Core Viewpoint - Morgan Stanley's stock performance and upcoming earnings release are of significant interest to investors, with positive growth projections for both EPS and revenue compared to the previous year [1][2]. Group 1: Stock Performance - Morgan Stanley's stock closed at $100.74, reflecting a decrease of -0.78% from the previous day, which is less than the S&P 500's loss of 0.27% [1]. - Over the past month, Morgan Stanley's stock has increased by 8.29%, outperforming the Finance sector's gain of 5.74% and the S&P 500's gain of 7.34% [1]. Group 2: Earnings Projections - The upcoming earnings release is expected to show an EPS of $1.66, indicating a growth of 33.87% year-over-year [1]. - Revenue is projected to be $14.28 billion, representing a 6.09% increase compared to the same quarter last year [1]. - For the full year, earnings are estimated at $6.83 per share and revenue at $57.84 billion, reflecting changes of +25.09% and +6.82% respectively from the prior year [1]. Group 3: Analyst Estimates and Rankings - Recent revisions in analyst estimates indicate a favorable outlook on Morgan Stanley's business health and profitability, with a 0.99% upward shift in the Zacks Consensus EPS estimate over the past month [2]. - Morgan Stanley currently holds a Zacks Rank of 1 (Strong Buy), which has historically generated an average annual return of +25% since 1988 [2]. Group 4: Valuation Metrics - Morgan Stanley's Forward P/E ratio is 14.86, which is lower than the industry's Forward P/E of 18.37, indicating a valuation discount [3]. - The company has a PEG ratio of 1.24, compared to the Financial - Investment Bank industry's average PEG ratio of 1.15 [3]. - The Financial - Investment Bank industry is ranked 16 in the Zacks Industry Rank, placing it in the top 7% of over 250 industries [3].

Core Viewpoint - Mike Wilson from Morgan Stanley has raised the 12-month target price for the S&P 500 by 20%, from 4,500 to 5,400, indicating a significant shift in market outlook [1][4]. Group 1: Market Predictions - Morgan Stanley has abandoned previous predictions for a market pullback, which had been a consistent theme from Wilson over the past few years [1]. - The updated target is based on a projected earnings per share (EPS) of $283 by June 2026, applying a 19 times price-to-earnings (P/E) multiple [1]. - Earnings growth is expected to be 8% in 2024 and 13% in 2025, driven by revenue growth and margin expansion, particularly from advancements in AI [1]. Group 2: Sector Analysis - Key sectors expected to benefit from AI advancements include Software and Services, Consumer Services, Health Care, Financial Services, and Media and Entertainment [1]. - Morgan Stanley has upgraded Industrials to overweight and recommends maintaining long positions in defensive sectors like Consumer Staples and Utilities [2]. Group 3: Investment Strategy - Morgan Stanley updated their bull and bear case targets to 6,350 and 4,200, respectively, indicating a potential 20% upside or downside [2]. - A balanced investment approach is recommended, favoring quality cyclicals and growth stocks, with large caps expected to outperform small caps due to stronger earnings and healthier balance sheets [2]. Group 4: Current Market Status - The S&P 500 is currently at 5,303, which is 9% above Wall Street strategists' average year-end price target for 2024 of 4,861 [2][3]. - With more than six months remaining before year-end, the S&P 500 appears poised to exceed even the most bullish analyst expectations [3].

