 82,111 | Corporate | $ | 7,435 | $ | 82,758 | $ | 90,193 | ||||||||||||||||||||
Secured lending facilities | Secured lending facilities | 29,896 | 14,025 | 43,921 | Secured lending facilities | 37,187 | 13,893 | 51,080 | ||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 8,276 | 711 | 8,987 | Commercial real estate | 8,601 | 371 | 8,972 | ||||||||||||||||||||||||||
Other | 1,972 | 885 | 2,857 | |||||||||||||||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 3,430 | 955 | 4,385 | ||||||||||||||||||||||||||||||
Total, before ACL | Total, before ACL | $ | 46,249 | $ | 91,627 | $ | 137,876 | Total, before ACL | $ | 56,653 | $ | 97,977 | $ | 154,630 | ||||||||||||||||||||
ACL | ACL | $ | (554) | $ | (443) | $ | (997) | ACL | $ | (765) | $ | (515) | $ | (1,280) |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Loans | Lending Commitments | Total | $ in millions | Loans | Lending Commitments | Total | ||||||||||||||||||||||||||
Corporate | Corporate | $ | 5,567 | $ | 73,585 | $ | 79,152 | Corporate | $ | 6,589 | $ | 79,882 | $ | 86,471 | ||||||||||||||||||||
Secured lending facilities | Secured lending facilities | 31,471 | 10,003 | 41,474 | Secured lending facilities | 35,606 | 12,803 | 48,409 | ||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 7,227 | 1,475 | 8,702 | Commercial real estate | 8,515 | 374 | 8,889 | ||||||||||||||||||||||||||
Other | 1,292 | 887 | 2,179 | |||||||||||||||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 2,865 | 985 | 3,850 | ||||||||||||||||||||||||||||||
Total, before ACL | Total, before ACL | $ | 45,557 | $ | 85,950 | $ | 131,507 | Total, before ACL | $ | 53,575 | $ | 94,044 | $ | 147,619 | ||||||||||||||||||||
ACL | ACL | $ | (543) | $ | (426) | $ | (969) | ACL | $ | (674) | $ | (484) | $ | (1,158) |
March | 27 |
Risk Disclosures |
At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC1 | Total | Loans1 | LC1 | Total | |||||||||||||||||
Americas | $ | 6,103 | $ | 367 | $ | 6,470 | $ | 6,320 | $ | 378 | $ | 6,698 | |||||||||||
EMEA | 3,367 | 84 | 3,451 | 3,040 | 79 | 3,119 | |||||||||||||||||
Asia | 427 | 5 | 432 | 445 | 5 | 450 | |||||||||||||||||
Total | $ | 9,897 | $ | 456 | $ | 10,353 | $ | 9,805 | $ | 462 | $ | 10,267 |
At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC1 | Total | Loans1 | LC1 | Total | |||||||||||||||||
Office | $ | 3,869 | $ | 273 | $ | 4,142 | $ | 3,861 | $ | 301 | $ | 4,162 | |||||||||||
Industrial | 2,689 | 18 | 2,707 | 2,561 | 25 | 2,586 | |||||||||||||||||
Multifamily | 1,647 | 82 | 1,729 | 1,889 | 85 | 1,974 | |||||||||||||||||
Retail | 846 | 6 | 852 | 659 | 6 | 665 | |||||||||||||||||
Hotel | 834 | 77 | 911 | 780 | 45 | 825 | |||||||||||||||||
Other | 12 | — | 12 | 55 | — | 55 | |||||||||||||||||
Total | $ | 9,897 | $ | 456 | $ | 10,353 | $ | 9,805 | $ | 462 | $ | 10,267 |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | Commercial Real Estate | Other | Total | $ in millions | Corporate | Secured Lending Facilities | Commercial Real Estate | Other | Total | ||||||||||||||||||||||
ACL—Loans | ACL—Loans | $ | 165 | $ | 163 | $ | 206 | $ | 9 | $ | 543 | ACL—Loans | $ | 235 | $ | 153 | $ | 275 | $ | 11 | $ | 674 | ||||||||||||
ACL—Lending commitments | ACL—Lending commitments | 356 | 41 | 20 | 9 | 426 | ACL—Lending commitments | 411 | 51 | 15 | 7 | 484 | ||||||||||||||||||||||
Total at December 31, 2021 | $ | 521 | $ | 204 | $ | 226 | $ | 18 | $ | 969 | ||||||||||||||||||||||||
Total at December 31, 2022 | Total at December 31, 2022 | $ | 646 | $ | 204 | $ | 290 | $ | 18 | $ | 1,158 | |||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | — | (3) | (7) | — | (10) | Gross charge-offs | (1) | — | (69) | — | (70) | ||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 26 | 20 | (1) | (1) | 44 | Provision for credit losses | 53 | — | 136 | — | 189 | ||||||||||||||||||||||
Other | Other | (4) | — | (2) | — | (6) | Other | 2 | (1) | — | 2 | 3 | ||||||||||||||||||||||
Total at March 31, 2022 | $ | 543 | $ | 221 | $ | 216 | $ | 17 | $ | 997 | ||||||||||||||||||||||||
Total at March 31, 2023 | Total at March 31, 2023 | $ | 700 | $ | 203 | $ | 357 | $ | 20 | $ | 1,280 | |||||||||||||||||||||||
ACL—Loans | ACL—Loans | $ | 170 | $ | 172 | $ | 203 | $ | 9 | $ | 554 | ACL—Loans | $ | 265 | $ | 152 | $ | 335 | $ | 13 | $ | 765 | ||||||||||||
ACL—Lending commitments | ACL—Lending commitments | 373 | 49 | 13 | 8 | 443 | ACL—Lending commitments | 435 | 51 | 22 | 7 | 515 |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||
Corporate | Corporate | 2.8 | % | 3.0 | % | Corporate | 3.6 | % | 3.6 | % | ||||||
Secured lending facilities | Secured lending facilities | 0.6 | % | 0.5 | % | Secured lending facilities | 0.4 | % | 0.4 | % | ||||||
Commercial real estate | Commercial real estate | 2.5 | % | 2.9 | % | Commercial real estate | 3.9 | % | 3.2 | % | ||||||
Other | 0.5 | % | 0.7 | % | ||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 0.4 | % | 0.4 | % | |||||||||||
Total Institutional Securities loans | Total Institutional Securities loans | 1.2 | % | 1.2 | % | Total Institutional Securities loans | 1.4 | % | 1.3 | % |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
Contractual Years to Maturity | Contractual Years to Maturity | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | $ | 78,507 | $ | 9,307 | $ | 1,588 | $ | 141 | $ | 89,543 | Securities-based lending and Other loans | $ | 76,801 | $ | 9,789 | $ | 1,647 | $ | 137 | $ | 88,374 | ||||||||||||
Residential real estate loans | Residential real estate loans | 3 | 13 | 1,277 | 45,877 | 47,170 | Residential real estate loans | 1 | 39 | 1,351 | 53,919 | 55,310 | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | $ | 78,510 | $ | 9,320 | $ | 2,865 | $ | 46,018 | $ | 136,713 | Total loans, net of ACL | $ | 76,802 | $ | 9,828 | $ | 2,998 | $ | 54,056 | $ | 143,684 | ||||||||||||
Lending commitments | Lending commitments | 11,398 | 2,824 | 47 | 259 | 14,528 | Lending commitments | 12,985 | 4,492 | 32 | 333 | 17,842 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 89,908 | $ | 12,144 | $ | 2,912 | $ | 46,277 | $ | 151,241 | Total exposure | $ | 89,787 | $ | 14,320 | $ | 3,030 | $ | 54,389 | $ | 161,526 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
Contractual Years to Maturity | Contractual Years to Maturity | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | $ in millions | <1 | 1-5 | 5-15 | >15 | Total | ||||||||||||||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | $ | 74,466 | $ | 8,927 | $ | 1,571 | $ | 144 | $ | 85,108 | Securities-based lending and Other loans | $ | 80,526 | $ | 9,371 | $ | 1,692 | $ | 140 | $ | 91,729 | ||||||||||||
Residential real estate loans | Residential real estate loans | 4 | 10 | 1,231 | 42,954 | 44,199 | Residential real estate loans | 1 | 32 | 1,375 | 52,968 | 54,376 | ||||||||||||||||||||||
Total loans, net of ACL | Total loans, net of ACL | $ | 74,470 | $ | 8,937 | $ | 2,802 | $ | 43,098 | $ | 129,307 | Total loans, net of ACL | $ | 80,527 | $ | 9,403 | $ | 3,067 | $ | 53,108 | $ | 146,105 | ||||||||||||
Lending commitments | Lending commitments | 11,894 | 2,467 | 51 | 282 | 14,694 | Lending commitments | 12,408 | 4,501 | 37 | 323 | 17,269 | ||||||||||||||||||||||
Total exposure | Total exposure | $ | 86,364 | $ | 11,404 | $ | 2,853 | $ | 43,380 | $ | 144,001 | Total exposure | $ | 92,935 | $ | 13,904 | $ | 3,104 | $ | 53,431 | $ | 163,374 |
28 | March 2023 Form 10-Q |
Risk Disclosures |
At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
$ in millions | Loans1 | LC | Total | Loans1 | LC | Total | |||||||||||||||||
Office | $ | 1,669 | $ | 1 | $ | 1,670 | $ | 1,675 | $ | 1 | $ | 1,676 | |||||||||||
Industrial | 330 | — | 330 | 330 | — | 330 | |||||||||||||||||
Multifamily | 1,848 | 140 | 1,988 | 1,661 | 142 | 1,803 | |||||||||||||||||
Retail | 2,125 | 9 | 2,134 | 2,135 | 6 | 2,141 | |||||||||||||||||
Hotel | 418 | — | 418 | 419 | — | 419 | |||||||||||||||||
Other | 185 | 10 | 195 | 183 | 10 | 193 | |||||||||||||||||
Total | $ | 6,575 | $ | 160 | $ | 6,735 | $ | 6,403 | $ | 159 | $ | 6,562 |
$ in millions | |||||
ACL—Loans | $ | ||||
ACL—Lending commitments | |||||
Total at December 31, | |||||
Gross charge-offs | (1) | ||||
Provision for credit losses | |||||
Total at March 31, | $ | ||||
ACL—Loans | $ | ||||
ACL—Lending commitments |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Institutional Securities | Institutional Securities | $ | 27,177 | $ | 40,545 | Institutional Securities | $ | 18,304 | $ | 16,591 | ||||||
Wealth Management | Wealth Management | 29,171 | 30,987 | Wealth Management | 21,050 | 21,933 | ||||||||||
Total | Total | $ | 56,348 | $ | 71,532 | Total | $ | 39,354 | $ | 38,524 |
March | 29 |
Risk Disclosures |
Counterparty Credit Rating1 | Counterparty Credit Rating1 | |||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | AAA | AA | A | BBB | NIG | Total | $ in millions | AAA | AA | A | BBB | NIG | Total | ||||||||||||||||||||||||||
At March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
At March 31, 2023 | At March 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Less than 1 year | Less than 1 year | $ | 2,641 | $ | 19,678 | $ | 44,744 | $ | 37,429 | $ | 17,803 | $ | 122,295 | Less than 1 year | $ | 2,071 | $ | 15,151 | $ | 32,023 | $ | 29,160 | $ | 9,933 | $ | 88,338 | ||||||||||||||
1-3 years | 1-3 years | 850 | 6,623 | 16,964 | 19,316 | 7,979 | 51,732 | 1-3 years | 1,520 | 7,243 | 14,507 | 16,267 | 7,213 | 46,750 | ||||||||||||||||||||||||||
3-5 years | 3-5 years | 1,109 | 6,317 | 7,749 | 9,729 | 3,497 | 28,401 | 3-5 years | 633 | 6,542 | 7,117 | 8,750 | 3,196 | 26,238 | ||||||||||||||||||||||||||
Over 5 years | Over 5 years | 4,366 | 32,016 | 49,904 | 53,086 | 6,223 | 145,595 | Over 5 years | 3,959 | 39,743 | 38,447 | 37,361 | 6,011 | 125,521 | ||||||||||||||||||||||||||
Total, gross | Total, gross | $ | 8,966 | $ | 64,634 | $ | 119,361 | $ | 119,560 | $ | 35,502 | $ | 348,023 | Total, gross | $ | 8,183 | $ | 68,679 | $ | 92,094 | $ | 91,538 | $ | 26,353 | $ | 286,847 | ||||||||||||||
Counterparty netting | Counterparty netting | (3,982) | (53,118) | (84,229) | (89,891) | (16,705) | (247,925) | Counterparty netting | (3,599) | (55,095) | (66,179) | (71,713) | (14,946) | (211,532) | ||||||||||||||||||||||||||
Cash and securities collateral | Cash and securities collateral | (3,552) | (8,765) | (27,333) | (17,907) | (6,675) | (64,232) | Cash and securities collateral | (2,929) | (11,078) | (22,797) | (13,729) | (5,456) | (55,989) | ||||||||||||||||||||||||||
Total, net | Total, net | $ | 1,432 | $ | 2,751 | $ | 7,799 | $ | 11,762 | $ | 12,122 | $ | 35,866 | Total, net | $ | 1,655 | $ | 2,506 | $ | 3,118 | $ | 6,096 | $ | 5,951 | $ | 19,326 |
Counterparty Credit Rating1 | Counterparty Credit Rating1 | |||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | AAA | AA | A | BBB | NIG | Total | $ in millions | AAA | AA | A | BBB | NIG | Total | ||||||||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Less than 1 year | Less than 1 year | $ | 1,561 | $ | 11,088 | $ | 32,069 | $ | 25,680 | $ | 11,924 | $ | 82,322 | Less than 1 year | $ | 2,903 | $ | 18,166 | $ | 40,825 | $ | 32,373 | $ | 10,730 | $ | 104,997 | ||||||||||||||
1-3 years | 1-3 years | 780 | 4,577 | 16,821 | 15,294 | 6,300 | 43,772 | 1-3 years | 1,818 | 8,648 | 17,113 | 19,365 | 6,974 | 53,918 | ||||||||||||||||||||||||||
3-5 years | 3-5 years | 593 | 4,807 | 6,805 | 8,030 | 3,317 | 23,552 | 3-5 years | 655 | 6,834 | 8,632 | 9,105 | 4,049 | 29,275 | ||||||||||||||||||||||||||
Over 5 years | Over 5 years | 4,359 | 26,056 | 61,091 | 44,091 | 4,633 | 140,230 | Over 5 years | 4,206 | 42,613 | 45,488 | 46,660 | 8,244 | 147,211 | ||||||||||||||||||||||||||
Total, gross | Total, gross | $ | 7,293 | $ | 46,528 | $ | 116,786 | $ | 93,095 | $ | 26,174 | $ | 289,876 | Total, gross | $ | 9,582 | $ | 76,261 | $ | 112,058 | $ | 107,503 | $ | 29,997 | $ | 335,401 | ||||||||||||||
Counterparty netting | Counterparty netting | (3,093) | (36,957) | (91,490) | (68,365) | (11,642) | (211,547) | Counterparty netting | (4,037) | (60,451) | (79,334) | (85,786) | (17,415) | (247,023) | ||||||||||||||||||||||||||
Cash and securities collateral | Cash and securities collateral | (3,539) | (7,608) | (20,500) | (17,755) | (5,762) | (55,164) | Cash and securities collateral | (3,632) | (13,402) | (28,776) | (14,457) | (5,198) | (65,465) | ||||||||||||||||||||||||||
Total, net | Total, net | $ | 661 | $ | 1,963 | $ | 4,796 | $ | 6,975 | $ | 8,770 | $ | 23,165 | Total, net | $ | 1,913 | $ | 2,408 | $ | 3,948 | $ | 7,260 | $ | 7,384 | $ | 22,913 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Industry | Industry | Industry | ||||||||||||||
Financials | Financials | $ | 10,483 | $ | 5,096 | Financials | $ | 5,677 | $ | 6,294 | ||||||
Utilities | Utilities | 7,830 | 5,918 | Utilities | 4,562 | 5,656 | ||||||||||
Regional governments | Regional governments | 1,839 | 2,052 | |||||||||||||
Energy | Energy | 5,785 | 2,587 | Energy | 1,480 | 2,851 | ||||||||||
Industrials | Industrials | 1,287 | 1,433 | |||||||||||||
Communications services | Communications services | 1,036 | 1,051 | |||||||||||||
Consumer staples | Consumer staples | 707 | 687 | |||||||||||||
Healthcare | Healthcare | 509 | 565 | |||||||||||||
Information technology | Information technology | 468 | 480 | |||||||||||||
Consumer Discretionary | Consumer Discretionary | 3,185 | 3,069 | Consumer Discretionary | 453 | 290 | ||||||||||
Regional governments | 1,495 | 963 | ||||||||||||||
Industrials | 1,259 | 985 | ||||||||||||||
Information technology | 928 | 1,060 | ||||||||||||||
Communications services | 852 | 348 | ||||||||||||||
Sovereign governments | 659 | 386 | ||||||||||||||
Healthcare | 632 | 682 | ||||||||||||||
Materials | Materials | 575 | 240 | Materials | 310 | 317 | ||||||||||
Consumer staples | 510 | 324 | ||||||||||||||
Not-for-profit organizations | Not-for-profit organizations | 411 | 531 | Not-for-profit organizations | 214 | 204 | ||||||||||
Insurance | Insurance | 356 | 174 | Insurance | 174 | 185 | ||||||||||
Sovereign governments | Sovereign governments | 162 | 410 | |||||||||||||
Real estate | Real estate | 181 | 280 | Real estate | 113 | 95 | ||||||||||
Other | Other | 725 | 522 | Other | 335 | 343 | ||||||||||
Total | Total | $ | 35,866 | $ | 23,165 | Total | $ | 19,326 | $ | 22,913 |
$ in millions | United Kingdom | Germany | Japan | France | India | ||||||||||||
Sovereign | |||||||||||||||||
Net inventory1 | $ | (544) | $ | 1,794 | $ | 3,557 | $ | 320 | $ | 1,946 | |||||||
Net counterparty exposure2 | 33 | 170 | 79 | 8 | — | ||||||||||||
Exposure before hedges | (511) | 1,964 | 3,636 | 328 | 1,946 | ||||||||||||
Hedges3 | (303) | (286) | (113) | (6) | — | ||||||||||||
Net exposure | $ | (814) | $ | 1,678 | $ | 3,523 | $ | 322 | $ | 1,946 | |||||||
Non-sovereign | |||||||||||||||||
Net inventory1 | $ | 1,088 | $ | 561 | $ | 873 | $ | 661 | $ | 883 | |||||||
Net counterparty exposure2 | 17,657 | 3,180 | 4,702 | 3,445 | 1,315 | ||||||||||||
Loans | 3,997 | 1,531 | 426 | 536 | 220 | ||||||||||||
Lending commitments | 7,290 | 3,860 | — | 3,220 | 8 | ||||||||||||
Exposure before hedges | 30,032 | 9,132 | 6,001 | 7,862 | 2,426 | ||||||||||||
Hedges3 | (1,824) | (1,350) | (148) | (2,075) | — | ||||||||||||
Net exposure | $ | 28,208 | $ | 7,782 | $ | 5,853 | $ | 5,787 | $ | 2,426 | |||||||
Total net exposure | $ | 27,394 | $ | 9,460 | $ | 9,376 | $ | 6,109 | $ | 4,372 |
$ in millions | United Kingdom | Germany | Japan | France | Australia | ||||||||||||
Sovereign | |||||||||||||||||
Net inventory1 | $ | (419) | $ | (611) | $ | 300 | $ | 75 | $ | 132 | |||||||
Net counterparty exposure2 | 10 | 118 | 196 | 12 | 88 | ||||||||||||
Exposure before hedges | (409) | (493) | 496 | 87 | 220 | ||||||||||||
Hedges3 | (56) | (273) | (187) | (6) | — | ||||||||||||
Net exposure | $ | (465) | $ | (766) | $ | 309 | $ | 81 | $ | 220 | |||||||
Non-sovereign | |||||||||||||||||
Net inventory1 | $ | 1,491 | $ | 190 | $ | 1,140 | $ | 17 | $ | 498 | |||||||
Net counterparty exposure2 | 9,992 | 3,819 | 4,572 | 3,487 | 881 | ||||||||||||
Loans | 5,481 | 990 | 329 | 1,001 | 1,494 | ||||||||||||
Lending commitments | 6,760 | 4,108 | — | 2,742 | 1,084 | ||||||||||||
Exposure before hedges | 23,724 | 9,107 | 6,041 | 7,247 | 3,957 | ||||||||||||
Hedges3 | (2,026) | (1,706) | (625) | (2,210) | (297) | ||||||||||||
Net exposure | $ | 21,698 | $ | 7,401 | $ | 5,416 | $ | 5,037 | $ | 3,660 | |||||||
Total net exposure | $ | 21,233 | $ | 6,635 | $ | 5,725 | $ | 5,118 | $ | 3,880 |
$ in millions | $ in millions | Spain | Canada | Brazil | Netherlands | Ireland | $ in millions | Brazil | China | India | Canada | Spain | ||||||||||||||||||||||
Sovereign | Sovereign | Sovereign | ||||||||||||||||||||||||||||||||
Net inventory1 | Net inventory1 | $ | (102) | $ | 387 | $ | 3,030 | $ | 274 | $ | 147 | Net inventory1 | $ | 2,555 | $ | 290 | $ | 1,356 | $ | 242 | $ | 141 | ||||||||||||
Net counterparty exposure2 | Net counterparty exposure2 | 55 | 24 | — | — | 6 | Net counterparty exposure2 | 5 | 197 | — | 67 | 51 | ||||||||||||||||||||||
Exposure before hedges | Exposure before hedges | (47) | 411 | 3,030 | 274 | 153 | Exposure before hedges | 2,560 | 487 | 1,356 | 309 | 192 | ||||||||||||||||||||||
Hedges3 | Hedges3 | (8) | — | (135) | (17) | — | Hedges3 | (195) | (65) | — | — | (8) | ||||||||||||||||||||||
Net exposure | Net exposure | $ | (55) | $ | 411 | $ | 2,895 | $ | 257 | $ | 153 | Net exposure | $ | 2,365 | $ | 422 | $ | 1,356 | $ | 309 | $ | 184 | ||||||||||||
Non-sovereign | Non-sovereign | Non-sovereign | ||||||||||||||||||||||||||||||||
Net inventory1 | Net inventory1 | $ | 337 | $ | 517 | $ | 19 | $ | (15) | $ | 1,053 | Net inventory1 | $ | 167 | $ | 2,048 | $ | 1,028 | $ | 510 | $ | 305 | ||||||||||||
Net counterparty exposure2 | Net counterparty exposure2 | 1,271 | 1,530 | 488 | 1,319 | 663 | Net counterparty exposure2 | 574 | 188 | 1,006 | 1,094 | 375 | ||||||||||||||||||||||
Loans | Loans | 2,457 | 185 | 294 | 527 | 968 | Loans | 308 | 568 | 135 | 382 | 2,171 | ||||||||||||||||||||||
Lending commitments | Lending commitments | 970 | 1,476 | 224 | 1,843 | 582 | Lending commitments | 404 | 652 | — | 1,381 | 857 | ||||||||||||||||||||||
Exposure before hedges | Exposure before hedges | 5,035 | 3,708 | 1,025 | 3,674 | 3,266 | Exposure before hedges | 1,453 | 3,456 | 2,169 | 3,367 | 3,708 | ||||||||||||||||||||||
Hedges3 | Hedges3 | (952) | (108) | (39) | (492) | (4) | Hedges3 | (42) | (125) | — | (183) | (584) | ||||||||||||||||||||||
Net exposure | Net exposure | $ | 4,083 | $ | 3,600 | $ | 986 | $ | 3,182 | $ | 3,262 | Net exposure | $ | 1,411 | $ | 3,331 | $ | 2,169 | $ | 3,184 | $ | 3,124 | ||||||||||||
Total net exposure | Total net exposure | $ | 4,028 | $ | 4,011 | $ | 3,881 | $ | 3,439 | $ | 3,415 | Total net exposure | $ | 3,776 | $ | 3,753 | $ | 3,525 | $ | 3,493 | $ | 3,308 |
30 | March 2023 Form 10-Q |
Risk Disclosures |
$ in millions | At March 31, | |||||||||
Country of Risk | Collateral2 | |||||||||
United Kingdom | U.K., U.S. and | 8,122 | ||||||||
Germany | France, Spain, and Portugal | 6,442 | ||||||||
Other | Japan, |
March | 31 |
/s/ Deloitte & Touche LLP | ||
New York, New York | ||
May |
32 | March |
Consolidated Income Statement (Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
in millions, except per share data | in millions, except per share data | 2022 | 2021 | in millions, except per share data | 2023 | 2022 | ||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||
Investment banking | Investment banking | $ | 1,758 | $ | 2,840 | Investment banking | $ | 1,330 | $ | 1,758 | ||||||||||||||||||
Trading | Trading | 3,983 | 4,225 | Trading | 4,477 | 3,983 | ||||||||||||||||||||||
Investments | Investments | 75 | 318 | Investments | 145 | 75 | ||||||||||||||||||||||
Commissions and fees | Commissions and fees | 1,416 | 1,626 | Commissions and fees | 1,239 | 1,416 | ||||||||||||||||||||||
Asset management | Asset management | 5,119 | 4,398 | Asset management | 4,728 | 5,119 | ||||||||||||||||||||||
Other | Other | 234 | 284 | Other | 252 | 234 | ||||||||||||||||||||||
Total non-interest revenues | Total non-interest revenues | 12,585 | 13,691 | Total non-interest revenues | 12,171 | 12,585 | ||||||||||||||||||||||
Interest income | Interest income | 2,650 | 2,437 | Interest income | 10,870 | 2,650 | ||||||||||||||||||||||
Interest expense | Interest expense | 434 | 409 | Interest expense | 8,524 | 434 | ||||||||||||||||||||||
Net interest | Net interest | 2,216 | 2,028 | Net interest | 2,346 | 2,216 | ||||||||||||||||||||||
Net revenues | Net revenues | 14,801 | 15,719 | Net revenues | 14,517 | 14,801 | ||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 57 | (98) | Provision for credit losses | 234 | 57 | ||||||||||||||||||||||
Non-interest expenses | Non-interest expenses | Non-interest expenses | ||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 6,274 | 6,798 | Compensation and benefits | 6,410 | 6,274 | ||||||||||||||||||||||
Brokerage, clearing and exchange fees | Brokerage, clearing and exchange fees | 882 | 910 | Brokerage, clearing and exchange fees | 881 | 882 | ||||||||||||||||||||||
Information processing and communications | Information processing and communications | 829 | 733 | Information processing and communications | 915 | 829 | ||||||||||||||||||||||
Professional services | Professional services | 705 | 624 | Professional services | 710 | 705 | ||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 427 | 405 | Occupancy and equipment | 440 | 427 | ||||||||||||||||||||||
Marketing and business development | Marketing and business development | 175 | 146 | Marketing and business development | 247 | 175 | ||||||||||||||||||||||
Other | Other | 864 | 857 | Other | 920 | 864 | ||||||||||||||||||||||
Total non-interest expenses | Total non-interest expenses | 10,156 | 10,473 | Total non-interest expenses | 10,523 | 10,156 | ||||||||||||||||||||||
Income before provision for income taxes | Income before provision for income taxes | 4,588 | 5,344 | Income before provision for income taxes | 3,760 | 4,588 | ||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 873 | 1,176 | Provision for income taxes | 727 | 873 | ||||||||||||||||||||||
Net income | Net income | $ | 3,715 | $ | 4,168 | Net income | $ | 3,033 | $ | 3,715 | ||||||||||||||||||
Net income applicable to noncontrolling interests | Net income applicable to noncontrolling interests | 49 | 48 | Net income applicable to noncontrolling interests | 53 | 49 | ||||||||||||||||||||||
Net income applicable to Morgan Stanley | Net income applicable to Morgan Stanley | $ | 3,666 | $ | 4,120 | Net income applicable to Morgan Stanley | $ | 2,980 | $ | 3,666 | ||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 124 | 138 | Preferred stock dividends | 144 | 124 | ||||||||||||||||||||||
Earnings applicable to Morgan Stanley common shareholders | Earnings applicable to Morgan Stanley common shareholders | $ | 3,542 | $ | 3,982 | Earnings applicable to Morgan Stanley common shareholders | $ | 2,836 | $ | 3,542 | ||||||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||
Basic | Basic | $ | 2.04 | $ | 2.22 | Basic | $ | 1.72 | $ | 2.04 | ||||||||||||||||||
Diluted | Diluted | $ | 2.02 | $ | 2.19 | Diluted | $ | 1.70 | $ | 2.02 | ||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | Average common shares outstanding | ||||||||||||||||||||||||||
Basic | Basic | 1,733 | 1,795 | Basic | 1,645 | 1,733 | ||||||||||||||||||||||
Diluted | Diluted | 1,755 | 1,818 | Diluted | 1,663 | 1,755 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Net income | Net income | $ | 3,715 | $ | 4,168 | Net income | $ | 3,033 | $ | 3,715 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | (105) | (219) | Foreign currency translation adjustments | 20 | (105) | ||||||||||||||||||||||
Change in net unrealized gains (losses) on available-for-sale securities | Change in net unrealized gains (losses) on available-for-sale securities | (2,395) | (776) | Change in net unrealized gains (losses) on available-for-sale securities | 512 | (2,395) | ||||||||||||||||||||||
Pension and other | Pension and other | 5 | 5 | Pension and other | (1) | 5 | ||||||||||||||||||||||
Change in net debt valuation adjustment | Change in net debt valuation adjustment | 660 | 137 | Change in net debt valuation adjustment | (15) | 660 | ||||||||||||||||||||||
Net change in cash flow hedges | Net change in cash flow hedges | 7 | — | |||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | $ | (1,835) | $ | (853) | Total other comprehensive income (loss) | $ | 523 | $ | (1,835) | ||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 1,880 | $ | 3,315 | Comprehensive income | $ | 3,556 | $ | 1,880 | ||||||||||||||||||
Net income applicable to noncontrolling interests | Net income applicable to noncontrolling interests | 49 | 48 | Net income applicable to noncontrolling interests | 53 | 49 | ||||||||||||||||||||||
Other comprehensive income (loss) applicable to noncontrolling interests | Other comprehensive income (loss) applicable to noncontrolling interests | (35) | (61) | Other comprehensive income (loss) applicable to noncontrolling interests | (19) | (35) | ||||||||||||||||||||||
Comprehensive income applicable to Morgan Stanley | Comprehensive income applicable to Morgan Stanley | $ | 1,866 | $ | 3,328 | Comprehensive income applicable to Morgan Stanley | $ | 3,522 | $ | 1,866 |
See Notes to Consolidated Financial Statements | 33 | March 2023 Form 10-Q |
Consolidated Balance Sheet |
$ in millions, except share data | $ in millions, except share data | (Unaudited) At March 31, 2022 | At December 31, 2021 | $ in millions, except share data | (Unaudited) At March 31, 2023 | At December 31, 2022 | ||||||||||
Assets | Assets | Assets | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 136,086 | $ | 127,725 | Cash and cash equivalents | $ | 111,258 | $ | 128,127 | ||||||
Trading assets at fair value ($107,196 and $104,186 were pledged to various parties) | 296,881 | 294,869 | ||||||||||||||
Investment securities (includes $90,354 and $102,830 at fair value) | 170,793 | 182,998 | ||||||||||||||
Securities purchased under agreements to resell (includes $2 and $7 at fair value) | 127,767 | 119,999 | ||||||||||||||
Trading assets at fair value ($127,205 and $124,411 were pledged to various parties) | Trading assets at fair value ($127,205 and $124,411 were pledged to various parties) | 320,301 | 301,315 | |||||||||||||
Investment securities: | Investment securities: | |||||||||||||||
Available-for-sale at fair value (amortized cost of $88,738 and $89,772) | Available-for-sale at fair value (amortized cost of $88,738 and $89,772) | 83,932 | 84,297 | |||||||||||||
Held-to-maturity (fair value of $64,419 and $65,006) | Held-to-maturity (fair value of $64,419 and $65,006) | 74,012 | 75,634 | |||||||||||||
Securities purchased under agreements to resell (includes $8 and $8 at fair value) | Securities purchased under agreements to resell (includes $8 and $8 at fair value) | 121,885 | 113,907 | |||||||||||||
Securities borrowed | Securities borrowed | 150,995 | 129,713 | Securities borrowed | 146,216 | 133,374 | ||||||||||
Customer and other receivables | Customer and other receivables | 94,804 | 96,018 | Customer and other receivables | 74,095 | 78,540 | ||||||||||
Loans: | Loans: | Loans: | ||||||||||||||
Held for investment (net of allowance for credit losses of $679 and $654) | 182,247 | 174,302 | ||||||||||||||
Held for investment (net of allowance for credit losses of $970 and $839) | Held for investment (net of allowance for credit losses of $970 and $839) | 199,550 | 198,997 | |||||||||||||
Held for sale | Held for sale | 14,013 | 13,832 | Held for sale | 15,146 | 14,788 | ||||||||||
Goodwill | Goodwill | 16,825 | 16,833 | Goodwill | 16,657 | 16,652 | ||||||||||
Intangible assets (net of accumulated amortization of $3,972 and $3,819) | 8,244 | 8,360 | ||||||||||||||
Intangible assets (net of accumulated amortization of $4,404 and $4,253) | Intangible assets (net of accumulated amortization of $4,404 and $4,253) | 7,470 | 7,618 | |||||||||||||
Other assets | Other assets | 23,578 | 23,491 | Other assets | 29,382 | 26,982 | ||||||||||
Total assets | Total assets | $ | 1,222,233 | $ | 1,188,140 | Total assets | $ | 1,199,904 | $ | 1,180,231 | ||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||
Deposits (includes $2,013 and $1,940 at fair value) | $ | 360,840 | $ | 347,574 | ||||||||||||
Deposits (includes $5,042 and $4,796 at fair value) | Deposits (includes $5,042 and $4,796 at fair value) | $ | 347,523 | $ | 356,646 | |||||||||||
Trading liabilities at fair value | Trading liabilities at fair value | 176,580 | 158,328 | Trading liabilities at fair value | 170,764 | 154,438 | ||||||||||
Securities sold under agreements to repurchase (includes $964 and $791 at fair value) | 60,068 | 62,188 | ||||||||||||||
