Morgan Stanley Reports Net Revenues of $14.8 Billion, EPS of
$1.98 and ROTCE of 19.6%
Morgan Stanley (NYSE: MS) today reported net revenues of
$14.8 billion for the third quarter ended September 30, 2021
compared with $11.7 billion a year ago. Net income applicable to
Morgan Stanley was $3.7 billion, or $1.98 per diluted share,1
compared with net income of $2.7 billion, or $1.66 per diluted
share,1 for the same period a year ago. The comparisons of current
year results to prior periods were impacted by the acquisitions of
E*TRADE Financial Corporation (“E*TRADE”), reported in the Wealth
Management segment, and Eaton Vance Corp. (“Eaton Vance”), reported
in the Investment Management segment.
James P. Gorman, Chairman and Chief Executive Officer,
said, “The Firm delivered another very strong quarter, with robust
revenues and improved efficiency producing an ROTCE of 20%. We had
standout performance of our integrated Investment Bank and record
net new assets of $135 billion in Wealth Management. Year-to-date,
our successful integrations of E*TRADE and Eaton Vance have
supported growth of $400 billion in net new client assets across
Wealth and Investment Management, bringing our total combined
client assets to $6.2 trillion.”
Financial Summary2,3,4
Highlights
Firm ($ millions, except per share
data)
3Q
2021
3Q
2020
- Firm net revenues of $14.8 billion and net income of $3.7
billion increased more than 25% year over year reflecting strong
performance across all business segments and regions.
- The Firm delivered ROTCE of 19.6% or 20.2% excluding the impact
of integration-related expenses.5,6
- The Firm expense efficiency ratio improved to 67% or 66%
excluding the impact of integration-related expenses.6,7
- Common Equity Tier 1 capital standardized ratio was 16.0%.
- Institutional Securities net revenues of $7.5 billion reflect
record Investment Banking revenues, led by advisory, continued
strong performance in Equity, and solid results in Fixed
Income.
- Wealth Management delivered a pre-tax margin of 25.8% or 27.7%
excluding integration-related expenses.6,8 Results reflect record
asset management revenues and continued growth in bank lending. The
business added record net new assets of $135 billion9 representing
a year-to-date 10% annualized growth rate from beginning period
assets.
- Investment Management results reflect an increase in fee-based
asset management revenues on AUM of $1.5 trillion.
Net revenues
$14,753
$11,721
Provision for credit losses
$24
$111
Compensation expense
$5,920
$5,086
Non-compensation expenses
$3,935
$3,037
Pre-tax income10
$4,874
$3,487
Net income app. to MS
$3,707
$2,717
Expense efficiency ratio7
67%
69%
Earnings per diluted share
$1.98
$1.66
Book value per share
$54.56
$50.67
Tangible book value per share
$40.47
$44.81
Return on equity
14.5%
13.2%
Return on tangible equity5
19.6%
15.0%
Institutional Securities
Net revenues
$7,495
$6,129
Investment Banking
$2,849
$1,707
Equity
$2,876
$2,311
Fixed Income
$1,640
$1,954
Wealth Management
Net revenues
$5,935
$4,654
Fee-based client assets ($ billions)11
$1,752
$1,333
Fee-based asset flows ($ billions)12
$70.6
$23.8
Net new assets ($ billions)9
$134.5
$51.8
Loans ($ billions)
$121.2
$91.3
Investment Management
Net revenues
$1,453
$1,056
AUM ($ billions)13
$1,522
$715
Long-term net flows ($ billions)14
$(2.3)
$10.4
Institutional Securities
Institutional Securities reported net revenues for the current
quarter of $7.5 billion compared with $6.1 billion a year ago.
Pre-tax income was $3.0 billion compared with $2.0 billion a year
ago.10
Investment Banking revenues up 67% from
a year ago:
- Record advisory revenues driven by higher completed M&A
transactions.
- Equity underwriting revenues increased from a year ago
primarily from IPOs and blocks driven by more issuances and
activity in a constructive market.
- Fixed income underwriting revenues increased from a year ago
driven by higher non-investment grade loan issuances on the back of
increased event financing, partially offset by lower investment
grade bond volumes.
Equity net revenues up 24% from a year
ago:
- Equity net revenues increased from a year ago reflecting higher
results across products driven by strong client engagement in a
favorable market environment, with particular strength in
Asia.
Fixed Income net revenues down 16% from
a year ago:
- Fixed Income net revenues declined versus a strong prior year
quarter. Results reflect a decrease in our macro businesses in a
less volatile environment and lower results in our micro businesses
driven by tighter bid-offer and credit spreads. The decrease was
partially offset by higher revenues in commodities driven by an
increase in client activity.
