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Total Equity
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Total Equity Total Equity
Morgan Stanley Shareholders’ Equity
Preferred Stock
 Shares
Outstanding
 Carrying Value
$ in millions, except per share dataAt
December 31,
2022
Liquidation
Preference
per Share
At
December 31,
2022
At
December 31,
2021
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
I40,000 25,000 1,000 1,000 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
O52,000 25,000 1,300 1,300 
P2
40,000 25,000 1,000 — 
Total$8,750 $7,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
2.The Firm issued Series P Preferred Stock on August 2, 2022.
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 17).
Description of Preferred Stock as of December 31, 2022
  Depositary
Shares
per Share
Redemption
Series1, 2
Shares
Issued
Price
per Share3
Date4
A44,000 1,000 $25,000 Currently redeemable
C5
1,160,791 N/A1,100 Currently redeemable
E34,500 1,000 25,000 October 15, 2023
F34,000 1,000 25,000 January 15, 2024
I40,000 1,000 25,000 October 15, 2024
K40,000 1,000 25,000 April 15, 2027
L20,000 1,000 25,000 January 15, 2025
M6
400,000 N/A1,000 September 15, 2026
N6
3,000 100 100,000 October 2, 2025
O7
52,000 1,000 25,000 January 15, 2027
P40,000 1,000 25,000 October 15, 2027
1.All shares issued are non-cumulative. Each share has a par value of $0.01, except Series C.
2.Dividends on Series A are based on a floating rate, and dividends on Series C, L and O are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate.
3.Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption.
4.Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. All other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series).
5.Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share.
6.Series M and N Preferred Stock were issued on October 2, 2020 as part of the acquisition of E*TRADE.
7.The Firm issued Series O Preferred Stock on October 25, 2021.
Common Stock
Rollforward of Common Stock Outstanding
in millions20222021
Shares outstanding at beginning of period1,772 1,810 
Treasury stock purchases1
(124)(134)
Issuance for the acquisition of Eaton Vance 69 
Other2
27 27 
Shares outstanding at end of period1,675 1,772 
1.The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding.
2.Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions.
Share Repurchases
$ in millions20222021
Repurchases of common stock under the Firm’s
Share Repurchase Program
$9,865 $11,464 
On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant.
Pursuant to the Share Repurchase Program, the Firm considers, among other things, business segment capital needs, as well as stock-based compensation and benefit plan requirements. Share repurchases under the program will be exercised from time to time at prices the Firm deems appropriate subject to various factors, including the Firm’s capital position and market conditions. The share repurchases may be effected through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans, and may be suspended at any time.
Common Shares Outstanding for Basic and Diluted EPS
in millions202220212020
Weighted average common shares outstanding, basic1,691 1,785 1,603 
Effective of dilutive RSUs and PSUs22 29 21 
Weighted average common shares outstanding and common stock equivalents, diluted1,713 1,814 1,624 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)3 — 
Dividends
$ in millions, except per share data202220212020
Per
Share1
Total
Per
Share1
Total
Per
Share1
Total
Preferred Stock Series
A$1,061 $47 $1,022 $44 $1,017 $44 
C100 52 100 52 100 52 
E1,781 60 1,781 60 1,781 60 
F1,719 59 1,719 60 1,719 60 
H2
  719 38 1,143 60 
I1,594 64 1,594 64 1,594 64 
J3
  253 15 1,213 74 
K1,463 59 1,463 59 1,463 59 
L1,219 24 1,219 24 1,219 23 
M4
59 24 59 24 — — 
N5
5,300 16 5,300 16 — — 
O6
1,063 55 236 12 — — 
P736 29 — — — — 
Total Preferred stock$489 $468 $496 
Common stock$2.950 $5,108 $2.100 $3,818 $1.400 $2,295 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.A notice of redemption was issued for Series H preferred stock on November 19, 2021. Dividends declared on Series H following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2021 amounts.
3.Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption.
4.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
5.Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly.
