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Morgan Stanley 10-Q 2011
Form 10-Q
Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

Commission File Number 1-11758

LOGO

(Exact Name of Registrant as specified in its charter)

 

       

Delaware

(State or other jurisdiction of incorporation or organization)

   1585 Broadway

New York, NY 10036

(Address of principal executive
offices, including zip code)

  36-3145972

(I.R.S. Employer Identification No.)

  (212) 761-4000

(Registrant’s telephone number,
including area code)

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

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  x    No  ¨

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

 

Large Accelerated Filer  x

   Accelerated Filer  ¨

Non-Accelerated Filer  ¨

   Smaller reporting company  ¨

(Do not check if a smaller reporting company)

  

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

As of October 31, 2011, there were 1,927,402,132 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.


Table of Contents

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QUARTERLY REPORT ON FORM 10-Q

For the quarter ended September 30, 2011

 

Table of Contents    Page  

Part I—Financial Information

  

Item 1.

  Financial Statements (unaudited)      1   
 

Condensed Consolidated Statements of Financial Condition—September 30, 2011 and December  31, 2010

     1   
 

Condensed Consolidated Statements of Income—Three and Nine Months Ended September  30, 2011 and 2010

     3   
 

Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2011 and 2010

     4   
 

Condensed Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2011 and 2010

     5   
 

Condensed Consolidated Statements of Changes in Total Equity—Nine Months Ended September 30, 2011 and 2010

     6   
  Notes to Condensed Consolidated Financial Statements (unaudited)      8   
  Report of Independent Registered Public Accounting Firm      84   

Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      85   
 

Introduction

     85   
 

Executive Summary

     86   
 

Business Segments

     97   
 

Accounting Developments

Other Matters

    

 

111

112

  

  

 

Critical Accounting Policies

     116   
 

Liquidity and Capital Resources

     121   

Item 3.

  Quantitative and Qualitative Disclosures about Market Risk      134   

Item 4.

  Controls and Procedures      147   
  Financial Data Supplement (Unaudited)      148   

Part II—Other Information

  

Item 1.

  Legal Proceedings      154   

Item 1A.

  Risk Factors      157   

Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      159   

Item 6.

  Exhibits      159   

 

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Table of Contents

AVAILABLE INFORMATION

Morgan Stanley files annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). You may read and copy any document we file with the SEC at the SEC’s public reference room at 100 F Street, NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for information on the public reference room. The SEC maintains an internet site that contains annual, quarterly and current reports, proxy and information statements and other information that issuers (including Morgan Stanley) file electronically with the SEC. Morgan Stanley’s electronic SEC filings are available to the public at the SEC’s internet site, www.sec.gov.

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

Morgan Stanley has a Corporate Governance webpage. You can access information about Morgan Stanley’s corporate governance at www.morganstanley.com/about/company/governance. Morgan Stanley posts the following on its Corporate Governance webpage:

 

   

Amended and Restated Certificate of Incorporation;

 

   

Amended and Restated Bylaws;

 

   

Charters for its Audit Committee; Compensation, Management Development and Succession Committee; Nominating and Governance Committee; Operations and Technology Committee; and Risk Committee;

 

   

Corporate Governance Policies;

 

   

Policy Regarding Communication with the Board of Directors;

 

   

Policy Regarding Director Candidates Recommended by Shareholders;

 

   

Policy Regarding Corporate Political Contributions;

 

   

Policy Regarding Shareholder Rights Plan;

 

   

Code of Ethics and Business Conduct;

 

   

Code of Conduct; and

 

   

Integrity Hotline information.

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

 

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Table of Contents

Part I—Financial Information.

 

Item 1. Financial Statements.

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in millions, except share data)

(unaudited)

 

    September 30,
2011
    December 31,
2010
 

Assets

   

Cash and due from banks ($362 and $297 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities generally not available to the Company)

  $ 12,255      $ 7,341   

Interest bearing deposits with banks

    41,652        40,274   

Cash deposited with clearing organizations or segregated under federal and other regulations or requirements

    30,864        19,180   

Financial instruments owned, at fair value (approximately $132,554 and $129,969 were pledged to various parties at September 30, 2011 and December 31, 2010, respectively):

   

U.S. government and agency securities

    43,104        48,446   

Other sovereign government obligations

    34,779        33,908   

Corporate and other debt ($3,440 and $3,816 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities, generally not available to the Company)

    76,143        88,154   

Corporate equities ($0 and $625 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities, generally not available to the Company)

    47,194        68,416   

Derivative and other contracts

    54,412        51,292   

Investments ($1,814 and $1,873 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities, generally not available to the Company)

    8,323        9,752   

Physical commodities

    10,296        6,778   
 

 

 

   

 

 

 

