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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

Commission File Number 1-11758

(Exact name of Registrant as specified in its charter)

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
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%			MS/PQ			New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
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)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒

As of April 30, 2026, there were 1,577,284,817 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

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Table of Contents

QUARTERLY REPORT ON FORM 10-Q

For the quarter ended March 31, 2026

Table of Contents						Part			Item			Page
Financial Information						I
Management’s Discussion and Analysis of Financial Condition and Results of Operations						I			2			4
Introduction												4
Executive Summary												5
Business Segments												9
Institutional Securities												10
Wealth Management												12
Investment Management												15
Supplemental Financial Information												17
Other Matters												18
Accounting Development Updates												19
Critical Accounting Estimates												19
Liquidity and Capital Resources												19
Balance Sheet												20
Regulatory Requirements												23
Quantitative and Qualitative Disclosures about Risk						I			3			29
Market Risk												29
Credit Risk												31
Country and Other Risks												36
Report of Independent Registered Public Accounting Firm												38
Consolidated Financial Statements and Notes						I			1			39
Consolidated Income Statement (Unaudited)												39
Consolidated Comprehensive Income Statement (Unaudited)												39
Consolidated Balance Sheet (Unaudited at March 31, 2026)												40
Consolidated Statement of Changes in Total Equity (Unaudited)												41
Consolidated Cash Flow Statement (Unaudited)												42
Notes to Consolidated Financial Statements (Unaudited)												43
1.			Introduction and Basis of Presentation									43
2.			Significant Accounting Policies									44
3.			Cash and Cash Equivalents									44
4.			Fair Values									45
5.			Fair Value Option									51
6.			Derivative Instruments and Hedging Activities									52
7.			Investment Securities									55
8.			Collateralized Transactions									57
9.			Loans, Lending Commitments and Related Allowance for Credit Losses									59
10.			Other Assets									62
11.			Deposits									63
12.			Borrowings and Other Secured Financings									63
13.			Commitments, Guarantees and Contingencies									63
14.			Variable Interest Entities and Securitization Activities									66
15.			Regulatory Requirements									69
16.			Total Equity									71
17.			Interest Income and Interest Expense									72
18.			Income Taxes									72
19.			Segment, Geographic and Revenue Information									73
Financial Data Supplement (Unaudited)												75
Glossary of Common Terms and Acronyms												76
Controls and Procedures						I			4			77
Other Information						II
Legal Proceedings						II			1			77
Risk Factors						II			1A			77
Unregistered Sales of Equity Securities and Use of Proceeds						II			2			77
Other Information						II			5			77
Exhibits						II			6			77
Signatures												77

			2

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Table of Contents

Available Information

We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.

Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.

You can access information about our corporate governance at www.morganstanley.com/about-us-governance. Our webpages include:

 

•Amended and Restated Certificate of Incorporation;

•Amended and Restated Bylaws;

•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;

•Corporate Governance Policies;

•Policy Regarding Corporate Political Activities;

•Policy Regarding Shareholder Rights Plan;

•Equity Ownership Commitment;

•Code of Ethics and Business Conduct;

•Code of Conduct; and

•Integrity Hotline Information.

Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer and Controller. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.

			3

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Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. We operate as an Integrated Firm whereby we serve clients holistically across our business segments. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.

A description of the clients and principal products and services of each of our business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.

Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.

Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.

Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; market and economic conditions; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements”, “Business—Competition”, “Business—Supervision and Regulation” and “Risk Factors” in the 2025 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.

			4			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Executive Summary

Overview of Financial Results

Consolidated Results—Three Months Ended March 31, 2026

•The Firm reported net revenues and pre-tax income of $20.6 billion and $7.0 billion, respectively.

•The Firm delivered ROE of 21.0% and ROTCE of 27.1% (see “Selected Non-GAAP Financial Information” herein).

•The expense efficiency ratio was 65% for the first quarter, demonstrating operating leverage while continuing to invest in our businesses.

•At March 31, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%.

•Institutional Securities reported net revenues of $10.7 billion, primarily reflecting strong results in our Markets business and higher Investment Banking revenues driven by Advisory.

•Wealth Management delivered net revenues of $8.5 billion and a pre-tax margin of 30.4% reflecting strong Asset management revenues, increased net interest income, and higher Transactional revenues. The business added net new assets of $118 billion and fee-based asset flows were $54 billion.

•Investment Management reported net revenues of $1.5 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $3.3 billion.

During the first quarter of 2026, certain Investment Management products were reclassified among asset classes to more closely align reporting with underlying investment strategies. For further information see “Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” herein.

Net Revenues

($ in millions)

Net Income Applicable to Morgan Stanley

($ in millions)

Earnings per Diluted Common Share

We reported net revenues of $20.6 billion in the quarter ended March 31, 2026 (“current quarter,” or “1Q 2026”), which increased by 16% compared with $17.7 billion in the quarter ended March 31, 2025 (“prior year quarter,” or “1Q 2025”). Net income applicable to Morgan Stanley was $5.6 billion in the current quarter, which increased by 29% compared with $4.3 billion in the prior year quarter. Diluted earnings per common share was $3.43 in the current quarter, which increased by 32% compared with $2.60 in the prior year quarter.

March 2026 Form 10-Q			5

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Table of Contents
Management’s Discussion and Analysis

Non-Interest Expenses

($ in millions)

•Compensation and benefits expenses of $8,542 million in the current quarter increased 14% from the prior year quarter, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both on higher revenues.

During the current quarter, as a result of a March workforce management action, we recognized severance costs of $178 million in Compensation and benefits expense. The workforce management action was related to an effort to improve operational efficiency and manage performance, rather than a change in strategy or exit of businesses. The action occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. We recorded severance costs of $94 million in the Institutional Securities business segment, $61 million in the Wealth Management business segment, and $23 million in the Investment Management business segment. These costs were incurred across all regions, with the majority in the Americas.

•Non-compensation expenses of $4,929 million in the current quarter increased 9% from the prior year quarter, primarily due to higher execution-related expenses.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $98 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments in the prior year quarter was $135 million, primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook.

For further information on the Provision for credit losses, see “Credit Risk” herein.

Business Segment Results

Net Revenues by Segment1

($ in millions)

Net Income Applicable to Morgan Stanley by Segment1

($ in millions)

1.The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.

•Institutional Securities net revenues of $10,721 million in the current quarter increased 19% from the prior year quarter, primarily reflecting strong results in our Markets business on increased client activity and higher Investment Banking results on higher completed M&A transactions within Advisory.

•Wealth Management net revenues of $8,519 million in the current quarter increased 16% from the prior year quarter, primarily reflecting higher Asset management revenues on higher market levels and the cumulative impact of positive fee-based flows, increased Net interest income and higher Transactional revenues on strong client activity.

•Investment Management net revenues of $1,535 million in the current quarter decreased 4% from the prior year quarter, primarily reflecting lower accrued carried interest in our private funds, partially offset by higher Asset management and related fees driven by higher average

			6			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

AUM on higher market levels and the cumulative impact of positive long-term net flows.

Net Revenues by Region1

($ in millions)

1.For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2025 Form 10-K.

•Americas net revenues increased 11% in the current quarter compared with the prior year quarter, driven by higher Asset management revenues within the Wealth Management business segment and higher Investment Banking and Fixed Income results within the Institutional Securities business segment.

•EMEA net revenues increased 15% in the current quarter compared with the prior year quarter, primarily driven by higher results in our Markets business within the Institutional Securities business segment.

•Asia net revenues increased 43% in the current quarter compared with the prior year quarter, primarily driven by strong results in Equity within the Institutional Securities business segment.

Selected Financial Information and Other Statistical Data

			Three Months Ended March 31,
$ in millions, except per share data			2026			2025
Consolidated results
Net revenues			$	20,580		$	17,739
Earnings applicable to Morgan Stanley common shareholders			$	5,411		$	4,157
Earnings per diluted common share			$	3.43		$	2.60
Consolidated financial measures
Expense efficiency ratio1			65		%	68		%
ROE2			21.0		%	17.4		%
ROTCE2, 3			27.1		%	23.0		%
Pre-tax margin4			34		%	31		%
Effective tax rate			19.6		%	21.2		%
Pre-tax margin by segment4
Institutional Securities			39		%	37		%
Wealth Management			30		%	27		%
Investment Management			18		%	20		%

$ in millions, except per share data, worldwide employees and client assets			At March 31, 2026			At December 31, 2025
Average liquidity resources for three months ended5			$	395,141		$	385,884
Loans6			$	306,260		$	289,038
Total assets			$	1,581,418		$	1,420,270
Deposits			$	427,971		$	415,523
Borrowings			$	371,568		$	348,935
Common equity			$	104,536		$	101,882
Tangible common equity3			$	81,473		$	79,147
Common shares outstanding			1,580			1,583
Book value per common share7			$	66.18		$	64.37
Tangible book value per common share3, 7			$	51.58		$	50.00
Worldwide employees (in thousands)			84			83
Client assets8 (in billions)			$	9,213		$	9,276
Capital Ratios9
Common Equity Tier 1 capital—Standardized			15.1		%	15.0		%
Tier 1 capital—Standardized			16.9		%	16.8		%
Common Equity Tier 1 capital—Advanced			16.1		%	16.2		%
Tier 1 capital—Advanced			18.0		%	18.0		%
Tier 1 leverage			6.1		%	6.7		%
SLR			5.0		%	5.4		%

1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.

2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.

3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.

4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.

5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.

6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet.

7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding.

8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $350 billion as of March 31, 2026 and December 31, 2025, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.

March 2026 Form 10-Q			7

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Table of Contents
Management’s Discussion and Analysis

Economic and Market Conditions

In the first quarter of 2026, the economic environment remained resilient, with strong client engagement against a backdrop of increased economic uncertainty and market volatility. Geopolitical risk, inflation, elevated asset prices, the rate of economic growth, and the future path of monetary policy present ongoing uncertainties which could continue to impact the capital markets and our businesses.

We are monitoring the ongoing military conflict in the Middle East and its impact on the regional economy, global economic conditions, and financial markets. Our direct exposure to the region is limited.

For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K.

Selected Non-GAAP Financial Information

We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.

These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.

For the prior year quarter, we present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses for the prior year quarter.

Beginning in the first quarter of 2026, derivatives were designated as cash flow hedges of the equity price risk associated with the majority of unvested DCP awards within our Wealth Management business segment. Changes in fair value of these cash flow hedging derivatives are recorded in OCI and subsequently reclassified into compensation expense in the same period that the related DCP award vests and is recognized in compensation expense.

Additionally, in the first quarter of 2026, we commenced the use of derivatives as economic hedges of the equity price risk primarily associated with the vested DCP awards within our Wealth Management business segment. The Firm presents changes in the fair value of these economic derivative hedges in compensation expense.

Previously, the Firm economically hedged DCP awards primarily with cash instrument hedges whereby changes in the fair value of such hedges, net of financing costs, were recorded in net revenues.

The use of derivatives as cash flow hedges of certain DCP awards is expected to substantially mitigate timing differences between the recognition of changes in the fair value of the hedging instruments and the deferred recognition of related DCP compensation expense over the vesting period. The expected mitigation of these timing differences, alongside the associated income statement changes described above, enables us to better present the operating performance and revenues trends. Accordingly, we will no longer present non-GAAP financial measures excluding DCP.

For additional information on DCP, refer to “Other Matters” herein and Note 2 to the financial statements.

Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.

The principal non-GAAP financial measures presented in this document are set forth in the following tables.

			8			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures

$ in millions						Three Months Ended March 31, 2025
Net revenues						$	17,739
Adjustment for mark-to-market losses (gains) on DCP1						149
Adjusted Net revenues—non-GAAP						$	17,888
Compensation expense						$	7,521
Adjustment for mark-to-market gains (losses) on DCP1						2
Adjusted Compensation expense—non-GAAP						$	7,523
Wealth Management Net revenues						$	7,327
Adjustment for mark-to-market losses (gains) on DCP1						131
Adjusted Wealth Management Net revenues—non-GAAP						$	7,458
Wealth Management Compensation expense						$	3,999
Adjustment for mark-to-market gains (losses) on DCP1						17
Adjusted Wealth Management Compensation expense—non-GAAP						$	4,016

1.Net revenues and compensation expense are adjusted for DCP for both Firm and Wealth Management business segment. Beginning in the first quarter of 2026 we use derivatives to hedge our DCP awards and no longer present non-GAAP financial measures adjusted for mark-to-market gains and losses on DCP. See “Other Matters” herein and Note 2 to the financial statements for more information.

$ in millions			At March 31, 2026			At December 31, 2025
Tangible equity
Common equity			$	104,536		$	101,882
Less: Goodwill and net intangible assets			(23,063)			(22,735)
Tangible common equity—non-GAAP			$	81,473		$	79,147

			Average Monthly Balance
			Three Months Ended March 31,
$ in millions			2026			2025
Tangible equity
Common equity			$	102,907		$	95,488
Less: Goodwill and net intangible assets			(23,011)			(23,083)
Tangible common equity—non-GAAP			$	79,896		$	72,405

Non-GAAP Financial Measures by Business Segment

			Three Months Ended March 31,
$ in billions			2026			2025
Average common equity1
Institutional Securities			$	48.2		$	48.4
Wealth Management			28.7			29.4
Investment Management			10.2			10.6
ROE2
Institutional Securities			26		%	20		%
Wealth Management			28		%	20		%
Investment Management			9		%	10		%
Average tangible common equity1
Institutional Securities			$	47.7		$	48.0
Wealth Management			15.4			16.3
Investment Management			0.8			1.0
ROTCE2
Institutional Securities			27		%	20		%
Wealth Management			52		%	37		%
Investment Management			126		%	104		%

1.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity.

2.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.

Return on Tangible Common Equity Goal

We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors.

See “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.

ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.

Business Segments

Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.

For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2025 Form 10-K.

March 2026 Form 10-Q			9

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Table of Contents
Management’s Discussion and Analysis

Institutional Securities

Income Statement Information

			Three Months Ended March 31,						% Change
$ in millions			2026			2025
Revenues
Advisory			$	978		$	563		74		%
Equity			396			319			24		%
Fixed Income			742			677			10		%
Total Underwriting			1,138			996			14		%
Total Investment Banking			2,116			1,559			36		%
Equity			5,148			4,128			25		%
Fixed Income			3,358			2,604			29		%
Other			99			692			(86)		%
Net revenues			$	10,721		$	8,983		19		%
Provision for credit losses			92			91			1		%
Compensation and benefits			3,264			2,854			14		%
Non-compensation expenses			3,204			2,757			16		%
Total non-interest expenses			6,468			5,611			15		%
Income before provision for income taxes			4,161			3,281			27		%
Provision for income taxes			796			696			14		%
Net income			3,365			2,585			30		%
Net income applicable to noncontrolling interests			71			56			27		%
Net income applicable to Morgan Stanley			$	3,294		$	2,529		30		%

Investment Banking

Investment Banking Volumes

			Three Months Ended March 31,
$ in billions			2026			2025
Completed mergers and acquisitions1			$	324		$	152
Equity and equity-related offerings2, 3			16			15
Fixed Income offerings2, 4			142			102

Source: LSEG Data & Risk Analytics as of April 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.

1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.

2.Based on full credit for single book managers and equal credit for joint book managers.

3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.

4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.

Investment Banking Revenues

Net revenues of $2,116 million in the current quarter increased 36% from the prior year quarter, reflecting increases across businesses, particularly in Advisory revenues.

•Advisory revenues increased primarily reflecting higher completed M&A transactions, particularly in the Americas.

•Equity underwriting revenues increased primarily reflecting higher initial public offerings and convertible issuances.

•Fixed Income underwriting revenues increased primarily reflecting higher investment grade issuances, which benefited from higher event-related activity, and higher securitized products revenues, partially offset by lower non‑investment grade issuances.

See “Investment Banking Volumes” herein.

Equity, Fixed Income and Other Net Revenues

Equity and Fixed Income Net Revenues

			Three Months Ended March 31, 2026
									Net Interest2			All Other3
$ in millions			Trading			Fees1									Total
Financing			$	3,129		$	172		$	(669)		$	1		$	2,633
Execution services			1,718			927			(164)			34			2,515
Total Equity			$	4,847		$	1,099		$	(833)		$	35		$	5,148
Total Fixed Income			$	2,801		$	141		$	315		$	101		$	3,358

			Three Months Ended March 31, 2025
									Net Interest2			All Other3
$ in millions			Trading			Fees1									Total
Financing			$	2,267		$	156		$	(596)		$	1		$	1,828
Execution services			1,469			798			(98)			131			2,300
Total Equity			$	3,736		$	954		$	(694)		$	132		$	4,128
Total Fixed Income			$	2,407		$	107		$	19		$	71		$	2,604

1.Includes Commissions and fees and Asset management revenues.

2.Includes funding costs, which are allocated to the businesses based on funding usage.

3.Includes Investments and Other revenues.

Equity

Net revenues of $5,148 million in the current quarter increased 25% from the prior year quarter, reflecting an increase in Financing and Execution services.

•Financing revenues increased primarily due to increased client activity and higher average client balances, particularly in Asia.

•Execution services revenues increased primarily due to increased client activity, partially offset by lower gains on inventory held to facilitate client activity, both in derivatives and cash equities.

Fixed Income

Net revenues of $3,358 million in the current quarter increased 29% from the prior year quarter, reflecting an increase in Commodities and Credit products, partially offset by a decrease in Global macro products.

•Global macro products revenues decreased primarily due to losses compared with gains in the prior year quarter on inventory held to facilitate client activity, partially offset by increased client activity, both in rates and foreign exchange products.

			10			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

•Credit products revenues increased primarily due to higher results in inventory held to facilitate client activity and increased client activity across products, particularly on higher lending revenues in securitized products.

•Commodities products and other fixed income revenues increased primarily due to higher gains on inventory held to facilitate client activity and increased client activity in oil, power and gas products amid volatility in energy markets.

Other Net Revenues

Other net revenues were $99 million in the current quarter, compared with $692 million in the prior year quarter, primarily driven by the absence of realized gains on the sale of corporate loans held-for-sale in the prior year quarter.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $92 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments of $91 million in the prior year quarter was primarily related to portfolio growth in secured lending facilities and corporate loans and deterioration in the macroeconomic outlook.

For further information on the Provision for credit losses, see “Credit Risk” herein.

Non-Interest Expenses

Non-interest expenses of $6,468 million in the current quarter increased 15% from the prior year quarter, reflecting higher Non‑compensation expenses and Compensation and benefits expenses.

•Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues and higher stock-based compensation expense related to awards granted in prior periods.

•Non-compensation expenses increased primarily due to higher execution‑related expenses.

March 2026 Form 10-Q			11

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Table of Contents
Management’s Discussion and Analysis

Wealth Management

Income Statement Information

			Three Months Ended March 31,						% Change
$ in millions			2026			2025
Revenues
Asset management			$	5,079		$	4,396		16		%
Transactional1			1,127			873			29		%
Net interest			2,170			1,902			14		%
Other2			143			156			(8)		%
Net revenues			8,519			7,327			16		%
Provision for credit losses			6			44			(86)		%
Compensation and benefits			4,648			3,999			16		%
Non-compensation expenses			1,274			1,333			(4)		%
Total non-interest expenses			5,922			5,332			11		%
Income before provision for income taxes			2,591			1,951			33		%
Provision for income taxes			544			419			30		%
Net income applicable to Morgan Stanley			$	2,047		$	1,532		34		%

1.Transactional includes Investment banking, Trading, and Commissions and fees revenues.

2.Other includes Investments and Other revenues.

Wealth Management Metrics

$ in billions			At March 31, 2026			At December 31, 2025
Total client assets1			$	7,345		$	7,381
U.S. Bank Subsidiary loans			$	186		$	181
Margin and other lending2			$	33		$	31
Deposits3			$	419		$	408
Annualized weighted average cost of deposits4
Period end			2.51%			2.51%
Period average for three months ended			2.53%			2.67%

			Three Months Ended March 31,
			2026			2025
Net new assets			$	118.4		$	93.8

1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information.

2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.

3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.

4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period.

Net New Assets

NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.

Advisor-Led Channel

$ in billions			At March 31, 2026			At December 31, 2025
Advisor-led client assets1			$	5,784		$	5,715
Fee-based client assets2			$	2,792		$	2,753
Fee-based client assets as a percentage of advisor-led client assets			48%			48%

						Three Months Ended March 31,
									2026			2025
Fee-based asset flows3									$	53.7		$	29.8

1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.

2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets.

3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.

Self-Directed Channel

			At March 31, 2026			At December 31, 2025
Self-directed client assets1 (in billions)			$	1,561		$	1,667
Self-directed households2 (in millions)			8.6			8.5

			Three Months Ended March 31,
			2026			2025
Daily average revenue trades (“DARTs”)3 (in thousands)			1,128			1,003

1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.

2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.

3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.

			12			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Workplace Channel1

			At March 31, 2026			At December 31, 2025
Stock plan unvested public assets2 (in billions)			$	475		$	534
Stock plan participants3 (in millions)			6.6			6.5

1.The workplace channel includes equity compensation solutions for companies, their executives and employees.

2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities.

3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Net Revenues

Asset Management

Asset management revenues of $5,079 million in the current quarter increased 16% compared with the prior year quarter, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows.

See “Fee-Based Client Assets Rollforwards” herein.

Transactional Revenues

Transactional revenues of $1,127 million in the current quarter increased 29% compared with the prior year quarter, primarily driven by the absence of losses on DCP investments in the prior year quarter of $131 million, which are no longer presented in net revenues, and higher client activity across products and channels.

For further information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein.

Net Interest

Net interest revenues of $2,170 million in the current quarter increased 14% compared with the prior year quarter, primarily due to changes in balance sheet mix, including the cumulative impact of lending growth and higher average sweep deposits, partially offset by the net effect of lower interest rates.

The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences, including cash allocation to other products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics and central bank actions, have impacted our net interest income. To the extent they persist, or other factors arise, net interest income may be impacted in future periods.

Provision for Credit Losses

The Provision for credit losses on loans and lending commitments of $6 million in the current quarter was primarily related to certain specific loans in our tailored lending portfolio. The Provision for credit losses on loans and lending commitments of $44 million in the prior year quarter was primarily related to certain specific loans, including residential real estate loans related to the California wildfires.

For further information on the Provision for credit losses, see “Credit Risk” herein.

Non-Interest Expenses

Non-interest expenses of $5,922 million in the current quarter increased 11% compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses.

•Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues.

For information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein.

•Non-compensation expenses decreased, primarily as a result of lower amortization of intangible assets and lower consulting spend, partially offset by higher marketing and business development costs.

Fee-Based Client Assets Rollforwards

$ in billions			At December 31, 2025			Inflows1			Outflows2			Market Impact3			At March 31, 2026
Separately managed4			$	833		$	37		$	(16)		$	19		$	873
Unified managed			760			47			(22)			(18)			767
Advisor			229			13			(13)			(5)			224
Portfolio manager			861			51			(43)			(17)			852
Subtotal			$	2,683		$	148		$	(94)		$	(21)		$	2,716
Cash management			70			17			(11)			—			76
Total			$	2,753		$	165		$	(105)		$	(21)		$	2,792

$ in billions			At December 31, 2024			Inflows1			Outflows2			Market Impact3			At March 31, 2025
Separately managed4			$	719		$	20		$	(12)		$	(5)		$	722
Unified managed			613			35			(18)			(7)			623
Advisor			207			9			(11)			(4)			201
Portfolio manager			750			33			(27)			(13)			743
Subtotal			$	2,289		$	97		$	(68)		$	(29)		$	2,289
Cash management			58			11			(9)			—			60
Total			$	2,347		$	108		$	(77)		$	(29)		$	2,349

1.Inflows include new accounts, account transfers, deposits, dividends and interest.

2.Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.

3.Market impact includes realized and unrealized gains and losses on portfolio investments.

4.Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.

March 2026 Form 10-Q			13

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Table of Contents
Management’s Discussion and Analysis

Average Fee Rates1

						Three Months Ended March 31,
Fee rate in bps									2026			2025
Separately managed									12			12
Unified managed									89			90
Advisor									76			79
Portfolio manager									87			88
Subtotal									63			64
Cash management									6			7
Total									62			63

1.Based on Asset management revenues related to advisory services associated with fee-based assets.

For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2025 Form 10-K.

			14			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Investment Management

Income Statement Information

			Three Months Ended March 31,						% Change
$ in millions			2026			2025
Revenues
Asset management and related fees			$	1,496		$	1,451		3		%
Performance-based income and other1			39			151			(74)		%
Net revenues			1,535			1,602			(4)		%
Compensation and benefits			630			668			(6)		%
Non-compensation expenses			625			611			2		%
Total non-interest expenses			1,255			1,279			(2)		%
Income before provision for income taxes			280			323			(13)		%
Provision for income taxes			38			61			(38)		%
Net income			242			262			(8)		%
Net income (loss) applicable to noncontrolling interests			—			—			N/M
Net income applicable to Morgan Stanley			$	242		$	262		(8)		%

1.Includes Investments and Trading, Net interest, and Other revenues.

Net Revenues

Asset Management and Related Fees

Asset management and related fees of $1,496 million in the current quarter increased 3% from the prior year quarter, primarily driven by higher average AUM on higher market levels and the cumulative impact of positive long-term net flows, partially offset by lower average fee rates, reflecting a change in asset mix.

Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes, reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.

See “Assets Under Management or Supervision” herein.

Performance-based Income and Other

Performance-based income and other revenues of $39 million in the current quarter decreased from the prior year quarter, primarily due to the reversal of accrued carried interest in infrastructure funds, partially offset by higher accrued carried interest in certain private equity and real estate funds.

Non-Interest Expenses

Non-interest expenses of $1,255 million in the current quarter decreased 2% from the prior year quarter, primarily due to lower Compensation and benefit expenses, partially offset by higher Non-compensation expenses.

•Compensation and benefits expenses decreased in the current quarter, primarily due to lower expenses related to compensation associated with carried interest.

•Non-compensation expenses increased in the current quarter, primarily due to increased technology spend and higher distribution expenses on higher average AUM.

March 2026 Form 10-Q			15

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Table of Contents
Management’s Discussion and Analysis

Assets Under Management or Supervision Rollforwards1

$ in billions			At December 31, 2025			Inflows2			Outflows3			Net Flows			Distributions4			Market Impact and Other5			At March 31, 2026
Equity			$	253		$	8		$	(20)		$	(12)		$	—		$	(20)		$	221
Fixed Income			217			23			(19)			4			(1)			(1)			219
Alternatives and Solutions6			776			42			(31)			11			(2)			(15)			770
Long-Term AUM			$	1,246		$	73		$	(70)		$	3		$	(3)		$	(36)		$	1,210
Liquidity and Overlay Services			649			748			(739)			8			(3)			3			658
Total			$	1,895		$	821		$	(809)		$	12		$	(6)		$	(33)		$	1,868

$ in billions			At December 31, 2024			Inflows2			Outflows3			Net Flows			Distributions4			Market Impact and Other5			At March 31, 2025
Equity			$	259		$	12		$	(16)		$	(4)		$	—		$	(5)		$	250
Fixed Income			179			16			(12)			4			(1)			4			186
Alternatives and Solutions6			654			35			(26)			9			(2)			(11)			650
Long-Term AUM			$	1,092		$	63		$	(54)		$	9		$	(3)		$	(12)		1,086
Liquidity and Overlay Services			574			693			(709)			(15)			(4)			7			561
Total			$	1,666		$	756		$	(763)		$	(7)		$	(7)		$	(5)		$	1,647

1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation.

2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.

3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.

4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation.

5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees.

6.As of March 31, 2026 and March 31, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $524 billion and $424 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.

Average AUM1

			Three Months Ended March 31,
$ in billions			2026			2025
Equity			$	242		$	260
Fixed income			220			183
Alternatives and Solutions			783			660
Long-term AUM subtotal			1,245			1,103
Liquidity and Overlay Services			659			566
Total			$	1,904		$	1,669

Average Fee Rates1,2

			Three Months Ended March 31,
Fee rate in bps			2026			2025
Equity			70			73
Fixed income			34			35
Alternatives and Solutions			29			31
Long-term AUM			38			42
Liquidity and Overlay Services			12			13
Investment Management			29			32

1.As a result of the reclassification described above in the “Assets Under Management or Supervision Rollforwards” table, prior period amounts have been adjusted to conform with the current period presentation.

2.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.

For a description of the asset classes in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” in the 2025 Form 10-K.

			16			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Supplemental Financial Information

U.S. Bank Subsidiaries

Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) are our U.S. Bank Subsidiaries, (together, “U.S. Bank Subsidiaries”).

MSBNA is a national bank that primarily offers institutional lending and institutional sales and trading, including fixed income and equity derivatives. The institutional lending primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans, and together with the institutional sales and trading activity is reported within the Institutional Securities business segment.

MSPBNA is a national bank that primarily offers residential mortgage lending, securities-based and other financing, primarily to customers and clients of our Wealth Management business segment.

Both MSBNA and MSPBNA source deposits from Wealth Management clients, utilize other sources of funding, and maintain investment portfolios for liquidity and interest rate risk management purposes.

Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the Fixed Income business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA, and on March 14, 2026, Morgan Stanley Europe SE (“MSESE”), together with its subsidiary Morgan Stanley Bank AG (collectively, the “MSESE Group”) was acquired by MSBNA (collectively the “Reorganization”). In the following table, U.S. Bank Subsidiaries’ Supplemental Financial Information are presented as if the Reorganization occurred at the beginning of 2025. Prior period amounts have been revised to conform with the current period presentation.

For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.

U.S. Bank Subsidiaries’ Consolidated Supplemental Financial Information1

$ in billions			At March 31, 2026			At December 31, 2025
Trading assets at fair value ($23.3 and $37.8 pledged as collateral)			$	77.4		$	91.7
Investment securities
Available-for-sale at fair value			86.2			88.4
Held-to-maturity			43.2			44.2
Total Investment securities			$	129.4		$	132.6
Wealth Management loans2
Residential real estate			$	73.4		$	72.3
Securities-based lending and Other3			112.9			108.9
Total Wealth Management loans			$	186.3		$	181.2
Institutional Securities loans2
Corporate			$	16.4		$	8.9
Secured lending facilities			69.2			67.2
Commercial and Residential real estate			12.2			11.2
Securities-based lending and Other			9.6			9.9
Total Institutional Securities loans			$	107.4		$	97.2
Total assets			$	591.7		$	598.7
Deposits4			$	420.1		$	408.7
Trading liabilities at fair value			$	29.6		$	31.7

1.Financial information is presented on a consolidated basis, inclusive of MSBNA, MSPBNA and their subsidiaries. Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.

