Financial Summary2,3,4 | ||||||||||||||||
Firm ($MM, except per share data)
| 4Q 2021 |
4Q 2020 |
FY 2021 |
FY 2020 | ||||||||||||
Net revenues
|
$
|
14,524
|
$
|
13,597
|
$
|
59,755
|
$
|
48,757
| ||||||||
Provision for credit losses
|
$
|
5
|
$
|
4
|
$
|
4
|
$
|
761
| ||||||||
Compensation expense
|
$
|
5,487
|
$
|
5,450
|
$
|
24,628
|
$
|
20,854
| ||||||||
Non-compensation expenses
|
$
|
4,148
|
$
|
3,713
|
$
|
15,455
|
$
|
12,724
| ||||||||
Pre-tax income9 |
$
|
4,884
|
$
|
4,430
|
$
|
19,668
|
$
|
14,418
| ||||||||
Net income app. to MS
|
$
|
3,696
|
$
|
3,385
|
$
|
15,034
|
$
|
10,996
| ||||||||
Expense efficiency ratio7 |
66
|
%
|
67
|
%
|
67
|
%
|
69
|
%
| ||||||||
Earnings per diluted share
|
$
|
2.01
|
$
|
1.81
|
$
|
8.03
|
$
|
6.46
| ||||||||
Book value per share
|
$
|
55.12
|
$
|
51.13
|
$
|
55.12
|
$
|
51.13
| ||||||||
Tangible book value per share
|
$
|
40.91
|
$
|
41.95
|
$
|
40.91
|
$
|
41.95
| ||||||||
Return on equity
|
14.7
|
%
|
14.7
|
%
|
15.0
|
%
|
13.1
|
%
| ||||||||
Return on tangible equity5 |
19.8
|
%
|
17.7
|
%
|
19.8
|
%
|
15.2
|
%
| ||||||||
Institutional Securities
| ||||||||||||||||
Net revenues
|
$
|
6,669
|
$
|
6,970
|
$
|
29,833
|
$
|
26,476
| ||||||||
Investment Banking
|
$
|
2,434
|
$
|
2,302
|
$
|
10,272
|
$
|
7,204
| ||||||||
Equity
|
$
|
2,857
|
$
|
2,534
|
$
|
11,435
|
$
|
9,921
| ||||||||
Fixed Income
|
$
|
1,228
|
$
|
1,790
|
$
|
7,516
|
$
|
8,847
| ||||||||
Wealth Management
| ||||||||||||||||
Net revenues
|
$
|
6,254
|
$
|
5,672
|
$
|
24,243
|
$
|
19,086
| ||||||||
Fee-based client assets ($Bn)10 |
$
|
1,839
|
$
|
1,472
|
$
|
1,839
|
$
|
1,472
| ||||||||
Fee-based asset flows ($Bn)11 |
$
|
37.8
|
$
|
24.1
|
$
|
179.3
|
$
|
77.4
| ||||||||
Net new assets ($Bn)12 |
$
|
127.1
|
$
|
73.4
|
$
|
437.7
|
$
|
175.4
| ||||||||
Loans ($Bn)
|
$
|
129.2
|
$
|
98.1
|
$
|
129.2
|
$
|
98.1
| ||||||||
Investment Management
| ||||||||||||||||
Net revenues
|
$
|
1,751
|
$
|
1,100
|
$
|
6,220
|
$
|
3,734
| ||||||||
AUM ($Bn)13 |
$
|
1,565
|
$
|
781
|
$
|
1,565
|
$
|
781
| ||||||||
Long-term net flows ($Bn)14 |
$
|
(1.1
|
)
|
$
|
8.5
|
$
|
26.4
|
$
|
41.0
|
Full Year Highlights | |
•
•
•
•
•
•
•
|
The Firm's full year results reflect both record net revenues of $59.8 billion up 23% year over year and net income of $15.0 billion up 37%.
The Firm delivered full year ROTCE of 19.8%.5,6
The full year Firm expense efficiency ratio was 67%.6,7
Common Equity Tier 1 capital standardized ratio was 16.0%.
Institutional Securities reported record full year net revenues of $29.8 billion up 13% with strong revenues across Advisory, Underwriting, and Equity.