Securities sold under agreements to repurchase (includes $872 and $864 at fair value) | Securities sold under agreements to repurchase (includes $872 and $864 at fair value) | 60,491 | 62,534 | |||||||||||||
Securities loaned | Securities loaned | 14,222 | 12,299 | Securities loaned | 15,588 | 15,679 | ||||||||||
Other secured financings (includes $4,751 and $5,133 at fair value) | 8,808 | 10,041 | ||||||||||||||
Other secured financings (includes $5,005 and $4,550 at fair value) | Other secured financings (includes $5,005 and $4,550 at fair value) | 8,670 | 8,158 | |||||||||||||
Customer and other payables | Customer and other payables | 243,609 | 228,685 | Customer and other payables | 220,700 | 216,134 | ||||||||||
Other liabilities and accrued expenses | Other liabilities and accrued expenses | 24,214 | 29,300 | Other liabilities and accrued expenses | 24,032 | 27,353 | ||||||||||
Borrowings (includes $75,963 and $76,340 at fair value) | 229,817 | 233,127 | ||||||||||||||
Borrowings (includes $86,422 and $78,720 at fair value) | Borrowings (includes $86,422 and $78,720 at fair value) | 250,182 | 238,058 | |||||||||||||
Total liabilities | Total liabilities | 1,118,158 | 1,081,542 | Total liabilities | 1,097,950 | 1,079,000 | ||||||||||
Commitments and contingent liabilities (see Note 13) | Commitments and contingent liabilities (see Note 13) | Commitments and contingent liabilities (see Note 13) | ||||||||||||||
0Equity | ||||||||||||||||
Equity | Equity | |||||||||||||||
Morgan Stanley shareholders’ equity: | Morgan Stanley shareholders’ equity: | Morgan Stanley shareholders’ equity: | ||||||||||||||
Preferred stock | Preferred stock | 7,750 | 7,750 | Preferred stock | 8,750 | 8,750 | ||||||||||
Common stock, $0.01 par value: | Common stock, $0.01 par value: | Common stock, $0.01 par value: | ||||||||||||||
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,756,153,374 and 1,772,226,530 | 20 | 20 | ||||||||||||||
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,670,318,320 and 1,675,487,409 | Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,670,318,320 and 1,675,487,409 | 20 | 20 | |||||||||||||
Additional paid-in capital | Additional paid-in capital | 28,007 | 28,841 | Additional paid-in capital | 28,856 | 29,339 | ||||||||||
Retained earnings | Retained earnings | 91,722 | 89,432 | Retained earnings | 96,392 | 94,862 | ||||||||||
Employee stock trusts | Employee stock trusts | 4,975 | 3,955 | Employee stock trusts | 5,343 | 4,881 | ||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (4,902) | (3,102) | Accumulated other comprehensive income (loss) | (5,711) | (6,253) | ||||||||||
Common stock held in treasury at cost, $0.01 par value (282,740,605 and 266,667,449 shares) | (19,696) | (17,500) | ||||||||||||||
Common stock held in treasury at cost, $0.01 par value (368,575,659 and 363,406,570 shares) | Common stock held in treasury at cost, $0.01 par value (368,575,659 and 363,406,570 shares) | (27,481) | (26,577) | |||||||||||||
Common stock issued to employee stock trusts | Common stock issued to employee stock trusts | (4,975) | (3,955) | Common stock issued to employee stock trusts | (5,343) | (4,881) | ||||||||||
Total Morgan Stanley shareholders’ equity | Total Morgan Stanley shareholders’ equity | 102,901 | 105,441 | Total Morgan Stanley shareholders’ equity | 100,826 | 100,141 | ||||||||||
Noncontrolling interests | Noncontrolling interests | 1,174 | 1,157 | Noncontrolling interests | 1,128 | 1,090 | ||||||||||
Total equity | Total equity | 104,075 | 106,598 | Total equity | 101,954 | 101,231 | ||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 1,222,233 | $ | 1,188,140 | Total liabilities and equity | $ | 1,199,904 | $ | 1,180,231 |
March 2023 Form 10-Q | 34 | See Notes to Consolidated Financial Statements |
Consolidated Statement of Changes in Total Equity (Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | ||||||||||||||||||||||||||
Beginning balance | $ | 7,750 | $ | 9,250 | ||||||||||||||||||||||||
Beginning and ending balance | Beginning and ending balance | $ | 8,750 | $ | 7,750 | |||||||||||||||||||||||
Redemption of preferred stock | — | (1,500) | ||||||||||||||||||||||||||
Ending balance | 7,750 | 7,750 | ||||||||||||||||||||||||||
Common Stock | Common Stock | Common Stock | ||||||||||||||||||||||||||
Beginning and ending balance | Beginning and ending balance | 20 | 20 | Beginning and ending balance | 20 | 20 | ||||||||||||||||||||||
Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | 28,841 | 25,546 | Beginning balance | 29,339 | 28,841 | ||||||||||||||||||||||
Share-based award activity | Share-based award activity | (834) | (332) | Share-based award activity | (483) | (834) | ||||||||||||||||||||||
Issuance of common stock for the acquisition of Eaton Vance | — | 2,185 | ||||||||||||||||||||||||||
Other net increases (decreases) | — | 7 | ||||||||||||||||||||||||||
Ending balance | Ending balance | 28,007 | 27,406 | Ending balance | 28,856 | 28,007 | ||||||||||||||||||||||
Retained Earnings | Retained Earnings | Retained Earnings | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | 89,432 | 78,694 | Beginning balance | 94,862 | 89,432 | ||||||||||||||||||||||
Net income applicable to Morgan Stanley | Net income applicable to Morgan Stanley | 3,666 | 4,120 | Net income applicable to Morgan Stanley | 2,980 | 3,666 | ||||||||||||||||||||||
Preferred stock dividends1 | Preferred stock dividends1 | (124) | (138) | Preferred stock dividends1 | (144) | (124) | ||||||||||||||||||||||
Common stock dividends1 | Common stock dividends1 | (1,252) | (635) | Common stock dividends1 | (1,305) | (1,252) | ||||||||||||||||||||||
Other net increases (decreases) | Other net increases (decreases) | — | (7) | Other net increases (decreases) | (1) | — | ||||||||||||||||||||||
Ending balance | Ending balance | 91,722 | 82,034 | Ending balance | 96,392 | 91,722 | ||||||||||||||||||||||
Employee Stock Trusts | Employee Stock Trusts | Employee Stock Trusts | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | 3,955 | 3,043 | Beginning balance | 4,881 | 3,955 | ||||||||||||||||||||||
Share-based award activity | Share-based award activity | 1,020 | 818 | Share-based award activity | 462 | 1,020 | ||||||||||||||||||||||
Ending balance | Ending balance | 4,975 | 3,861 | Ending balance | 5,343 | 4,975 | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | (3,102) | (1,962) | Beginning balance | (6,253) | (3,102) | ||||||||||||||||||||||
Net change in Accumulated other comprehensive income (loss) | Net change in Accumulated other comprehensive income (loss) | (1,800) | (792) | Net change in Accumulated other comprehensive income (loss) | 542 | (1,800) | ||||||||||||||||||||||
Ending balance | Ending balance | (4,902) | (2,754) | Ending balance | (5,711) | (4,902) | ||||||||||||||||||||||
Common Stock Held in Treasury at Cost | Common Stock Held in Treasury at Cost | Common Stock Held in Treasury at Cost | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | (17,500) | (9,767) | Beginning balance | (26,577) | (17,500) | ||||||||||||||||||||||
Share-based award activity | Share-based award activity | 1,485 | 1,020 | Share-based award activity | 1,304 | 1,485 | ||||||||||||||||||||||
Repurchases of common stock and employee tax withholdings | Repurchases of common stock and employee tax withholdings | (3,681) | (2,582) | Repurchases of common stock and employee tax withholdings | (2,208) | (3,681) | ||||||||||||||||||||||
Issuance of common stock for the acquisition of Eaton Vance | — | 3,132 | ||||||||||||||||||||||||||
Ending balance | Ending balance | (19,696) | (8,197) | Ending balance | (27,481) | (19,696) | ||||||||||||||||||||||
Common Stock Issued to Employee Stock Trusts | Common Stock Issued to Employee Stock Trusts | Common Stock Issued to Employee Stock Trusts | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | (3,955) | (3,043) | Beginning balance | (4,881) | (3,955) | ||||||||||||||||||||||
Share-based award activity | Share-based award activity | (1,020) | (818) | Share-based award activity | (462) | (1,020) | ||||||||||||||||||||||
Ending balance | Ending balance | (4,975) | (3,861) | Ending balance | (5,343) | (4,975) | ||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests | Noncontrolling Interests | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | 1,157 | 1,368 | Beginning balance | 1,090 | 1,157 | ||||||||||||||||||||||
Net income applicable to noncontrolling interests | Net income applicable to noncontrolling interests | 49 | 48 | Net income applicable to noncontrolling interests | 53 | 49 | ||||||||||||||||||||||
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests | Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests | (35) | (61) | Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests | (19) | (35) | ||||||||||||||||||||||
Other net increases (decreases) | Other net increases (decreases) | 3 | (26) | Other net increases (decreases) | 4 | 3 | ||||||||||||||||||||||
Ending balance | Ending balance | 1,174 | 1,329 | Ending balance | 1,128 | 1,174 | ||||||||||||||||||||||
Total Equity | Total Equity | $ | 104,075 | $ | 107,588 | Total Equity | $ | 101,954 | $ | 104,075 |
See Notes to Consolidated Financial Statements | 35 | March 2023 Form 10-Q |
Consolidated Cash Flow Statement (Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||
Net income | Net income | $ | 3,715 | $ | 4,168 | Net income | $ | 3,033 | $ | 3,715 | ||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | Adjustments to reconcile net income to net cash provided by (used for) operating activities: | Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 431 | 518 | Stock-based compensation expense | 558 | 431 | ||||||||||
Depreciation and amortization | Depreciation and amortization | 942 | 887 | Depreciation and amortization | 940 | 942 | ||||||||||
Provision for credit losses | Provision for credit losses | 57 | (98) | Provision for credit losses | 234 | 57 | ||||||||||
Other operating adjustments | Other operating adjustments | 51 | (95) | Other operating adjustments | 66 | 51 | ||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | Changes in assets and liabilities: | ||||||||||||||
Trading assets, net of Trading liabilities | Trading assets, net of Trading liabilities | 5,069 | 20,463 | Trading assets, net of Trading liabilities | 2,582 | 5,069 | ||||||||||
Securities borrowed | Securities borrowed | (21,282) | 10,242 | Securities borrowed | (12,842) | (21,282) | ||||||||||
Securities loaned | Securities loaned | 1,923 | 695 | Securities loaned | (91) | 1,923 | ||||||||||
Customer and other receivables and other assets | Customer and other receivables and other assets | 1,227 | (18,721) | Customer and other receivables and other assets | 4,899 | 1,227 | ||||||||||
Customer and other payables and other liabilities | Customer and other payables and other liabilities | 17,994 | 3,270 | Customer and other payables and other liabilities | 777 | 17,994 | ||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | (7,768) | 1,513 | Securities purchased under agreements to resell | (7,978) | (7,768) | ||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | (2,120) | 4,037 | Securities sold under agreements to repurchase | (2,043) | (2,120) | ||||||||||
Net cash provided by (used for) operating activities | Net cash provided by (used for) operating activities | 239 | 26,879 | Net cash provided by (used for) operating activities | (9,865) | 239 | ||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||
Proceeds from (payments for): | Proceeds from (payments for): | Proceeds from (payments for): | ||||||||||||||
Other assets—Premises, equipment and software, net | (652) | (525) | ||||||||||||||
Other assets—Premises, equipment and software | Other assets—Premises, equipment and software | (719) | (652) | |||||||||||||
Changes in loans, net | Changes in loans, net | (7,479) | (6,474) | Changes in loans, net | (822) | (7,479) | ||||||||||
Investment securities: | ||||||||||||||||
AFS securities1: | AFS securities1: | |||||||||||||||
Purchases | Purchases | (17,459) | (32,333) | Purchases | (3,475) | (14,125) | ||||||||||
Proceeds from sales | Proceeds from sales | 18,469 | 6,825 | Proceeds from sales | 1,466 | 18,469 | ||||||||||
Proceeds from paydowns and maturities | Proceeds from paydowns and maturities | 7,403 | 12,638 | Proceeds from paydowns and maturities | 3,460 | 4,301 | ||||||||||
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | — | (2,648) | ||||||||||||||
HTM securities1: | HTM securities1: | |||||||||||||||
Purchases | Purchases | — | (3,334) | |||||||||||||
Proceeds from paydowns and maturities | Proceeds from paydowns and maturities | 1,617 | 3,102 | |||||||||||||
Other investing activities | Other investing activities | (124) | (44) | Other investing activities | (2,568) | (124) | ||||||||||
Net cash provided by (used for) investing activities | Net cash provided by (used for) investing activities | 158 | (22,561) | Net cash provided by (used for) investing activities | (1,041) | 158 | ||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||
Net proceeds from (payments for): | Net proceeds from (payments for): | Net proceeds from (payments for): | ||||||||||||||
Other secured financings | Other secured financings | (636) | (3,798) | Other secured financings | 356 | (636) | ||||||||||
Deposits | Deposits | 5,834 | 12,391 | Deposits | (9,084) | 5,834 | ||||||||||
Proceeds from issuance of Borrowings | Proceeds from issuance of Borrowings | 20,284 | 24,112 | Proceeds from issuance of Borrowings | 21,219 | 20,284 | ||||||||||
Payments for: | Payments for: | Payments for: | ||||||||||||||
Borrowings | Borrowings | (11,094) | (19,774) | Borrowings | (15,201) | (11,094) | ||||||||||
Repurchases of common stock and employee tax withholdings | Repurchases of common stock and employee tax withholdings | (3,681) | (2,582) | Repurchases of common stock and employee tax withholdings | (2,205) | (3,681) | ||||||||||
Cash dividends | Cash dividends | (1,314) | (755) | Cash dividends | (1,406) | (1,314) | ||||||||||
Other financing activities | Other financing activities | (102) | (30) | Other financing activities | 33 | (102) | ||||||||||
Net cash provided by (used for) financing activities | Net cash provided by (used for) financing activities | 9,291 | 9,564 | Net cash provided by (used for) financing activities | (6,288) | 9,291 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | Effect of exchange rate changes on cash and cash equivalents | (1,327) | (1,418) | Effect of exchange rate changes on cash and cash equivalents | 325 | (1,327) | ||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 8,361 | 12,464 | Net increase (decrease) in cash and cash equivalents | (16,869) | 8,361 | ||||||||||
Cash and cash equivalents, at beginning of period | Cash and cash equivalents, at beginning of period | 127,725 | 105,654 | Cash and cash equivalents, at beginning of period | 128,127 | 127,725 | ||||||||||
Cash and cash equivalents, at end of period | Cash and cash equivalents, at end of period | $ | 136,086 | $ | 118,118 | Cash and cash equivalents, at end of period | $ | 111,258 | $ | 136,086 | ||||||
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | ||||||||||||||
Cash payments for: | Cash payments for: | Cash payments for: | ||||||||||||||
Interest | Interest | $ | 623 | $ | 586 | Interest | $ | 8,912 | $ | 623 | ||||||
Income taxes, net of refunds | Income taxes, net of refunds | 383 | 339 | Income taxes, net of refunds | 307 | 383 |
March 2023 Form 10-Q | 36 | See Notes to Consolidated Financial Statements |
Notes to Consolidated Financial Statements (Unaudited) |
(Unaudited) |
$ in millions | At March 31, 2022 | At December 31, 2021 | ||||||
Cash and due from banks | $ | 9,086 | $ | 8,394 | ||||
Interest bearing deposits with banks | 127,000 | 119,331 | ||||||
Total Cash and cash equivalents | $ | 136,086 | $ | 127,725 | ||||
Restricted cash | $ | 41,315 | $ | 40,887 |
At March 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | 44,038 | $ | 19,680 | $ | 8 | $ | — | $ | 63,726 | |||||||
Other sovereign government obligations | 24,449 | 7,422 | 188 | — | 32,059 | ||||||||||||
State and municipal securities | — | 1,664 | — | — | 1,664 | ||||||||||||
MABS | — | 929 | 351 | — | 1,280 | ||||||||||||
Loans and lending commitments2 | — | 9,349 | 3,141 | — | 12,490 | ||||||||||||
Corporate and other debt | — | 28,751 | 1,753 | — | 30,504 | ||||||||||||
Corporate equities3 | 86,106 | 790 | 239 | — | 87,135 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 10,124 | 163,417 | 1,086 | — | 174,627 | ||||||||||||
Credit | — | 10,860 | 646 | — | 11,506 | ||||||||||||
Foreign exchange | 39 | 101,193 | 63 | — | 101,295 | ||||||||||||
Equity | 997 | 64,521 | 391 | — | 65,909 | ||||||||||||
Commodity and other | 12,202 | 33,688 | 3,416 | — | 49,306 | ||||||||||||
Netting1 | (17,166) | (271,135) | (993) | (55,468) | (344,762) | ||||||||||||
Total derivative and other contracts | 6,196 | 102,544 | 4,609 | (55,468) | 57,881 | ||||||||||||
Investments4 | 661 | 761 | 1,120 | — | 2,542 | ||||||||||||
Physical commodities | — | 2,709 | — | — | 2,709 | ||||||||||||
Total trading assets4 | 161,450 | 174,599 | 11,409 | (55,468) | 291,990 | ||||||||||||
Investment securities—AFS | 56,479 | 33,875 | — | — | 90,354 | ||||||||||||
Securities purchased under agreements to resell | — | 2 | — | — | 2 | ||||||||||||
Total assets at fair value | $ | 217,929 | $ | 208,476 | $ | 11,409 | $ | (55,468) | $ | 382,346 |
At March 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | — | $ | 1,987 | $ | 26 | $ | — | $ | 2,013 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | 15,090 | 112 | — | — | 15,202 | ||||||||||||
Other sovereign government obligations | 24,751 | 2,911 | 2 | — | 27,664 | ||||||||||||
Corporate and other debt | — | 11,081 | 17 | — | 11,098 | ||||||||||||
Corporate equities3 | 80,037 | 191 | 29 | — | 80,257 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 9,127 | 155,763 | 452 | — | 165,342 | ||||||||||||
Credit | — | 10,949 | 553 | — | 11,502 | ||||||||||||
Foreign exchange | 31 | 93,168 | 96 | — | 93,295 | ||||||||||||
Equity | 1,184 | 71,669 | 1,045 | — | 73,898 | ||||||||||||
Commodity and other | 12,716 | 28,140 | 1,982 | — | 42,838 | ||||||||||||
Netting1 | (17,166) | (271,135) | (993) | (55,224) | (344,518) | ||||||||||||
Total derivative and other contracts | 5,892 | 88,554 | 3,135 | (55,224) | 42,357 | ||||||||||||
Total trading liabilities | 125,770 | 102,849 | 3,183 | (55,224) | 176,578 | ||||||||||||
Securities sold under agreements to repurchase | — | 448 | 516 | — | 964 | ||||||||||||
Other secured financings | — | 4,631 | 120 | — | 4,751 | ||||||||||||
Borrowings | — | 73,564 | 2,399 | — | 75,963 | ||||||||||||
Total liabilities at fair value | $ | 125,770 | $ | 183,479 | $ | 6,244 | $ | (55,224) | $ | 260,269 |
At December 31, 2021 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | 45,970 | $ | 29,749 | $ | 2 | $ | — | $ | 75,721 | |||||||
Other sovereign government obligations | 28,041 | 4,533 | 211 | — | 32,785 | ||||||||||||
State and municipal securities | — | 1,905 | 13 | — | 1,918 | ||||||||||||
MABS | — | 1,237 | 344 | — | 1,581 | ||||||||||||
Loans and lending commitments2 | — | 8,821 | 3,806 | — | 12,627 | ||||||||||||
Corporate and other debt | — | 27,309 | 1,973 | — | 29,282 | ||||||||||||
Corporate equities3 | 91,630 | 832 | 115 | — | 92,577 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 1,364 | 153,048 | 1,153 | — | 155,565 | ||||||||||||
Credit | — | 8,441 | 509 | — | 8,950 | ||||||||||||
Foreign exchange | 28 | 74,571 | 132 | — | 74,731 | ||||||||||||
Equity | 1,562 | 68,519 | 251 | — | 70,332 | ||||||||||||
Commodity and other | 4,462 | 20,194 | 3,057 | — | 27,713 | ||||||||||||
Netting1 | (5,696) | (241,814) | (794) | (50,833) | (299,137) | ||||||||||||
Total derivative and other contracts | 1,720 | 82,959 | 4,308 | (50,833) | 38,154 | ||||||||||||
Investments4 | 735 | 846 | 1,125 | — | 2,706 | ||||||||||||
Physical commodities | — | 2,771 | — | — | 2,771 | ||||||||||||
Total trading assets4 | 168,096 | 160,962 | 11,897 | (50,833) | 290,122 | ||||||||||||
Investment securities—AFS | 59,021 | 43,809 | — | — | 102,830 | ||||||||||||
Securities purchased under agreements to resell | — | 7 | — | — | 7 | ||||||||||||
Total assets at fair value | $ | 227,117 | $ | 204,778 | $ | 11,897 | $ | (50,833) | $ | 392,959 |
37 | March |
Notes to Consolidated Financial Statements (Unaudited) |
At December 31, 2021 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | — | $ | 1,873 | $ | 67 | $ | — | $ | 1,940 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | 16,433 | 319 | — | — | 16,752 | ||||||||||||
Other sovereign government obligations | 20,771 | 2,062 | — | — | 22,833 | ||||||||||||
Corporate and other debt | — | 8,707 | 16 | — | 8,723 | ||||||||||||
Corporate equities3 | 75,181 | 226 | 45 | — | 75,452 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 1,087 | 145,670 | 445 | — | 147,202 | ||||||||||||
Credit | — | 9,090 | 411 | — | 9,501 | ||||||||||||
Foreign exchange | 19 | 73,096 | 80 | — | 73,195 | ||||||||||||
Equity | 2,119 | 77,363 | 1,196 | — | 80,678 | ||||||||||||
Commodity and other | 4,563 | 16,837 | 1,528 | — | 22,928 | ||||||||||||
Netting1 | (5,696) | (241,814) | (794) | (50,632) | (298,936) | ||||||||||||
Total derivative and other contracts | 2,092 | 80,242 | 2,866 | (50,632) | 34,568 | ||||||||||||
Total trading liabilities | 114,477 | 91,556 | 2,927 | (50,632) | 158,328 | ||||||||||||
Securities sold under agreements to repurchase | — | 140 | 651 | — | 791 | ||||||||||||
Other secured financings | — | 4,730 | 403 | — | 5,133 | ||||||||||||
Borrowings | — | 74,183 | 2,157 | — | 76,340 | ||||||||||||
Total liabilities at fair value | $ | 114,477 | $ | 172,482 | $ | 6,205 | $ | (50,632) | $ | 242,532 |
$ in millions | At March 31, 2023 | At December 31, 2022 | ||||||
Cash and due from banks | $ | 5,336 | $ | 5,409 | ||||
Interest bearing deposits with banks | 105,922 | 122,718 | ||||||
Total Cash and cash equivalents | $ | 111,258 | $ | 128,127 | ||||
Restricted cash | $ | 33,229 | $ | 35,380 |
At March 31, 2023 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | 53,525 | $ | 40,345 | $ | 1 | $ | — | $ | 93,871 | |||||||
Other sovereign government obligations | 29,842 | 5,785 | 196 | — | 35,823 | ||||||||||||
State and municipal securities | — | 1,685 | 3 | — | 1,688 | ||||||||||||
MABS | — | 1,540 | 454 | — | 1,994 | ||||||||||||
Loans and lending commitments2 | — | 5,974 | 2,057 | — | 8,031 | ||||||||||||
Corporate and other debt | — | 27,804 | 2,243 | — | 30,047 | ||||||||||||
Corporate equities3 | 97,102 | 944 | 144 | — | 98,190 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 5,112 | 153,365 | 647 | — | 159,124 | ||||||||||||
Credit | — | 9,437 | 356 | — | 9,793 | ||||||||||||
Foreign exchange | 64 | 83,371 | 180 | — | 83,615 | ||||||||||||
Equity | 1,900 | 46,948 | 307 | — | 49,155 | ||||||||||||
Commodity and other | 4,184 | 14,300 | 3,546 | — | 22,030 | ||||||||||||
Netting1 | (10,169) | (233,264) | (1,103) | (38,758) | (283,294) | ||||||||||||
Total derivative and other contracts | 1,091 | 74,157 | 3,933 | (38,758) | 40,423 | ||||||||||||
Investments4 | 795 | 711 | 955 | — | 2,461 | ||||||||||||
Physical commodities | — | 2,349 | — | — | 2,349 | ||||||||||||
Total trading assets4 | 182,355 | 161,294 | 9,986 | (38,758) | 314,877 | ||||||||||||
Investment securities—AFS | 53,047 | 30,885 | — | — | 83,932 | ||||||||||||
Securities purchased under agreements to resell | — | 8 | — | — | 8 | ||||||||||||
Total assets at fair value | $ | 235,402 | $ | 192,187 | $ | 9,986 | $ | (38,758) | $ | 398,817 |
At March 31, 2023 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | — | $ | 5,013 | $ | 29 | $ | — | $ | 5,042 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | 23,790 | 32 | — | — | 23,822 | ||||||||||||
Other sovereign government obligations | 35,965 | 2,531 | 73 | — | 38,569 | ||||||||||||
Corporate and other debt | — | 11,007 | 46 | — | 11,053 | ||||||||||||
Corporate equities3 | 67,878 | 371 | 41 | — | 68,290 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 5,094 | 145,101 | 864 | — | 151,059 | ||||||||||||
Credit | — | 9,703 | 308 | — | 10,011 | ||||||||||||
Foreign exchange | 55 | 81,981 | 114 | — | 82,150 | ||||||||||||
Equity | 2,194 | 52,453 | 1,084 | — | 55,731 | ||||||||||||
Commodity and other | 4,616 | 12,695 | 1,947 | — | 19,258 | ||||||||||||
Netting1 | (10,169) | (233,264) | (1,103) | (44,644) | (289,180) | ||||||||||||
Total derivative and other contracts | 1,790 | 68,669 | 3,214 | (44,644) | 29,029 | ||||||||||||
Total trading liabilities | 129,423 | 82,610 | 3,374 | (44,644) | 170,763 | ||||||||||||
Securities sold under agreements to repurchase | — | 358 | 514 | — | 872 | ||||||||||||
Other secured financings | — | 4,890 | 115 | — | 5,005 | ||||||||||||
Borrowings | — | 84,773 | 1,649 | — | 86,422 | ||||||||||||
Total liabilities at fair value | $ | 129,423 | $ | 177,644 | $ | 5,681 | $ | (44,644) | $ | 268,104 |
March 2023 Form 10-Q | 38 |
Notes to Consolidated Financial Statements (Unaudited) |
At December 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Assets at fair value | |||||||||||||||||
Trading assets: | |||||||||||||||||
U.S. Treasury and agency securities | $ | 38,462 | $ | 42,263 | $ | 17 | $ | — | $ | 80,742 | |||||||
Other sovereign government obligations | 24,644 | 4,769 | 169 | — | 29,582 | ||||||||||||
State and municipal securities | — | 1,503 | 145 | — | 1,648 | ||||||||||||
MABS | — | 1,774 | 416 | — | 2,190 | ||||||||||||
Loans and lending commitments2 | — | 6,380 | 2,017 | — | 8,397 | ||||||||||||
Corporate and other debt | — | 23,351 | 2,096 | — | 25,447 | ||||||||||||
Corporate equities3 | 97,869 | 1,019 | 116 | — | 99,004 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 4,481 | 166,392 | 517 | — | 171,390 | ||||||||||||
Credit | — | 7,876 | 425 | — | 8,301 | ||||||||||||
Foreign exchange | 49 | 115,766 | 183 | — | 115,998 | ||||||||||||
Equity | 2,778 | 40,171 | 406 | — | 43,355 | ||||||||||||
Commodity and other | 5,609 | 21,152 | 3,701 | — | 30,462 | ||||||||||||
Netting1 | (9,618) | (258,821) | (1,078) | (55,777) | (325,294) | ||||||||||||
Total derivative and other contracts | 3,299 | 92,536 | 4,154 | (55,777) | 44,212 | ||||||||||||
Investments4 | 652 | 685 | 923 | — | 2,260 | ||||||||||||
Physical commodities | — | 2,379 | — | — | 2,379 | ||||||||||||
Total trading assets4 | 164,926 | 176,659 | 10,053 | (55,777) | 295,861 | ||||||||||||
Investment securities—AFS | 53,866 | 30,396 | 35 | — | 84,297 | ||||||||||||
Securities purchased under agreements to resell | — | 8 | — | — | 8 | ||||||||||||
Total assets at fair value | $ | 218,792 | $ | 207,063 | $ | 10,088 | $ | (55,777) | $ | 380,166 |
At December 31, 2022 | |||||||||||||||||
$ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | ||||||||||||
Liabilities at fair value | |||||||||||||||||
Deposits | $ | — | $ | 4,776 | $ | 20 | $ | — | $ | 4,796 | |||||||
Trading liabilities: | |||||||||||||||||
U.S. Treasury and agency securities | 20,776 | 228 | — | — | 21,004 | ||||||||||||
Other sovereign government obligations | 23,235 | 2,688 | 3 | — | 25,926 | ||||||||||||
Corporate and other debt | — | 8,786 | 29 | — | 8,815 | ||||||||||||
Corporate equities3 | 59,998 | 518 | 42 | — | 60,558 | ||||||||||||
Derivative and other contracts: | |||||||||||||||||
Interest rate | 3,446 | 161,044 | 668 | — | 165,158 | ||||||||||||
Credit | — | 7,987 | 315 | — | 8,302 | ||||||||||||
Foreign exchange | 89 | 113,383 | 117 | — | 113,589 | ||||||||||||
Equity | 3,266 | 46,923 | 1,142 | — | 51,331 | ||||||||||||
Commodity and other | 6,187 | 17,574 | 2,618 | — | 26,379 | ||||||||||||
Netting1 | (9,618) | (258,821) | (1,078) | (57,107) | (326,624) | ||||||||||||
Total derivative and other contracts | 3,370 | 88,090 | 3,782 | (57,107) | 38,135 | ||||||||||||
Total trading liabilities | 107,379 | 100,310 | 3,856 | (57,107) | 154,438 | ||||||||||||
Securities sold under agreements to repurchase | — | 352 | 512 | — | 864 | ||||||||||||
Other secured financings | — | 4,459 | 91 | — | 4,550 | ||||||||||||
Borrowings | — | 77,133 | 1,587 | — | 78,720 | ||||||||||||
Total liabilities at fair value | $ | 107,379 | $ | 187,030 | $ | 6,066 | $ | (57,107) | $ | 243,368 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Corporate | $ | 8 | $ | 8 | ||||||||||||
Secured lending facilities | Secured lending facilities | $ | 6 | $ | 6 | |||||||||||
Commercial Real Estate | Commercial Real Estate | 1,407 | 863 | Commercial Real Estate | 581 | 528 | ||||||||||
Residential Real Estate | Residential Real Estate | 3,085 | 3,911 | Residential Real Estate | 1,954 | 2,020 | ||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 7,990 | 7,845 | Securities-based lending and Other loans | 5,490 | 5,843 | ||||||||||