Core Viewpoint - Morgan Stanley's Q1 2024 earnings report showed strong performance, with earnings per share of $2.02, exceeding estimates and reflecting a year-over-year increase. The company experienced growth in its Institutional Securities division despite challenges in advisory fees and net interest income [2][3]. Financial Performance - Earnings per share for Q1 2024 were $2.02, surpassing the Zacks Consensus Estimate of $1.69 and up from $1.70 in the prior-year quarter [2]. - Total net revenues reached $15.14 billion, a 4% increase from the previous year, and exceeded the Zacks Consensus Estimate of $14.47 billion [4]. - Net income applicable to common shareholders was $3.27 billion, a 15% increase from the year-ago quarter, compared to an estimate of $2.69 billion [3]. Revenue Breakdown - Institutional Securities division reported net revenues of $7.02 billion, up 3% year over year, driven by increased underwriting and equity trading revenues [5]. - Wealth Management segment's net revenues were $6.88 billion, also up 5%, supported by higher asset management and transactional revenues [5]. - Investment Management segment saw net revenues of $1.38 billion, a 7% increase, attributed to rising asset management fees [6]. Expenses and Income - Net interest income (NII) was $1.8 billion, down 23% year over year, while total non-interest expenses rose to $10.74 billion, a 2% increase [4]. - A provision benefit of $6 million was recorded, contrasting with a provision expense of $234 million in the prior-year quarter [4]. Capital Position - As of March 31, 2024, the book value per share was $55.60, up from $55.13 a year ago, while the tangible book value per share increased to $41.07 from $40.68 [7]. Share Repurchase - In the reported quarter, Morgan Stanley repurchased 12 million shares for a total of $1 billion [8]. Future Outlook - Management anticipates stable NII in the Institutional Securities segment for Q2 2024 and expects wealth management segment pre-tax margins to be in the mid-20% range [9]. - Long-term objectives include achieving a return on tangible common equity (ROTCE) of 20% or more and maintaining an efficiency ratio of less than 70% [10]. Industry Comparison - Morgan Stanley's performance is compared to Goldman Sachs, which reported a 15.4% increase in stock price over the past month and a year-over-year revenue growth of 16.3% [13].

Core Insights - David Ellison, a seasoned fund manager with 41 years in the investment industry, manages the Hennessy Large Cap Financial Fund, which includes notable holdings like Coinbase [1][2] - The article highlights three financial stocks recommended by Ellison, showcasing his investment strategy and insights into the financial sector [2] Group 1: Morgan Stanley - Morgan Stanley is Ellison's 12th-largest holding, representing 4.81% of the fund [3] - Under former CEO James Gorman, Morgan Stanley's shares increased by 215%, which is lower than the S&P 500's 323% but higher than the Dow Jones U.S. Banks Index's 133% [3] - Revenue growth from $16.4 billion in 2010 to $54.14 billion in 2023, with nearly 50% of revenue coming from wealth management [3][4] Group 2: Berkshire Hathaway - Berkshire Hathaway is Ellison's 15th-largest holding, accounting for 4.29% of the fund [6] - The company reduced its Apple holdings by 13%, selling 117 million shares, while maintaining a cash position exceeding $188 billion [6] - Berkshire generates over $8 billion annually from its cash position, making it a significant asset [6] Group 3: Truist Financial - Truist Financial is Ellison's 21st-largest holding, with a 1.99% weighting, and its stock has risen nearly 41% over the past year [7] - The company sold its remaining stake in Truist Insurance Holdings, enhancing its financial profile and allowing for investment in core banking businesses [7][8] - Moody's downgraded Truist's long-term senior unsecured debt to Baa1 from A3, indicating concerns about revenue diversification following the sale [8]

