8-K - MS - Equibles

UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

  Pursuant To Section 13 or
    15\(d\) of
    the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 14, 2022
Morgan Stanley
(Exact Name of Registrant<br><br> as Specified in Charter)
Delaware	1-11758	36-3145972
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1585 Broadway, New York, New York		10036
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code: (212)<br> 761-4000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MS	New York Stock Exchange
Depositary<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> Shares, each representing 1/1,000th interest in a share of Floating Rate<br><br> <br>Non-Cumulative Preferred Stock, Series A, $0.01 par value	MS/PA	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate<br><br> <br>Non-Cumulative Preferred Stock, Series E, $0.01 par value	MS/PE	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate<br><br> <br>Non-Cumulative Preferred Stock, Series F, $0.01 par value	MS/PF	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate<br><br> <br>Non-Cumulative Preferred Stock, Series I, $0.01 par value	MS/PI	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate<br><br> <br>Non-Cumulative Preferred Stock, Series K, $0.01 par value	MS/PK	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%<br><br> <br>Non-Cumulative Preferred Stock, Series L, $0.01 par value	MS/PL	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%<br><br> <br>Non-Cumulative Preferred Stock, Series O, $0.01 par value	MS/PO	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 6.500%<br><br> <br>Non-Cumulative Preferred Stock, Series P, $0.01 par value	MS/PP	New York Stock Exchange
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026<br><br> <br>of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)	MS/26C	New York Stock Exchange
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029<br><br> <br>of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)	MS/29	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02	Results of Operations and Financial Condition.

On October 14, 2022, Morgan Stanley (the "Company") released financial information with respect to its quarter ended September 30, 2022. A copy of the press release containing this information is annexed as Exhibit 99.1 to this Report and by this reference incorporated herein and made a part hereof. In addition, a copy of the Company's Financial Data Supplement for its quarter ended September 30, 2022 is annexed as Exhibit 99.2 to this Report and by this reference incorporated herein and made a part hereof.

The information furnished under Item 2.02 of this Report, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01	Financial Statements and Exhibits.
(d)	Exhibits
Exhibit<br><br> <br>Number	Description
99.1	Press release of the Company, dated<br> October 14, 2022, containing financial information for the quarter ended September 30, 2022.
99.2	Financial Data Supplement of the<br> Company for the quarter ended September 30, 2022.
101	Interactive Data Files pursuant to Rule 406 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).

SIGNATURE

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, hereunto duly authorized.

		MORGAN STANLEY<br><br> (Registrant)
Date:	October 14, 2022	By:	/s/ Raja Akram
			Name:	Raja Akram
			Title:	Deputy Chief Financial Officer

Exhibit 99.1

Morgan Stanley Third Quarter 2022 Earnings Results

Morgan Stanley Reports Net Revenues of $13.0 Billion, EPS of $1.47 and ROTCE of 14.6%

NEW YORK, October 14, 2022 – Morgan Stanley (NYSE: MS) today reported net revenues of $13.0 billion for the third quarter ended September 30, 2022 compared with $14.8 billion a year ago. Net income applicable to Morgan Stanley was $2.6 billion, or $1.47 per diluted share,^1^^^compared with net income of $3.7 billion, or $1.98 per diluted share,^1^^^for the same period a year ago.

James P. Gorman, Chairman and Chief Executive Officer, said, “Firm performance was resilient and balanced in an uncertain and difficult environment, delivering a 15% return on tangible common equity. Wealth Management added an additional $65 billion in net new assets and produced a pre-tax margin of 28%, excluding integration-related expenses, demonstrating scale and stability despite declining asset values. While Investment Banking and Investment Management were impacted by the market environment, Fixed Income and Equity navigated challenging markets well. We continue to maintain our strong capital position while repurchasing $2.6 billion of shares and distributing a healthy dividend.”

Financial Summary^2,3^
Firm ($ millions, except per share data)	3Q 2022			3Q 2021
Net revenues	$	12,986		$	14,753
Provision for credit losses	$	35		$	24
Compensation expense	$	5,614		$	5,920
Non-compensation expenses	$	3,949		$	3,935
Pre-tax income^8^	$	3,388		$	4,874
Net income app. to MS	$	2,632		$	3,707
Expense efficiency ratio^6^		74	%		67	%
Earnings per diluted share	$	1.47		$	1.98
Book value per share	$	54.46		$	54.56
Tangible book value per share	$	39.93		$	40.47
Return on equity		10.7	%		14.5	%
Return on tangible equity^4^		14.6	%		19.6	%
Institutional Securities
Net revenues	$	5,817		$	7,495
Investment Banking	$	1,277		$	2,849
Equity	$	2,459		$	2,876
Fixed Income	$	2,181		$	1,640
Wealth Management
Net revenues	$	6,120		$	5,935
Fee-based client assets ($ billions)^9^	$	1,628		$	1,752
Fee-based asset flows ($ billions)^10^	$	16.7		$	70.6
Net new assets ($ billions)	$	64.8		$	134.5
Loans ($ billions)	$	145.7		$	121.2
Investment Management
Net revenues	$	1,168		$	1,453
AUM ($ billions)^11^	$	1,279		$	1,522
Long-term net flows ($ billions)^12^	$	(1.9	)	$	(2.3	)

Highlights

•	The Firm reported net revenues of $13.0 billion, demonstrating our resilient business model against a volatile market backdrop.
•	The Firm delivered ROTCE of 14.6%, or 15.2% excluding the impact of integration-related expenses.^4,5^
•	The Firm’s expense efficiency ratio year-to-date was 72%, or 71% excluding the impact of integration-related expenses.^5,6^
•	Standardized Common Equity Tier 1 was 14.8%.
•	Institutional Securities net revenues of $5.8 billion reflect strong performance in Fixed Income and solid results in Equity, while the<br> uncertain macroeconomic environment continued to drive limited activity in Investment Banking.
•	Wealth Management delivered a pre-tax margin of 26.9% or 28.4% excluding integration-related expenses.^5,7^ <br> Results reflect higher net interest income on higher interest rates. The business added $65 billion in net new assets, bringing total net new assets year-to-date to $260 billion.
•	Investment Management delivered net revenues of $1.2 billion on AUM of $1.3 trillion in a challenging market environment.
Media Relations: Wesley McDade 212-761-2430	Investor Relations: Leslie Bazos 212-761-5352
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Institutional Securities

Institutional Securities reported net revenues for the current quarter of $5.8 billion compared with $7.5 billion a year ago. Pre-tax income was $1.6 billion compared with $3.0 billion a year ago.^8^

Investment Banking revenues down 55% from a year ago:

•	Advisory revenues decreased from a year ago driven by lower levels of completed M&A transactions.
•	Equity underwriting revenues decreased significantly from a year ago reflecting the substantial decline in global equity volumes.
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•	Fixed income underwriting revenues decreased from a year ago as macroeconomic conditions contributed to lower issuances.
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Equity net revenues down 14% from a year ago:

•	Equity net revenues decreased across businesses from a year ago, driven by declines in equity markets and lower client activity compared with elevated levels in<br> the prior year quarter.

Fixed Income net revenues up 33% from a year ago:

•	Fixed Income net revenues increased from a year ago reflecting strength in macro<br> products on high client engagement and volatility in the markets.
($ millions)	3Q 2022			3Q 2021
---	---	---	---	---	---
Net Revenues	$	5,817		$	7,495
Investment Banking	$	1,277		$	2,849
Advisory	$	693		$	1,272
Equity underwriting	$	218		$	1,010
Fixed income underwriting	$	366		$	567
Equity	$	2,459		$	2,876
Fixed Income	$	2,181		$	1,640
Other	$	(100	)	$	130
Provision for credit losses	$	24		$	24
Total Expenses	$	4,167		$	4,498
Compensation	$	1,948		$	2,248
Non-compensation	$	2,219		$	2,250

Other:

•	Other revenues decreased from a year ago driven by mark-to-market losses on corporate loans held for sale, net of hedges compared to gains in the prior year quarter<br> and higher mark-to-market losses on investments associated with certain employee deferred compensation plans.