Total | Total | $ | 12,490 | $ | 12,627 | Total | $ | 8,031 | $ | 8,397 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Customer and other receivables (payables), net | Customer and other receivables (payables), net | $ | 377 | $ | 948 | Customer and other receivables (payables), net | $ | 788 | $ | 1,219 |
39 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
U.S. Treasury and agency securities | U.S. Treasury and agency securities | U.S. Treasury and agency securities | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 2 | $ | 9 | Beginning balance | $ | 17 | $ | 2 | ||||||||||||||||||
Purchases | Purchases | 1 | 12 | Purchases | — | 1 | ||||||||||||||||||||||
Sales | Sales | — | (9) | Sales | (9) | — | ||||||||||||||||||||||
Net transfers | Net transfers | 5 | — | Net transfers | (7) | 5 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 8 | $ | 12 | Ending balance | $ | 1 | $ | 8 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | — | $ | — | Unrealized gains (losses) | $ | — | $ | — | ||||||||||||||||||
Other sovereign government obligations | Other sovereign government obligations | Other sovereign government obligations | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 211 | $ | 268 | Beginning balance | $ | 169 | $ | 211 | ||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 4 | — | |||||||||||||||||||||||||
Purchases | Purchases | 6 | 15 | Purchases | 78 | 6 | ||||||||||||||||||||||
Sales | Sales | (40) | (256) | Sales | (54) | (40) | ||||||||||||||||||||||
Net transfers | Net transfers | 11 | (10) | Net transfers | (1) | 11 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 188 | $ | 17 | Ending balance | $ | 196 | $ | 188 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | — | $ | — | Unrealized gains (losses) | $ | 4 | $ | — | ||||||||||||||||||
State and municipal securities | State and municipal securities | State and municipal securities | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 13 | $ | — | Beginning balance | $ | 145 | $ | 13 | ||||||||||||||||||
Sales | Sales | (40) | — | |||||||||||||||||||||||||
Net transfers | Net transfers | (13) | — | Net transfers | (102) | (13) | ||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | — | Ending balance | $ | 3 | $ | — | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | — | $ | — | Unrealized gains (losses) | $ | — | $ | — | ||||||||||||||||||
MABS | MABS | MABS | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 344 | $ | 322 | Beginning balance | $ | 416 | $ | 344 | ||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | (1) | 51 | Realized and unrealized gains (losses) | 2 | (1) | ||||||||||||||||||||||
Purchases | Purchases | 56 | 144 | Purchases | 57 | 56 | ||||||||||||||||||||||
Sales | Sales | (96) | (103) | Sales | (45) | (96) | ||||||||||||||||||||||
Net transfers | Net transfers | 48 | (40) | Net transfers | 24 | 48 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 351 | $ | 374 | Ending balance | $ | 454 | $ | 351 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | (3) | $ | (2) | Unrealized gains (losses) | $ | 1 | $ | (3) | ||||||||||||||||||
Loans and lending commitments | Loans and lending commitments | Loans and lending commitments | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 3,806 | $ | 5,759 | Beginning balance | $ | 2,017 | $ | 3,806 | ||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 26 | (26) | Realized and unrealized gains (losses) | (26) | 26 | ||||||||||||||||||||||
Purchases and originations | Purchases and originations | 369 | 1,833 | Purchases and originations | 535 | 369 | ||||||||||||||||||||||
Sales | Sales | (210) | (2,060) | Sales | (193) | (210) | ||||||||||||||||||||||
Settlements | Settlements | (409) | (388) | Settlements | (235) | (409) | ||||||||||||||||||||||
Net transfers | Net transfers | (441) | (73) | Net transfers | (41) | (441) | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,141 | $ | 5,045 | Ending balance | $ | 2,057 | $ | 3,141 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | 22 | $ | (32) | Unrealized gains (losses) | $ | (25) | $ | 22 | ||||||||||||||||||
Corporate and other debt | Corporate and other debt | Corporate and other debt | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 1,973 | $ | 3,435 | Beginning balance | $ | 2,096 | $ | 1,973 | ||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 12 | (51) | Realized and unrealized gains (losses) | 34 | 12 | ||||||||||||||||||||||
Purchases and originations | Purchases and originations | 71 | 867 | Purchases and originations | 508 | 71 | ||||||||||||||||||||||
Sales | Sales | (160) | (749) | Sales | (446) | (160) | ||||||||||||||||||||||
Settlements | — | (255) | ||||||||||||||||||||||||||
Net transfers | Net transfers | (143) | 72 | Net transfers | 51 | (143) | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,753 | $ | 3,319 | Ending balance | $ | 2,243 | $ | 1,753 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | 7 | $ | 2 | Unrealized gains (losses) | $ | 64 | $ | 7 | ||||||||||||||||||
Corporate equities | Corporate equities | Corporate equities | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 115 | $ | 86 | Beginning balance | $ | 116 | $ | 115 | ||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | — | 16 | Realized and unrealized gains (losses) | (8) | — | ||||||||||||||||||||||
Purchases | Purchases | 24 | 25 | Purchases | 19 | 24 | ||||||||||||||||||||||
Sales | Sales | (82) | (46) | Sales | (25) | (82) | ||||||||||||||||||||||
Net transfers | Net transfers | 182 | 33 | Net transfers | 42 | 182 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 239 | $ | 114 | Ending balance | $ | 144 | $ | 239 | ||||||||||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | $ | — | $ | 18 | Unrealized gains (losses) | $ | (2) | $ | — |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Investments | ||||||||||||||
Beginning balance | $ | 923 | $ | 1,125 | ||||||||||
Realized and unrealized gains (losses) | 14 | (24) | ||||||||||||
Purchases | 47 | 20 | ||||||||||||
Sales | (24) | (4) | ||||||||||||
Net transfers | (5) | 3 | ||||||||||||
Ending balance | $ | 955 | $ | 1,120 | ||||||||||
Unrealized gains (losses) | $ | 10 | $ | (26) | ||||||||||
Investment securities—AFS | ||||||||||||||
Beginning balance | $ | 35 | $ | — | ||||||||||
Realized and unrealized gains (losses) | 1 | — | ||||||||||||
Net transfers | (36) | — | ||||||||||||
Ending balance | $ | — | $ | — | ||||||||||
Unrealized gains (losses) | $ | 1 | $ | — | ||||||||||
Net derivatives: Interest rate | ||||||||||||||
Beginning balance | $ | (151) | $ | 708 | ||||||||||
Realized and unrealized gains (losses) | (149) | 39 | ||||||||||||
Purchases | 10 | 3 | ||||||||||||
Issuances | (8) | (2) | ||||||||||||
Settlements | 189 | (21) | ||||||||||||
Net transfers | (108) | (93) | ||||||||||||
Ending balance | $ | (217) | $ | 634 | ||||||||||
Unrealized gains (losses) | $ | 29 | $ | 147 | ||||||||||
Net derivatives: Credit | ||||||||||||||
Beginning balance | $ | 110 | $ | 98 | ||||||||||
Realized and unrealized gains (losses) | (27) | 43 | ||||||||||||
Purchases | — | 8 | ||||||||||||
Issuances | — | (8) | ||||||||||||
Settlements | (31) | (68) | ||||||||||||
Net transfers | (4) | 20 | ||||||||||||
Ending balance | $ | 48 | $ | 93 | ||||||||||
Unrealized gains (losses) | $ | (28) | $ | 28 | ||||||||||
Net derivatives: Foreign exchange | ||||||||||||||
Beginning balance | $ | 66 | $ | 52 | ||||||||||
Realized and unrealized gains (losses) | (11) | (145) | ||||||||||||
Purchases | — | 5 | ||||||||||||
Issuances | (3) | — | ||||||||||||
Settlements | 40 | 81 | ||||||||||||
Net transfers | (26) | (26) | ||||||||||||
Ending balance | $ | 66 | $ | (33) | ||||||||||
Unrealized gains (losses) | $ | (10) | $ | (138) | ||||||||||
Net derivatives: Equity | ||||||||||||||
Beginning balance | $ | (736) | $ | (945) | ||||||||||
Realized and unrealized gains (losses) | 16 | 98 | ||||||||||||
Purchases | 39 | 28 | ||||||||||||
Issuances | (161) | (68) | ||||||||||||
Settlements | (30) | 117 | ||||||||||||
Net transfers | 95 | 116 | ||||||||||||
Ending balance | $ | (777) | $ | (654) | ||||||||||
Unrealized gains (losses) | $ | (30) | $ | 88 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||
Investments | ||||||||||||||
Beginning balance | $ | 1,125 | $ | 828 | ||||||||||
Realized and unrealized gains (losses) | (24) | 6 | ||||||||||||
Purchases | 20 | 64 | ||||||||||||
Sales | (4) | (15) | ||||||||||||
Net transfers | 3 | 41 | ||||||||||||
Ending balance | $ | 1,120 | $ | 924 | ||||||||||
Unrealized gains (losses) | $ | (26) | $ | (6) | ||||||||||
Investment securities —AFS | ||||||||||||||
Beginning balance | $ | — | $ | 2,804 | ||||||||||
Realized and unrealized gains (losses) | — | (4) | ||||||||||||
Sales | — | (192) | ||||||||||||
Net transfers1 | — | (2,481) | ||||||||||||
Ending balance | $ | — | $ | 127 | ||||||||||
Unrealized gains (losses) | $ | — | $ | (5) | ||||||||||
Securities purchased under agreements to resell | ||||||||||||||
Beginning balance | $ | — | $ | 3 | ||||||||||
Net transfers | — | (3) | ||||||||||||
Ending balance | $ | — | $ | — | ||||||||||
Unrealized gains (losses) | $ | — | $ | — | ||||||||||
Net derivatives: Interest rate | ||||||||||||||
Beginning balance | $ | 708 | $ | 682 | ||||||||||
Realized and unrealized gains (losses) | 39 | (413) | ||||||||||||
Purchases | 3 | 31 | ||||||||||||
Issuances | (2) | (17) | ||||||||||||
Settlements | (21) | 83 | ||||||||||||
Net transfers | (93) | 325 | ||||||||||||
Ending balance | $ | 634 | $ | 691 | ||||||||||
Unrealized gains (losses) | $ | 147 | $ | (403) | ||||||||||
Net derivatives: Credit | ||||||||||||||
Beginning balance | $ | 98 | $ | 49 | ||||||||||
Realized and unrealized gains (losses) | 43 | (4) | ||||||||||||
Purchases | 8 | 19 | ||||||||||||
Issuances | (8) | (8) | ||||||||||||
Settlements | (68) | (72) | ||||||||||||
Net transfers | 20 | (66) | ||||||||||||
Ending balance | $ | 93 | $ | (82) | ||||||||||
Unrealized gains (losses) | $ | 28 | $ | (13) | ||||||||||
Net derivatives: Foreign exchange | ||||||||||||||
Beginning balance | $ | 52 | $ | 61 | ||||||||||
Realized and unrealized gains (losses) | (145) | (236) | ||||||||||||
Purchases | 5 | 2 | ||||||||||||
Issuances | — | (4) | ||||||||||||
Settlements | 81 | 26 | ||||||||||||
Net transfers | (26) | 41 | ||||||||||||
Ending balance | $ | (33) | $ | (110) | ||||||||||
Unrealized gains (losses) | $ | (138) | $ | (206) | ||||||||||
Net derivatives: Equity | ||||||||||||||
Beginning balance | $ | (945) | $ | (2,231) | ||||||||||
Realized and unrealized gains (losses) | 98 | 63 | ||||||||||||
Purchases | 28 | 77 | ||||||||||||
Issuances | (68) | (297) | ||||||||||||
Settlements | 117 | 65 | ||||||||||||
Net transfers | 116 | 206 | ||||||||||||
Ending balance | $ | (654) | $ | (2,117) | ||||||||||
Unrealized gains (losses) | $ | 88 | $ | 12 |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||
Net derivatives: Commodity and other | ||||||||||||||
Beginning balance | $ | 1,529 | $ | 1,709 | ||||||||||
Realized and unrealized gains (losses) | 4 | 331 | ||||||||||||
Purchases | 9 | 7 | ||||||||||||
Issuances | (11) | (1) | ||||||||||||
Settlements | (47) | (131) | ||||||||||||
Net transfers | (50) | 29 | ||||||||||||
Ending balance | $ | 1,434 | $ | 1,944 | ||||||||||
Unrealized gains (losses) | $ | (216) | $ | 215 | ||||||||||
Deposits | ||||||||||||||
Beginning balance | $ | 67 | $ | 126 | ||||||||||
Realized and unrealized losses (gains) | — | (4) | ||||||||||||
Issuances | — | 11 | ||||||||||||
Settlements | (5) | (2) | ||||||||||||
Net transfers | (36) | 46 | ||||||||||||
Ending balance | $ | 26 | $ | 177 | ||||||||||
Unrealized losses (gains) | $ | — | $ | (4) | ||||||||||
Nonderivative trading liabilities | ||||||||||||||
Beginning balance | $ | 61 | $ | 79 | ||||||||||
Realized and unrealized losses (gains) | (3) | (9) | ||||||||||||
Purchases | (33) | (20) | ||||||||||||
Sales | 11 | 13 | ||||||||||||
Net transfers | 12 | (1) | ||||||||||||
Ending balance | $ | 48 | $ | 62 | ||||||||||
Unrealized losses (gains) | $ | (3) | $ | (9) | ||||||||||
Securities sold under agreements to repurchase | ||||||||||||||
Beginning balance | $ | 651 | $ | 444 | ||||||||||
Realized and unrealized losses (gains) | 2 | (2) | ||||||||||||
Settlements | (10) | — | ||||||||||||
Net transfers | (127) | (1) | ||||||||||||
Ending balance | $ | 516 | $ | 441 | ||||||||||
Unrealized losses (gains) | $ | 2 | $ | (2) | ||||||||||
Other secured financings | ||||||||||||||
Beginning balance | $ | 403 | $ | 516 | ||||||||||
Realized and unrealized losses (gains) | (3) | (5) | ||||||||||||
Issuances | 28 | 370 | ||||||||||||
Settlements | (305) | (322) | ||||||||||||
Net transfers | (3) | (4) | ||||||||||||
Ending balance | $ | 120 | $ | 555 | ||||||||||
Unrealized losses (gains) | $ | (3) | $ | (5) | ||||||||||
Borrowings | ||||||||||||||
Beginning balance | $ | 2,157 | $ | 4,374 | ||||||||||
Realized and unrealized losses (gains) | (143) | (118) | ||||||||||||
Issuances | 161 | 231 | ||||||||||||
Settlements | (42) | (316) | ||||||||||||
Net transfers | 266 | 91 | ||||||||||||
Ending balance | $ | 2,399 | $ | 4,262 | ||||||||||
Unrealized losses (gains) | $ | (143) | $ | (116) | ||||||||||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | (29) | (29) |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Net derivatives: Commodity and other | ||||||||||||||
Beginning balance | $ | 1,083 | $ | 1,529 | ||||||||||
Realized and unrealized gains (losses) | 446 | 4 | ||||||||||||
Purchases | 16 | 9 | ||||||||||||
Issuances | (3) | (11) | ||||||||||||
Settlements | (103) | (47) | ||||||||||||
Net transfers | 160 | (50) | ||||||||||||
Ending balance | $ | 1,599 | $ | 1,434 | ||||||||||
Unrealized gains (losses) | $ | 211 | $ | (216) | ||||||||||
Deposits | ||||||||||||||
Beginning balance | $ | 20 | $ | 67 | ||||||||||
Issuances | 6 | — | ||||||||||||
Settlements | — | (5) | ||||||||||||
Net transfers | 3 | (36) | ||||||||||||
Ending balance | $ | 29 | $ | 26 | ||||||||||
Unrealized losses (gains) | $ | — | $ | — | ||||||||||
Nonderivative trading liabilities | ||||||||||||||
Beginning balance | $ | 74 | $ | 61 | ||||||||||
Realized and unrealized losses (gains) | (7) | (3) | ||||||||||||
Purchases | (44) | (33) | ||||||||||||
Sales | 113 | 11 | ||||||||||||
Net transfers | 24 | 12 | ||||||||||||
Ending balance | $ | 160 | $ | 48 | ||||||||||
Unrealized losses (gains) | $ | (5) | $ | (3) | ||||||||||
Securities sold under agreements to repurchase | ||||||||||||||
Beginning balance | $ | 512 | $ | 651 | ||||||||||
Realized and unrealized losses (gains) | 11 | 2 | ||||||||||||
Settlements | (9) | (10) | ||||||||||||
Net transfers | — | (127) | ||||||||||||
Ending balance | $ | 514 | $ | 516 | ||||||||||
Unrealized losses (gains) | $ | 11 | $ | 2 | ||||||||||
Other secured financings | ||||||||||||||
Beginning balance | $ | 91 | $ | 403 | ||||||||||
Realized and unrealized losses (gains) | 2 | (3) | ||||||||||||
Issuances | 41 | 28 | ||||||||||||
Settlements | (19) | (305) | ||||||||||||
Net transfers | — | (3) | ||||||||||||
Ending balance | $ | 115 | $ | 120 | ||||||||||
Unrealized losses (gains) | $ | 2 | $ | (3) | ||||||||||
Borrowings | ||||||||||||||
Beginning balance | $ | 1,587 | $ | 2,157 | ||||||||||
Realized and unrealized losses (gains) | 48 | (143) | ||||||||||||
Issuances | 239 | 161 | ||||||||||||
Settlements | (82) | (42) | ||||||||||||
Net transfers | (143) | 266 | ||||||||||||
Ending balance | $ | 1,649 | $ | 2,399 | ||||||||||
Unrealized losses (gains) | $ | 45 | $ | (143) | ||||||||||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | 9 | (29) |
(Unaudited) |
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At March 31, 2022 | At December 31, 2021 | ||||||
Assets at Fair Value on a Recurring Basis | ||||||||
Other sovereign government obligations | $ | 188 | $ | 211 | ||||
Comparable pricing: | ||||||||
Bond price | 91 to 108 points (100 points) | 100 to 140 points (120 points) | ||||||
MABS | $ | 351 | $ | 344 | ||||
Comparable pricing: | ||||||||
Bond price | 0 to 83 points (58 points) | 0 to 86 points (59 points) | ||||||
Loans and lending commitments | $ | 3,141 | $ | 3,806 | ||||
Margin loan model: | ||||||||
Margin loan rate | 1% to 4% (3%) | 1% to 4% (3%) | ||||||
Comparable pricing: | ||||||||
Loan price | 88 to 102 points (97 points) | 89 to 101 points (97 points) | ||||||
Corporate and other debt | $ | 1,753 | $ | 1,973 | ||||
Comparable pricing: | ||||||||
Bond price | 50 to 165 points (98 points) | 50 to 163 points (99 points) | ||||||
Discounted cash flow: | ||||||||
Loss given default | 54% to 84% (62% / 54%) | 54% to 84% (62% / 54%) | ||||||
Corporate equities | $ | 239 | $ | 115 | ||||
Comparable pricing: | ||||||||
Equity price | 100% | 100% | ||||||
Investments | $ | 1,120 | $ | 1,125 | ||||
Discounted cash flow: | ||||||||
WACC | 13% to 16% (15%) | 10% to 16% (15%) | ||||||
Exit multiple | 8 to 17 times (12 times) | 8 to 17 times (12 times) | ||||||
Market approach: | ||||||||
EBITDA multiple | 8 to 23 times (9 times) | 8 to 25 times (10 times) | ||||||
Comparable pricing: | ||||||||
Equity price | 43% to 100% (99%) | 43% to 100% (99%) | ||||||
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At March 31, 2022 | At December 31, 2021 | ||||||
Net derivative and other contracts: | ||||||||
Interest rate | $ | 634 | $ | 708 | ||||
Option model: | ||||||||
IR volatility skew | 45% to 79% (61% / 63%) | 39% to 79% (64% / 63%) | ||||||
IR curve correlation | 46% to 93% (73% / 76%) | 62% to 98% (83% / 84%) | ||||||
Bond volatility | 8% to 26% (15% / 14%) | 5% to 32% (12% / 9%) | ||||||
Inflation volatility | 24% to 65% (44% / 40%) | 24% to 65% (44% / 40%) | ||||||
IR curve | N/M | 4% | ||||||
Credit | $ | 93 | $ | 98 | ||||
Credit default swap model: | ||||||||
Cash-synthetic basis | 7 points | 7 points | ||||||
Bond price | N/M | 0 to 83 points (46 points) | ||||||
Credit spread | 10 to 481 bps (95 bps) | 14 to 477 bps (68 bps) | ||||||
Funding spread | 15 to 590 bps (77 bps) | 15 to 433 bps (55 bps) | ||||||
Foreign exchange2 | $ | (33) | $ | 52 | ||||
Option model: | ||||||||
IR - FX correlation | 54% to 56% (55% 55%) | 53% to 56% (55% / 54%) | ||||||
IR volatility skew | 45% to 79% (61% / 63%) | 39% to 79% (64% / 63%) | ||||||
IR curve | 2% to 7% (5% / 7%) | -1% to 7% (2% / 0%) | ||||||
Foreign exchange volatility skew | -37% to 25% (0% / 1%) | -4% to -2% (-3% / -3%) | ||||||
Contingency probability | 80% to 95% (93% / 95%) | 90% to 95% (94% / 95%) | ||||||
Equity2 | $ | (654) | $ | (945) | ||||
Option model: | ||||||||
Equity volatility | 7% to 96% (24%) | 5% to 99% (24%) | ||||||
Equity volatility skew | -6% to 0% (-1%) | -4% to 0% (-1%) | ||||||
Equity correlation | 5% to 97% (75%) | 5% to 99% (73%) | ||||||
FX correlation | -85% to 60% (-47%) | -85% to 37% (-42%) | ||||||
IR correlation | 12% to 30% (14%) | 13% to 30% (15%) | ||||||
Commodity and other | $ | 1,434 | $ | 1,529 | ||||
Option model: | ||||||||
Forward power price | $7 to $260 ($48) per MWh | $4 to $263 ($39) per MWh | ||||||
Commodity volatility | 8% to 196% (32%) | 8% to 385% (22%) | ||||||
Cross-commodity correlation | 41% to 100% (94%) | 43% to 100% (94%) | ||||||
Liabilities Measured at Fair Value on a Recurring Basis | ||||||||
Deposits | $ | 26 | $ | 67 | ||||
Option model: | ||||||||
Equity volatility | N/M | 7% | ||||||
Securities sold under agreements to repurchase | $ | 516 | $ | 651 | ||||
Discounted cash flow: | ||||||||
Funding spread | 84 to 131 bps (108 bps) | 112 to 127 bps (120 bps) | ||||||
Other secured financings | $ | 120 | $ | 403 | ||||
Comparable pricing: | ||||||||
Loan price | 23 to 100 points (80 points) | 30 to 100 points (83 points) | ||||||
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At March 31, 2023 | At December 31, 2022 | ||||||
Assets at Fair Value on a Recurring Basis | ||||||||
Other sovereign government obligations | $ | 196 | $ | 169 | ||||
Comparable pricing: | ||||||||
Bond price | 61 to 119 points (92 points) | 57 to 124 points (89 points) | ||||||
State and municipal securities | $ | 3 | $ | 145 | ||||
Comparable pricing: | ||||||||
Bond price | N/M | 86 to 100 points (97 points) | ||||||
MABS | $ | 454 | $ | 416 | ||||
Comparable pricing: | ||||||||
Bond price | 0 to 95 points (60 points) | 0 to 95 points (68 points) | ||||||
Loans and lending commitments | $ | 2,057 | $ | 2,017 | ||||
Margin loan model: | ||||||||
Margin loan rate | 2% to 4% (3%) | 2% to 4% (3%) | ||||||
Comparable pricing: | ||||||||
Loan price | 88 to 104 points (99 points) | 87 to 105 points (99 points) | ||||||
Corporate and other debt | $ | 2,243 | $ | 2,096 | ||||
Comparable pricing: | ||||||||
Bond price | 51 to 129 points (88 points) | 51 to 132 points (90 points) | ||||||
Discounted cash flow: | ||||||||
Loss given default | 54% to 84% (62% / 54%) | 54% to 84% (62% / 54%) | ||||||
Corporate equities | $ | 144 | $ | 116 | ||||
Comparable pricing: | ||||||||
Equity price | 100% | 100% | ||||||
Investments | $ | 955 | $ | 923 | ||||
Discounted cash flow: | ||||||||
WACC | 15% to 17% (16%) | 15% to 17% (16%) | ||||||
Exit multiple | 7 to 17 times (14 times) | 7 to 17 times (14 times) | ||||||
Market approach: | ||||||||
EBITDA multiple | 6 to 21 times (11 times) | 7 to 21 times (11 times) | ||||||
Comparable pricing: | ||||||||
Equity price | 24% to 100% (89%) | 24% to 100% (89%) | ||||||
41 | March |
Notes to Consolidated Financial Statements (Unaudited) |
Balance / Range (Average1) | Balance / Range (Average1) | |||||||||||||||
$ in millions, except inputs | $ in millions, except inputs | At March 31, 2022 | At December 31, 2021 | $ in millions, except inputs | At March 31, 2023 | At December 31, 2022 | ||||||||||
Borrowings | $ | 2,399 | $ | 2,157 | ||||||||||||
Net derivative and other contracts: | Net derivative and other contracts: | |||||||||||||||
Interest rate | Interest rate | $ | (217) | $ | (151) | |||||||||||
Option model: | Option model: | |||||||||||||||
IR volatility skew | IR volatility skew | 36% to 138% (90% / 84%) | 105% to 130% (113% / 109%) | |||||||||||||
IR curve correlation | IR curve correlation | 53% to 99% (83% / 86%) | 47% to 100% (80% / 84%) | |||||||||||||
Bond volatility | Bond volatility | 1% to 2% (1% / 1%) | N/M | |||||||||||||
Inflation volatility | Inflation volatility | 22% to 70% (43% / 39%) | 22% to 65% (43% / 38%) | |||||||||||||
IR curve | IR curve | 4% to 11% (6% / 5%) | 4% to 5% (5% / 5%) | |||||||||||||
Credit | Credit | $ | 48 | $ | 110 | |||||||||||
Credit default swap model: | Credit default swap model: | |||||||||||||||
Cash-synthetic basis | Cash-synthetic basis | 7 points | 7 points | |||||||||||||
Bond price | Bond price | 0 to 92 bps (49 points) | 0 to 83 points (43 points) | |||||||||||||
Credit spread | Credit spread | 10 to 449 bps (111 bps) | 10 to 528 bps (115 bps) | |||||||||||||
Funding spread | Funding spread | 18 to 590 bps (81 bps) | 18 to 590 bps (93 bps) | |||||||||||||
Foreign exchange2 | Foreign exchange2 | $ | 66 | $ | 66 | |||||||||||
Option model: | Option model: | |||||||||||||||
IR curve | IR curve | -8% to 18% (5% / 4%) | -2% to 38% (8% / 4%) | |||||||||||||
Foreign exchange volatility skew | Foreign exchange volatility skew | -18% to 30% (2% / 0%) | 10% to 10% (10% / 10%) | |||||||||||||
Contingency probability | Contingency probability | 95% to 95% (95% / 95%) | 95% to 95% (95% / 95%) | |||||||||||||
Equity2 | Equity2 | $ | (777) | $ | (736) | |||||||||||
Option model: | Option model: | Option model: | ||||||||||||||
Equity volatility | Equity volatility | 7% to 93% (24%) | 7% to 85% (20%) | Equity volatility | 6% to 95% (22%) | 5% to 96% (25%) | ||||||||||
Equity volatility skew | Equity volatility skew | -1% to 0% (0%) | -1% to 0% (0%) | Equity volatility skew | -5% to 0% (-1%) | -4% to 0% (-1%) | ||||||||||
Equity correlation | Equity correlation | 39% to 95% (85%) | 41% to 95% (81%) | Equity correlation | 17% to 95% (83%) | 10% to 93% (71%) | ||||||||||
Equity - FX correlation | -55% to 25% (-27%) | -55% to 25% (-30%) | ||||||||||||||
IR FX Correlation | -27% to 12% (-6% / -6%) | -26% to 8% (-5% / -5%) | ||||||||||||||
IR curve correlation | 46% to 93% (73% / 76%) | N/M | ||||||||||||||
IR volatility skew | 34% to 82% (51% / 45%) | N/M | ||||||||||||||
FX correlation | FX correlation | -79% to 65% (-25%) | -79% to 65% (-26%) | |||||||||||||
IR correlation | IR correlation | 10% to 30% (13%) | 10% to 30% (-14%) | |||||||||||||
Commodity and other | Commodity and other | $ | 1,599 | $ | 1,083 | |||||||||||
Option model: | Option model: | |||||||||||||||
Forward power price | Forward power price | $0 to $282 ($45) per MWh | $1 to $292 ($43) per MWh | |||||||||||||
Commodity volatility | Commodity volatility | 8% to 113% (35%) | 12% to 169% (34%) | |||||||||||||
Cross-commodity correlation | Cross-commodity correlation | 54% to 100% (93%) | 70% to 100% (94%) | |||||||||||||
Liabilities Measured at Fair Value on a Recurring Basis | Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 514 | $ | 512 | |||||||||||
Discounted cash flow: | Discounted cash flow: | Discounted cash flow: | ||||||||||||||
Loss given default | 54% to 84% (62% / 54%) | 54% to 84% (62% / 54%) | ||||||||||||||
Nonrecurring Fair Value Measurement | ||||||||||||||||
Loans | $ | 1,370 | $ | 1,576 | ||||||||||||
Corporate loan model: | ||||||||||||||||
Credit spread | 79 to 447 bps (266 bps) | 108 to 565 bps (284 bps) | ||||||||||||||
Funding spread | Funding spread | 80 to 157 bps (118 bps) | 96 to 165 bps (131 bps) | |||||||||||||
Other secured financings | Other secured financings | $ | 115 | $ | 91 | |||||||||||
Comparable pricing: | Comparable pricing: | Comparable pricing: | ||||||||||||||
Loan price | Loan price | 47 to 80 points (63 points) | 40 to 80 points (61 points) | Loan price | 23 to 101 points (82 points) | 23 to 101 points (75 points) | ||||||||||
Warehouse model: | ||||||||||||||||
Credit spread | 187 to 280 bps (226 bps) | 182 to 446 bps (376 bps) |
Balance / Range (Average1) | ||||||||
$ in millions, except inputs | At March 31, 2023 | At December 31, 2022 | ||||||
Borrowings | $ | 1,649 | $ | 1,587 | ||||
Option model: | ||||||||
Equity volatility | 6% to 66% (22%) | 7% to 86% (23%) | ||||||
Equity volatility skew | -1% to 0% (0%) | -2% to 0% (0%) | ||||||
Equity correlation | 41% to 95% (80%) | 39% to 98% (86%) | ||||||
Equity - FX correlation | -55% to 6% (-26%) | -50% to 0% (-21%) | ||||||
IR curve correlation | 49% to 98% (85% / 90%) | N/M | ||||||
IR volatility skew | N/M | 47% to 136% (74% / 59%) | ||||||
Discounted cash flow: | ||||||||
Loss given default | 54% to 84% (62% / 54%) | 54% to 84% (62% / 54%) | ||||||
Nonrecurring Fair Value Measurement | ||||||||
Loans | $ | 5,812 | $ | 6,610 | ||||
Corporate loan model: | ||||||||
Credit spread | 105 to 1286 bps (830 bps) | 91 to 1276 bps (776 bps) | ||||||
Comparable pricing: | ||||||||
Loan price | 17 to 97 points (66 points) | 36 to 80 points (65 points) | ||||||
Warehouse model: | ||||||||
Credit spread | 108 to 311 bps (246 bps) | 110 to 319 bps (245 bps) | ||||||
March 2023 Form 10-Q | 42 |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||
$ in millions | $ in millions | Carrying Value | Commitment | Carrying Value | Commitment | $ in millions | Carrying Value | Commitment | Carrying Value | Commitment | ||||||||||||||||||
Private equity | Private equity | $ | 2,607 | $ | 579 | $ | 2,492 | $ | 615 | Private equity | $ | 2,664 | $ | 637 | $ | 2,622 | $ | 638 | ||||||||||
Real estate | Real estate | 2,089 | 243 | 2,064 | 248 | Real estate | 2,566 | 256 | 2,642 | 239 | ||||||||||||||||||
Hedge1 | Hedge1 | 195 | 2 | 191 | 2 | Hedge1 | 194 | 3 | 190 | 3 | ||||||||||||||||||
Total | Total | $ | 4,891 | $ | 824 | $ | 4,747 | $ | 865 | Total | $ | 5,424 | $ | 896 | $ | 5,454 | $ | 880 |
Carrying Value at March 31, 2022 | Carrying Value at March 31, 2023 | |||||||||||||||
$ in millions | $ in millions | Private Equity | Real Estate | $ in millions | Private Equity | Real Estate | ||||||||||
Less than 5 years | Less than 5 years | $ | 1,041 | $ | 327 | Less than 5 years | $ | 1,085 | $ | 975 | ||||||
5-10 years | 5-10 years | 1,109 | 1,745 | 5-10 years | 1,515 | 1,554 | ||||||||||
Over 10 years | Over 10 years | 457 | 17 | Over 10 years | 64 | 37 | ||||||||||
Total | Total | $ | 2,607 | $ | 2,089 | Total | $ | 2,664 | $ | 2,566 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
$ in millions | $ in millions | Level 2 | Level 31 | Total | $ in millions | Level 2 | Level 31 | Total | ||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Loans | Loans | $ | 1,531 | $ | 1,370 | $ | 2,901 | Loans | $ | 5,083 | $ | 5,812 | $ | 10,895 | ||||||||
Other assets—Other investments | Other assets—Other investments | — | 7 | 7 | Other assets—Other investments | — | — | — | ||||||||||||||
Other assets—ROU assets | Other assets—ROU assets | 4 | — | 4 | Other assets—ROU assets | — | — | — | ||||||||||||||