Company Overview - Morgan Stanley (MS) is based in New York and operates in the Finance sector, with a year-to-date share price change of 2.72% [2] - The company currently pays a dividend of $0.85 per share, resulting in a dividend yield of 3.55%, significantly higher than the Financial - Investment Bank industry's yield of 0.44% and the S&P 500's yield of 1.58% [2] Dividend Performance - Morgan Stanley's annualized dividend is $3.40, reflecting a 4.6% increase from the previous year [2] - Over the last 5 years, the company has increased its dividend 4 times year-over-year, achieving an average annual increase of 29.33% [2] - The current payout ratio is 59%, indicating that the company distributes 59% of its trailing 12-month earnings per share as dividends [2] Earnings Expectations - The Zacks Consensus Estimate for Morgan Stanley's earnings in 2024 is projected at $6.84 per share, with an expected increase of 25.27% compared to the previous year [3] Investment Appeal - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [4] - Established firms with secure profits are typically viewed as the best dividend options, while high-growth businesses often do not offer dividends [4] - Morgan Stanley is highlighted as an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 1 (Strong Buy) [4]

Core Viewpoint - Morgan Stanley is positioned for growth due to strategic expansion efforts and a solid balance sheet, with a favorable macroeconomic backdrop expected to revive its investment banking business, strengthening financials [1] Earnings Growth - Morgan Stanley has experienced earnings growth of 4.7% over the past three to five years, driven by top-line growth and strategic buyouts [1] - Earnings are projected to grow at rates of 23.6%, 11.2%, and 4.1% in 2024, 2025, and 2026, respectively [2] Revenue Strength - The company’s net revenues have shown a CAGR of 6.2% from 2018 to 2023, primarily due to growth in investment management and wealth management segments, reducing reliance on capital markets-driven revenues [2] - Total net revenues are estimated to grow by 6.3%, 4.2%, and 2% in 2024, 2025, and 2026, respectively [3] Strategic Expansion Efforts - Morgan Stanley has undertaken strategic expansion initiatives, particularly in Europe and Canada, supported by strong liquidity and balance sheet [3] - In July 2023, the company announced plans to merge certain operations with Mitsubishi UFJ Financial Group to enhance its presence in Japan [4] Strong Balance Sheet - As of March 31, 2024, Morgan Stanley had long-term debt of $266.2 billion, with approximately $19.7 billion maturing in the next 12 months, and cash and cash equivalents of $102.3 billion [5] - The company is expected to meet its debt obligations even in adverse economic conditions due to its investment-grade ratings and stable outlook [5] Steady Capital Distributions - Following the 2023 stress test results, Morgan Stanley increased its dividend by 10% to 85 cents per share and re-authorized a $20 billion share repurchase program [5] - As of March 31, 2024, $16.2 billion remains under the buyback authorization, indicating a robust capital and liquidity position [5] Stock Valuation - Morgan Stanley's stock appears undervalued, with price-to-earnings (F1) and price-to-book ratios of 13.69 and 1.68, respectively, below industry averages of 17.28 and 2.39 [6]

Part I - Financial Information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=4&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Morgan Stanley's Management's Discussion and Analysis (MD&A) provides a comprehensive overview of the firm's financial performance for the first quarter of 2024. It details strong consolidated results, with net revenues of $15.1 billion and net income of $3.4 billion, driven by robust performance across its Institutional Securities, Wealth Management, and Investment Management segments. The analysis covers key financial metrics, segment-specific results, liquidity and capital management, and regulatory compliance, highlighting operating leverage in an improving market environment [Introduction](index=5&type=section&id=Introduction) Morgan Stanley operates as a global financial services firm across Institutional Securities, Wealth Management, and Investment Management - Morgan Stanley operates as a global financial services firm with three primary business segments: Institutional Securities, Wealth Management, and Investment Management[11](index=11&type=chunk) - The Institutional Securities segment provides investment banking, sales, trading, financing, and research services to corporations, governments, and financial institutions[11](index=11&type=chunk) - The Wealth Management segment offers a wide array of financial services and solutions to individual investors and small to medium-sized businesses, including brokerage, investment advisory, lending, and banking services[12](index=12&type=chunk) - The Investment Management segment provides a broad range of investment strategies and products across various asset classes to institutional and individual clients through intermediaries[13](index=13&type=chunk) [Executive Summary](index=5&type=section&id=Executive%20Summary) Highlights strong Q1 2024 consolidated results with increased