6.Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss)1
$ in millionsCTAAFS 
Securities
Pension
and Other
DVACash Flow HedgesTotal
December 31, 2019$(897)$207 $(644)$(1,454)$— $(2,788)
OCI during the period102 1,580 146 (1,002)— 826 
December 31, 2020(795)1,787 (498)(2,456)— (1,962)
OCI during the period(207)(1,542)(53)662 — (1,140)
December 31, 2021(1,002)245 (551)(1,794)— (3,102)
OCI during the period(202)(4,437)43 1,449 (4)(3,151)
December 31, 2022$(1,204)$(4,192)$(508)$(345)$(4)$(6,253)
CTA—Cumulative foreign currency translation adjustments
1.Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
 2022
$ in millionsPre-tax
Gain
(Loss)
Income Tax Benefit (Provision)After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$(179)$(217)$(396)$(135)$(261)
Reclassified to earnings 59 59  59 
Net OCI$(179)$(158)$(337)$(135)$(202)
Change in net unrealized gains (losses) on AFS securities
OCI activity$(5,720)$1,337 $(4,383)$ $(4,383)
Reclassified to earnings(70)16 (54) (54)
Net OCI$(5,790)$1,353 $(4,437)$ $(4,437)
Pension and other
OCI activity$38 $(13)$25 $ $25 
Reclassified to earnings22 (4)18  18 
Net OCI$60 $(17)$43 $ $43 
Change in net DVA
OCI activity$1,982 $(480)$1,502 $53 $1,449 
Reclassified to earnings     
Net OCI$1,982 $(480)$1,502 $53 $1,449 
Change in fair value of cash flow hedge derivatives
OCI activity$(4)$ $(4)$ $(4)
Reclassified to earnings    $ 
Net OCI$(4)$ $(4)$ $(4)
 2021
$ in millionsPre-tax
Gain
(Loss)
Income Tax Benefit (Provision)After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$(140)$(191)$(331)$(124)$(207)
Reclassified to earnings— — — — — 
Net OCI$(140)$(191)$(331)$(124)$(207)
Change in net unrealized gains (losses) on AFS securities
OCI activity$(1,803)$422 $(1,381)$— $(1,381)
Reclassified to earnings(210)49 (161)— (161)
Net OCI$(2,013)$471 $(1,542)$— $(1,542)
Pension and other
OCI activity$(101)$26 $(75)$— $(75)
Reclassified to earnings31 (9)22 — 22 
Net OCI$(70)$17 $(53)$— $(53)
Change in net DVA
OCI activity$882 $(213)$669 $34 $635 
Reclassified to earnings36 (9)27 — 27 
Net OCI$918 $(222)$696 $34 $662 
 2020
$ in millionsPre-tax
Gain
(Loss)
Income Tax Benefit (Provision)After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
CTA
OCI activity$74 $99 $173 $68 $105 
Reclassified to earnings(3)— (3)— (3)
Net OCI$71 $99 $170 $68 $102 
Change in net unrealized gains (losses) on AFS securities
OCI activity$2,194 $(508)$1,686 $— $1,686 
Reclassified to earnings(137)31 (106)— (106)
Net OCI$2,057 $(477)$1,580 $— $1,580 
Pension and other
OCI activity$162 $(34)$128 $— $128 
Reclassified to earnings23 (5)18 — 18 
Net OCI$185 $(39)$146 $— $146 
Change in net DVA
OCI activity$(1,385)$337 $(1,048)$(26)$(1,022)
Reclassified to earnings26 (6)20 — 20 
Net OCI$(1,359)$331 $(1,028)$(26)$(1,002)
Cumulative Foreign Currency Translation Adjustments
$ in millionsAt
December 31,
2022
At
December 31,
2021
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency$(3,136)$(2,277)
Hedges, net of tax1,932 1,275 
Total$(1,204)$(1,002)
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges$17,023 $15,605 
Cumulative foreign currency translation adjustments include gains or losses resulting from translating foreign currency financial statements from their respective functional currencies to U.S. dollars, net of hedge gains or losses and related tax effects. The Firm uses foreign currency contracts to manage the currency exposure relating to its net investments in non-U.S. dollar functional currency subsidiaries and determines the amount of exposure to hedge on a pre-tax basis. The Firm may also elect not to hedge its net investments in certain foreign operations due to market conditions or other reasons, including the availability of various currency contracts at acceptable costs. Information relating to the effects on cumulative foreign currency translation adjustments that resulted from the translation of foreign currency financial statements and from gains and losses from hedges of the Firm’s net investments in non-U.S. dollar functional currency subsidiaries is summarized in the previous table.