Total | Total | $ | 1,535 | $ | 1,377 | $ | 2,912 | Total | $ | 5,083 | $ | 5,812 | $ | 10,895 | ||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Other liabilities and accrued expenses—Lending commitments | Other liabilities and accrued expenses—Lending commitments | $ | 201 | $ | 86 | $ | 287 | Other liabilities and accrued expenses—Lending commitments | $ | 195 | $ | 97 | $ | 292 | ||||||||
Total | Total | $ | 201 | $ | 86 | $ | 287 | Total | $ | 195 | $ | 97 | $ | 292 |
(Unaudited) |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
$ in millions | $ in millions | Level 2 | Level 31 | Total | $ in millions | Level 2 | Level 31 | Total | ||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Loans | Loans | $ | 4,035 | $ | 1,576 | $ | 5,611 | Loans | $ | 4,193 | $ | 6,610 | $ | 10,803 | ||||||||
Other assets—Other investments | Other assets—Other investments | — | 8 | 8 | Other assets—Other investments | — | 7 | 7 | ||||||||||||||
Other assets—ROU assets | Other assets—ROU assets | $ | 16 | $ | — | $ | 16 | Other assets—ROU assets | 4 | — | 4 | |||||||||||
Total | Total | $ | 4,051 | $ | 1,584 | $ | 5,635 | Total | $ | 4,197 | $ | 6,617 | $ | 10,814 | ||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Other liabilities and accrued expenses—Lending commitments | Other liabilities and accrued expenses—Lending commitments | $ | 173 | $ | 70 | $ | 243 | Other liabilities and accrued expenses—Lending commitments | $ | 275 | $ | 153 | $ | 428 | ||||||||
Total | Total | $ | 173 | $ | 70 | $ | 243 | Total | $ | 275 | $ | 153 | $ | 428 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Loans2 | Loans2 | $ | (43) | $ | (13) | Loans2 | $ | 19 | $ | (43) | ||||||||||||||||||
Goodwill | — | (8) | ||||||||||||||||||||||||||
Intangibles | — | (2) | ||||||||||||||||||||||||||
Other assets—Other investments3 | Other assets—Other investments3 | (2) | (51) | Other assets—Other investments3 | — | (2) | ||||||||||||||||||||||
Other assets—Premises, equipment and software | (1) | (2) | ||||||||||||||||||||||||||
Other assets—ROU assets | (2) | — | ||||||||||||||||||||||||||
Other assets—Premises, equipment and software4 | Other assets—Premises, equipment and software4 | (3) | (1) | |||||||||||||||||||||||||
Other assets—ROU assets5 | Other assets—ROU assets5 | — | (2) | |||||||||||||||||||||||||
Total | Total | $ | (48) | $ | (76) | Total | $ | 16 | $ | (48) | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Other liabilities and accrued expenses—Lending commitments2 | Other liabilities and accrued expenses—Lending commitments2 | $ | (49) | $ | 4 | Other liabilities and accrued expenses—Lending commitments2 | $ | 34 | $ | (49) | ||||||||||||||||||
Total | Total | $ | (49) | $ | 4 | Total | $ | 34 | $ | (49) |
43 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||
$ in millions | $ in millions | Level 1 | Level 2 | Level 3 | Total | $ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 136,086 | $ | 136,086 | $ | — | $ | — | $ | 136,086 | Cash and cash equivalents | $ | 111,258 | $ | 111,258 | $ | — | $ | — | $ | 111,258 | ||||||||||||
Investment securities—HTM | Investment securities—HTM | 80,439 | 29,099 | 45,633 | 1,044 | 75,776 | Investment securities—HTM | 74,012 | 26,253 | 37,090 | 1,076 | 64,419 | ||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 127,765 | — | 125,543 | 2,186 | 127,729 | Securities purchased under agreements to resell | 121,877 | — | 119,067 | 2,826 | 121,893 | ||||||||||||||||||||||
Securities borrowed | Securities borrowed | 150,995 | — | 150,995 | — | 150,995 | Securities borrowed | 146,216 | — | 146,216 | — | 146,216 | ||||||||||||||||||||||
Customer and other receivables | Customer and other receivables | 90,134 | — | 86,417 | 3,453 | 89,870 | Customer and other receivables | 69,249 | — | 65,219 | 3,750 | 68,969 | ||||||||||||||||||||||
Loans1 | Loans1 | 196,260 | — | 24,140 | 170,269 | 194,409 | Loans1 | 214,696 | — | 24,842 | 183,035 | 207,877 | ||||||||||||||||||||||
Other assets | Other assets | 509 | — | 509 | — | 509 | Other assets | 3,139 | — | 3,139 | — | 3,139 | ||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 358,827 | $ | — | $ | 358,993 | $ | — | $ | 358,993 | Deposits | $ | 342,481 | $ | — | $ | 342,312 | $ | — | $ | 342,312 | ||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 59,104 | — | 59,089 | — | 59,089 | Securities sold under agreements to repurchase | 59,619 | — | 59,599 | — | 59,599 | ||||||||||||||||||||||
Securities loaned | Securities loaned | 14,222 | — | 14,223 | — | 14,223 | Securities loaned | 15,588 | — | 15,583 | — | 15,583 | ||||||||||||||||||||||
Other secured financings | Other secured financings | 4,057�� | — | 4,059 | — | 4,059 | Other secured financings | 3,665 | — | 3,665 | — | 3,665 | ||||||||||||||||||||||
Customer and other payables | Customer and other payables | 243,281 | — | 243,281 | — | 243,281 | Customer and other payables | 220,556 | — | 220,556 | — | 220,556 | ||||||||||||||||||||||
Borrowings | Borrowings | 153,854 | — | 155,443 | 4 | 155,447 | Borrowings | 163,760 | — | 163,329 | 4 | 163,333 | ||||||||||||||||||||||
Commitment Amount | Commitment Amount | |||||||||||||||||||||||||||||||||
Lending commitments2 | Lending commitments2 | $ | 141,421 | $ | — | $ | 1,162 | $ | 514 | $ | 1,676 | Lending commitments2 | $ | 139,447 | $ | — | $ | 1,814 | $ | 914 | $ | 2,728 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||
$ in millions | $ in millions | Level 1 | Level 2 | Level 3 | Total | $ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 127,725 | $ | 127,725 | $ | — | $ | — | $ | 127,725 | Cash and cash equivalents | $ | 128,127 | $ | 128,127 | $ | — | $ | — | $ | 128,127 | ||||||||||||
Investment securities—HTM | Investment securities—HTM | 80,168 | 29,454 | 49,352 | 1,076 | 79,882 | Investment securities—HTM | 75,634 | 26,754 | 37,218 | 1,034 | 65,006 | ||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 119,992 | — | 117,922 | 2,075 | 119,997 | Securities purchased under agreements to resell | 113,899 | — | 111,188 | 2,681 | 113,869 | ||||||||||||||||||||||
Securities borrowed | Securities borrowed | 129,713 | — | 129,713 | — | 129,713 | Securities borrowed | 133,374 | — | 133,370 | — | 133,370 | ||||||||||||||||||||||
Customer and other receivables | Customer and other receivables | 91,664 | — | 88,091 | 3,442 | 91,533 | Customer and other receivables | 73,248 | — | 69,268 | 3,664 | 72,932 | ||||||||||||||||||||||
Loans1 | Loans1 | 188,134 | — | 25,706 | 163,784 | 189,490 | Loans1 | 213,785 | — | 24,153 | 181,561 | 205,714 | ||||||||||||||||||||||
Other assets | Other assets | 528 | — | 528 | — | 528 | Other assets | 704 | — | 704 | — | 704 | ||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 345,634 | $ | — | $ | 345,911 | $ | — | $ | 345,911 | Deposits | $ | 351,850 | $ | — | $ | 351,721 | $ | — | $ | 351,721 | ||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 61,397 | — | 61,419 | — | 61,419 | Securities sold under agreements to repurchase | 61,670 | — | 61,620 | — | 61,620 | ||||||||||||||||||||||
Securities loaned | Securities loaned | 12,299 | — | 12,296 | — | 12,296 | Securities loaned | 15,679 | — | 15,673 | — | 15,673 | ||||||||||||||||||||||
Other secured financings | Other secured financings | 4,908 | — | 4,910 | — | 4,910 | Other secured financings | 3,608 | — | 3,608 | — | 3,608 | ||||||||||||||||||||||
Customer and other payables | Customer and other payables | 228,631 | — | 228,631 | — | 228,631 | Customer and other payables | 216,018 | — | 216,018 | — | 216,018 | ||||||||||||||||||||||
Borrowings | Borrowings | 156,787 | — | 162,154 | 4 | 162,158 | Borrowings | 159,338 | — | 157,780 | 4 | 157,784 | ||||||||||||||||||||||
Commitment Amount | Commitment Amount | |||||||||||||||||||||||||||||||||
Lending commitments2 | Lending commitments2 | $ | 133,519 | $ | — | $ | 890 | $ | 470 | $ | 1,360 | Lending commitments2 | $ | 136,241 | $ | — | $ | 1,789 | $ | 1,077 | $ | 2,866 |
(Unaudited) |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Business Unit Responsible for Risk Management | Business Unit Responsible for Risk Management | Business Unit Responsible for Risk Management | ||||||||||||||
Equity | Equity | $ | 37,987 | $ | 37,046 | Equity | $ | 43,705 | $ | 38,945 | ||||||
Interest rates | Interest rates | 27,100 | 28,638 | Interest rates | 27,791 | 26,077 | ||||||||||
Commodities | Commodities | 8,401 | 7,837 | Commodities | 11,187 | 10,717 | ||||||||||
Credit | Credit | 1,310 | 1,347 | Credit | 1,954 | 1,564 | ||||||||||
Foreign exchange | Foreign exchange | 1,165 | 1,472 | Foreign exchange | 1,785 | 1,417 | ||||||||||
Total | Total | $ | 75,963 | $ | 76,340 | Total | $ | 86,422 | $ | 78,720 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Trading revenues | Trading revenues | $ | 4,655 | $ | 2,485 | Trading revenues | $ | (4,378) | $ | 4,655 | ||||||||||||||||||
Interest expense | Interest expense | 72 | 73 | Interest expense | 108 | 72 | ||||||||||||||||||||||
Net revenues1 | Net revenues1 | $ | 4,583 | $ | 2,412 | Net revenues1 | $ | (4,486) | $ | 4,583 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
$ in millions | Trading Revenues | OCI | Trading Revenues | OCI | ||||||||||
Loans and other receivables1 | $ | 24 | $ | — | $ | 158 | $ | — | ||||||
Deposits | — | (7) | — | (1) | ||||||||||
Borrowings | — | 878 | (17) | 185 | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
$ in millions | Trading Revenues | OCI | Trading Revenues | OCI | ||||||||||
Loans and other receivables1 | $ | (43) | $ | — | $ | 24 | $ | — | ||||||
Lending commitments | 11 | — | — | — | ||||||||||
Deposits | — | 93 | — | (7) | ||||||||||
Borrowings | (6) | (117) | — | 878 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ | (1,568) | $ | (2,439) | Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ | (481) | $ | (457) |
March 2023 Form 10-Q | 44 |
Notes to Consolidated Financial Statements (Unaudited) |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Loans and other receivables2 | Loans and other receivables2 | $ | 12,360 | $ | 12,633 | Loans and other receivables2 | $ | 11,794 | $ | 11,916 | ||||||
Nonaccrual loans2 | Nonaccrual loans2 | 9,608 | 9,999 | Nonaccrual loans2 | 9,071 | 9,128 | ||||||||||
Borrowings3 | Borrowings3 | 704 | (2,106) | Borrowings3 | 4,282 | 5,203 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 908 | $ | 989 | Nonaccrual loans | $ | 504 | $ | 585 | ||||||
Nonaccrual loans 90 or more days past due | Nonaccrual loans 90 or more days past due | 264 | 363 | Nonaccrual loans 90 or more days past due | 55 | 116 |
Assets at March 31, 2022 | Assets at March 31, 2023 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in millions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 235 | $ | 3 | $ | — | $ | 238 | Interest rate | $ | 14 | $ | 4 | $ | — | $ | 18 | ||||||||||
Foreign exchange | Foreign exchange | 202 | 14 | — | 216 | Foreign exchange | 44 | 28 | — | 72 | ||||||||||||||||||
Total | Total | 437 | 17 | — | 454 | Total | 58 | 32 | — | 90 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | 2 | 12 | — | 14 | Credit | 1 | 58 | — | 59 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 152,234 | 20,630 | 1,525 | 174,389 | Interest rate | 130,291 | 27,241 | 1,574 | 159,106 | ||||||||||||||||||
Credit | Credit | 7,494 | 3,998 | — | 11,492 | Credit | 6,952 | 2,782 | — | 9,734 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 97,624 | 3,389 | 66 | 101,079 | Foreign exchange | 81,249 | 2,222 | 72 | 83,543 | ||||||||||||||||||
Equity | Equity | 27,669 | — | 38,240 | 65,909 | Equity | 18,623 | — | 30,532 | 49,155 | ||||||||||||||||||
Commodity and other | Commodity and other | 34,517 | — | 14,789 | 49,306 | Commodity and other | 17,338 | — | 4,692 | 22,030 | ||||||||||||||||||
Total | Total | 319,540 | 28,029 | 54,620 | 402,189 | Total | 254,454 | 32,303 | 36,870 | 323,627 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 319,977 | $ | 28,046 | $ | 54,620 | $ | 402,643 | Total gross derivatives | $ | 254,512 | $ | 32,335 | $ | 36,870 | $ | 323,717 | ||||||||||
Amounts offset | Amounts offset | Amounts offset | ||||||||||||||||||||||||||
Counterparty netting | Counterparty netting | (222,597) | (25,328) | (50,605) | (298,530) | Counterparty netting | (181,978) | (29,554) | (33,832) | (245,364) | ||||||||||||||||||
Cash collateral netting | Cash collateral netting | (44,621) | (1,611) | — | (46,232) | Cash collateral netting | (35,948) | (1,982) | — | (37,930) | ||||||||||||||||||
Total in Trading assets | Total in Trading assets | $ | 52,759 | $ | 1,107 | $ | 4,015 | $ | 57,881 | Total in Trading assets | $ | 36,586 | $ | 799 | $ | 3,038 | $ | 40,423 | ||||||||||
Amounts not offset1 | Amounts not offset1 | Amounts not offset1 | ||||||||||||||||||||||||||
Financial instruments collateral | Financial instruments collateral | (18,000) | — | — | (18,000) | Financial instruments collateral | (18,059) | — | — | (18,059) | ||||||||||||||||||
Net amounts | Net amounts | $ | 34,759 | $ | 1,107 | $ | 4,015 | $ | 39,881 | Net amounts | $ | 18,527 | $ | 799 | $ | 3,038 | $ | 22,364 | ||||||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 10,704 | Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 3,076 |
Liabilities at March 31, 2023 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | 363 | $ | — | $ | — | $ | 363 | ||||||
Foreign exchange | 126 | 65 | — | 191 | ||||||||||
Total | 489 | 65 | — | 554 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | 10 | 489 | — | 499 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | 124,206 | 25,480 | 1,010 | 150,696 | ||||||||||
Credit | 6,659 | 2,853 | — | 9,512 | ||||||||||
Foreign exchange | 79,661 | 2,229 | 69 | 81,959 | ||||||||||
Equity | 26,072 | — | 29,659 | 55,731 | ||||||||||
Commodity and other | 14,096 | — | 5,162 | 19,258 | ||||||||||
Total | 250,704 | 31,051 | 35,900 | 317,655 | ||||||||||
Total gross derivatives | $ | 251,193 | $ | 31,116 | $ | 35,900 | $ | 318,209 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | (181,978) | (29,554) | (33,832) | (245,364) | ||||||||||
Cash collateral netting | (42,260) | (1,556) | — | (43,816) | ||||||||||
Total in Trading liabilities | $ | 26,955 | $ | 6 | $ | 2,068 | $ | 29,029 | ||||||
Amounts not offset1 | ||||||||||||||
Financial instruments collateral | (2,008) | — | (202) | (2,210) | ||||||||||
Net amounts | $ | 24,947 | $ | 6 | $ | 1,866 | $ | 26,819 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 5,497 |
Assets at December 31, 2022 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | 62 | $ | 1 | $ | — | $ | 63 | ||||||
Foreign exchange | 15 | 44 | — | 59 | ||||||||||
Total | 77 | 45 | — | 122 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | 2 | 59 | — | 61 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | 141,291 | 29,007 | 1,029 | 171,327 | ||||||||||
Credit | 5,888 | 2,352 | — | 8,240 | ||||||||||
Foreign exchange | 113,540 | 2,337 | 62 | 115,939 | ||||||||||
Equity | 16,505 | — | 26,850 | 43,355 | ||||||||||
Commodity and other | 24,298 | — | 6,164 | 30,462 | ||||||||||
Total | 301,524 | 33,755 | 34,105 | 369,384 | ||||||||||
Total gross derivatives | $ | 301,601 | $ | 33,800 | $ | 34,105 | $ | 369,506 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | (214,773) | (32,250) | (32,212) | (279,235) | ||||||||||
Cash collateral netting | (44,711) | (1,348) | — | (46,059) | ||||||||||
Total in Trading assets | $ | 42,117 | $ | 202 | $ | 1,893 | $ | 44,212 | ||||||
Amounts not offset1 | ||||||||||||||
Financial instruments collateral | (19,406) | — | — | (19,406) | ||||||||||
Net amounts | $ | 22,711 | $ | 202 | $ | 1,893 | $ | 24,806 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 4,318 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Liabilities at March 31, 2022 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | 51 | $ | — | $ | — | $ | 51 | ||||||
Foreign exchange | 59 | 36 | — | 95 | ||||||||||
Total | 110 | 36 | — | 146 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | 15 | 308 | — | 323 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | 142,935 | 21,368 | 988 | 165,291 | ||||||||||
Credit | 7,029 | 4,150 | — | 11,179 | ||||||||||
Foreign exchange | 90,134 | 2,970 | 96 | 93,200 | ||||||||||
Equity | 34,116 | — | 39,782 | 73,898 | ||||||||||
Commodity and other | 27,290 | — | 15,548 | 42,838 | ||||||||||
Total | 301,519 | 28,796 | 56,414 | 386,729 | ||||||||||
Total gross derivatives | $ | 301,629 | $ | 28,832 | $ | 56,414 | $ | 386,875 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | (222,597) | (25,328) | (50,605) | (298,530) | ||||||||||
Cash collateral netting | (44,557) | (1,431) | — | (45,988) | ||||||||||
Total in Trading liabilities | $ | 34,475 | $ | 2,073 | $ | 5,809 | $ | 42,357 | ||||||
Amounts not offset1 | ||||||||||||||
Financial instruments collateral | (3,641) | — | (1,543) | (5,184) | ||||||||||
Net amounts | $ | 30,834 | $ | 2,073 | $ | 4,266 | $ | 37,173 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 8,824 |
Assets at December 31, 2021 | ||||||||||||||
$ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||
Designated as accounting hedges | ||||||||||||||
Interest rate | $ | 594 | $ | 1 | $ | — | $ | 595 | ||||||
Foreign exchange | 191 | 6 | — | 197 | ||||||||||
Total | 785 | 7 | — | 792 | ||||||||||
Not designated as accounting hedges | ||||||||||||||
Economic hedges of loans | ||||||||||||||
Credit | — | 15 | — | 15 | ||||||||||
Other derivatives | ||||||||||||||
Interest rate | 147,585 | 7,002 | 383 | 154,970 | ||||||||||
Credit | 5,749 | 3,186 | — | 8,935 | ||||||||||
Foreign exchange | 73,276 | 1,219 | 39 | 74,534 | ||||||||||
Equity | 28,877 | — | 41,455 | 70,332 | ||||||||||
Commodity and other | 22,175 | — | 5,538 | 27,713 | ||||||||||
Total | 277,662 | 11,422 | 47,415 | 336,499 | ||||||||||
Total gross derivatives | $ | 278,447 | $ | 11,429 | $ | 47,415 | $ | 337,291 | ||||||
Amounts offset | ||||||||||||||
Counterparty netting | (201,729) | (9,818) | (42,883) | (254,430) | ||||||||||
Cash collateral netting | (43,495) | (1,212) | — | (44,707) | ||||||||||
Total in Trading assets | $ | 33,223 | $ | 399 | $ | 4,532 | $ | 38,154 | ||||||
Amounts not offset1 | ||||||||||||||
Financial instruments collateral | (10,457) | — | — | (10,457) | ||||||||||
Net amounts | $ | 22,766 | $ | 399 | $ | 4,532 | $ | 27,697 | ||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 6,725 |
Liabilities at December 31, 2021 | Liabilities at December 31, 2022 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in millions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 86 | $ | 1 | $ | — | $ | 87 | Interest rate | $ | 457 | $ | 4 | $ | — | $ | 461 | ||||||||||
Foreign exchange | Foreign exchange | 57 | 50 | — | 107 | Foreign exchange | 550 | 101 | — | 651 | ||||||||||||||||||
Total | Total | 143 | 51 | — | 194 | Total | 1,007 | 105 | — | 1,112 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | 17 | 412 | — | 429 | Credit | 9 | 368 | — | 377 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 140,770 | 6,112 | 233 | 147,115 | Interest rate | 135,661 | 28,581 | 455 | 164,697 | ||||||||||||||||||
Credit | Credit | 5,609 | 3,463 | — | 9,072 | Credit | 5,535 | 2,390 | — | 7,925 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 71,851 | 1,196 | 41 | 73,088 | Foreign exchange | 110,322 | 2,512 | 104 | 112,938 | ||||||||||||||||||
Equity | Equity | 39,597 | — | 41,081 | 80,678 | Equity | 23,138 | — | 28,193 | 51,331 | ||||||||||||||||||
Commodity and other | Commodity and other | 17,188 | — | 5,740 | 22,928 | Commodity and other | 19,631 | — | 6,748 | 26,379 | ||||||||||||||||||
Total | Total | 275,032 | 11,183 | 47,095 | 333,310 | Total | 294,296 | 33,851 | 35,500 | 363,647 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 275,175 | $ | 11,234 | $ | 47,095 | $ | 333,504 | Total gross derivatives | $ | 295,303 | $ | 33,956 | $ | 35,500 | $ | 364,759 | ||||||||||
Amounts offset | Amounts offset | Amounts offset | ||||||||||||||||||||||||||
Counterparty netting | Counterparty netting | (201,729) | (9,818) | (42,883) | (254,430) | Counterparty netting | (214,773) | (32,250) | (32,212) | (279,235) | ||||||||||||||||||
Cash collateral netting | Cash collateral netting | (43,305) | (1,201) | — | (44,506) | Cash collateral netting | (45,884) | (1,505) | — | (47,389) | ||||||||||||||||||
Total in Trading liabilities | Total in Trading liabilities | $ | 30,141 | $ | 215 | $ | 4,212 | $ | 34,568 | Total in Trading liabilities | $ | 34,646 | $ | 201 | $ | 3,288 | $ | 38,135 | ||||||||||
Amounts not offset1 | Amounts not offset1 | Amounts not offset1 | ||||||||||||||||||||||||||
Financial instruments collateral | Financial instruments collateral | (5,866) | (8) | (39) | (5,913) | Financial instruments collateral | (2,545) | — | (1,139) | (3,684) | ||||||||||||||||||
Net amounts | Net amounts | $ | 24,275 | $ | 207 | $ | 4,173 | $ | 28,655 | Net amounts | $ | 32,101 | $ | 201 | $ | 2,149 | $ | 34,451 | ||||||||||
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 6,194 | Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | $ | 6,430 |
Assets at March 31, 2022 | Assets at March 31, 2023 | |||||||||||||||||||||||||||
$ in billions | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 4 | $ | 73 | $ | — | $ | 77 | Interest rate | $ | — | $ | 66 | $ | — | $ | 66 | ||||||||||
Foreign exchange | Foreign exchange | 9 | 1 | — | 10 | Foreign exchange | 4 | 1 | — | 5 | ||||||||||||||||||
Total | Total | 13 | 74 | — | 87 | Total | 4 | 67 | — | 71 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | — | 1 | — | 1 | Credit | — | 2 | — | 2 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 3,626 | 9,434 | 758 | 13,818 | Interest rate | 3,679 | 9,530 | 696 | 13,905 | ||||||||||||||||||
Credit | Credit | 231 | 150 | — | 381 | Credit | 214 | 136 | — | 350 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 3,806 | 146 | 10 | 3,962 | Foreign exchange | 3,803 | 190 | 16 | 4,009 | ||||||||||||||||||
Equity | Equity | 516 | — | 419 | 935 | Equity | 521 | — | 390 | 911 | ||||||||||||||||||
Commodity and other | Commodity and other | 171 | — | 75 | 246 | Commodity and other | 141 | — | 66 | 207 | ||||||||||||||||||
Total | Total | 8,350 | 9,731 | 1,262 | 19,343 | Total | 8,358 | 9,858 | 1,168 | 19,384 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 8,363 | $ | 9,805 | $ | 1,262 | $ | 19,430 | Total gross derivatives | $ | 8,362 | $ | 9,925 | $ | 1,168 | $ | 19,455 |
(Unaudited) |
Liabilities at March 31, 2022 | Liabilities at March 31, 2023 | |||||||||||||||||||||||||||
$ in billions | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | — | $ | 128 | $ | — | $ | 128 | Interest rate | $ | 2 | $ | 183 | $ | — | $ | 185 | ||||||||||
Foreign exchange | Foreign exchange | 4 | 3 | — | 7 | Foreign exchange | 10 | 3 | — | 13 | ||||||||||||||||||
Total | Total | 4 | 131 | — | 135 | Total | 12 | 186 | — | 198 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | 1 | 10 | — | 11 | Credit | — | 18 | — | 18 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 3,577 | 9,060 | 629 | 13,266 | Interest rate | 3,975 | 8,944 | 432 | 13,351 | ||||||||||||||||||
Credit | Credit | 231 | 146 | — | 377 | Credit | 205 | 136 | — | 341 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 3,690 | 139 | 19 | 3,848 | Foreign exchange | 3,910 | 147 | 34 | 4,091 | ||||||||||||||||||
Equity | Equity | 547 | — | 770 | 1,317 | Equity | 542 | — | 582 | 1,124 | ||||||||||||||||||
Commodity and other | Commodity and other | 129 | — | 91 | 220 | Commodity and other | 97 | — | 87 | 184 | ||||||||||||||||||
Total | Total | 8,175 | 9,355 | 1,509 | 19,039 | Total | 8,729 | 9,245 | 1,135 | 19,109 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 8,179 | $ | 9,486 | $ | 1,509 | $ | 19,174 | Total gross derivatives | $ | 8,741 | $ | 9,431 | $ | 1,135 | $ | 19,307 |
Assets at December 31, 2021 | Assets at December 31, 2022 | |||||||||||||||||||||||||||
$ in billions | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in billions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 4 | $ | 104 | $ | — | $ | 108 | Interest rate | $ | 2 | $ | 62 | $ | — | $ | 64 | ||||||||||
Foreign exchange | Foreign exchange | 8 | 1 | — | 9 | Foreign exchange | 2 | 2 | — | 4 | ||||||||||||||||||
Total | Total | 12 | 105 | — | 117 | Total | 4 | 64 | — | 68 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | — | — | — | — | Credit | — | 3 | — | 3 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 3,488 | 7,082 | 570 | 11,140 | Interest rate | 3,404 | 7,609 | 614 | 11,627 | ||||||||||||||||||
Credit | Credit | 216 | 105 | — | 321 | Credit | 190 | 130 | — | 320 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 3,386 | 95 | 10 | 3,491 | Foreign exchange | 3,477 | 126 | 15 | 3,618 | ||||||||||||||||||
Equity | Equity | 495 | — | 407 | 902 | Equity | 488 | — | 358 | 846 | ||||||||||||||||||
Commodity and other | Commodity and other | 139 | — | 73 | 212 | Commodity and other | 141 | — | 59 | 200 | ||||||||||||||||||
Total | Total | 7,724 | 7,282 | 1,060 | 16,066 | Total | 7,700 | 7,868 | 1,046 | 16,614 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 7,736 | $ | 7,387 | $ | 1,060 | $ | 16,183 | Total gross derivatives | $ | 7,704 | $ | 7,932 | $ | 1,046 | $ | 16,682 |
Liabilities at December 31, 2021 | Liabilities at December 31, 2022 | |||||||||||||||||||||||||||
$ in billions | $ in billions | Bilateral OTC | Cleared OTC | Exchange- Traded | Total | $ in billions | Bilateral OTC | Cleared OTC | Exchange-Traded | Total | ||||||||||||||||||
Designated as accounting hedges | Designated as accounting hedges | Designated as accounting hedges | ||||||||||||||||||||||||||
Interest rate | Interest rate | $ | — | $ | 99 | $ | — | $ | 99 | Interest rate | $ | 3 | $ | 187 | $ | — | $ | 190 | ||||||||||
Foreign exchange | Foreign exchange | 5 | 3 | — | 8 | Foreign exchange | 12 | 2 | — | 14 | ||||||||||||||||||
Total | Total | 5 | 102 | — | 107 | Total | 15 | 189 | — | 204 | ||||||||||||||||||
Not designated as accounting hedges | Not designated as accounting hedges | Not designated as accounting hedges | ||||||||||||||||||||||||||
Economic hedges of loans | Economic hedges of loans | Economic hedges of loans | ||||||||||||||||||||||||||
Credit | Credit | 1 | 12 | — | 13 | Credit | — | 15 | — | 15 | ||||||||||||||||||
Other derivatives | Other derivatives | Other derivatives | ||||||||||||||||||||||||||
Interest rate | Interest rate | 3,827 | 6,965 | 445 | 11,237 | Interest rate | 3,436 | 7,761 | 497 | 11,694 | ||||||||||||||||||
Credit | Credit | 225 | 106 | — | 331 | Credit | 199 | 125 | — | 324 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 3,360 | 88 | 12 | 3,460 | Foreign exchange | 3,516 | 123 | 35 | 3,674 | ||||||||||||||||||
Equity | Equity | 552 | — | 735 | 1,287 | Equity | 488 | — | 552 | 1,040 | ||||||||||||||||||
Commodity and other | Commodity and other | 110 | — | 81 | 191 | Commodity and other | 101 | — | 79 | 180 | ||||||||||||||||||
Total | Total | 8,075 | 7,171 | 1,273 | 16,519 | Total | 7,740 | 8,024 | 1,163 | 16,927 | ||||||||||||||||||
Total gross derivatives | Total gross derivatives | $ | 8,080 | $ | 7,273 | $ | 1,273 | $ | 16,626 | Total gross derivatives | $ | 7,755 | $ | 8,213 | $ | 1,163 | $ | 17,131 |
March 2023 Form 10-Q | 46 |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Fair value hedges—Recognized in Interest income | Fair value hedges—Recognized in Interest income | Fair value hedges—Recognized in Interest income | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 795 | $ | 831 | Interest rate contracts | $ | (372) | $ | 795 | ||||||||||||||||||
Investment Securities—AFS | Investment Securities—AFS | (751) | (772) | Investment Securities—AFS | 381 | (751) | ||||||||||||||||||||||
Fair value hedges—Recognized in Interest expense | Fair value hedges—Recognized in Interest expense | Fair value hedges—Recognized in Interest expense | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | (6,233) | $ | (4,108) | Interest rate contracts | $ | 2,284 | $ | (6,233) | ||||||||||||||||||
Deposits | Deposits | 88 | 36 | Deposits | (54) | 88 | ||||||||||||||||||||||
Borrowings | Borrowings | 6,155 | 4,021 | Borrowings | (2,240) | 6,155 | ||||||||||||||||||||||
Net investment hedges—Foreign exchange contracts | Net investment hedges—Foreign exchange contracts | Net investment hedges—Foreign exchange contracts | ||||||||||||||||||||||||||
Recognized in OCI | Recognized in OCI | $ | 139 | $ | 405 | Recognized in OCI | $ | (89) | $ | 139 | ||||||||||||||||||
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | Forward points excluded from hedge effectiveness testing—Recognized in Interest income | (41) | 1 | Forward points excluded from hedge effectiveness testing—Recognized in Interest income | 43 | (41) | ||||||||||||||||||||||
Cash flow hedges—Interest rate contracts1 | Cash flow hedges—Interest rate contracts1 | |||||||||||||||||||||||||||
Recognized in OCI | Recognized in OCI | $ | 7 | $ | — | |||||||||||||||||||||||
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income | Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income | (1) | — | |||||||||||||||||||||||||