Wealth Management delivered a full year pre-tax margin of 25.5% or 26.9% excluding integration-related expenses.6,8 The business added net new assets of $438 billion and total client assets under management were $4.9 trillion, up 23% from a year ago.
Investment Management reported full year net revenues above $6 billion driven by strong fee-based asset management revenues on record AUM of $1.6 trillion. |
Media Relations: Wesley McDade 212-761-2430 | Investor Relations: Leslie Bazos 212-761-5352 |
•
|
Advisory revenues increased from a year ago driven by higher completed M&A transactions.
|
•
|
Equity underwriting revenues decreased from a year ago due to declines in follow-on offerings and blocks, partially offset by higher revenues from private placements.
|
•
|
Fixed income underwriting revenues increased from a year ago driven by higher securitized products and non-investment grade issuances.
|
•
|
Equity net revenues increased from a year ago driven by higher prime brokerage revenues as a result of higher client balances, and also included a significant mark-to-market gain of $225 million on a strategic investment, partially offset by declines in cash equities and derivatives.
|
•
|
Fixed Income net revenues decreased from a year ago driven by a challenging trading environment in rates and lower volumes and tighter bid-offer spreads in credit.
|
Other:
•
|
Other revenues decreased from a year ago due to lower gains on investments associated with certain employee deferred compensation plans and lower mark-to-market gains on corporate loans held for sale, net of related hedges.
|
•
|
Compensation expense decreased from a year ago reflecting lower expenses related to certain deferred compensation plans linked to investment performance.
|
•
|
Non-compensation expenses increased from a year ago primarily driven by higher volume related expenses.
|
($ millions)
| 4Q 2021 |
4Q 2020 | ||||||
Net Revenues
|
$
|
6,669
|
$
|
6,970
| ||||
Investment Banking
|
$
|
2,434
|
$
|
2,302
| ||||
Advisory
|
$
|
1,071
|
$
|
827
| ||||
Equity underwriting
|
$
|
853
|
$
|
1,000
| ||||
Fixed income underwriting
|
$
|
510
|
$
|
475
| ||||
Equity
|
$
|
2,857
|
$
|
2,534
| ||||
Fixed Income
|
$
|
1,228
|
$
|
1,790
| ||||
Other
|
$
|
150
|
$
|
344
| ||||
Provision for credit losses
|
$
|
(8
|
)
|
$
|
13
| |||
Total Expenses
|
$
|
3,705
|
$
|
3,797
| ||||
Compensation
|
$
|
1,370
|
$
|
1,575
| ||||
Non-compensation
|
$
|
2,335
|
$
|
2,222
| ||||
•
|
Asset management revenues increased from a year ago reflecting higher asset levels driven by market appreciation and strong positive fee-based flows.
|
•
|
Transactional revenues15 were essentially unchanged excluding the impact of mark-to-market gains on investments associated with certain employee deferred compensation plans.
|
•
|
Net interest income increased from a year ago primarily driven by strong growth in bank lending and higher brokerage sweep deposits.
|
•
|
Compensation expense increased from a year ago driven by higher compensable revenues and higher benefits cost, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
|
•
|
Non-compensation expenses increased from a year ago driven by higher professional services and integration-related expenses.6 |
($ millions)
| 4Q 2021 |
4Q 2020 | ||||||
Net Revenues
|
$
|
6,254
|
$
|
5,672
| ||||
Asset management
|
$
|
3,700
|
$
|
2,975
| ||||
Transactional15 |
$
|
1,027
|
$
|
1,340
| ||||
Net interest
|
$
|
1,405
|
$
|
1,207
| ||||
Other
|
$
|
122
|
$
|
150
| ||||
Provision for credit losses
|
$
|
13
|
$
|
(9
|
)
| |||
Total Expenses
|
$
|
4,826
|
$
|
4,611
| ||||
Compensation
|
$
|
3,486
|
$
|
3,345
| ||||
Non-compensation
|
$
|
1,340
|
$
|
1,266
| ||||
•
|
Asset management and related fees increased from a year ago driven by the Eaton Vance acquisition, higher performance fees, and higher average AUM.