2.Represents loans, net of ACL. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.

3.Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.

4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.

March 2026 Form 10-Q			17

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Table of Contents
Management’s Discussion and Analysis

Other Matters

Deferred Cash-Based Compensation

The Firm sponsors a number of deferred cash-based compensation programs and stock-based compensation programs for current and former employees, including financial advisors in the Wealth Management business segment, which generally contain vesting, clawback and cancellation provisions. Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards. The following discussion relates only to deferred cash-based compensation.

Employees are permitted to allocate the value of their deferred cash-based awards among a menu of notional investments, whereby the value of their awards will track the performance of the referenced notional investments. The menu of investments, which is selected by the Firm, includes fixed income, equity, commodity and money market funds.

Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.

Beginning in the current quarter, hedges for Wealth Management DCP awards were primarily transitioned to derivative instruments. Additionally, in the current quarter, the Firm reduced the amount of deferred compensation as a proportion of total compensation for Wealth Management representatives. For further information see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2025 Form 10-K and “Selected Non-GAAP Financial Information” and Note 2 to the financial statements herein.

			18			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Accounting Development Updates

The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not referenced below were assessed and determined to be either not applicable or to not have a material impact on our financial statements upon adoption.

•ASU 2025-06 - Internal-Use Software (Issued September 2025). This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach. We are currently evaluating this accounting update.

•ASU 2025-08 - Purchased Loans (Issued November 2025). This update expands the application of the “gross-up” approach for purchased credit deteriorated financial assets under Topic 326 to include purchased seasoned loans (excluding credit cards), measured at amortized cost that are not credit deteriorated. Purchased seasoned loans include loans obtained in a business combination or loans acquired at least 90 days after origination and the acquirer was not involved in the origination, either through an asset purchase or through consolidation of a variable interest entity. The gross-up approach requires recognition of an allowance for credit losses at acquisition with a corresponding increase to the amortized cost basis of the loan. The update is effective for the Firm beginning January 1, 2027, with early adoption permitted. Transition will be applied prospectively to loans acquired on or after the adoption date. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption.

•ASU 2025-10 - Government Grants (Issued December 2025). This update introduces guidance on the accounting for government grants, including recognition, measurement and presentation requirements to reduce diversity in practice and increase consistency among business entities. The guidance excludes transactions within the scope of ASC 740, Income Taxes, government guarantees and the benefit of below-market interest rate loans. Grants related to an asset or to income will be recognized when it is probable that an entity will comply with the conditions attached to the grant, the grant will be received and the related expenses that the grant is intended to compensate have been incurred. For grants related to an asset, entities may elect either a deferred income approach or a cost accumulation approach. The update is effective for the Firm beginning January 1, 2029, with early adoption permitted. Transition may be applied on a modified prospective approach, a modified retrospective approach or on a full retrospective approach. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption.

Critical Accounting Estimates

Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2025 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2025 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2025 Form 10-K.

Liquidity and Capital Resources

Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.

March 2026 Form 10-Q			19

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Table of Contents
Management’s Discussion and Analysis

Balance Sheet

We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.

We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.

Total Assets by Business Segment

			At March 31, 2026
$ in millions			IS			WM			IM			Total
Assets
Cash and cash equivalents1			$	120,384		$	13,082		$	63		$	133,529
Trading assets at fair value			512,777			7,898			5,536			526,211
Investment securities1			121,147			39,216			—			160,363
Securities purchased under agreements to resell			114,763			14,117			—			128,880
Securities borrowed			153,734			836			—			154,570
Customer and other receivables			87,890			43,196			1,513			132,599
Loans2			107,633			186,278			3			293,914
Goodwill			435			10,581			6,089			17,105
Intangible assets			20			2,587			3,353			5,960
Other assets3			16,414			10,606			1,267			28,287
Total assets			$	1,235,197		$	328,397		$	17,824		$	1,581,418

			At December 31, 2025
$ in millions			IS			WM			IM			Total
Assets
Cash and cash equivalents			$	81,228		$	30,426		$	41		$	111,695
Trading assets at fair value			410,573			12,428			5,275			428,276
Investment securities			34,111			129,445			—			163,556
Securities purchased under agreements to resell			106,728			13,515			—			120,243
Securities borrowed			150,902			1,006			—			151,908
Customer and other receivables			71,645			41,447			1,628			114,720
Loans2			96,850			181,241			3			278,094
Goodwill			437			10,199			6,090			16,726
Intangible assets			21			2,607			3,382			6,010
Other assets3			17,058			10,703			1,281			29,042
Total assets			$	969,553		$	433,017		$	17,700		$	1,420,270

1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain liquid marketable securities and cash which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter to align with liquidity resources with segment activities.

2.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).

3.Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments and deferred tax assets.

A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term

receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities. Liquid marketable securities arising from management of the investment portfolio are included in the balance sheets of the Institutional Securities and Wealth Management business segments. For further information, refer to Note 19 to the financial statements.

Liquidity Risk Management Framework

The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2025 Form 10-K.

At March 31, 2026 and December 31, 2025, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.

Liquidity Resources

We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.

The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.

			20			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Liquidity Resources by Type of Investment

			Average Daily Balance Three Months Ended
$ in millions			March 31, 2026			December 31, 2025
Cash deposits with central banks			$	77,223		$	67,334
Unencumbered HQLA securities1:
U.S. government obligations			191,101			186,200
U.S. agency and agency mortgage-backed securities			85,992			89,737
Non-U.S. sovereign obligations2			32,521			34,790
Other investment grade securities			460			358
Total HQLA1			$	387,297		$	378,419
Cash deposits with banks (non-HQLA)			7,844			7,465
Total Liquidity Resources			$	395,141		$	385,884

1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.

2.Primarily composed of unencumbered French, U.K., Japanese, German, Italian, and Spanish government obligations.

Liquidity Resources by Non-Bank and Bank Legal Entities1

			Average Daily Balance Three Months Ended
$ in millions			March 31, 2026			December 31, 2025
Non-Bank legal entities
U.S.:
Parent Company			$	91,904		$	91,181
Non-Parent Company			58,460			58,795
Total U.S.			150,364			149,976
Non-U.S.			64,124			77,770
Total Non-Bank legal entities			214,488			227,746
Bank legal entities
U.S.			158,442			150,428
Non-U.S.			22,211			7,710
Total Bank legal entities			180,653			158,138
Total Liquidity Resources			$	395,141		$	385,884

1.Liquidity Resources are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.

Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and estimates of funding needs in a stressed environment, among other factors.

Regulatory Liquidity Framework

Liquidity Coverage Ratio and Net Stable Funding Ratio

We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.

The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.

The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.

As of March 31, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.

Liquidity Coverage Ratio

			Average Daily Balance Three Months Ended
$ in millions			March 31, 2026			December 31, 2025
Eligible HQLA
Cash deposits with central banks			$	71,216		$	62,425
Securities1			231,217			232,693
Total Eligible HQLA			$	302,433		$	295,118
Net cash outflows			$	232,364		$	219,706
LCR			130		%	134		%

1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.

Funding Management

We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.

We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.

Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.

Secured Financing

For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2025 Form 10-K.

March 2026 Form 10-Q			21

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Table of Contents
Management’s Discussion and Analysis

Collateralized Financing Transactions

$ in millions			At March 31, 2026			At December 31, 2025
Securities purchased under agreements to resell and Securities borrowed			$	283,450		$	272,151
Securities sold under agreements to repurchase and Securities loaned			$	139,420		$	95,849
Securities received as collateral1			$	2,488		$	2,449

1.Included within Trading assets in the balance sheet.

			Average Daily Balance Three Months Ended
$ in millions			March 31, 2026			December 31, 2025
Securities purchased under agreements to resell and Securities borrowed			$	285,578		$	255,202
Securities sold under agreements to repurchase and Securities loaned			$	156,923		$	90,397

See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2025 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.

In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are held in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.

Unsecured Financing

For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2025 Form 10-K.

Deposits

$ in millions			At March 31, 2026			At December 31, 2025
Savings and demand deposits:
Brokerage sweep deposits1			$	146,459		$	145,237
Savings and other			172,386			170,646
Total Savings and demand deposits			318,845			315,883
Time deposits2			109,126			99,640
Total3			$	427,971		$	415,523

1.Amounts represent balances swept from client brokerage accounts.

2.Our Time deposits are predominantly brokered certificates of deposit.

3.Our deposits are primarily held in U.S. offices.

Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each

category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current quarter increased primarily due to increases in Time deposits.

Borrowings by Maturity at March 31, 20261

$ in millions			Parent Company			Subsidiaries			Total
Original maturities of one year or less			$	—		$	8,558		$	8,558
Original maturities greater than one year
2026			$	8,037		$	10,360		$	18,397
2027			18,744			19,094			37,838
2028			15,986			28,234			44,220
2029			24,789			14,934			39,723
2030			19,138			17,171			36,309
Thereafter			128,600			57,923			186,523
Total greater than one year			$	215,294		$	147,716		$	363,010
Total			$	215,294		$	156,274		$	371,568
Maturities over next 12 months2									$	27,384

1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.

2.Includes only borrowings with original maturities greater than one year.

Borrowings of $372 billion as of March 31, 2026 increased compared with $349 billion at December 31, 2025, primarily due to non-bank issuances net of maturities and redemptions.

We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.

The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.

For further information on Borrowings, see Note 12 to the financial statements.

Credit Ratings

We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2025 Form 10-K.

			22			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 30, 2026

			Parent Company
			Short-Term Debt			Long-Term Debt			Rating Outlook
DBRS, Inc.			R-1 (middle)			AA (low)			Stable
Fitch Ratings, Inc.			F1			A+			Stable
Moody’s Investors Service, Inc.			P-1			A1			Stable
Rating and Investment Information, Inc.			a-1			A+			Stable
S&P Global Ratings			A-2			A-			Stable

			MSBNA
			Short-Term Debt			Long-Term Debt			Rating Outlook
Fitch Ratings, Inc.			F1+			AA-			Stable
Moody’s Investors Service, Inc.			P-1			Aa3			Stable
S&P Global Ratings			A-1			A+			Stable

			MSPBNA
			Short-Term Debt			Long-Term Debt			Rating Outlook
Fitch Ratings, Inc.			F1+			AA-			Stable
Moody’s Investors Service, Inc.			P-1			Aa3			Stable
S&P Global Ratings			A-1			A+			Stable

Incremental Collateral or Terminating Payments

In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.

While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.

Capital Management

We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.

Common Stock Repurchases

			Three Months Ended March 31,
in millions, except for per share data			2026			2025
Number of shares			10			8
Average price per share			$	169.15		$	125.88
Total			$	1,750		$	1,000

For additional information on our common stock repurchases, see Note 16 to the financial statements.

For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.

Common Stock Dividend Announcement

Announcement date			April 15, 2026
Amount per share			$1.00
Date to be paid			May 15, 2026
Shareholders of record as of			April 30, 2026

For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.

For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.

Off-Balance Sheet Arrangements

We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.

We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.

For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.

Regulatory Requirements

Regulatory Capital Framework

We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and well-capitalized standards for our

March 2026 Form 10-Q			23

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Table of Contents
Management’s Discussion and Analysis

U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and on certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.

Regulatory Capital Requirements

We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2025 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.

Capital Buffer Requirements

			At March 31, 2026 and December 31, 2025
			Standardized			Advanced
Capital buffers
Fixed 2.5% buffer			—%			2.5%
SCB1			4.3%			N/A
G-SIB capital surcharge2			3.0%			3.0%
CCyB3			—%			—%
Capital conservation buffer requirement			7.3%			5.5%

1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2025 Form 10-K.

2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2025 Form 10-K.

3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital conservation buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.

Our capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, our G-SIB capital surcharge and CCyB.

			Regulatory Minimum			At March 31, 2026 and December 31, 2025
						Standardized			Advanced
Required ratios1
CET1 capital ratio			4.5		%	11.8%			10.0%
Tier 1 capital ratio			6.0		%	13.3%			11.5%
Total capital ratio			8.0		%	15.3%			13.5%

1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.

Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.

Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced supplementary leverage ratio (“eSLR”) capital buffer of at least 0.5%. As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced eSLR by the U.S. banking agencies. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K.

			24			March 2026 Form 10-Q

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Table of Contents
Management’s Discussion and Analysis

Regulatory Capital Ratios

Risk-based capital

			Standardized									Advanced
$ in millions			At Mar 31, 2026			At Dec 31, 2025						At Mar 31, 2026			At Dec 31, 2025
Risk-based capital
CET1 capital			$	84,546		$	83,153					$	84,546		$	83,153
Tier 1 capital			94,235			92,728						94,235			92,728
Total capital			106,481			103,449						105,849			102,680
Total RWA			559,080			552,515						524,244			514,158
Risk-based capital ratios
CET1 capital			15.1		%	15.0		%				16.1		%	16.2		%
Tier 1 capital			16.9		%	16.8		%				18.0		%	18.0		%
Total capital			19.0		%	18.7		%				20.2		%	20.0		%
Required ratios1
CET1 capital			11.8		%	11.8		%				10.0		%	10.0		%
Tier 1 capital			13.3		%	13.3		%				11.5		%	11.5		%
Total capital			15.3		%	15.3		%				13.5		%	13.5		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital

$ in millions			At March 31, 2026			At December 31, 2025
Leveraged-based capital
Adjusted average assets1			$	1,535,246		$	1,383,314
Supplementary leverage exposure2			1,876,478			1,717,775
Leveraged-based capital ratios
Tier 1 leverage			6.1		%	6.7		%
SLR			5.0		%	5.4		%
Required ratios3
Tier 1 leverage			4.0		%	4.0		%
SLR			3.5		%	5.0		%

1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.

2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.

3.Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital

$ in millions			At March 31, 2026			At December 31, 2025			Change
CET1 capital
Common shareholders' equity			$	104,536		$	101,882		$	2,654
Regulatory adjustments and deductions:
Net goodwill			(16,737)			(16,373)			(364)
Net intangible assets			(4,608)			(4,663)			55
Other adjustments and deductions1			1,355			2,307			(952)
Total CET1 capital			$	84,546		$	83,153		$	1,393
Additional Tier 1 capital
Preferred stock			$	9,750		$	9,750		$	—
Noncontrolling interests			909			823			86
Additional Tier 1 capital			$	10,659		$	10,573		$	86
Deduction for investments in covered funds			(970)			(998)			28
Total Tier 1 capital			$	94,235		$	92,728		$	1,507
Standardized Tier 2 capital
Subordinated debt			$	9,816		$	8,380		$	1,436
Eligible ACL			2,448			2,411			37
Other adjustments and deductions			(18)			(70)			52
Total Standardized Tier 2 capital			$	12,246		$	10,721		$	1,525
Total Standardized capital			$	106,481		$	103,449		$	3,032
Advanced Tier 2 capital
Subordinated debt			$	9,816		$	8,380		$	1,436
Eligible credit reserves			1,816			1,642			174
Other adjustments and deductions			(18)			(70)			52
Total Advanced Tier 2 capital			$	11,614		$	9,952		$	1,662
Total Advanced capital			$	105,849		$	102,680		$	3,169

1.Other adjustments and deductions used in the calculation of CET1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.

March 2026 Form 10-Q			25

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Management’s Discussion and Analysis

RWA Rollforward

			Three Months Ended March 31, 2026
$ in millions			Standardized			Advanced
Credit risk RWA
Balance at December 31, 2025			$	493,206		$	349,930
Change related to the following items:
Derivatives			1,495			196
Securities financing transactions			(5,600)			(1,796)
Investment securities			(134)			(536)
Commitments, guarantees and loans			6,402			6,765
Equity investments			(1,153)			(739)
Other credit risk			6,189			5,651
Total change in credit risk RWA			$	7,199		$	9,541
Balance at March 31, 2026			$	500,405		$	359,471
Market risk RWA
Balance at December 31, 2025			$	59,309		$	59,345
Change related to the following items:
Regulatory VaR			532			532
Regulatory stressed VaR			4,243			4,243
Incremental risk charge			(946)			(946)
Comprehensive risk measure			303			267
Specific risk			(4,766)			(4,882)
Total change in market risk RWA			$	(634)		$	(786)
Balance at March 31, 2026			$	58,675		$	58,559
Operational risk RWA
Balance at December 31, 2025			N/A			$	104,883
Change in operational risk RWA			N/A			1,331
Balance at March 31, 2026			N/A			$	106,214
Total RWA			$	559,080		$	524,244

Regulatory VaR—VaR for regulatory capital requirements

In the current quarter, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher Commitments, guarantees and loans, Other credit risk, and Derivatives exposures, partially offset by lower Securities financing transactions. Under the Advanced Approach, the increase was primarily due to higher Commitments, guarantees and loans and Other credit risk, partially offset by Investment Securities.

Market risk RWA decreased in the current quarter under both the Standardized and Advanced Approaches, primarily driven by lower Specific Risk due to Non-Securitization standardized charges, partially offset by higher Regulatory stressed VAR.

The increase in Operational risk RWA in the current quarter is primarily driven by certain historical litigation-related losses, partially offset by lower execution-related losses.

Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements

The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized

through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.

Required and Actual TLAC and Eligible LTD Ratios

									Actual Amount/Ratio
$ in millions			Regulatory Minimum			Required Ratio1			At March 31, 2026			At December 31, 2025
External TLAC2									$	300,978		$	284,259
External TLAC as a % of RWA			18.0		%	21.5		%	53.8		%	51.4		%
External TLAC as a % of leverage exposure4			7.5		%	8.0		%	16.0		%	16.5		%
Eligible LTD3									$	199,533		$	181,401
Eligible LTD as a % of RWA			9.0		%	9.0		%	35.7		%	32.8		%
Eligible LTD as a % of leverage exposure4			3.0		%	3.0		%	10.6		%	10.6		%

1.Required ratios are inclusive of applicable buffers.

2.External TLAC consists of CET1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.

3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.

4.As of December 31, 2025, the required ratio for External TLAC as a percentage of leverage exposure was 9.5%, and the regulatory minimum and required ratio for Eligible LTD as a percentage of leverage exposure was 4.5%.

We are in compliance with all TLAC requirements as of March 31, 2026 and December 31, 2025.

For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2025 Form 10-K.

Capital Plans, Stress Tests and the Stress Capital Buffer

The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.

We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four consecutive quarters through March 31, 2025, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements during 2026.

As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.

During 2025, the Federal Reserve proposed revisions to the SCB, CCAR and supervisory stress testing frameworks and, on February 4, 2026, indicated that it does not expect to adopt final versions of the proposed stress test models prior to

			26			March 2026 Form 10-Q

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Management’s Discussion and Analysis

conducting the 2026 supervisory stress test. As a result, the Federal Reserve has announced that the Firm is expected to remain subject to its current SCB requirement of 4.3% through October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach CET1 required ratio of 11.8%. If relevant, the Firm will provide updated information on applicable regulatory capital standards in response to a final rulemaking. See “Regulatory Developments and Other Matters—Proposed Changes to Capital Requirements” and “Regulatory Developments and Other Matters—Supervisory Stress Testing” herein.

For the 2026 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 6, 2026. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2026. We are required to disclose a summary of the results of our company-run stress tests within 15 days of the days the Federal Reserve discloses the results of the supervisory stress tests.

For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2025 Form 10-K.

Attribution of Average Common Equity According to the Required Capital Framework

Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.

The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.

Average Common Equity Attribution under the Required Capital Framework1

			Three Months Ended March 31,
$ in billions			2026			2025
Institutional Securities			$	48.2		$	48.4
Wealth Management			28.7			29.4
Investment Management			10.2			10.6
Parent Company			15.8			7.1
Total			$	102.9		$	95.5

1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.

We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.

Resolution and Recovery Planning

We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2025 targeted resolution plan on June 30, 2025.

As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.

For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2025 Form 10-K.

Regulatory Developments and Other Matters

Proposed Changes to Capital Requirements

On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years. Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program.

March 2026 Form 10-Q			27

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Management’s Discussion and Analysis

Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio

On November 25, 2025, the U.S. banking agencies adopted a final rule modifying eSLR standards applicable to U.S. G-SIBs and their U.S. IDI subsidiaries. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, applied above the 3.0% minimum SLR requirement. The eSLR buffer applicable to U.S. G-SIBs’ IDI subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement. The final rule also included conforming modifications to total leverage exposure calculations in U.S. G-SIBs’ TLAC and LTD requirements. The effective date of the final rule is April 1, 2026, with optional early adoption on January 1, 2026.

The Firm and its U.S. Bank Subsidiaries elected to early adopt the final rule as of January 1, 2026. For more information on the leverage-based regulatory capital standards, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K and “Regulatory Requirements” herein.

Supervisory Stress Testing

On October 24, 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals. The first proposal would modify the timeline and operation of the annual supervisory stress test, including through revisions to the Federal Reserve’s supervisory stress testing policy statements, and solicits comment on the Federal Reserve’s supervisory stress testing models. The second proposal solicited comment on the Federal Reserve’s proposed scenarios for the 2026 supervisory stress test. On February 4, 2026, the Federal Reserve finalized the second proposal, and in addition announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027. We continue to monitor developments related to the open proposal.

Basel III Proposal

On March 19, 2026, the U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to Category I and II banking organizations, including us and our U.S. Bank Subsidiaries (“Basel III Proposal”). The Basel III Proposal would introduce a new measure of RWAs known as “Expanded Total RWAs” (the “Expanded Approach”), reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the Basel Committee. The Basel III Proposal would eliminate the current capital rule’s Advanced Approach and require Category I and II banking organizations to calculate RWAs only under the Expanded Approach, with the Standardized

Approach retained for smaller banking organizations. As compared with the Standardized Approach, the Expanded Approach includes more granular risk weights for credit risk and introduces a new market risk framework. In addition, unlike the Standardized Approach, the Expanded Approach includes operational risk and credit valuation adjustment RWA components.

The Basel III Proposal would apply the SCB and G-SIB Surcharge to risk-based capital requirements calculated under the Expanded Approach. The effective date of the Basel III Proposal is unspecified in the Basel III Proposal. We continue to evaluate the Basel III Proposal and its potential impacts on our capital requirements and our Required Capital Framework, which will depend in part on related changes to the Federal Reserve’s supervisory stress testing framework and its related proposed rulemaking to revise the G-SIB Surcharge.

G-SIB Surcharge Proposal

On March 19, 2026, the Federal Reserve proposed revisions to the G-SIB Surcharge framework applicable to us (“G-SIB Surcharge Proposal”). The G-SIB Surcharge Proposal would modify Method 2 by adjusting the calculation and weighting of the short-term wholesale funding component and, for other systemic indicators, introducing a one-time downward adjustment. All Method 2 systemic indicators would be indexed in the future to nominal U.S. GDP. In addition, for Method 2, the G-SIB Surcharge Proposal would require measurement of most systemic indicators based on the annual average of daily or monthly values and would revise the resulting G-SIB Surcharge from 0.5-percentage point increments to 0.1-percentage point increments. The G-SIB Surcharge Proposal would also result in corresponding technical changes to Method 1 G-SIB surcharge requirements. The G-SIB Surcharge Proposal includes a proposed effective date two calendar quarters after the date of adoption of a final rule by the Federal Reserve and new surcharges calculated under the revised methodology would take effect at a later date. We continue to evaluate the G-SIB Surcharge Proposal and the potential impacts, if adopted, on our capital requirements and our Required Capital Framework.

			28			March 2026 Form 10-Q

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Quantitative and Qualitative Disclosures about Risk

Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2025 Form 10-K.

Market Risk

Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2025 Form 10-K.

Trading Risks

We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.

The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.

For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2025 Form 10-K.

95%/One-Day Management VaR for the Trading Portfolio

			Three Months Ended
			March 31, 2026
$ in millions			Period End			Average			High1			Low1
Interest rate and credit spread			$	38		$	32		$	42		$	23
Equity price			37			34			45			30
Foreign exchange rate			13			11			20			5
Commodity price			20			18			27			12
Less: Diversification benefit2			(47)			(47)			N/A			N/A
Primary Risk Categories			$	61		$	48		$	68		$	39
Credit portfolio			19			16			23			13
Less: Diversification benefit2			(12)			(11)			N/A			N/A
Total Management VaR			$	68		$	53		$	74		$	43

			Three Months Ended
			December 31, 2025
$ in millions			Period End			Average			High1			Low1
Interest rate and credit spread			$	27		$	27		$	36		$	22
Equity price			27			33			42			26
Foreign exchange rate			7			9			15			6
Commodity price			13			14			17			11
Less: Diversification benefit2			(36)			(35)			N/A			N/A
Primary Risk Categories			$	38		$	48		$	56		$	36
Credit portfolio			14			17			19			13
Less: Diversification benefit2			(8)			(14)			N/A			N/A
Total Management VaR			$	44		$	51		$	57		$	40

1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.

2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories increased from the three months ended December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories, and higher market volatility. Period-end Total Management VaR increased from December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories as well as increased exposure in the credit portfolio and higher market volatility.

Distribution of VaR Statistics and Net Revenues

We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter.

March 2026 Form 10-Q			29

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Risk Disclosures

Daily 95%/One-Day Total Management VaR for the Current Quarter

($ in millions)

Daily Net Trading Revenues for the Current Quarter

($ in millions)

Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.

Non-Trading Risks

We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading market risk in our portfolio.

Credit Spread Risk Sensitivity1

$ in millions			At March 31, 2026			At December 31, 2025
Derivatives			$	5		$	6
Borrowings and Deposits carried at fair value			58			59

1.Amounts represent the potential gain for each 1 bps widening of our credit spread.

The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.

Wealth Management Net Interest Income Sensitivity Analysis

$ in millions			At March 31, 2026			At December 31, 2025
Basis point change
+200			$	408		$	410
+100			198			209
-100			(229)			(244)
-200			(502)			(542)

The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.

We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.

Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent

			30			March 2026 Form 10-Q

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Risk Disclosures

products available to depositors. Further, the level of interest rates could also impact client demand for loans.

Net interest income sensitivity to interest rates at March 31, 2026 was relatively unchanged from December 31, 2025.

Investments Sensitivity, Including Related Carried Interest

			Loss from 10% Decline
$ in millions			At March 31, 2026			At December 31, 2025
Investments related to Investment Management activities			$	647		$	629
Other investments:
MUMSS			132			129
Other Firm investments			494			493

We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss.

Asset Management Revenue Sensitivity

Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.

Credit Risk

Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.

Loans and Lending Commitments

			At March 31, 2026
$ in millions			HFI			HFS			FVO1			Total
Institutional Securities:
Corporate			$	8,911		$	14,498		$	—		$	23,409
Secured lending facilities			70,033			2,396			—			72,429
Commercial and Residential real estate			8,300			186			5,782			14,268
Securities-based lending and Other			4,087			31			6,102			10,220
Total Institutional Securities			91,331			17,111			11,884			120,326
Wealth Management:
Residential real estate			73,529			5			—			73,534
Securities-based lending and Other			112,994			115			—			113,109
Total Wealth Management			186,523			120			—			186,643
Total Investment Management2			3			—			462			465
Total loans			277,857			17,231			12,346			307,434
ACL			(1,174)									(1,174)
Total loans, net of ACL			$	276,683		$	17,231		$	12,346		$	306,260
Lending commitments3			$	170,589		$	37,527		$	857		$	208,973
Total exposure			$	447,272		$	54,758		$	13,203		$	515,233

			At December 31, 2025
$ in millions			HFI			HFS			FVO1			Total
Institutional Securities:
Corporate			$	7,277		$	7,202		$	—		$	14,479
Secured lending facilities			69,149			1,817			—			70,966
Commercial and Residential real estate			8,039			320			3,949			12,308
Securities-based lending and Other			3,780			30			6,904			10,714
Total Institutional Securities			88,245			9,369			10,853			108,467
Wealth Management:
Residential real estate			72,403			5			—			72,408
Securities-based lending and Other			109,201			—			—			109,201
Total Wealth Management			181,604			5			—			181,609
Total Investment Management2			3			—			91			94
Total loans			269,852			9,374			10,944			290,170
ACL			(1,132)									(1,132)
Total loans, net of ACL			$	268,720		$	9,374		$	10,944		$	289,038
Lending commitments3			$	166,989		$	41,445		$	732		$	209,166
Total exposure			$	435,709		$	50,819		$	11,676		$	498,204

Total exposure—consists of Total loans, net of ACL, and Lending commitments

1.FVO includes the fair value of certain unfunded lending commitments.

2.Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.

3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.

March 2026 Form 10-Q			31

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Risk Disclosures

We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2025 Form 10-K.

Total loans and lending commitments increased by approximately $17 billion since December 31, 2025, primarily due to growth in corporate relationship lending and residential real estate loans within the Institutional Securities business segment and an increase in securities-based loans within the Wealth Management business segment.

See Notes 4, 5, 9 and 13 to the financial statements for further information.

Allowance for Credit Losses—Loans and Lending Commitments

$ in millions			Three Months Ended March 31, 2026
ACL—Loans
Beginning balance			$	1,132
Gross charge-offs			(37)
Provision for credit losses			82
Other			(3)
Ending balance			$	1,174
ACL—Lending commitments
Beginning balance			$	798
Provision for credit losses			16
Other			(7)
Ending balance			$	807
Total ending balance			$	1,981

Provision for Credit Losses by Business Segment

			Three Months Ended March 31, 2026
$ in millions			IS			WM			Total
Loans			$	76		$	6		$	82
Lending commitments			16			—			16
Total			$	92		$	6		$	98

Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial condition, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.

The allowance for credit losses for loans and lending commitments increased since December 31, 2025, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans.

The base scenario used in our ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to our prior quarter forecast. Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions. We also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. See Note 2 to the financial statements in the 2025 Form 10-K.

Forecasted U.S. Real GDP Growth Rates in Base Scenario

			4Q 2026			4Q 2027
Year-over-year growth rate			2.3		%	2.0		%

Status of Loans Held for Investment

			At March 31, 2026						At December 31, 2025
			IS			WM			IS			WM
Accrual			99.3		%	99.8		%	99.2		%	99.8		%
Nonaccrual1			0.7		%	0.2		%	0.8		%	0.2		%

1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more unless the obligation is well-secured and is in the process of collection.