($ millions)
3Q
2021
3Q
2020
Net Revenues
$7,495
$6,129
Investment Banking
$2,849
$1,707
Advisory
$1,272
$357
Equity underwriting
$1,010
$874
Fixed income underwriting
$567
$476
Equity
$2,876
$2,311
Fixed Income
$1,640
$1,954
Other
$130
$157
Provision for credit
losses
$24
$113
Total Expenses
$4,498
$3,968
Compensation
$2,248
$2,001
Non-compensation
$2,250
$1,967
Provision for credit losses:
- Provision for credit losses decreased from a year ago on loans
held for investment as a result of an improved macroeconomic
environment.
Total Expenses:
- Compensation expense increased from a year ago on higher
revenues.
- Non-compensation expenses increased from a year ago primarily
driven by higher volume related expenses.
Wealth Management
Wealth Management reported net revenues for the current quarter
of $5.9 billion compared with $4.7 billion from a year ago. Pre-tax
income of $1.5 billion10 in the current quarter resulted in a
reported pre-tax margin of 25.8% or 27.7% excluding the impact of
integration-related expenses.6,8 The comparisons of current year
results to prior periods were impacted by the acquisition of
E*TRADE.
Net revenues increased 28% from a year
ago:
- Asset management revenues increased from a year ago reflecting
higher asset levels driven by market appreciation and strong
positive fee-based flows in the advisor-led channel.
- Transactional revenues15 increased 38% excluding the impact of
lower mark-to-market gains on investments associated with certain
employee deferred compensation plans. Results reflect incremental
revenues as a result of the E*TRADE acquisition and strong client
activity.
- Net interest income increased from a year ago as a result of
the E*TRADE acquisition and strong bank lending growth.
($ millions)
3Q
2021
3Q
2020
Net Revenues
$5,935
$4,654
Asset management
$3,628
$2,793
Transactional15
$832
$880
Net interest income
$1,348
$889
Other
$127
$92
Provision for credit
losses
$0
$(2)
Total Expenses
$4,405
$3,536
Compensation
$3,159
$2,684
Non-compensation
$1,246
$852
Total Expenses:
- Compensation expense increased from a year ago driven by higher
compensable revenues and incremental compensation as a result of
the E*TRADE acquisition6 partially offset by decreases in the fair
value of certain deferred compensation plan referenced
investments.
- Non-compensation expenses increased from a year ago primarily
driven by incremental expenses as a result of the E*TRADE
acquisition.6
Investment Management
Investment Management reported net revenues of $1.5 billion
compared with $1.1 billion a year ago. Pre-tax income was $370
million compared with $315 million a year ago.10 The comparisons of
current year results to prior periods were impacted by the
acquisition of Eaton Vance.
Net revenues increased 38% from a year
ago:
- Asset management and related fees increased from a year ago
driven by incremental revenues as a result of the Eaton Vance
acquisition and higher AUM.
- Performance-based income and other revenues decreased from a
year ago due to overall lower accrued carried interest in the Asia
private equity business, primarily driven by an underlying public
investment in one of the funds.
($ millions)
3Q
2021
3Q
2020
Net Revenues
$1,453
$1,056
Asset management and related
fees
$1,470
$795
Performance-based income and
other
$(17)
$261
Total Expenses
$1,083
$741
Compensation
$513
$401
Non-compensation
$570
$340
Total Expenses:
- Compensation expense increased from a year ago primarily driven
by incremental compensation expenses as a result of the Eaton Vance
acquisition,6 partially offset by lower compensation associated
with carried interest.
- Non-compensation expenses increased from a year ago primarily
driven by incremental expenses as a result of the Eaton Vance
acquisition.6
Other Matters
- The Firm repurchased $3.6 billion of its outstanding common
stock during the quarter as part of its Share Repurchase
Program.
- The Board of Directors declared a $0.70 quarterly dividend per
share, payable on November 15, 2021 to common shareholders of
record on October 29, 2021.
- The Firm intends to early adopt the standardized approach for
counterparty credit risk (SA-CCR) under Basel III in the fourth
quarter. In the absence of further mitigation, our risk-weighted
assets (RWAs) under the Standardized Approach could increase by $35
- $45 billion and decrease our Standardized CET1 capital ratio by
approximately 120 basis points.20
3Q
2021
3Q
2020
Capital16
Standardized Approach
CET1 capital17,20
16.0%
17.4%
Tier 1 capital17
17.6%
19.5%
Advanced Approach
CET1 capital17
17.1%
16.9%
Tier 1 capital17
18.9%
19.0%
Leverage-based capital
Tier 1 leverage18
7.3%
8.3%
SLR19
5.7%
7.4%
Common Stock
Repurchases
Repurchases ($ millions)
$3,557
N/A
Number of Shares (millions)
36
N/A
Average Price
$99.44
N/A
Period End Shares
(millions)
1,799
1,576
Tax Rate
23.6%
21.1%
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 more
than 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, 2020 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.