Total Expenses:

•	Compensation expense decreased from a year ago primarily due to lower revenues.

Wealth Management

Wealth Management reported net revenues of $6.1 billion compared with $5.9 billion a year ago. Pre-tax income was $1.6 billion compared with $1.5 billion a year ago.^8^ Pre-tax margin was 26.9% in the current quarter, or 28.4% excluding the impact of integration-related expenses.^5,7^

Net revenues increased 3% from a year ago:

•	Asset management revenues decreased 7% reflecting lower asset levels due to declines in the markets, partially offset by positive fee-based flows.
•	Transactional revenues^13^ decreased 18% excluding the impact of mark-to-market losses on investments associated<br> with certain employee deferred compensation plans. The decrease was driven by lower client activity amid uncertainty in the markets.
---	---
•	Net interest income increased 49% from a year ago on higher interest rates.
---	---
($ millions)	3Q 2022		3Q 2021
---	---	---	---	---
Net Revenues	$	6,120	$	5,935
Asset management	$	3,389	$	3,628
Transactional^13^	$	616	$	832
Net interest income	$	2,004	$	1,348
Other	$	111	$	127
Provision for credit losses	$	11	$	0
Total Expenses	$	4,460	$	4,405
Compensation	$	3,171	$	3,159
Non-compensation	$	1,289	$	1,246

Total Expenses:

•	Compensation expense was relatively unchanged, as the impact of higher headcount was offset by lower compensable revenues and a decline related to certain<br> deferred compensation plans linked to investment performance.
•	Non-compensation expenses increased from a year ago primarily driven by investments in technology, as well as higher marketing and business development costs.
---	---

Investment Management

Investment Management reported net revenues of $1.2 billion compared with $1.5 billion a year ago. Pre-tax income was $116 million compared with $370 million a year ago.^8^

Net revenues down 20% from a year ago:

•	Asset management and related fees decreased from a year ago primarily on lower asset levels due to the decline in the equity markets.
•	Performance-based income and other revenues decreased from a year ago, primarily <br> due to the reversal of accrued carried interest in certain of our private funds.
---	---
($ millions)	3Q 2022			3Q 2021
---	---	---	---	---	---	---
Net Revenues	$	1,168		$	1,453
Asset management and related fees	$	1,269		$	1,470
Performance-based income and other	$	(101	)	$	(17	)
Total Expenses	$	1,052		$	1,083
Compensation	$	495		$	513
Non-compensation	$	557		$	570

Total Expenses:

•	Compensation expense decreased from a year ago on lower asset management revenues.

Other Matters

•	The Firm repurchased $2.6 billion of its outstanding common stock during the quarter as part of its Share Repurchase Program.
•	The Board of Directors declared a $0.775 quarterly dividend per share payable on November 15, 2022 to common shareholders of record on October 31, 2022.
---	---
•	The Standardized Common Equity Tier 1 capital ratio was 14.8%, 150 basis points above the updated standardized approach CET1 requirement that began on October<br> 1, 2022.
---	---
•	The effective tax rate for the quarter was 21.4%, down from the prior year<br> quarter primarily driven by the realization of certain tax benefits.
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	3Q 2022			3Q 2021
---	---	---	---	---	---	---
Capital1
Standardized Approach
CET1 capital^15^		14.8	%		16.0	%
Tier 1 capital^15^		16.6	%		17.6	%
Advanced Approach
CET1 capital^15^		15.2	%		17.2	%
Tier 1 capital^15^		17.1	%		18.9	%
Leverage-based capital
Tier 1 leverage^16^		6.6	%		7.3	%
SLR^17^		5.4	%		5.7	%
Common Stock Repurchases
Repurchases ($ millions)	$	2,555		$	3,557
Number of Shares (millions)		30			36
Average Price	$	85.79		$	99.44
Period End Shares (millions)		1,694			1,799
Tax Rate		21.4	%		23.6	%

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.morganstanley.com.

NOTICE:

The information provided herein and in the financial supplement, including information provided on the Firm’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available on www.morganstanley.com.

This earnings release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2021 and other items throughout the Form 10-K, the Firm’s Quarterly Reports on Form 10-Q and the Firm’s Current Reports on Form 8-K, including any amendments thereto.

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^1^ Includes preferred dividends related to the calculation of earnings per share of $138 million and $123 million for the third quarter of 2022 and 2021, respectively.

^2^ The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). From time to time, Morgan Stanley may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing our financial condition, operating results, or 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 non-GAAP financial measure we reference and such comparable U.S. GAAP financial measure.

^3^ Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.

^4^ Return on average tangible common equity and return on average tangible common equity excluding integration-related expenses are non-GAAP financial measures that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance and capital adequacy. The calculation of return on average tangible common equity represents full year or annualized net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. Tangible common equity, also a non-GAAP financial measure, represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. The calculation of return on average tangible common equity excluding integration-related expenses is adjusted in both the numerator and the denominator to exclude the integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance.

^5^ The Firm’s and business segment’s third quarter results for 2022 and 2021 include integration-related expenses as a result of the E*TRADE and Eaton Vance acquisitions reported in the Wealth Management segment and Investment Management segment, respectively. The amounts are presented as follows (in millions):

	3Q 2022		3Q 2021
Firm
Compensation	$	10	$	19
Non-compensation		113		126
Total non-interest expenses	$	123	$	145
Total non-interest expenses (after-tax)	$	94	$	111
Wealth Management
Compensation	$	3	$	9
Non-compensation		89		104
Total non-interest expenses	$	92	$	113
Total non-interest expenses (after-tax)	$	70	$	87
Investment Management
Compensation	$	7	$	10
Non-compensation		24		22
Total non-interest expenses	$	31	$	32
Total non-interest expenses (after-tax)	$	24	$	24

^6^ The Firm expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. The Firm expense efficiency ratio excluding integration-related expenses is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance.

^7^ Pre-tax margin represents income before taxes divided by net revenues. Wealth Management pre-tax margin excluding the integration-related expenses represents income before taxes less those expenses divided by net revenues. Wealth Management pre-tax margin excluding integration-related expenses is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance.

^8^ Pre-tax income represents income before provision for income taxes.

^9^ Wealth Management fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.

^10^ Wealth Management 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.

^11^ AUM is defined as assets under management or supervision.

^12^ Long-term net flows include the Equity, Fixed Income and Alternative and Solutions asset classes and excludes the Liquidity and Overlay Services asset class.

^13^ Transactional revenues include investment banking, trading, and commissions and fee revenues. Transactional revenues excluding the impact of mark-to-market gains/losses on investments associated with certain employee deferred compensation plans is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow better comparability of period-to-period operating performance and capital adequacy.

^14^ Capital ratios are estimates as of the press release date, October 14, 2022.

^15^ CET1 capital is defined as Common Equity Tier 1 capital. The Firm’s risk-based capital ratios are computed under each of the (i) standardized approaches for calculating credit risk and market risk risk‐weighted assets (RWAs) (the “Standardized Approach”) and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the “Advanced Approach”). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).

^16^ The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firm’s leverage. Tier 1 leverage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.

^17^ The Firm’s supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately $76.4 billion and $83.4 billion, and supplementary leverage exposure denominator of approximately $1.41 trillion and $1.46 trillion, for the third quarter of 2022 and 2021, respectively.