Net Charge-off Ratios for Loans Held for Investment

			Three Months Ended March 31,
			2026									2025
$ in millions			Net Charge-off Ratio1			Average Loans						Net Charge-off Ratio1			Average Loans
Corporate			0.19		%	$	8,242					—		%	$	7,210
Secured Lending Facilities			—		%	69,216						—		%	50,310
Commercial Real Estate			0.13		%	8,172						0.27		%	8,493
Residential Real Estate			—		%	72,842						—		%	51,572
SBL and Other			0.01		%	114,641						—		%	97,249
Total			0.01		%	$	273,113					0.01		%	$	214,834

SBL—Securities-based lending

1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.

			32			March 2026 Form 10-Q

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Risk Disclosures

Institutional Securities Lending Activities

Institutional Securities Loans and Lending Commitments1

			At March 31, 2026
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Loans
AA			$	148		$	296		$	7		$	—		$	451
A			595			1,805			151			—			2,551
BBB			5,245			20,415			802			339			26,801
BB			11,218			43,494			3,126			390			58,228
Other NIG			6,384			14,162			3,119			138			23,803
Unrated2			119			1,483			1,009			5,072			7,683
Total loans, net of ACL			23,709			81,655			8,214			5,939			119,517
Lending commitments
AAA			—			75			—			—			75
AA			3,595			4,928			275			—			8,798
A			7,255			28,133			1,141			—			36,529
BBB			10,205			63,169			1,939			238			75,551
BB			4,890			30,749			3,437			1,686			40,762
Other NIG			746			20,820			4,349			3			25,918
Unrated2			2			244			494			1			741
Total lending commitments			26,693			148,118			11,635			1,928			188,374
Total exposure			$	50,402		$	229,773		$	19,849		$	7,867		$	307,891

			At December 31, 2025
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Loans
AA			$	2		$	163		$	—		$	—		$	165
A			989			1,159			158			—			2,306
BBB			3,872			17,798			967			429			23,066
BB			9,948			40,450			2,668			413			53,479
Other NIG			5,288			12,931			3,965			153			22,337
Unrated2			212			1,587			955			3,596			6,350
Total loans, net of ACL			20,311			74,088			8,713			4,591			107,703
Lending commitments
AAA			—			75			—			—			75
AA			3,795			5,024			275			—			9,094
A			11,952			29,626			983			—			42,561
BBB			9,721			61,325			2,138			148			73,332
BB			2,676			30,373			3,492			1,551			38,092
Other NIG			868			21,087			3,651			3			25,609
Unrated2			20			88			8			1			117
Total lending commitments			29,032			147,598			10,547			1,703			188,880
Total exposure			$	49,343		$	221,686		$	19,260		$	6,294		$	296,583

NIG–Non-investment grade

1.Counterparty credit ratings are internally determined by the CRM.

2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.

Institutional Securities Loans and Lending Commitments by Industry

$ in millions			At March 31, 2026			At December 31, 2025
Industry
Financials			$	88,577		$	83,193
Real estate			53,343			50,923
Industrials			27,352			20,952
Consumer staples			21,615			16,851
Communications Services			18,041			21,292
Information Technology			17,302			17,252
Healthcare			16,486			21,725
Consumer discretionary			16,054			15,504
Utilities			14,717			13,828
Insurance			10,946			7,443
Energy			9,411			12,946
Materials			8,850			9,689
Other			5,197			4,985
Total exposure			$	307,891		$	296,583

The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of March 31, 2026 and December 31, 2025, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.

Institutional Securities Loans and Lending Commitments Held for Investment

			At March 31, 2026
$ in millions			Loans			Lending Commitments			Total
Corporate			$	8,911		$	122,594		$	131,505
Secured lending facilities			70,033			27,196			97,229
Commercial real estate			8,300			460			8,760
Securities-based lending and Other			4,087			815			4,902
Total, before ACL			$	91,331		$	151,065		$	242,396
ACL			$	(809)		$	(789)		$	(1,598)

						At December 31, 2025
$ in millions									Loans			Lending Commitments			Total
Corporate									$	7,277		$	119,390		$	126,667
Secured lending facilities									69,149			26,947			96,096
Commercial real estate									8,039			353			8,392
Securities-based lending and Other									3,780			938			4,718
Total, before ACL									$	88,245		$	147,628		$	235,873
ACL									$	(764)		$	(780)		$	(1,544)

March 2026 Form 10-Q			33

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Risk Disclosures

Institutional Securities Commercial Real Estate Loans and Lending Commitments

By Region

			At March 31, 2026												At December 31, 2025
$ in millions			Loans1			LC1			Total Exposure						Loans1			LC1			Total Exposure
Americas			$	4,446		$	481		$	4,927					$	4,116		$	202		$	4,318
EMEA			3,846			172			4,018						4,320			184			4,504
Asia			499			18			517						466			15			481
Total			$	8,791		$	671		$	9,462					$	8,902		$	401		$	9,303

By Property Type

			At March 31, 2026												At December 31, 2025
$ in millions			Loans1			LC1			Total Exposure						Loans1			LC1			Total Exposure
Industrial			$	3,534		$	287		$	3,821					$	3,603		$	118		$	3,721
Office			2,108			94			2,202						2,143			132			2,275
Multifamily			1,671			240			1,911						1,729			96			1,825
Hotel			870			46			916						867			51			918
Retail			562			4			566						560			4			564
Other			46			—			46						—			—			—
Total			$	8,791		$	671		$	9,462					$	8,902		$	401		$	9,303

LC–Lending Commitments

1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.

As of March 31, 2026 and December 31, 2025, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $9.5 billion and $9.3 billion, respectively. This represents 3.1% and 3.1%, respectively, of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.

In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.

While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors.

Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments

			Three Months Ended March 31, 2026
$ in millions			Corporate			Secured Lending Facilities			CRE			SBL and Other			Total
ACL—Loans
Beginning balance			$	260		$	201		$	283		$	20		$	764
Gross charge-offs			(16)			—			(11)			—			(27)
Provision (release)			(2)			18			56			4			76
Other			(2)			(1)			—			(1)			(4)
Ending balance			$	240		$	218		$	328		$	23		$	809
ACL—Lending commitments
Beginning balance			$	625		$	137		$	12		$	6		$	780
Provision (release)			31			(16)			4			(3)			16
Other			(7)			(1)			—			1			(7)
Ending balance			$	649		$	120		$	16		$	4		$	789
Total ending balance			$	889		$	338		$	344		$	27		$	1,598

Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance

			At March 31, 2026			At December 31, 2025
Corporate			2.7		%	3.6		%
Secured lending facilities			0.3		%	0.3		%
Commercial real estate			4.0		%	3.5		%
Securities-based lending and Other			0.6		%	0.5		%
Total Institutional Securities loans			0.9		%	0.9		%

Wealth Management Lending Activities

Wealth Management Loans and Lending Commitments

			At March 31, 2026
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Securities-based lending and Other			$	102,369		$	9,764		$	609		$	134		$	112,876
Residential real estate			2			113			966			72,321			73,402
Total loans, net of ACL			$	102,371		$	9,877		$	1,575		$	72,455		$	186,278
Lending commitments			17,271			2,836			44			448			20,599
Total exposure			$	119,642		$	12,713		$	1,619		$	72,903		$	206,877

			At December 31, 2025
			Contractual Years to Maturity
$ in millions			<1			1-5			5-15			>15			Total
Securities-based lending and Other			$	96,959		$	11,210		$	654		$	137		$	108,960
Residential real estate			1			116			989			71,175			72,281
Total loans, net of ACL			$	96,960		$	11,326		$	1,643		$	71,312		$	181,241
Lending commitments			16,907			2,889			66			424			20,286
Total exposure			$	113,867		$	14,215		$	1,709		$	71,736		$	201,527

The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.

For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.

			34			March 2026 Form 10-Q

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Risk Disclosures

Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type

			At March 31, 2026												At December 31, 2025
$ in millions			Loans1			LC1			Total exposure						Loans1			LC1			Total exposure
Retail			$	2,331		$	—		$	2,331					$	2,306		$	—		$	2,306
Office			2,143			1			2,144						2,136			1			2,137
Multifamily			1,689			176			1,865						1,701			197			1,898
Industrial			441			—			441						437			—			437
Hotel			357			—			357						385			—			385
Other			311			—			311						311			—			311
Total			$	7,272		$	177		$	7,449					$	7,276		$	198		$	7,474

LC–Lending Commitments

1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.

As of March 31, 2026 and December 31, 2025, our direct lending against CRE properties totaled $7.4 billion and $7.5 billion, respectively, within the Wealth Management business segment. This represents 3.6% and 3.7%, respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both March 31, 2026 and December 31, 2025, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE properties within Wealth Management are in the Americas region.

Wealth Management Allowance for Credit Losses—Loans and Lending Commitments

			Three Months Ended March 31, 2026
$ in millions			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	127		$	241		$	368
Gross charge-offs			—			(10)			(10)
Provision (release)			4			2			6
Other			—			1			1
Ending balance			$	131		$	234		$	365
ACL—Lending commitments
Beginning balance			$	5		$	13		$	18
Other			—			—			—
Ending balance			$	5		$	13		$	18
Total ending balance			$	136		$	247		$	383

As of March 31, 2026 and December 31, 2025, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.

Customer and Other Receivables

Margin Loans and Other Lending

$ in millions			At March 31, 2026			At December 31, 2025
Institutional Securities			$	48,266		$	52,657
Wealth Management			33,181			31,214
Total			$	81,447		$	83,871

The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.

Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2025 Form 10-K.

Employee Loans

For information on employee loans and related ACL, see Note 9 to the financial statements.

March 2026 Form 10-Q			35

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Risk Disclosures

Derivatives

Fair Value of OTC Derivative Assets

			At March 31, 2026
			Counterparty Credit Rating1
$ in millions			AAA			AA			A			BBB			NIG			Total
Less than 1 year			$	1,324		$	19,783		$	41,158		$	25,485		$	16,616		$	104,366
1-3 years			851			6,073			17,519			11,321			9,482			45,246
3-5 years			364			5,747			10,541			7,637			4,017			28,306
Over 5 years			3,173			23,882			52,663			29,795			7,696			117,209
Total, gross			$	5,712		$	55,485		$	121,881		$	74,238		$	37,811		$	295,127
Counterparty netting			(3,256)			(43,388)			(91,651)			(50,967)			(21,960)			(211,222)
Cash and securities collateral			(2,227)			(9,971)			(25,469)			(15,089)			(7,646)			(60,402)
Total, net			$	229		$	2,126		$	4,761		$	8,182		$	8,205		$	23,503

			At December 31, 2025
			Counterparty Credit Rating1
$ in millions			AAA			AA			A			BBB			NIG			Total
Less than 1 year			$	969		$	12,406		$	41,750		$	19,551		$	10,930		$	85,606
1-3 years			485			5,978			16,718			9,879			7,556			40,616
3-5 years			676			6,324			9,408			7,288			3,223			26,919
Over 5 years			3,124			23,497			52,600			28,599			7,471			115,291
Total, gross			$	5,254		$	48,205		$	120,476		$	65,317		$	29,180		$	268,432
Counterparty netting			(3,041)			(39,093)			(90,919)			(46,335)			(16,243)			(195,631)
Cash and securities collateral			(2,114)			(7,346)			(25,473)			(13,043)			(5,669)			(53,645)
Total, net			$	99		$	1,766		$	4,084		$	5,939		$	7,268		$	19,156

$ in millions			At March 31, 2026			At December 31, 2025
Industry
Financials			$	9,156		$	7,233
Utilities			4,064			3,626
Energy			2,850			756
Consumer discretionary			1,194			1,174
Industrials			838			1,251
Materials			782			804
Communications Services			767			719
Regional governments			652			637
Healthcare			525			618
Consumer staples			510			541
Sovereign governments			450			325
Real estate			329			301
Information technology			311			230
Not-for-profit organizations			121			98
Insurance			82			159
Other			872			684
Total			$	23,503		$	19,156

1.Counterparty credit ratings are determined internally by the CRM.

We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K and Note 6 to the financial statements.

Country Risk

Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2025 Form 10-K.

Top 10 Non-U.S. Country Exposures

			At March 31, 2026
$ in millions			United Kingdom			France			Japan			Germany			Brazil
Sovereign
Net inventory1			$	1,009		$	5,749		$	6,980		$	(375)		$	5,024
Net counterparty exposure2			64			2			9			142			—
Exposure before hedges			1,073			5,751			6,989			(233)			5,024
Hedges3			(21)			(61)			(141)			(141)			60
Net exposure			$	1,052		$	5,690		$	6,848		$	(374)		$	5,084
Non-sovereign
Net inventory1			$	1,358		$	599		$	538		$	(80)		$	98
Net counterparty exposure2			12,082			4,209			4,084			3,291			445
Loans			12,419			442			1,069			2,528			270
Lending commitments			9,911			4,573			83			6,980			509
Exposure before hedges			35,770			9,823			5,774			12,719			1,322
Hedges3			(1,665)			(1,449)			(378)			(1,830)			(53)
Net exposure			$	34,105		$	8,374		$	5,396		$	10,889		$	1,269
Total net exposure			$	35,157		$	14,064		$	12,244		$	10,515		$	6,353

$ in millions			Switzerland			Australia			Canada			Netherlands			China
Sovereign
Net inventory1			$	—		$	(22)		$	92		$	372		$	239
Net counterparty exposure2			10			26			33			—			220
Exposure before hedges			10			4			125			372			459
Hedges3			—			—			—			(12)			(187)
Net exposure			$	10		$	4		$	125		$	360		$	272
Non-sovereign
Net inventory1			$	213		$	337		$	884		$	717		$	2,761
Net counterparty exposure2			1,620			1,154			1,499			1,097			618
Loans			231			1,463			216			1,088			272
Lending commitments			3,346			2,103			1,860			1,164			431
Exposure before hedges			5,410			5,057			4,459			4,066			4,082
Hedges3			(573)			(451)			(157)			(140)			(94)
Net exposure			$	4,837		$	4,606		$	4,302		$	3,926		$	3,988
Total net exposure			$	4,847		$	4,610		$	4,427		$	4,286		$	4,260

1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).

2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place.

3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS

			36			March 2026 Form 10-Q

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Table of Contents
Risk Disclosures

notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K.

Operational Risk

Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors (e.g., inappropriate or unlawful conduct) or external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may experience operational risk events across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2025 Form 10-K.

Model Risk

Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making, noncompliance with applicable laws and/or regulations or damage to the Firm’s reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2025 Form 10-K.

Liquidity Risk

Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2025 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.

Legal, Regulatory and Compliance Risk

Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes

of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2025 Form 10-K.

Climate Risk

Climate-related risk consists of physical and transition risks. Physical risks include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. Transition risks include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure requirements or taxation of carbon emissions. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2025 Form 10-K.

March 2026 Form 10-Q			37

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Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2026, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
New York, New York
May 5, 2026

			38			March 2026 Form 10-Q

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Consolidated Income Statement (Unaudited)

			Three Months Ended March 31,
in millions, except per share data			2026			2025
Revenues
Investment banking			$	2,289		$	1,711
Trading			6,730			5,111
Investments			146			369
Commissions and fees			1,690			1,481
Asset management			6,730			5,963
Other			292			751
Total non-interest revenues			17,877			15,386
Interest income			15,273			13,748
Interest expense			12,570			11,395
Net interest			2,703			2,353
Net revenues			20,580			17,739
Provision for credit losses			98			135
Non-interest expenses
Compensation and benefits			8,542			7,521
Brokerage, clearing and exchange fees			1,256			1,222
Information processing and communications			1,148			1,050
Professional services			602			674
Occupancy and equipment			483			449
Marketing and business development			310			238
Other			1,130			906
Total non-interest expenses			13,471			12,060
Income before provision for income taxes			7,011			5,544
Provision for income taxes			1,373			1,173
Net income			$	5,638		$	4,371
Net income applicable to noncontrolling interests			71			56
Net income applicable to Morgan Stanley			$	5,567		$	4,315
Preferred stock dividends			156			158
Earnings applicable to Morgan Stanley common shareholders			$	5,411		$	4,157
Earnings per common share
Basic			$	3.47		$	2.62
Diluted			$	3.43		$	2.60
Average common shares outstanding
Basic			1,561			1,584
Diluted			1,576			1,600

Consolidated Comprehensive Income Statement

(Unaudited)

						Three Months Ended March 31,
$ in millions									2026			2025
Net income									$	5,638		$	4,371
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									(18)			188
Change in net unrealized gains (losses) on available-for-sale securities									(135)			358
Pension and other									4			2
Change in net debt valuation adjustment									1,229			338
Net change in cash flow hedges									(298)			17
Total other comprehensive income (loss)									$	782		$	903
Comprehensive income									$	6,420		$	5,274
Net income applicable to noncontrolling interests									71			56
Other comprehensive income (loss) applicable to noncontrolling interests									3			50
Comprehensive income applicable to Morgan Stanley									$	6,346		$	5,168

See Notes to Consolidated Financial Statements			39			March 2026 Form 10-Q

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Table of Contents
Consolidated Balance Sheet

$ in millions, except share data			(Unaudited) At March 31, 2026			At December 31, 2025
Assets
Cash and cash equivalents			$	133,529		$	111,695
Trading assets at fair value ($283,742 and $213,269 pledged as collateral)			526,211			428,276
Investment securities:
Available-for-sale at fair value (amortized cost of $112,050 and $112,522)			109,817			110,466
Held-to-maturity (fair value of $42,993 and $45,615)			50,546			53,090
Securities purchased under agreements to resell (includes $— and $— at fair value)			128,880			120,243
Securities borrowed			154,570			151,908
Customer and other receivables			132,599			114,720
Loans:
Held for investment (net of allowance for credit losses of $1,174 and $1,132)			276,683			268,720
Held for sale			17,231			9,374
Goodwill			17,105			16,726
Intangible assets (net of accumulated amortization of $1,968 and $1,882)			5,960			6,010
Other assets			28,287			29,042
Total assets			$	1,581,418		$	1,420,270
Liabilities
Deposits (includes $8,593 and $8,755 at fair value)			$	427,971		$	415,523
Trading liabilities at fair value			217,356			169,569
Securities sold under agreements to repurchase (includes $699 and $696 at fair value)			119,831			78,539
Securities loaned			19,589			17,310
Other secured financings (includes $17,533 and $16,871 at fair value)			22,666			21,603
Customer and other payables			259,289			226,519
Other liabilities and accrued expenses			27,764			29,620
Borrowings (includes $137,633 and $132,479 at fair value)			371,568			348,935
Total liabilities			1,466,034			1,307,618
Commitments and contingent liabilities (see Note 13)
Equity
Morgan Stanley shareholders’ equity:
Preferred stock			9,750			9,750
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,579,629,298 and 1,582,834,137			20			20
Additional paid-in capital			30,988			31,153
Retained earnings			118,913			115,091
Employee stock trusts			6,003			5,154
Accumulated other comprehensive income (loss)			(5,506)			(6,285)
Common stock held in treasury at cost, $0.01 par value (459,264,681 and 456,059,842 shares)			(39,879)			(38,097)
Common stock issued to employee stock trusts			(6,003)			(5,154)
Total Morgan Stanley shareholders’ equity			114,286			111,632
Noncontrolling interests			1,098			1,020
Total equity			115,384			112,652
Total liabilities and equity			$	1,581,418		$	1,420,270

March 2026 Form 10-Q			40			See Notes to Consolidated Financial Statements

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Consolidated Statement of Changes in Total Equity (Unaudited)

                                                                                                                                                                                                                                                                

						Three Months Ended March 31,
$ in millions									2026			2025
Preferred stock
Beginning and ending balance									$	9,750		$	9,750
Common stock
Beginning and ending balance									20			20
Additional paid-in capital
Beginning balance									31,153			30,179
Share-based award activity									(165)			(406)
Ending balance									30,988			29,773
Retained earnings
Beginning balance									115,091			104,989
Net income applicable to Morgan Stanley									5,567			4,315
Preferred stock dividends1									(156)			(158)
Common stock dividends1									(1,589)			(1,492)
Other net increases (decreases)									—			(1)
Ending balance									118,913			107,653
Employee stock trusts
Beginning balance									5,154			5,103
Share-based award activity									849			174
Ending balance									6,003			5,277
Accumulated other comprehensive income (loss)
Beginning balance									(6,285)			(6,814)
Net change in Accumulated other comprehensive income (loss)									779			853
Ending balance									(5,506)			(5,961)
Common stock held in treasury at cost
Beginning balance									(38,097)			(33,613)
Share-based award activity									1,093			1,220
Repurchases of common stock and employee tax withholdings									(2,875)			(2,030)
Ending balance									(39,879)			(34,423)
Common stock issued to employee stock trusts
Beginning balance									(5,154)			(5,103)
Share-based award activity									(849)			(174)
Ending balance									(6,003)			(5,277)
Noncontrolling interests
Beginning balance									1,020			917
Net income applicable to noncontrolling interests									71			56
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests									3			50
Other net increases (decreases)									4			12
Ending balance									1,098			1,035
Total equity									$	115,384		$	107,847

1.See Note 16 for information regarding dividends per share for each class of stock.

See Notes to Consolidated Financial Statements			41			March 2026 Form 10-Q

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Consolidated Cash Flow Statement (Unaudited)

			Three Months Ended March 31,
$ in millions			2026			2025
Cash flows from operating activities
Net income			$	5,638		$	4,371
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense			571			539
Depreciation and amortization			714			865
Provision for credit losses			98			135
Other operating adjustments			74			(2)
Changes in assets and liabilities:
Trading assets, net of Trading liabilities			(53,593)			(48,968)
Securities borrowed			(2,662)			(16,367)
Securities loaned			2,279			1,378
Customer and other receivables and other assets			(24,611)			(9,109)
Customer and other payables and other liabilities			31,739			24,460
Securities purchased under agreements to resell			(8,637)			(483)
Securities sold under agreements to repurchase			41,292			19,205
Net cash provided by (used for) operating activities			(7,098)			(23,976)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software			(754)			(713)
Changes in loans, net			(8,449)			(6,486)
AFS securities:
Purchases			(11,653)			(6,562)
Proceeds from sales			5,856			1,714
Proceeds from paydowns and maturities			6,023			5,314
HTM securities:
Purchases			(999)			—
Proceeds from paydowns and maturities			3,689			1,723
Other investing activities			(313)			(24)
Net cash provided by (used for) investing activities			(6,600)			(5,034)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings			(506)			(683)
Deposits			12,751			5,520
Proceeds from issuance of Borrowings			56,195			32,439
Payments for:
Borrowings			(27,561)			(20,845)
Repurchases of common stock and employee tax withholdings			(2,875)			(2,030)
Cash dividends			(1,708)			(1,616)
Other financing activities			164			260
Net cash provided by (used for) financing activities			36,460			13,045
Effect of exchange rate changes on cash and cash equivalents			(928)			1,318
Net increase (decrease) in cash and cash equivalents			21,834			(14,647)
Cash and cash equivalents, at beginning of period			111,695			105,386
Cash and cash equivalents, at end of period			$	133,529		$	90,739
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest			$	14,195		$	12,464
Income taxes, net of refunds			398			534

March 2026 Form 10-Q			42			See Notes to Consolidated Financial Statements

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

1. Introduction and Basis of Presentation

The Firm

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Morgan Stanley operates as an Integrated Firm whereby it serves clients holistically across its business segments. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.

A description of the clients and principal products and services of each of the Firm’s business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.

Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.

Investment Management provides a broad range of investment strategies and products that span geographies,

asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.

Basis of Financial Information

The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.

The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.

The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2025 Form 10-K. Certain footnote disclosures included in the 2025 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.

Consolidation

The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such

			43			March 2026 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.

For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2025 Form 10-K.

2. Significant Accounting Policies

For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2025 Form 10-K.

During the three months ended March 31, 2026 there were no significant updates to the Firm’s significant accounting policies, other than as described below.

In the first quarter of 2026, the Firm began using derivatives to hedge certain of its DCP awards in the Wealth Management business segment. The Firm has accordingly updated certain relevant accounting policies to address such hedging derivatives as described below.

Hedge Accounting

Cash Flow Hedges—Equity Price Risk

The Firm designated total return swaps as hedges of the variability in forecasted cash flows from the majority of unvested DCP obligations due to variability in the underlying DCP investments. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships.

Changes in the fair value of these hedging derivatives designated as cash flow hedges are recorded in OCI and subsequently reclassified into Compensation and benefits expense in the same period that the related DCP award vests and the related Compensation and benefits expense is recognized.

Other Hedges

In addition to hedges that are designated and qualify for cash flow hedge accounting, the Firm uses derivatives to economically hedge equity price risk primarily associated with vested DCP awards. The Firm presents changes in the fair value of the derivatives related to economic hedges of DCP awards in Compensation and benefits expense. Previously, the Firm economically hedged the awards primarily with cash instruments whereby changes in the fair value of the hedges were recorded in Trading revenues.

Deferred Compensation

Deferred Cash-Based Compensation

Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.

The majority of unvested DCP awards are subject to cash flow hedge accounting to mitigate the recognition timing difference on compensation expenses. Vested DCP awards are economically hedged using derivatives. For more information regarding cash flow hedge accounting for DCP awards, refer to “Hedge Accounting – Cash Flow Hedges – Equity Price Risk” herein. For more information on economic hedges for DCP awards, refer to “Other Hedges” herein.

3. Cash and Cash Equivalents

$ in millions			At March 31, 2026			At December 31, 2025
Cash and due from banks			$	6,012		$	4,462
Interest bearing deposits with banks			127,517			107,233
Total Cash and cash equivalents			$	133,529		$	111,695
Restricted cash			$	37,748		$	30,385

For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2025 Form 10-K.

March 2026 Form 10-Q			44

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

4. Fair Values

Recurring Fair Value Measurements    

Assets and Liabilities Measured at Fair Value on a Recurring Basis

			At March 31, 2026
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	72,906		$	70,279		$	—		$	—		$	143,185
Other sovereign government obligations			68,547			526			55			—			69,128
State and municipal securities			—			3,298			—			—			3,298
MABS			—			2,002			629			—			2,631
Loans and lending commitments2			—			10,679			1,667			—			12,346
Corporate and other debt			4,415			40,368			1,475			—			46,258
Corporate equities3,5			193,600			589			184			—			194,373
Derivative and other contracts:
Interest rate			7,600			124,702			441			—			132,743
Credit			1			11,358			283			—			11,642
Foreign exchange			14			93,896			166			—			94,076
Equity			11,083			95,280			1,019			—			107,382
Commodity and other			229			21,951			3,179			—			25,359
Netting1			(13,301)			(266,426)			(1,227)			(45,442)			(326,396)
Total derivative and other contracts			5,626			80,761			3,861			(45,442)			44,806
Investments4,5			721			452			1,587			—			2,760
Physical commodities			—			652			—			—			652
Total trading assets4			345,815			209,606			9,458			(45,442)			519,437
Investment securities—AFS			80,738			29,079			—			—			109,817
Securities purchased under agreements to resell			—			—			—			—			—
Total assets at fair value			$	426,553		$	238,685		$	9,458		$	(45,442)		$	629,254

			At March 31, 2026
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	8,592		$	1		$	—		$	8,593
Trading liabilities:
U.S. Treasury and agency securities			27,993			980			—			—			28,973
Other sovereign government obligations			36,712			21			3			—			36,736
Corporate and other debt			2,124			17,507			54			—			19,685
Corporate equities3			85,752			336			16			—			86,104
Derivative and other contracts:
Interest rate			6,466			114,140			592			—			121,198
Credit			1			11,503			135			—			11,639
Foreign exchange			142			86,095			210			—			86,447
Equity			8,525			120,213			2,334			—			131,072
Commodity and other			116			21,796			1,959			—			23,871
Netting1			(13,301)			(266,426)			(1,227)			(47,415)			(328,369)
Total derivative and other contracts			1,949			87,321			4,003			(47,415)			45,858
Total trading liabilities			154,530			106,165			4,076			(47,415)			217,356
Securities sold under agreements to repurchase			—			250			449			—			699
Other secured financings			—			17,352			181			—			17,533
Borrowings			—			136,696			937			—			137,633
Total liabilities at fair value			$	154,530		$	269,055		$	5,644		$	(47,415)		$	381,814

			At December 31, 2025
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	70,801		$	48,504		$	—		$	—		$	119,305
Other sovereign government obligations			44,790			359			59			—			45,208
State and municipal securities			—			3,740			—			—			3,740
MABS			—			2,326			317			—			2,643
Loans and lending commitments2			—			9,520			1,424			—			10,944
Corporate and other debt			3,720			32,117			1,414			—			37,251
Corporate equities3,5			161,160			823			276			—			162,259
Derivative and other contracts:
Interest rate			2,231			125,002			452			—			127,685
Credit			—			10,081			263			—			10,344
Foreign exchange			11			85,969			165			—			86,145
Equity			7,335			85,077			717			—			93,129
Commodity and other			222			13,746			2,494			—			16,462
Netting1			(7,509)			(247,840)			(1,049)			(40,577)			(296,975)
Total derivative and other contracts			2,290			72,035			3,042			(40,577)			36,790
Investments4,5			795			416			1,507			—			2,718
Physical commodities			—			685			—			—			685
Total trading assets4			283,556			170,525			8,039			(40,577)			421,543
Investment securities—AFS			80,907			29,559			—			—			110,466
Total assets at fair value			$	364,463		$	200,084		$	8,039		$	(40,577)		$	532,009

			45			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			At December 31, 2025
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	8,754		$	1		$	—		$	8,755
Trading liabilities:
U.S. Treasury and agency securities			19,297			2			—			—			19,299
Other sovereign government obligations			23,534			28			2			—			23,564
Corporate and other debt			1,447			14,138			50			—			15,635
Corporate equities3			68,989			27			30			—			69,046
Derivative and other contracts:
Interest rate			2,189			113,060			606			—			115,855
Credit			—			10,520			176			—			10,696
Foreign exchange			70			82,887			129			—			83,086
Equity			6,253			114,930			2,150			—			123,333
Commodity and other			264			13,338			1,574			—			15,176
Netting1			(7,509)			(247,840)			(1,049)			(49,723)			(306,121)
Total derivative and other contracts			1,267			86,895			3,586			(49,723)			42,025
Total trading liabilities			114,534			101,090			3,668			(49,723)			169,569
Securities sold under agreements to repurchase			—			251			445			—			696
Other secured financings			—			16,565			306			—			16,871
Borrowings			—			131,871			608			—			132,479
Total liabilities at fair value			$	114,534		$	258,531		$	5,028		$	(49,723)		$	328,370

MABS—Mortgage- and asset-backed securities

1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.

2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.

3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.

4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.

5.At March 31, 2026 and December 31, 2025, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.