Net change in cash flow hedges included within AOCI | Net change in cash flow hedges included within AOCI | 8 | — |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Investment Securities—AFS | Investment Securities—AFS | Investment Securities—AFS | ||||||||||||||
Amortized cost basis currently or previously hedged | Amortized cost basis currently or previously hedged | $ | 11,039 | $ | 17,902 | Amortized cost basis currently or previously hedged | $ | 34,559 | $ | 34,073 | ||||||
Basis adjustments included in amortized cost1 | Basis adjustments included in amortized cost1 | $ | (840) | $ | (591) | Basis adjustments included in amortized cost1 | $ | (1,152) | $ | (1,628) | ||||||
Deposits | Deposits | Deposits | ||||||||||||||
Carrying amount currently or previously hedged | Carrying amount currently or previously hedged | $ | 4,807 | $ | 6,279 | Carrying amount currently or previously hedged | $ | 6,162 | $ | 3,735 | ||||||
Basis adjustments included in carrying amount1 | Basis adjustments included in carrying amount1 | $ | (83) | $ | 5 | Basis adjustments included in carrying amount1 | $ | (65) | $ | (119) | ||||||
Borrowings | Borrowings | Borrowings | ||||||||||||||
Carrying amount currently or previously hedged | Carrying amount currently or previously hedged | $ | 122,770 | $ | 122,919 | Carrying amount currently or previously hedged | $ | 147,736 | $ | 146,025 | ||||||
Basis adjustments included in carrying amount—Outstanding hedges | Basis adjustments included in carrying amount—Outstanding hedges | $ | (3,831) | $ | 2,324 | Basis adjustments included in carrying amount—Outstanding hedges | $ | (10,510) | $ | (12,748) | ||||||
Basis adjustments included in carrying amount—Terminated hedges | Basis adjustments included in carrying amount—Terminated hedges | $ | (736) | $ | (743) | Basis adjustments included in carrying amount—Terminated hedges | $ | (692) | $ | (715) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Recognized in Other revenues | Recognized in Other revenues | Recognized in Other revenues | ||||||||||||||||||||||||||
Credit contracts1 | Credit contracts1 | $ | 51 | $ | (105) | Credit contracts1 | $ | (161) | $ | 51 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Net derivative liabilities with credit risk-related contingent features | Net derivative liabilities with credit risk-related contingent features | $ | 22,090 | $ | 20,548 | Net derivative liabilities with credit risk-related contingent features | $ | 18,180 | $ | 20,287 | ||||||
Collateral posted | Collateral posted | 14,470 | 14,789 | Collateral posted | 13,064 | 12,268 |
(Unaudited) |
$ in millions | At March 31, | ||||
One-notch downgrade | $ | ||||
Two-notch downgrade | |||||
Bilateral downgrade agreements included in the amounts above1 | $ |
Years to Maturity at March 31, 2022 | Years to Maturity at March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in billions | $ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | $ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||||||||||||
Single-name CDS | Single-name CDS | Single-name CDS | ||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 11 | $ | 27 | $ | 30 | $ | 13 | $ | 81 | Investment grade | $ | 12 | $ | 30 | $ | 33 | $ | 15 | $ | 90 | ||||||||||||
Non-investment grade | Non-investment grade | 5 | 13 | 17 | 5 | 40 | Non-investment grade | 5 | 13 | 17 | 6 | 41 | ||||||||||||||||||||||
Total | Total | $ | 16 | $ | 40 | $ | 47 | $ | 18 | $ | 121 | Total | $ | 17 | $ | 43 | $ | 50 | $ | 21 | $ | 131 | ||||||||||||
Index and basket CDS | Index and basket CDS | Index and basket CDS | ||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 2 | $ | 11 | $ | 107 | $ | 48 | $ | 168 | Investment grade | $ | 3 | $ | 9 | $ | 14 | $ | 1 | $ | 27 | ||||||||||||
Non-investment grade | Non-investment grade | 9 | 16 | 37 | 24 | 86 | Non-investment grade | 8 | 21 | 104 | 49 | 182 | ||||||||||||||||||||||
Total | Total | $ | 11 | $ | 27 | $ | 144 | $ | 72 | $ | 254 | Total | $ | 11 | $ | 30 | $ | 118 | $ | 50 | $ | 209 | ||||||||||||
Total CDS sold | Total CDS sold | $ | 27 | $ | 67 | $ | 191 | $ | 90 | $ | 375 | Total CDS sold | $ | 28 | $ | 73 | $ | 168 | $ | 71 | $ | 340 | ||||||||||||
Other credit contracts | Other credit contracts | — | — | — | — | — | Other credit contracts | — | — | — | — | — | ||||||||||||||||||||||
Total credit protection sold | Total credit protection sold | $ | 27 | $ | 67 | $ | 191 | $ | 90 | $ | 375 | Total credit protection sold | $ | 28 | $ | 73 | $ | 168 | $ | 71 | $ | 340 | ||||||||||||
CDS protection sold with identical protection purchased | CDS protection sold with identical protection purchased | $ | 331 | CDS protection sold with identical protection purchased | $ | 282 |
Years to Maturity at December 31, 2021 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | 10 | $ | 26 | $ | 29 | $ | 9 | $ | 74 | |||||||
Non-investment grade | 5 | 13 | 17 | 2 | 37 | ||||||||||||
Total | $ | 15 | $ | 39 | $ | 46 | $ | 11 | $ | 111 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | 2 | $ | 11 | $ | 106 | $ | 15 | $ | 134 | |||||||
Non-investment grade | 9 | 14 | 37 | 12 | 72 | ||||||||||||
Total | $ | 11 | $ | 25 | $ | 143 | $ | 27 | $ | 206 | |||||||
Total CDS sold | $ | 26 | $ | 64 | $ | 189 | $ | 38 | $ | 317 | |||||||
Other credit contracts | — | — | — | — | — | ||||||||||||
Total credit protection sold | $ | 26 | $ | 64 | $ | 189 | $ | 38 | $ | 317 | |||||||
CDS protection sold with identical protection purchased | $ | 278 |
47 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
Years to Maturity at December 31, 2022 | |||||||||||||||||
$ in billions | < 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||
Single-name CDS | |||||||||||||||||
Investment grade | $ | 12 | $ | 29 | $ | 29 | $ | 9 | $ | 79 | |||||||
Non-investment grade | 5 | 13 | 16 | 2 | 36 | ||||||||||||
Total | $ | 17 | $ | 42 | $ | 45 | $ | 11 | $ | 115 | |||||||
Index and basket CDS | |||||||||||||||||
Investment grade | $ | 3 | $ | 13 | $ | 37 | $ | 3 | $ | 56 | |||||||
Non-investment grade | 8 | 17 | 108 | 19 | 152 | ||||||||||||
Total | $ | 11 | $ | 30 | $ | 145 | $ | 22 | $ | 208 | |||||||
Total CDS sold | $ | 28 | $ | 72 | $ | 190 | $ | 33 | $ | 323 | |||||||
Other credit contracts | — | — | — | — | — | ||||||||||||
Total credit protection sold | $ | 28 | $ | 72 | $ | 190 | $ | 33 | $ | 323 | |||||||
CDS protection sold with identical protection purchased | $ | 262 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Single-name CDS | Single-name CDS | Single-name CDS | ||||||||||||||
Investment grade | Investment grade | $ | 1,309 | $ | 1,428 | Investment grade | $ | 1,168 | $ | 762 | ||||||
Non-investment grade | Non-investment grade | (1,805) | (370) | Non-investment grade | (722) | (808) | ||||||||||
Total | Total | $ | (496) | $ | 1,058 | Total | $ | 446 | $ | (46) | ||||||
Index and basket CDS | Index and basket CDS | Index and basket CDS | ||||||||||||||
Investment grade | Investment grade | $ | 1,422 | $ | 1,393 | Investment grade | $ | 924 | $ | 859 | ||||||
Non-investment grade | Non-investment grade | (1,243) | (650) | Non-investment grade | (2,110) | (1,812) | ||||||||||
Total | Total | $ | 179 | $ | 743 | Total | $ | (1,186) | $ | (953) | ||||||
Total CDS sold | Total CDS sold | $ | (317) | $ | 1,801 | Total CDS sold | $ | (740) | $ | (999) | ||||||
Other credit contracts | Other credit contracts | (3) | (3) | Other credit contracts | 6 | (1) | ||||||||||
Total credit protection sold | Total credit protection sold | $ | (320) | $ | 1,798 | Total credit protection sold | $ | (734) | $ | (1,000) |
Notional | Notional | |||||||||||||||
$ in billions | $ in billions | At March 31, 2022 | At December 31, 2021 | $ in billions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Single name | Single name | $ | 138 | $ | 126 | Single name | $ | 159 | $ | 140 | ||||||
Index and basket | Index and basket | 235 | 204 | Index and basket | 181 | 173 | ||||||||||
Tranched index and basket | Tranched index and basket | 22 | 18 | Tranched index and basket | 31 | 26 | ||||||||||
Total | Total | $ | 395 | $ | 348 | Total | $ | 371 | $ | 339 |
Fair Value Asset (Liability) | Fair Value Asset (Liability) | |||||||||||||||
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Single name | Single name | $ | 433 | $ | (1,338) | Single name | $ | (645) | $ | (33) | ||||||
Index and basket | Index and basket | 228 | (563) | Index and basket | 1,595 | 1,248 | ||||||||||
Tranched index and basket | Tranched index and basket | (340) | (451) | Tranched index and basket | (428) | (217) | ||||||||||
Total | Total | $ | 321 | $ | (2,352) | Total | $ | 522 | $ | 998 |
(Unaudited) |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | $ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
AFS securities | AFS securities | AFS securities | ||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 57,973 | $ | 25 | $ | 1,519 | $ | 56,479 | U.S. Treasury securities | $ | 54,861 | $ | 31 | $ | 1,845 | $ | 53,047 | ||||||||||
U.S. agency securities2 | U.S. agency securities2 | 23,863 | 13 | 1,143 | 22,733 | U.S. agency securities2 | 25,272 | 2 | 2,508 | 22,766 | ||||||||||||||||||
Agency CMBS | Agency CMBS | 8,596 | 42 | 189 | 8,449 | Agency CMBS | 6,020 | — | 465 | 5,555 | ||||||||||||||||||
State and municipal securities | State and municipal securities | 1,334 | 5 | 37 | 1,302 | State and municipal securities | 1,492 | 32 | 22 | 1,502 | ||||||||||||||||||
FFELP student loan ABS3 | FFELP student loan ABS3 | 1,401 | 4 | 14 | 1,391 | FFELP student loan ABS3 | 1,093 | — | 31 | 1,062 | ||||||||||||||||||
Total AFS securities | Total AFS securities | 93,167 | 89 | 2,902 | 90,354 | Total AFS securities | 88,738 | 65 | 4,871 | 83,932 | ||||||||||||||||||
HTM securities | HTM securities | HTM securities | ||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 29,526 | 117 | 544 | 29,099 | U.S. Treasury securities | 27,709 | — | 1,456 | 26,253 | ||||||||||||||||||
U.S. agency securities2 | U.S. agency securities2 | 47,656 | 5 | 4,079 | 43,582 | U.S. agency securities2 | 43,343 | — | 7,885 | 35,458 | ||||||||||||||||||
Agency CMBS | Agency CMBS | 2,166 | — | 115 | 2,051 | Agency CMBS | 1,770 | — | 138 | 1,632 | ||||||||||||||||||
Non-agency CMBS | Non-agency CMBS | 1,091 | 1 | 48 | 1,044 | Non-agency CMBS | 1,190 | 2 | 116 | 1,076 | ||||||||||||||||||
Total HTM securities | Total HTM securities | 80,439 | 123 | 4,786 | 75,776 | Total HTM securities | 74,012 | 2 | 9,595 | 64,419 | ||||||||||||||||||
Total investment securities | Total investment securities | $ | 173,606 | $ | 212 | $ | 7,688 | $ | 166,130 | Total investment securities | $ | 162,750 | $ | 67 | $ | 14,466 | $ | 148,351 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||
$ in millions | $ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | $ in millions | Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
AFS securities | AFS securities | AFS securities | ||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 58,974 | $ | 343 | $ | 296 | $ | 59,021 | U.S. Treasury securities | $ | 56,103 | $ | 17 | $ | 2,254 | $ | 53,866 | ||||||||||
U.S. agency securities2 | U.S. agency securities2 | 26,780 | 274 | 241 | 26,813 | U.S. agency securities2 | 23,926 | 1 | 2,753 | 21,174 | ||||||||||||||||||
Agency CMBS | Agency CMBS | 14,476 | 289 | 89 | 14,676 | Agency CMBS | 5,998 | — | 470 | 5,528 | ||||||||||||||||||
Non-agency CMBS | Non-agency CMBS | — | — | — | — | |||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | — | — | — | |||||||||||||||||||||||
State and municipal securities | State and municipal securities | 613 | 37 | 2 | 648 | State and municipal securities | 2,598 | 71 | 42 | 2,627 | ||||||||||||||||||
FFELP student loan ABS3 | FFELP student loan ABS3 | 1,672 | 11 | 11 | 1,672 | FFELP student loan ABS3 | 1,147 | — | 45 | 1,102 | ||||||||||||||||||
Total AFS securities | Total AFS securities | 102,515 | 954 | 639 | 102,830 | Total AFS securities | 89,772 | 89 | 5,564 | 84,297 | ||||||||||||||||||
HTM securities | HTM securities | HTM securities | ||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 28,653 | 882 | 81 | 29,454 | U.S. Treasury securities | 28,599 | — | 1,845 | 26,754 | ||||||||||||||||||
U.S. agency securities2 | U.S. agency securities2 | 48,195 | 169 | 1,228 | 47,136 | U.S. agency securities2 | 44,038 | — | 8,487 | 35,551 | ||||||||||||||||||
Agency CMBS | Agency CMBS | 2,267 | — | 51 | 2,216 | Agency CMBS | 1,819 | — | 152 | 1,667 | ||||||||||||||||||
Non-agency CMBS | Non-agency CMBS | 1,053 | 28 | 5 | 1,076 | Non-agency CMBS | 1,178 | — | 144 | 1,034 | ||||||||||||||||||
Total HTM securities | Total HTM securities | 80,168 | 1,079 | 1,365 | 79,882 | Total HTM securities | 75,634 | — | 10,628 | 65,006 | ||||||||||||||||||
Total investment securities | Total investment securities | $ | 182,683 | $ | 2,033 | $ | 2,004 | $ | 182,712 | Total investment securities | $ | 165,406 | $ | 89 | $ | 16,192 | $ | 149,303 |
March 2023 Form 10-Q | 48 |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||
$ in millions | $ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | $ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | U.S. Treasury securities | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | $ | 39,314 | $ | 1,252 | $ | 31,459 | $ | 296 | Less than 12 months | $ | 22,043 | $ | 1,078 | $ | 42,144 | $ | 1,711 | ||||||||||
12 months or longer | 12 months or longer | 6,828 | 267 | — | — | 12 months or longer | 24,271 | 767 | 11,454 | 543 | ||||||||||||||||||
Total | Total | 46,142 | 1,519 | 31,459 | 296 | Total | 46,314 | 1,845 | 53,598 | 2,254 | ||||||||||||||||||
U.S. agency securities | U.S. agency securities | U.S. agency securities | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | 16,478 | 816 | 12,283 | 219 | Less than 12 months | 8,293 | 485 | 13,662 | 1,271 | ||||||||||||||||||
12 months or longer | 12 months or longer | 3,624 | 327 | 1,167 | 22 | 12 months or longer | 13,505 | 2,023 | 7,060 | 1,482 | ||||||||||||||||||
Total | Total | 20,102 | 1,143 | 13,450 | 241 | Total | 21,798 | 2,508 | 20,722 | 2,753 | ||||||||||||||||||
Agency CMBS | Agency CMBS | Agency CMBS | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | 3,634 | 182 | 2,872 | 89 | Less than 12 months | 5,299 | 436 | 5,343 | 448 | ||||||||||||||||||
12 months or longer | 12 months or longer | 142 | 7 | 10 | — | 12 months or longer | 256 | 29 | 185 | 22 | ||||||||||||||||||
Total | Total | 3,776 | 189 | 2,882 | 89 | Total | 5,555 | 465 | 5,528 | 470 | ||||||||||||||||||
State and municipal securities | State and municipal securities | State and municipal securities | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | 1,112 | 37 | 21 | 2 | Less than 12 months | 231 | 1 | 2,106 | 40 | ||||||||||||||||||
12 months or longer | 12 months or longer | 516 | 21 | 65 | 2 | |||||||||||||||||||||||
Total | Total | 1,112 | 37 | 21 | 2 | Total | 747 | 22 | 2,171 | 42 | ||||||||||||||||||
FFELP student loan ABS | FFELP student loan ABS | FFELP student loan ABS | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | 580 | 5 | 320 | 1 | Less than 12 months | 475 | 11 | 627 | 23 | ||||||||||||||||||
12 months or longer | 12 months or longer | 412 | 9 | 591 | 10 | 12 months or longer | 573 | 20 | 476 | 22 | ||||||||||||||||||
Total | Total | 992 | 14 | 911 | 11 | Total | 1,048 | 31 | 1,103 | 45 | ||||||||||||||||||
Total AFS securities in an unrealized loss position | Total AFS securities in an unrealized loss position | Total AFS securities in an unrealized loss position | ||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | 61,118 | 2,292 | 46,955 | 607 | Less than 12 months | 36,341 | 2,011 | 63,882 | 3,493 | ||||||||||||||||||
12 months or longer | 12 months or longer | 11,006 | 610 | 1,775 | 32 | 12 months or longer | 39,121 | 2,860 | 19,240 | 2,071 | ||||||||||||||||||
Total | Total | $ | 72,124 | $ | 2,902 | $ | 48,730 | $ | 639 | Total | $ | 75,462 | $ | 4,871 | $ | 83,122 | $ | 5,564 |
At March 31, 2023 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2,3 | ||||||||
AFS securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | 16,150 | $ | 15,862 | 1.0 | % | |||||
After 1 year through 5 years | 38,017 | 36,492 | 1.3 | % | |||||||
After 5 years through 10 years | 694 | 693 | 3.6 | % | |||||||
Total | 54,861 | 53,047 | |||||||||
U.S. agency securities: | |||||||||||
Due within 1 year | 23 | 22 | (0.2) | % | |||||||
After 1 year through 5 years | 422 | 394 | 1.5 | % | |||||||
After 5 years through 10 years | 716 | 659 | 1.8 | % | |||||||
After 10 years | 24,111 | 21,691 | 3.1 | % | |||||||
Total | 25,272 | 22,766 | |||||||||
Agency CMBS: | |||||||||||
After 1 year through 5 years | 1,773 | 1,676 | 1.8 | % | |||||||
After 5 years through 10 years | 2,992 | 2,823 | 2.0 | % | |||||||
After 10 years | 1,255 | 1,056 | 1.3 | % | |||||||
Total | 6,020 | 5,555 | |||||||||
State and municipal securities: | |||||||||||
Due within 1 year | 12 | 12 | 3.8 | % | |||||||
After 1 year through 5 years | 48 | 49 | 3.9 | % | |||||||
After 5 years through 10 years | 88 | 90 | 3.8 | % | |||||||
After 10 Years | 1,344 | 1,351 | 3.9 | % | |||||||
Total | 1,492 | 1,502 | |||||||||
FFELP student loan ABS: | |||||||||||
After 1 year through 5 years | 110 | 105 | 5.5 | % | |||||||
After 5 years through 10 years | 114 | 109 | 5.4 | % | |||||||
After 10 years | 869 | 848 | 5.6 | % | |||||||
Total | 1,093 | 1,062 | |||||||||
Total AFS securities | 88,738 | 83,932 | 1.9 | % | |||||||
March |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | |||||||||||
$ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | ||||||||
AFS securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | $ | 8,901 | $ | 8,911 | 1.6 | % | |||||
After 1 year through 5 years | 45,839 | 44,349 | 1.0 | % | |||||||
After 5 years through 10 years | 3,233 | 3,219 | 1.1 | % | |||||||
Total | 57,973 | 56,479 | |||||||||
U.S. agency securities: | |||||||||||
Due within 1 year | 12 | 12 | 0.5 | % | |||||||
After 1 year through 5 years | 335 | 322 | 1.2 | % | |||||||
After 5 years through 10 years | 1,179 | 1,148 | 1.8 | % | |||||||
After 10 years | 22,337 | 21,251 | 1.8 | % | |||||||
Total | 23,863 | 22,733 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | 217 | 217 | 1.8 | % | |||||||
After 1 year through 5 years | 1,318 | 1,298 | 1.6 | % | |||||||
After 5 years through 10 years | 5,339 | 5,337 | 1.8 | % | |||||||
After 10 years | 1,722 | 1,597 | 1.4 | % | |||||||
Total | 8,596 | 8,449 | |||||||||
State and municipal securities: | |||||||||||
Due within 1 year | 7 | 7 | 1.4 | % | |||||||
After 1 year through 5 years | 24 | 25 | 2.3 | % | |||||||
After 5 years through 10 years | 106 | 103 | 2.4 | % | |||||||
After 10 Years | 1,197 | 1,167 | 2.6 | % | |||||||
Total | 1,334 | 1,302 | |||||||||
FFELP student loan ABS: | |||||||||||
After 1 year through 5 years | 131 | 129 | 0.9 | % | |||||||
After 5 years through 10 years | 139 | 135 | 0.7 | % | |||||||
After 10 years | 1,131 | 1,127 | 1.2 | % | |||||||
Total | 1,401 | 1,391 | |||||||||
Total AFS securities | 93,167 | 90,354 | 1.4 | % | |||||||
HTM securities | |||||||||||
U.S. Treasury securities: | |||||||||||
Due within 1 year | 3,749 | 3,761 | 1.9 | % | |||||||
After 1 year through 5 years | 19,336 | 18,974 | 1.7 | % | |||||||
After 5 years through 10 years | 4,879 | 4,865 | 2.4 | % | |||||||
After 10 years | 1,562 | 1,499 | 2.3 | % | |||||||
Total | 29,526 | 29,099 | |||||||||
U.S. agency securities: | |||||||||||
After 5 years through 10 years | 456 | 450 | 2.0 | % | |||||||
After 10 years | 47,200 | 43,132 | 1.7 | % | |||||||
Total | 47,656 | 43,582 | |||||||||
Agency CMBS: | |||||||||||
Due within 1 year | 78 | 77 | 1.1 | % | |||||||
After 1 year through 5 years | 1,371 | 1,312 | 1.3 | % | |||||||
After 5 years through 10 years | 567 | 526 | 1.5 | % | |||||||
After 10 years | 150 | 136 | 1.5 | % | |||||||
Total | 2,166 | 2,051 | |||||||||
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||
$ in millions | $ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | $ in millions | Amortized Cost1 | Fair Value | Annualized Average Yield2 | ||||||||||||||
HTM securities | HTM securities | |||||||||||||||||||||
U.S. Treasury securities: | U.S. Treasury securities: | |||||||||||||||||||||
Due within 1 year | Due within 1 year | 6,634 | 6,515 | 1.8 | % | |||||||||||||||||
After 1 year through 5 years | After 1 year through 5 years | 15,649 | 14,907 | 1.9 | % | |||||||||||||||||
After 5 years through 10 years | After 5 years through 10 years | 3,866 | 3,614 | 2.4 | % | |||||||||||||||||
After 10 years | After 10 years | 1,560 | 1,217 | 2.3 | % | |||||||||||||||||
Total | Total | 27,709 | 26,253 | |||||||||||||||||||
U.S. agency securities: | U.S. agency securities: | |||||||||||||||||||||
After 1 year through 5 years | After 1 year through 5 years | 8 | 7 | 1.8 | % | |||||||||||||||||
After 5 years through 10 years | After 5 years through 10 years | 351 | 326 | 2.1 | % | |||||||||||||||||
After 10 years | After 10 years | 42,984 | 35,125 | 1.8 | % | |||||||||||||||||
Total | Total | 43,343 | 35,458 | |||||||||||||||||||
Agency CMBS: | Agency CMBS: | |||||||||||||||||||||
Due within 1 year | Due within 1 year | 329 | 322 | 0.8 | % | |||||||||||||||||
After 1 year through 5 years | After 1 year through 5 years | 1,136 | 1,053 | 1.4 | % | |||||||||||||||||
After 5 years through 10 years | After 5 years through 10 years | 174 | 150 | 1.4 | % | |||||||||||||||||
After 10 years | After 10 years | 131 | 107 | 1.6 | % | |||||||||||||||||
Total | Total | 1,770 | 1,632 | |||||||||||||||||||
Non-agency CMBS: | Non-agency CMBS: | Non-agency CMBS: | ||||||||||||||||||||
Due within 1 year | Due within 1 year | 167 | 167 | 4.2 | % | Due within 1 year | 198 | 195 | 4.0 | % | ||||||||||||
After 1 year through 5 years | After 1 year through 5 years | 90 | 89 | 3.4 | % | After 1 year through 5 years | 251 | 233 | 4.1 | % | ||||||||||||
After 5 years through 10 years | After 5 years through 10 years | 798 | 753 | 3.6 | % | After 5 years through 10 years | 706 | 617 | 3.8 | % | ||||||||||||
After 10 years | After 10 years | 36 | 35 | 4.4 | % | After 10 years | 35 | 31 | 3.6 | % | ||||||||||||
Total | Total | 1,091 | 1,044 | Total | 1,190 | 1,076 | ||||||||||||||||
Total HTM securities | Total HTM securities | 80,439 | 75,776 | 1.8 | % | Total HTM securities | 74,012 | 64,419 | 1.9 | % | ||||||||||||
Total investment securities | Total investment securities | $ | 173,606 | $ | 166,130 | 1.6 | % | Total investment securities | 162,750 | 148,351 | 1.9 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Gross realized gains | Gross realized gains | $ | 126 | $ | 145 | Gross realized gains | $ | 44 | $ | 126 | ||||||||||||||||||
Gross realized (losses) | Gross realized (losses) | (82) | (11) | Gross realized (losses) | (3) | (82) | ||||||||||||||||||||||
Total1 | Total1 | $ | 44 | $ | 134 | Total1 | $ | 41 | $ | 44 |
At March 31, 2022 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | 238,485 | $ | (110,718) | $ | 127,767 | $ | (123,988) | $ | 3,779 | |||||||
Securities borrowed | 164,657 | (13,662) | 150,995 | (143,492) | 7,503 | ||||||||||||
Liabilities | |||||||||||||||||
Securities sold under agreements to repurchase | $ | 170,786 | $ | (110,718) | $ | 60,068 | $ | (53,563) | $ | 6,505 | |||||||
Securities loaned | 27,884 | (13,662) | 14,222 | (13,930) | 292 | ||||||||||||
Net amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | 2,772 | |||||||||||||||
Securities borrowed | 849 | ||||||||||||||||
Securities sold under agreements to repurchase | 5,010 | ||||||||||||||||
Securities loaned | 151 |
At March 31, 2023 | |||||||||||||||||
$ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||
Assets | |||||||||||||||||
Securities purchased under agreements to resell | $ | 223,056 | $ | (101,171) | $ | 121,885 | $ | (118,330) | $ | 3,555 | |||||||
Securities borrowed | 157,967 | (11,751) | 146,216 | (142,775) | 3,441 | ||||||||||||
Liabilities | |||||||||||||||||
Securities sold under agreements to repurchase | $ | 161,662 | $ | (101,171) | $ | 60,491 | $ | (56,242) | $ | 4,249 | |||||||
Securities loaned | 27,339 | (11,751) | 15,588 | (15,135) | 453 | ||||||||||||
Net amounts for which master netting agreements are not in place or may not be legally enforceable | |||||||||||||||||
Securities purchased under agreements to resell | $ | 3,252 | |||||||||||||||
Securities borrowed | 620 | ||||||||||||||||
Securities sold under agreements to repurchase | 3,368 | ||||||||||||||||
Securities loaned | 215 |
(Unaudited) |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | $ in millions | Gross Amounts | Amounts Offset | Balance Sheet Net Amounts | Amounts Not Offset1 | Net Amounts | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | $ | 197,486 | $ | (77,487) | $ | 119,999 | $ | (106,896) | $ | 13,103 | Securities purchased under agreements to resell | $ | 240,355 | $ | (126,448) | $ | 113,907 | $ | (109,902) | $ | 4,005 | ||||||||||||
Securities borrowed | Securities borrowed | 139,395 | (9,682) | 129,713 | (124,028) | 5,685 | Securities borrowed | 145,340 | (11,966) | 133,374 | (128,073) | 5,301 | ||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 139,675 | $ | (77,487) | $ | 62,188 | $ | (53,692) | $ | 8,496 | Securities sold under agreements to repurchase | $ | 188,982 | $ | (126,448) | $ | 62,534 | $ | (57,395) | $ | 5,139 | ||||||||||||
Securities loaned | Securities loaned | 21,981 | (9,682) | 12,299 | (12,019) | 280 | Securities loaned | 27,645 | (11,966) | 15,679 | (15,199) | 480 | ||||||||||||||||||||||
Net amounts for which master netting agreements are not in place or may not be legally enforceable | Net amounts for which master netting agreements are not in place or may not be legally enforceable | Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | $ | 12,514 | Securities purchased under agreements to resell | $ | 1,696 | ||||||||||||||||||||||||||||
Securities borrowed | Securities borrowed | 1,041 | Securities borrowed | 624 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 8,295 | Securities sold under agreements to repurchase | 3,861 | ||||||||||||||||||||||||||||||
Securities loaned | Securities loaned | 139 | Securities loaned | 250 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | $ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 57,575 | $ | 55,401 | $ | 15,420 | $ | 42,390 | $ | 170,786 | Securities sold under agreements to repurchase | $ | 63,922 | $ | 41,521 | $ | 17,262 | $ | 38,957 | $ | 161,662 | ||||||||||||
Securities loaned | Securities loaned | 17,040 | — | 675 | 10,169 | 27,884 | Securities loaned | 14,786 | 1 | 987 | 11,565 | 27,339 | ||||||||||||||||||||||
Total included in the offsetting disclosure | Total included in the offsetting disclosure | $ | 74,615 | $ | 55,401 | $ | 16,095 | $ | 52,559 | $ | 198,670 | Total included in the offsetting disclosure | $ | 78,708 | $ | 41,522 | $ | 18,249 | $ | 50,522 | $ | 189,001 | ||||||||||||
Trading liabilities— Obligation to return securities received as collateral | Trading liabilities— Obligation to return securities received as collateral | 26,399 | — | — | — | 26,399 | Trading liabilities— Obligation to return securities received as collateral | 25,112 | — | — | — | 25,112 | ||||||||||||||||||||||
Total | Total | $ | 101,014 | $ | 55,401 | $ | 16,095 | $ | 52,559 | $ | 225,069 | Total | $ | 103,820 | $ | 41,522 | $ | 18,249 | $ | 50,522 | $ | 214,113 |
At December 31, 2021 | |||||||||||||||||
$ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | 29,271 | $ | 53,987 | $ | 17,099 | $ | 39,318 | $ | 139,675 | |||||||
Securities loaned | 11,480 | 364 | 650 | 9,487 | 21,981 | ||||||||||||
Total included in the offsetting disclosure | $ | 40,751 | $ | 54,351 | $ | 17,749 | $ | 48,805 | $ | 161,656 | |||||||
Trading liabilities— Obligation to return securities received as collateral | 30,104 | — | — | — | 30,104 | ||||||||||||
Total | $ | 70,855 | $ | 54,351 | $ | 17,749 | $ | 48,805 | $ | 191,760 |
March 2023 Form 10-Q | 50 |
Notes to Consolidated Financial Statements (Unaudited) |
At December 31, 2022 | |||||||||||||||||
$ in millions | Overnight and Open | Less than 30 Days | 30-90 Days | Over 90 Days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | 54,551 | $ | 77,359 | $ | 20,586 | $ | 36,486 | $ | 188,982 | |||||||
Securities loaned | 15,150 | 882 | 1,984 | 9,629 | 27,645 | ||||||||||||
Total included in the offsetting disclosure | $ | 69,701 | $ | 78,241 | $ | 22,570 | $ | 46,115 | $ | 216,627 | |||||||
Trading liabilities— Obligation to return securities received as collateral | 22,880 | — | — | — | 22,880 | ||||||||||||
Total | $ | 92,581 | $ | 78,241 | $ | 22,570 | $ | 46,115 | $ | 239,507 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | ||||||||||||||
U.S. Treasury and agency securities | U.S. Treasury and agency securities | $ | 51,940 | $ | 30,790 | U.S. Treasury and agency securities | $ | 46,714 | $ | 57,761 | ||||||