Consolidated Income Statement Information
(unaudited, dollars in millions)
	Quarter Ended								Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021		Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Revenues:
Investment banking	$	1,373		$	1,150		$	3,013		19	%		(54	%)	$	4,281		$	8,413			(49	%)
Trading		3,331			3,597			2,861		(7	%)		16	%		10,911			10,416			5	%
Investments		(168	)		23			45		*			*			(70	)		744			*
Commissions and fees		1,133			1,220			1,280		(7	%)		(11	%)		3,769			4,214			(11	%)
Asset management		4,744			4,912			5,201		(3	%)		(9	%)		14,775			14,572			1	%
Other		63			(52	)		290		*			(78	%)		245			916			(73	%)
Total non-interest revenues		10,476			10,850			12,690		(3	%)		(17	%)		33,911			39,275			(14	%)
Interest income		6,101			3,612			2,351		69	%		160	%		12,363			7,000			77	%
Interest expense		3,591			1,330			288		170	%		*			5,355			1,044			*
Net interest		2,510			2,282			2,063		10	%		22	%		7,008			5,956			18	%
Net revenues		12,986			13,132			14,753		(1	%)		(12	%)		40,919			45,231			(10	%)
Provision for credit losses		35			101			24		(65	%)		46	%		193			(1	)		*
Non-interest expenses:
Compensation and benefits		5,614			5,550			5,920		1	%		(5	%)		17,438			19,141			(9	%)
Non-compensation expenses:
Brokerage, clearing and exchange fees		847			878			825		(4	%)		3	%		2,607			2,530			3	%
Information processing and communications		874			857			788		2	%		11	%		2,560			2,286			12	%
Professional services		755			757			734		--			3	%		2,217			2,104			5	%
Occupancy and equipment		429			430			427		--			--			1,286			1,246			3	%
Marketing and business development		215			220			146		(2	%)		47	%		610			438			39	%
Other		829			1,020			1,015		(19	%)		(18	%)		2,713			2,703			--
Total non-compensation expenses		3,949			4,162			3,935		(5	%)		--			11,993			11,307			6	%
Total non-interest expenses		9,563			9,712			9,855		(2	%)		(3	%)		29,431			30,448			(3	%)
Income before provision for income taxes		3,388			3,319			4,874		2	%		(30	%)		11,295			14,784			(24	%)
Provision for income taxes		726			783			1,150		(7	%)		(37	%)		2,382			3,380			(30	%)
Net income	$	2,662		$	2,536		$	3,724		5	%		(29	%)	$	8,913		$	11,404			(22	%)
Net income applicable to nonredeemable noncontrolling interests		30			41			17		(27	%)		76	%		120			66			82	%
Net income applicable to Morgan Stanley		2,632			2,495			3,707		5	%		(29	%)		8,793			11,338			(22	%)
Preferred stock dividend		138			104			123		33	%		12	%		366			364			1	%
Earnings applicable to Morgan Stanley common shareholders	$	2,494		$	2,391		$	3,584		4	%		(30	%)	$	8,427		$	10,974			(23	%)

The End Notes are an integral part of this presentation. Refer to the Financial Supplement on pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice for additional information.

Consolidated Financial Metrics, Ratios and Statistical Data
(unaudited)
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Financial Metrics:
Earnings per basic share	$	1.49		$	1.40		$	2.01			6	%		(26	%)	$	4.95		$	6.11			(19	%)
Earnings per diluted share	$	1.47		$	1.39		$	1.98			6	%		(26	%)	$	4.88		$	6.02			(19	%)
Return on average common equity		10.7	%		10.1	%		14.5	%								11.9	%		15.1	%
Return on average tangible common equity		14.6	%		13.8	%		19.6	%								16.1	%		19.7	%
Book value per common share	$	54.46		$	54.46		$	54.56								$	54.46		$	54.56
Tangible book value per common share	$	39.93		$	40.07		$	40.47								$	39.93		$	40.47
Excluding integration-related expenses
Adjusted earnings per diluted share	$	1.53		$	1.44		$	2.04			6	%		(25	%)	$	5.04		$	6.15			(18	%)
Adjusted return on average common equity		11.1	%		10.5	%		15.0	%								12.2	%		15.4	%
Adjusted return on average tangible common equity		15.2	%		14.3	%		20.2	%								16.6	%		20.2	%
Financial Ratios:
Pre-tax profit margin		26	%		25	%		33	%								28	%		33	%
Compensation and benefits as a % of net revenues		43	%		42	%		40	%								43	%		42	%
Non-compensation expenses as a % of net revenues		30	%		32	%		27	%								29	%		25	%
Firm expense efficiency ratio		74	%		74	%		67	%								72	%		67	%
Firm expense efficiency ratio excluding integration-related expenses		73	%		73	%		66	%								71	%		67	%
Effective tax rate		21.4	%		23.6	%		23.6	%								21.1	%		22.9	%
Statistical Data:
Period end common shares outstanding (millions)		1,694			1,723			1,799			(2	%)		(6	%)
Average common shares outstanding (millions)
Basic		1,674			1,704			1,781			(2	%)		(6	%)		1,704			1,797			(5	%)
Diluted		1,697			1,723			1,812			(2	%)		(6	%)		1,725			1,824			(5	%)
Worldwide employees		81,567			78,386			73,620			4	%		11	%
Notes:
---	---
‐	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Firm results include pre-tax integration-related expenses of $123 million, $120 million and $145 million<br> ($94 million, $92 million and $111 million after-tax) respectively, reported in the Wealth Management and Investment Management business segments. The nine months ended September 30, 2022 and 2021 results include pre-tax<br> integration-related expenses of $350 million and $310 million ($268 million and $238 million after-tax), respectively.
-	The End Notes are an integral part of this presentation. Refer to the Financial Supplement on pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of<br> Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice for additional information.

Exhibit 99.2

Third Quarter 2022 Earnings Results

Quarterly Financial Supplement	Page
Consolidated Financial Summary	1
Consolidated Financial Metrics, Ratios and Statistical Data	2
Consolidated and U.S. Bank Supplemental Financial Information	3
Consolidated Average Common Equity and Regulatory Capital Information	4
Institutional Securities Income Statement Information, Financial Metrics and Ratios	5
Wealth Management Income Statement Information, Financial Metrics and Ratios	6
Wealth Management Financial Information and Statistical Data	7
Investment Management Income Statement Information, Financial Metrics and Ratios	8
Investment Management Financial Information and Statistical Data	9
Consolidated Loans and Lending Commitments	10
Consolidated Loans and Lending Commitments Allowance for Credit Losses	11
Definition of U.S. GAAP to Non-GAAP Measures	12
Definitions of Performance Metrics and Terms	13 - 14
Supplemental Quantitative Details and Calculations	15 - 16
Legal Notice	17
The Firm's earnings results reflect the effect of the acquisition of Eaton Vance Corp. (“Eaton Vance”)<br> prospectively from the March 1, 2021 acquisition date. The comparisons of current year results to certain prior periods are impacted by the acquisition of Eaton Vance reported in the Investment Management segment.

