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1、Four Pillars of Morgan Stanley:The Integrated FirmTed Pick,Chairman and Chief Executive Officer January 16,2025Notice 2The information provided herein includes certain non-GAAP financial measures.The definition of such measures and/or the reconciliation of such measures to the comparable U.S.GAAP fi

2、gures are included in this presentation,or in Morgan Stanleys(the Company)Annual Report on Form 10-K,Definitive Proxy Statement,Quarterly Reports on Form 10-Q and the Companys Current Reports on Form 8-K,as applicable,including any amendments thereto,which are available on .This presentation may con

3、tain forward-looking statements including the attainment of certain financial and other targets,and objectives and goals.You 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 managements current estimates,proj

4、ections,expectations,assumptions,interpretation or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially.The Company does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after

5、 the date of forward-looking statements.For a discussion of risks and uncertainties that may affect the future results of the Company,please see the Companys most recent Annual Report on Form 10-K,Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,as applicable,which are available on .Th

6、is presentation is not an offer to buy or sell any security.The End Notes are an integral part of this presentation.See Slides 17 20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.For information and impact of the Companys acq

7、uisitions,please refer to prior period filings of the Companys Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.Please note this presentation is available at .3The End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information rela

8、ted to the financial metrics and defined terms in this presentation.StrategyClear and Consistent Strategy in Support of Clients1CultureRigor,Humility and Partnership2Financial StrengthStrong Capital,Liquidity and Earnings3GrowthInvesting Across the Firm4Four Pillars of Morgan Stanley:The Integrated

9、Firm4Asset Managers/Asset OwnersIndividualsCorporationsOur Strategy:To Raise,Manage and Allocate Capital for Clients1The End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this pr

10、esentation.5Cross-Firm Experience Embedded in Leadership(2)Culture:Tenured and Aligned for the Integrated Firms Long-Term Success2Continuity Across The Firm22 YearsFirm Operating CommitteeFirm Management Committee23 YearsManaging DirectorsRigor,Humility,and PartnershipAverage Length of Service(1)15

11、Years67%Of Management Committee Has Worked in Multiple Divisions or Regions45%Of All Managing Directors Have Worked in Multiple Divisions or RegionsThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metri

12、cs and defined terms in this presentation.5.184.737.955.76(3)20182023202415.3%15.2%15.9%13.3%12.9%13.5%202220232024Consistently Strong Capital Position with Dividend Growth Financial Strength:Maintained Strong Capital While Growing the Dividend and Driving Earnings Growth3Step-Change in Earnings Gro

13、wth6Regulatory Requirement Including Buffers$0.775$0.850$0.9254Q Dividend Per Share($)(2)240bps230bps200bps2023 Adjusted EPSThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in

14、this presentation.Common Equity Tier 1 Ratio(%)(1)EPS($)Revenues and Earnings Growth Reflects Returns on Investments for Growth and Operating Leverage4Investments for Growth Revenue Growth Outpacing Expense Growth729424420182023202440546220182023202414%5%World-Class Technology and ModernizationExpan

15、ded Bank OfferingTalent Across BusinessesDifferentiated Client SolutionsInfrastructure to Support GrowthThe Integrated FirmThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in t

16、his presentation.Firm Expenses($Bn)Firm Net Revenues($Bn)Industry Leader Across Wealth&Investment Management131922487344203234201820232024WM&IM Asset ManagementWM Net Interest IncomeWM TransactionalWM Other and IM PBI8Revenue Growth Resulting from Asset and Share Growth465658891012212328201820232024

17、Strength Across Institutional Securities Businesses IBDFixed IncomeEquitiesISG Other$7.9TnClient Assets(2)$2.8Tn$6.6Tn15%Wallet Share(3)14%14%The End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and

18、 defined terms in this presentation.Wealth&Investment Management Net Revenues($Bn)(1)Institutional Securities Net Revenues($Bn)3674564732018202320249Growth with Global FootprintDemonstrating Global Growth and Operating Leverage(2)With Efficient Allocation of RWA GrowthFirm RWAs($Bn)(1)4In Institutio

19、nal Securities,Global Footprint and Prudent Capital Management Support Operating Leverage19%19%24%AsiaEMEAAmericasISG Net Revenues 2024 YoY Growth(%)4%31%2024 ISG Pre-Tax Margin22%Global ISG Net Revenues 2024 YoY Growth The End Notes are an integral part of this Presentation.See slides 17-20 at the