|
•
|
Performance-based income and other revenues decreased from a year ago reflecting losses on investments associated with certain employee deferred compensation plans.
|
•
|
Compensation expense increased from a year ago primarily driven by the Eaton Vance acquisition,6 partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
|
•
|
Non-compensation expenses increased from a year ago primarily driven by the Eaton Vance acquisition.6 |
($ millions)
| 4Q 2021 |
4Q 2020 | ||||||
Net Revenues
|
$
|
1,751
|
$
|
1,100
| ||||
Asset management and related fees
|
$
|
1,585
|
$
|
869
| ||||
Performance-based income and other
|
$
|
166
|
$
|
231
| ||||
Total Expenses
|
$
|
1,243
|
$
|
904
| ||||
Compensation
|
$
|
631
|
$
|
530
| ||||
Non-compensation
|
$
|
612
|
$
|
374
| ||||
•
|
Record Advisory revenues increased from a year ago driven by higher completed M&A transactions.
|
•
|
Record Equity underwriting revenues increased from a year ago primarily on higher volumes in IPOs, private placements and blocks.
|
•
|
Record Fixed income underwriting revenues increased from a year ago on higher non-investment grade loan and bond issuances driven by increased event driven financing.
|
•
|
Record Equity net revenues increased from a year ago reflecting strong performance across products and geographies, with notable strength in Asia, driven by higher client engagement.
|
•
|
Fixed Income net revenues decreased versus a strong prior year with declines across businesses driven by tighter bid-offer spreads in macro and credit corporates, partially offset by securitized products.
|
•
|
Other revenues increased from a year ago driven by higher contributions from our Mitsubishi UFJ securities joint venture and mark-to-market gains on corporate loans held for sale, net of related hedges.
|
•
|
Provision for credit losses decreased from a year ago as a result of an improved macroeconomic environment versus the prior year.
|
•
|
Compensation expense increased from a year ago driven by higher discretionary compensation on higher revenues as well as increases in salaries and benefits.
|
•
|
Non-compensation expenses increased from a year ago primarily driven by higher volume related expenses.
|
($ millions)
| FY 2021 |
FY 2020 | ||||||
Net Revenues
|
$
|
29,833
|
$
|
26,476
| ||||
Investment Banking
|
$
|
10,272
|
$
|
7,204
| ||||
Advisory
|
$
|
3,487
|
$
|
2,008
| ||||
Equity underwriting
|
$
|
4,437
|
$
|
3,092
| ||||
Fixed income underwriting
|
$
|
2,348
|
$
|
2,104
| ||||
Equity
|
$
|
11,435
|
$
|
9,921
| ||||
Fixed Income
|
$
|
7,516
|
$
|
8,847
| ||||
Other
|
$
|
610
|
$
|
504
| ||||
Provision for credit losses
|
$
|
(7
|
)
|
$
|
731
| |||
Total Expenses
|
$
|
18,026
|
$
|
16,594
| ||||
Compensation
|
$
|
9,165
|
$
|
8,342
| ||||
Non-compensation
|
$
|
8,861
|
$
|
8,252
| ||||
•
|
Asset management revenues increased from a year ago on higher asset levels driven by market appreciation and record fee-based flows.
|
•
|
Transactional revenues15 increased 29% excluding the impact of mark-to-market gains on investments associated with certain employee deferred compensations plans. Results reflect incremental revenues due to the E*TRADE acquisition and strong client activity.
|
•
|
Net interest income increased from a year ago primarily driven by the E*TRADE acquisition, strong growth in bank lending, improved mortgage securities prepayment impact, and higher brokerage sweep deposits, partially offset by the impact of lower average rates.
|
•
|
Compensation expense increased from a year ago primarily driven by higher compensable revenues and higher compensation driven by the E*TRADE acquisition.6 |
•
|
Non-compensation expenses increased from a year ago primarily driven by the E*TRADE acquisition.6 |
($ millions)
| FY 2021 |
FY 2020 | ||||||
Net Revenues
|
$
|
24,243
|
$
|
19,086
| ||||
Asset management
|
$
|
13,966
|
$
|
10,955
| ||||
Transactional15 |
$
|
4,259
|
$
|
3,694
| ||||
Net interest
|
$
|
5,393
|
$
|
4,022
| ||||
Other
|
$
|
625
|
$
|
415
| ||||
Provision for credit losses
|
$
|
11
|
$
|
30
| ||||
Total Expenses
|
$
|
18,051
|
$
|
14,669
| ||||
Compensation
|
$
|
13,090
|
$
|
10,970
| ||||
Non-compensation
|
$
|
4,961
|
$
|
3,699
| ||||
•
|
Asset management and related fees increased due to the Eaton Vance acquisition, record AUM on strong performance and positive flows across all asset classes.