Consolidated Financial Summary
(unaudited, dollars in millions)
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Net revenues
Institutional Securities	$	5,817		$	6,119		$	7,495			(5	%)		(22	%)	$	19,593		$	23,164			(15	%)
Wealth Management		6,120			5,736			5,935			7	%		3	%		17,791			17,989			(1	%)
Investment Management		1,168			1,411			1,453			(17	%)		(20	%)		3,914			4,469			(12	%)
Intersegment Eliminations		(119	)		(134	)		(130	)		11	%		8	%		(379	)		(391	)		3	%
Net revenues	$	12,986		$	13,132		$	14,753			(1	%)		(12	%)	$	40,919		$	45,231			(10	%)
Provision for credit losses	$	35		$	101		$	24			(65	%)		46	%	$	193		$	(1	)		*
Non-interest expenses
Institutional Securities	$	4,167		$	4,483		$	4,498			(7	%)		(7	%)	$	13,476		$	14,321			(6	%)
Wealth Management		4,460			4,196			4,405			6	%		1	%		13,005			13,225			(2	%)
Investment Management		1,052			1,162			1,083			(9	%)		(3	%)		3,321			3,299			1	%
Intersegment Eliminations		(116	)		(129	)		(131	)		10	%		11	%		(371	)		(397	)		7	%
Non-interest expenses ^(1)^	$	9,563		$	9,712		$	9,855			(2	%)		(3	%)	$	29,431		$	30,448			(3	%)
Income before provision for income taxes
Institutional Securities	$	1,626		$	1,554		$	2,973			5	%		(45	%)	$	5,967		$	8,842			(33	%)
Wealth Management		1,649			1,521			1,530			8	%		8	%		4,743			4,766			--
Investment Management		116			249			370			(53	%)		(69	%)		593			1,170			(49	%)
Intersegment Eliminations		(3	)		(5	)		1			40	%		*			(8	)		6			*
Income before provision for income taxes	$	3,388		$	3,319		$	4,874			2	%		(30	%)	$	11,295		$	14,784			(24	%)
Net Income applicable to Morgan Stanley
Institutional Securities	$	1,274		$	1,121		$	2,229			14	%		(43	%)	$	4,586		$	6,734			(32	%)
Wealth Management		1,253			1,190			1,157			5	%		8	%		3,715			3,663			1	%
Investment Management		107			188			320			(43	%)		(67	%)		498			936			(47	%)
Intersegment Eliminations		(2	)		(4	)		1			50	%		*			(6	)		5			*
Net Income applicable to Morgan Stanley	$	2,632		$	2,495		$	3,707			5	%		(29	%)	$	8,793		$	11,338			(22	%)
Earnings applicable to Morgan Stanley common shareholders	$	2,494		$	2,391		$	3,584			4	%		(30	%)	$	8,427		$	10,974			(23	%)

The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.

Consolidated Financial Metrics, Ratios and Statistical Data
(unaudited)
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Financial Metrics:
Earnings per basic share	$	1.49		$	1.40		$	2.01			6	%		(26	%)	$	4.95		$	6.11			(19	%)
Earnings per diluted share	$	1.47		$	1.39		$	1.98			6	%		(26	%)	$	4.88		$	6.02			(19	%)
Return on average common equity		10.7	%		10.1	%		14.5	%								11.9	%		15.1	%
Return on average tangible common equity		14.6	%		13.8	%		19.6	%								16.1	%		19.7	%
Book value per common share	$	54.46		$	54.46		$	54.56								$	54.46		$	54.56
Tangible book value per common share	$	39.93		$	40.07		$	40.47								$	39.93		$	40.47
Excluding integration-related expenses ^(1)^
Adjusted earnings per diluted share	$	1.53		$	1.44		$	2.04			6	%		(25	%)	$	5.04		$	6.15			(18	%)
Adjusted return on average common equity		11.1	%		10.5	%		15.0	%								12.2	%		15.4	%
Adjusted return on average tangible common equity		15.2	%		14.3	%		20.2	%								16.6	%		20.2	%
Financial Ratios:
Pre-tax profit margin		26	%		25	%		33	%								28	%		33	%
Compensation and benefits as a % of net revenues		43	%		42	%		40	%								43	%		42	%
Non-compensation expenses as a % of net revenues		30	%		32	%		27	%								29	%		25	%
Firm expense efficiency ratio		74	%		74	%		67	%								72	%		67	%
Firm expense efficiency ratio excluding integration-related expenses ^(1)^		73	%		73	%		66	%								71	%		67	%
Effective tax rate		21.4	%		23.6	%		23.6	%								21.1	%		22.9	%
Statistical Data:
Period end common shares outstanding (millions)		1,694			1,723			1,799			(2	%)		(6	%)
Average common shares outstanding (millions)
Basic		1,674			1,704			1,781			(2	%)		(6	%)		1,704			1,797			(5	%)
Diluted		1,697			1,723			1,812			(2	%)		(6	%)		1,725			1,824			(5	%)
Worldwide employees		81,567			78,386			73,620			4	%		11	%
Notes:
---	---
‐	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Firm results include pre-tax integration-related expenses of $123 million, $120 million and $145<br> million ($94 million, $92 million and $111 million after-tax) respectively, reported in the Wealth Management and Investment Management business segments. The nine months ended September 30, 2022 and 2021 results include pre-tax<br> integration-related expenses of $350 million and $310 million ($268 million and $238 million after-tax), respectively.
-	The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms,<br> Supplemental Quantitative Details and Calculations, and Legal Notice.

Consolidated and U.S. Bank Supplemental Financial Information
(unaudited, dollars in millions)
	Quarter Ended									Percentage Change From:						Nine Months Ended				Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022		Sep 30, 2021		Change
Consolidated Balance sheet
Total assets	$	1,160,029		$	1,173,776		$	1,190,476			(1	%)		(3	%)
Loans ^(1)^	$	218,448		$	214,573		$	188,274			2	%		16	%
Deposits	$	338,123		$	347,148		$	329,041			(3	%)		3	%
Long-term debt outstanding	$	216,361		$	221,979		$	224,937			(3	%)		(4	%)
Maturities of long-term debt outstanding (next 12 months)	$	18,755		$	19,737		$	13,899			(5	%)		35	%
Average liquidity resources	$	308,001		$	306,370		$	358,310			1	%		(14	%)
Common equity	$	92,261		$	93,846		$	98,153			(2	%)		(6	%)
Less: Goodwill and intangible assets		(24,613	)		(24,803	)		(25,345	)		(1	%)		(3	%)
Tangible common equity	$	67,648		$	69,043		$	72,808			(2	%)		(7	%)
Preferred equity	$	8,750		$	7,750		$	7,750			13	%		13	%
U.S. Bank Supplemental Financial Information
Total assets	$	371,165		$	377,724		$	367,111			(2	%)		1	%
Loans	$	204,889		$	201,853		$	174,552			2	%		17	%
Investment securities portfolio ^(2)^	$	123,007		$	125,785		$	144,056			(2	%)		(15	%)
Deposits	$	331,943		$	339,575		$	326,941			(2	%)		2	%
Regional revenues
Americas	$	10,094		$	9,662		$	11,255			4	%		(10	%)	$	30,220	$	33,331		(9	%)
EMEA (Europe, Middle East, Africa)		1,392			1,678			1,752			(17	%)		(21	%)		5,381		6,004		(10	%)
Asia		1,500			1,792			1,746			(16	%)		(14	%)		5,318		5,896		(10	%)
Consolidated net revenues	$	12,986		$	13,132		$	14,753			(1	%)		(12	%)	$	40,919	$	45,231		(10	%)

    ![](mslogo.jpg)

Consolidated Average Common Equity and Regulatory Capital Information
(unaudited, dollars in billions)
	Quarter Ended									Percentage Change From:						Nine Months Ended				Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022		Sep 30, 2021		Change
Average Common Equity
Institutional Securities	$	48.8		$	48.8		$	43.5			--			12	%	$	48.8	$	43.5		12	%
Wealth Management		31.0			31.0			28.6			--			8	%		31.0		28.6		8	%
Investment Management		10.6			10.6			10.7			--			(1	%)		10.6		8.2		29	%
Parent		2.5			3.9			15.8			(36	%)		(84	%)		4.3		16.6		(74	%)
Firm	$	92.9		$	94.3		$	98.6			(1	%)		(6	%)	$	94.7	$	96.9		(2	%)
Regulatory Capital ^(1)^
Common Equity Tier 1 capital	$	67.9		$	70.2		$	75.8			(3	%)		(10	%)
Tier 1 capital	$	76.4		$	77.8		$	83.4			(2	%)		(8	%)
Standardized Approach
Risk-weighted assets	$	459.7		$	461.0		$	473.0			--			(3	%)
Common Equity Tier 1 capital ratio		14.8	%		15.2	%		16.0	%
Tier 1 capital ratio		16.6	%		16.9	%		17.6	%
Advanced Approach
Risk-weighted assets	$	447.1		$	454.1		$	441.2			(2	%)		1	%
Common Equity Tier 1 capital ratio		15.2	%		15.5	%		17.2	%
Tier 1 capital ratio		17.1	%		17.1	%		18.9	%
Leverage-based capital
Tier 1 leverage ratio		6.6	%		6.6	%		7.3	%
Supplementary Leverage Ratio		5.4	%		5.4	%		5.7	%