Detail of Loans and Lending Commitments at Fair Value

$ in millions			At March 31, 2026			At December 31, 2025
Commercial real estate			$	490		$	675
Residential real estate			5,292			3,274
Securities-based lending and Other loans			6,564			6,995
Total			$	12,346		$	10,944

Unsettled Fair Value of Futures Contracts1

$ in millions			At March 31, 2026			At December 31, 2025
Customer and other receivables (payables), net			$	3,857		$	1,538

1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.

For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2025 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

			Three Months Ended March 31,
$ in millions			2026			2025
Other sovereign government obligations
Beginning balance			$	59		$	17
Realized and unrealized gains (losses)			—			(1)
Purchases			1			5
Sales			(4)			(3)
Net transfers			(1)			11
Ending balance			$	55		$	29
Unrealized gains (losses)			$	—		$	—
MABS
Beginning balance			$	317		$	281
Realized and unrealized gains (losses)			9			—
Purchases			122			92
Sales			(62)			(78)
Net transfers			243			51
Ending balance			$	629		$	346
Unrealized gains (losses)			$	3		$	—
Loans and lending commitments
Beginning balance			$	1,424		$	1,059
Realized and unrealized gains (losses)			(4)			6
Purchases and originations			572			759
Sales			(759)			(432)
Settlements			—			(12)
Net transfers			434			646
Ending balance			$	1,667		$	2,026
Unrealized gains (losses)			$	(18)		$	7
Corporate and other debt
Beginning balance			$	1,414		$	1,258
Realized and unrealized gains (losses)			(51)			(33)
Purchases and originations			524			426
Sales			(402)			(275)
Net transfers			(10)			58
Ending balance			$	1,475		$	1,434
Unrealized gains (losses)			$	(52)		$	(1)
Corporate equities
Beginning balance			$	276		$	154
Realized and unrealized gains (losses)			12			(21)
Purchases			29			52
Sales			(186)			(57)
Net transfers			53			35
Ending balance			$	184		$	163
Unrealized gains (losses)			$	13		$	—

March 2026 Form 10-Q			46

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Three Months Ended March 31,
$ in millions			2026			2025
Investments
Beginning balance			$	1,507		$	754
Realized and unrealized gains (losses)			12			22
Purchases			79			24
Sales			(15)			(25)
Net transfers			4			4
Ending balance			$	1,587		$	779
Unrealized gains (losses)			$	7		$	10
Net derivatives: Interest rate
Beginning balance			$	(154)		$	(53)
Realized and unrealized gains (losses)			31			(119)
Purchases			92			10
Issuances			(78)			(12)
Settlements			(62)			18
Net transfers			20			33
Ending balance			$	(151)		$	(123)
Unrealized gains (losses)			$	(10)		$	(116)
Net derivatives: Credit
Beginning balance			$	87		$	97
Realized and unrealized gains (losses)			14			(22)
Issuances			(1)			—
Settlements			42			34
Net transfers			6			20
Ending balance			$	148		$	129
Unrealized gains (losses)			$	5		$	(54)
Net derivatives: Foreign exchange
Beginning balance			$	36		$	589
Realized and unrealized gains (losses)			(77)			(243)
Settlements			47			(30)
Net transfers			(50)			(11)
Ending balance			$	(44)		$	305
Unrealized gains (losses)			$	(79)		$	(201)
Net derivatives: Equity
Beginning balance			$	(1,433)		$	(1,148)
Realized and unrealized gains (losses)			547			380
Purchases			102			175
Issuances			(308)			(144)
Settlements			(200)			(288)
Net transfers			(23)			140
Ending balance			$	(1,315)		$	(885)
Unrealized gains (losses)			$	411		$	298
Net derivatives: Commodity and other
Beginning balance			$	920		$	1,308
Realized and unrealized gains (losses)			386			23
Purchases			38			22
Issuances			(405)			(22)
Settlements			74			(64)
Net transfers			207			(405)
Ending balance			$	1,220		$	862
Unrealized gains (losses)			$	591		$	(5)
Deposits
Beginning balance			$	1		$	1
Issuances			—			2
Settlements			—			(1)
Net transfers			—			1
Ending balance			$	1		$	3
Unrealized losses (gains)			$	—		$	—

			Three Months Ended March 31,
$ in millions			2026			2025
Nonderivative trading liabilities
Beginning balance			$	82		$	110
Realized and unrealized losses (gains)			(3)			(4)
Purchases			(23)			(26)
Sales			18			25
Net transfers			(1)			(77)
Ending balance			$	73		$	28
Unrealized losses (gains)			$	(2)		$	—
Securities sold under agreements to repurchase
Beginning balance			$	445		$	444
Realized and unrealized losses (gains)			4			13
Net transfers			—			203
Ending balance			$	449		$	660
Unrealized losses (gains)			$	4		$	13
Other secured financings
Beginning balance			$	306		$	76
Realized and unrealized losses (gains)			—			10
Issuances			32			139
Settlements			(155)			(5)
Net transfers			(2)			215
Ending balance			$	181		$	435
Unrealized losses (gains)			$	—		$	10
Borrowings
Beginning balance			$	608		$	947
Realized and unrealized losses (gains)			(58)			7
Issuances			287			91
Settlements			(50)			(86)
Net transfers			150			(57)
Ending balance			$	937		$	902
Unrealized losses (gains)			$	(57)		$	3
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA			1			(2)

Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.

The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.

Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.

			47			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

Valuation Techniques and Unobservable Inputs

			Balance / Range (Average1)
$ in millions, except inputs			At March 31, 2026			At December 31, 2025
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations			$	55		$	59
Comparable pricing:
Bond price			65 to 112 points (99 points)			58 to 112 points (100 points)
MABS			$	629		$	317
Comparable pricing:
Bond price			30 to 104 points (75 points)			30 to 100 points (68 points)
Loans and lending commitments			$	1,667		$	1,424
Comparable pricing:
Loan price			43 to 103 points (91 points)			54 to 102 points (81 points)
Corporate and other debt			$	1,475		$	1,414
Comparable pricing:
Bond price			29 to 130 points (86 points)			29 to 130 points (90 points)
Discounted cash flow:
Loss given default			40% to 40% (40% / 40%)			40% to 40% (40% / 40%)
Corporate equities			$	184		$	276
Comparable pricing:
Equity price			100%			100%
Investments			$	1,587		$	1,507
Discounted cash flow:
WACC			10% to 21% (16%)			10% to 21% (16%)
Exit multiple			9 to 9 times (9 times)			9 to 9 times (9 times)
Market approach:
EBITDA multiple			17 times			18 times
Comparable pricing:
Equity price			24% to 100% (95%)			24% to 100% (95%)
Net derivative and other contracts:
Interest rate			$	(151)		$	(154)
Option model:
IR volatility skew			63% to 94% (72% / 74%)			52% to 86% (67% / 66%)
IR curve correlation			53% to 99% (85% / 86%)			56% to 99% (87% / 88%)
Bond volatility			67% to 107% (92% / 91%)			63% to 97% (80% / 80%)
Inflation volatility			32% to 67% (44% / 40%)			32% to 67% (44% / 40%)
Credit			$	148		$	87
Credit default swap model:
Cash-synthetic    basis			9 points			11 points
Bond price			0 to 96 points (79 points)			0 to 97 points (53 points)
Credit spread			22 to 679 bps (109 bps)			22 to 680 bps (108 bps)
Funding spread			N/M			6 to 590 bps (77 bps)

			Balance / Range (Average1)
$ in millions, except inputs			At March 31, 2026			At December 31, 2025
Foreign exchange2			$	(44)		$	36
Option model:
IR curve			-1% to 6% (0% / 0%)			-1% to 10% (2% / 1%)
Foreign exchange volatility skew			6% to 12% (9% / 10%)			6% to 10% (8% / 8%)
Contingency probability			95% to 95% (95% / 95%)			80% to 95% (95% / 95%)
Equity2			$	(1,315)		$	(1,433)
Option model:
Equity volatility			3% to 137% (28%)			1% to 133% (27%)
Equity volatility skew			-11% to 4% (-2%)			-11% to 3% (-1%)
Equity correlation			-16% to 100% (63%)			0% to 100% (57%)
FX correlation			-84% to 90% (-17%)			-90% to 90% (-30%)
IR correlation			-25% to 85% (18%)			-5% to 16% (15%)
Commodity and other			$	1,220		$	920
Option model:
Forward power price			$5 to $136 ($58) per MWh			$5 to $141 ($59) per MWh
Forward natural gas Price			$1 to $8 ($3) per MMBTu			N/M
Commodity volatility			14% to 95% (28%)			6% to 137% (29%)
Cross-commodity correlation			69% to 99% (96%)			54% to 99% (98%)
Liabilities Measured at Fair Value on a Recurring Basis
Corporate and other debt			$	54		$	50
Comparable pricing:
Bond price			1 to 100 points (28 points)			2 to 101 points (25 points)
Securities sold under agreements to repurchase			$	449		$	445
Discounted cash flow:
Funding spread			21 to 145 bps (71 / 61 bps)			18 to 109 bps (63 / 63 bps)
Other secured financings			$	181		$	306
Comparable pricing:
Loan price			66 to 89 points (72 points)			0 to 98 points (66 points)
Borrowings			$	937		$	608
Option model:
Equity volatility			9% to 93% (30%)			5% to 102% (44%)
Equity volatility skew			-4% to 1% (-1%)			-3% to 1% (-1%)
Equity correlation			10% to 100% (83%)			20% to 100% (84%)
Equity - FX correlation			-88% to 21% (-19%)			-70% to 30% (-19%)
Credit default swap model:
Credit spread			377 to 377 bps (377 bps)			325 to 325 bps (325 bps)
Discounted cash flow:
Loss given default			40% to 40% (40% / 40%)			40% to 40% (40% / 40%)

March 2026 Form 10-Q			48

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			Balance / Range (Average1)
$ in millions, except inputs			At March 31, 2026			At December 31, 2025
Nonrecurring Fair Value Measurement
Loans			$	1,507		$	1,319
Corporate loan model:
Credit spread			96 to 682 bps (280 bps)			87 to 967 bps (272 bps)
Comparable pricing:
Loan price			50 to 85 points (60 points)			50 to 100 points (67 points)
Warehouse model:
Credit spread			72 to 121 bps (100 bps)			66 to 113 bps (82 bps)

Points—Percentage of par

IR—Interest rate

FX—Foreign exchange

1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.

2.Includes derivative contracts with multiple risks (i.e., hybrid products).

The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.

For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2025 Form 10-K. During the three months ended March 31, 2026, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.

Net Asset Value Measurements

Fund Interests

			At March 31, 2026						At December 31, 2025
$ in millions			Carrying Value			Commitment			Carrying Value			Commitment
Private equity and other			$	3,103		$	664		$	3,110		$	671
Real estate			3,591			276			3,551			246
Hedge			80			1			72			1
Total			$	6,774		$	941		$	6,733		$	918

Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.

For a description of the Firm’s investments in private equity and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2025 Form 10-K.

See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.

Nonredeemable Funds by Contractual Maturity

			Carrying Value at March 31, 2026
$ in millions			Private Equity and Other			Real Estate
Less than 5 years			$	1,062		$	2,471
5-10 years			1,585			1,088
Over 10 years			456			32
Total			$	3,103		$	3,591

Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

			At March 31, 2026
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	3,070		$	1,507		$	4,577
Other assets—Other investments			—			67			67
Other assets—ROU assets			—			—			—
Total			$	3,070		$	1,574		$	4,644
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	63		$	24		$	87
Total			$	63		$	24		$	87

			At December 31, 2025
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	2,385		$	1,319		$	3,704
Other assets—Other investments			—			64			64
Other assets—ROU assets			20			—			20
Total			$	2,405		$	1,383		$	3,788
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	53		$	18		$	71
Total			$	53		$	18		$	71

1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.

			49			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Gains (Losses) from Nonrecurring Fair Value Remeasurements1

			Three Months Ended March 31,
$ in millions			2026			2025
Assets
Loans2			$	(104)		$	19
Other assets—Other investments3			—			(6)
Other assets—Premises, equipment and software4			(1)			(5)
Total			$	(105)		$	8
Liabilities
Other liabilities and accrued expenses—Lending commitments2			$	(16)		$	(8)
Total			$	(16)		$	(8)

1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.

2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.

3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.

4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

Financial Instruments Not Measured at Fair Value

			At March 31, 2026
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	133,529		$	133,529		$	—		$	—		$	133,529
Investment securities—HTM			50,546			9,768			31,870			1,355			42,993
Securities purchased under agreements to resell			128,880			—			127,577			1,299			128,876
Securities borrowed			154,570			—			154,569			—			154,569
Customer and other receivables			122,949			—			118,150			4,708			122,858
Loans1
Held for investment			276,683			—			29,068			245,334			274,402
Held for sale			17,231			—			10,805			6,603			17,408
Other assets			704			—			704			—			704
Financial liabilities
Deposits			$	419,378		$	—		$	419,926		$	—		$	419,926
Securities sold under agreements to repurchase			119,132			—			119,086			—			119,086
Securities loaned			19,589			—			19,588			—			19,588
Other secured financings			5,133			—			5,130			—			5,130
Customer and other payables			258,877			—			258,877			—			258,877
Borrowings			233,935			—			235,550			219			235,769
			Commitment Amount
Lending commitments2			$	208,117		$	—		$	1,486		$	1,317		$	2,803

			At December 31, 2025
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	111,695		$	111,695		$	—		$	—		$	111,695
Investment securities—HTM			53,090			11,636			32,622			1,357			45,615
Securities purchased under agreements to resell			120,243			—			119,273			1,003			120,276
Securities borrowed			151,908			—			151,909			—			151,909
Customer and other receivables			108,189			—			103,458			4,682			108,140
Loans1
Held for investment			268,720			—			27,243			238,800			266,043
Held for sale			9,374			—			5,692			3,703			9,395
Other assets			704			—			704			—			704
Financial liabilities
Deposits			$	406,768		$	—		$	407,350		$	—		$	407,350
Securities sold under agreements to repurchase			77,843			—			77,832			—			77,832
Securities loaned			17,310			—			17,313			—			17,313
Other secured financings			4,732			—			4,729			—			4,729
Customer and other payables			226,342			—			226,342			—			226,342
Borrowings			216,456			—			220,547			200			220,747
			Commitment Amount
Lending commitments2			$	208,435		$	—		$	1,145		$	1,087		$	2,232

1.Amounts include loans measured at fair value on a nonrecurring basis.

2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.

The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.

March 2026 Form 10-Q			50

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

5. Fair Value Option

The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.

Borrowings Measured at Fair Value on a Recurring Basis

$ in millions			At March 31, 2026			At December 31, 2025
Business Unit Responsible for Risk Management
Equity			$	67,292		$	64,457
Interest rates			47,618			46,394
Commodities			14,482			13,665
Credit			6,217			6,094
Foreign exchange			2,024			1,869
Total			$	137,633		$	132,479

Net Revenues from Liabilities under the Fair Value Option

$ in millions			Trading Revenues			Interest Expense			Net Revenues1
Three Months Ended March 31, 2026
Borrowings			$	2,545		$	338		$	2,207
Deposits			61			61			—
Three Months Ended March 31, 2025
Borrowings			$	(1,788)		$	200		$	(1,988)
Deposits			(37)			53			(90)

1.Amounts do not reflect any gains or losses from related economic hedges.

Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.

Gains (Losses) Due to Changes in Instrument-Specific Credit Risk

			Three Months Ended March 31,
			2026						2025
$ in millions			Trading Revenues			OCI			Trading Revenues			OCI
Loans and other receivables1			$	16		$	—		$	(6)		$	—
Lending commitments			(3)			—			(1)			—
Deposits			—			8			—			50
Borrowings			(9)			1,621			(9)			398

$ in millions			At March 31, 2026			At December 31, 2025
Cumulative pre-tax DVA gain (loss) recognized in AOCI			$	(2,377)		$	(4,005)

1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.

Difference Between Contractual Principal and Fair Value1

$ in millions			At March 31, 2026			At December 31, 2025
Loans and other receivables2			$	10,785		$	10,746
Nonaccrual loans2			8,292			8,146
Borrowings3			4,989			3,680

1.Amounts indicate contractual principal greater than or (less than) fair value.

2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.

3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.

The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.

Fair Value Loans on Nonaccrual Status

$ in millions			At March 31, 2026			At December 31, 2025
Nonaccrual loans			$	1,278		$	1,240
Nonaccrual loans 90 or more days past due			236			124

			51			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

6. Derivative Instruments and Hedging Activities

Fair Values of Derivative Contracts

			Assets at March 31, 2026
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	4		$	12		$	—		$	16
Foreign exchange			156			198			—			354
Total			160			210			—			370
Not designated as accounting hedges
Economic hedges of loans
Credit			16			86			—			102
Other derivatives
Interest rate			117,594			14,907			226			132,727
Credit			6,423			5,117			—			11,540
Foreign exchange			87,376			6,317			29			93,722
Equity			38,995			—			68,387			107,382
Commodity and other			17,926			—			7,433			25,359
Total			268,330			26,427			76,075			370,832
Total gross derivatives			$	268,490		$	26,637		$	76,075		$	371,202
Amounts offset
Counterparty netting			(187,210)			(24,012)			(72,903)			(284,125)
Cash collateral netting			(40,162)			(2,109)			—			(42,271)
Total in Trading assets			$	41,118		$	516		$	3,172		$	44,806
Amounts not offset1
Financial instruments collateral			(18,131)			—			—			(18,131)
Net amounts			$	22,987		$	516		$	3,172		$	26,675
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts												$	3,154

			Liabilities at March 31, 2026
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	500		$	—		$	—		$	500
Foreign exchange			89			47			—			136
Equity			70			—			—			70
Total			659			47			—			706
Not designated as accounting hedges
Economic hedges of loans
Credit			43			687			—			730
Economic hedges of DCP
Equity			270			—			—			270
Other derivatives
Interest rate			106,028			14,484			186			120,698
Credit			6,207			4,702			—			10,909
Foreign exchange			80,645			5,497			169			86,311
Equity			61,955			—			68,777			130,732
Commodity and other			16,111			—			7,760			23,871
Total			271,259			25,370			76,892			373,521
Total gross derivatives			$	271,918		$	25,417		$	76,892		$	374,227
Amounts offset
Counterparty netting			(187,210)			(24,012)			(72,903)			(284,125)
Cash collateral netting			(42,860)			(1,384)			—			(44,244)
Total in Trading liabilities			$	41,848		$	21		$	3,989		$	45,858
Amounts not offset1
Financial instruments collateral			(7,054)			—			(22)			(7,076)
Net amounts			$	34,794		$	21		$	3,967		$	38,782
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts												5,154

			Assets at December 31, 2025
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	4		$	—		$	—		$	4
Foreign exchange			152			82			—			234
Total			156			82			—			238
Not designated as accounting hedges
Economic hedges of loans
Credit			3			32			—			35
Other derivatives
Interest rate			114,368			13,255			58			127,681
Credit			4,962			5,347			—			10,309
Foreign exchange			81,613			4,269			29			85,911
Equity			30,392			—			62,737			93,129
Commodity and other			13,953			—			2,509			16,462
Total			245,291			22,903			65,333			333,527
Total gross derivatives			$	245,447		$	22,985		$	65,333		$	333,765
Amounts offset
Counterparty netting			(174,466)			(21,165)			(62,796)			(258,427)
Cash collateral netting			(37,004)			(1,544)			—			(38,548)
Total in Trading assets			$	33,977		$	276		$	2,537		$	36,790
Amounts not offset1
Financial instruments collateral			(15,097)			—			—			(15,097)
Net amounts			$	18,880		$	276		$	2,537		$	21,693
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts												$	3,084

			Liabilities at December 31, 2025
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	532		$	29		$	—		$	561
Foreign exchange			111			22			—			133
Total			643			51			—			694
Not designated as accounting hedges
Economic hedges of loans
Credit			45			586			—			631
Other derivatives
Interest rate			103,066			12,162			66			115,294
Credit			5,292			4,773			—			10,065
Foreign exchange			78,597			4,271			85			82,953
Equity			60,908			—			62,425			123,333
Commodity and other			12,578			—			2,598			15,176
Total			260,486			21,792			65,174			347,452
Total gross derivatives			$	261,129		$	21,843		$	65,174		$	348,146
Amounts offset
Counterparty netting			(174,466)			(21,165)			(62,796)			(258,427)
Cash collateral netting			(47,336)			(358)			—			(47,694)
Total in Trading liabilities			$	39,327		$	320		$	2,378		$	42,025
Amounts not offset1
Financial instruments collateral			(7,181)			(34)			(743)			(7,958)
Net amounts			$	32,146		$	286		$	1,635		$	34,067
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts												$	5,345

1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.

See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.

March 2026 Form 10-Q			52

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Notionals of Derivative Contracts

			Assets at March 31, 2026
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	133		$	—		$	133
Foreign exchange			8			4			—			12
Total			8			137			—			145
Not designated as accounting hedges
Economic hedges of loans
Credit			1			3			—			4
Other derivatives
Interest rate			4,794			9,089			743			14,626
Credit			333			208			—			541
Foreign exchange			4,139			326			14			4,479
Equity			966			—			951			1,917
Commodity and other			176			—			111			287
Total			10,409			9,626			1,819			21,854
Total gross derivatives			$	10,417		$	9,763		$	1,819		$	21,999

			Liabilities at March 31, 2026
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	308		$	—		$	311
Foreign exchange			14			3			—			17
Equity			1			—			—			1
Total			18			311			—			329
Not designated as accounting hedges
Economic hedges of loans
Credit			2			20			—			22
Economic hedges of DCP
Equity			5			—			—			5
Other derivatives
Interest rate			4,889			9,303			1,070			15,262
Credit			334			195			—			529
Foreign exchange			4,067			300			22			4,389
Equity			913			—			1,324			2,237
Commodity and other			120			—			126			246
Total			10,330			9,818			2,542			22,690
Total gross derivatives			$	10,348		$	10,129		$	2,542		$	23,019

			Assets at December 31, 2025
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	183		$	—		$	183
Foreign exchange			10			4			—			14
Total			10			187			—			197
Not designated as accounting hedges
Economic hedges of loans
Credit			—			—			—			—
Other derivatives
Interest rate			4,779			4,143			574			9,496
Credit			248			170			—			418
Foreign exchange			3,641			238			10			3,889
Equity			813			—			813			1,626
Commodity and other			143			—			78			221
Total			9,624			4,551			1,475			15,650
Total gross derivatives			$	9,634		$	4,738		$	1,475		$	15,847

			Liabilities at December 31, 2025
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	243		$	—		$	246
Foreign exchange			11			2			—			13
Total			14			245			—			259
Not designated as accounting hedges
Economic hedges of loans
Credit			2			17			—			19
Other derivatives
Interest rate			5,041			3,943			715			9,699
Credit			222			171			—			393
Foreign exchange			3,791			233			19			4,043
Equity			945			—			1,085			2,030
Commodity and other			119			—			86			205
Total			10,120			4,364			1,905			16,389
Total gross derivatives			$	10,134		$	4,609		$	1,905		$	16,648

The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions.

For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2025 Form 10-K.

Gains (Losses) on Accounting Hedges

			Three Months Ended
			March 31,
$ in millions			2026			2025
Fair value hedges—Recognized in Interest income
Interest rate contracts			$	292		$	(493)
Investment Securities—AFS			(283)			503
Fair value hedges—Recognized in Interest expense
Interest rate contracts			$	(1,253)		$	2,317
Deposits			252			(49)
Borrowings			1,009			(2,272)
Net investment hedges—Foreign exchange contracts
Recognized in OCI			$	217		$	(435)
Forward points excluded from hedge effectiveness testing—Recognized in Interest income			63			17
Cash flow hedges—Interest rate contracts1
Recognized in OCI			$	(338)		$	17
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income			(4)			(5)
Net change in cash flow hedges included within AOCI			(334)			22
Cash flow hedges—Equity contracts1
Recognized in OCI			$	(58)		$	—
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to Compensation and benefits expense			(1)			—
Net change in cash flow hedges included within AOCI			(57)			—

1.During the three months ended March 31, 2026, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of March 31, 2026, is approximately $(34) million. The maximum length of time over which forecasted cash flows are hedged is 37 months.

			53			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Fair Value Hedges—Hedged Items 

$ in millions			At March 31, 2026			At December 31, 2025
Investment Securities—AFS
Amortized cost basis currently or previously hedged1			$	50,016		$	55,451
Basis adjustments included in amortized cost2			$	37		$	217
Deposits
Carrying amount currently or previously hedged			$	59,109		$	53,224
Basis adjustments included in carrying amount2			$	(103)		$	149
Borrowings
Carrying amount currently or previously hedged			$	215,796		$	199,274
Basis adjustments included in carrying amount—Outstanding hedges			$	(7,257)		$	(6,252)
Basis adjustments included in carrying amount—Terminated hedges			$	(619)		$	(625)

1.Carrying amount represents the amortized cost. As of March 31, 2026, and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $576 million and $589 million, respectively. The Firm designated $703 million and $703 million as hedged amounts as of March 31, 2026, and December 31, 2025, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $0.3 million as of March 31, 2026 and $2 million as of December 31, 2025. Refer to Note 2 to the financial statements in the 2025 Form 10-K and Note 7 herein for additional information.

2.Hedge accounting basis adjustments are primarily related to outstanding hedges.

Gains (Losses) on Economic Hedges of Loans and DCP

			Three Months Ended
			March 31,
$ in millions			2026			2025
Recognized in Other revenues
Credit contracts1			$	(18)		$	(17)
Recognized in Compensation and benefits expense
Equity contracts			$	(83)		$	—

1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.

Net Derivative Liabilities and Collateral Posted

$ in millions			At March 31, 2026			At December 31, 2025
Net derivative liabilities with credit risk-related contingent features			$	22,406		$	26,023
Collateral posted			17,508			20,152

The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.

Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade

$ in millions			At March 31, 2026
One-notch downgrade			$	470
Two-notch downgrade			458
Bilateral downgrade agreements included in the amounts above1			$	581

1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.

The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.

Maximum Potential Payout/Notional of Credit Protection Sold1

			Years to Maturity at March 31, 2026
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	18		$	35		$	39		$	16		$	108
Non-investment grade			7			16			15			3			41
Total			$	25		$	51		$	54		$	19		$	149
Index and basket CDS
Investment grade			$	7		$	9		$	11		$	4		$	31
Non-investment grade			7			41			214			88			350
Total			$	14		$	50		$	225		$	92		$	381
Total CDS sold			$	39		$	101		$	279		$	111		$	530
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	39		$	101		$	279		$	114		$	533
CDS protection sold with identical protection purchased															$	458

			Years to Maturity at December 31, 2025
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	16		$	34		$	37		$	11		$	98
Non-investment grade			8			17			16			1			42
Total			$	24		$	51		$	53		$	12		$	140
Index and basket CDS
Investment grade			$	7		$	8		$	8		$	—		$	23
Non-investment grade			7			32			173			18			230
Total			$	14		$	40		$	181		$	18		$	253
Total CDS sold			$	38		$	91		$	234		$	30		$	393
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	38		$	91		$	234		$	33		$	396
CDS protection sold with identical protection purchased															$	339

March 2026 Form 10-Q			54

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Fair Value Asset (Liability) of Credit Protection Sold1

$ in millions			At March 31, 2026			At December 31, 2025
Single-name CDS
Investment grade			$	2,125		$	2,394
Non-investment grade			444			777
Total			$	2,569		$	3,171
Index and basket CDS
Investment grade			$	1,026		$	907
Non-investment grade			197			1,021
Total			$	1,223		$	1,928
Total CDS sold			$	3,792		$	5,099
Other credit contracts			116			146
Total credit protection sold			$	3,908		$	5,245

1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.

Protection Purchased with CDS

			Notional
$ in billions			At March 31, 2026			At December 31, 2025
Single name			$	173		$	172
Index and basket			354			232
Tranched index and basket			39			32
Total			$	566		$	436

			Fair Value Asset (Liability)
$ in millions			At March 31, 2026			At December 31, 2025
Single name			$	(2,515)		$	(3,363)
Index and basket			(574)			(1,209)
Tranched index and basket			(815)			(1,000)
Total			$	(3,904)		$	(5,572)

The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.

The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2025 Form 10-K.

7. Investment Securities

AFS and HTM Securities

			At March 31, 2026
$ in millions			Amortized Cost1			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
AFS securities
U.S. Treasury securities			$	80,724		$	77		$	63		$	80,738
U.S. agency securities2			24,022			24			1,966			22,080
Agency CMBS			5,326			1			276			5,051
State and municipal securities			1,535			1			25			1,511
FFELP student loan ABS3			443			1			7			437
Unallocated basis adjustment4			—			—			—			—
Total AFS securities			112,050			104			2,337			109,817
HTM securities
U.S. Treasury securities			10,457			—			689			9,768
U.S. agency securities2			37,602			51			6,811			30,842
Agency CMBS			619			—			41			578
Non-agency CMBS			1,868			9			72			1,805
Total HTM securities			50,546			60			7,613			42,993
Total investment securities			$	162,596		$	164		$	9,950		$	152,810

			At December 31, 2025
$ in millions			Amortized Cost1			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
AFS securities
U.S. Treasury securities			$	80,745		$	187		$	25		$	80,907
U.S. agency securities2			24,031			24			1,943			22,112
Agency CMBS			5,504			1			286			5,219
State and municipal securities			1,754			10			17			1,747
FFELP student loan ABS3			486			1			6			481
Unallocated basis adjustment4			2			—			2			—
Total AFS securities			112,522			223			2,279			110,466
HTM securities
U.S. Treasury securities			12,299			—			663			11,636
U.S. agency securities2			38,303			67			6,785			31,585
Agency CMBS			709			—			43			666
Non-agency CMBS			1,779			12			63			1,728
Total HTM securities			53,090			79			7,554			45,615
Total investment securities			$	165,612		$	302		$	9,833		$	156,081

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

			55			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

AFS Securities in an Unrealized Loss Position

			At March 31, 2026						At December 31, 2025
$ in millions			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months			$	22,092		$	57		$	47		$	—
12 months or longer			3,183			6			7,440			25
Total			25,275			63			7,487			25
U.S. agency securities
Less than 12 months			1,031			3			75			—
12 months or longer			15,873			1,963			17,290			1,943
Total			16,904			1,966			17,365			1,943
Agency CMBS
Less than 12 months			58			—			133			—
12 months or longer			4,440			276			4,675			286
Total			4,498			276			4,808			286
State and municipal securities
Less than 12 months			786			11			360			4
12 months or longer			355			14			382			13
Total			1,141			25			742			17
FFELP student loan ABS
Less than 12 months			1			—			—			—
12 months or longer			359			7			383			6
Total			360			7			383			6
Unallocated basis adjustment			—			—			—			2
Total AFS securities in an unrealized loss position
Less than 12 months			23,968			71			615			4
12 months or longer			24,210			2,266			30,170			2,273
Unallocated basis adjustment			—			—			—			2
Total			$	48,178		$	2,337		$	30,785		$	2,279

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of March 31, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at March 31, 2026 and December 31, 2025 reflect an ACL of $62 million and $60 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities.