|
•
|
Performance-based income and other revenues decreased from a year ago reflecting lower results in our Asia private equity business, primarily driven by an underlying public investment and lower gains on investments associated with certain employee deferred compensation plans. The decrease was partially offset by higher accrued carried interest across our private funds.
|
•
|
Compensation expense increased from a year ago driven by the Eaton Vance acquisition6 and higher compensation associated with carried interest, partially offset by lower expenses related to certain deferred compensation plans linked to investment performance.
|
•
|
Non-compensation expenses increased from a year ago primarily driven by the Eaton Vance acquisition.6 |
($ millions)
| FY 2021 |
FY 2020 | ||||||
Net Revenues
|
$
|
6,220
|
$
|
3,734
| ||||
Asset management and related fees
|
$
|
5,576
|
$
|
3,013
| ||||
Performance-based income and other
|
$
|
644
|
$
|
721
| ||||
Total Expenses
|
$
|
4,542
|
$
|
2,864
| ||||
Compensation
|
$
|
2,373
|
$
|
1,542
| ||||
Non-compensation
|
$
|
2,169
|
$
|
1,322
| ||||
•
|
The Firm repurchased $2.8 billion of its outstanding common stock during the quarter as part of its Share Repurchase Program.
|
•
|
The Board of Directors declared a $0.70 quarterly dividend per share, payable on February 15, 2022 to common shareholders of record on January 31, 2022.
|
•
|
The Firm early adopted the Standardized Approach for Counterparty Credit Risk (SA-CCR) under Basel III on December 1, 2021. As a result of the adoption, as of December 31, 2021 our risk-weighted assets under the Standardized Approach increased by $23 billion and our Standardized CET1 capital ratio decreased by 82 basis points.20 |
4Q 2021 |
4Q 2020 |
FY 2021 |
FY 2020 | |||||||||||||
Common Stock Repurchases | ||||||||||||||||
Repurchases ($MM)
|
$
|
2,833
|
NA
|
$
|
11,464
|
$
|
1,347
| |||||||||
Number of Shares (MM)
|
28
|
NA
|
126
|
29
| ||||||||||||
Average Price
|
$
|
99.80
|
NA
|
$
|
91.13
|
$
|
46.01
| |||||||||
Period End Shares (MM)
|
1,772
|
1,810
|
1,772
|
1,810
| ||||||||||||
Tax Rate
|
23.9
|
%
|
23.0
|
%
|
23.1
|
%
|
22.5
|
%
| ||||||||
Capital16 | ||||||||||||||||
Standardized Approach
| ||||||||||||||||
CET1 capital17,20 |
16.0
|
%
|
17.4
|
%
| ||||||||||||
Tier 1 capital17 |
17.6
|
%
|
19.4
|
%
| ||||||||||||
Advanced Approach
| ||||||||||||||||
CET1 capital17 |
17.5
|
%
|
17.7
|
%
| ||||||||||||
Tier 1 capital17 |
19.3
|
%
|
19.8
|
%
| ||||||||||||
Leveraged-based capital
| ||||||||||||||||