Institutional Securities
Income Statement Information, Financial Metrics and Ratios
(unaudited, dollars in millions)
10/11/22 13:04
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Revenues:
Advisory	$	693		$	598		$	1,272			16	%		(46	%)	$	2,235		$	2,416			(7	%)
Equity		218			148			1,010			47	%		(78	%)		624			3,584			(83	%)
Fixed income		366			326			567			12	%		(35	%)		1,124			1,838			(39	%)
Underwriting		584			474			1,577			23	%		(63	%)		1,748			5,422			(68	%)
Investment banking		1,277			1,072			2,849			19	%		(55	%)		3,983			7,838			(49	%)
Equity		2,459			2,960			2,876			(17	%)		(14	%)		8,593			8,578			--
Fixed income		2,181			2,500			1,640			(13	%)		33	%		7,604			6,288			21	%
Other		(100	)		(413	)		130			76	%		*			(587	)		460			*
Net revenues		5,817			6,119			7,495			(5	%)		(22	%)		19,593			23,164			(15	%)
Provision for credit losses		24			82			24			(71	%)		--			150			1			*
Compensation and benefits		1,948			2,050			2,248			(5	%)		(13	%)		6,602			7,795			(15	%)
Non-compensation expenses		2,219			2,433			2,250			(9	%)		(1	%)		6,874			6,526			5	%
Total non-interest expenses		4,167			4,483			4,498			(7	%)		(7	%)		13,476			14,321			(6	%)
Income before provision for income taxes		1,626			1,554			2,973			5	%		(45	%)		5,967			8,842			(33	%)
Net income applicable to Morgan Stanley	$	1,274		$	1,121		$	2,229			14	%		(43	%)	$	4,586		$	6,734			(32	%)
Pre-tax profit margin		28	%		25	%		40	%								30	%		38	%
Compensation and benefits as a % of net revenues		34	%		34	%		30	%								34	%		34	%
Non-compensation expenses as a % of net revenues		38	%		40	%		30	%								35	%		28	%
Return on Average Common Equity		10	%		9	%		20	%								12	%		20	%
Return on Average Tangible Common Equity ^(1)^		10	%		9	%		20	%								12	%		20	%
Trading VaR (Average Daily 95% / One-Day VaR)	$	61		$	46		$	45

        The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and
          Calculations, and Legal Notice.

Wealth Management
Income Statement Information, Financial Metrics and Ratios
(unaudited, dollars in millions)
Report dated:10/11/22 13:05
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Revenues:
Asset management	$	3,389		$	3,510		$	3,628			(3	%)		(7	%)	$	10,525		$	10,266			3	%
Transactional		616			291			832			112	%		(26	%)		1,542			3,232			(52	%)
Net interest income		2,004			1,747			1,348			15	%		49	%		5,291			3,988			33	%
Other		111			188			127			(41	%)		(13	%)		433			503			(14	%)
Net revenues		6,120			5,736			5,935			7	%		3	%		17,791			17,989			(1	%)
Provision for credit losses		11			19			-			(42	%)		*			43			(2	)		*
Compensation and benefits		3,171			2,895			3,159			10	%		--			9,191			9,604			(4	%)
Non-compensation expenses		1,289			1,301			1,246			(1	%)		3	%		3,814			3,621			5	%
Total non-interest expenses ^(1)^		4,460			4,196			4,405			6	%		1	%		13,005			13,225			(2	%)
Income before provision for income taxes		1,649			1,521			1,530			8	%		8	%		4,743			4,766			--
Net income applicable to Morgan Stanley	$	1,253		$	1,190		$	1,157			5	%		8	%	$	3,715		$	3,663			1	%
Pre-tax profit margin		27	%		27	%		26	%								27	%		26	%
Pre-tax profit margin excluding integration-related expenses		28	%		28	%		28	%								28	%		28	%
Compensation and benefits as a % of net revenues		52	%		50	%		53	%								52	%		53	%
Non-compensation expenses as a % of net revenues		21	%		23	%		21	%								21	%		20	%
Return on Average Common Equity		16	%		15	%		16	%								16	%		17	%
Return on Average Tangible Common Equity ^(2)^		30	%		29	%		34	%								30	%		35	%
Notes:
---	---
‐	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Wealth Management's results include pre-tax integration-related expenses of $92 million, $96<br> million and $113 million ($70 million, $74 million and $87 million after-tax), respectively. The nine months ended September 30, 2022 and 2021 results include pre‐tax integration‐related expenses of $263 million and $237 million<br> ($201 million and $182 million after‐tax), respectively.
-	The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and<br> Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.

Wealth Management
Financial Information and Statistical Data
(unaudited, dollars in billions)
Vs. Report dated03/19/03 18:15
	Quarter Ended									Percentage Change From:
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021
Wealth Management Metrics
Total client assets ^(1)^	$	4,134		$	4,246		$	4,666			(3	%)		(11	%)
Net new assets ^(2)^	$	64.8		$	52.9		$	134.5			22	%		(52	%)
U.S. Bank loans	$	145.7		$	143.6		$	121.2			1	%		20	%
Margin and other lending^(3)^	$	24.3		$	24.8		$	28.6			(2	%)		(15	%)
Deposits ^(4)^	$	332		$	340		$	327			(2	%)		2	%
Annualized weighted average cost of deposits		0.93	%		0.28	%		0.13	%
Advisor-led channel
Advisor-led client assets	$	3,305		$	3,427		$	3,647			(4	%)		(9	%)
Fee-based client assets	$	1,628		$	1,717		$	1,752			(5	%)		(7	%)
Fee-based asset flows ^(2)^	$	16.7		$	28.5		$	70.6			(41	%)		(76	%)
Fee-based assets as a % of advisor-led client assets		49	%		50	%		48	%
Self-directed channel
Self-directed assets^(1)^	$	829		$	819		$	1,019			1	%		(19	%)
Daily average revenue trades (000's)		805			880			959			(9	%)		(16	%)
Self-directed households (millions)		7.8			7.8			7.4			--			5	%
Workplace channel
Stock plan unvested assets	$	312		$	323		$	495			(3	%)		(37	%)
Number of stock plan participants (millions)		6.2			6.1			5.3			2	%		17	%

Investment Management
Income Statement Information, Financial Metrics and Ratios
(unaudited, dollars in millions)
Report dated:10/11/22 13:05
	Quarter Ended									Percentage Change From:						Nine Months Ended						Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021			Change
Revenues:
Asset management and related fees	$	1,269		$	1,304		$	1,470			(3	%)		(14	%)	$	3,961		$	3,991			(1	%)
Performance-based income and other		(101	)		107			(17	)		*			*			(47	)		478			*
Net revenues		1,168			1,411			1,453			(17	%)		(20	%)		3,914			4,469			(12	%)
Compensation and benefits		495			605			513			(18	%)		(4	%)		1,645			1,742			(6	%)
Non-compensation expenses		557			557			570			--			(2	%)		1,676			1,557			8	%
Total non-interest expenses ^(1)^		1,052			1,162			1,083			(9	%)		(3	%)		3,321			3,299			1	%
Income before provision for income taxes		116			249			370			(53	%)		(69	%)		593			1,170			(49	%)
Net income applicable to Morgan Stanley	$	107		$	188		$	320			(43	%)		(67	%)	$	498		$	936			(47	%)
Pre-tax profit margin		10	%		18	%		25	%								15	%		26	%
Pre-tax profit margin excluding integration-related expenses		13	%		19	%		28	%								17	%		28	%
Compensation and benefits as a % of net revenues		42	%		43	%		35	%								42	%		39	%
Non-compensation expenses as a % of net revenues		48	%		39	%		39	%								43	%		35	%
Return on Average Common Equity		4	%		7	%		12	%								6	%		15	%
Return on Average Tangible Common Equity ^(2)^		56	%		99	%		161	%								87	%		128	%
Notes:
---	---
‐	Investment Management results reflect the effect of the acquisition of Eaton Vance Corp. (“Eaton Vance”) prospectively from the March 1, 2021 acquisition date. The comparison<br> of current year-to-date results to the prior period is impacted by the acquisition.
-	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Investment Management's results include pre-tax integration-related expenses of $31 million, $24<br> million and $32 million ($24 million, $18 million and $24 million after-tax), respectively. The nine months ended September 30, 2022 and 2021 results include pre‐tax integration‐related expenses of $87 million and $73 million ($67<br> million and $56 million after‐tax), respectively.
-	The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and<br> Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.