Other sovereign government obligations | Other sovereign government obligations | 87,195 | 73,063 | Other sovereign government obligations | 78,048 | 98,839 | ||||||||||
Corporate equities | Corporate equities | 19,200 | 25,881 | Corporate equities | 20,250 | 19,340 | ||||||||||
Other | Other | 12,451 | 9,941 | Other | 16,650 | 13,042 | ||||||||||
Total | Total | $ | 170,786 | $ | 139,675 | Total | $ | 161,662 | $ | 188,982 | ||||||
Securities loaned | Securities loaned | Securities loaned | ||||||||||||||
Other sovereign government obligations | Other sovereign government obligations | $ | 858 | $ | 748 | Other sovereign government obligations | $ | 913 | $ | 862 | ||||||
Corporate equities | Corporate equities | 26,528 | 20,656 | Corporate equities | 25,312 | 26,289 | ||||||||||
Other | Other | 498 | 577 | Other | 1,114 | 494 | ||||||||||
Total | Total | $ | 27,884 | $ | 21,981 | Total | $ | 27,339 | $ | 27,645 | ||||||
Total included in the offsetting disclosure | Total included in the offsetting disclosure | $ | 198,670 | $ | 161,656 | Total included in the offsetting disclosure | $ | 189,001 | $ | 216,627 | ||||||
Trading liabilities—Obligation to return securities received as collateral | Trading liabilities—Obligation to return securities received as collateral | Trading liabilities—Obligation to return securities received as collateral | ||||||||||||||
Corporate equities | Corporate equities | $ | 26,370 | $ | 30,048 | Corporate equities | $ | 25,025 | $ | 22,833 | ||||||
Other | Other | 29 | 56 | Other | 87 | 47 | ||||||||||
Total | Total | $ | 26,399 | $ | 30,104 | Total | $ | 25,112 | $ | 22,880 | ||||||
Total | Total | $ | 225,069 | $ | 191,760 | Total | $ | 214,113 | $ | 239,507 |
$ in millions | At March 31, 2022 | At December 31, 2021 | |||||||||
Trading assets | $ | 32,061 | $ | 32,458 | |||||||
$ in millions | At March 31, 2023 | At December 31, 2022 | |||||||||
$ | 34,669 | $ | 34,524 | ||||||||
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Collateral received with right to sell or repledge | Collateral received with right to sell or repledge | $ | 725,931 | $ | 672,104 | Collateral received with right to sell or repledge | $ | 681,133 | $ | 637,941 | ||||||
Collateral that was sold or repledged1 | Collateral that was sold or repledged1 | 564,304 | 510,000 | Collateral that was sold or repledged1 | 525,199 | 486,820 |
(Unaudited) |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Segregated securities1 | Segregated securities1 | $ | 30,324 | $ | 20,092 | Segregated securities1 | $ | 28,959 | $ | 32,254 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Margin and other lending | Margin and other lending | $ | 56,348 | $ | 71,532 | Margin and other lending | $ | 39,354 | $ | 38,524 |
51 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||
$ in millions | $ in millions | HFI Loans | HFS Loans | Total Loans | $ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||||||||
Corporate | Corporate | $ | 6,105 | $ | 7,069 | $ | 13,174 | Corporate | $ | 7,435 | $ | 11,150 | $ | 18,585 | ||||||||
Secured lending facilities | Secured lending facilities | 29,896 | 4,661 | 34,557 | Secured lending facilities | 37,187 | 3,006 | 40,193 | ||||||||||||||
Commercial real estate | Commercial real estate | 8,276 | 1,986 | 10,262 | Commercial real estate | 8,601 | 948 | 9,549 | ||||||||||||||
Residential real estate | Residential real estate | 47,236 | 6 | 47,242 | Residential real estate | 55,400 | 25 | 55,425 | ||||||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 91,413 | 291 | 91,704 | Securities-based lending and Other loans | 91,897 | 17 | 91,914 | ||||||||||||||
Total loans | Total loans | 182,926 | 14,013 | 196,939 | Total loans | 200,520 | 15,146 | 215,666 | ||||||||||||||
ACL | ACL | (679) | (679) | ACL | (970) | (970) | ||||||||||||||||
Total loans, net | Total loans, net | $ | 182,247 | $ | 14,013 | $ | 196,260 | Total loans, net | $ | 199,550 | $ | 15,146 | $ | 214,696 | ||||||||
Loans to non-U.S. borrowers, net | Loans to non-U.S. borrowers, net | $ | 24,286 | Loans to non-U.S. borrowers, net | $ | 24,395 |
At December 31, 2021 | At December 31, 2022 | |||||||||||||||||||||
$ in millions | $ in millions | HFI Loans | HFS Loans | Total Loans | $ in millions | HFI Loans | HFS Loans | Total Loans | ||||||||||||||
Corporate | Corporate | $ | 5,567 | $ | 8,107 | $ | 13,674 | Corporate | $ | 6,589 | $ | 10,634 | $ | 17,223 | ||||||||
Secured lending facilities | Secured lending facilities | 31,471 | 3,879 | 35,350 | Secured lending facilities | 35,606 | 3,176 | 38,782 | ||||||||||||||
Commercial real estate | Commercial real estate | 7,227 | 1,777 | 9,004 | Commercial real estate | 8,515 | 926 | 9,441 | ||||||||||||||
Residential real estate | Residential real estate | 44,251 | 7 | 44,258 | Residential real estate | 54,460 | 4 | 54,464 | ||||||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 86,440 | 62 | 86,502 | Securities-based lending and Other loans | 94,666 | 48 | 94,714 | ||||||||||||||
Total loans | Total loans | 174,956 | 13,832 | 188,788 | Total loans | 199,836 | 14,788 | 214,624 | ||||||||||||||
ACL | ACL | (654) | (654) | ACL | (839) | (839) | ||||||||||||||||
Total loans, net | Total loans, net | $ | 174,302 | $ | 13,832 | $ | 188,134 | Total loans, net | $ | 198,997 | $ | 14,788 | $ | 213,785 | ||||||||
Loans to non-U.S. borrowers, net | Loans to non-U.S. borrowers, net | $ | 24,322 | Loans to non-U.S. borrowers, net | $ | 23,651 |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||
$ in millions | $ in millions | Fixed Rate | Floating or Adjustable Rate | Fixed Rate | Floating or Adjustable Rate | $ in millions | Fixed Rate | Floating or Adjustable Rate | Fixed Rate | Floating or Adjustable Rate | ||||||||||||||||||
Corporate | Corporate | $ | — | $ | 13,174 | $ | — | $ | 13,674 | Corporate | $ | — | $ | 18,584 | $ | — | $ | 17,223 | ||||||||||
Secured lending facilities | Secured lending facilities | — | 34,557 | — | 35,350 | Secured lending facilities | — | 40,193 | — | 38,782 | ||||||||||||||||||
Commercial real estate | Commercial real estate | 342 | 9,920 | 343 | 8,661 | Commercial real estate | 204 | 9,346 | 204 | 9,237 | ||||||||||||||||||
Residential real estate | Residential real estate | 20,754 | 26,488 | 18,966 | 25,292 | Residential real estate | 25,515 | 29,909 | 24,903 | 29,561 | ||||||||||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 24,705 | 66,999 | 22,832 | 63,670 | Securities-based lending and Other loans | 22,253 | 69,662 | 24,077 | 70,637 | ||||||||||||||||||
Total loans, before ACL | Total loans, before ACL | $ | 45,801 | $ | 151,138 | $ | 42,141 | $ | 146,647 | Total loans, before ACL | $ | 47,972 | $ | 167,694 | $ | 49,184 | $ | 165,440 |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IG | NIG | Total | IG | NIG | Total | $ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||||||||||||||
Revolving | Revolving | $ | 2,681 | $ | 2,541 | $ | 5,222 | $ | 2,356 | $ | 2,328 | $ | 4,684 | Revolving | $ | 2,907 | $ | 4,004 | $ | 6,911 | $ | 2,554 | $ | 3,456 | $ | 6,010 | ||||||||||||||
2023 | 2023 | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | — | 3 | 3 | 2022 | — | 143 | 143 | 6 | 107 | 113 | |||||||||||||||||||||||||||||
2021 | 2021 | — | 94 | 94 | — | 85 | 85 | 2021 | — | 137 | 137 | — | 139 | 139 | ||||||||||||||||||||||||||
2020 | 2020 | 110 | 27 | 137 | 111 | 26 | 137 | 2020 | — | 59 | 59 | — | 58 | 58 | ||||||||||||||||||||||||||
2019 | 2019 | — | 169 | 169 | — | 176 | 176 | 2019 | — | 153 | 153 | — | 154 | 154 | ||||||||||||||||||||||||||
2018 | 196 | — | 196 | 196 | — | 196 | ||||||||||||||||||||||||||||||||||
Prior | Prior | 225 | 59 | 284 | 229 | 60 | 289 | Prior | — | 19 | 19 | 115 | — | 115 | ||||||||||||||||||||||||||
Total | Total | $ | 3,212 | $ | 2,893 | $ | 6,105 | $ | 2,892 | $ | 2,675 | $ | 5,567 | Total | $ | 2,907 | $ | 4,528 | $ | 7,435 | $ | 2,675 | $ | 3,914 | $ | 6,589 |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Secured Lending Facilities | Secured Lending Facilities | |||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IG | NIG | Total | IG | NIG | Total | $ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||||||||||||||
Revolving | Revolving | $ | 7,784 | $ | 18,539 | $ | 26,323 | $ | 7,603 | $ | 20,172 | $ | 27,775 | Revolving | $ | 9,338 | $ | 21,713 | $ | 31,051 | $ | 9,445 | $ | 21,243 | $ | 30,688 | ||||||||||||||
2023 | 2023 | 956 | 255 | 1,211 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | — | 403 | 403 | 2022 | 1,090 | 1,489 | 2,579 | 1,135 | 1,336 | 2,471 | |||||||||||||||||||||||||||||
2021 | 2021 | 32 | 429 | 461 | 32 | 467 | 499 | 2021 | 257 | 211 | 468 | 254 | 208 | 462 | ||||||||||||||||||||||||||
2020 | 2020 | — | 140 | 140 | 35 | 160 | 195 | 2020 | — | 88 | 88 | — | 98 | 98 | ||||||||||||||||||||||||||
2019 | 2019 | 43 | 753 | 796 | 43 | 819 | 862 | 2019 | 60 | 418 | 478 | 60 | 486 | 546 | ||||||||||||||||||||||||||
2018 | 268 | 415 | 683 | 297 | 703 | 1,000 | ||||||||||||||||||||||||||||||||||
Prior | Prior | 144 | 946 | 1,090 | 144 | 996 | 1,140 | Prior | 212 | 1,100 | 1,312 | 215 | 1,126 | 1,341 | ||||||||||||||||||||||||||
Total | Total | $ | 8,271 | $ | 21,625 | $ | 29,896 | $ | 8,154 | $ | 23,317 | $ | 31,471 | Total | $ | 11,913 | $ | 25,274 | $ | 37,187 | $ | 11,109 | $ | 24,497 | $ | 35,606 |
At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||
$ in millions | IG | NIG | Total | IG | NIG | Total | ||||||||||||||
Revolving | $ | — | $ | 175 | $ | 175 | $ | — | $ | 204 | $ | 204 | ||||||||
2023 | — | 297 | 297 | |||||||||||||||||
2022 | 388 | 2,067 | 2,455 | 379 | 2,201 | 2,580 | ||||||||||||||
2021 | 310 | 1,554 | 1,864 | 239 | 1,609 | 1,848 | ||||||||||||||
2020 | — | 739 | 739 | — | 728 | 728 | ||||||||||||||
2019 | 559 | 1,218 | 1,777 | 659 | 1,152 | 1,811 | ||||||||||||||
Prior | 185 | 1,109 | 1,294 | 211 | 1,133 | 1,344 | ||||||||||||||
Total | $ | 1,442 | $ | 7,159 | $ | 8,601 | $ | 1,488 | $ | 7,027 | $ | 8,515 |
At March 31, 2023 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | 85 | $ | 30 | $ | 5 | $ | 120 | $ | — | $ | 120 | ||||||||||||||
2023 | 1,365 | 293 | 72 | 1,514 | 216 | 1,730 | ||||||||||||||||||||
2022 | 11,347 | 2,503 | 407 | 13,123 | 1,134 | 14,257 | ||||||||||||||||||||
2021 | 11,486 | 2,467 | 254 | 13,240 | 967 | 14,207 | ||||||||||||||||||||
2020 | 7,198 | 1,489 | 112 | 8,349 | 450 | 8,799 | ||||||||||||||||||||
2019 | 4,151 | 929 | 137 | 4,899 | 318 | 5,217 | ||||||||||||||||||||
Prior | 8,280 | 2,448 | 342 | 10,200 | 870 | 11,070 | ||||||||||||||||||||
Total | $ | 43,912 | $ | 10,159 | $ | 1,329 | $ | 51,445 | $ | 3,955 | $ | 55,400 |
At December 31, 2022 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | 90 | $ | 29 | $ | 5 | $ | 124 | $ | — | $ | 124 | ||||||||||||||
2022 | 11,481 | 2,533 | 411 | 13,276 | 1,149 | 14,425 | ||||||||||||||||||||
2021 | 11,604 | 2,492 | 257 | 13,378 | 975 | 14,353 | ||||||||||||||||||||
2020 | 7,292 | 1,501 | 115 | 8,452 | 456 | 8,908 | ||||||||||||||||||||
2019 | 4,208 | 946 | 137 | 4,968 | 323 | 5,291 | ||||||||||||||||||||
2018 | 1,635 | 447 | 52 | 1,965 | 169 | 2,134 | ||||||||||||||||||||
Prior | 6,853 | 2,072 | 300 | 8,492 | 733 | 9,225 | ||||||||||||||||||||
Total | $ | 43,163 | $ | 10,020 | $ | 1,277 | $ | 50,655 | $ | 3,805 | $ | 54,460 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | ||||||||||||||||||||||||||||||||
Commercial Real Estate | Securities-based Lending1 | Other2 | ||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IG | NIG | Total | IG | NIG | Total | $ in millions | IG | NIG | Total | |||||||||||||||||||||||
Revolving | Revolving | $ | 4 | $ | 83 | $ | 87 | $ | 3 | $ | 149 | $ | 152 | Revolving | $ | 73,763 | $ | 5,988 | $ | 1,089 | $ | 80,840 | ||||||||||||
2023 | 2023 | 468 | 138 | 148 | 754 | |||||||||||||||||||||||||||||
2022 | 2022 | 122 | 1,020 | 1,142 | 2022 | 1,514 | 1,115 | 729 | 3,358 | |||||||||||||||||||||||||
2021 | 2021 | 457 | 1,490 | 1,947 | 423 | 1,292 | 1,715 | 2021 | 701 | 481 | 295 | 1,477 | ||||||||||||||||||||||
2020 | 2020 | 92 | 812 | 904 | 91 | 819 | 910 | 2020 | — | 579 | 376 | 955 | ||||||||||||||||||||||
2019 | 2019 | 1,182 | 936 | 2,118 | 976 | 1,266 | 2,242 | 2019 | 16 | 970 | 545 | 1,531 | ||||||||||||||||||||||
2018 | 603 | 325 | 928 | 527 | 416 | 943 | ||||||||||||||||||||||||||||
Prior | Prior | 188 | 962 | 1,150 | 189 | 1,076 | 1,265 | Prior | 202 | 1,706 | 1,074 | 2,982 | ||||||||||||||||||||||
Total | Total | $ | 2,648 | $ | 5,628 | $ | 8,276 | $ | 2,209 | $ | 5,018 | $ | 7,227 | Total | $ | 76,664 | $ | 10,977 | $ | 4,256 | $ | 91,897 |
At March 31, 2022 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | 64 | $ | 24 | $ | 4 | $ | 92 | $ | — | $ | 92 | ||||||||||||||
2022 | 3,468 | 733 | 93 | 3,980 | 314 | 4,294 | ||||||||||||||||||||
2021 | 12,115 | 2,623 | 263 | 13,996 | 1,005 | 15,001 | ||||||||||||||||||||
2020 | 7,711 | 1,592 | 130 | 8,935 | 498 | 9,433 | ||||||||||||||||||||
2019 | 4,520 | 1,039 | 143 | 5,351 | 351 | 5,702 | ||||||||||||||||||||
2018 | 1,775 | 481 | 53 | 2,130 | 179 | 2,309 | ||||||||||||||||||||
Prior | 7,701 | 2,345 | 359 | 9,535 | 870 | 10,405 | ||||||||||||||||||||
Total | $ | 37,354 | $ | 8,837 | $ | 1,045 | $ | 44,019 | $ | 3,217 | $ | 47,236 |
At December 31, 2021 | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
by FICO Scores | by LTV Ratio | Total | ||||||||||||||||||||||||
$ in millions | ≥ 740 | 680-739 | ≤ 679 | ≤ 80% | > 80% | |||||||||||||||||||||
Revolving | $ | 65 | $ | 27 | $ | 4 | $ | 96 | $ | — | $ | 96 | ||||||||||||||
2021 | 12,230 | 2,638 | 257 | 14,116 | 1,009 | 15,125 | ||||||||||||||||||||
2020 | 7,941 | 1,648 | 131 | 9,210 | 510 | 9,720 | ||||||||||||||||||||
2019 | 4,690 | 1,072 | 140 | 5,536 | 366 | 5,902 | ||||||||||||||||||||
2018 | 1,865 | 497 | 55 | 2,231 | 186 | 2,417 | ||||||||||||||||||||
2017 | 2,157 | 558 | 65 | 2,588 | 192 | 2,780 | ||||||||||||||||||||
Prior | 5,973 | 1,919 | 319 | 7,485 | 726 | 8,211 | ||||||||||||||||||||
Total | $ | 34,921 | $ | 8,359 | $ | 971 | $ | 41,262 | $ | 2,989 | $ | 44,251 |
At March 31, 2022 | ||||||||||||||
Securities-based Lending1 | Other2 | |||||||||||||
$ in millions | IG | NIG | Total | |||||||||||
Revolving | $ | 75,570 | $ | 6,105 | $ | 988 | $ | 82,663 | ||||||
2022 | 720 | 477 | 85 | 1,282 | ||||||||||
2021 | 800 | 565 | 152 | 1,517 | ||||||||||
2020 | — | 596 | 657 | 1,253 | ||||||||||
2019 | 19 | 994 | 602 | 1,615 | ||||||||||
2018 | 213 | 273 | 288 | 774 | ||||||||||
Prior | 16 | 1,682 | 611 | 2,309 | ||||||||||
Total | $ | 77,338 | $ | 10,692 | $ | 3,383 | $ | 91,413 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||
Securities-based Lending1 | Other2 | Securities-based Lending1 | Other2 | |||||||||||||||||||||||||
$ in millions | $ in millions | IG | NIG | Total | $ in millions | IG | NIG | Total | ||||||||||||||||||||
Revolving | Revolving | $ | 71,485 | $ | 6,170 | $ | 858 | $ | 78,513 | Revolving | $ | 77,115 | $ | 5,760 | $ | 1,480 | $ | 84,355 | ||||||||||
2022 | 2022 | 1,425 | 1,572 | 269 | 3,266 | |||||||||||||||||||||||
2021 | 2021 | 807 | 708 | 103 | 1,618 | 2021 | 725 | 525 | 223 | 1,473 | ||||||||||||||||||
2020 | 2020 | — | 651 | 626 | 1,277 | 2020 | — | 580 | 418 | 998 | ||||||||||||||||||
2019 | 2019 | 19 | 1,079 | 633 | 1,731 | 2019 | 16 | 913 | 644 | 1,573 | ||||||||||||||||||
2018 | 2018 | 232 | 273 | 375 | 880 | 2018 | 202 | 268 | 304 | 774 | ||||||||||||||||||
2017 | — | 531 | 217 | 748 | ||||||||||||||||||||||||
Prior | Prior | 16 | 1,294 | 363 | 1,673 | Prior | — | 1,581 | 646 | 2,227 | ||||||||||||||||||
Total | Total | $ | 72,559 | $ | 10,706 | $ | 3,175 | $ | 86,440 | Total | $ | 79,483 | $ | 11,199 | $ | 3,984 | $ | 94,666 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Corporate | Corporate | $ | 46 | $ | 112 | |||||||||||
Secured lending facilities | Secured lending facilities | 80 | 85 | |||||||||||||
Residential real estate | Residential real estate | 191 | 209 | Residential real estate | 126 | 158 | ||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 19 | 1 | |||||||||||||
Total | Total | $ | 271 | $ | 356 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Corporate | Corporate | $ | 77 | $ | 34 | Corporate | $ | 177 | $ | 71 | ||||||
Secured lending facilities | Secured lending facilities | 110 | 375 | Secured lending facilities | 89 | 94 | ||||||||||
Commercial real estate | Commercial real estate | 287 | 195 | Commercial real estate | 353 | 209 | ||||||||||
Residential real estate | Residential real estate | 119 | 138 | Residential real estate | 125 | 118 | ||||||||||
Securities-based lending and Other loans | Securities-based lending and Other loans | 142 | 151 | Securities-based lending and Other loans | 66 | 10 | ||||||||||
Total1 | Total1 | $ | 735 | $ | 893 | Total1 | $ | 810 | $ | 502 | ||||||
Nonaccrual loans without an ACL | Nonaccrual loans without an ACL | $ | 112 | $ | 356 | Nonaccrual loans without an ACL | $ | 140 | $ | 117 |
At March 31, 20232 | ||||||||
$ in millions | Amortized Cost | % of Total Loans3 | ||||||
Term Extension | ||||||||
Corporate | $ | 17 | 0.2 | % | ||||
Commercial real estate | 62 | 0.7 | % | |||||
Residential real estate | 1 | — | % | |||||
Total | $ | 80 | ||||||
Other-than-insignificant Payment Delay | ||||||||
Commercial real estate | $ | 67 | 0.8 | % | ||||
At March 31, 2023 | |||||
Term Extension | |||||
Corporate | Added a weighted-average 8 months to the life of modified loans. | ||||
Commercial real estate | Added a weighted-average 2 months to the life of modified loans. | ||||
Residential real estate | Added 4 months to the life of the modified loan. | ||||
Other-than-insignificant Payment Delay | |||||
Commercial real estate | Provided a forbearance period of 8 months to the borrower of the modified loan. | ||||
$ in millions | At March 31, 2022 | At December 31, 2021 | ||||||
Loans, before ACL | $ | 30 | $ | 49 | ||||
Allowance for credit losses | — | 8 |
$ in millions | At December 31, 2022 | ||||||||||
Loans, before ACL | $ | 29 | |||||||||
Allowance for credit losses | — |
Three Months Ended March 31, 2023 | ||||||||||||||||||||
$ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||
Revolving | $ | (1) | $ | — | $ | — | $ | — | $ | — | $ | (1) | ||||||||
2019 | — | — | (29) | — | (1) | (30) | ||||||||||||||
Prior | — | — | (40) | — | — | (40) | ||||||||||||||
Total | $ | (1) | $ | — | $ | (69) | $ | — | $ | (1) | $ | (71) |
March |
Notes to Consolidated Financial Statements (Unaudited) |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||||||||||||||
December 31, 2021 | $ | 165 | $ | 163 | $ | 206 | $ | 60 | $ | 60 | $ | 654 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 235 | $ | 153 | $ | 275 | $ | 87 | $ | 89 | $ | 839 | |||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | — | (3) | (7) | — | (1) | (11) | Gross charge-offs | (1) | — | (69) | — | (1) | (71) | ||||||||||||||||||||||||||
Provision (release) | Provision (release) | 6 | 12 | 6 | 13 | 2 | 39 | Provision (release) | 31 | — | 129 | 26 | 15 | 201 | ||||||||||||||||||||||||||
Other | Other | (1) | — | (2) | — | — | (3) | Other | — | (1) | — | — | 2 | 1 | ||||||||||||||||||||||||||
March 31, 2022 | $ | 170 | $ | 172 | $ | 203 | $ | 73 | $ | 61 | $ | 679 | ||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | $ | 265 | $ | 152 | $ | 335 | $ | 113 | $ | 105 | $ | 970 | |||||||||||||||||||||||||||
Percent of loans to total loans1 | Percent of loans to total loans1 | 3 | % | 16 | % | 5 | % | 26 | % | 50 | % | 100 | % | Percent of loans to total loans1 | 4 | % | 18 | % | 4 | % | 28 | % | 46 | % | 100 | % |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||||||||||||||
December 31, 2020 | $ | 309 | $ | 198 | $ | 211 | $ | 59 | $ | 58 | $ | 835 | ||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 165 | $ | 163 | $ | 206 | $ | 60 | $ | 60 | $ | 654 | |||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | (1) | — | (9) | — | — | (10) | Gross charge-offs | — | (3) | (7) | — | (1) | (11) | ||||||||||||||||||||||||||
Provision (release) | Provision (release) | (56) | (3) | 5 | (5) | 1 | (58) | Provision (release) | 6 | 12 | 6 | 13 | 2 | 39 | ||||||||||||||||||||||||||
Other | Other | (2) | (2) | (1) | — | — | (5) | Other | (1) | — | (2) | — | — | (3) | ||||||||||||||||||||||||||
March 31, 2021 | $ | 250 | $ | 193 | $ | 206 | $ | 54 | $ | 59 | $ | 762 | ||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | $ | 170 | $ | 172 | $ | 203 | $ | 73 | $ | 61 | $ | 679 | |||||||||||||||||||||||||||
Percent of loans to total loans1 | Percent of loans to total loans1 | 4 | % | 18 | % | 5 | % | 25 | % | 48 | % | 100 | % | Percent of loans to total loans1 | 3 | % | 16 | % | 5 | % | 26 | % | 50 | % | 100 | % |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||||||||||||||
December 31, 2021 | $ | 356 | $ | 41 | $ | 20 | $ | 1 | $ | 26 | $ | 444 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 411 | $ | 51 | $ | 15 | $ | 4 | $ | 23 | $ | 504 | |||||||||||||||||||||||||||
Provision (release) | Provision (release) | 20 | 8 | (7) | — | (3) | 18 | Provision (release) | 22 | — | 7 | 1 | 3 | 33 | ||||||||||||||||||||||||||
Other | Other | (3) | — | — | — | — | (3) | Other | 2 | — | — | — | — | 2 | ||||||||||||||||||||||||||
March 31, 2022 | $ | 373 | $ | 49 | $ | 13 | $ | 1 | $ | 23 | $ | 459 | ||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | $ | 435 | $ | 51 | $ | 22 | $ | 5 | $ | 26 | $ | 539 |
$ in millions | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | ||||||||||||||||||||||||||
December 31, 2020 | $ | 323 | $ | 38 | $ | 11 | $ | 1 | $ | 23 | $ | 396 | ||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 356 | $ | 41 | $ | 20 | $ | 1 | $ | 26 | $ | 444 | |||||||||||||||||||||||||||
Provision (release) | Provision (release) | (33) | (4) | (2) | — | (1) | (40) | Provision (release) | 20 | 8 | (7) | — | (3) | 18 | ||||||||||||||||||||||||||
Other | Other | (1) | 1 | (1) | — | (1) | (2) | Other | (3) | — | — | — | — | (3) | ||||||||||||||||||||||||||
March 31, 2021 | $ | 289 | $ | 35 | $ | 8 | $ | 1 | $ | 21 | $ | 354 | ||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | $ | 373 | $ | 49 | $ | 13 | $ | 1 | $ | 23 | $ | 459 |
At March 31, 2022 | At December 31, 2021 | |||||||
ACL to total loans1 | 0.4 | % | 0.4 | % | ||||
Nonaccrual loans to total loans2 | 0.4 | % | 0.5 | % | ||||
ACL to nonaccrual loans3 | 92.4 | % | 73.2 | % |
At March 31, 2023 | At December 31, 2022 | |||||||
ACL for loans to total HFI loans | 0.5 | % | 0.4 | % | ||||
Nonaccrual HFI loans to total HFI loans1 | 0.4 | % | 0.3 | % | ||||
ACL for loans to nonaccrual HFI loans | 119.8 | % | 167.1 | % |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Currently employed by the Firm1 | Currently employed by the Firm1 | $ | 3,759 | $ | 3,613 | Currently employed by the Firm1 | $ | 4,065 | $ | 4,023 | ||||||
No longer employed by the Firm2 | No longer employed by the Firm2 | 105 | $ | 113 | No longer employed by the Firm2 | 105 | 97 | |||||||||
Employee loans | Employee loans | $ | 3,864 | $ | 3,726 | Employee loans | $ | 4,170 | $ | 4,120 | ||||||
ACL | ACL | (146) | (153) | ACL | (138) | (139) | ||||||||||
Employee loans, net of ACL | Employee loans, net of ACL | $ | 3,718 | $ | 3,573 | Employee loans, net of ACL | $ | 4,032 | $ | 3,981 | ||||||
Remaining repayment term, weighted average in years | Remaining repayment term, weighted average in years | 5.7 | 5.7 | Remaining repayment term, weighted average in years | 5.8 | 5.8 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Investments | Investments | $ | 2,138 | $ | 2,214 | Investments | $ | 1,962 | $ | 1,927 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Income (loss) | Income (loss) | $ | 6 | $ | (24) | Income (loss) | $ | 25 | $ | 6 |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Income (loss) from investment in MUMSS | $ | 29 | $ | 4 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||
Income (loss) from investment in MUMSS | $ | 4 | $ | 32 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Savings and demand deposits | Savings and demand deposits | $ | 348,651 | $ | 332,747 | Savings and demand deposits | $ | 298,330 | $ | 319,948 | ||||||
Time deposits | Time deposits | 12,189 | 14,827 | Time deposits | 49,193 | 36,698 | ||||||||||
Total | Total | $ | 360,840 | $ | 347,574 | Total | $ | 347,523 | $ | 356,646 | ||||||
Deposits subject to FDIC insurance | Deposits subject to FDIC insurance | $ | 234,779 | $ | 230,894 | Deposits subject to FDIC insurance | $ | 263,420 | $ | 260,420 | ||||||
Deposits not subject to FDIC insurance | Deposits not subject to FDIC insurance | $ | 126,061 | $ | 116,680 | Deposits not subject to FDIC insurance | $ | 84,103 | $ | 96,226 |
$ in millions | At March 31, 2022 | ||||
2022 | $ | 3,423 | |||
2023 | 4,187 | ||||
2024 | 2,796 | ||||
2025 | 882 | ||||
2026 | 306 | ||||
Thereafter | 595 | ||||
Total | $ | 12,189 |
$ in millions | At March 31, 2023 | ||||
2023 | $ | 22,647 | |||
2024 | 15,815 | ||||
2025 | 5,204 | ||||
2026 | 1,982 | ||||
2027 | 1,847 | ||||
Thereafter | 1,698 | ||||
Total | $ | 49,193 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Original maturities of one year or less | Original maturities of one year or less | $ | 4,146 | $ | 5,764 | Original maturities of one year or less | $ | 4,587 | $ | 4,191 | ||||||
Original maturities greater than one year | Original maturities greater than one year | Original maturities greater than one year | ||||||||||||||
Senior | Senior | $ | 212,687 | $ | 213,776 | Senior | $ | 231,205 | $ | 221,667 | ||||||
Subordinated | Subordinated | 12,984 | 13,587 | Subordinated | 14,390 | 12,200 | ||||||||||
Total | Total | $ | 225,671 | $ | 227,363 | Total | $ | 245,595 | $ | 233,867 | ||||||
Total borrowings | Total borrowings | $ | 229,817 | $ | 233,127 | Total borrowings | $ | 250,182 | $ | 238,058 | ||||||
Weighted average stated maturity, in years1 | Weighted average stated maturity, in years1 | 7.3 | 7.7 | Weighted average stated maturity, in years1 | 6.7 | 6.7 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Original maturities: | Original maturities: | Original maturities: | ||||||||||||||
One year or less | One year or less | $ | 3,778 | $ | 4,573 | One year or less | $ | 980 | $ | 944 | ||||||
Greater than one year | Greater than one year | 5,030 | 5,468 | Greater than one year | 7,690 | 7,214 | ||||||||||
Total | Total | $ | 8,808 | $ | 10,041 | Total | $ | 8,670 | $ | 8,158 | ||||||
Transfers of assets accounted for as secured financings | Transfers of assets accounted for as secured financings | $ | 1,071 | $ | 1,556 | Transfers of assets accounted for as secured financings | $ | 1,138 | $ | 1,119 |
Years to Maturity at March 31, 2022 | Years to Maturity at March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | Total | $ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | Total | ||||||||||||||||||||||
Lending: | Lending: | Lending: | ||||||||||||||||||||||||||||||||
Corporate | Corporate | $ | 14,186 | $ | 36,316 | $ | 50,242 | $ | 6,200 | $ | 106,944 | Corporate | $ | 16,630 | $ | 26,698 | $ | 57,883 | $ | 1,819 | $ | 103,030 | ||||||||||||
Secured lending facilities | Secured lending facilities | 6,524 | 7,576 | 3,640 | 553 | 18,293 | Secured lending facilities | 7,379 | 5,943 | 2,884 | 1,027 | 17,233 | ||||||||||||||||||||||
Commercial and Residential real estate | Commercial and Residential real estate | 412 | 813 | 26 | 259 | 1,510 | Commercial and Residential real estate | 171 | 201 | 19 | 336 | 727 | ||||||||||||||||||||||
Securities-based lending and Other | Securities-based lending and Other | 11,447 | 3,380 | 506 | 412 | 15,745 | Securities-based lending and Other | 13,175 | 4,995 | 414 | 522 | 19,106 | ||||||||||||||||||||||
Forward-starting secured financing receivables | 61,272 | — | — | — | 61,272 | |||||||||||||||||||||||||||||
Forward-starting secured financing receivables1 | Forward-starting secured financing receivables1 | 70,011 | — | — | — | 70,011 | ||||||||||||||||||||||||||||
Central counterparty | Central counterparty | 300 | — | — | 4,772 | 5,072 | Central counterparty | 300 | — | — | 7,255 | 7,555 | ||||||||||||||||||||||
Underwriting | Underwriting | 40 | 3,150 | — | — | 3,190 | Underwriting | 300 | — | — | — | 300 | ||||||||||||||||||||||
Investment activities | Investment activities | 1,157 | 176 | 52 | 380 | 1,765 | Investment activities | 1,313 | 290 | 118 | 356 | 2,077 | ||||||||||||||||||||||
Letters of credit and other financial guarantees | Letters of credit and other financial guarantees | 129 | — | — | 3 | 132 | Letters of credit and other financial guarantees | 107 | 35 | — | 8 | 150 | ||||||||||||||||||||||
Total | Total | $ | 95,467 | $ | 51,411 | $ | 54,466 | $ | 12,579 | $ | 213,923 | Total | $ | 109,386 | $ | 38,162 | $ | 61,318 | $ | 11,323 | $ | 220,189 | ||||||||||||
Lending commitments participated to third parties | Lending commitments participated to third parties | $ | 7,963 | Lending commitments participated to third parties | $ | 7,509 | ||||||||||||||||||||||||||||
Forward-starting secured financing receivables settled within three business days | $ | 51,192 |