net revenues, net income, and improved key performance metrics Q1 2024 Consolidated Financial Results | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $15.1 billion | $14.5 billion | +4% | | **Net Income** | $3.4 billion | $3.0 billion | +14% | | **Diluted EPS** | $2.02 | $1.70 | +19% | Q1 2024 Key Performance Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Return on Equity (ROE)** | 14.5% | 12.4% | | **Return on Tangible Common Equity (ROTCE)** | 19.7% | 16.9% | | **Expense Efficiency Ratio** | 71% | 72% | - The Provision for credit losses was a net release of **$6 million**, primarily due to improvements in the macroeconomic outlook, a significant reversal from the **$234 million** provision in the prior year quarter[21](index=21&type=chunk) Net Revenues by Business Segment (in millions) | Business Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Institutional Securities** | $7,016 | $6,797 | +3% | | **Wealth Management** | $6,880 | $6,559 | +5% | | **Investment Management** | $1,377 | $1,289 | +7% | Key Balance Sheet and Capital Ratios | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $1,228.5 billion | $1,193.7 billion | | **Deposits** | $352.5 billion | $351.8 billion | | **Common Equity** | $90.4 billion | $90.3 billion | | **Standardized CET1 Ratio** | 15.0% | 15.2% | [Business Segments](index=9&type=section&id=Business%20Segments) The firm's three business segments all contributed positively to Q1 2024 results. Institutional Securities revenues grew 3% to $7.0 billion, driven by strong underwriting. Wealth Management revenues increased 5% to $6.9 billion, benefiting from higher asset management fees and significant net new assets. Investment Management revenues rose 7% to $1.4 billion, supported by higher average AUM and positive long-term net flows [Institutional Securities](index=10&type=section&id=Institutional%20Securities) Institutional Securities reported a 3% year-over-year increase in net revenues to $7.0 billion. This growth was primarily fueled by a 16% rise in Investment Banking revenues, driven by a 62% surge in underwriting activities. Equity revenues saw a modest 4% increase, while Fixed Income revenues declined by 4%. The segment's pre-tax income grew 24% to $2.4 billion, reflecting improved profitability Institutional Securities Financial Summary (in millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $7,016 | $6,797 | +3% | | **Total Investment Banking** | $1,447 | $1,247 | +16% | | *Advisory* | $461 | $638 | (28)% | | *Total Underwriting* | $986 | $609 | +62% | | **Equity** | $2,842 | $2,729 | +4% | | **Fixed Income** | $2,485 | $2,576 | (4)% | | **Income before taxes** | $2,351 | $1,892 | +24% | - Investment Banking revenues increased **16%** due to higher underwriting revenues, particularly in equity (up **113%**) and fixed income (up **37%**), which offset a **28%** decline in advisory revenues from fewer completed M&A transactions[41](index=41&type=chunk)[43](index=43&type=chunk) - Equity net revenues rose **4%**, driven by higher gains on inventory held to facilitate client activity in derivatives and cash equities[46](index=46&type=chunk) - Fixed Income net revenues decreased **4%**, primarily reflecting lower client activity in foreign exchange and rates products[47](index=47&type=chunk) [Wealth Management](index=12&type=section&id=Wealth%20Management) Wealth Management delivered a 5% year-over-year increase in net revenues to $6.9 billion, maintaining a strong pre-tax margin of 26.3%. Growth was driven by a 13% rise in asset management revenues due to higher market levels and positive fee-based flows. The segment attracted $95 billion in net new assets. However, net interest revenues declined 14% due to changes in deposit mix Wealth Management Financial Summary (in millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $6,880 | $6,559 | +5% | | *Asset Management* | $3,829 | $3,382 | +13% | | *Transactional* | $1,033 | $921 | +12% | | *Net Interest* | $1,856 | $2,158 | (14)% | | **Income before taxes** | $1,806 | $1,712 | +5% | Wealth Management Key Metrics | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | **Total Client Assets** | $5.495 trillion | $5.129 trillion | | **Net New Assets (Quarter)** | $94.9 billion | N/A | | **Deposits** | $347 billion | $346 billion | - Asset management revenues increased **13%** primarily due to higher fee-based asset levels driven by higher market levels and cumulative positive fee-based flows[57](index=57&type=chunk)[58](index=58&type=chunk) - Net interest revenues decreased **14%** mainly due to changes in deposit mix as clients shifted cash to higher-yielding