As of March 31, 2026 and December 31, 2025, 96% and 97%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were

predominantly on accrual status at March 31, 2026 and December 31, 2025.

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity

			At March 31, 2026
$ in millions			Amortized Cost1			Fair Value			Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year			$	31,053		$	31,084		3.9		%
After 1 year through 5 years			49,308			49,291			3.9		%
After 5 years through 10 years			363			363			4.0		%
Total			80,724			80,738
U.S. agency securities:
Due within 1 year			9			9			1.5		%
After 1 year through 5 years			200			190			1.9		%
After 5 years through 10 years			333			308			1.6		%
After 10 years			23,480			21,573			3.2		%
Total			24,022			22,080
Agency CMBS:
Due within 1 year			538			534			2.1		%
After 1 year through 5 years			3,673			3,594			1.9		%
After 5 years through 10 years			176			172			1.5		%
After 10 years			939			751			1.6		%
Total			5,326			5,051
State and municipal securities:
Due within 1 year			81			81			4.8		%
After 1 year through 5 years			228			225			3.6		%
After 5 years through 10 years			160			158			4.5		%
After 10 Years			1,066			1,047			4.6		%
Total			1,535			1,511
FFELP student loan ABS:
Due within 1 year			57			55			4.7		%
After 1 year through 5 years			46			44			4.7		%
After 5 years through 10 years			24			24			3.9		%
After 10 years			316			314			4.8		%
Total			443			437
Total AFS securities			$	112,050		$	109,817		3.6		%

March 2026 Form 10-Q			56

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			At March 31, 2026
$ in millions			Amortized Cost1			Fair Value			Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year			$	3,045		$	3,033		2.3		%
After 1 year through 5 years			5,656			5,489			2.6		%
After 5 years through 10 years			203			178			1.3		%
After 10 years			1,553			1,068			2.3		%
Total			10,457			9,768
U.S. agency securities:
After 1 year through 5 years			141			135			2.0		%
After 5 years through 10 years			13			13			2.4		%
After 10 years			37,448			30,694			2.1		%
Total			37,602			30,842
Agency CMBS:
Due within 1 year			167			164			1.2		%
After 1 year through 5 years			310			295			1.4		%
After 5 years through 10 years			119			100			1.6		%
After 10 years			23			19			1.3		%
Total			619			578
Non-agency CMBS:
Due within 1 year			128			127			4.8		%
After 1 year through 5 years			871			841			4.4		%
After 5 years through 10 years			312			288			4.6		%
After 10 years			557			549			6.8		%
Total			1,868			1,805
Total HTM securities			$	50,546		$	42,993		2.3		%
Total investment securities			$	162,596		$	152,810		3.2		%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At March 31, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.8% for AFS securities contractually maturing within 1 year and 3.6% for all AFS securities.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

Gross Realized Gains (Losses) on Sales of AFS Securities

			Three Months Ended March 31,
$ in millions			2026			2025
Gross realized gains			$	8		$	21
Gross realized (losses)			(3)			—
Total1			$	5		$	21

1.Realized gains and losses are recognized in Other revenues in the income statement.

8. Collateralized Transactions

Offsetting of Certain Collateralized Transactions

			At March 31, 2026
$ in millions			Gross Amounts			Amounts Offset			Balance Sheet Net Amounts			Amounts Not Offset1			Net Amounts
Assets
Securities purchased under agreements to resell			$	469,774		$	(340,894)		$	128,880		$	(126,971)		$	1,909
Securities borrowed			214,529			(59,959)			154,570			(151,606)			2,964
Liabilities
Securities sold under agreements to repurchase			$	460,725		$	(340,894)		$	119,831		$	(113,870)		$	5,961
Securities loaned			79,548			(59,959)			19,589			(19,426)			163
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell															$	1,359
Securities borrowed															37
Securities sold under agreements to repurchase															4,035

			At December 31, 2025
$ in millions			Gross Amounts			Amounts Offset			Balance Sheet Net Amounts			Amounts Not Offset1			Net Amounts
Assets
Securities purchased under agreements to resell			$	471,144		$	(350,901)		$	120,243		$	(117,509)		$	2,734
Securities borrowed			218,753			(66,845)			151,908			(146,726)			5,182
Liabilities
Securities sold under agreements to repurchase			$	429,440		$	(350,901)		$	78,539		$	(72,407)		$	6,132
Securities loaned			84,155			(66,845)			17,310			(17,213)			97
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell															$	1,277
Securities borrowed															38
Securities sold under agreements to repurchase															5,367

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2025 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity

			At March 31, 2026
$ in millions			Overnight and Open			Less than 30 Days			30-90 Days			Over 90 Days			Total
Securities sold under agreements to repurchase			$	241,209		$	107,743		$	37,694		$	74,079		$	460,725
Securities loaned			62,564			1,393			319			15,272			79,548
Total included in the offsetting disclosure			$	303,773		$	109,136		$	38,013		$	89,351		$	540,273
Trading liabilities— Obligation to return securities received as collateral			8,182			—			—			—			8,182
Total			$	311,955		$	109,136		$	38,013		$	89,351		$	548,455

			57			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			At December 31, 2025
$ in millions			Overnight and Open			Less than 30 Days			30-90 Days			Over 90 Days			Total
Securities sold under agreements to repurchase			$	221,938		$	122,291		$	43,737		$	41,474		$	429,440
Securities loaned			70,433			—			321			13,401			84,155
Total included in the offsetting disclosure			$	292,371		$	122,291		$	44,058		$	54,875		$	513,595
Trading liabilities— Obligation to return securities received as collateral			7,329			—			—			—			7,329
Total			$	299,700		$	122,291		$	44,058		$	54,875		$	520,924

Gross Secured Financing Balances by Class of Collateral Pledged

$ in millions			At March 31, 2026			At December 31, 2025
Securities sold under agreements to repurchase
U.S. Treasury and agency securities			$	236,030		$	209,470
Other sovereign government obligations			153,526			159,444
Corporate equities			31,470			32,919
Other			39,699			27,607
Total			$	460,725		$	429,440
Securities loaned
Other sovereign government obligations			$	330		$	1,208
Corporate equities			76,630			81,063
Other			2,588			1,884
Total			$	79,548		$	84,155
Total included in the offsetting disclosure			$	540,273		$	513,595
Trading liabilities—Obligation to return securities received as collateral
Corporate equities			$	7,746		$	7,017
Other			436			312
Total			$	8,182		$	7,329
Total			$	548,455		$	520,924

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge

$ in millions			At March 31, 2026			At December 31, 2025
Trading assets			$	52,356		$	43,182

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge

$ in millions			At March 31, 2026			At December 31, 2025
Collateral received with right to sell or repledge			$	1,237,511		$	1,190,694
Collateral that was sold or repledged1			948,004			900,282

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes

$ in millions			At March 31, 2026			At December 31, 2025
Segregated securities1			$	29,257		$	22,256

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending

$ in millions			At March 31, 2026			At December 31, 2025
Margin and other lending			$	81,447		$	83,871

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2025 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.

March 2026 Form 10-Q			58

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $3,348 million and $3,410 million as of March 31, 2026 and December 31, 2025, respectively.

9. Loans, Lending Commitments and Related Allowance for Credit Losses

Loans by Type

			At March 31, 2026
$ in millions			HFI Loans			HFS Loans			Total Loans
Corporate			$	8,911		$	14,498		$	23,409
Secured lending facilities			70,033			2,396			72,429
Commercial real estate			8,300			186			8,486
Residential real estate			73,529			5			73,534
Securities-based lending and Other			117,084			146			117,230
Total loans			277,857			17,231			295,088
ACL			(1,174)						(1,174)
Total loans, net			$	276,683		$	17,231		$	293,914
Loans to non-U.S. borrowers, net			$	36,036		$	4,455		$	40,491

			At December 31, 2025
$ in millions			HFI Loans			HFS Loans			Total Loans
Corporate			$	7,277		$	7,202		$	14,479
Secured lending facilities			69,149			1,817			70,966
Commercial real estate			8,039			320			8,359
Residential real estate			72,403			5			72,408
Securities-based lending and Other			112,984			30			113,014
Total loans			269,852			9,374			279,226
ACL			(1,132)						(1,132)
Total loans, net			$	268,720		$	9,374		$	278,094
Loans to non-U.S. borrowers, net			$	34,532		$	3,622		$	38,154

For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2025 Form 10-K.

Loans by Interest Rate Type

			At March 31, 2026						At December 31, 2025
$ in millions			Fixed Rate			Floating or Adjustable Rate			Fixed Rate			Floating or Adjustable Rate
Corporate			$	86		$	23,323		$	1		$	14,478
Secured lending facilities			525			71,904			525			70,440
Commercial real estate			331			8,156			327			8,032
Residential real estate			32,555			40,978			32,377			40,031
Securities-based lending and Other			27,254			89,976			27,681			85,334
Total loans, before ACL			$	60,751		$	234,337		$	60,911		$	218,315

See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.

Loans Held for Investment before Allowance by Credit Quality and Origination Year

			At March 31, 2026									At December 31, 2025
			Corporate
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	3,226		$	5,329		$	8,555		$	2,362		$	4,580		$	6,942
2026			34			118			152
2025			—			35			35			125			40			165
2024			79			50			129			79			50			129
2023			—			25			25			—			25			25
2022			—			—			—			—			—			—
Prior			15			—			15			15			1			16
Total			$	3,354		$	5,557		$	8,911		$	2,581		$	4,696		$	7,277

			At March 31, 2026									At December 31, 2025
			Secured Lending Facilities
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	15,118		$	39,096		$	54,214		$	15,709		$	37,915		$	53,624
2026			481			1,887			2,368
2025			1,777			7,591			9,368			2,514			7,248			9,762
2024			48			1,688			1,736			78			2,620			2,698
2023			269			701			970			596			935			1,531
2022			9			843			852			13			957			970
Prior			11			514			525			7			557			564
Total			$	17,713		$	52,320		$	70,033		$	18,917		$	50,232		$	69,149

			At March 31, 2026									At December 31, 2025
			Commercial Real Estate
$ in millions			IG			NIG			Total			IG			NIG			Total
Revolving			$	33		$	—		$	33		$	34		$	—		$	34
2026			—			730			730
2025			317			1,880			2,197			322			2,103			2,425
2024			568			1,384			1,952			577			1,385			1,962
2023			153			404			557			153			409			562
2022			236			1,164			1,400			332			1,094			1,426
Prior			36			1,395			1,431			37			1,593			1,630
Total			$	1,343		$	6,957		$	8,300		$	1,455		$	6,584		$	8,039

			At March 31, 2026
			Residential Real Estate
			by FICO Scores												by LTV Ratio									Total
$ in millions			≥ 740			680-739			≤ 679						≤ 80%			> 80%
Revolving			$	181		$	43		$	7					$	231		$	—					$	231
2026			2,214			407			54						2,431			244						2,675
2025			8,862			1,648			182						9,662			1,030						10,692
2024			7,563			1,448			175						8,293			893						9,186
2023			5,924			1,282			185						6,600			791						7,391
2022			9,399			2,106			352						10,928			929						11,857
Prior			25,129			5,726			642						29,451			2,046						31,497
Total			$	59,272		$	12,660		$	1,597					$	67,596		$	5,933					$	73,529

			59			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

			At December 31, 2025
			Residential Real Estate
			by FICO Scores												by LTV Ratio									Total
$ in millions			≥ 740			680-739			≤ 679						≤ 80%			> 80%
Revolving			$	172		$	40		$	7					$	219		$	—					$	219
2025			9,096			1,666			189						9,900			1,051						10,951
2024			7,825			1,480			184						8,571			918						9,489
2023			6,099			1,315			187						6,788			813						7,601
2022			9,613			2,138			355						11,159			947						12,106
Prior			25,543			5,841			653						29,944			2,093						32,037
Total			$	58,348		$	12,480		$	1,575					$	66,581		$	5,822					$	72,403

			At March 31, 2026
			Securities-based lending1			Other2
$ in millions						IG			NIG			Total
Revolving			$	101,730		$	647		$	1,622		$	103,999
2026			425			7			254			686
2025			2,384			173			684			3,241
2024			1,017			640			225			1,882
2023			621			126			956			1,703
2022			100			222			1,156			1,478
Prior			249			1,127			2,719			4,095
Total			$	106,526		$	2,942		$	7,616		$	117,084

			At December 31, 2025
			Securities-based lending1			Other2
$ in millions						IG			NIG			Total
Revolving			$	97,840		$	639		$	1,615		$	100,094
2025			2,437			199			808			3,444
2024			1,132			690			180			2,002
2023			655			126			981			1,762
2022			132			170			1,260			1,562
Prior			245			1,013			2,862			4,120
Total			$	102,441		$	2,837		$	7,706		$	112,984

IG—Investment Grade

NIG—Non-investment Grade

1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2026 and December 31, 2025, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2025 Form 10-K.

2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.

Past Due Loans Held for Investment before Allowance1

$ in millions			At March 31, 2026			At December 31, 2025
Commercial real estate			$	187		$	129
Residential real estate			200			298
Securities-based lending and Other			—			41
Total			$	387		$	468

1.As of March 31, 2026 and December 31, 2025, the majority of the amounts were 90 days or more past due.

Nonaccrual Loans Held for Investment before Allowance1

$ in millions			At March 31, 2026			At December 31, 2025
Corporate			$	150		$	203
Secured lending facilities			12			14
Commercial real estate			465			476
Residential real estate			195			208
Securities-based lending and Other			201			246
Total			$	1,023		$	1,147
Nonaccrual loans without an ACL			$	174		$	180

1.There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2025 Form 10-K.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.

Modified Loans Held for Investment

Period-end loans held for investment modified during the following periods1

			Three Months Ended March 31,
			2026									2025
$ in millions			Amortized Cost			% of Total Loans2						Amortized Cost			% of Total Loans2
Term Extension
Corporate			$	13		0.1		%				$	42		0.5		%
Secured lending facilities			12			—		%				41			0.1		%
Commercial real estate			—			—		%				292			3.4		%
Securities-based lending and Other			5			—		%				34			—		%
Total			$	30		—		%				$	409		0.2		%
Other-than-insignificant Payment Delay
Securities-based lending and Other			—			—		%				30			—		%
Total			$	—		—		%				$	30		—		%
Total Modifications			$	30		—		%				$	439		0.3		%

1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended March 31, 2026 and 2025, were $887 million and $214 million, as of March 31, 2026 and 2025, respectively.

2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment

			Three Months Ended March 31, 20261
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			29			0			$	—		—		%
Secured lending facilities			1			0			—			—		%
Securities-based lending and Other			24			0			—			—		%

March 2026 Form 10-Q			60

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Notes to Consolidated Financial Statements (Unaudited)

			Three Months Ended March 31, 20251
			Term Extension (Months)			Other-than-insignificant Payment Delay (Months)			Principal Forgiveness ($ millions)			Interest Rate Reduction (%)
Single Modifications
Corporate			37			0			$	—		—		%
Secured lending facilities			3			0			—			—		%
Commercial real estate			1			0			—			—		%
Securities-based lending and Other			12			11			—			—		%

1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.

Performance of Loans Held for Investment Modified in the Last 12 Months

			At March 31, 2026
$ in millions			Current and less than 30 days past due			30-89 days past due			90+ days past due			Total
Corporate			$	221		$	—		$	—		$	221
Secured lending facilities			20			—			—			20
Commercial real estate			470			—			—			470
Residential real estate			7			2			—			9
Securities-based lending and Other			416			—			—			416
Total			$	1,134		$	2		$	—		$	1,136

			At March 31, 2025
$ in millions			Current and less than 30 days past due			30-89 days past due			90+ days past due			Total
Corporate			$	185		$	—		$	—		$	185
Secured lending facilities			42			—			—			42
Commercial real estate			423			—			63			486
Residential real estate			3			—			—			3
Securities-based lending and Other			149			—			—			149
Total			$	802		$	—		$	63		$	865

At March 31, 2026, there were no loans held for investment that defaulted during the three months ended March 31, 2026 that had been modified in the 12 month period prior to default. At March 31, 2025 there was one commercial real estate loan held for investment with an amortized cost of $63 million that defaulted during the three months ended March 31, 2025 that had been modified in the 12 month period prior to default.

Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments

			Three Months Ended March 31, 2026
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	260		$	201		$	283		$	127		$	261		$	1,132
Gross charge-offs			(16)			—			(11)			—			(10)			(37)
Provision (release)			(2)			18			56			4			6			82
Other			(2)			(1)			—			—			—			(3)
Ending balance			$	240		$	218		$	328		$	131		$	257		$	1,174
Percent of loans to total loans1			3		%	25		%	3		%	27		%	42		%	100		%
ACL—Lending commitments
Beginning balance			$	625		$	137		$	12		$	5		$	19		$	798
Provision (release)			31			(16)			4			—			(3)			16
Other			(7)			(1)			—			—			1			(7)
Ending balance			$	649		$	120		$	16		$	5		$	17		$	807
Total ending balance			$	889		$	338		$	344		$	136		$	274		$	1,981

			Three Months Ended March 31, 2025
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
ACL—Loans
Beginning balance			$	200		$	140		$	373		$	97		$	256		$	1,066
Gross charge-offs			—			—			(31)			—			—			(31)
Recoveries			—			—			8			—			—			8
Net (charge-offs)/ recoveries			—			—			(23)			—			—			(23)
Provision (release)			2			7			24			23			25			81
Other			3			2			5			—			(1)			9
Ending balance			$	205		$	149		$	379		$	120		$	280		$	1,133
Percent of loans to total loans1			3		%	22		%	4		%	29		%	42		%	100		%
ACL—Lending commitments
Beginning balance			$	507		$	88		$	40		$	4		$	17		$	656
Provision (release)			37			41			(27)			—			3			54
Other			5			1			—			—			2			8
Ending balance			$	549		$	130		$	13		$	4		$	22		$	718
Total ending balance			$	754		$	279		$	392		$	124		$	302		$	1,851

CRE—Commercial real estate

SBL—Securities-based lending

1.Percentage of loans to total loans represents loans held for investment by loan type to total loans held for investment.

The allowance for credit losses for loans and lending commitments increased during the three months ended March 31, 2026, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans.

The base scenario used in the Firm’s ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. The Firm’s ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to the prior quarter forecast. Other key macroeconomic variables used in the Firm’s ACL models

			61			March 2026 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on the Firm’s ACL models varies depending on portfolio composition and economic conditions. The Firm also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2025 Form 10-K.

Gross Charge-offs by Origination Year

			Three Months Ended March 31, 2026
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
Revolving			$	(16)		$	—		$	—		$	—		$	—		$	(16)
Prior			—			—			(11)			—			(10)			(21)
Total			$	(16)		$	—		$	(11)		$	—		$	(10)		$	(37)

			Three Months Ended March 31, 2025
$ in millions			Corporate			Secured Lending Facilities			CRE			Residential Real Estate			SBL and Other			Total
2022			$	—		$	—		$	(10)		$	—		$	—		$	(10)
Prior			—			—			(21)			—			—			(21)
Total			$	—		$	—		$	(31)		$	—		$	—		$	(31)

CRE—Commercial real estate

SBL—Securities-based lending

Selected Credit Ratios

			At March 31, 2026			At December 31, 2025
ACL for loans to total HFI loans			0.4		%	0.4		%
Nonaccrual HFI loans to total HFI loans			0.4		%	0.4		%
ACL for loans to nonaccrual HFI loans			114.8		%	98.7		%

Employee Loans

$ in millions			At March 31, 2026			At December 31, 2025
Currently employed by the Firm1			$	4,830		$	4,769
No longer employed by the Firm2			87			89
Employee loans			$	4,917		$	4,858
ACL			(118)			(127)
Employee loans, net of ACL			$	4,799		$	4,731
Remaining repayment term, weighted average in years			5.7			5.7

1.These loans are predominantly current.

2.These loans are predominantly past due for a period of 90 days or more.

Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2025 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.

10. Other Assets

Equity Method Investments

$ in millions			At March 31, 2026			At December 31, 2025
Investments			$	2,175		$	2,054

			Three Months Ended March 31,
$ in millions			2026			2025
Income (loss)			$	87		$	62

Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.

Japanese Securities Joint Venture

			Three Months Ended March 31,
$ in millions			2026			2025
Income (loss) from investment in MUMSS			$	50		$	36

For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2025 Form 10-K.

Tax Equity Investments

The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.

Tax Equity Investments under the Proportional Amortization Method

$ in millions			At March 31, 2026			At December 31, 2025
Low-income housing			$	1,877		$	1,897
Renewable energy and other			26			28
Total1,2			$	1,903		$	1,925

1.Amounts include unfunded equity contributions of $681 million and $707 million as of March 31, 2026 and December 31, 2025, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.

2.Amounts exclude $44 million and $45 million as of March 31, 2026 and December 31, 2025, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.

March 2026 Form 10-Q			62

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Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method

			Three Months Ended March 31,
$ in millions			2026			2025
Income tax credits and other income tax benefits			$	78		$	75
Proportional amortization			(64)			(62)
Net benefits included in income tax expense			14			13
Other income			1			—
Net benefits			$	15		$	13

11. Deposits

Deposits

$ in millions			At March 31, 2026			At December 31, 2025
Savings and demand deposits			$	318,845		$	315,883
Time deposits			109,126			99,640
Total			$	427,971		$	415,523
Deposits subject to FDIC insurance			$	338,444		$	331,322
Deposits not subject to FDIC insurance			$	89,527		$	84,201

Time Deposit Maturities

$ in millions			At March 31, 2026
2026			$	40,213
2027			27,733
2028			17,868
2029			11,438
2030			9,652
Thereafter			2,222
Total			$	109,126

12. Borrowings and Other Secured Financings

Borrowings

$ in millions			At March 31, 2026			At December 31, 2025
Original maturities of one year or less			$	8,558		$	7,254
Original maturities greater than one year:
Senior			$	349,390		$	329,502
Subordinated			13,620			12,179
Total greater than one year			$	363,010		$	341,681
Total			$	371,568		$	348,935
Weighted average stated maturity, in years1			6.3			6.3

1.Only includes borrowings with original maturities greater than one year.

Other Secured Financings

$ in millions			At March 31, 2026			At December 31, 2025
Original maturities:
One year or less			$	15,143		$	13,892
Greater than one year			7,523			7,711
Total			$	22,666		$	21,603
Transfers of assets accounted for as secured financings			$	10,140		$	9,713

Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.

For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.

13. Commitments, Guarantees and Contingencies

Commitments

			Years to Maturity at March 31, 2026
$ in millions			Less than 1			1-3			3-5			Over 5			Total
Lending:
Corporate			$	19,756		$	48,423		$	80,382		$	6,559		$	155,120
Secured lending facilities			6,309			8,156			10,132			6,524			31,121
Commercial and Residential real estate			423			45			165			466			1,099
Securities-based lending and Other			17,475			3,404			247			507			21,633
Forward-starting secured financing receivables1			156,477			2,278			—			—			158,755
Central counterparty			15,226			—			—			—			15,226
Investment activities			2,177			580			108			502			3,367
Letters of credit and other financial guarantees			32			—			—			4			36
Total			$	217,875		$	62,886		$	91,034		$	14,562		$	386,357
Lending commitments participated to third parties															$	13,373

1.These amounts primarily include secured financing receivables yet to settle as of March 31, 2026, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.

Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.

For a further description of these commitments, refer to Note 14 to the financial statements in the 2025 Form 10-K.

			63			March 2026 Form 10-Q

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Guarantees

			At March 31, 2026
			Maximum Potential Payout/Notional of Obligations by Years to Maturity															Carrying Amount Asset (Liability)
$ in millions			Less than 1			1-3			3-5			Over 5
Non-credit derivatives1			$	1,522,376		$	795,403		$	210,745		$	602,124					$	(58,510)
Standby letters of credit and other financial guarantees issued2,3			1,672			957			1,264			2,577						15
Liquidity facilities			3,549			—			—			—						3
Whole loan sales guarantees			34			—			1			23,071						—
Securitization representations and warranties4			—			—			—			98,492						—
General partner guarantees			122			119			95			27						(58)
Client clearing guarantees			1,957			—			—			—						—

1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.

2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.

3.As of March 31, 2026, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $52 million.

4.Related to commercial, residential mortgage and asset backed securitizations.

The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.

For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2025 Form 10-K.

Other Guarantees and Indemnities

In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2025 Form 10-K.

In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the

Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.

Finance Subsidiary

The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.

Contingencies

Legal

In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, Markets business, and our activities in the capital markets.

The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and tax, accounting, and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.

The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.

The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and

March 2026 Form 10-Q			64

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Notes to Consolidated Financial Statements (Unaudited)

private litigation affecting global financial services firms, including the Firm.

In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.

While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.

Antitrust Related Matters

The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026.

			65			March 2026 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

U.K. Government Bond Matter

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.

Other

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal

the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed.

Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. All matters pending in the SDNY (which focus solely on MSSB’s cash sweep program) were consolidated into one action styled Estate of Sherlip, et al. v. Morgan Stanley, et al. An amended class action complaint was filed on August 15, 2025. On September 12, 2025, MSSB moved to dismiss the complaint. The matters pending in the District of New Jersey (which includes claims against both MSSB and E*TRADE Securities) have been consolidated into one action styled In re E*TRADE Cash Sweep Litigation, No. 2:24-cv-00603. The Firm awaits the appointment of lead counsel and, thereafter, the filing of a consolidated complaint in that matter. Together, the complaints seek, inter alia, certification of classes of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. The Firm is also responding to requests from state securities regulators regarding brokerage account cash balances swept to the affiliate bank deposit program.

14. Variable Interest Entities and Securitization Activities

Consolidated VIE Assets and Liabilities by Type of Activity

			At March 31, 2026						At December 31, 2025
$ in millions			VIE Assets			VIE Liabilities			VIE Assets			VIE Liabilities
MABS1			$	1,115		$	517		$	468		$	2
Investment vehicles2			654			384			263			5
MTOB			1,631			1,529			1,781			1,651
Other			120			5			47			3
Total			$	3,520		$	2,435		$	2,559		$	1,661

MTOB—Municipal tender option bonds

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.

2.Amounts include investment funds and CLOs.

March 2026 Form 10-Q			66

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Notes to Consolidated Financial Statements (Unaudited)

Consolidated VIE Assets and Liabilities by Balance Sheet Caption

$ in millions			At March 31, 2026			At December 31, 2025
Assets
Cash and cash equivalents			$	37		$	19
Trading assets at fair value			2,368			1,216
Investment securities			1,110			1,318
Customer and other receivables			4			5
Other assets			1			1
Total			$	3,520		$	2,559
Liabilities
Trading liabilities at fair value			$	2		$	—
Other secured financings			$	2,419		$	1,653
Other liabilities and accrued expenses			11			5
Borrowings			3			3
Total			$	2,435		$	1,661
Noncontrolling interests			$	71		$	145

Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.

In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.

Non-consolidated VIEs

			At March 31, 2026
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	227,153		$	2,897		$	5,014		$	5,074		$	90,508
Maximum exposure to loss3
Debt and equity interests			$	30,156		$	293		$	—		$	2,595		$	12,253
Derivative and other contracts			—			—			3,549			—			5,152
Commitments, guarantees and other			10,726			—			—			—			182
Total			$	40,882		$	293		$	3,549		$	2,595		$	17,587
Carrying value of variable interests—Assets
Debt and equity interests			$	30,156		$	293		$	—		$	2,048		$	12,253
Derivative and other contracts			—			—			5			—			2,166
Total			$	30,156		$	293		$	5		$	2,048		$	14,419
Additional VIE assets owned4															$	16,934
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	2		$	—		$	889

			At December 31, 2025
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	218,543		$	3,432		$	4,620		$	4,535		$	87,118
Maximum exposure to loss3
Debt and equity interests			$	32,074		$	158		$	—		$	2,611		$	11,904
Derivative and other contracts			—			—			3,258			—			4,473
Commitments, guarantees and other			10,414			—			—			—			190
Total			$	42,488		$	158		$	3,258		$	2,611		$	16,567
Carrying value of variable interests–Assets
Debt and equity interests			$	32,074		$	158		$	—		$	1,967		$	11,904
Derivative and other contracts			—			—			5			—			2,010
Total			$	32,074		$	158		$	5		$	1,967		$	13,914
Additional VIE assets owned4															$	15,907
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	2		$	—		$	780

OSF–Other structured financings

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.

2.Other primarily includes exposures to commercial real estate property and investment funds.

3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.

4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.

The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).

The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.

The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.

Liabilities issued by VIEs generally are non-recourse to the Firm.

			67			March 2026 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

Detail of Mortgage- and Asset-Backed Securitization Assets

			At March 31, 2026						At December 31, 2025
$ in millions			UPB			Debt and Equity Interests			UPB			Debt and Equity Interests
Residential mortgages			$	21,998		$	2,809		$	20,130		$	3,183
Commercial mortgages			89,820			8,966			96,473			11,251
U.S. agency collateralized mortgage obligations			63,643			6,839			58,876			7,136
Other consumer or commercial loans			51,692			11,542			43,064			10,504
Total			$	227,153		$	30,156		$	218,543		$	32,074

Transferred Assets with Continuing Involvement

			At March 31, 2026
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	16,467		$	88,320		$	14,017		$	13,787
Retained interests
Investment grade			$	286		$	504		$	858		$	—
Non-investment grade			540			1,105			—			107
Total			$	826		$	1,609		$	858		$	107
Interests purchased in the secondary market3
Investment grade			$	97		$	50		$	20		$	—
Non-investment grade			13			33			—			10
Total			$	110		$	83		$	20		$	10
Derivative assets			$	—		$	—		$	—		$	1,712
Derivative liabilities			—			—			—			722

			At December 31, 2025
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	15,089		$	84,729		$	18,230		$	13,312
Retained interests
Investment grade			$	288		$	456		$	1,127		$	—
Non-investment grade			460			1,131			—			123
Total			$	748		$	1,587		$	1,127		$	123
Interests purchased in the secondary market3
Investment grade			$	62		$	62		$	52		$	—
Non-investment grade			14			30			—			—
Total			$	76		$	92		$	52		$	—
Derivative assets			$	—		$	—		$	—		$	1,522
Derivative liabilities			—			—			—			733

			Fair Value At March 31, 2026
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	1,072		$	—		$	1,072
Non-investment grade			95			72			167
Total			$	1,167		$	72		$	1,239
Interests purchased in the secondary market3
Investment grade			$	146		$	21		$	167
Non-investment grade			26			30			56
Total			$	172		$	51		$	223
Derivative assets			$	1,712		$	—		$	1,712
Derivative liabilities			722			—			722

			Fair Value At December 31, 2025
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	1,346		$	—		$	1,346
Non-investment grade			122			58			180
Total			$	1,468		$	58		$	1,526
Interests purchased in the secondary market3
Investment grade			$	176		$	—		$	176
Non-investment grade			22			22			44
Total			$	198		$	22		$	220
Derivative assets			$	1,522		$	—		$	1,522
Derivative liabilities			733			—			733

RML—Residential mortgage loans

CML—Commercial mortgage loans

1.Amounts include CLO transactions managed by unrelated third parties.