1 Includes preferred dividends related to the calculation of
earnings per share of $123 million and $120 million for the third
quarter of 2021 and 2020, 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 The provision for credit losses for loans and lending
commitments is now presented as a separate line in the consolidated
income statements.
5 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.
6 The Firm’s third quarter results include $145 million of
integration-related expenses on a pre-tax basis ($111 million
after-tax) as a result of the E*TRADE and Eaton Vance acquisitions.
The integration-related expenses include $19 million in
compensation expense and $126 million in non-compensation expense.
Wealth Management and Investment Management integration-related
expenses include $9 million and $10 million in compensation
expense, respectively, and $104 million and $22 million in
non-compensation expense, respectively.
7 The Firm expense efficiency ratio of 66.8% represents total
non-interest expenses as a percentage of net revenues. The Firm
expense efficiency ratio excluding integration-related expenses of
65.8% represents total non-interest expenses adjusted for
integration-related 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.
8 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.
9 Wealth Management net new assets represent client inflows,
including dividends and interest, and asset acquisitions, less
client outflows, and exclude activity from business
combinations/divestitures and the impact of fees and commissions.
The current quarter ended September 30, 2021 includes $43 billion
of fee-based assets acquired in an asset acquisition.
10 Pre-tax income represents income before taxes.
11 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.
12 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. The current quarter
ended September 30, 2021 includes $43 billion of fee-based assets
acquired in an asset acquisition.
13 AUM is defined as assets under management.
14 Long-term net flows include the Equity, Fixed Income and
Alternative and Solutions asset classes and excludes the Liquidity
and Overlay Services asset class.
15 Transactional revenues include investment banking, trading,
and commissions and fee revenues. Transactional revenues excluding
the impact of mark-to-market gains on investments associated with
employee deferred cash-based 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.
16 Capital ratios are estimates as of the press release date,
October 14, 2021.
17 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, 2020 (2020 Form 10-K).
18 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.
19 The Firm’s supplementary leverage ratio (SLR) utilizes a Tier
1 capital numerator of approximately $83.5 billion and $79.9
billion, and supplementary leverage exposure denominator of
approximately $1.46 trillion and $1.08 trillion, for the third
quarter of 2021 and 2020, respectively. Based on a Federal Reserve
interim final rule that was in effect until March 31, 2021, our SLR
and supplementary leverage exposure as of September 30, 2020
reflects the exclusion of U.S. Treasury securities and deposits at
Federal Reserve Banks. The exclusion of these assets had the effect
of increasing our SLR by 0.9% as of September 30, 2020.
20 The Firm intends to early adopt the standardized approach for
counterparty credit risk (SA-CCR) under Basel III in the fourth
quarter. SA-CCR replaces the current exposure method used to
measure derivatives counterparty exposure on the Standardized
Approach risk-weighted assets (RWAs) and Supplementary Leverage
Ratio exposure calculations in the regulatory capital framework. In
the absence of further mitigation, our RWAs under the Standardized
Approach could increase by $35 - $45 billion and decrease our
Standardized CET1 capital ratio by approximately 120 basis points.
This preliminary impact is subject to risks and uncertainties as
well as the portfolio composition as of the adoption date that may
cause the actual impact to differ materially and should not be
taken as a projection of what our capital ratios and RWAs will be
in future periods.