Tier 1 leverage18 |
7.1
|
%
|
8.4
|
%
| ||||||||||||
SLR19 |
5.6
|
%
|
7.4
|
%
| ||||||||||||
4Q 2021 |
4Q 2020 |
FY 2021 |
FY 2020 | |||||||||||||
Firm | ||||||||||||||||
Compensation
|
$
|
25
|
$
|
151
|
$
|
102
|
$
|
151
| ||||||||
Non-compensation
|
121
|
80
|
354
|
80
| ||||||||||||
Total non-interest expenses
|
$
|
146
|
$
|
231
|
$
|
456
|
$
|
231
| ||||||||
Total non-interest expenses (after-tax)
|
$
|
114
|
$
|
189
|
$
|
352
|
$
|
189
| ||||||||
Wealth Management | ||||||||||||||||
Compensation
|
$
|
10
|
$
|
151
|
$
|
58
|
$
|
151
| ||||||||
Non-compensation
|
99
|
80
|
288
|
80
| ||||||||||||
Total non-interest expenses
|
$
|
109
|
$
|
231
|
$
|
346
|
$
|
231
| ||||||||
Total non-interest expenses (after-tax)
|
$
|
85
|
$
|
189
|
$
|
267
|
$
|
189
| ||||||||
Investment Management | ||||||||||||||||
Compensation
|
$
|
15
|
-
|
$
|
44
|
-
| ||||||||||
Non-compensation
|
22
|
-
|
66
|
-
| ||||||||||||
Total non-interest expenses
|
$
|
37
|
-
|
$
|
110
|
-
| ||||||||||
Total non-interest expenses (after-tax)
|
$
|
29
|
-
|
$
|
85
|
-
|
Consolidated Income Statement Information
| ||||||||||||||||||||||||||||||||
(unaudited, dollars in millions)
| ||||||||||||||||||||||||||||||||
Quarter Ended
|
Percentage Change From:
|
Twelve Months Ended
|
Percentage
| |||||||||||||||||||||||||||||
Dec 31, 2021
|
Sep 30, 2021
|
Dec 31, 2020
|
Sep 30, 2021
|
Dec 31, 2020
|
Dec 31, 2021
|
Dec 31, 2020
|
Change
| |||||||||||||||||||||||||
Revenues:
| ||||||||||||||||||||||||||||||||
Investment banking
|
$
|
2,581
|
$
|
3,013
|
$
|
2,435
|
(14
|
%)
|
6
|
%
|
$
|
10,994
|
$
|
7,674
|
43
|
%
| ||||||||||||||||
Trading
|
2,394
|
2,861
|
3,229
|
(16
|
%)
|
(26
|
%)
|
12,810
|
13,983
|
(8
|
%)
| |||||||||||||||||||||
Investments
|
632
|
45
|
327
|
*
|
93
|
%
|
1,376
|
986
|
40
|
%
| ||||||||||||||||||||||
Commissions and fees
|
1,307
|
1,280
|
1,352
|
2
|
%
|
(3
|
%)
|
5,521
|
4,851
|
14
|
%
| |||||||||||||||||||||
Asset management
|
5,395
|
5,201
|
3,926
|
4
|
%
|
37
|
%
|
19,967
|
14,272
|
40
|
%
| |||||||||||||||||||||
Other
|
126
|
290
|
457
|
(57
|
%)
|
(72
|
%)
|
1,042
|
678
|
54
|
%
| |||||||||||||||||||||
Total non-interest revenues
|
12,435
|
12,690
|
11,726
|
(2
|
%)
|
6
|
%
|
51,710
|
42,444
|
22
|
%
| |||||||||||||||||||||
Interest income
|
2,411
|
2,351
|
2,245
|
3
|
%
|
7
|
%
|
9,411
|
10,162
|
(7
|
%)
| |||||||||||||||||||||
Interest expense
|
322
|
288
|
374
|
12
|
%
|
(14
|
%)
|
1,366
|
3,849
|
(65
|
%)
| |||||||||||||||||||||
Net interest
|
2,089
|
2,063
|
1,871
|
1
|
%