(Unaudited) |
At March 31, 2022 | At March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Maximum Potential Payout/Notional of Obligations by Years to Maturity | Carrying Amount Asset (Liability) | Maximum Potential Payout/Notional of Obligations by Years to Maturity | Carrying Amount Asset (Liability) | ||||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | $ in millions | Less than 1 | 1-3 | 3-5 | Over 5 | |||||||||||||||||||||||||||||||||
Non-credit derivatives1 | Non-credit derivatives1 | $ | 1,316,262 | $ | 914,129 | $ | 322,125 | $ | 821,128 | $ | (67,840) | Non-credit derivatives1 | $ | 1,418,449 | $ | 1,132,093 | $ | 347,086 | $ | 692,818 | $ | (60,437) | |||||||||||||||||||||
Standby letters of credit and other financial guarantees issued2 | Standby letters of credit and other financial guarantees issued2 | 1,441 | 1,079 | 1,124 | 2,686 | 29 | Standby letters of credit and other financial guarantees issued2 | 1,634 | 635 | 1,389 | 2,676 | (6) | |||||||||||||||||||||||||||||||
Market value guarantees | Market value guarantees | 89 | 2 | — | — | — | Market value guarantees | 2 | — | — | — | — | |||||||||||||||||||||||||||||||
Liquidity facilities | Liquidity facilities | 4,382 | — | — | — | 4 | Liquidity facilities | 2,593 | — | — | — | (2) | |||||||||||||||||||||||||||||||
Whole loan sales guarantees | Whole loan sales guarantees | — | 2 | 85 | 23,095 | — | Whole loan sales guarantees | — | 52 | 34 | 23,079 | — | |||||||||||||||||||||||||||||||
Securitization representations and warranties3 | Securitization representations and warranties3 | — | — | — | 79,059 | (42) | Securitization representations and warranties3 | — | — | — | 78,695 | (3) | |||||||||||||||||||||||||||||||
General partner guarantees | General partner guarantees | 348 | 12 | 32 | 152 | (79) | General partner guarantees | 364 | 30 | 143 | 37 | (87) | |||||||||||||||||||||||||||||||
Client clearing guarantees | Client clearing guarantees | 150 | — | — | — | — | Client clearing guarantees | 45 | — | — | — | — |
55 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Legal expenses | $ | 151 | $ | 84 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
At March 31, 2022 | At December 31, 2021 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||
$ in millions | $ in millions | VIE Assets | VIE Liabilities | VIE Assets | VIE Liabilities | $ in millions | VIE Assets | VIE Liabilities | VIE Assets | VIE Liabilities | ||||||||||||||||||
MABS1 | MABS1 | $ | 1,272 | $ | 383 | $ | 1,177 | $ | 409 | MABS1 | $ | 944 | $ | 659 | $ | 1,153 | $ | 520 | ||||||||||
Investment vehicles2 | Investment vehicles2 | 813 | 429 | 717 | 294 | Investment vehicles2 | 634 | 272 | 638 | 272 | ||||||||||||||||||
Operating entities | 509 | 37 | 508 | 39 | ||||||||||||||||||||||||
MTOB | MTOB | 664 | 614 | 371 | 322 | |||||||||||||||||||||||
Other | Other | 579 | 288 | 510 | 286 | Other | 572 | 199 | 519 | 199 | ||||||||||||||||||
Total | Total | $ | 3,173 | $ | 1,137 | $ | 2,912 | $ | 1,028 | Total | $ | 2,814 | $ | 1,744 | $ | 2,681 | $ | 1,313 |
57 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Assets | Assets | Assets | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 334 | $ | 341 | Cash and cash equivalents | $ | 141 | $ | 142 | ||||||
Trading assets at fair value | Trading assets at fair value | 2,252 | 1,965 | Trading assets at fair value | 1,885 | 2,066 | ||||||||||
Investment securities | Investment securities | 34 | 37 | Investment securities | 577 | 255 | ||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 200 | 200 | Securities purchased under agreements to resell | 200 | 200 | ||||||||||
Customer and other receivables | Customer and other receivables | 26 | 31 | Customer and other receivables | 9 | 16 | ||||||||||
Intangible assets | 82 | 85 | ||||||||||||||
Other assets | Other assets | 245 | 253 | Other assets | 2 | 2 | ||||||||||
Total | Total | $ | 3,173 | $ | 2,912 | Total | $ | 2,814 | $ | 2,681 | ||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||
Other secured financings | Other secured financings | $ | 963 | $ | 767 | Other secured financings | $ | 1,618 | $ | 1,185 | ||||||
Other liabilities and accrued expenses | Other liabilities and accrued expenses | 174 | 261 | Other liabilities and accrued expenses | 122 | 124 | ||||||||||
Borrowings | Borrowings | 4 | 4 | |||||||||||||
Total | Total | $ | 1,137 | $ | 1,028 | Total | $ | 1,744 | $ | 1,313 | ||||||
Noncontrolling interests | Noncontrolling interests | $ | 119 | $ | 115 | Noncontrolling interests | $ | 75 | $ | 71 |
At March 31, 2022 | At March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | MABS1 | CDO | MTOB | OSF | Other2 | $ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||||||||||||
VIE assets (UPB) | VIE assets (UPB) | $ | 116,627 | $ | 1,379 | $ | 6,465 | $ | 2,043 | $ | 54,186 | VIE assets (UPB) | $ | 132,049 | $ | 926 | $ | 3,688 | $ | 2,619 | $ | 52,661 | ||||||||||||
Maximum exposure to loss3 | Maximum exposure to loss3 | Maximum exposure to loss3 | ||||||||||||||||||||||||||||||||
Debt and equity interests | Debt and equity interests | $ | 13,005 | $ | 157 | $ | — | $ | 1,449 | $ | 11,055 | Debt and equity interests | $ | 16,917 | $ | 74 | $ | — | $ | 1,749 | $ | 11,751 | ||||||||||||
Derivative and other contracts | Derivative and other contracts | — | — | 4,382 | — | 4,374 | Derivative and other contracts | — | — | 2,593 | — | 5,615 | ||||||||||||||||||||||
Commitments, guarantees and other | Commitments, guarantees and other | 1,007 | — | — | — | 1,454 | Commitments, guarantees and other | 1,290 | — | — | — | 892 | ||||||||||||||||||||||
Total | Total | $ | 14,012 | $ | 157 | $ | 4,382 | $ | 1,449 | $ | 16,883 | Total | $ | 18,207 | $ | 74 | $ | 2,593 | $ | 1,749 | $ | 18,258 | ||||||||||||
Carrying value of variable interests—Assets | Carrying value of variable interests—Assets | Carrying value of variable interests—Assets | ||||||||||||||||||||||||||||||||
Debt and equity interests | Debt and equity interests | $ | 13,005 | $ | 157 | $ | — | $ | 1,449 | $ | 11,055 | Debt and equity interests | $ | 16,917 | $ | 74 | $ | — | $ | 1,558 | $ | 11,751 | ||||||||||||
Derivative and other contracts | Derivative and other contracts | — | — | 6 | — | 1,642 | Derivative and other contracts | — | — | 3 | — | 1,731 | ||||||||||||||||||||||
Total | Total | $ | 13,005 | $ | 157 | $ | 6 | $ | 1,449 | $ | 12,697 | Total | $ | 16,917 | $ | 74 | $ | 3 | $ | 1,558 | $ | 13,482 | ||||||||||||
Additional VIE assets owned4 | Additional VIE assets owned4 | $ | 13,339 | Additional VIE assets owned4 | $ | 14,419 | ||||||||||||||||||||||||||||
Carrying value of variable interests—Liabilities | Carrying value of variable interests—Liabilities | Carrying value of variable interests—Liabilities | ||||||||||||||||||||||||||||||||
Derivative and other contracts | Derivative and other contracts | $ | — | $ | — | $ | 1 | $ | — | $ | 280 | Derivative and other contracts | $ | — | $ | — | $ | 5 | $ | — | $ | 306 |
(Unaudited) |
At December 31, 2021 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | 146,071 | $ | 667 | $ | 6,089 | $ | 2,086 | $ | 52,111 | |||||||
Maximum exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | 18,062 | $ | 129 | $ | — | $ | 1,459 | $ | 10,339 | |||||||
Derivative and other contracts | — | — | 4,100 | — | 5,599 | ||||||||||||
Commitments, guarantees and other | 771 | — | — | — | 1,005 | ||||||||||||
Total | $ | 18,833 | $ | 129 | $ | 4,100 | $ | 1,459 | $ | 16,943 | |||||||
Carrying value of variable interests–Assets | |||||||||||||||||
Debt and equity interests | $ | 18,062 | $ | 129 | $ | — | $ | 1,459 | $ | 10,339 | |||||||
Derivative and other contracts | — | — | 5 | — | 2,006 | ||||||||||||
Total | $ | 18,062 | $ | 129 | $ | 5 | $ | 1,459 | $ | 12,345 | |||||||
Additional VIE assets owned4 | $ | 15,392 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | — | $ | — | $ | — | $ | — | $ | 362 |
At December 31, 2022 | |||||||||||||||||
$ in millions | MABS1 | CDO | MTOB | OSF | Other2 | ||||||||||||
VIE assets (UPB) | $ | 123,601 | $ | 3,162 | $ | 4,632 | $ | 2,403 | $ | 50,178 | |||||||
Maximum exposure to loss3 | |||||||||||||||||
Debt and equity interests | $ | 13,104 | $ | 274 | $ | — | $ | 1,694 | $ | 11,596 | |||||||
Derivative and other contracts | — | — | 3,200 | — | 5,211 | ||||||||||||
Commitments, guarantees and other | 674 | — | — | — | 1,410 | ||||||||||||
Total | $ | 13,778 | $ | 274 | $ | 3,200 | $ | 1,694 | $ | 18,217 | |||||||
Carrying value of variable interests–Assets | |||||||||||||||||
Debt and equity interests | $ | 13,104 | $ | 274 | $ | — | $ | 1,577 | $ | 11,596 | |||||||
Derivative and other contracts | — | — | 3 | — | 1,564 | ||||||||||||
Total | $ | 13,104 | $ | 274 | $ | 3 | $ | 1,577 | $ | 13,160 | |||||||
Additional VIE assets owned4 | $ | 13,708 | |||||||||||||||
Carrying value of variable interests—Liabilities | |||||||||||||||||
Derivative and other contracts | $ | — | $ | — | $ | 3 | $ | — | $ | 281 |
At March 31, 2022 | At December 31, 2021 | |||||||||||||
$ in millions | UPB | Debt and Equity Interests | UPB | Debt and Equity Interests | ||||||||||
Residential mortgages | $ | 12,741 | $ | 2,164 | $ | 15,216 | $ | 2,182 | ||||||
Commercial mortgages | 67,450 | 4,058 | 68,503 | 4,092 | ||||||||||
U.S. agency collateralized mortgage obligations | 31,914 | 4,818 | 57,972 | 9,835 | ||||||||||
Other consumer or commercial loans | 4,522 | 1,965 | 4,380 | 1,953 | ||||||||||
Total | $ | 116,627 | $ | 13,005 | $ | 146,071 | $ | 18,062 |
At March 31, 2022 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2 | $ | 8,677 | $ | 101,928 | $ | 33,602 | $ | 12,574 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | 96 | $ | 754 | $ | 363 | $ | — | ||||||
Non-investment grade | 26 | 576 | — | 57 | ||||||||||
Total | $ | 122 | $ | 1,330 | $ | 363 | $ | 57 | ||||||
Interests purchased in the secondary market | ||||||||||||||
Investment grade | $ | 55 | $ | 65 | $ | 134 | $ | 4 | ||||||
Non-investment grade | 44 | 49 | — | 2 | ||||||||||
Total | $ | 99 | $ | 114 | $ | 134 | $ | 6 | ||||||
Derivative assets | $ | — | $ | — | $ | — | $ | 1,050 | ||||||
Derivative liabilities | — | — | — | 185 |
At December 31, 2021 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2 | $ | 6,802 | $ | 94,276 | $ | 28,697 | $ | 13,121 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | 72 | $ | 638 | $ | 465 | $ | — | ||||||
Non-investment grade | 19 | 586 | — | 69 | ||||||||||
Total | $ | 91 | $ | 1,224 | $ | 465 | $ | 69 | ||||||
Interests purchased in the secondary market | ||||||||||||||
Investment grade | $ | 18 | $ | 118 | $ | 33 | $ | — | ||||||
Non-investment grade | 38 | 53 | — | 4 | ||||||||||
Total | $ | 56 | $ | 171 | $ | 33 | $ | 4 | ||||||
Derivative assets | $ | — | $ | — | $ | — | $ | 891 | ||||||
Derivative liabilities | — | — | — | 284 |
Fair Value At March 31, 2022 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | 461 | $ | — | $ | 461 | |||||
Non-investment grade | 11 | 45 | 56 | ||||||||
Total | $ | 472 | $ | 45 | $ | 517 | |||||
Interests purchased in the secondary market | |||||||||||
Investment grade | $ | 250 | $ | 8 | $ | 258 | |||||
Non-investment grade | 60 | 35 | 95 | ||||||||
Total | $ | 310 | $ | 43 | $ | 353 | |||||
Derivative assets | $ | 1,050 | $ | — | $ | 1,050 | |||||
Derivative liabilities | 140 | 45 | 185 |
At March 31, 2023 | At December 31, 2022 | |||||||||||||
$ in millions | UPB | Debt and Equity Interests | UPB | Debt and Equity Interests | ||||||||||
Residential mortgages | $ | 16,999 | $ | 2,441 | $ | 20,428 | $ | 2,570 | ||||||
Commercial mortgages | 69,821 | 4,594 | 67,540 | 4,236 | ||||||||||
U.S. agency collateralized mortgage obligations | 39,959 | 5,959 | 32,567 | 4,729 | ||||||||||
Other consumer or commercial loans | 5,270 | 3,923 | 3,066 | 1,569 | ||||||||||
Total | $ | 132,049 | $ | 16,917 | $ | 123,601 | $ | 13,104 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Fair Value at December 31, 2021 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | 536 | $ | 2 | $ | 538 | |||||
Non-investment grade | 40 | 40 | 80 | ||||||||
Total | $ | 576 | $ | 42 | $ | 618 | |||||
Interests purchased in the secondary market | |||||||||||
Investment grade | $ | 168 | $ | 1 | $ | 169 | |||||
Non-investment grade | 70 | 25 | 95 | ||||||||
Total | $ | 238 | $ | 26 | $ | 264 | |||||
Derivative assets | $ | 891 | $ | — | $ | 891 | |||||
Derivative liabilities | 194 | 90 | 284 |
At March 31, 2023 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2,3 | $ | 4,095 | $ | 72,848 | $ | 7,061 | $ | 10,689 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | 138 | $ | 888 | $ | 424 | $ | — | ||||||
Non-investment grade | 81 | 512 | — | 42 | ||||||||||
Total | $ | 219 | $ | 1,400 | $ | 424 | $ | 42 | ||||||
Interests purchased in the secondary market3 | ||||||||||||||
Investment grade | $ | 17 | $ | 49 | $ | 10 | $ | — | ||||||
Non-investment grade | 6 | 16 | — | — | ||||||||||
Total | $ | 23 | $ | 65 | $ | 10 | $ | — | ||||||
Derivative assets | $ | — | $ | — | $ | — | $ | 1,151 | ||||||
Derivative liabilities | — | — | — | 288 |
At December 31, 2022 | ||||||||||||||
$ in millions | RML | CML | U.S. Agency CMO | CLN and Other1 | ||||||||||
SPE assets (UPB)2,3 | $ | 3,732 | $ | 73,069 | $ | 6,448 | $ | 10,928 | ||||||
Retained interests | ||||||||||||||
Investment grade | $ | 137 | $ | 927 | $ | 367 | $ | — | ||||||
Non-investment grade | 26 | 465 | 11 | 44 | ||||||||||
Total | $ | 163 | $ | 1,392 | $ | 378 | $ | 44 | ||||||
Interests purchased in the secondary market3 | ||||||||||||||
Investment grade | $ | 82 | $ | 51 | $ | 10 | $ | — | ||||||
Non-investment grade | 35 | 23 | — | — | ||||||||||
Total | $ | 117 | $ | 74 | $ | 10 | $ | — | ||||||
Derivative assets | $ | — | $ | — | $ | — | $ | 1,114 | ||||||
Derivative liabilities | — | — | — | 201 |
Fair Value At March 31, 2023 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | 561 | $ | — | $ | 561 | |||||
Non-investment grade | 17 | 51 | 68 | ||||||||
Total | $ | 578 | $ | 51 | $ | 629 | |||||
Interests purchased in the secondary market3 | |||||||||||
Investment grade | $ | 74 | $ | 2 | $ | 76 | |||||
Non-investment grade | 13 | 9 | 22 | ||||||||
Total | $ | 87 | $ | 11 | $ | 98 | |||||
Derivative assets | $ | 1,151 | $ | — | $ | 1,151 | |||||
Derivative liabilities | 288 | — | 288 |
Fair Value at December 31, 2022 | |||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||
Retained interests | |||||||||||
Investment grade | $ | 489 | $ | — | $ | 489 | |||||
Non-investment grade | 25 | 16 | 41 | ||||||||
Total | $ | 514 | $ | 16 | $ | 530 | |||||
Interests purchased in the secondary market3 | |||||||||||
Investment grade | $ | 140 | $ | 3 | $ | 143 | |||||
Non-investment grade | 42 | 16 | 58 | ||||||||
Total | $ | 182 | $ | 19 | $ | 201 | |||||
Derivative assets | $ | 1,114 | $ | — | $ | 1,114 | |||||
Derivative liabilities | 153 | 48 | 201 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
New transactions1 | New transactions1 | $ | 8,260 | $ | 14,790 | New transactions1 | $ | 2,521 | $ | 8,260 | ||||||||||||||||||
Retained interests | Retained interests | 1,622 | 2,579 | Retained interests | 1,575 | 1,622 | ||||||||||||||||||||||
Sales of corporate loans to CLO SPEs1, 2 | Sales of corporate loans to CLO SPEs1, 2 | 4 | — | Sales of corporate loans to CLO SPEs1, 2 | — | 4 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Gross cash proceeds from sale of assets1 | Gross cash proceeds from sale of assets1 | $ | 60,826 | $ | 67,930 | Gross cash proceeds from sale of assets1 | $ | 49,167 | $ | 49,059 | ||||||
Fair value | Fair value | Fair value | ||||||||||||||
Assets sold | Assets sold | $ | 62,015 | $ | 68,992 | Assets sold | $ | 49,824 | $ | 47,281 | ||||||
Derivative assets recognized in the balance sheet | Derivative assets recognized in the balance sheet | 1,474 | 1,195 | Derivative assets recognized in the balance sheet | 885 | 116 | ||||||||||
Derivative liabilities recognized in the balance sheet | Derivative liabilities recognized in the balance sheet | 284 | 132 | Derivative liabilities recognized in the balance sheet | 228 | 1,893 |
59 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
(Unaudited) |
At March 31, 2022 and December 31, 2021 | At March 31, 2023 and December 31, 2022 | |||||||||||||||||||||
Standardized | Advanced | Standardized | Advanced | |||||||||||||||||||
Capital buffers | Capital buffers | Capital buffers | ||||||||||||||||||||
Capital conservation buffer | Capital conservation buffer | — | 2.5% | Capital conservation buffer | — | 2.5% | ||||||||||||||||
SCB | SCB | 5.7% | N/A | SCB | 5.8% | N/A | ||||||||||||||||
G-SIB capital surcharge | G-SIB capital surcharge | 3.0% | G-SIB capital surcharge | 3.0% | ||||||||||||||||||
CCyB1 | CCyB1 | 0% | CCyB1 | 0% | ||||||||||||||||||
Capital buffer requirement | Capital buffer requirement | 8.7% | 5.5% | Capital buffer requirement | 8.8% | 5.5% |
Regulatory Minimum | At March 31, 2022 and December 31, 2021 | Regulatory Minimum | At March 31, 2023 and December 31, 2022 | |||||||||||||||||||||||||
Standardized | Advanced | Regulatory Minimum | Standardized | Advanced | ||||||||||||||||||||||||
Required ratios1 | Required ratios1 | Required ratios1 | ||||||||||||||||||||||||||
Common Equity Tier 1 capital ratio | Common Equity Tier 1 capital ratio | 4.5 | % | 13.2% | 10.0% | Common Equity Tier 1 capital ratio | 4.5 | % | 13.3% | 10.0% | ||||||||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 6.0 | % | 14.7% | 11.5% | Tier 1 capital ratio | 6.0 | % | 14.8% | 11.5% | ||||||||||||||||||
Total capital ratio | Total capital ratio | 8.0 | % | 16.7% | 13.5% | Total capital ratio | 8.0 | % | 16.8% | 13.5% |
$ in millions | $ in millions | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | $ in millions | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||||||||||||
Risk-based capital | Risk-based capital | Risk-based capital | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 capital | Common Equity Tier 1 capital | $ | 72,477 | $ | 75,742 | Common Equity Tier 1 capital | $ | 69,454 | $ | 68,670 | ||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 80,121 | 83,348 | Tier 1 capital | 77,947 | 77,191 | ||||||||||||||||||||||||||||||||||
Total capital | Total capital | 89,468 | 93,166 | Total capital | 89,794 | 86,575 | ||||||||||||||||||||||||||||||||||
Total RWA | Total RWA | 501,429 | 471,921 | Total RWA | 459,107 | 447,849 | ||||||||||||||||||||||||||||||||||
Common Equity Tier 1 capital ratio | Common Equity Tier 1 capital ratio | 13.2 | % | 14.5 | % | 16.0 | % | Common Equity Tier 1 capital ratio | 13.3 | % | 15.1 | % | 15.3 | % | ||||||||||||||||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 14.7 | % | 16.0 | % | 17.7 | % | Tier 1 capital ratio | 14.8 | % | 17.0 | % | 17.2 | % | ||||||||||||||||||||||||||
Total capital ratio | Total capital ratio | 16.7 | % | 17.8 | % | 19.7 | % | Total capital ratio | 16.8 | % | 19.6 | % | 19.3 | % | ||||||||||||||||||||||||||
$ in millions | $ in millions | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | $ in millions | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||||||||||||
Leverage-based capital | Leverage-based capital | Leverage-based capital | ||||||||||||||||||||||||||||||||||||||
Adjusted average assets2 | Adjusted average assets2 | $ | 1,184,494 | $ | 1,169,939 | Adjusted average assets2 | $ | 1,168,328 | $ | 1,150,772 | ||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 4.0 | % | 6.8 | % | 7.1 | % | Tier 1 leverage ratio | 4.0 | % | 6.7 | % | 6.7 | % | ||||||||||||||||||||||||||
Supplementary leverage exposure3 | Supplementary leverage exposure3 | $ | 1,466,624 | $ | 1,476,962 | Supplementary leverage exposure3 | $ | 1,422,808 | $ | 1,399,403 | ||||||||||||||||||||||||||||||
SLR | SLR | 5.0 | % | 5.5 | % | 5.6 | % | SLR | 5.0 | % | 5.5 | % | 5.5 | % |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Well-Capitalized Requirement | Required Ratio1 | At March 31, 2022 | At December 31, 2021 | Well-Capitalized Requirement | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Amount | Ratio | Amount | Ratio | $ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Risk-based capital | Risk-based capital | Risk-based capital | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 capital | Common Equity Tier 1 capital | 6.5 | % | 7.0 | % | $ | 18,386 | 18.7 | % | $ | 18,960 | 20.5 | % | Common Equity Tier 1 capital | 6.5 | % | 7.0 | % | $ | 21,485 | 21.5 | % | $ | 20,043 | 20.5 | % | ||||||||||||||
Tier 1 capital | Tier 1 capital | 8.0 | % | 8.5 | % | 18,386 | 18.7 | % | 18,960 | 20.5 | % | Tier 1 capital | 8.0 | % | 8.5 | % | 21,485 | 21.5 | % | 20,043 | 20.5 | % | ||||||||||||||||||
Total capital | Total capital | 10.0 | % | 10.5 | % | 18,961 | 19.3 | % | 19,544 | 21.1 | % | Total capital | 10.0 | % | 10.5 | % | 22,221 | 22.3 | % | 20,694 | 21.1 | % | ||||||||||||||||||
Leverage-based capital | Leverage-based capital | Leverage-based capital | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 5.0 | % | 4.0 | % | $ | 18,386 | 9.3 | % | $ | 18,960 | 10.2 | % | Tier 1 leverage | 5.0 | % | 4.0 | % | $ | 21,485 | 10.5 | % | $ | 20,043 | 10.1 | % | ||||||||||||||
SLR | SLR | 6.0 | % | 3.0 | % | 18,386 | 7.4 | % | 18,960 | 8.1 | % | SLR | 6.0 | % | 3.0 | % | 21,485 | 8.3 | % | 20,043 | 8.1 | % |
Well-Capitalized Requirement | Required Ratio1 | At March 31, 20222 | At December 31, 2021 | Well-Capitalized Requirement | Required Ratio1 | At March 31, 2023 | At December 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Amount | Ratio | Amount | Ratio | $ in millions | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Risk-based capital | Risk-based capital | Risk-based capital | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 capital | Common Equity Tier 1 capital | 6.5 | % | 7.0 | % | $ | 15,142 | 29.4 | % | $ | 10,293 | 24.3 | % | Common Equity Tier 1 capital | 6.5 | % | 7.0 | % | $ | 16,321 | 28.3 | % | $ | 15,546 | 27.5 | % | ||||||||||||||
Tier 1 capital | Tier 1 capital | 8.0 | % | 8.5 | % | 15,142 | 29.4 | % | 10,293 | 24.3 | % | Tier 1 capital | 8.0 | % | 8.5 | % | 16,321 | 28.3 | % | 15,546 | 27.5 | % | ||||||||||||||||||
Total capital | Total capital | 10.0 | % | 10.5 | % | 15,237 | 29.6 | % | 10,368 | 24.5 | % | Total capital | 10.0 | % | 10.5 | % | 16,521 | 28.6 | % | 15,695 | 27.8 | % | ||||||||||||||||||
Leverage-based capital | Leverage-based capital | Leverage-based capital | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 5.0 | % | 4.0 | % | $ | 15,142 | 7.4 | % | $ | 10,293 | 6.9 | % | Tier 1 leverage | 5.0 | % | 4.0 | % | $ | 16,321 | 8.1 | % | $ | 15,546 | 7.6 | % | ||||||||||||||
SLR | SLR | 6.0 | % | 3.0 | % | 15,142 | 7.3 | % | 10,293 | 6.7 | % | SLR | 6.0 | % | 3.0 | % | 16,321 | 7.8 | % | 15,546 | 7.4 | % |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Net capital | Net capital | $ | 16,799 | $ | 18,383 | Net capital | $ | 17,616 | $ | 17,224 | ||||||
Excess net capital | Excess net capital | 12,261 | 14,208 | Excess net capital | 13,134 | 12,861 |
Shares Outstanding | Carrying Value | |||||||||||||
$ in millions, except per share data | At March 31, 2022 | Liquidation Preference per Share | At March 31, 2022 | At December 31, 2021 | ||||||||||
Series | ||||||||||||||
A | 44,000 | $ | 25,000 | $ | 1,100 | $ | 1,100 | |||||||
C1 | 519,882 | 1,000 | 408 | 408 | ||||||||||
E | 34,500 | 25,000 | 862 | 862 | ||||||||||
F | 34,000 | 25,000 | 850 | 850 | ||||||||||
I | 40,000 | 25,000 | 1,000 | 1,000 | ||||||||||
K | 40,000 | 25,000 | 1,000 | 1,000 | ||||||||||
L | 20,000 | 25,000 | 500 | 500 | ||||||||||
M | 400,000 | 1,000 | 430 | 430 | ||||||||||
N | 3,000 | 100,000 | 300 | 300 | ||||||||||
O | 52,000 | 25,000 | 1,300 | 1,300 | ||||||||||
Total | $ | 7,750 | $ | 7,750 | ||||||||||
Shares authorized | 30,000,000 |
March |
Notes to Consolidated Financial Statements (Unaudited) |
Shares Outstanding | Carrying Value | |||||||||||||
$ in millions, except per share data | At March 31, 2023 | Liquidation Preference per Share | At March 31, 2023 | At December 31, 2022 | ||||||||||
Series | ||||||||||||||
A | 44,000 | $ | 25,000 | $ | 1,100 | $ | 1,100 | |||||||
C1 | 519,882 | 1,000 | 408 | 408 | ||||||||||
E | 34,500 | 25,000 | 862 | 862 | ||||||||||
F | 34,000 | 25,000 | 850 | 850 | ||||||||||
I | 40,000 | 25,000 | 1,000 | 1,000 | ||||||||||
K | 40,000 | 25,000 | 1,000 | 1,000 | ||||||||||
L | 20,000 | 25,000 | 500 | 500 | ||||||||||
M | 400,000 | 1,000 | 430 | 430 | ||||||||||
N | 3,000 | 100,000 | 300 | 300 | ||||||||||
O | 52,000 | 25,000 | 1,300 | 1,300 | ||||||||||
P | 40,000 | 25,000 | 1,000 | 1,000 | ||||||||||
Total | $ | 8,750 | $ | 8,750 | ||||||||||
Shares authorized | 30,000,000 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Repurchases of common stock under the Firm’s Share Repurchase Program | $ | 2,872 | $ | 2,135 | ||||||||||||||||||||||||
Repurchases of common stock under the Firm’s Share Repurchase Authorization | Repurchases of common stock under the Firm’s Share Repurchase Authorization | $ | 1,500 | $ | 2,872 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
in millions | in millions | 2022 | 2021 | in millions | 2023 | 2022 | ||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 1,733 | 1,795 | Weighted average common shares outstanding, basic | 1,645 | 1,733 | ||||||||||||||||||||||
Effect of dilutive RSUs and PSUs | Effect of dilutive RSUs and PSUs | 22 | 23 | Effect of dilutive RSUs and PSUs | 18 | 22 | ||||||||||||||||||||||
Weighted average common shares outstanding and common stock equivalents, diluted | Weighted average common shares outstanding and common stock equivalents, diluted | 1,755 | 1,818 | Weighted average common shares outstanding and common stock equivalents, diluted | 1,663 | 1,755 | ||||||||||||||||||||||
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | 5 | 1 | Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | 4 | 5 |
$ in millions, except per share data | $ in millions, except per share data | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ in millions, except per share data | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||
Per Share1 | Total | Per Share1 | Total | Per Share1 | Total | Per Share1 | Total | |||||||||||||||||||||
Preferred stock series | Preferred stock series | Preferred stock series | ||||||||||||||||||||||||||
A | A | $ | 242 | $ | 11 | $ | 250 | $ | 11 | A | $ | 343 | $ | 15 | $ | 242 | $ | 11 | ||||||||||
C | C | 25 | 13 | 25 | 13 | C | 25 | 13 | 25 | 13 | ||||||||||||||||||
E | E | 445 | 15 | 445 | 15 | E | 445 | 15 | 445 | 15 | ||||||||||||||||||
F | F | 430 | 14 | 430 | 14 | F | 430 | 14 | 430 | 14 | ||||||||||||||||||
H2 | — | — | 241 | 13 | ||||||||||||||||||||||||
I | I | 398 | 16 | 398 | 16 | I | 398 | 16 | 398 | 16 | ||||||||||||||||||
J3 | — | — | 253 | 15 | ||||||||||||||||||||||||
K | K | 366 | 15 | 366 | 15 | K | 366 | 15 | 366 | 15 | ||||||||||||||||||
L | L | 305 | 6 | 305 | 6 | L | 305 | 6 | 305 | 6 | ||||||||||||||||||
M4 | 29 | 12 | 29 | 12 | ||||||||||||||||||||||||
N5 | 2,650 | 8 | 2,650 | 8 | ||||||||||||||||||||||||
O6 | 266 | 14 | — | — | ||||||||||||||||||||||||
M2 | M2 | 29 | 12 | 29 | 12 | |||||||||||||||||||||||
N3 | N3 | 2,650 | 8 | 2,650 | 8 | |||||||||||||||||||||||
O4 | O4 | 266 | 14 | 266 | 14 | |||||||||||||||||||||||
P | P | 406 | 16 | — | — | |||||||||||||||||||||||
Total Preferred stock | Total Preferred stock | $ | 124 | $ | 138 | Total Preferred stock | $ | 144 | $ | 124 | ||||||||||||||||||
Common stock | Common stock | $ | 0.70 | $ | 1,252 | $ | 0.35 | $ | 635 | Common stock | $ | 0.775 | $ | 1,305 | $ | 0.700 | $ | 1,252 |
$ in millions | CTA | AFS Securities | Pension and Other | DVA | Total | ||||||||||||
December 31, 2021 | $ | (1,002) | $ | 245 | $ | (551) | $ | (1,794) | $ | (3,102) | |||||||
OCI during the period | (48) | (2,395) | 5 | 638 | (1,800) | ||||||||||||
March 31, 2022 | $ | (1,050) | $ | (2,150) | $ | (546) | $ | (1,156) | $ | (4,902) | |||||||
December 31, 2020 | $ | (795) | $ | 1,787 | $ | (498) | $ | (2,456) | $ | (1,962) | |||||||
OCI during the period | (141) | (776) | 5 | 120 | (792) | ||||||||||||
March 31, 2021 | $ | (936) | $ | 1,011 | $ | (493) | $ | (2,336) | $ | (2,754) |
$ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total | ||||||||||||||
December 31, 2022 | $ | (1,204) | $ | (4,192) | $ | (508) | $ | (345) | $ | (4) | $ | (6,253) | ||||||||
OCI during the period | 32 | 512 | (1) | (8) | 7 | 542 | ||||||||||||||
March 31, 2023 | $ | (1,172) | $ | (3,680) | $ | (509) | $ | (353) | $ | 3 | $ | (5,711) | ||||||||
December 31, 2021 | $ | (1,002) | $ | 245 | $ | (551) | $ | (1,794) | $ | — | $ | (3,102) | ||||||||
OCI during the period | (48) | (2,395) | 5 | 638 | — | (1,800) | ||||||||||||||
March 31, 2022 | $ | (1,050) | $ | (2,150) | $ | (546) | $ | (1,156) | $ | — | $ | (4,902) | ||||||||
March 2023 Form 10-Q | 62 |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, 2023 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | (10) | $ | 30 | $ | 20 | $ | (12) | $ | 32 | |||||||