products, partially offset by the net effect of higher interest rates[60](index=60&type=chunk) [Investment Management](index=14&type=section&id=Investment%20Management) Investment Management net revenues grew 7% year-over-year to $1.4 billion, with pre-tax income increasing 45% to $241 million. The performance was driven by an 8% rise in asset management and related fees, reflecting higher average Assets under Management (AUM) of $1.5 trillion. The segment also recorded positive long-term net flows of $7.6 billion during the quarter Investment Management Financial Summary (in millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $1,377 | $1,289 | +7% | | *Asset management fees* | $1,346 | $1,248 | +8% | | *Performance-based income* | $31 | $41 | (24)% | | **Income before taxes** | $241 | $166 | +45% | Assets Under Management (AUM) (in billions) | Metric | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total AUM** | $1,505 | $1,459 | | **Long-Term Net Flows (Q1)** | $7.6 | N/A | - Asset management and related fees increased by **8%** primarily due to higher average AUM resulting from higher market levels and positive long-term net flows[68](index=68&type=chunk) [Supplemental Financial Information](index=16&type=section&id=Supplemental%20Financial%20Information) Provides U.S. bank subsidiaries' financials and updates on accounting standards, with no material impact expected U.S. Bank Subsidiaries' Selected Financials (in billions) | Metric | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Investment Securities** | $116.0 | $118.0 | | **Wealth Management Loans** | $147.4 | $146.5 | | **Institutional Securities Loans** | $63.9 | $65.7 | | **Total Assets** | $400.9 | $396.1 | | **Deposits** | $346.6 | $346.1 | - The firm is evaluating new accounting updates related to Income Tax Disclosures and Segment Reporting, but does not expect a material impact upon adoption[79](index=79&type=chunk)[80](index=80&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The firm maintained a robust liquidity and capital position. Average liquidity resources for the quarter were $319 billion. Total assets stood at $1.23 trillion. The firm's Standardized Common Equity Tier 1 (CET1) capital ratio was 15.0%, comfortably above the 12.9% requirement. The Supplementary Leverage Ratio (SLR) was 5.4%, exceeding the 5.0% minimum. The firm remains compliant with all regulatory liquidity and capital standards, including LCR, NSFR, and TLAC Key Capital Ratios | Ratio | March 31, 2024 | Required Ratio | | :--- | :--- | :--- | | **Standardized CET1 Ratio** | 15.0% | 12.9% | | **Advanced CET1 Ratio** | 15.4% | 10.0% | | **Tier 1 Leverage Ratio** | 6.7% | 4.0% | | **Supplementary Leverage Ratio (SLR)** | 5.4% | 5.0% | Average Liquidity Resources (in millions) | Resource Type | Q1 2024 Average | Q4 2023 Average | | :--- | :--- | :--- | | **Total HQLA** | $311,414 | $306,368 | | **Total Liquidity Resources** | $318,664 | $314,504 | - The firm is compliant with the minimum Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) requirements of **100%**. The average LCR for Q1 2024 was **125%**[92](index=92&type=chunk)[93](index=93&type=chunk) - During Q1 2024, the firm repurchased **$1.0 billion** of its common stock[110](index=110&type=chunk) - The firm is in compliance with all Total Loss-Absorbing Capacity (TLAC) requirements, with an external TLAC ratio of **55.0%** of RWA, well above the **21.5%** required ratio[127](index=127&type=chunk)[128](index=128&type=chunk) [Quantitative and Qualitative Disclosures about Risk](index=26&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Risk) This section details the firm's management of various risks. Market risk, measured by 95%/One-Day Management Value-at-Risk (VaR), averaged $54 million for the quarter, an increase from the prior quarter due to higher interest rate and credit spread exposure. Credit risk exposure from loans and lending commitments increased to $385 billion, with a decrease in the allowance for credit losses due to an improved macroeconomic outlook. The firm also outlines its framework for managing country, operational, model, liquidity, legal, and climate risks [Market Risk](index=26&type=section&id=Market%20Risk) Market risk (VaR) increased due to higher interest rate and credit spread exposure, with few trading loss days 95%/One-Day Management VaR (in millions) | Risk Category | Q1 2024 Average | Q4 2023 Average | | :--- | :--- | :--- | | Interest rate and credit spread | $40 | $31 | | Equity price | $21 | $22 | | Foreign exchange rate | $9 | $7 | | Commodity price | $13 | $13 | | **Total Management