|
12
|
%
|
8,045
|
6,313
|
27
|
%
| |||||||||||||||||||||
Net revenues
|
14,524
|
14,753
|
13,597
|
(2
|
%)
|
7
|
%
|
59,755
|
48,757
|
23
|
%
| |||||||||||||||||||||
Provision for credit losses
|
5
|
24
|
4
|
(79
|
%)
|
25
|
%
|
4
|
761
|
(99
|
%)
| |||||||||||||||||||||
Non-interest expenses:
| ||||||||||||||||||||||||||||||||
Compensation and benefits
|
5,487
|
5,920
|
5,450
|
(7
|
%)
|
1
|
%
|
24,628
|
20,854
|
18
|
%
| |||||||||||||||||||||
Non-compensation expenses:
| ||||||||||||||||||||||||||||||||
Brokerage, clearing and exchange fees
|
811
|
825
|
776
|
(2
|
%)
|
5
|
%
|
3,341
|
2,929
|
14
|
%
| |||||||||||||||||||||
Information processing and communications
|
833
|
788
|
697
|
6
|
%
|
20
|
%
|
3,119
|
2,465
|
27
|
%
| |||||||||||||||||||||
Professional services
|
829
|
734
|
679
|
13
|
%
|
22
|
%
|
2,933
|
2,205
|
33
|
%
| |||||||||||||||||||||
Occupancy and equipment
|
479
|
427
|
456
|
12
|
%
|
5
|
%
|
1,725
|
1,559
|
11
|
%
| |||||||||||||||||||||
Marketing and business development
|
205
|
146
|
161
|
40
|
%
|
27
|
%
|
643
|
434
|
48
|
%
| |||||||||||||||||||||
Other
|
991
|
1,015
|
944
|
(2
|
%)
|
5
|
%
|
3,694
|
3,132
|
18
|
%
| |||||||||||||||||||||
Total non-compensation expenses
|
4,148
|
3,935
|
3,713
|
5
|
%
|
12
|
%
|
15,455
|
12,724
|
21
|
%
| |||||||||||||||||||||
Total non-interest expenses
|
9,635
|
9,855
|
9,163
|
(2
|
%)
|
5
|
%
|
40,083
|
33,578
|
19
|
%
| |||||||||||||||||||||
Income before provision for income taxes
|
4,884
|
4,874
|
4,430
|
--
|
10
|
%
|
19,668
|
14,418
|
36
|
%
| ||||||||||||||||||||||
Provision for income taxes
|
1,168
|
1,150
|
1,018
|
2
|
%
|
15
|
%
|
4,548
|
3,239
|
40
|
%
| |||||||||||||||||||||
Net income
|
$
|
3,716
|
$
|
3,724
|
$
|
3,412
|
--
|
9
|
%
|
$
|
15,120
|
$
|
11,179
|
35
|
%
| |||||||||||||||||
Net income applicable to nonredeemable noncontrolling interests
|
20
|
17
|
27
|
18
|
%
|
(26
|
%)
|
86
|
183
|
(53
|
%)
| |||||||||||||||||||||
Net income applicable to Morgan Stanley
|
3,696
|
3,707
|
3,385
|
--
|
9
|
%
|
15,034
|
10,996
|
37
|
%
| ||||||||||||||||||||||
Preferred stock dividend
|
104
|
123
|
119
|
(15
|
%)
|
(13
|
%)
|
468
|
496
|
(6
|
%)
| |||||||||||||||||||||
Earnings applicable to Morgan Stanley common shareholders
|
$
|
3,592
|
$
|
3,584
|
$
|
3,266
|
--
|
10
|
%
|
$
|
14,566
|
$
|
10,500
|
39
|
%
| |||||||||||||||||
The End Notes are an integral part of this presentation. Refer to the Financial Supplement on pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice for additional information.