Investment Management
Financial Information and Statistical Data
(unaudited, dollars in billions)
Vs. Report dated03/19/03 18:15
	Quarter Ended									Percentage Change From:						Nine Months Ended					Percentage
	Sep 30, 2022			Jun 30, 2022			Sep 30, 2021			Jun 30, 2022			Sep 30, 2021			Sep 30, 2022			Sep 30, 2021		Change
Assets under management or supervision (AUM)
Net flows by asset class ^(1)^
Equity	$	(3.9	)	$	(7.4	)	$	(0.9	)		47	%		*		$	(18.8	)	$	9.6		*
Fixed Income		(5.0	)		(2.6	)		(0.3	)		(92	%)		*			(11.5	)		6.6		*
Alternatives and Solutions		7.0			6.5			(1.1	)		8	%		*			10.5			11.3		(7	%)
Long-Term Net Flows		(1.9	)		(3.5	)		(2.3	)		46	%		17	%		(19.8	)		27.5		*
Liquidity and Overlay Services		(32.5	)		31.3			14.6			*			*			(29.3	)		75.5		*
Total Net Flows	$	(34.4	)	$	27.8		$	12.3			*			*		$	(49.1	)	$	103.0		*
Assets under management or supervision by asset class ^(2)^
Equity	$	249		$	265		$	391			(6	%)		(36	%)
Fixed Income		171			181			206			(6	%)		(17	%)
Alternatives and Solutions		405			415			443			(2	%)		(9	%)
Long-Term Assets Under Management or Supervision	$	825		$	861		$	1,040			(4	%)		(21	%)
Liquidity and Overlay Services		454			490			482			(7	%)		(6	%)
Total Assets Under Management or Supervision	$	1,279		$	1,351		$	1,522			(5	%)		(16	%)

Consolidated Loans and Lending Commitments
(unaudited, dollars in billions)
	Quarter Ended						Percentage Change From:
	Sep 30, 2022		Jun 30, 2022		Sep 30, 2021		Jun 30, 2022			Sep 30, 2021
Institutional Securities
Loans:
Corporate	$	14.3	$	12.9	$	13.6		11	%		5	%
Secured lending facilities		38.3		36.8		31.2		4	%		23	%
Commercial and residential real estate		11.8		12.7		12.7		(7	%)		(7	%)
Securities-based lending and other		7.8		8.3		9.4		(6	%)		(17	%)
Total Loans		72.2		70.7		66.9		2	%		8	%
Lending Commitments		119.7		125.7		122.2		(5	%)		(2	%)
Institutional Securities Loans and Lending Commitments	$	191.9	$	196.4	$	189.1		(2	%)		1	%
Wealth Management
Loans:
Securities-based lending and other	$	93.0	$	93.3	$	79.8		--			17	%
Residential real estate		52.8		50.4		41.4		5	%		28	%
Total Loans		145.8		143.7		121.2		1	%		20	%
Lending Commitments		16.9		15.4		15.0		10	%		13	%
Wealth Management Loans and Lending Commitments	$	162.7	$	159.1	$	136.2		2	%		19	%
Consolidated Loans and Lending<br> Commitments ^(1)^	$	354.6	$	355.5	$	325.3		--			9	%

Consolidated Loans and Lending Commitments
Allowance for Credit Losses (ACL) as of September 30, 2022
(unaudited, dollars in millions)
	Loans and Lending Commitments		ACL^(1)^		ACL %			Q3 Provision
	(Gross)
Loans:
Held For Investment (HFI)
Corporate	$	6,858	$	211		3.1	%	$	(1	)
Secured lending facilities		34,788		156		0.4	%		(11	)
Commercial and residential real estate		8,191		224		2.7	%		(1	)
Other		2,728		11		0.4	%		4
Institutional Securities - HFI	$	52,565	$	602		1.1	%	$	(9	)
Wealth Management - HFI		145,763		147		0.1	%		15
Held For Investment	$	198,328	$	749		0.4	%	$	6
Held For Sale		13,353
Fair Value		7,064
Total Loans		218,745		749					6
Lending Commitments		136,605		487		0.4	%		29
Consolidated Loans and Lending Commitments	$	355,350	$	1,236				$	35

            The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and
              Calculations, and Legal Notice.

Definition of U.S. GAAP to Non-GAAP Measures
(a)	The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States<br> (U.S. GAAP). From time to time, Morgan Stanley may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and<br> Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial positions, or cash flows that is subject to adjustments that effectively exclude, or include<br> amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts, investors and<br> other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition, operating results, or prospective regulatory capital requirements. These measures are not<br> 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<br> 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 non-GAAP financial measure we reference and such<br> comparable U.S. GAAP financial measure. In addition to the following notes, please also refer to the Firm's Annual Report on Form 10-K for the year ended December 31, 2021.
(b)	The following are considered non-GAAP financial measures that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of<br> operating performance and capital adequacy. These measures are calculated as follows:
		-	Earnings per diluted share excluding integration-related expenses represents net income applicable to Morgan Stanley,<br> adjusted for the impact of the integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance, less preferred dividends divided by the average number of diluted shares outstanding.
		-	The return on average tangible common equity represents annualized earnings applicable to Morgan Stanley common shareholders<br> as a percentage of average tangible common equity.
		-	The return on average common equity and the return on average tangible common equity excluding integration-related expenses<br> are adjusted in both the numerator and the denominator to exclude the integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance.
		-	Segment return on average common equity and return on average tangible common equity represent full year net income or<br> annualized net income for the quarter applicable to Morgan Stanley for each segment, less preferred dividend segment allocation, divided by average common equity and average tangible common equity for each respective segment. The<br> segment adjustments to common equity to derive segment average tangible common equity are generally set at the beginning of the year, and will remain fixed throughout the year until the next annual reset unless a significant<br> business change occurs (e.g., acquisition or disposition).
		-	Tangible common equity represents common equity less goodwill and intangible assets net of certain mortgage servicing rights deduction.
		-	Tangible book value per common share represents tangible common equity divided by period end common shares outstanding.
		-	Pre-tax profit margin excluding integration-related expenses represents income before provision for income taxes less<br> integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance as percentages of net revenues.
		-	The Firm expense efficiency ratio excluding integration-related expenses represents total non‐interest expenses less<br> integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance as a percentage of net revenues.