VaR** | **$54** | **$46** | - Average Total Management VaR increased from the prior quarter, primarily driven by increased exposure in the interest rate and credit spread risk category[145](index=145&type=chunk) - There were **2** trading loss days in the current quarter, none of which exceeded the **95%** Total Management VaR[146](index=146&type=chunk) [Credit Risk](index=28&type=section&id=Credit%20Risk) Credit risk exposure increased, while ACL decreased due to improved macroeconomic outlook, focusing on commercial real estate Total Loans and Lending Commitments Exposure (in millions) | Category | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Loans, net of ACL** | $227,145 | $226,828 | | **Lending Commitments** | $157,686 | $149,973 | | **Total Exposure** | **$384,831** | **$376,801** | Allowance for Credit Losses (ACL) Rollforward (in millions) | ACL Category | Beginning Balance (Dec 31, 2023) | Provision for Credit Losses | Ending Balance (Mar 31, 2024) | | :--- | :--- | :--- | :--- | | **ACL - Loans** | $1,169 | $(22) | $1,141 | | **ACL - Lending Commitments** | $551 | $16 | $565 | | **Total ACL** | **$1,720** | **$(6)** | **$1,706** | - The allowance for credit losses decreased, primarily related to improvements in the macroeconomic outlook, partially offset by provisions for specific commercial real estate and corporate loans[160](index=160&type=chunk) - Commercial real estate (CRE) exposure totaled **$10.3 billion** in Institutional Securities and **$7.3 billion** in Wealth Management. The CRE sector remains under heightened focus due to economic and secular factors[170](index=170&type=chunk)[177](index=177&type=chunk) [Country and Other Risks](index=33&type=section&id=Country%20and%20Other%20Risks) Manages country risk (UK, France, Germany) and frameworks for operational, model, liquidity, legal, and climate risks Top 5 Non-U.S. Country Exposures (Net, in millions) | Country | March 31, 2024 | | :--- | :--- | | **United Kingdom** | $23,259 | | **France** | $8,191 | | **Germany** | $7,799 | | **Brazil** | $6,194 | | **China** | $5,968 | - The firm outlines its management frameworks for various other risks, including Operational Risk, Model Risk, Liquidity Risk, Legal, Regulatory and Compliance Risk, and Climate Risk[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) [Consolidated Financial Statements and Notes](index=36&type=section&id=Consolidated%20Financial%20Statements%20and%20Notes) This section presents the unaudited consolidated financial statements for the three months ended March 31, 2024. It includes the Income Statement, Comprehensive Income Statement, Balance Sheet, Statement of Changes in Total Equity, and Cash Flow Statement. The accompanying notes provide detailed disclosures on significant accounting policies, fair value measurements, derivative instruments, loans and credit losses, commitments, regulatory capital, and segment information [Consolidated Financial Statements](index=36&type=section&id=Consolidated%20Financial%20Statements) Presents the firm's unaudited consolidated income statement, balance sheet, and cash flow statement for Q1 2024 Consolidated Income Statement Summary (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Revenues** | $15,136 | $14,517 | | **Provision for Credit Losses** | $(6) | $234 | | **Total Non-interest Expenses** | $10,747 | $10,523 | | **Income before Taxes** | $4,395 | $3,760 | | **Net Income** | $3,462 | $3,033 | | **Net Income applicable to Morgan Stanley** | $3,412 | $2,980 | Consolidated Balance Sheet Summary (in millions) | Line Item | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $1,228,503 | $1,193,693 | | *Cash and cash equivalents* | $102,305 | $89,232 | | *Loans, net* | $217,220 | $218,640 | | **Total Liabilities** | $1,128,363 | $1,093,711 | | *Deposits* | $352,494 | $351,804 | | *Borrowings* | $271,383 | $263,732 | | **Total Equity** | $100,140 | $99,982 | Consolidated Cash Flow Statement Summary (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash from operating activities** | $4,360 | $(9,865) | | **Net cash from investing activities** | $1,054 | $(1,041) | | **Net cash from financing activities** | $8,857 | $(6,288) | | **Net increase (decrease) in cash** | $13,073 | $(16,869) | [Notes to Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the firm's accounting policies and financial results. Key disclosures include fair value measurements, where most assets are Level 1 or 2; extensive use of derivatives for trading and hedging; a loan portfolio of $217 billion with a corresponding ACL of $1.1 billion; and robust regulatory capital, with a Standardized CET1 