20、back of this presentation for information related to the financial metrics and defined terms in this presentation.GrowingNet New Assets 892822522018202320242.51819+201820232024104With Momentum in Driving Fee-Based FlowsExpanding Net New AssetsReaching More Relationships66109123201820232024Net New As

21、sets($Bn)(2)Core Client Relationships(MM)(1)Fee-Based Flows($Bn)(3)In Wealth Management,Continued Investments in Our Client Acquisition Funnel and Differentiated PlatformThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related

22、to the financial metrics and defined terms in this presentation.Advisor-Led Clients Are Enduring(1)60%Advisor-Led AssetsAverage Duration of 21 YearsAverage Duration of 2-10 Years30%Advisor-Led AssetsAverage Duration of 2 Years10%Advisor-Led Assets11Attract Long Duration Clients Supporting Fee-Based

23、Revenue Growth4Supporting Expansion of Fee-Based Revenues101417201820232024The End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.WM Asset Management Revenues($B

24、n)4Parametric Leading with Innovation and ScaleParametric AuM($Bn)(1)250475575201820232024Growth in Fee-Based RevenuesAM and Related Fees($Bn)12Alternatives Platform Has More Than DoubledInvestable Capital($Bn)(2)1002152402018202320242.55.25.6201820232024In Investment Management,Continued Investment

25、s in Parametric and Alternatives Support Fee-Based RevenuesParametric Long-TermParametric OverlayThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.187346370

26、201820232024Deposits($Bn)(1)Deposits Supporting Client Loans on the BankOpportunities to Grow Assets and Deposits 13Grow the Deposit BaseInvest in Marketing and TechnologySupport the Integrated FirmDrive Lending GrowthWith Investments into the Bank Contributing to Growth4The End Notes are an integra

27、l part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.10141725613192220182023202414Strong Dividend GrowthReflecting Growth in Wealth&Investment Management Fee-based Revenues0.3000.8500.925

28、201820232024Wealth ManagementInvestment ManagementClear Commitment to Dividend Reflects Growth in Durable RevenuesThe End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this prese

29、ntation.4Q Dividend Per Share($)WM&IM Asset Management Revenues($Bn)(1)Raise,Manage and Allocate Capital for Our Clients Across the Integrated Firm15Future Path:Top Down at ScaleToday:Focused&SelectedCollaborative CultureFocus on Top Firmwide Clients Selected Client Data IntegratedIntegrated Firm Or

30、ganization and Executive LeadershipProactive Coverage at ScaleIntegrated Firmwide Client Data Platform Stable and Strong Risk Management and InfrastructureScaled Risk Management and Infrastructure on Pace with Growth Looking Ahead,Growth Augmented by the Evolution of the Integrated Firm The End Note

31、s are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.16Morgan Stanley:Four Pillars of the Integrated Firm Driving Toward Firmwide GoalsStrategyCultureFinancial StrengthGro

32、wthISG Wallet ShareDurable Share GainsWM Pre-Tax Margin30%Client Assets$10 Trillion+ROTCE20%Efficiency Ratio70%Firmwide Goals(1)The End Notes are an integral part of this Presentation.See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms

33、 in this presentation.End Notes17The Firms financial presentations,earnings releases,earnings conference calls,and other communications may include certain metrics,including non-GAAP financial measures,which we believe to be useful to us,investors,analysts and other stakeholders by providing further

34、 transparency about,or an additional means of assessing,our financial condition and operating results.The End Notes are an integral part of our presentations and other communications.For additional information,refer to the Definition of U.S.GAAP to Non-GAAP Measures,Definitions of Performance Metric

35、s and Terms,Supplemental Quantitative Details and Calculations(includes reconciliation of GAAP to non-GAAP),and Legal Notice in the Morgan Stanley Fourth Quarter 2024 Financial Supplement included in the Current Report on Form 8-K dated January 16,2025(Morgan Stanley Fourth Quarter 2024 Financial Su

36、pplement).For information and impact of the Companys acquisitions,please refer to prior period filings of the Companys Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.Diluted EPS($)Earnings applicable to Morgan Stanley common shareholders($MM)Reported Metrics-GAAP5.18 8,530 Adjustment