Definitions of Performance Metrics and Terms
Our earnings releases, earnings conference calls, financial presentations and other communications may also include<br> certain metrics which we believe to be useful to us, analysts, investors and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.
Page 1:
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(a)	Provision for credit losses represents the provision for credit losses on loans held for investment and unfunded lending<br> commitments.
(b)	Net income applicable to Morgan Stanley represents net income, less net income applicable to nonredeemable noncontrolling<br> interests.
(c)	Earnings applicable to Morgan Stanley common shareholders represents net income applicable to Morgan Stanley, less<br> preferred dividends.
Page 2:
(a)	The return on average common equity represents annualized earnings applicable to Morgan Stanley common shareholders as a<br> percentage of average common equity.
(b)	Book value per common share represents common equity divided by period end common shares outstanding.
(c)	Tangible book value per common share represents tangible common equity divided by period end common shares outstanding.
(d)	Pre-tax profit margin percentages represent income before provision for income taxes as percentages of net revenues.
(e)	The Firm expense efficiency ratio represents total non‐interest expenses as a percentage of net revenues.
Page 3:
(a)	Liquidity Resources, which are primarily held within the Parent and its major operating subsidiaries, are comprised of<br> high quality liquid assets (HQLA) and cash deposits with banks ("Liquidity Resources"). The total amount of Liquidity Resources is actively managed by us considering the following components: unsecured debt maturity profile;<br> 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.<br> Average Liquidity Resources represents the average daily balance for the three months ended September 30, 2022, June 30, 2022 and September 30, 2021.
(b)	The Firm's goodwill and intangible balances utilized in the calculation of tangible common equity are net of certain<br> mortgage servicing rights deduction.
(c)	U.S. Bank refers to the Firm's U.S. Bank operating subsidiaries Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank,<br> National Association, and excludes balances between Bank subsidiaries, as well as deposits from the Parent and affiliates.
(d)	Firmwide regional revenues reflect the Firm's consolidated net revenues on a managed basis. Further discussion regarding<br> the geographic methodology for net revenues is disclosed in Note 23 to the consolidated financial statements included in the Firm's Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).
Page 4:
(a)	The Firm's attribution of average common equity to the business segments is based on the Required Capital framework, an<br> internal capital adequacy measure. This framework is a risk-based and leverage-based capital measure, which is compared with the Firm's regulatory capital to ensure that the Firm maintains an amount of going concern capital after<br> absorbing potential losses from stress events, where applicable, at a point in time. The Required Capital Framework is based on the Firm's regulatory capital requirements. The Firm defines the difference between its total average<br> common equity and the sum of the average common equity amounts allocated to its business segments as Parent common equity. The amount of capital allocated to the business segments is generally set at the beginning of the year, and<br> will remain fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). The Firm continues to evaluate its required capital framework with respect to the<br> impact of evolving regulatory requirements, as appropriate. For further discussion of the framework, refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources<br> – Regulatory Requirements" in the Firm’s 2021 Form 10‐K.
(b)	The Firm's risk‐based capital ratios are computed under each of the (i) standardized approaches for calculating credit<br> risk and market risk risk‐weighted assets (RWAs) (the “Standardized Approach”) and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the “Advanced Approach”). For information<br> on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources<br> – Regulatory Requirements" in the Firm’s 2021 Form 10‐K.
(c)	Supplementary leverage ratio represents Tier 1 capital divided by the total supplementary leverage exposure.
Page 5:
(a)	Institutional Securities Equity and Fixed income net revenues include trading, net interest income (interest income less<br> interest expense), asset management, commissions and fees, investments and other revenues which are directly attributable to those businesses.
(b)	Pre-tax profit margin percentages represent income before provision for income taxes as percentages of net revenues.
(c)	VaR represents the unrealized loss in portfolio value that one would not expect to exceed, on average, more than five<br> times every one hundred trading days in the Firm's trading positions if the portfolio were held constant for a one-day period. Further discussion of the calculation of VaR and the limitations of the Firm's VaR methodology, is<br> disclosed in "Quantitative and Qualitative Disclosures about Risk" included in the Firm's 2021 Form 10-K.
Page 6:
(a)	Transactional revenues for the Wealth Management segment includes investment banking, trading, and commissions and fee<br> revenues.
(b)	Net interest income represents interest income less interest expense.
(c)	Other revenues for the Wealth Management segment includes investments and other revenues.
(d)	Pre-tax profit margin percentages represent income before provision for income taxes as percentages of net revenues.

Definitions of Performance Metrics and Terms
Our earnings releases, earnings conference calls, financial presentations and other communications may also include<br> certain metrics which we believe to be useful to us, analysts, investors and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.
Page 7:
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(a)	Net new assets represent client inflows, including dividends and interest, and asset acquisitions, less client outflows,<br> and exclude activity from business combinations/divestitures and the impact of fees and commissions.
(b)	Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of<br> qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
(c)	Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on the U.S. Bank<br> Subsidiaries. Deposits include sweep deposit programs, savings and other, and time deposits.
(d)	Annualized weighted average cost of deposits reflects deposit balances and costs as of September 30, 2022, June 30, 2022<br> and September 30, 2021.
(e)	Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
(f)	Fee‐based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee<br> calculated on those assets.
(g)	Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends,<br> 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 in the 2021 Form 10-K.
(h)	Self-directed assets represent active accounts which are not advisor led. Active accounts are defined as having at least<br> $25 in assets.
(i)	Daily average revenue trades (DARTs) represent the total self-directed trades in a period divided by the number of trading<br> days during that period.
(j)	Self-directed households represent the total number of households that include at least one account with self-directed<br> 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.
(k)	The workplace channel assets includes equity compensation solutions for companies, their executives and employees. Stock<br> plan unvested assets represent the market value of public company securities at the end of the period.
(l)	Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel.<br> Individuals with accounts in multiple plans are counted as participants in each plan.
Page 8:
(a)	Asset management and related fees represents management and administrative fees, distribution fees, and performance-based<br> fees, not in the form of carried interest. Asset management and related fees represents Asset management as reported on the Firm’s consolidated income statement.
(b)	Performance-based income and other includes performance-based fees in the form of carried interest, gains and losses from<br> investments, gains and losses from hedges on seed capital and certain employee deferred compensation plans, net interest, and other revenues. Performance-based income and other represents investments, investment banking, trading,<br> net interest and other revenues as reported on the Firm’s consolidated income statement.
(c)	Pre-tax profit margin percentages represent income before provision for income taxes as percentages of net revenues.
Page 9:
(a)	Investment Management Alternatives and Solutions asset class includes products in Fund of Funds, Real Estate, Private<br> Equity and Credit strategies, Multi‐Asset portfolios, as well as Custom Separate Account portfolios.
(b)	Investment Management net flows include new commitments, investments or reinvestments, net of client redemptions, returns<br> of capital post-fund investment period and dividends not reinvested and excludes the impact of the transition of funds from their commitment period to the invested capital period.
(c)	Overlay Services represents investment strategies that use passive exposure instruments to obtain, offset, or substitute<br> specific portfolio exposures beyond those provided by the underlying holdings of the fund.
(d)	Total assets under management or supervision excludes shares of minority stake assets which represent the Investment<br> Management business segment’s proportional share of assets managed by third-party asset managers in which we hold investments accounted for under the equity method.
Page 10 and 11:
(a)	Corporate loans include relationship and event-driven loans and typically consist of revolving lines of credit, term loans<br> and bridge loans.
(b)	Secured lending facilities include loans provided to clients, which are primarily secured by loans, which are, in turn,<br> collateralized by various assets including residential real estate, commercial real estate, corporate and financial assets.
(c)	Securities-based lending and other includes financing extended to sales and trading customers and corporate loans<br> purchased in the secondary market.
(d)	Institutional Securities Lending Commitments principally include Corporate lending activity.