ratio of 15.0%. The notes also detail legal contingencies, segment performance, and equity changes, including $1.0 billion in share repurchases [Controls and Procedures](index=74&type=section&id=Controls%20and%20Procedures) The firm's management, including the CEO and CFO, evaluated the disclosure controls and procedures and concluded they were effective as of March 31, 2024. There were no material changes to the internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Firm's disclosure controls and procedures were effective as of the end of the reporting period[404](index=404&type=chunk) Part II - Other Information [Legal Proceedings](index=74&type=section&id=Legal%20Proceedings) The firm is involved in various legal actions, regulatory investigations, and proceedings. Key matters include antitrust litigation related to interest rate swaps, securities lending, and Variable Rate Demand Obligations (VRDOs), as well as tax disputes in Europe. The firm has reached agreements in principle to settle the interest rate swaps and securities lending class actions - The firm is responding to governmental investigations and civil litigation regarding alleged anticompetitive conduct in the financial services industry[333](index=333&type=chunk) - An agreement in principle was reached to settle the In Re: Interest Rate Swaps Antitrust Litigation class claims on February 28, 2024[334](index=334&type=chunk) - An agreement in principle was reached to settle the securities lending antitrust class action (Iowa Public Employees' Retirement System et al. v. Bank of America Corporation et al.) on May 20, 2023[335](index=335&type=chunk) [Risk Factors](index=74&type=section&id=Risk%20Factors) This section refers to the detailed discussion of risk factors affecting the firm as disclosed in Part I, Item 1A of the 2023 Annual Report on Form 10-K - For a discussion of the risk factors affecting the Firm, readers are referred to "Risk Factors" in Part I, Item 1A of the 2023 Form 10-K[406](index=406&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the firm repurchased a total of 11.5 million shares for approximately $1.0 billion under its publicly announced share repurchase authorization. As of the end of March 2024, $16.2 billion remained available under the current authorization Issuer Purchases of Equity Securities (Q1 2024) | Month | Total Shares Purchased as Part of Program | Average Price Paid per Share | Dollar Value of Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | | **January** | 1,878,800 | $86.00 | $17,039 | | **February** | 5,213,800 | $86.05 | $16,590 | | **March** | 4,429,444 | $88.02 | $16,200 | | **Total Q1** | **11,522,044** | **N/A** | **$16,200** | - On June 30, 2023, the Board of Directors reauthorized a multi-year share repurchase program of up to **$20 billion** of outstanding common stock with no set expiration date[379](index=379&type=chunk)[409](index=409&type=chunk)

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [2] - Proactive focuses on various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [2] Group 2 - Proactive employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [3] - The company emphasizes the use of technology to assist and enhance workflows, leveraging decades of expertise and experience [2][3]

Group 1 - Wolf Haldenstein is investigating claims on behalf of investors in Morgan Stanley regarding potential false or misleading statements and undisclosed information [1] - The investigation follows an article from The Wall Street Journal reporting that multiple federal regulators, including the SEC, are probing Morgan Stanley's client vetting processes related to money laundering risks [2] - Following the news of the investigation, Morgan Stanley's stock price dropped by $4.81, or 5.2%, closing at $86.84 per share on April 11, 2024 [2] Group 2 - Wolf Haldenstein has a strong reputation in prosecuting securities class actions and derivative litigation across various courts in the United States [3] - The firm has multiple offices and a diverse team of attorneys specializing in shareholder and class litigation [3]

财联社4月18日讯（编辑 牛占林）摩根士丹利研究部门分析师周四在一份报告中称，尽管面临日益多极化的世界带来的挑战，但预计美元作为主要储备货币的地位将持续存在。 近年来，大国竞争、地缘政治冲突、美国债务上限的争论以及不断上升的债务水平，让市场重新审视美元作为世界主要货币的地位。 摩根士丹利对此进行了探讨，并在最新报告中表示，美元的主导储备货币地位预计将持续下去，这应该会为美元提供长期支撑，且美元在一系列经济和金融指标上对全球经济的影响依然强劲。 对美国财政前景的担忧，以及美国政府肆意将美元武器化，可能促使一些国家寻求美元以外的货币，但这是一项艰巨的任务。 国际货币基金组织(IMF)此前警告称，传统上被认为是世界储备货币的美元，不太可能面临“迫在眉睫的灭亡”。但西方国家对俄罗斯采取的制裁措施，导致其他国家央行更不愿意持有大量的美元和欧元外汇储备。 报告称，讨论最多的当然是人民币，但短期内无法成为美元的可信挑战者。摩根士丹利预计，到2030年，人民币在全球外汇储备中的占比将上升至5%的水平。这表明尽管人民币的国际地位可能会有所提升，但在全球货币储备中所占的份额增长仍然相对有限。 摩根士丹利报告中提到了全球经济中的一 ...