2.Amounts include assets transferred by unrelated transferors.

3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.

The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2025 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.

Proceeds from New Securitization Transactions and Sales of Loans

			Three Months Ended March 31,
$ in millions			2026			2025
New transactions1			$	11,965		$	14,310
Retained interests			3,478			2,780

1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.

The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).

March 2026 Form 10-Q			68

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Notes to Consolidated Financial Statements (Unaudited)

Assets Sold with Retained Exposure

$ in millions			At March 31, 2026			At December 31, 2025
Gross cash proceeds from sale of assets1			$	99,348		$	112,395
Fair value
Assets sold			$	96,748		$	113,159
Derivative assets recognized in the balance sheet			777			1,201
Derivative liabilities recognized in the balance sheet			3,376			438

1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.

For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.

15. Regulatory Requirements

Regulatory Capital Framework and Requirements

For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2025 Form 10-K.

The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.

Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.

Capital Buffer Requirements

			At March 31, 2026 and December 31, 2025
			Standardized			Advanced
Capital buffers
Fixed 2.5% buffer			—%			2.5%
SCB			4.3%			N/A
G-SIB capital surcharge			3.0%			3.0%
CCyB1			—%			—%
Capital conservation buffer requirement			7.3%			5.5%

1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.

The capital conservation buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB. The capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, G-SIB capital surcharge and CCyB.

Risk-Based Regulatory Capital Ratio Requirements

			Regulatory Minimum			At March 31, 2026 and December 31, 2025
						Standardized			Advanced
Required ratios1
CET1 capital ratio			4.5		%	11.8%			10.0%
Tier 1 capital ratio			6.0		%	13.3%			11.5%
Total capital ratio			8.0		%	15.3%			13.5%

1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.

The Firm’s Regulatory Capital and Capital Ratios

Risk-based capital

			Standardized
$ in millions			At March 31, 2026			At December 31, 2025
Risk-based capital
CET1 capital			$	84,546		$	83,153
Tier 1 capital			94,235			92,728
Total capital			106,481			103,449
Total RWA			559,080			552,515
Risk-based capital ratio
CET1 capital			15.1		%	15.0		%
Tier 1 capital			16.9		%	16.8		%
Total capital			19.0		%	18.7		%
Required ratio1
CET1 capital			11.8		%	11.8		%
Tier 1 capital			13.3		%	13.3		%
Total capital			15.3		%	15.3		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

			69			March 2026 Form 10-Q

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Notes to Consolidated Financial Statements (Unaudited)

Leveraged-based capital

$ in millions			At March 31, 2026			At December 31, 2025
Leveraged-based capital
Adjusted average assets1			$	1,535,246		$	1,383,314
Supplementary leverage exposure2			1,876,478			1,717,775
Leveraged-based capital ratio
Tier 1 leverage			6.1		%	6.7		%
SLR			5.0		%	5.4		%
Required ratio3
Tier 1 leverage			4.0		%	4.0		%
SLR4			3.5		%	5.0		%

1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.

2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.

3.Required ratios are inclusive of any buffers applicable as of the date presented.

4.As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced supplementary leverage ratio (“eSLR”) by the U.S. banking agencies, which removed the eSLR threshold for a covered depository institution to be considered well-capitalized and instead implemented the eSLR as a buffer standard. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement.

U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios

The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.

The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.

At March 31, 2026 and December 31, 2025, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules.

MSBNA’s Regulatory Capital1

			Well-Capitalized Requirement			Required Ratio2			At March 31, 2026						At December 31, 2025
$ in millions									Amount			Ratio			Amount			Ratio
Risk-based capital
CET1 capital			6.5		%	7.0		%	$	42,136		19.5		%	$	25,545		20.3		%
Tier 1 capital			8.0		%	8.5		%	42,136			19.5		%	25,545			20.3		%
Total capital			10.0		%	10.5		%	43,207			20.0		%	26,423			21.0		%
Leverage-based capital
Tier 1 leverage			5.0		%	4.0		%	$	42,136		11.0		%	$	25,545		10.1		%
SLR3,4			N/A			3.5		%	42,136			7.4		%	25,545			7.6		%

MSPBNA’s Regulatory Capital

			Well-Capitalized Requirement			Required Ratio2			At March 31, 2026						At December 31, 2025
$ in millions									Amount			Ratio			Amount			Ratio
Risk-based capital
CET1 capital			6.5		%	7.0		%	$	18,052		27.1		%	$	17,298		26.1		%
Tier 1 capital			8.0		%	8.5		%	18,052			27.1		%	17,298			26.1		%
Total capital			10.0		%	10.5		%	18,416			27.7		%	17,665			26.6		%
Leverage-based capital
Tier 1 leverage			5.0		%	4.0		%	$	18,052		7.0		%	$	17,298		7.0		%
SLR3,4			N/A			3.5		%	18,052			6.9		%	17,298			6.8		%

1.MSBNA’s regulatory capital and capital ratios are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.

2.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.

3.Beginning January 1, 2026, MSBNA and MSPBNA were subject to a 3.5% SLR standard (inclusive of a 0.5% eSLR buffer based on Method 1 G-SIB capital surcharge of 1.0%). The eSLR buffer applicable to U.S. G-SIBs’ insured depository institution subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement.

4.As of December 31, 2025, the SLR well-capitalized requirement and required ratio was 6.0% and 3.0%, respectively, for both MSBNA and MSPBNA.

Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.

Other Regulatory Capital Requirements

MS&Co. Regulatory Capital

$ in millions			At March 31, 2026			At December 31, 2025
Net capital			$	19,088		$	19,272
Excess net capital			13,283			13,905

MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is registered as a swap dealer with the CFTC.

As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital

March 2026 Form 10-Q			70

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Notes to Consolidated Financial Statements (Unaudited)

requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2026 and December 31, 2025, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.

Other Regulated Subsidiaries

Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of March 31, 2026 and December 31, 2025, as applicable:

•MSSB,

•MSIP,

•MSESE,

•MSMS,

•MSCS, and

•MSCG.

See Note 16 to the financial statements in the 2025 Form 10-K for further information.

16. Total Equity

Preferred Stock

			Shares Outstanding						Carrying Value
$ in millions, except per share data			At March 31, 2026			Liquidation Preference per Share			At March 31, 2026			At December 31, 2025
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
Q			40,000			25,000			1,000			1,000
Total									$	9,750		$	9,750
Shares authorized												30,000,000

1.Series C preferred stock is held by MUFG.

For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2025 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).

Share Repurchases

			Three Months Ended March 31,
$ in millions			2026			2025
Repurchases of common stock under the Firm’s Share Repurchase Authorization			$	1,750		$	1,000

On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2025 Form 10-K.

Common Shares Outstanding for Basic and Diluted EPS

			Three Months Ended March 31,
in millions			2026			2025
Weighted average common shares outstanding, basic			1,561			1,584
Effect of dilutive RSUs and PSUs			15			16
Weighted average common shares outstanding and common stock equivalents, diluted			1,576			1,600
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)			9			4

Dividends

$ in millions, except per share data			Three Months Ended March 31,
			2026						2025
			Per Share1			Total			Per Share1			Total
Preferred stock series
A			$	290		$	13		$	329		$	14
C			25			13			25			13
E			445			15			445			15
F			430			15			430			15
I			398			16			398			16
K			366			15			366			15
L			305			6			305			6
M2			29			12			29			12
N			1,806			5			1,967			6
O			266			13			266			14
P			406			16			406			16
Q			414			17			414			16
Total Preferred stock						$	156					$	158
Common stock			$	1.00		$	1,589		$	0.925		$	1,492

1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.

2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.

			71			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

Accumulated Other Comprehensive Income (Loss) Rollforward

			Three Months Ended March 31, 2026
$ in millions			CTA			AFS Securities			Pension and Other			DVA			Cash Flow Hedges			Total
Beginning Balance			$	(1,170)		$	(1,585)		$	(558)		$	(2,995)		$	23		$	(6,285)
OCI activity:
Pre-Tax Gain (Loss)			45			(171)			—			1,619			(396)			1,097
Tax effect			(63)			41			—			(397)			94			(325)
After-tax Gain (Loss)			(18)			(130)			—			1,222			(302)			772
Non-Controlling Interests			(12)			—			—			15			—			3
OCI Activity			(6)			(130)			—			1,207			(302)			769
Reclassified to Earnings:
Pre-tax Reclass.			—			(6)			5			9			5			13
Tax effect			—			1			(1)			(2)			(1)			(3)
Reclass. After-tax			—			(5)			4			7			4			10
Net OCI Activity			(6)			(135)			4			1,214			(298)			779
Ending Balance			$	(1,176)		$	(1,720)		$	(554)		$	(1,781)		$	(275)		$	(5,506)

			Three Months Ended March 31, 2025
$ in millions			CTA			AFS Securities			Pension and Other			DVA			Cash Flow Hedges			Total
Beginning Balance			$	(1,477)		$	(2,573)		$	(583)		$	(2,146)		$	(35)		$	(6,814)
OCI activity:
Pre-Tax Gain (Loss)			54			491			—			439			17			1,001
Tax effect			134			(117)			—			(108)			(4)			(95)
After-tax Gain (Loss)			188			374			—			331			13			906
Non-Controlling Interests			43			—			—			7			—			50
OCI Activity			145			374			—			324			13			856
Reclassified to Earnings:
Pre-tax Reclass.			—			(21)			5			9			5			(2)
Tax effect			—			5			(3)			(2)			(1)			(1)
Reclass. After-tax			—			(16)			2			7			4			(3)
Net OCI Activity			145			358			2			331			17			853
Ending Balance			$	(1,332)		$	(2,215)		$	(581)		$	(1,815)		$	(18)		$	(5,961)

17. Interest Income and Interest Expense

						Three Months Ended March 31,
$ in millions									2026			2025
Interest income
Cash and cash equivalents									$	699		$	659
Investment securities									1,343			1,280
Loans									3,582			3,325
Securities purchased under agreements to resell1									3,494			3,416
Securities borrowed2									1,698			1,116
Trading assets, net of Trading liabilities									1,934			1,439
Customer receivables and Other									2,523			2,513
Total interest income									$	15,273		$	13,748
Interest expense
Deposits									$	2,557		$	2,522
Borrowings									3,183			3,018
Securities sold under agreements to repurchase3									3,615			3,069
Securities loaned4									771			256
Customer payables and Other									2,444			2,530
Total interest expense									$	12,570		$	11,395
Net interest									$	2,703		$	2,353

1.Includes interest paid on Securities purchased under agreements to resell.

2.Includes fees paid on Securities borrowed.

3.Includes interest received on Securities sold under agreements to repurchase.

4.Includes fees received on Securities loaned.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.

Accrued Interest

$ in millions			At March 31, 2026			At December 31, 2025
Customer and other receivables			$	4,666		$	4,051
Customer and other payables			4,619			4,663

18. Income Taxes

The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as the U.K., and in states and localities in which it has significant business operations, such as New York.

The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.

March 2026 Form 10-Q			72

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

19. Segment, Geographic and Revenue Information

Selected Financial Information by Business Segment

			Three Months Ended March 31, 2026
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	2,116		$	224		$	—		$	(51)		$	2,289
Trading			6,598			120			(10)			22			6,730
Investments			47			33			66			—			146
Commissions and fees1			1,005			783			—			(98)			1,690
Asset management1,2			233			5,079			1,496			(78)			6,730
Other			182			110			3			(3)			292
Total non-interest revenues			10,181			6,349			1,555			(208)			17,877
Interest income			11,822			3,646			22			(217)			15,273
Interest expense			11,282			1,476			42			(230)			12,570
Net interest			540			2,170			(20)			13			2,703
Net revenues			$	10,721		$	8,519		$	1,535		$	(195)		$	20,580
Provision for credit losses			$	92		$	6		$	—		$	—		$	98
Compensation and benefits3			3,264			4,648			630			—			8,542
Non-compensation expenses3			3,204			1,274			625			(174)			4,929
Total non-interest expenses			$	6,468		$	5,922		$	1,255		$	(174)		$	13,471
Income before provision for income taxes			4,161			2,591			280			(21)			7,011
Provision for income taxes			796			544			38			(5)			1,373
Net income			3,365			2,047			242			(16)			5,638
Net income applicable to noncontrolling interests			71			—			—			—			71
Net income applicable to Morgan Stanley			$	3,294		$	2,047		$	242		$	(16)		$	5,567
Pre-tax margin4			39		%	30		%	18		%	N/M			34		%

			Three Months Ended March 31, 2025
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	1,559		$	190		$	—		$	(38)		$	1,711
Trading			5,113			(12)			(7)			17			5,111
Investments			149			33			187			—			369
Commissions and fees1			869			695			—			(83)			1,481
Asset management1,2			191			4,396			1,451			(75)			5,963
Other			633			123			—			(5)			751
Total non-interest revenues			8,514			5,425			1,631			(184)			15,386
Interest income			10,073			3,959			23			(307)			13,748
Interest expense			9,604			2,057			52			(318)			11,395
Net interest			469			1,902			(29)			11			2,353
Net revenues			$	8,983		$	7,327		$	1,602		$	(173)		$	17,739
Provision for credit losses			$	91		$	44		$	—		$	—		$	135
Compensation and benefits3			2,854			3,999			668			—			7,521
Non-compensation expenses3			2,757			1,333			611			(162)			4,539
Total non-interest expenses			$	5,611		$	5,332		$	1,279		$	(162)		$	12,060
Income before provision for income taxes			3,281			1,951			323			(11)			5,544
Provision for income taxes			696			419			61			(3)			1,173
Net income			2,585			1,532			262			(8)			4,371
Net income applicable to noncontrolling interests			56			—			—			—			56
Net income applicable to Morgan Stanley			$	2,529		$	1,532		$	262		$	(8)		$	4,315
Pre-tax margin4			37		%	27		%	20		%	N/M			31		%

1.Substantially all revenues are from contracts with customers.

2.Includes certain fees that may relate to services performed in prior periods.

3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).

4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.

For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2025 Form 10-K.

Detail of Investment Banking Revenues

						Three Months Ended March 31,
$ in millions									2026			2025
Institutional Securities Advisory									$	978		$	563
Institutional Securities Underwriting									1,138			996
Firm Investment banking revenues from contracts with customers									86		%	81		%

Trading Revenues by Product Type

						Three Months Ended March 31,
$ in millions									2026			2025
Interest rate									$	926		$	1,373
Foreign exchange									673			628
Equity1									3,967			3,027
Commodity and other									1,111			324
Credit									53			(241)
Total									$	6,730		$	5,111

1.Dividend income is included within equity contracts.

The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income

			73			March 2026 Form 10-Q

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Table of Contents
Notes to Consolidated Financial Statements (Unaudited)

statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest

$ in millions			At March 31, 2026			At December 31, 2025
Net cumulative unrealized performance-based fees at risk of reversing			$	942		$	926

The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers

						Three Months Ended March 31,
$ in millions									2026			2025
Fee waivers									$	34		$	30

The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.

Certain Other Fee Waivers

Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.

Other Expenses—Transaction Taxes

			Three Months Ended March 31,
$ in millions			2026			2025
Transaction taxes			$	517		$	266

Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.

Net Revenues by Region

						Three Months Ended March 31,
$ in millions									2026			2025
Americas									$	14,591		$	13,103
EMEA									2,641			2,291
Asia									3,348			2,345
Total									$	20,580		$	17,739

For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2025 Form 10-K.

Revenues Recognized from Prior Services

						Three Months Ended March 31,
$ in millions									2026			2025
Non-interest revenues									$	924		$	595

The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.

Receivables from Contracts with Customers

$ in millions			At March 31, 2026			At December 31, 2025
Customer and other receivables			$	2,826		$	3,002

Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.

Assets by Business Segment

$ in millions			At March 31, 2026			At December 31, 2025
Institutional Securities1			$	1,235,197		$	969,553
Wealth Management1			328,397			433,017
Investment Management			17,824			17,700
Total2			$	1,581,418		$	1,420,270

1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain assets which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter. This change resulted in an increase to Institutional Securities assets and a decrease to Wealth Management assets of $111 billion as of March 31, 2026 with no impact on total Firm assets.

2.Parent assets have been fully allocated to the business segments.

March 2026 Form 10-Q			74

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Table of Contents
Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

			Three Months Ended March 31,
			2026									2025
$ in millions			Average Daily Balance			Interest			Annualized Average Rate			Average Daily Balance			Interest			Annualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.			$	68,236		$	486		2.9		%	$	55,223		$	447		3.3		%
Non-U.S.			53,613			213			1.6		%	42,083			212			2.0		%
Investment securities1			163,967			1,343			3.3		%	158,395			1,280			3.3		%
Loans1			283,227			3,582			5.1		%	241,885			3,325			5.6		%
Securities purchased under agreements to resell2:
U.S.			79,628			2,363			12.0		%	66,638			2,213			13.5		%
Non-U.S.			47,736			1,131			9.6		%	41,448			1,203			11.8		%
Securities borrowed3:
U.S.			136,635			1,646			4.9		%	113,539			1,048			3.7		%
Non-U.S.			21,579			52			1.0		%	16,125			68			1.7		%
Trading assets, net of Trading liabilities:
U.S.			155,501			1,659			4.3		%	111,891			1,248			4.5		%
Non-U.S.			31,263			275			3.6		%	18,435			191			4.2		%
Customer receivables and Other:
U.S.			82,527			1,948			9.6		%	60,918			2,006			13.4		%
Non-U.S.			25,462			575			9.2		%	16,474			507			12.5		%
Total			$	1,149,374		$	15,273		5.4		%	$	943,054		$	13,748		5.9		%
Interest bearing liabilities
Deposits1			$	411,670		$	2,557		2.5		%	$	370,745		$	2,522		2.8		%
Borrowings1,4			350,516			3,183			3.7		%	282,999			3,018			4.3		%
Securities sold under agreements to repurchase5,7:
U.S.			67,114			2,354			14.2		%	18,108			1,786			40.0		%
Non-U.S.			71,168			1,261			7.2		%	50,533			1,283			10.3		%
Securities loaned6,7:
U.S.			11,141			515			18.7		%	10,093			29			1.2		%
Non-U.S.			7,500			256			13.8		%	6,048			227			15.2		%
Customer payables and Other:
U.S.			154,071			1,661			4.4		%	119,309			1,776			6.0		%
Non-U.S.			76,704			783			4.1		%	58,052			754			5.3		%
Total			$	1,149,884		$	12,570		4.4		%	$	915,887		$	11,395		5.0		%
Net interest income and net interest rate spread						$	2,703		1.0		%				$	2,353		0.9		%

1.Amounts include primarily U.S. balances.

2.Includes interest paid on Securities purchased under agreements to resell.

3.Includes fees paid on Securities borrowed.

4.Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.

5.Includes interest received on Securities sold under agreements to repurchase.

6.Includes fees received on Securities loaned.

7.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.

			75			March 2026 Form 10-Q

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Table of Contents
Glossary of Common Terms and Acronyms

2025 Form  10-K			Annual report on Form 10-K for year ended December 31, 2025 filed with the SEC
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
CET1			Common Equity Tier 1
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)
CRE			Commercial real estate
CRM			Credit Risk Management Department
CTA			Cumulative foreign currency translation adjustments
DCP			Employee deferred cash-based compensation plans linked to investment performance
DCP investments			Investments associated with certain DCP
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 bank
HFI			Held-for-investment
HFS			Held-for-sale
HQLA			High-quality liquid assets
HTM			Held-to-maturity
I/E			Intersegment eliminations
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
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
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 in the U.S.
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
S&P			Standard & Poor’s
SPE			Special purpose entity
SPOE			Single point of entry
TLAC			Total loss-absorbing capacity
U.K.			United Kingdom
UPB			Unpaid principal balance
U.S.			United States of America
U.S. Bank Subsidiaries			MSBNA and MSPBNA
U.S. GAAP			Accounting principles generally accepted in the U.S.
VaR			Value-at-Risk
VIE			Variable interest entity
WACC			Implied weighted average cost of capital
WM			Wealth Management

March 2026 Form 10-Q			76

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Table of Contents

Controls and Procedures

Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on this evaluation, 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 period covered by this report.

No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Legal Proceedings

See “Contingencies—Legal” in Note 13 to the Financial Statements for information about our material legal proceedings.

Risk Factors

For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

$ in millions, except per share data			Total Number of Shares Purchased1			Average Price Paid per Share			Total Shares Purchased as Part of Share Repurchase Authorization2,3			Dollar Value of Remaining Authorized Repurchase
January			6,706,286			$	189.54		1,364,300			$	17,165
February			4,238,605			$	175.45		3,876,500			$	16,487
March			5,342,423			$	160.93		5,104,787			$	15,665
Three Months Ended March 31, 2026			16,287,314			$	176.49		10,345,587

1.Includes 5,941,727 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended March 31, 2026.

2.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.

3.On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”

Other Information

None.

Exhibits

Exhibit No.			Description
10.1			Eighth Amendment to Investor Agreement, dated April 13, 2026, between Morgan Stanley and Mitsubishi UFJ Financial Group, Inc.
10.2			Form of Award Certificate for Performance Stock Unit Awards.
15			Letter of awareness from Deloitte & Touche LLP, dated May 5, 2026, concerning unaudited interim financial information.
31.1			Rule 13a-14(a) Certification of Chief Executive Officer.
31.2			Rule 13a-14(a) Certification of Chief Financial Officer.
32.1			Section 1350 Certification of Chief Executive Officer.
32.2			Section 1350 Certification of Chief Financial Officer.
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).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MORGAN STANLEY (Registrant)
By:			/s/ SHARON YESHAYA
			Sharon Yeshaya Executive Vice President and Chief Financial Officer
By:			/s/ VICTORIA WORSTER
			Victoria Worster Chief Accounting Officer and Controller

Date: May 5, 2026

			77			March 2026 Form 10-Q

EXHIBIT 10.1

Eighth Amendment to Investor Agreement

THIS EIGHTH AMENDMENT TO THE INVESTOR AGREEMENT (this “Amendment”), dated as of April 13, 2026, is made by and between Morgan Stanley, a Delaware corporation (the “Company”), and Mitsubishi UFJ Financial Group, Inc., a joint stock company organized under the laws of Japan (the “Investor”).

W I T N E S SETH:

WHEREAS, the Company and the Investor are parties to that certain Investor Agreement, dated as of October 13, 2008, and amended by the First Amendment to Investor Agreement, dated as of October 27, 2008, and amended and restated by the Amended and Restated Investor Agreement, dated as of June 30, 2011, and amended by the Third Amendment to Investor Agreement, dated as of October 3, 2013, the Fourth Amendment to Investor Agreement, dated as of April 6, 2016, the Fifth Amendment to Investor Agreement, dated as of October 4, 2018, the Sixth Amendment to Investor Agreement, dated as of April 13, 2021 and the Seventh Amendment to Investor Agreement dated October 13, 2023 (the Investor Agreement, as so amended and restated, the “Investor Agreement”); and

WHEREAS, the Company and the Investor have determined to further amend the Investor Agreement as set forth herein.

NOW THEREFORE, in consideration of the premises and of the respective representations, warranties, covenants and conditions contained herein, the parties hereto agree as follows:

1.Defined Terms. Capitalized terms used but not defined in this Amendment shall have the respective meanings ascribed to them in the Investor Agreement.

2.Amendments. The Investor Agreement is hereby amended as follows:

2.1.The first sentence of Section 3.4 is amended and restated in its entirety as follows: ““Standstill Period” shall mean the period from the date hereof until the earlier of (i) October 13, 2028, and (ii) the occurrence of an Investor Rights Termination Event; provided, however, that the parties shall, prior to the expiration of the Standstill Period, discuss in good faith whether to extend the Standstill Period (with no obligation to extend).”

2.2.Section 4.1 is amended and supplemented to add a new Section 4.1(f) as follows: “Nothing in this Section 4.1 shall restrict the Investor from Transferring, and the Investor is hereby permitted to Transfer, any Securities to the Company or to a Subsidiary of the Company.”

2.3.Section 5.6 is amended and restated in its entirety as follows: “The preemptive right to purchase Covered Securities granted by this Article V shall not be available for any offering that commences at any time after (i) October 13,

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2028 (the “Preemptive Rights Expiration Date”) or (ii) the date on which the Investor Transfers any of the Securities that it acquired on the Closing Date or the Common Stock issued upon conversion of any Securities, or Hedges its exposure to the Common Stock, except as contemplated by clause (i) or (ii) of the first sentence of Section 4.1(a), by Section 4.1(e) or by Section 4.1(f); provided, however, that the parties shall, no later than 3 months prior to the Preemptive Rights Expiration Date, discuss in good faith whether to extend the Preemptive Rights Expiration Date (with no obligation to extend).”

3.No Other Amendments. Except as expressly set forth herein, the Investor Agreement remains in full force and effect in accordance with its terms and nothing contained herein shall be deemed to be a waiver, amendment, modification or other change of any term, condition or provision of the Investor Agreement (or a consent to any such waiver, amendment, modification or other change). All references in the Investor Agreement to the Investor Agreement shall be deemed to be references to the Investor Agreement after giving effect to this Amendment.

4.Changes. This Amendment may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

5.Headings. The headings of the various sections of this Amendment have been inserted for convenience or reference only and shall not be deemed to be part of this Amendment.

6.Applicable Law and Submission to Jurisdiction. This Amendment will be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed within the State of Delaware. The provisions of Sections 9.5 and 9.12 of the Investor Agreement shall apply to this Amendment as if each such provision were set forth herein in their entirety.

7.Counterparts. This Amendment may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement.

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Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

AGREED AND ACCEPTED:

MORGAN STANLEY By: /s/ Martin M. Cohen			MITSUBISHI UFJ FINANCIAL GROUP, INC. By: /s/ Satoshi Honda
Name: Martin M. Cohen Title: Vice President & Counsel			Name: Satoshi Honda Title: Managing Director

    

[Signature Page to Eighth Amendment to Investor Agreement]

EXHIBIT 10.2

Morgan Stanley

Equity Incentive Compensation Plan

[YEAR] PERFORMANCE STOCK UNIT AWARD

AWARD CERTIFICATE

        

        

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Morgan Stanley

[Year] Performance Stock Unit Award

Award Certificate

Morgan Stanley has awarded you a [year] performance stock unit award (“PSU Award”) as an incentive for you to remain in Employment and provide services to the Firm. This Award Certificate sets forth the general terms and conditions of your [year] PSU Award. Your [year] PSU Award consists of a Target Award of performance stock units. The number of performance stock units comprising the Target Award has been communicated to you independently.

Your PSU Award is made pursuant to the Plan. References to “performance stock units” and “units” (which terms are used interchangeably) in this Award Certificate mean only those performance stock units included in your [year] PSU Award, and the terms and conditions herein apply only to such award. If you receive any other award under the Plan or another equity compensation plan, it will be governed by the terms and conditions of the applicable award documentation, which may be different from those herein.

The purpose of your PSU Award is, among other things, to align your interests with the interests of the Firm and Morgan Stanley’s stockholders, to reward you for your continued Employment and service to the Firm in the future and your compliance with the Firm’s policies (including the Code of Conduct), to protect the Firm’s interests in non-public, confidential and/or proprietary information, products, trade secrets, customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. In view of these purposes, the number of performance stock units that you earn will depend on the Company’s performance during the Performance Period. Moreover, you will earn your PSU Award only if you (1) remain in continuous Employment through the Scheduled Vesting Date (subject to limited exceptions set forth below), (2) do not engage in any activity that is a cancellation event set forth in Section 10(c) below and (3) satisfy obligations you owe to the Firm as set forth in Section 12 below. Even if your PSU Award has vested, you will have no right to your award if a cancellation event occurs under the circumstances set forth in Section 10(c) below. [You are required to promptly notify the Firm if a repayment obligation or a cancellation event occurs under the circumstances set forth in Sections 7(c) or 10(c) below, as applicable.] As Morgan Stanley deems appropriate, Morgan Stanley will require you to provide a written certification or other evidence, from time to time in its sole discretion, to confirm that no cancellation event or repayment obligation has occurred, including upon a termination of Employment and/or during a specified period of time prior to the Scheduled Conversion Date. If you fail to timely provide any required notification, certification or other evidence, Morgan Stanley will cancel your award. It is your responsibility to provide the Executive Compensation Department with your up-to-date contact information.

        

        

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Capitalized terms used in this Award Certificate that are not defined in the text have the meanings set forth in Section 23 below. Capitalized terms used in this Award Certificate that are not defined in the text or in Section 23 below have the meanings set forth in the Plan.

1.Performance stock units generally.

Each performance stock unit included in your PSU Award corresponds to one share of Morgan Stanley common stock. A performance stock unit constitutes a contingent and unsecured promise of Morgan Stanley to pay you one share [or the fair market value of one share] of Morgan Stanley common stock on the settlement date for the unit. As the holder of the PSU Award, you have only the rights of a general unsecured creditor of Morgan Stanley. You will not be a stockholder with respect to the shares of Morgan Stanley common stock corresponding to your performance stock units unless and until such units are settled in shares.

2.Performance measures.1

The portion, if any, of your PSU Award that you earn will be based on Morgan Stanley performance against the performance measures set forth in this Section 2 and the other terms and conditions of this Award Certificate, and may vary from zero to [ ] times the number of performance stock units included in the Target Award. In no event will the aggregate multiplier: [(i)] exceed [ ] if MS ROTCE over the Performance Period is less than [ ]%, [(ii) exceed [ ] if Morgan Stanley does not demonstrate positive Total Shareholder Return, and (iii) be less than [ ] if MS ROTCE is greater than [ ]% over the Performance Period].