37、 for Severance costs0.16 269 Adjustment for Legal expenses0.14 234 Adjustment for Integration-related expenses0.14 226 Adjustment for FDIC special assessment0.13 218 Total Adjustment0.58 947 Adjusted Metrics-non-GAAP 5.76 9,477 Twelve Months Ended December 31,2023End Notes18These notes refer to the

38、financial metrics and/or defined terms presented on Slide 51.Average Length of Service reflects total years of service at Morgan Stanley as of January 10,2025.Managing Directors include promotions and notified terminations as of January 10,2025.2.Percentage of total management committee members and

39、managing directors,as of January 10,2025,who have served in more than one business division or more than one country with Morgan Stanley.For managing directors,those hired via an acquisition are excluded.These notes refer to the financial metrics and/or defined terms presented on Slide 61.Common Equ

40、ity Tier 1(CET1)Ratio is based on the Basel III Standardized Approach Fully Phased-in rules.Regulatory Requirement Including Buffers includes the regulatory minimum,Stress Capital Buffer and G-SIB capital surcharge.Both metrics are as of year-end for each respective period.2.4Q Dividend Per Share re

41、presents the dividend per share in the fourth quarter of each respective year.3.EPS represents diluted earnings per share.For the year ended December 31,2023,the EPS has also been adjusted to exclude expense items which were highlighted in Morgan Stanleys Annual Report on Form 10-K for the year ende

42、d December 31,2023.This adjusted metric is a non-GAAP financial measure that the firm considers useful to us,investors,analysts,and other stakeholders by providing further transparency about,or an alternate means of assessing or comparing our financial condition.Severance costs of$353 millionLegal e

43、xpenses relating to a specific matter of$249 millionIntegration-related expenses of$293 millionFDIC special assessment of$286 millionThese notes refer to the financial metrics and/or defined terms presented on Slide 81.Wealth Management(WM)&Investment Management(IM)Net Revenues represent the sum of

44、reported net revenues for the two segments.WM and IM Asset Management revenues represent the sum of Asset Management and Asset Management and related fees(AM and Related Fees),as reported in each respective segment in the Morgan Stanley Fourth Quarter 2024 Financial Supplement.WM Other and IM PBI re

45、present the sum of Other and Performance-based income and Other as reported in each respective segment in the Morgan Stanley Fourth Quarter 2024 Financial Supplement.The combined WM and IM includes intersegment activity as a result of each segment reporting revenue or expense from transactions“as if

46、”with external parties,and the firm eliminates the intersegment activity in its consolidated firm results.The combined Net Revenues includes intersegment activity of$152MM,$240MM,and$282MM in 2018,2023 and 2024,respectively.End Notes19These notes refer to the financial metrics and/or defined terms p

47、resented on Slide 82.Client Assets represent the sum of the reported WM client assets and IM assets under management(AuM).WM client assets represent those assets for which WM is providing services including financial advisorled brokerage,custody,administrative and investment advisory services;selfdi

48、rected brokerage and investment advisory services;financial and wealth planning services;workplace services,including stock plan administration,and retirement plan services.Certain WM client assets are invested in IM products and are also included in IMs AuM.3.Wallet Share represents the percentage

49、of Morgan Stanleys Institutional Securities(ISG)segment net revenues to the Wallet.The Wallet represents Investment Banking(IBD),Equity Sales&Trading and Fixed Income Sales&Trading net revenues,where applicable,for Morgan Stanley and the following peer set:Bank of America,Barclays,Citigroup,Deutsche

50、 Bank,Goldman Sachs,JP Morgan,and UBS.For 2018 and 2023,the peer set includes Credit Suisse,prior to UBS acquisition completed in June 2023.For peers that disclose results between multiple segments,assumptions have been made based on company disclosures.European peer results were translated to USD u

51、sing average exchange rates for the appropriate period,sourced from Bloomberg.The analysis utilizes data for peers that have reported full-year 2024 results as of January 15,2025.For peers that have not yet reported,a full-year 2024 results estimate is derived assuming the aggregate share of those p

52、eers of the Wallet for the first nine months of 2024 remains constant in the fourth quarter of 2024.These notes refer to the financial metrics and/or defined terms presented on Slide 91.RWAs represent risk-weighted assets under the Standardized Approach as of year-end for each respective period.2.Pr