Supplemental Quantitative Details and Calculations

Page 1:
(1)	The Firm non-interest expenses by category are as follows:
		3Q22		2Q22		3Q21	3Q22 YTD		3Q21 YTD
---	---	---	---	---	---	---	---	---	---	---
Compensation and benefits	$	5,614	$	5,550	$	5,920	$	17,438	$	19,141
Non-compensation expenses:
Brokerage, clearing and exchange fees		847		878		825		2,607		2,530
Information processing and communications		874		857		788		2,560		2,286
Professional services		755		757		734		2,217		2,104
Occupancy and equipment		429		430		427		1,286		1,246
Marketing and business development		215		220		146		610		438
Other		829		1,020		1,015		2,713		2,703
Total non-compensation expenses		3,949		4,162		3,935		11,993		11,307
Total non-interest expenses	$	9,563	$	9,712	$	9,855	$	29,431	$	30,448
Page 2:
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(1)	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Firm results include pre-tax<br> integration-related expenses of $123 million, $120 million and $145 million ($94 million, $92 million and $111 million after‐tax) respectively, reported in the Wealth Management and Investment Management business segments.<br> The nine months ended September 30, 2022 and 2021 results include pre‐tax integration‐related expenses of $350 million and $310 million ($268 million and $238 million after‐tax), respectively. The following sets forth the<br> impact of the integration-related expenses to earnings per diluted share, return on average common equity and return on average tangible common equity (which are excluded):
		3Q22			2Q22			3Q21		3Q22 YTD			3Q21 YTD
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Earnings per diluted share - GAAP	$	1.47		$	1.39		$	1.98		$	4.88		$	6.02
Impact of adjustments		0.06			0.05			0.06			0.16			0.13
Earnings per diluted share excluding integration-related expenses - Non-GAAP	$	1.53		$	1.44		$	2.04		$	5.04		$	6.15
Return on average common equity - GAAP		10.7	%		10.1	%		14.5	%		11.9	%		15.1	%
Impact of adjustments		0.4	%		0.4	%		0.5	%		0.3	%		0.3	%
Return on average common equity excluding integration-related expenses - Non-GAAP		11.1	%		10.5	%		15.0	%		12.2	%		15.4	%
Return on average tangible common equity - GAAP		14.6	%		13.8	%		19.6	%		16.1	%		19.7	%
Impact of adjustments		0.6	%		0.5	%		0.6	%		0.5	%		0.5	%
Return on average tangible common equity excluding integration-related expenses - Non-GAAP		15.2	%		14.3	%		20.2	%		16.6	%		20.2	%
Firm expense efficiency ratio - GAAP		73.6	%		74.0	%		66.8	%		71.9	%		67.3	%
Impact of adjustments		(0.9	)%		(1.0	)%		(1.0	)%		(0.8	)%		(0.7	)%
Firm expense efficiency ratio excluding integration-related expenses - Non-GAAP		72.7	%		73.0	%		65.8	%		71.1	%		66.6	%
Page 3:
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(1)	Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value<br> which are included in Trading assets on the balance sheet.
(2)	As of September 30, 2022, June 30, 2022 and September 30, 2021, the U.S. Bank investment securities portfolio included held to maturity investment securities of $57.4<br> billion, $58.7 billion and $63.0 billion, respectively.
Page 4:
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(1)	The Firm early adopted the standardized approach for counterparty credit risk (SA-CCR) under Basel III on December<br> 1, 2021. SA-CCR replaced the previous exposure method used to measure derivatives counterparty exposure within the Standardized Approach risk-weighted assets (RWAs) and Supplementary Leverage Ratio exposure calculations in<br> the regulatory capital framework.
Page 5:
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(1)	Institutional Securities average tangible common equity represents average common equity adjusted to exclude<br> goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 3Q22: $576mm; 2Q22: $576mm; 3Q21: $603mm; 3Q22 YTD: $576mm; 3Q21 YTD: $603mm
Page 6:
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(1)	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021 and nine months ended September<br> 30, 2022 and 2021, integration-related compensation and non-compensation expenses associated with the acquisition of E*TRADE are as follows:
		3Q22		2Q22		3Q21	3Q22 YTD		3Q21 YTD
---	---	---	---	---	---	---	---	---	---	---
Compensation expenses	$	3	$	4	$	9	$	8	$	48
Non-compensation expenses		89		92		104		255		189
Total non-interest expenses	$	92	$	96	$	113	$	263	$	237
Income tax provision		22		22		26		62		55
Total non-interest expenses (after-tax)	$	70	$	74	$	87	$	201	$	182
(2)	Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill<br> and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 3Q22: $14,746mm; 2Q22: $14,746mm; 3Q21: $15,270mm; 3Q22 YTD: $14,746mm; 3Q21 YTD: $15,202mm
---	---

Supplemental Quantitative Details and Calculations

Page 7:
(1)	The quarter ended September 30, 2021 has been revised to include certain vested client employee stock options on<br> the E*TRADE platform to align the timing of recognition with other existing Morgan Stanley client assets.
(2)	The quarter ended September 30, 2021 includes $43 billion of fee-based assets acquired in an asset acquisition.
(3)	Wealth Management other lending includes $3 billion of non-purpose securities based lending on non-bank entities in each period ended September 30, 2022, June 30,<br> 2022 and September 30, 2021.
(4)	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Wealth Management deposits of $332 billion, $340 billion and $327 billion,<br> respectively, exclude off-balance sheet deposits of $8 billion, $8 billion and $9 billion, respectively, held by third parties outside of Morgan Stanley. Total deposits details are as follows:
		3Q22		2Q22		3Q21
---	---	---	---	---	---	---
Brokerage sweep deposits	$	228	$	279	$	273
Other deposits		104		61		54
Total balance sheet deposits		332		340		327
Off-balance sheet deposits		8		8		9
Total deposits	$	340	$	348	$	336
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(1)	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021 and nine months ended September<br> 30, 2022 and 2021, integration-related compensation and non-compensation expenses associated with the acquisition of Eaton Vance are as follows:
		3Q22		2Q22		3Q21	3Q22 YTD		3Q21 YTD
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Compensation expenses	$	7	$	7	$	10	$	23	$	29
Non-compensation expenses		24		17		22		64		44
Total non-interest expenses	$	31	$	24	$	32	$	87	$	73
Income tax provision		7		6		8		20		17
Total non-interest expenses (after-tax)	$	24	$	18	$	24	$	67	$	56
(2)	Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill<br> and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 3Q22: $9,815mm; 2Q22: $9,815mm; 3Q21: $9,924mm; 3Q22 YTD: $9,815mm; 3Q21 YTD: $7,224mm
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(1)	Net Flows by region for the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021 were:<br><br> <br>North America: $(35.7) billion, $22.7 billion and $12.6 billion<br><br> <br>International: $1.3 billion, $5.1 billion and $(0.3) billion
(2)	Assets under management or supervision by region for the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021 were:<br><br> <br>North America: $998 billion, $1,059 billion and $1,148 billion<br><br> <br>International: $281 billion, $292 billion and $374 billion
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(1)	For the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, Investment Management reflected<br> loan balances of $452 million, $220 million and $132 million, respectively.
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(1)	For the quarter ended September 30, 2022, the Allowance Rollforward for Loans and Lending Commitments is as<br> follows:
	Institutional Securities			Wealth<br><br> Management			Total
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Loans
Allowance for Credit Losses (ACL)
Beginning Balance - June 30, 2022	$	621		$	141		$	762
Net Charge Offs		(3	)		(8	)		(11	)
Provision		(9	)		15			6
Other		(7	)		(1	)		(8	)
Ending Balance - September 30, 2022	$	602		$	147		$	749
Lending Commitments
Allowance for Credit Losses (ACL)
Beginning Balance - June 30, 2022	$	449		$	15		$	464
Net Charge Offs		-			-			-
Provision		33			(4	)		29
Other		(7	)		1			(6	)
Ending Balance - September 30, 2022	$	475		$	12		$	487
Loans and Lending Commitments
Allowance for Credit Losses (ACL)
Beginning Balance - June 30, 2022	$	1,070		$	156		$	1,226
Net Charge Offs		(3	)		(8	)		(11	)
Provision		24			11			35
Other		(14	)		-			(14	)
Ending Balance - September 30, 2022	$	1,077		$	159		$	1,236

Legal Notice
This Financial Supplement contains financial, statistical and business-related information, as<br> well as business and segment trends.
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The information should be read in conjunction with the Firm's third quarter earnings press<br> release issued October 14, 2022.