(1)[Morgan Stanley’s Return on Tangible Common Equity. One-half of the Target Award will be earned based on MS ROTCE. The number of performance stock units that you earn (subject to vesting and the other terms and conditions of your award) based on MS ROTCE will be determined by multiplying the number of performance stock units representing one-half of the Target Award by a multiplier determined as follows:

MS ROTCE			Multiplier
[ ]% or more			[ ]
[ ]%			[ ]
[ ]%			[ ]
Less than [ ]%			[ ]

If MS ROTCE is less than [ ]%, you will not earn any portion of your PSU Award as a result of the MS ROTCE measure, and one-half of the Target Award will be canceled.

(2) Relative Return on Tangible Common Equity. One-half of the Target Award will be earned based on MS ROTCE as compared to the ROTCE of each member of the Comparison Group. The number of performance stock units that you earn (subject to

1 The performance measures presented in this form of Award Certificate are indicative. The performance measures applicable to awards may vary.

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vesting and the other terms and conditions of your award) based on Relative ROTCE will be determined by multiplying the number of performance stock units representing one-half of the Target Award by a multiplier determined as follows:

Relative ROTCE			Multiplier
[ ] % or more			[ ]
[ ]%			[ ]
[ ]%			[ ]
Less than [ ]%			[ ]

If MS ROTCE or Relative ROTCE is between the thresholds, then the multiplier will be obtained by straight-line interpolation between the two points.]

(1)[Performance Grid. The portion, if any, of your PSU Award that you will earn will be determined by multiplying the number of performance stock units comprising your Target Award by a multiplier determined based on MS ROTCE and/or Relative ROTCE as follows:

If MS ROTCE or Relative ROTCE is between the thresholds, then the multiplier will be obtained by straight-line interpolation between the two points.]

In the event that any member of the Comparison Group is involved in any event that results in such member ceasing to be traded on a national exchange at any time during the Performance Period or in the event that the Compensation, Management Development and Succession Committee (the “Committee”) determines, in its sole discretion, that a change in circumstances of a member of the Comparison Group during the Performance Period would cause the inclusion of such entity in the Comparison Group to no longer be appropriate, including, but not limited to, the disposition of or exit from a material business segment, withdrawal from or entry into a geographical region, or a material change in the entity’s business or revenue mix, then, in each case, such entity shall be removed as a member of the Comparison Group.

[(b)][(c)] Equitable Adjustments. If an event occurs with respect to Morgan Stanley or a member of the Comparison Group that renders, in the sole determination of the Committee, any of the performance measures set forth in Section 2(a)[ or Section 2(b)] to no longer be appropriate, then the Committee shall equitably adjust the calculation of such

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measures, as it deems appropriate in its sole discretion, to maintain the intended economics and to carry out the intent of the original terms of your PSU Award; provided that, with respect to a member of the Comparison Group’s ROTCE, such adjustment shall only be based on publicly reported information. For example, in the event of any unusual or non-recurring event affecting MS ROTCE or the ROTCE of a member of the Comparison Group, either positively or negatively, including but not limited to, any gain or loss associated with any acquisition, divestiture or similar event or changes in regulatory regimes, taxation, legislation or accounting principles or accounting standard, the Committee shall make equitable adjustments as it deems appropriate in its sole discretion, to MS ROTCE or the ROTCE of a member of the Comparison Group and any other provision of your PSU Award. Such events shall not be considered for adjustment unless the pre-tax amount equals or exceeds $100 million during the applicable fiscal year.

3.Vesting and Settlement.

(a)Vesting schedule.2 Except as otherwise provided in this Award Certificate, you will vest in the portion of your PSU Award that is earned in accordance with Section 2 on the Scheduled Vesting Date. Except as otherwise provided in this Award Certificate, such portion of your PSU Award will vest only if you continue to provide future services to the Firm by remaining in continuous Employment through the Scheduled Vesting Date and providing value added services to the Firm during this timeframe. The special vesting terms set forth in Sections 5, 6 and 7 of this Award Certificate apply (i) if your Employment terminates by reason of your death or Disability, (ii) [upon your Full Career Retirement], (iii) if the Firm terminates your employment in an involuntary termination under the circumstances described in Section 6 or (iv) upon a Governmental Service Termination. Any vested portion of your PSU Award remains subject to the cancellation and withholding provisions set forth in this Award Certificate.

(b)Settlement.3 Except as otherwise provided in this Award Certificate, your PSU Award, to the extent earned and vested, will [convert to shares of Morgan Stanley common stock on the Scheduled Conversion Date, with any fractional shares to be distributed in cash]/[be settled on the Scheduled Conversion Date as follows: 50% in the form of shares of Morgan Stanley common stock on the Scheduled Conversion Date (with any fractional shares to be distributed in cash), and 50% in cash, with such cash value to be determined based on the fair market value of the corresponding shares of Morgan Stanley common stock on the Scheduled Conversion Date, using a valuation methodology established by the Committee in its sole discretion (the aggregate shares to be delivered and cash to be paid with respect to your vested PSU Award, the “Settlement Amount”)]. The special settlement provisions set forth in Sections 5(a), 5(b) and 7 of this Award Certificate apply (i) if your Employment terminates by reason of your death or your death occurs after termination of your Employment or (ii) upon your Governmental Service Termination or your employment at a Governmental

2 The vesting schedule and vesting date presented in this form of Award Certificate are indicative. The vesting schedule and vesting date applicable to awards may vary.

3 The conversion schedule and conversion date presented in this form of Award Certificate are indicative. The conversion schedule and conversion date applicable to awards may vary.

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Employer following your termination of employment with the Firm under circumstances set forth in Section 7(b).

No portion of your PSU Award will be settled in shares of Morgan Stanley common stock [or be paid in cash] following the end of the Performance Period until the Committee certifies the extent to which the performance criteria set forth in Section 2 have been satisfied.

The [shares]/[Settlement Amount] delivered pursuant to this Section 3(b) will not be subject to any transfer restrictions, other than those that may arise under the securities laws, the Firm’s policies or Section 12 below, or to cancellation under the circumstances set forth in Section 10(c), but will be subject to repayment as set forth in Section 3(c).

(c)Repayment/Recapture. In the event and to the extent the Committee reasonably determines that the performance certified by the Committee, and on the basis of which your PSU Award was settled, was based on materially inaccurate financial statements or other performance metric criteria, you will be obligated to repay to the Firm:

(1)the number of shares [and the amount of cash] distributed upon settlement of your PSU Award, less the number of shares [and cash] that would have been distributed had your PSU Award settled based on accurate financial statements or other performance metric criteria (such number of shares [and amount of cash] determined in each case by the Committee and before satisfaction of tax or other withholding obligations pursuant to Section 11) (the “Repayment Amount”); provided, however, that to the extent that any of the shares comprising the Repayment Amount have been transferred, you shall repay to the Firm an amount equal to the number of such shares so transferred multiplied by the fair market value of Morgan Stanley common stock on the date such portion of your PSU Award is settled in shares of Morgan Stanley common stock, determined using a valuation methodology established by the Committee in its sole discretion; plus

(2)any dividend equivalents that were paid with respect to the units comprising the Repayment Amount when your PSU Award was settled; plus

(3)interest on the amounts described in the preceding clauses (1) and (2) at the average rate of interest Morgan Stanley paid to borrow money from financial institutions during the period from the date of such settlement through the date preceding the repayment date.

For the avoidance of doubt, your PSU Award will not be deemed earned if payment of such award is based on materially inaccurate financial statements or other performance metric criteria.

(d)Accelerated settlement. Morgan Stanley shall have no right to accelerate the settlement of any portion of your PSU Award or the payment of any of your dividend equivalents, except to the extent that such acceleration is not prohibited by Section 409A and

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would not result in your being required to recognize income for United States federal income tax purposes before your PSU Award is settled or your dividend equivalents are paid or your incurring additional tax or interest under Section 409A. If your PSU Award is settled, or any dividend equivalents are paid, prior to the Scheduled Conversion Date pursuant to this Section 3(d), these shares or [cash, including any] dividend equivalents, may not be transferable and may remain subject to applicable vesting, cancellation and withholding provisions, as determined by Morgan Stanley.

(e)Rule of construction for timing of settlement. Whenever this Award Certificate provides for the settlement of your PSU Award, or payment of your dividend equivalents, on the Scheduled Conversion Date or upon a different specified event or date, such settlement or payment will be considered to have been timely made, and neither you nor any of your beneficiaries or your estate shall have any claim against the Firm for damages based on a delay in settlement of your PSU Award (including, a delay in the delivery of Morgan Stanley shares following settlement) or payment of your dividend equivalents, as applicable, and the Firm shall have no liability to you (or to any of your beneficiaries or your estate) in respect of any such delay, as long as settlement or payment, as applicable, is made by December 31st of the year in which occurs the Scheduled Conversion Date or such other specified event or date or, if later, by the 15th day of the third calendar month following such specified event or date, or, in connection with any such settlement due to death, to the extent permissible under Section 409A, by the end of the calendar year following the year of your death. Similarly, neither you nor any of your beneficiaries or your estate shall have any claim against the Firm for damages, and the Firm shall have no liability to you (or to any of your beneficiaries or your estate), based on any acceleration of the settlement of your PSU Award or payment of your dividend equivalents pursuant to Section 3(d), as applicable.

4.Dividend equivalent payments.

If Morgan Stanley pays a regular or ordinary dividend on its common stock, you will be credited with a dividend equivalent with respect to your PSU Award to the extent it is outstanding on the dividend record date in an amount equal to the amount of the dividend that would have been paid on a number of shares of Morgan Stanley common stock corresponding to the Target Award. Morgan Stanley will credit the dividend equivalents when it pays the corresponding dividend on its common stock. Dividend equivalents will accrue interest at the short-term Treasury rate then in effect, compounded monthly, through the Scheduled Conversion Date (or if applicable, such earlier date on which the PSU Award converts to shares of Morgan Stanley common stock). Your dividend equivalents will vest and be paid in cash at the same time as, and subject to the same vesting and cancellation provisions set forth in this Award Certificate with respect to, your PSU Award (provided that, subject to Section 3(e), the dividend equivalents may be paid following the date on which the PSU Award converts to shares of Morgan Stanley common stock on the next administratively practicable payroll date). The amount of dividend equivalents paid to you will be based on the [Settlement Amount][number of performance stock units that actually convert to shares] and will be paid only upon settlement of your PSU Award.

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In the event your PSU Award is canceled in full on or before the Scheduled Conversion Date, all dividend equivalents credited to you in respect of regular or ordinary dividends will be canceled. No dividend equivalents will be paid to you on any portion of your PSU Award that is canceled.

The decision to pay a dividend and, if so, the amount of any such dividend, is determined by Morgan Stanley in its sole discretion.

Any reference to dividend equivalents in this Award Certificate includes any interest accrued thereon.

5.Death, Disability [and Full Career Retirement].

The following special earning, vesting and payment terms apply to your PSU Award:

(a)Death during Employment. If your death occurs while Employed, then the number of performance stock units that will vest, and the [number of shares of Morgan Stanley common stock]/[Settlement Amount] that the beneficiary you have designated pursuant to Section 14 or the legal representative of your estate, as applicable, will receive as of the date of your death, will be determined based on the performance measures set forth in Section 2 but applied as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before the date of your death, for which the respective Form 10-K or Form 10-Q has been filed with the Securities and Exchange Commission (“SEC”) as of the date of your death, provided that your beneficiary or estate notifies the Firm of your death within 60 days following your death; provided further, that if your death occurs on or following the Scheduled Vesting Date, then your beneficiary or estate, as applicable, will receive [shares]/[a Settlement Amount] in an amount and at such time that you would have received such amount had your death not occurred; provided further, if your death occurs prior to the filing of the Form 10-K for the first year of the Performance Period, then your beneficiary or estate, as applicable, will receive as of the date of your death a [Settlement Amount]/[number of shares] determined based on a 1.0x multiplier. For example, if your death occurs following the end of Morgan Stanley’s third quarter (but prior to the end of the fourth quarter) of the second year of the Performance Period and the Form 10-Q has not been filed with the SEC by Morgan Stanley for such quarter, the performance measures will be applied as though the Performance Period ended with Morgan Stanley’s second quarter (provided Morgan Stanley has filed the Form 10-Q for such quarter with the SEC). [The value of the cash portion of any Settlement Amount provided following your death will be based on the fair market value of the corresponding shares of Morgan Stanley common stock on the payment date, as determined by the Committee in its sole discretion.]

(b)Death after termination of Employment. If your death occurs following your termination of Employment as a result of your Disability, [Full Career Retirement] or an involuntary termination not involving any cancellation event and your PSU Award was not canceled in connection with your termination or thereafter, then the number of performance

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stock units that will vest, and the [Settlement Amount]/[number of shares of Morgan Stanley common stock] the beneficiary you have designated pursuant to Section 14 or the legal representative of your estate, as applicable, will receive as of the date of your death, will be the [number of shares]/[Settlement Amount] that you would have received based on applying the performance measures set forth in Section 2 as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before the date of your death for which the respective Form 10-K or Form 10-Q has been filed with the SEC as of the date of your death and if applicable, multiplied by the Pro Ration Fraction determined upon your termination of Employment, provided that your beneficiary or estate notifies the Firm of your death within 60 days following your death; provided further, that if your death occurs on or following the Scheduled Vesting Date, then your beneficiary or estate, as applicable, will receive [a Settlement Amount]/[shares] in the amount and at such time that you would have received such distribution had your death not occurred; provided further, that if your death occurs prior to the filing of the Form 10-K for the first year of the Performance Period, then your beneficiary or estate, as applicable, will receive as of the date of your death, a [number of shares earned]/[Settlement Amount] based on a 1.0x multiplier and if applicable, multiplied by the Pro Ration Fraction determined upon your termination of Employment. [The value of the cash portion of any Settlement Amount provided following your death will be based on the fair market value of the corresponding shares of Morgan Stanley common stock on the payment date, as determined by the Committee in its sole discretion.]

After your death, the cancellation provisions set forth in Section 10(c) will no longer apply. The shares delivered upon settlement of your PSU Award pursuant to this Section 5(b) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) but will be subject to repayment as set forth in Section 3(c).

(c)Disability. If your Employment terminates due to Disability, then, subject to any transfer restrictions and the cancellation provisions described herein, you will vest in a number of performance stock units, and receive a [Settlement Amount]/[number of shares of Morgan Stanley common stock] on the Scheduled Conversion Date, determined based on the performance measures described in Section 2, had you remained in Employment through the Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date.

(d)Full Career Retirement.4 If your Employment terminates in a termination that satisfies the definition of Full Career Retirement, and other than due to your death or Governmental Service Termination, then subject to any transfer restrictions and the cancellation provisions described herein, and provided that, in the event of an involuntary termination, you sign an agreement and release satisfactory to the Firm, you will vest in a number of performance stock units, and receive a [Settlement Amount]/[number of shares of Morgan Stanley common stock] on the Scheduled Conversion Date, equal to the amount that would have been delivered to you, based on the performance measures set forth in Section 2,

4 Certain awards may not include a provision for Full Career Retirement.

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had you remained in Employment through the Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date.

6.Involuntary termination by the Firm.5

If the Firm terminates your employment under circumstances not involving any cancellation event set forth in Section 10(c) and you sign an agreement and release satisfactory to the Firm, then, subject to any transfer restrictions and the cancellation provisions described herein, you will vest in a number of performance stock units, and receive a [Settlement Amount]/[number of shares of Morgan Stanley common stock] on the Scheduled Conversion Date, determined by multiplying (i) the [number of shares]/[Settlement Amount] that would have been delivered to you, based on the performance measures set forth in Section 2, had you remained in Employment through the Scheduled Conversion Date, by (ii) the Pro Ration Fraction. If you do not sign such an agreement and release satisfactory to the Firm within the timeframe set by the Firm in connection with your involuntary termination as described in this Section 6, any portion of your PSU Award that was unvested immediately prior to your termination shall be canceled. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date.

7.Governmental Service.

(a)General treatment of awards upon Governmental Service Termination. If [you have completed at least three years of service with the Firm at the time of your termination of Employment and] your Employment terminates in a Governmental Service Termination at a time that no circumstances involving any cancellation event set forth in Section 10(c) has occurred, then provided that you sign (A) an agreement and release satisfactory to the Firm in the case of a Governmental Service Termination in which the Firm terminates your employment and (B) an agreement satisfactory to the Firm relating to your obligations pursuant to Section 7(c), you will vest in a number of performance stock units, and receive as of the date of your Governmental Service Termination a [Settlement Amount]/[number of shares of Morgan Stanley common stock] determined by multiplying (i) the number of performance stock units earned based on the performance measures set forth in Section 2 but applied as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before the effective date of your Governmental Service Termination, for which the respective Form 10-K or Form 10-Q has been filed with the SEC as of the date of your Governmental Service Termination by (ii) the Pro Ration Fraction; provided that, if your Governmental Service Termination occurs prior to the filing of the Form 10-K for the first year of the Performance Period, then you will receive as of the date of your Governmental Service Termination a [Settlement Amount]/[number of shares] determined by multiplying (i) the [number of shares]/[Settlement Amount] earned based on a 1.0x multiplier

5 Treatment upon an involuntary termination of employment presented in this form Award Certificate is indicative and may vary between awards.

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by (ii) the Pro Ration Fraction[; provided further, that if your termination of Employment satisfies the definition of a Full Career Retirement, then the Pro Ration Fraction will not apply.] If you do not sign an agreement and release satisfactory to the Firm within the timeframe set by the Firm in connection with your Governmental Service Termination under the circumstances described herein, any portion of your PSU Award that was unvested immediately prior to your termination will be canceled.

(b)General treatment of vested awards upon acceptance of employment at a Governmental Employer following termination of Employment. If (i) [you have completed at least three years of service with the Firm at the time of your termination of Employment and] your Employment terminates other than in a Governmental Service Termination and not involving a cancellation event set forth in Section 10(c), (ii) your PSU Award was not canceled in connection with your termination or thereafter, (iii) following your termination of Employment, you accept [full-time paid] employment with a Governmental Employer [that is reasonably expected at such time to be a non-interim (i.e., more than short-term) position and with the purpose of transitioning to a career in governmental service, make a representation to the Firm regarding such expectation and purpose], and (iv) you present the Firm with evidence satisfactory to the Firm demonstrating that as a result of such employment with a Governmental Employer, the divestiture of your continued interest in Morgan Stanley equity awards or continued ownership of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer, then, provided that you sign an agreement satisfactory to the Firm relating to your obligations pursuant to Section 7(c), you will receive, upon your commencement of employment with such Governmental Employer, the [Settlement Amount]/[number of shares] determined based on the number of performance stock units earned based on the performance measures set forth in Section 2 but applied as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before your acceptance of employment at a Governmental Employer, for which the respective Form 10-K or Form 10-Q has been filed with the SEC as of such date and, if applicable, multiplied by the Pro Ration Fraction determined upon your termination of Employment; provided that, if your acceptance of employment at a Governmental Employer occurs prior to the filing of the Form 10-K for the first year of the Performance Period, then you will receive, upon your commencement of employment with a Governmental Employer, a [Settlement Amount]/[number of shares]determined based on a 1.0x multiplier and if applicable, multiplied by the Pro Ration Fraction determined upon your termination of Employment.

(c)Repayment obligation. The [Settlement Amount]/[shares] delivered [upon conversion of your PSU Award] pursuant to Section 7(a) or 7(b) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) but will be subject to repayment as set forth in Section 3(c). Moreover, if [you resign from employment with a Governmental Employer, or] any activity or event constituting a cancellation event set forth in Section 10(c) occurs, [in each case,] within the applicable period of time that would have resulted in cancellation of all or a portion of your PSU Award had it

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not settled pursuant to Section 7(a) or 7(b), you will be required to pay to Morgan Stanley an amount equal to:

(1)the number of performance stock units that would have been canceled upon the occurrence of such event or activity multiplied by the fair market value of Morgan Stanley common stock on the date your PSU Award is settled in shares, using a valuation methodology established by the Committee in its sole discretion; plus

(2)any dividend equivalents that were paid to you on the number of performance stock units described in the foregoing clause (1) when your PSU Award was settled pursuant to Section 7(a) or 7(b); plus

(3)interest on the amounts described in the preceding clauses (1) and (2) at the average rate of interest Morgan Stanley paid to borrow money from financial institutions during the period from the date of such settlement through the date preceding the payment date.

(d)[The accelerated vesting and/or settlement of your PSU Award provided for herein shall be subject to the satisfaction of any additional requirements that may be imposed by the Firm in accordance with then-applicable guidelines adopted for the purposes of administering such provisions of your PSU Award, which may include the need for written consent of Morgan Stanley’s Chief Human Resources Officer (or if such position no longer exists, the holder of an equivalent position) to consider the governmental service provisions set forth herein applicable. Further, the Firm may take (or require the you to take) other steps prior to or in lieu of accelerating vesting, payment and/or settlement of your PSU Award that the Firm determines in its sole discretion to be sufficient to avoid any violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law (which may include a determination by the Firm that accelerated vesting, payment and/or settlement will not apply because such actions are not necessary or appropriate to avoid such a violation).]

8.Change in Control.

In the event of a Change in Control, you will receive on the Scheduled Conversion Date (subject to earlier payment as described in Section 5 upon death and in Section 7 in connection with “Governmental Service” and subject to any transfer restrictions and the cancellation provisions set forth herein) [the number of shares]/[a Settlement Amount] earned based on the performance measures in Section 2 but applied as though the Performance Period ended with the last quarter of Morgan Stanley ending simultaneously with or before the effective date of the Change in Control; provided, however, that no such payment shall be made if your Employment terminates following the Change in Control, but prior to the Scheduled Vesting Date, for any reason other than for death, Disability, [Full Career Retirement,] Governmental Service Termination or an involuntary termination not involving any cancellation event. For the avoidance of doubt, following a Change in Control, the provisions of this Award Certificate setting forth the consequences of a termination of employment shall continue to apply (including all provisions governing the timing of payment), except that whenever this Award Certificate

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provides for you to receive upon or following a termination of Employment a [Settlement Amount]/[number of shares] determined by applying the Pro Ration Fraction, the Pro Ration Fraction shall be applied to the number of performance stock units calculated pursuant to the immediately preceding sentence (e.g., applying the performance measures described herein as though the Performance Period ended with the last quarter of Morgan Stanley ending simultaneously with or before the effective date of the Change in Control).

9.Specified employees.

Notwithstanding any other terms of this Award Certificate, if Morgan Stanley considers you to be one of its “specified employees” as defined in Section 409A at the time of your Separation from Service, any settlement of your PSU Award and payment of your accrued dividend equivalents that otherwise would occur upon your Separation from Service will be delayed until the first business day following the date that is six months after your Separation from Service; provided, however, that in the event that your death, your Governmental Service Termination or your employment at a Governmental Employer following your termination of employment with the Firm under circumstances set forth in Section 7(b) occurs at any time after the Date of the Award, settlement will be made in accordance with Section 5 or 7, as applicable.

10.Cancellation of awards under certain circumstances.

(a)Cancellation of unvested awards. Your unvested PSU Award, including any dividend equivalents credited on your award, will be canceled if your Employment terminates for any reason other than death, Disability, [a Full Career Retirement], an involuntary termination by the Firm described in Section 6 or a Governmental Service Termination.

(b) General treatment of vested awards. Except as otherwise provided in this Award Certificate, your PSU Award, to the extent earned and vested, including any dividend equivalents credited on your award, will be settled in shares of Morgan Stanley common stock or be paid in cash, as applicable, on the Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date.

(c) Cancellation of awards under certain circumstances.6 The cancellation events set forth in this Section 10(c) are designed, among other things, to incentivize compliance with the Firm’s policies (including the Code of Conduct), to protect the Firm’s interests in non-public, confidential and/or proprietary information, products, trade secrets, customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. This Section 10(c) shall apply notwithstanding any other terms

6 The cancellation provisions presented in Section 11(c) of this form of Award Certificate and any corresponding definitions are indicative. The cancellation provisions and corresponding definitions applicable to awards may vary.

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of this Award Certificate (except where sections in this Award Certificate specifically provide that the cancellation events set forth in this Section 10(c) no longer apply).

Notwithstanding Morgan Stanley’s performance based on the measures set forth in Section 2 or your satisfaction of the vesting conditions of this Award Certificate, no portion of your PSU Award (and any dividend equivalents credited thereon) is earned until the Scheduled Conversion Date (and until you satisfy all obligations you owe to the Firm as set forth in Section 12 below) and, unless prohibited by applicable law, your PSU Award will be canceled prior to the Scheduled Conversion Date in full or in part, as determined by the Committee in its sole discretion, in any of the circumstances set forth below in this Section 10(c). Although you will become the beneficial owner of shares of Morgan Stanley common stock following settlement [of the applicable portion] of your PSU Award, the Firm may retain custody of [both the cash payment and] shares following settlement of your PSU Award (and any dividend equivalents credited thereon) and the lapse of any transfer restrictions pending any investigation or other review that impacts the determination as to whether the PSU Award (and any dividend equivalents credited thereon) is cancellable under the circumstances set forth below and, in such an instance, the shares [and cash] underlying your PSU Award (and any dividend equivalents credited thereon) shall be forfeited in the event the Firm determines that the PSU Award (and any dividend equivalents credited thereon) was cancellable.

(1)Competitive Activity. If you resign from Employment and engage in Competitive Activity before the Scheduled Conversion Date, your PSU Award, including any dividend equivalents credited on your award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2, will be canceled in full or in part, as determined by the Committee in its sole discretion, subject to applicable law.

(2)Other Events. If any of the following events occur at any time before the Scheduled Conversion Date, your PSU Award, including any dividend equivalents credited on your award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2, will be canceled in full or in part, as determined by the Committee in its sole discretion, subject to applicable law:

(i)Your Employment is terminated for Cause or you engage in conduct constituting Cause (either during or following Employment and whether or not your Employment has been terminated as of the Scheduled Conversion Date);

(ii)Following the termination of your Employment, the Firm determines that your Employment could have been terminated for Cause;

(iii)You disclose Confidential and Proprietary Information to any unauthorized person outside the Firm, or use or attempt to use Confidential and Proprietary Information other than in connection with the business of the Firm; or you fail to comply with your obligations (either during or after your Employment)

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under the Firm’s Code of Conduct (and any applicable supplements) or otherwise existing between you and the Firm, relating to Confidential and Proprietary Information or an assignment, procurement or enforcement of rights in Confidential and Proprietary Information;

(iv)You engage in a Wrongful Solicitation;

(v)You make any Unauthorized Disclosures or Defamatory or Disparaging Comments about the Firm;

(vi)You fail or refuse, following your termination of Employment, to cooperate with or assist the Firm in a timely manner in connection with any investigation, regulatory matter, lawsuit or arbitration in which the Firm is a subject, target or party and as to which you may have pertinent information; or

(vii)You resign from your employment with the Firm without having provided the Firm prior written notice of your resignation consistent with the notice period requirements undertaken by you in connection with your employment offer letter, Sign-On or Notice & Non-Solicitation Agreement or any other contractual obligation in connection with the terms and conditions of your employment, or, in the event no such prior contractual notice period requirements exist, you resign from your employment with the Firm without having provided the Firm prior written notice of your resignation of at least thirty (30) days.

(3)Clawback Cancellation Events/Clawback.

(i)Your PSU Award, including any dividend equivalents credited on your award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2, will be canceled in full or in part, subject to applicable law and as determined by the Committee in its sole discretion, if before the Scheduled Conversion Date, you take any action, or you fail to take any action (including with respect to direct supervisory responsibilities), where such action or omission:

(a)causes a restatement of the Firm’s consolidated financial results;

(b)constitutes a violation by you of the Firm’s Global Risk Management Principles, Policies and Standards (where prior authorization and approval of appropriate senior management was not obtained) whether such action results in a favorable or unfavorable impact to the Firm’s consolidated financial results; or

(c)causes a loss in the current year on a trade or transaction originating in the current year or in any prior year for which

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revenue was recognized and which was a factor in your award determination, and violated internal control policies that resulted from your:

•violation of business unit, product or desk specific risk parameters;

•use of an incorrect valuation model, method, or inputs for transactions subject to the “STAR” approval process;

•failure to perform appropriate due diligence prior to a trade or transaction or failure to provide critical information known at the time of the transaction that might negatively affect the valuation of the transaction; or

•failure to timely monitor or escalate to management a loss position pursuant to applicable policies and procedures; or

In the event that the Firm determines, in its sole discretion, that your action or omission is as described in clause (c) and you do not engage in any other cancellation or clawback event described in this Section 10(c), the Target Award will be reduced by a fraction, the numerator of which is the amount of the pre-tax loss, and the denominator of which is the total revenue originally recognized by the Firm which was a factor in your award determination.

(ii)Your PSU Award, including any dividend equivalents credited on your award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2, may be canceled, in full or in part, if the Committee determines, in its sole discretion, that at any time before the Scheduled Conversion Date you had significant responsibility for a material adverse outcome for the Firm or any of its businesses or functions. For purposes of this provision, a “material adverse outcome” for the Firm shall be defined as an annual pre-tax loss for Morgan Stanley as reported in the most recently filed Form 10-K, adjusted to eliminate the impact of changes to an individual, or application of a new, accounting rule that are not applied on a full retrospective basis in the year of adoption and result in a cumulative catch-up adjustment (recorded either as a gain or a loss) in the applicable fiscal year. The Committee shall have the sole authority to interpret this provision and its determinations shall be final and binding on all persons.

(iii)Any incentive-based compensation you receive from the Firm (including, without limitation, your PSU Award, any dividend equivalents credited on such award, whether or not vested, and any amounts or benefits

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arising from such award) will be subject to any clawback or recoupment policies, procedures, or arrangements adopted by Morgan Stanley to comply with Section 10D of the Securities Exchange Act of 1934, as amended, and any rules promulgated thereunder and/or any other regulatory regimes, as such policies, procedures and arrangements may be amended from time to time and for such time as those policies, procedures and arrangements are required to remain in effect pursuant to applicable law or rules. Notwithstanding anything to the contrary contained herein, your PSU Award (including any amounts or benefits arising from such award) shall also be subject to any clawback or recoupment arrangements, policies or procedures that the Firm has in place from time to time. The Firm may, to the extent permitted, and shall, to the extent required, by applicable law and rules or by any Firm policy, procedure or arrangement cancel or require reimbursement of your incentive-based compensation (including, without limitation, your PSU Award, any dividend equivalents credited on such award, whether or not vested, and any amounts or benefits received upon vesting, conversion or settlement of such award or sale of shares of Morgan Stanley common stock underlying such award.