Consolidated Income Statement Information
(unaudited, dollars in millions) Quarter Ended
Percentage Change From: Nine Months Ended
Percentage Sep 30, 2021 Jun 30, 2021 Sep
30, 2020 Jun 30, 2021 Sep 30, 2020 Sep 30,
2021 Sep 30, 2020 Change Revenues: Investment
banking
$
3,013
$
2,560
$
1,826
18
%
65
%
$
8,413
$
5,239
61
%
Trading
2,861
3,330
3,150
(14
%)
(9
%)
10,416
10,754
(3
%)
Investments
45
381
346
(88
%)
(87
%)
744
659
13
%
Commissions and fees
1,280
1,308
1,037
(2
%)
23
%
4,214
3,499
20
%
Asset management
5,201
4,973
3,664
5
%
42
%
14,572
10,346
41
%
Other
290
342
212
(15
%)
37
%
916
221
*
Total non-interest revenues
12,690
12,894
10,235
(2
%)
24
%
39,275
30,718
28
%
Interest income
2,351
2,212
2,056
6
%
14
%
7,000
7,917
(12
%)
Interest expense
288
347
570
(17
%)
(49
%)
1,044
3,475
(70
%)
Net interest
2,063
1,865
1,486
11
%
39
%
5,956
4,442
34
%
Net revenues
14,753
14,759
11,721
--
26
%
45,231
35,160
29
%
Provision for credit losses
24
73
111
(67
%)
(78
%)
(1
)
757
*
Non-interest expenses: Compensation and benefits
5,920
6,423
5,086
(8
%)
16
%
19,141
15,404
24
%
Non-compensation expenses: Brokerage, clearing and exchange
fees
825
795
697
4
%
18
%
2,530
2,153
18
%
Information processing and communications
788
765
616
3
%
28
%
2,286
1,768
29
%
Professional services
734
746
542
(2
%)
35
%
2,104
1,526
38
%
Occupancy and equipment
427
414
373
3
%
14
%
1,246
1,103
13
%
Marketing and business development
146
146
78
--
87
%
438
273
60
%
Other
1,015
831
731
22
%
39
%
2,703
2,188
24
%
Total non-compensation expenses
3,935
3,697
3,037
6
%
30
%
11,307
9,011
25
%
Total non-interest expenses
9,855
10,120
8,123
(3
%)
21
%
30,448
24,415
25
%
Income before provision for income taxes
4,874
4,566
3,487
7
%
40
%
14,784
9,988
48
%
Provision for income taxes
1,150
1,054
736
9
%
56
%
3,380
2,221
52
%
Net income
$
3,724
$
3,512
$
2,751
6
%
35
%
$
11,404
$
7,767
47
%
Net income applicable to nonredeemable noncontrolling interests
17
1
34
*
(50
%)
66
156
(58
%)
Net income applicable to Morgan Stanley
3,707
3,511
2,717
6
%
36
%
11,338
7,611
49
%
Preferred stock dividend
123
103
120
19
%
3
%
364
377
(3
%)
Earnings applicable to Morgan Stanley common shareholders
$
3,584
$
3,408
$
2,597
5
%
38
%
$
10,974
$
7,234
52
%
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, 2021 Jun 30, 2021 Sep 30, 2020 Jun 30,
2021 Sep 30, 2020 Sep 30, 2021 Sep 30,
2020 Change Financial Metrics:
Earnings per basic share
$
2.01
$
1.88
$
1.68
7
%
20
%
$
6.11
$
4.68
31
%
Earnings per diluted share
$
1.98
$
1.85
$
1.66
7
%
19
%
$
6.02
$
4.62
30
%
Return on average common equity
14.5
%
13.8
%
13.2
%
15.1
%
12.6
%
Return on average tangible common equity
19.6
%
18.6
%
15.0
%
19.7
%
14.3
%
Book value per common share
$
54.56
$
54.04
$
50.67
$
54.56
$
50.67
Tangible book value per common share
$
40.47
$
40.12
$
44.81
$
40.47
$
44.81
Excluding integration-related expenses Adjusted earnings per
diluted share
$
2.04
$
1.89
$
1.66
8
%
23
%
$
6.15
$
4.62
33
%
Adjusted return on average common equity
15.0
%
14.1
%
13.2
%
15.4
%
12.6
%
Adjusted return on average tangible common equity
20.2
%
19.0
%
15.0
%
20.2
%
14.3
%
Financial Ratios: Pre-tax profit margin
33
%
31
%
30
%
33
%
28
%
Compensation and benefits as a % of net revenues
40
%
44
%
43
%
42
%
44
%
Non-compensation expenses as a % of net revenues
27
%
25
%
26
%
25
%
26
%
Firm expense efficiency ratio
67
%
69
%
69
%
67
%
69
%
Firm expense efficiency ratio excluding integration-related
expenses
66
%
68
%
69
%
67
%
69
%
Effective tax rate
23.6
%
23.1
%
21.1
%
22.9
%
22.2
%
Statistical Data: Period end common
shares outstanding (millions)
1,799
1,834
1,576
(2
%)
14
%
Average common shares outstanding (millions) Basic
1,781
1,814
1,542
(2
%)
15
%
1,797
1,546
16
%
Diluted
1,812
1,841
1,566
(2
%)
16
%
1,824
1,565
17
%
Worldwide employees
73,620
71,826
63,051
2
%
17
%
Notes: - For the quarters ended September 30,
2021 and June 30, 2021, Firm results include pre-tax
integration-related expenses of $145 million and $90 million ($111
million and $69 million after-tax) respectively, reported in the
Wealth Management and Investment Management business segments. The
nine months ended September 30, 2021 results include pre-tax
integration-related expenses of $310 million ($238 million
after-tax). - 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.
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