|
Consolidated Financial Metrics, Ratios and Statistical Data
| ||||||||||||||||||||||||||||||||
(unaudited)
| ||||||||||||||||||||||||||||||||
Quarter Ended
|
Percentage Change From:
|
Twelve Months Ended
|
Percentage
| |||||||||||||||||||||||||||||
Dec 31, 2021
|
Sep 30, 2021
|
Dec 31, 2020
|
Sep 30, 2021
|
Dec 31, 2020
|
Dec 31, 2021
|
Dec 31, 2020
|
Change
| |||||||||||||||||||||||||
Financial Metrics:
| ||||||||||||||||||||||||||||||||
Earnings per basic share
|
$
|
2.05
|
$
|
2.01
|
$
|
1.84
|
2
|
%
|
11
|
%
|
$
|
8.16
|
$
|
6.55
|
25
|
%
| ||||||||||||||||
Earnings per diluted share
|
$
|
2.01
|
$
|
1.98
|
$
|
1.81
|
2
|
%
|
11
|
%
|
$
|
8.03
|
$
|
6.46
|
24
|
%
| ||||||||||||||||
Return on average common equity
|
14.7
|
%
|
14.5
|
%
|
14.7
|
%
|
15.0
|
%
|
13.1
|
%
| ||||||||||||||||||||||
Return on average tangible common equity
|
19.8
|
%
|
19.6
|
%
|
17.7
|
%
|
19.8
|
%
|
15.2
|
%
| ||||||||||||||||||||||
Book value per common share
|
$
|
55.12
|
$
|
54.56
|
$
|
51.13
|
$
|
55.12
|
$
|
51.13
| ||||||||||||||||||||||
Tangible book value per common share
|
$
|
40.91
|
$
|
40.47
|
$
|
41.95
|
$
|
40.91
|
$
|
41.95
| ||||||||||||||||||||||
Excluding integration-related expenses
| ||||||||||||||||||||||||||||||||
Adjusted earnings per diluted share
|
$
|
2.08
|
$
|
2.04
|
$
|
1.92
|
2
|
%
|
8
|
%
|
$
|
8.22
|
$
|
6.58
|
25
|
%
| ||||||||||||||||
Adjusted return on average common equity
|
15.2
|
%
|
15.0
|
%
|
15.6
|
%
|
15.3
|
%
|
13.3
|
%
| ||||||||||||||||||||||
Adjusted return on average tangible common equity
|
20.4
|
%
|
20.2
|
%
|
18.7
|
%
|
20.2
|
%
|
15.4
|
%
| ||||||||||||||||||||||
Financial Ratios:
| ||||||||||||||||||||||||||||||||
Pre-tax profit margin
|
34
|
%
|
33
|
%
|
33
|
%
|
33
|
%
|
30
|
%
| ||||||||||||||||||||||
Compensation and benefits as a % of net revenues
|
38
|
%
|
40
|
%
|
40
|
%
|
41
|
%
|
43
|
%
| ||||||||||||||||||||||
Non-compensation expenses as a % of net revenues
|
29
|
%
|
27
|
%
|
27
|
%
|
26
|
%
|
26
|
%
| ||||||||||||||||||||||
Firm expense efficiency ratio
|
66
|
%
|
67
|
%
|
67
|
%
|
67
|
%
|
69
|
%
| ||||||||||||||||||||||
Firm expense efficiency ratio excluding integration-related expenses
|
65
|
%
|
66
|
%
|
66
|
%
|
66
|
%
|
68
|
%
| ||||||||||||||||||||||
Effective tax rate
|
23.9
|
%
|
23.6
|
%
|
23.0
|
%
|
23.1
|
%
|
22.5
|
%
| ||||||||||||||||||||||
Statistical Data:
| ||||||||||||||||||||||||||||||||
Period end common shares outstanding (millions)
|
1,772
|
1,799
|
1,810
|
(2
|
%)
|
(2
|
%)
| |||||||||||||||||||||||||
Average common shares outstanding (millions)
| ||||||||||||||||||||||||||||||||
Basic
|
1,751
|
1,781
|
1,774
|
(2
|
%)
|
(1
|
%)
|
1,785
|
1,603
|
11
|
%
| |||||||||||||||||||||
Diluted
|
1,785
|
1,812
|
1,802
|
(1
|
%)
|
(1
|
%)
|
1,814
|
1,624
|
12
|
%
| |||||||||||||||||||||
Worldwide employees
|
74,814
|
73,620
|
68,097
|
2
|
%
|
10
|
%
| |||||||||||||||||||||||||
Notes:
| |
‐ |
For the quarters ended December 31, 2021 and September 30, 2021 and the full year ended December 31, 2021, Firm results include pre-tax integration-related expenses of $146 million, $145 million and $456 million ($114 million, $111 million and $352 million after-tax) respectively, reported in the Wealth Management and Investment Management business segments. For the quarter and full year ended December 31, 2020, Firm results include pre-tax integration-related expenses of $231 million ($189 million after-tax) reported in the Wealth Management segment.
|
- |
The End Notes are an integral part of this presentation. Refer to the Financial Supplement on pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice for additional information.
|
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Morgan Stanley published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 13:21:09 UTC.