11.Tax and other withholding obligations.

Any vesting, whether on a Scheduled Vesting Date or some other date, of your PSU Award (including dividend equivalents that have been credited in respect of your award), and any settlement of your PSU Award or crediting or payment of dividend equivalents, shall be subject to the Firm’s withholding of all required United States federal, state, local and foreign income and employment/payroll taxes (including Federal Insurance Contributions Act taxes). You authorize the Firm to withhold such taxes from any payroll or other payment or compensation to you, including by canceling or accelerating payment of a portion of this award (including any dividend equivalents that have been credited on your PSU Award) in an amount not to exceed such taxes imposed upon such vesting, conversion, settlement, crediting or payment and any additional taxes imposed as a result of such cancellation or acceleration, and to take such other action as the Firm may deem advisable to enable it and you to satisfy obligations for the payment of withholding taxes and other tax obligations, assessments, or other governmental charges, whether of the United States or any other jurisdiction, relating to the vesting, settlement, or conversion of your PSU Award or the crediting, vesting or payment of dividend equivalents. However, the Firm may not deduct or withhold such sum from any payroll or any other payment or compensation (including from your PSU Award), except to the extent it is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes before conversion of your PSU Award or your dividend equivalents are paid or to incur interest or additional tax under Section 409A.

Pursuant to rules and procedures that Morgan Stanley establishes, you may elect to satisfy the tax or other withholding obligations arising upon settlement of your PSU Award by having Morgan Stanley withhold shares of Morgan Stanley common stock in an amount sufficient to satisfy the tax or other withholding obligations.  Shares withheld will be valued using the fair market value of Morgan Stanley common stock on the date your PSU Award is

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settled in shares (or such other appropriate date determined by Morgan Stanley based on local legal, tax or accounting rules and practices) using a valuation methodology established by Morgan Stanley.  In order to comply with applicable accounting standards or the Firm’s policies in effect from time to time, Morgan Stanley may limit the amount of shares that you may have withheld.

12.Obligations you owe to the Firm.

As a condition to the earning, payment, settlement, conversion or distribution of your award, the Firm may require you to pay such sum to the Firm as may be necessary to satisfy any obligation that you owe to the Firm. Notwithstanding any other provision of this Award Certificate, your award, even if vested, settled or paid, is not earned until after such obligations and any tax withholdings or other deductions required by law are satisfied.  Notwithstanding the foregoing, Morgan Stanley may not reduce the number of shares [or cash] to be delivered upon settlement of your PSU Award or the amount of dividend equivalents to be paid in respect of your award or delay the payment of your award to satisfy obligations that you owe to the Firm except (i) to the extent authorized under Section 11, relating to tax and other withholding obligations or (ii) to the extent such reduction or delay is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes before your PSU Award is settled (or your dividend equivalents are paid) or to incur additional tax or interest under Section 409A.

Morgan Stanley’s determination of any amount that you owe the Firm shall be conclusive. The fair market value of Morgan Stanley common stock for purposes of the foregoing provisions shall be determined using a valuation methodology established by Morgan Stanley.

13.Nontransferability.

You may not sell, pledge, hypothecate, assign or otherwise transfer your award, other than as provided in Section 14 (which allows you to designate a beneficiary or beneficiaries in the event of your death) or by will or the laws of descent and distribution. This prohibition includes any assignment or other transfer that purports to occur by operation of law or otherwise. During your lifetime, payments relating to your award will be made only to you.

Your personal representatives, heirs, legatees, beneficiaries, successors and assigns, and those of Morgan Stanley, shall all be bound by, and shall benefit from, the terms and conditions of your award.

14.Designation of a beneficiary.

You may make a written designation of beneficiary or beneficiaries to receive all or part of your award to be delivered or paid under this Award Certificate in the event of your death. To make a beneficiary designation, you must complete and submit the Beneficiary Designation form on the Executive Compensation website.

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Any amounts that become deliverable upon your death, and as to which a designation of beneficiary is not in effect, will be distributed to your estate.

If you previously filed a designation of beneficiary form for your equity awards with the Executive Compensation Department, such form will also apply to all of your equity awards, including this award. You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal right of any beneficiary to receive shares or payments under this award, Morgan Stanley may determine in its sole discretion to deliver the shares or make the payments in question to your estate. Morgan Stanley’s determination shall be binding and conclusive on all persons and it will have no further liability to anyone with respect to this award.

15.Ownership and possession.

(a)Before settlement. Generally, you will not have any rights as a stockholder in the shares of Morgan Stanley common stock corresponding to your PSU Award unless and until, and only to the extent, your PSU Award is settled in shares. Without limiting the generality of the preceding sentence, you will not have any voting rights with respect to shares corresponding to your PSU Award until, and only to the extent, your PSU Award is settled in shares.

(b)Following settlement. Subject to Sections 3(c) and 10(c), following settlement of your PSU Award in shares of Morgan Stanley common stock, you will be the beneficial owner of the shares issued to you, and you will be entitled to all rights of ownership, including voting rights and the right to receive cash or stock dividends or other distributions paid on the shares.

(c)Custody of shares. Morgan Stanley may maintain possession of the shares subject to your award until such time as your shares are no longer subject to restrictions on transfer.

16.Securities law compliance matters.

Morgan Stanley may affix a legend to any stock certificates representing shares of Morgan Stanley common stock issued upon settlement of your PSU Award (and any stock certificates that may subsequently be issued in substitution for the original certificates). The legend will read substantially as follows:

THE SHARES REPRESENTED BY THIS STOCK CERTIFICATE WERE ISSUED PURSUANT TO THE MORGAN STANLEY EQUITY INCENTIVE COMPENSATION PLAN AND ARE SUBJECT TO THE TERMS AND CONDITIONS THEREOF AND OF AN AWARD CERTIFICATE FOR PERFORMANCE STOCK UNIT AWARDS AND ANY SUPPLEMENT THERETO.

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THE SECURITIES REPRESENTED BY THIS STOCK CERTIFICATE MAY BE SUBJECT TO RESTRICTIONS ON TRANSFER BY VIRTUE OF THE SECURITIES ACT OF 1933.

COPIES OF THE PLAN, THE AWARD CERTIFICATE FOR PERFORMANCE STOCK UNIT AWARDS AND ANY SUPPLEMENT THERETO ARE AVAILABLE THROUGH THE EXECUTIVE COMPENSATION DEPARTMENT.

Morgan Stanley may advise the transfer agent to place a stop order against such shares if it determines that such an order is necessary or advisable.

17.Compliance with laws and regulation.

Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of shares issued upon settlement of your PSU Award (whether directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation or policy of any of the exchanges or associations or other institutions with which the Firm or a Related Employer has membership or other privileges, and any applicable law or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body.

18.No entitlements.

(a)No right to continued Employment. This award is not an employment agreement, and nothing in this Award Certificate, the International Supplement, if applicable, or the Plan shall alter your status as an “at-will” employee of the Firm or your employment status at a Related Employer. None of this Award Certificate, the International Supplement, if applicable, or the Plan shall be construed as guaranteeing your employment by the Firm or a Related Employer, or as giving you any right to continue in the employ of the Firm or a Related Employer, during any period (including without limitation the period between the Date of the Award and any of the Scheduled Vesting Date, the Scheduled Conversion Date, or any portion of any of these periods), nor shall they be construed as giving you any right to be reemployed by the Firm or a Related Employer following any termination of Employment.

(b)No right to future awards. This award, and all other PSU Awards and other equity-based awards, are discretionary. This award does not confer on you any right or entitlement to receive another PSU Award or any other equity-based award at any time in the future or in respect of any future period.

(c)No effect on future employment compensation. Morgan Stanley has made this award to you in its sole discretion. This award does not confer on you any right or entitlement to receive compensation in any specific amount for any future year, and does not diminish in any way the Firm’s discretion to determine the amount, if any, of your compensation. This award is not part of your base salary or wages and will not be taken into

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account in determining any other employment-related rights you may have, such as rights to pension or severance pay.

(d)Award terms control. In the event of any conflict between any terms applicable to equity awards in any employment agreement, offer letter or other arrangement that you have entered into with the Firm and the terms set forth in this Award Certificate, the latter shall control.

19.Consents under local law.

Your award is conditioned upon the making of all filings and the receipt of all consents or authorizations required to comply with, or required to be obtained under, applicable local law.

20.Award modification.

Morgan Stanley reserves the right to modify or amend unilaterally the terms and conditions of your award, without first asking your consent, or to waive any terms and conditions that operate in favor of Morgan Stanley. These amendments may include (but are not limited to) changes that Morgan Stanley considers necessary or advisable as a result of changes in any, or the adoption of any new, Legal Requirement. Morgan Stanley may not modify your award in a manner that would materially impair your rights in your award without your consent; provided, however, that Morgan Stanley may, but is not required to, without your consent and in its sole discretion, (i) amend or modify your award in any manner that Morgan Stanley considers necessary or advisable to comply with any Legal Requirement, ensure that your award does not result in an excise or other supplemental tax on the Firm under any Legal Requirement, or ensure that your award is not subject to United States federal, state or local income tax or any equivalent taxes in territories outside the United States prior to settlement of your PSU Award or delivery of shares [or cash] following settlement or the crediting or payment of dividend equivalents, or (ii) amend, modify or supplement the terms of your award in the event any provision of the award fails to comply with or results in adverse consequences to the Firm under any Legal Requirement (including, without limitation, restrictions on the Firm’s ability to fully enforce any cancellation provision of the award), provided that that the Firm will maintain to the maximum extent practicable the original intent of the applicable award provision without violating any Legal Requirement. Morgan Stanley will notify you of any amendment of your award that affects your rights. Any amendment or waiver of a provision of this Award Certificate (other than any amendment or waiver applicable to all recipients generally), which amendment or waiver operates in your favor or confers a benefit on you, must be in writing and signed by the Chief Human Resources Officer (or if such position no longer exists, by the holder of an equivalent position) to be effective.

21.Governing law and exclusive jurisdiction.

This Award Certificate and all rights hereunder shall be governed by, and construed and enforced in accordance with the laws of the State of New York, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of

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the award to the substantive or procedural law of another jurisdiction. Unless you are bound by an arbitration agreement with Morgan Stanley (or its parents, subsidiaries, affiliates, predecessors, successors or assigns) covering any dispute arising out of or in any way connected with the Plan or this Award Certificate, your participation in the Plan or rights under the Plan or this Award Certificate, the United States District Court for the Southern District of New York shall have exclusive jurisdiction over any such dispute or, if the United States District Court for the Southern District of New York does not have subject matter jurisdiction, the Supreme Court for the State of New York, New York County shall have exclusive jurisdiction.

22.Severability.

The provisions set forth herein shall be severable and, if any provision of this Award Certificate shall be determined to be legally unenforceable or void, such unenforceable or void provision shall not affect the legality, validity or enforceability of the remaining provisions hereof and may be severed from the remaining provisions as appropriate, to the extent permitted by law. If a tribunal of competent jurisdiction determines that a particular provision set forth herein is invalid, unenforceable, or void under the applicable law in a particular jurisdiction, such provision will not be enforced in that jurisdiction, but shall remain effective and enforceable in all other jurisdictions.

23.Defined terms.

For purposes of this Award Certificate, the following terms shall have the meanings set forth below:

(a)“Board” means the Board of Directors of Morgan Stanley.

(b)“Cause” means:

(1)any act or omission which constitutes a breach of your obligations to the Firm, including, without limitation, (A) your failure to comply with any notice or non-solicitation restrictions that may be applicable to you or (B) your failure to comply with the Firm’s policies or compliance, ethics or risk management standards, or your failure or refusal to perform satisfactorily any duties reasonably required of you;

(2)your commission of any dishonest or fraudulent act, or any other act or omission, which has caused or may reasonably be expected to cause injury to the interest or business reputation of the Firm; or

(3)your violation of any securities, commodities or banking laws, any rules or regulations issued pursuant to such laws, or rules or regulations of any securities

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or commodities exchange or association of which the Firm is a member or of any policy of the Firm relating to compliance with any of the foregoing;

provided, that an act or omission shall constitute “Cause” for purposes of this definition if the Firm determines, in its sole discretion, that such action or omission is described in Section 10(c)(3)(c) and is deliberate, intentional or willful.

(c)A “Change in Control” shall be deemed to have occurred if any of the following conditions shall have been satisfied:

(1)any one person or more than one person acting as a group (as determined under Section 409A), other than (A) any employee plan established by Morgan Stanley or any of its Subsidiaries, (B) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by stockholders of Morgan Stanley in substantially the same proportions as their ownership of Morgan Stanley, is or becomes, during any 12-month period, the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person(s) any securities acquired directly from Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of the total voting power of the stock of Morgan Stanley; provided, however, that the provisions of this subsection (1) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (3) below;

(2)a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by Morgan Stanley’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board;

(3)the consummation of a merger or consolidation of Morgan Stanley with any other corporation or other entity, or the issuance of voting securities in connection with a merger or consolidation of Morgan Stanley (or any direct or indirect subsidiary of Morgan Stanley) pursuant to applicable stock exchange requirements; provided that immediately following such merger or consolidation the voting securities of Morgan Stanley outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of Morgan Stanley stock (or if Morgan Stanley is not the surviving entity of such merger or consolidation, 50% or more of the total voting power of the stock

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of such surviving entity or parent entity thereof); and provided further that a merger or consolidation effected to implement a recapitalization of Morgan Stanley (or similar transaction) in which no person (as determined under Section 409A) is or becomes the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person any securities acquired directly from Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of either the then outstanding shares of Morgan Stanley common stock or the combined voting power of Morgan Stanley’s then outstanding voting securities shall not be considered a Change in Control; or

(4)the complete liquidation of Morgan Stanley or the sale or disposition by Morgan Stanley of all or substantially all of Morgan Stanley’s assets in which any one person or more than one person acting as a group (as determined under Section 409A) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from Morgan Stanley that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of Morgan Stanley immediately prior to such acquisition or acquisitions.

Notwithstanding the foregoing, (x) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of Morgan Stanley common stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of Morgan Stanley immediately prior to such transaction or series of transactions and (y) no event or circumstances described in any of clauses (1) through (4) above shall constitute a Change in Control unless such event or circumstances also constitute a change in the ownership or effective control of Morgan Stanley, or in the ownership of a substantial portion of Morgan Stanley’s assets, as defined in Section 409A. In addition, no Change in Control shall be deemed to have occurred upon the acquisition of additional control of Morgan Stanley by any one person or more than one person acting as a group that is considered to effectively control Morgan Stanley.

For purposes of the provisions of this Award Certificate, terms used in the definition of a Change in Control shall be as defined or interpreted pursuant to Section 409A.

(d)“Committee” means the Compensation, Management Development and Succession Committee of the Board, any successor committee thereto or any other committee

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of the Board appointed by the Board with the powers of the Committee under the Plan, or any subcommittee appointed by such Committee.

(e)"Comparison Group” consists of the following entities: Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, UBS Group and Wells Fargo.7

(f)“Competitive Activity” means:

(1)becoming, or entering into any arrangement as, an employee, officer, partner, member, proprietor, director, independent contractor, consultant, advisor, representative or agent of, or serving in any similar position or capacity with, a Competitor, where you will be responsible for providing, or managing or supervising others who are providing, any services (x) that are similar or substantially related to any services that you provided to the Firm, or (y) that you had direct or indirect managerial or supervisory responsibility for at the Firm, or (z) that call for the application of any of the same or similar specialized knowledge or skills as those utilized by you in your services for the Firm, in each such case, at any time during the year preceding the termination of your employment with the Firm; or

(2)either alone or in concert with others, forming, or acquiring a 5% or greater equity ownership, voting interest or profit participation in, a Competitor.

(g)“Competitor” means any corporation, partnership or other entity that engages, or that owns a significant interest in any corporation, partnership or other entity that engages, in any business activity the Firm engages in, or that you reasonably knew or should have known that the Firm was planning to engage in, at the time of the termination of your Employment.

(h)“Confidential and Proprietary Information” means any information that is classified as confidential in the Firm’s Global Policy on Confidential Information or that may have intrinsic value to the Firm, the Firm’s clients or other parties with which the Firm has a relationship, or that may provide the Firm with a competitive advantage, including, without limitation, any trade secrets; inventions (whether or not patentable); formulas; flow charts; computer programs; access codes or other systems information; algorithms; technology and business processes; business, product or marketing plans; sales and other forecasts; financial information; client lists or other intellectual property; information relating to compensation and benefits; and public information that becomes proprietary as a result of the Firm’s compilation of that information for use in its business, provided that such Confidential and Proprietary Information does not include any information which is available for use by the general public or is generally available for use within the relevant business or industry other than as a result of your action. Confidential and Proprietary Information may be in any

7 The Comparison Group presented in this form of Award Certificate is indicative and may be modified from time to time.

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medium or form, including, without limitation, physical documents, computer files or discs, electronic communications, videotapes, audiotapes, and oral communications.

(i)“Date of the Award” means [insert grant date, which will typically coincide with the beginning of the performance period].

(j)You will be deemed to have made “Defamatory or Disparaging Comments” about the Firm if, at any time, you make, publish, or issue, or cause to be made, published or issued, in any medium whatsoever to any person or entity external to the Firm, any derogatory, defamatory or disparaging statement regarding the Firm, its businesses or strategic plans, products, practices, policies, personnel or any other Firm matter. Nothing contained herein is intended to prevent you from testifying truthfully or making truthful statements or submissions in litigation or other legal, administrative or regulatory proceedings or internal investigations.

(k)“Disability” means any condition that would qualify for a benefit under any group long-term disability plan maintained by the Firm and applicable to you.

(l)“Employed” and “Employment” refer to employment with the Firm and/or Related Employment.

(m) The “Firm” means Morgan Stanley (including any successor thereto) together with its subsidiaries and affiliates. For purposes of the definitions of “Cause,” “Confidential and Proprietary Information,” “Defamatory or Disparaging Comments,” “Unauthorized Disclosures” and “Wrongful Solicitation” set forth in this Award Certificate and Section 10(c)(2)(vi) of this Award Certificate, references to the “Firm” shall refer severally to the Firm as defined in the preceding sentence and your Related Employer, if any. For purposes of the cancellation provisions set forth in this Award Certificate relating to disclosure or use of Confidential and Proprietary Information, references to the “Firm” shall refer to the Firm as defined in the second preceding sentence or your Related Employer, as applicable.

(n)[“Full Career Retirement” means the termination of your Employment by you or by the Firm for any reason other than under circumstances involving any cancellation event described in Section 10(c) (including due to your Disability, death or Governmental Service Termination), if you have either satisfied the age and service requirements set forth in your employment agreement or offer letter with the Firm or, if you are not party to an employment agreement or offer letter with the Firm (or if such agreement or letter does not include a definition of “Full Career Retirement”), you meet any of the following criteria as of your termination date and, in either case, unless your Employment terminates for reasons of

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Disability, death or a Governmental Service Termination, you have provided the Firm 12 months’ advance notice of your resignation in a form satisfactory to the Firm8:

(1)you have attained age 50 and completed at least 12 years of service as a [ ]9 of the Firm or equivalent officer title; or

(2)you have attained age 50 and completed at least 15 years of service as an officer of the Firm at the level of [ ]10 or above; or

(3)you have completed at least 20 years of service with the Firm; or

(4)you have attained age 55 and have completed at least 5 years of service with the Firm and the sum of your age and years of service equals or exceeds 65.

For the purposes of the foregoing definition, service with the Firm will include any period of service with the following entities and any of their predecessors:

(i)AB Asesores (“ABS”) prior to its acquisition by the Firm (provided that only years of service as a partner of ABS shall count towards years of service as an officer);

(ii)Morgan Stanley Group Inc. and its subsidiaries (“MS Group”) prior to the merger with and into Dean Witter, Discover & Co.;

(iii)Miller Anderson & Sherrerd, L.L.P. prior to its acquisition by MS Group;

(iv)Van Kampen Investments Inc., FrontPoint Partners LLC, Mesa West Capital LLC, E*TRADE Financial Corporation, Solium Capital, and Eaton Vance Corp., and their respective subsidiaries, in each case, prior to their acquisition by the Firm;

(v) Lend Lease Corporation Limited and its subsidiaries prior to the acquisition of certain of its assets by the Firm; and

(vi)Dean Witter, Discover & Co. and its subsidiaries (“DWD”) prior to the merger of Morgan Stanley Group Inc. with and into Dean Witter, Discover & Co.;

provided that, in the case of an employee who has transferred employment from DWD to MS Group or vice versa, a former employee of DWD will receive credit for employment with DWD only if he or she transferred directly from DWD to Morgan Stanley & Co. Incorporated or its

8 Age and service conditions specified in clauses (1) through (4) and notice provisions may vary from year to year and for awards granted to certain employees.

9 Specified officer title(s) in one or more specified business units.

10 Specified officer title(s) in one or more specified business units.

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affiliates subsequent to February 5, 1997, and a former employee of MS Group will receive credit for employment with MS Group only if he or she transferred directly from MS Group to Morgan Stanley DW Inc. or its affiliates subsequent to February 5, 1997.]

(o) “Governmental Employer” means a governmental department or agency, self-regulatory agency or other public service employer [that is recognized by the Firm in its sole discretion to be a bona fide part of a local, state, federal or foreign government].

(p)“Governmental Service Termination” means your Separation from Service due to your commencement of [full-time] employment with a Governmental Employer [that is reasonably expected at such time to be a non-interim (i.e., more than short-term) position and with the purpose of transitioning to a career in governmental service]; provided that you [make a representation to the Firm regarding such expectation and purpose and] present the Firm with evidence satisfactory to the Firm demonstrating that as a result of such new employment, the divestiture of your continued interest in Morgan Stanley equity awards or continued ownership of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer.

(q)“Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance thereunder.

(r)“Legal Requirement” means any law, regulation, ruling, judicial decision, accounting standard, regulatory guidance or other legal requirement.

(s)“Management Committee” means the Morgan Stanley Management Committee and any successor or equivalent committee.

(t)“MS ROTCE” means the average of the earnings applicable to Morgan Stanley’s common shareholders as a percentage of average tangible common equity, as reported in the Firm’s most recently filed Form 10-K, for each fiscal year during the Performance Period.

(u)“Performance Period” means the three-year period consisting of the reporting years of Morgan Stanley beginning with the year [including]/[immediately following] the Date of the Award.

(v)“Plan” means the Equity Incentive Compensation Plan, as amended.

(w)“Pro Ration Fraction” means a fraction, the numerator of which is the number of days starting with and inclusive of [January 1st immediately preceding the Date of the Award]/[the Date of the Award] and ending on the effective date of your termination of Employment and the denominator of which is the number of days in the period beginning on

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[January 1st immediately preceding the Date of the Award]/[the Date of the Award] and ending on the Scheduled Vesting Date.

(x)“Related Employment” means your employment with an employer other than the Firm (such employer, herein referred to as a “Related Employer”), provided that: (i) you undertake such employment at the written request or with the written consent of Morgan Stanley’s Chief Human Resources Officer (or if such position no longer exists, the holder of an equivalent position); (ii) immediately prior to undertaking such employment you were an employee of the Firm or were engaged in Related Employment (as defined herein); and (iii) such employment is recognized by the Firm in its discretion as Related Employment; and, provided further, that the Firm may (1) determine at any time in its sole discretion that employment that was recognized by the Firm as Related Employment no longer qualifies as Related Employment, and (2) condition the designation and benefits of Related Employment on such terms and conditions as the Firm may determine in its sole discretion; provided further, the Firm will not provide for Related Employment except to the extent such treatment is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes before your performance stock units convert are settled in shares (or your dividend equivalents are paid) or to incur additional tax or interest under Section 409A. The designation of employment as Related Employment does not give rise to an employment relationship between you and the Firm, or otherwise modify your and the Firm’s respective rights and obligations.

(y)“Relative ROTCE” will be calculated based on MS ROTCE over the Performance Period as compared to the ROTCE of each member of the Comparison Group.

(z)“ROTCE” means, with respect to each member of the Comparison Group, the average of the member’s Return on Tangible Common Equity, as reported in each firm’s most recently filed Form 10-K (or equivalent annual report, if applicable) for each fiscal year during the Performance Period.

(aa) “Scheduled Conversion Date” means a date during [the year following last year of the Performance Period] determined by the Committee.

(bb) “Scheduled Vesting Date” means [January 1st following the last year of the Performance Period].

(cc) “Section 409A” means Section 409A of the Internal Revenue Code and any regulations thereunder.

(dd) “Separation from Service” means a separation from service with the Firm for purposes of Section 409A determined using the default provisions set forth in Treasury Regulation §1.409A-1(h) or any successor regulation thereto. For purposes of this definition, Morgan Stanley’s subsidiaries and affiliates include (and are limited to) any corporation that is in the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as Morgan Stanley and any trade or business that is under common control with Morgan Stanley (within the meaning of Section 414(c) of the Internal Revenue

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Code), determined in each case in accordance with the default provisions set forth in Treasury Regulation §1.409A-1(h)(3).

(ee) “Target Award” means the number of performance stock units that has been communicated to you separately and that will be earned, subject to the other terms and conditions of this Award Certificate, if [each of] the multiplier[s] set forth in Section 2(a) [and Section 2(b)] equals 1.

(ff) [“Total Shareholder Return” as it applies to Morgan Stanley’s common stock is defined as the percentage change in value (positive or negative) over the Performance Period as measured by dividing (i) the sum of (A) the cumulative value of dividends and other distributions in respect of the common stock for the Performance Period, assuming dividend reinvestment, and (B) the difference (positive or negative) between the common stock on the first and last days of the Performance Period (calculated on the basis of the average of the adjusted closing prices over the 30-day trading period immediately prior to the first day of the Performance Period and the average of the adjusted closing prices over the 30-day trading period ending on the last day of the Performance Period), by (ii) the common stock price on the first day of the Performance Period, calculated on the basis of the average of the adjusted closing prices over the 30-day trading period immediately prior to the first day of the Performance Period.]

(gg) You will be deemed to have made “Unauthorized Disclosures” about the Firm if, while Employed or following the termination of your Employment, without having first received written authorization from the Firm, you disclose, or participate in the disclosure of or allow disclosure of, any information about the Firm or its present or former clients, customers, executives, officers, directors, or other employees or Board members, or its business or operations, or legal matters involving the Firm and resolution or settlement thereof, or any aspects of your Employment with the Firm or termination of such Employment (which, for the avoidance of doubt, does not prevent you from confirming your employment status with the Firm), whether written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film, videotape, television or other broadcasts, audio tape, electronic/Internet or blog format or any other medium).

(hh) A “Wrongful Solicitation” occurs upon either of the following events:

(1)while Employed, including during any notice period applicable to you in connection with the termination of your Employment, or within 180 days after the termination of your Employment, directly or indirectly in any capacity (including through any person, corporation, partnership or other business entity of any kind), you hire or solicit, recruit, induce, entice, influence or encourage any Firm employee to leave the Firm or become hired or engaged by another firm; provided, however, that this clause shall apply only to employees with whom you worked or had professional or business contact, or who worked in or with your business unit, during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment; or

(2)while Employed, including during any notice period applicable to you in connection with the termination of your Employment, or within 90 days (180 days if you are a member of the Management Committee at the time of notice of termination)

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after the termination of your Employment, directly or indirectly in any capacity (including through any person, corporation, partnership or other business entity of any kind), you solicit or entice away or in any manner attempt to persuade any client or customer, or prospective client or customer, of the Firm (i) to discontinue or diminish his, her or its relationship or prospective relationship with the Firm or (ii) to otherwise provide his, her or its business to any person, corporation, partnership or other business entity which engages in any line of business in which the Firm is engaged (other than the Firm); provided, however, that this clause shall apply only to clients or customers, or prospective clients or customers, that you worked for on an actual or prospective project or assignment during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment.

IN WITNESS WHEREOF, Morgan Stanley has duly executed and delivered this Award Certificate as of the Date of the Award.

MORGAN STANLEY

/s/

____________________________________

[Name]

[Title]

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EXHIBIT 15

To the Shareholders and the Board of Directors of Morgan Stanley:

We are aware that our report dated May 5, 2026, on our review of the interim financial information of Morgan Stanley appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is incorporated by reference in the following Registration Statements of the Firm:

Filed on Form S-3:

Registration Statement No. 333-293641

Registration Statement No. 333-293641-01

Filed on Form S-8:

Registration Statement No. 33-63024

Registration Statement No. 33-63026

Registration Statement No. 33-78038

Registration Statement No. 33-79516

Registration Statement No. 33-82240

Registration Statement No. 33-82242

Registration Statement No. 33-82244

Registration Statement No. 333-04212

Registration Statement No. 333-28141

Registration Statement No. 333-28263

Registration Statement No. 333-62869

Registration Statement No. 333-78081

Registration Statement No. 333-95303

Registration Statement No. 333-55972

Registration Statement No. 333-85148

Filed on Form S-8:

Registration Statement No. 333-85150

Registration Statement No. 333-108223

Registration Statement No. 333-142874

Registration Statement No. 333-146954

Registration Statement No. 333-159503

Registration Statement No. 333-159504

Registration Statement No. 333-159505

Registration Statement No. 333-168278

Registration Statement No. 333-172634

Registration Statement No. 333-177454

Registration Statement No. 333-183595

Registration Statement No. 333-188649

Registration Statement No. 333-192448

Registration Statement No. 333-204504

Registration Statement No. 333-211723

Registration Statement No. 333-218377

Registration Statement No. 333-231913

Registration Statement No. 333-256493

Registration Statement No. 333-266612

Registration Statement No. 333-287621

/s/ Deloitte & Touche LLP
New York, New York
May 5, 2026

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EXHIBIT 15

EXHIBIT 31.1

Certification

I, Edward Pick, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Morgan Stanley;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:			May 5, 2026

/s/ EDWARD PICK
Edward Pick
Chairman of the Board and Chief Executive Officer

EXHIBIT 31.2

Certification

I, Sharon Yeshaya, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Morgan Stanley;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:			May 5, 2026

/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Morgan Stanley (the “Firm”) on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward Pick, Chairman of the Board and Chief Executive Officer of the Firm, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Firm.

 

/s/ EDWARD PICK
Edward Pick
Chairman of the Board and
Chief Executive Officer

Date:			May 5, 2026

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Morgan Stanley (the “Firm”) on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sharon Yeshaya, Executive Vice President and Chief Financial Officer of the Firm, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Firm.

 

/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer

Date:			May 5, 2026