Reclassified to earnings | — | — | — | — | — | ||||||||||||
Net OCI | $ | (10) | $ | 30 | $ | 20 | $ | (12) | $ | 32 | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | 710 | $ | (167) | $ | 543 | $ | — | $ | 543 | |||||||
Reclassified to earnings | (41) | 10 | (31) | — | (31) | ||||||||||||
Net OCI | $ | 669 | $ | (157) | $ | 512 | $ | — | $ | 512 | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Reclassified to earnings | (1) | — | (1) | — | (1) | ||||||||||||
Net OCI | $ | (1) | $ | — | $ | (1) | $ | — | $ | (1) | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | (30) | $ | 10 | $ | (20) | $ | (7) | $ | (13) | |||||||
Reclassified to earnings | 6 | (1) | 5 | — | 5 | ||||||||||||
Net OCI | $ | (24) | $ | 9 | $ | (15) | $ | (7) | $ | (8) | |||||||
Change in fair value of cash flow hedge derivatives | |||||||||||||||||
OCI activity | $ | 7 | $ | (1) | $ | 6 | $ | — | $ | 6 | |||||||
Reclassified to earnings | 1 | — | 1 | — | 1 | ||||||||||||
Net OCI | $ | 8 | $ | (1) | $ | 7 | $ | — | $ | 7 |
Three Months Ended March 31, 2022 | |||||||||||||||||
$ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | ||||||||||||
CTA | |||||||||||||||||
OCI activity | $ | (60) | $ | (45) | $ | (105) | $ | (57) | $ | (48) | |||||||
Reclassified to earnings | — | — | — | — | — | ||||||||||||
Net OCI | $ | (60) | $ | (45) | $ | (105) | $ | (57) | $ | (48) | |||||||
Change in net unrealized gains (losses) on AFS securities | |||||||||||||||||
OCI activity | $ | (3,084) | $ | 723 | $ | (2,361) | $ | — | $ | (2,361) | |||||||
Reclassified to earnings | (44) | 10 | (34) | — | (34) | ||||||||||||
Net OCI | $ | (3,128) | $ | 733 | $ | (2,395) | $ | — | $ | (2,395) | |||||||
Pension and other | |||||||||||||||||
OCI activity | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Reclassified to earnings | 5 | — | 5 | — | 5 | ||||||||||||
Net OCI | $ | 5 | $ | — | $ | 5 | $ | — | $ | 5 | |||||||
Change in net DVA | |||||||||||||||||
OCI activity | $ | 871 | $ | (211) | $ | 660 | $ | 22 | $ | 638 | |||||||
Reclassified to earnings | — | — | — | — | — | ||||||||||||
Net OCI | $ | 871 | $ | (211) | $ | 660 | $ | 22 | $ | 638 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non- controlling Interests | Net | $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net | ||||||||||||||||||||||
CTA | CTA | CTA | ||||||||||||||||||||||||||||||||
OCI activity | OCI activity | $ | (104) | $ | (115) | $ | (219) | $ | (78) | $ | (141) | OCI activity | $ | (60) | $ | (45) | $ | (105) | $ | (57) | $ | (48) | ||||||||||||
Reclassified to earnings | Reclassified to earnings | — | — | — | — | — | Reclassified to earnings | — | — | — | — | — | ||||||||||||||||||||||
Net OCI | Net OCI | $ | (104) | $ | (115) | $ | (219) | $ | (78) | $ | (141) | Net OCI | $ | (60) | $ | (45) | $ | (105) | $ | (57) | $ | (48) | ||||||||||||
Change in net unrealized gains (losses) on AFS securities | Change in net unrealized gains (losses) on AFS securities | Change in net unrealized gains (losses) on AFS securities | ||||||||||||||||||||||||||||||||
OCI activity | OCI activity | $ | (876) | $ | 203 | $ | (673) | $ | — | $ | (673) | OCI activity | $ | (3,084) | $ | 723 | $ | (2,361) | $ | — | $ | (2,361) | ||||||||||||
Reclassified to earnings | Reclassified to earnings | (134) | 31 | (103) | — | (103) | Reclassified to earnings | (44) | 10 | (34) | — | (34) | ||||||||||||||||||||||
Net OCI | Net OCI | $ | (1,010) | $ | 234 | $ | (776) | $ | — | $ | (776) | Net OCI | $ | (3,128) | $ | 733 | $ | (2,395) | $ | — | $ | (2,395) | ||||||||||||
Pension and other | Pension and other | Pension and other | ||||||||||||||||||||||||||||||||
OCI activity | OCI activity | $ | — | $ | — | $ | — | $ | — | $ | — | OCI activity | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Reclassified to earnings | Reclassified to earnings | 7 | (2) | 5 | — | 5 | Reclassified to earnings | 5 | — | 5 | — | 5 | ||||||||||||||||||||||
Net OCI | Net OCI | $ | 7 | $ | (2) | $ | 5 | $ | — | $ | 5 | Net OCI | $ | 5 | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||
Change in net DVA | Change in net DVA | Change in net DVA | ||||||||||||||||||||||||||||||||
OCI activity | OCI activity | $ | 167 | $ | (43) | $ | 124 | $ | 17 | $ | 107 | OCI activity | $ | 871 | $ | (211) | $ | 660 | $ | 22 | $ | 638 | ||||||||||||
Reclassified to earnings | Reclassified to earnings | 17 | (4) | 13 | — | 13 | Reclassified to earnings | — | — | — | — | — | ||||||||||||||||||||||
Net OCI | Net OCI | $ | 184 | $ | (47) | $ | 137 | $ | 17 | $ | 120 | Net OCI | $ | 871 | $ | (211) | $ | 660 | $ | 22 | $ | 638 |
(Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||
Investment securities | Investment securities | $ | 777 | $ | 849 | Investment securities | $ | 1,018 | $ | 777 | ||||||||||||||||||
Loans | Loans | 1,156 | 988 | Loans | 2,815 | 1,156 | ||||||||||||||||||||||
Securities purchased under agreements to resell1,2 | 13 | (55) | ||||||||||||||||||||||||||
Securities borrowed1,3 | (217) | (241) | ||||||||||||||||||||||||||
Securities purchased under agreements to resell1 | Securities purchased under agreements to resell1 | 1,477 | 13 | |||||||||||||||||||||||||
Securities borrowed2 | Securities borrowed2 | 1,172 | (217) | |||||||||||||||||||||||||
Trading assets, net of Trading liabilities | Trading assets, net of Trading liabilities | 524 | 510 | Trading assets, net of Trading liabilities | 913 | 524 | ||||||||||||||||||||||
Customer receivables and Other4 | 397 | 386 | ||||||||||||||||||||||||||
Customer receivables and Other3 | Customer receivables and Other3 | 3,475 | 397 | |||||||||||||||||||||||||
Total interest income | Total interest income | $ | 2,650 | $ | 2,437 | Total interest income | $ | 10,870 | $ | 2,650 | ||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||
Deposits | Deposits | $ | 73 | $ | 120 | Deposits | $ | 1,575 | $ | 73 | ||||||||||||||||||
Borrowings | Borrowings | 685 | 714 | Borrowings | 2,506 | 685 | ||||||||||||||||||||||
Securities sold under agreements to repurchase1,5 | 49 | 37 | ||||||||||||||||||||||||||
Securities loaned1,6 | 93 | 77 | ||||||||||||||||||||||||||
Customer payables and Other7 | (466) | (539) | ||||||||||||||||||||||||||
Securities sold under agreements to repurchase4 | Securities sold under agreements to repurchase4 | 1,218 | 49 | |||||||||||||||||||||||||
Securities loaned5 | Securities loaned5 | 164 | 93 | |||||||||||||||||||||||||
Customer payables and Other6 | Customer payables and Other6 | 3,061 | (466) | |||||||||||||||||||||||||
Total interest expense | Total interest expense | $ | 434 | $ | 409 | Total interest expense | $ | 8,524 | $ | 434 | ||||||||||||||||||
Net interest | Net interest | $ | 2,216 | $ | 2,028 | Net interest | $ | 2,346 | $ | 2,216 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Customer and other receivables | Customer and other receivables | $ | 2,309 | $ | 1,800 | Customer and other receivables | $ | 3,842 | $ | 4,139 | ||||||
Customer and other payables | Customer and other payables | 2,659 | 2,164 | Customer and other payables | 3,957 | 4,273 |
63 | March 2023 Form 10-Q |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IS | WM | IM | I/E | Total | $ in millions | IS | WM | IM | I/E | Total | ||||||||||||||||||||||
Investment banking | Investment banking | $ | 1,634 | $ | 143 | $ | — | $ | (19) | $ | 1,758 | Investment banking | $ | 1,247 | $ | 104 | $ | — | $ | (21) | $ | 1,330 | ||||||||||||
Trading | Trading | 4,205 | (231) | (9) | 18 | 3,983 | Trading | 4,257 | 227 | (16) | 9 | 4,477 | ||||||||||||||||||||||
Investments | Investments | 99 | 12 | (36) | — | 75 | Investments | 28 | 16 | 101 | — | 145 | ||||||||||||||||||||||
Commissions and fees1 | Commissions and fees1 | 774 | 723 | — | (81) | 1,416 | Commissions and fees1 | 714 | 590 | — | (65) | 1,239 | ||||||||||||||||||||||
Asset management1,2 | Asset management1,2 | 147 | 3,626 | 1,388 | (42) | 5,119 | Asset management1,2 | 148 | 3,382 | 1,248 | (50) | 4,728 | ||||||||||||||||||||||
Other | Other | 117 | 122 | (2) | (3) | 234 | Other | 180 | 82 | (6) | (4) | 252 | ||||||||||||||||||||||
Total non-interest revenues | Total non-interest revenues | 6,976 | 4,395 | 1,341 | (127) | 12,585 | Total non-interest revenues | 6,574 | 4,401 | 1,327 | (131) | 12,171 | ||||||||||||||||||||||
Interest income | Interest income | 1,062 | 1,637 | 7 | (56) | 2,650 | Interest income | 7,758 | 3,627 | 29 | (544) | 10,870 | ||||||||||||||||||||||
Interest expense | Interest expense | 381 | 97 | 13 | (57) | 434 | Interest expense | 7,535 | 1,469 | 67 | (547) | 8,524 | ||||||||||||||||||||||
Net interest | Net interest | 681 | 1,540 | (6) | 1 | 2,216 | Net interest | 223 | 2,158 | (38) | 3 | 2,346 | ||||||||||||||||||||||
Net revenues | Net revenues | $ | 7,657 | $ | 5,935 | $ | 1,335 | $ | (126) | $ | 14,801 | Net revenues | $ | 6,797 | $ | 6,559 | $ | 1,289 | $ | (128) | $ | 14,517 | ||||||||||||
Provision for credit losses | Provision for credit losses | $ | 44 | $ | 13 | $ | — | $ | — | $ | 57 | Provision for credit losses | $ | 189 | $ | 45 | $ | — | $ | — | $ | 234 | ||||||||||||
Compensation and benefits | Compensation and benefits | 2,604 | 3,125 | 545 | — | 6,274 | Compensation and benefits | 2,365 | 3,477 | 568 | — | 6,410 | ||||||||||||||||||||||
Non-compensation expenses | Non-compensation expenses | 2,222 | 1,224 | 562 | (126) | 3,882 | Non-compensation expenses | 2,351 | 1,325 | 555 | (118) | 4,113 | ||||||||||||||||||||||
Total non-interest expenses | Total non-interest expenses | $ | 4,826 | $ | 4,349 | $ | 1,107 | $ | (126) | $ | 10,156 | Total non-interest expenses | $ | 4,716 | $ | 4,802 | $ | 1,123 | $ | (118) | $ | 10,523 | ||||||||||||
Income before provision for income taxes | Income before provision for income taxes | $ | 2,787 | $ | 1,573 | $ | 228 | $ | — | $ | 4,588 | Income before provision for income taxes | $ | 1,892 | $ | 1,712 | $ | 166 | $ | (10) | $ | 3,760 | ||||||||||||
Provision for income taxes | Provision for income taxes | 535 | 301 | 37 | — | 873 | Provision for income taxes | 363 | 336 | 30 | (2) | 727 | ||||||||||||||||||||||
Net income | Net income | 2,252 | 1,272 | 191 | — | 3,715 | Net income | 1,529 | 1,376 | 136 | (8) | 3,033 | ||||||||||||||||||||||
Net income applicable to noncontrolling interests | Net income applicable to noncontrolling interests | 61 | — | (12) | — | 49 | Net income applicable to noncontrolling interests | 51 | — | 2 | — | 53 | ||||||||||||||||||||||
Net income applicable to Morgan Stanley | Net income applicable to Morgan Stanley | $ | 2,191 | $ | 1,272 | $ | 203 | $ | — | $ | 3,666 | Net income applicable to Morgan Stanley | $ | 1,478 | $ | 1,376 | $ | 134 | $ | (8) | $ | 2,980 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||
$ in millions | $ in millions | IS | WM | IM | I/E | Total | $ in millions | IS | WM | IM | I/E | Total | ||||||||||||||||||||||
Investment banking | Investment banking | $ | 2,613 | $ | 251 | $ | — | $ | (24) | $ | 2,840 | Investment banking | $ | 1,634 | $ | 143 | $ | — | $ | (19) | $ | 1,758 | ||||||||||||
Trading | Trading | 4,073 | 126 | 3 | 23 | 4,225 | Trading | 4,205 | (231) | (9) | 18 | 3,983 | ||||||||||||||||||||||
Investments | Investments | 86 | 2 | 230 | — | 318 | Investments | 99 | 12 | (36) | — | 75 | ||||||||||||||||||||||
Commissions and fees1 | Commissions and fees1 | 870 | 851 | — | (95) | 1,626 | Commissions and fees1 | 774 | 723 | — | (81) | 1,416 | ||||||||||||||||||||||
Asset management1,2 | Asset management1,2 | 139 | 3,191 | 1,103 | (35) | 4,398 | Asset management1,2 | 147 | 3,626 | 1,388 | (42) | 5,119 | ||||||||||||||||||||||
Other | Other | 158 | 153 | (24) | (3) | 284 | Other | 117 | 122 | (2) | (3) | 234 | ||||||||||||||||||||||
Total non-interest revenues | Total non-interest revenues | 7,939 | 4,574 | 1,312 | (134) | 13,691 | Total non-interest revenues | 6,976 | 4,395 | 1,341 | (127) | 12,585 | ||||||||||||||||||||||
Interest income | Interest income | 970 | 1,486 | 8 | (27) | 2,437 | Interest income | 1,062 | 1,637 | 7 | (56) | 2,650 | ||||||||||||||||||||||
Interest expense | Interest expense | 332 | 101 | 6 | (30) | 409 | Interest expense | 381 | 97 | 13 | (57) | 434 | ||||||||||||||||||||||
Net interest | Net interest | 638 | 1,385 | 2 | 3 | 2,028 | Net interest | 681 | 1,540 | (6) | 1 | 2,216 | ||||||||||||||||||||||
Net revenues | Net revenues | $ | 8,577 | $ | 5,959 | $ | 1,314 | $ | (131) | $ | 15,719 | Net revenues | $ | 7,657 | $ | 5,935 | $ | 1,335 | $ | (126) | $ | 14,801 | ||||||||||||
Provision for credit losses | Provision for credit losses | $ | (93) | $ | (5) | $ | — | $ | — | $ | (98) | Provision for credit losses | $ | 44 | $ | 13 | $ | — | $ | — | $ | 57 | ||||||||||||
Compensation and benefits | Compensation and benefits | 3,114 | 3,170 | 514 | — | 6,798 | Compensation and benefits | 2,604 | 3,125 | 545 | — | 6,274 | ||||||||||||||||||||||
Non-compensation expenses | Non-compensation expenses | 2,185 | 1,194 | 430 | (134) | 3,675 | Non-compensation expenses | 2,222 | 1,224 | 562 | (126) | 3,882 | ||||||||||||||||||||||
Total non-interest expenses | Total non-interest expenses | $ | 5,299 | $ | 4,364 | $ | 944 | $ | (134) | $ | 10,473 | Total non-interest expenses | $ | 4,826 | $ | 4,349 | $ | 1,107 | $ | (126) | $ | 10,156 | ||||||||||||
Income before provision for income taxes | Income before provision for income taxes | $ | 3,371 | $ | 1,600 | $ | 370 | $ | 3 | $ | 5,344 | Income before provision for income taxes | $ | 2,787 | $ | 1,573 | $ | 228 | $ | — | $ | 4,588 | ||||||||||||
Provision for income taxes | Provision for income taxes | 736 | 358 | 81 | 1 | 1,176 | Provision for income taxes | 535 | 301 | 37 | — | 873 | ||||||||||||||||||||||
Net income | Net income | 2,635 | 1,242 | 289 | 2 | 4,168 | Net income | 2,252 | 1,272 | 191 | — | 3,715 | ||||||||||||||||||||||
Net income applicable to noncontrolling interests | Net income applicable to noncontrolling interests | 34 | — | 14 | — | 48 | Net income applicable to noncontrolling interests | 61 | — | (12) | — | 49 | ||||||||||||||||||||||
Net income applicable to Morgan Stanley | Net income applicable to Morgan Stanley | $ | 2,601 | $ | 1,242 | $ | 275 | $ | 2 | $ | 4,120 | Net income applicable to Morgan Stanley | $ | 2,191 | $ | 1,272 | $ | 203 | $ | — | $ | 3,666 |
(Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Institutional Securities Advisory | Institutional Securities Advisory | $ | 944 | $ | 480 | Institutional Securities Advisory | $ | 638 | $ | 944 | ||||||||||||||||||
Institutional Securities Underwriting | Institutional Securities Underwriting | 690 | 2,133 | Institutional Securities Underwriting | 609 | 690 | ||||||||||||||||||||||
Firm Investment banking revenues from contracts with customers | Firm Investment banking revenues from contracts with customers | 90 | % | 92 | % | Firm Investment banking revenues from contracts with customers | 89 | % | 90 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Interest rate | Interest rate | $ | 391 | $ | 859 | Interest rate | $ | 1,368 | $ | 391 | ||||||||||||||||||
Foreign exchange | Foreign exchange | 648 | 274 | Foreign exchange | 262 | 648 | ||||||||||||||||||||||
Equity1 | Equity1 | 2,007 | 1,695 | Equity1 | 2,212 | 2,007 | ||||||||||||||||||||||
Commodity and other | Commodity and other | 525 | 861 | Commodity and other | 539 | 525 | ||||||||||||||||||||||
Credit | Credit | 412 | 536 | Credit | 96 | 412 | ||||||||||||||||||||||
Total | Total | $ | 3,983 | $ | 4,225 | Total | $ | 4,477 | $ | 3,983 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Net cumulative unrealized performance-based fees at risk of reversing | Net cumulative unrealized performance-based fees at risk of reversing | $ | 824 | $ | 802 | Net cumulative unrealized performance-based fees at risk of reversing | $ | 815 | $ | 819 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Fee waivers | Fee waivers | $ | 124 | $ | 94 | Fee waivers | $ | 18 | $ | 124 |
March 2023 Form 10-Q | 64 |
Notes to Consolidated Financial Statements (Unaudited) |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Transaction taxes | Transaction taxes | $ | 258 | $ | 238 | Transaction taxes | $ | 214 | $ | 258 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Americas | Americas | $ | 10,464 | $ | 11,191 | Americas | $ | 10,791 | $ | 10,464 | ||||||||||||||||||
EMEA | EMEA | 2,311 | 2,159 | EMEA | 1,737 | 2,311 | ||||||||||||||||||||||
Asia | Asia | 2,026 | 2,369 | Asia | 1,989 | 2,026 | ||||||||||||||||||||||
Total | Total | $ | 14,801 | $ | 15,719 | Total | $ | 14,517 | $ | 14,801 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
$ in millions | $ in millions | 2022 | 2021 | $ in millions | 2023 | 2022 | ||||||||||||||||||||||
Non-interest revenues | Non-interest revenues | $ | 1,005 | $ | 541 | Non-interest revenues | $ | 704 | $ | 1,005 |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Customer and other receivables | Customer and other receivables | $ | 3,445 | $ | 3,591 | Customer and other receivables | $ | 2,182 | $ | 2,577 |
(Unaudited) |
$ in millions | $ in millions | At March 31, 2022 | At December 31, 2021 | $ in millions | At March 31, 2023 | At December 31, 2022 | ||||||||||
Institutional Securities | Institutional Securities | $ | 826,242 | $ | 792,135 | Institutional Securities | $ | 819,195 | $ | 789,837 | ||||||
Wealth Management | Wealth Management | 378,501 | 378,438 | Wealth Management | 363,405 | 373,305 | ||||||||||
Investment Management | Investment Management | 17,490 | 17,567 | Investment Management | 17,304 | 17,089 | ||||||||||
Total1 | Total1 | $ | 1,222,233 | $ | 1,188,140 | Total1 | $ | 1,199,904 | $ | 1,180,231 |
March |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | Average Daily Balance | Interest | Annualized Average Rate | Average Daily Balance | Interest | Annualized Average Rate | $ in millions | Average Daily Balance | Interest | Annualized Average Rate | Average Daily Balance | Interest | Annualized Average Rate | ||||||||||||||||||||||||||
Interest earning assets | Interest earning assets | Interest earning assets | ||||||||||||||||||||||||||||||||||||||
Investment securities1 | Investment securities1 | $ | 177,572 | $ | 777 | 1.8 | % | $ | 187,294 | $ | 849 | 1.8 | % | Investment securities1 | $ | 159,061 | $ | 1,018 | 2.6 | % | $ | 177,572 | $ | 777 | 1.8 | % | ||||||||||||||
Loans1 | Loans1 | 191,551 | 1,156 | 2.4 | % | 151,636 | 988 | 2.6 | % | Loans1 | 214,185 | 2,815 | 5.3 | % | 191,551 | 1,156 | 2.4 | % | ||||||||||||||||||||||
Securities purchased under agreements to resell2,3: | ||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell2: | Securities purchased under agreements to resell2: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 52,389 | 36 | 0.3 | % | 61,935 | 27 | 0.2 | % | U.S. | 46,847 | 932 | 8.1 | % | 52,389 | 36 | 0.3 | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 64,150 | (23) | (0.1) | % | 52,239 | (82) | (0.6) | % | Non-U.S. | 65,713 | 545 | 3.4 | % | 64,150 | (23) | (0.1) | % | ||||||||||||||||||||||
Securities borrowed2,4: | ||||||||||||||||||||||||||||||||||||||||
Securities borrowed3: | Securities borrowed3: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 122,203 | (176) | (0.6) | % | 85,341 | (196) | (0.9) | % | U.S. | 123,206 | 1,095 | 3.6 | % | 122,203 | (176) | (0.6) | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 21,229 | (41) | (0.8) | % | 15,095 | (45) | (1.2) | % | Non-U.S. | 18,683 | 77 | 1.7 | % | 21,229 | (41) | (0.8) | % | ||||||||||||||||||||||
Trading assets, net of Trading liabilities5: | ||||||||||||||||||||||||||||||||||||||||
Trading assets, net of Trading liabilities4: | Trading assets, net of Trading liabilities4: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 79,509 | 430 | 2.2 | % | 72,416 | 410 | 2.3 | % | U.S. | 87,631 | 786 | 3.6 | % | 79,509 | 430 | 2.2 | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 16,606 | 94 | 2.3 | % | 17,946 | 100 | 2.3 | % | Non-U.S. | 7,264 | 127 | 7.1 | % | 16,606 | 94 | 2.3 | % | ||||||||||||||||||||||
Customer receivables and Other6: | ||||||||||||||||||||||||||||||||||||||||
Customer receivables and Other5: | Customer receivables and Other5: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 129,162 | 355 | 1.1 | % | 137,859 | 337 | 1.0 | % | U.S. | 107,055 | 2,428 | 9.2 | % | 129,162 | 355 | 1.1 | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 76,545 | 42 | 0.2 | % | 75,177 | 49 | 0.3 | % | Non-U.S. | 69,288 | 1,047 | 6.1 | % | 76,545 | 42 | 0.2 | % | ||||||||||||||||||||||
Total | Total | $ | 930,916 | $ | 2,650 | 1.2 | % | $ | 856,938 | $ | 2,437 | 1.2 | % | Total | $ | 898,933 | $ | 10,870 | 4.9 | % | $ | 930,916 | $ | 2,650 | 1.2 | % | ||||||||||||||
Interest bearing liabilities | Interest bearing liabilities | Interest bearing liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits1 | Deposits1 | $ | 348,916 | $ | 73 | 0.1 | % | $ | 320,257 | $ | 120 | 0.2 | % | Deposits1 | $ | 346,973 | $ | 1,575 | 1.8 | % | $ | 348,916 | $ | 73 | 0.1 | % | ||||||||||||||
Borrowings1,7 | 228,942 | 685 | 1.2 | % | 215,688 | 714 | 1.3 | % | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase2,8,10: | ||||||||||||||||||||||||||||||||||||||||
Borrowings1,6 | Borrowings1,6 | 245,600 | 2,506 | 4.1 | % | 228,942 | 685 | 1.2 | % | |||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase7,9: | Securities sold under agreements to repurchase7,9: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 22,979 | 40 | 0.7 | % | 29,661 | 47 | 0.6 | % | U.S. | 21,075 | 670 | 12.9 | % | 22,979 | 40 | 0.7 | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 36,148 | 9 | 0.1 | % | 23,215 | (10) | (0.2) | % | Non-U.S. | 41,071 | 548 | 5.4 | % | 36,148 | 9 | 0.1 | % | ||||||||||||||||||||||
Securities loaned2,9,10: | ||||||||||||||||||||||||||||||||||||||||
Securities loaned8,9: | Securities loaned8,9: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 5,489 | (1) | (0.1) | % | 4,428 | (3) | (0.3) | % | U.S. | 4,992 | 13 | 1.1 | % | 5,489 | (1) | (0.1) | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 7,771 | 94 | 4.9 | % | 3,848 | 80 | 8.4 | % | Non-U.S. | 10,016 | 151 | 6.1 | % | 7,771 | 94 | 4.9 | % | ||||||||||||||||||||||
Customer payables and Other11: | ||||||||||||||||||||||||||||||||||||||||
Customer payables and Other10: | Customer payables and Other10: | |||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 136,407 | (368) | (1.1) | % | 129,438 | (437) | (1.4) | % | U.S. | 137,766 | 2,045 | 6.0 | % | 136,407 | (368) | (1.1) | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 74,919 | (98) | (0.5) | % | 68,782 | (102) | (0.6) | % | Non-U.S. | 65,818 | 1,016 | 6.3 | % | 74,919 | (98) | (0.5) | % | ||||||||||||||||||||||
Total | Total | $ | 861,571 | $ | 434 | 0.2 | % | $ | 795,317 | $ | 409 | 0.2 | % | Total | $ | 873,311 | $ | 8,524 | 4.0 | % | $ | 861,571 | $ | 434 | 0.2 | % | ||||||||||||||
Net interest income and net interest rate spread | Net interest income and net interest rate spread | $ | 2,216 | 1.0 | % | $ | 2,028 | 1.0 | % | Net interest income and net interest rate spread | $ | 2,346 | 0.9 | % | $ | 2,216 | 1.0 | % |
March |
Glossary of Common Terms and Acronyms |
Annual report on Form 10-K for year ended December 31, | |||||
ABS | Asset-backed securities | ||||
ACL | Allowance for credit losses | ||||
AFS | Available-for-sale | ||||
AML | Anti-money laundering | ||||
AOCI | Accumulated other comprehensive income (loss) | ||||
AUM | Assets under management or supervision | ||||
Balance sheet | Consolidated balance sheet | ||||
BHC | Bank holding company | ||||
bps | Basis points; one basis point equals 1/100th of 1% | ||||
Cash flow statement | Consolidated cash flow statement | ||||
CCAR | Comprehensive Capital Analysis and Review | ||||
CCyB | Countercyclical capital buffer | ||||
CDO | Collateralized debt obligation(s), including Collateralized loan obligation(s) | ||||
CDS | Credit default swaps | ||||
CECL | Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update | ||||
CFTC | U.S. Commodity Futures Trading Commission | ||||
CLN | Credit-linked note(s) | ||||
CLO | Collateralized loan obligation(s) | ||||
CMBS | Commercial mortgage-backed securities | ||||
CMO | Collateralized mortgage obligation(s) | ||||
CRM | Credit Risk Management Department | ||||
CTA | Cumulative foreign currency translation adjustments | ||||
DVA | Debt valuation adjustment | ||||
EBITDA | Earnings before interest, taxes, depreciation and amortization | ||||
EMEA | Europe, Middle East and Africa | ||||
EPS | Earnings per common share | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
FFELP | Federal Family Education Loan Program | ||||
FHC | Financial holding company | ||||
FICO | Fair Isaac Corporation | ||||
Financial statements | Consolidated financial statements | ||||
FVO | Fair value option | ||||
G-SIB | Global systemically important banks | ||||
HFI | Held-for-investment | ||||
HFS | Held-for-sale | ||||
HQLA | High-quality liquid assets | ||||
HTM | Held-to-maturity | ||||
I/E | Intersegment eliminations | ||||
IHC | Intermediate holding company | ||||
IM | Investment Management | ||||
Income statement | Consolidated income statement | ||||
IRS | Internal Revenue Service | ||||
IS | Institutional Securities |
LCR | Liquidity coverage ratio, as adopted by the U.S. banking agencies | ||||
LIBOR | London Interbank Offered Rate | ||||
LTV | Loan-to-value | ||||
M&A | Merger, acquisition and restructuring transaction | ||||
MSBNA | Morgan Stanley Bank, N.A. | ||||
MS&Co. | Morgan Stanley & Co. LLC | ||||
MSCG | Morgan Stanley Capital Group Inc. | ||||
MSCS | Morgan Stanley Capital Services LLC | ||||
MSEHSE | Morgan Stanley Europe Holdings SE | ||||
MSESE | Morgan Stanley Europe SE | ||||
MSIP | Morgan Stanley & Co. International plc | ||||
MSMS | Morgan Stanley MUFG Securities Co., Ltd. | ||||
MSPBNA | Morgan Stanley Private Bank, National Association | ||||
MSSB | Morgan Stanley Smith Barney LLC | ||||
MUFG | Mitsubishi UFJ Financial Group, Inc. | ||||
MUMSS | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | ||||
MWh | Megawatt hour | ||||
N/A | Not Applicable | ||||
N/M | Not Meaningful | ||||
NAV | Net asset value | ||||
Non-GAAP | Non-generally accepted accounting principles | ||||
NSFR | Net stable funding ratio, as adopted by the U.S. banking agencies | ||||
OCC | Office of the Comptroller of the Currency | ||||
OCI | Other comprehensive income (loss) | ||||
OTC | Over-the-counter | ||||
PSU | Performance-based stock unit | ||||
ROE | Return on average common equity | ||||
ROTCE | Return on average tangible common equity | ||||
ROU | Right-of-use | ||||
RSU | Restricted stock unit | ||||
RWA | Risk-weighted assets | ||||
SCB | Stress capital buffer | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SLR | Supplementary leverage ratio | ||||
SOFR | Secured Overnight Financing Rate | ||||
S&P | Standard & Poor’s | ||||
SPE | Special purpose entity | ||||
SPOE | Single point of entry | ||||
TDR | Troubled debt restructuring | ||||
TLAC | Total loss-absorbing capacity | ||||
U.K. | United Kingdom | ||||
UPB | Unpaid principal balance | ||||
U.S. | United States of America | ||||
U.S. GAAP | Accounting principles generally accepted in the United States of America | ||||
VaR | Value-at-Risk | ||||
VIE | Variable interest entity | ||||
WACC | Implied weighted average cost of capital | ||||
WM | Wealth Management |
March |
$ in millions, except per share data | $ in millions, except per share data | Total Number of Shares Purchased1 | Average Price Paid per Share | Total Shares Purchased as Part of Share Repurchase Program2,3 | Dollar Value of Remaining Authorized Repurchase | $ in millions, except per share data | Total Number of Shares Purchased1 | Average Price Paid per Share2 | Total Shares Purchased as Part of Share Repurchase Authorization3,4 | Dollar Value of Remaining Authorized Repurchase | ||||||||||||||||||
January | January | 11,020,364 | $ | 96.80 | 3,796,900 | $ | 5,235 | January | 8,974,630 | $ | 96.61 | 2,725,102 | $ | 15,484 | ||||||||||||||
February | February | 14,022,622 | $ | 100.23 | 12,855,200 | $ | 3,940 | February | 7,212,253 | $ | 98.48 | 6,284,841 | $ | 14,865 | ||||||||||||||
March | March | 13,586,163 | $ | 88.94 | 13,514,500 | $ | 2,738 | March | 6,830,645 | $ | 92.29 | 6,752,720 | $ | 14,245 | ||||||||||||||
Three Months Ended March 31, 2022 | 38,629,149 | $ | 95.28 | 30,166,600 | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | 23,017,528 | $ | 95.91 | 15,762,663 |
March |
Exhibit No. | Description | ||||
15 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”). | ||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
MORGAN STANLEY (Registrant) | |||||
By: | /s/ SHARON YESHAYA | ||||
Sharon Yeshaya Executive Vice President and Chief Financial Officer | |||||
By: | /s/ RAJA J. AKRAM | ||||
Raja J. Akram Deputy Chief Financial Officer, Chief Accounting Officer and Controller |
March |