53、e-Tax Margin represents income before provision for income taxes as a percentage of net revenues.These notes refer to the financial metrics and/or defined terms presented on Slide 101.Core Client Relationships represent Advisor-Led Households as of 4Q 2018 and Advisor-Led Households,Self-Directed Ho

54、useholds,and Workplace Participants,excluding overlap,as of 4Q 2023 and 4Q 2024:Advisor-Led Households represent the total number of households that include at least one account with Advisor-Led Clients Assets.Advisor-Led Client Assets represent client assets in accounts that have a WM representativ

55、e assigned.Self-Directed Households represent the total number of households that include at least one active account with Self-Directed Client Assets.Self-Directed Client Assets represent active accounts which are not advisor-led.Active accounts are defined as having at least$25 in assets.Workplace

56、 Participants represent Stock Plan Participants,Institutional Consulting Participants,and Retirement and Financial Wellness Participants,excluding overlap.Stock Plan Participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel.Individuals with accounts

57、 in multiple plans are counted as participants in each plan.Institutional Consulting Participants represent participants of corporate clients with institutional consulting plans serviced by Morgan Stanley at Work.Retirement and Financial Wellness Participants represent participants of corporate clie

58、nts with financial wellness and retirement plans serviced by Morgan Stanley at Work.2.Net New Assets(NNA)represent client asset inflows,inclusive of interest,dividends and asset acquisitions,less client asset outflows and exclude the impact of business combinations/divestitures and the impact of fee

59、s and commissions.3.Fee-Based 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 Flows,see Fee-bas

60、ed client assets in Morgan Stanleys Annual Report on Form 10-K for the year ended December 31,2023.End Notes20These notes refer to the financial metrics and/or defined terms presented on Slide 111.Analysis represents tenure of clients that have advisor-led client assets at Morgan Stanley as of 4Q 20

61、24 and excludes those clients associated with financial advisors recruited over the last nine years.These notes refer to the financial metrics and/or defined terms presented on Slide 121.Parametric Long-Term and Parametric Overlay represents AuM reported under the“Alternatives and Solutions”and“Liqu

62、idity and Overlay Services”categories,respectively,in the Morgan Stanley Fourth Quarter 2024 Financial Supplement.AuM is as of period end.2018 data is prior to the close of the Eaton Vance acquisition.2.Investable Capital includes AuM,unfunded commitments,co-investments and leverage across private a

63、lternative and liquid alternative strategies.The AuM portion of investable capital is reported under the“Alternatives and Solutions”,“Equities”and“Fixed Income”categories in the Morgan Stanley Fourth Quarter 2024 Financial Supplement.AuM is as of period end.These notes refer to the financial metrics

64、 and/or defined terms presented on Slide 131.Deposits reflect liabilities sourced from WM clients and other sources of funding on the U.S.Bank subsidiaries.U.S.Bank refers to the Firms U.S.Bank subsidiaries,Morgan Stanley Bank,N.A.and Morgan Stanley Private Bank,National Association.Deposits include

65、 sweep deposit programs,savings and other deposits,and time deposits.Metrics are as of period end.These notes refer to the financial metrics and/or defined terms presented on Slide 141.The combined WM and IM Asset Management revenues includes intersegment activity as a result of each segment reporti

66、ng revenue or expense from transactions“as if”with external parties,and the firm eliminates the intersegment activity in its consolidated firm results.The combined Asset Management revenues includes intersegment activity of$131MM,$197MM,and$237MM in 2018,2023 and 2024,respectively.These notes refer

67、to the financial metrics and/or defined terms presented on Slide 161.Efficiency Ratio represents total non-interest expenses as a percentage of net revenues.Return on average tangible common equity(ROTCE)represents net income applicable to Morgan Stanley less preferred dividends as a percentage of a

68、verage tangible common equity.Average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction.ROTCE and average tangible common equity are non-GAAP financial measures that the Firm considers usefu

69、l for analysts,investors and other stakeholders to assess operating performance.The attainment of these objectives assumes a normal market environment and may be impacted by external factors that cannot be predicted at this time,including geopolitical,macroeconomic and market conditions and future legislation and regulations and any changes thereto.Please also refer to the Notice on Slide 2 of this presentation.Four Pillars of Morgan Stanley:The Integrated FirmTed Pick,Chairman and Chief Executive Officer January 16,2025