Total financial instruments owned, at fair value

    274,251        306,746   

Securities available for sale, at fair value

    27,697        29,649   

Securities received as collateral, at fair value

    10,899        16,537   

Federal funds sold and securities purchased under agreements to resell

    169,824        148,253   

Securities borrowed

    123,904        138,730   

Receivables:

   

Customers

    34,175        35,258   

Brokers, dealers and clearing organizations

    11,063        9,102   

Fees, interest and other

    9,392        9,790   

Loans (net of allowances of $18 and $82 at September 30, 2011 and December 31, 2010, respectively)

    13,453        10,576   

Other investments

    4,811        5,412   

Premises, equipment and software costs (net of accumulated depreciation of $4,722 and $4,476 at September 30, 2011 and December 31, 2010, respectively) ($324 and $321 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities, generally not available to the Company)

    6,511        6,154   

Goodwill

    6,709        6,739   

Intangible assets (net of accumulated amortization of $865 and $605 at September 30, 2011 and December 31, 2010, respectively) (includes $133 and $157 at fair value at September 30, 2011 and December 31, 2010, respectively)

    4,370        4,667   

Other assets ($346 and $118 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities, generally not available to the Company)

    13,109        13,290   
 

 

 

   

 

 

 

Total assets

  $ 794,939      $ 807,698   
 

 

 

   

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

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Table of Contents

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION—(Continued)

(dollars in millions, except share data)

(unaudited)

 

    September 30,
2011
    December 31,
2010
 

Liabilities and Equity

   

Deposits (includes $2,796 and $3,027 at fair value at September 30, 2011 and December 31, 2010, respectively)

  $ 66,184      $ 63,812   

Commercial paper and other short-term borrowings (includes $1,139 and $1,799 at fair value at September 30, 2011 and December 31, 2010, respectively)

    2,881        3,256   

Financial instruments sold, not yet purchased, at fair value:

   

U.S. government and agency securities

    19,334        27,948   

Other sovereign government obligations

    18,089        22,250   

Corporate and other debt

    9,978        10,918   

Corporate equities

    26,483        19,838   

Derivative and other contracts

    48,064        47,802   

Physical commodities

    16        —     
 

 

 

   

 

 

 

Total financial instruments sold, not yet purchased, at fair value

    121,964        128,756   

Obligation to return securities received as collateral, at fair value

    15,035        21,163   

Securities sold under agreements to repurchase (includes $354 and $849 at fair value at September 30, 2011 and December 31, 2010, respectively )

    110,053        147,598   

Securities loaned

    27,785        29,094   

Other secured financings (includes $15,940 and $8,490 at fair value at September 30, 2011 and December 31, 2010, respectively) ($2,681 and $2,656 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities and are non-recourse to the Company)

    22,156        10,453   

Payables:

   

Customers

    143,717        123,249   

Brokers, dealers and clearing organizations

    5,891        3,363   

Interest and dividends

    2,788        2,572   

Other liabilities and accrued expenses ($142 and $117 at September 30, 2011 and December 31, 2010, respectively, related to consolidated variable interest entities and are non-recourse to the Company)

    17,298        16,518   

Long-term borrowings (includes $39,687 and $42,709 at fair value at September 30, 2011 and December 31, 2010, respectively)

    189,093        192,457   
 

 

 

   

 

 

 
    724,845        742,291   
 

 

 

   

 

 

 

Commitments and contingent liabilities (see Note 11)

   

Equity

   

Morgan Stanley shareholders’ equity:

   

Preferred stock

    1,508        9,597   

Common stock, $0.01 par value;

   

Shares authorized: 3,500,000,000 at September 30, 2011 and December 31, 2010;

   

Shares issued: 1,989,377,171 at September 30, 2011 and 1,603,913,074 at December 31, 2010;

   

Shares outstanding: 1,927,539,703 at September 30, 2011 and 1,512,022,095 at December 31, 2010

    20        16   

Paid-in capital

    22,501        13,521   

Retained earnings

    40,710        38,603   

Employee stock trust

    3,216        3,465   

Accumulated other comprehensive loss

    (413     (467

Common stock held in treasury, at cost, $0.01 par value; 61,837,468 shares at September 30, 2011 and 91,890,979 shares at December 31, 2010

    (2,498     (4,059

Common stock issued to employee trust

    (3,216     (3,465
 

 

 

   

 

 

 

Total Morgan Stanley shareholders’ equity

    61,828        57,211   

Noncontrolling interests

    8,266        8,196   
 

 

 

   

 

 

 

Total equity

    70,094        65,407   
 

 

 

   

 

 

 

Total liabilities and equity

  $ 794,939      $ 807,698   
 

 

 

   

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

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Table of Contents

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except share and per share data)

(unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2011     2010     2011     2010  

Revenues:

        

Investment banking

   $ 1,031      $ 1,221      $ 3,940      $ 3,361   

Principal transactions:

        

Trading

     4,961        1,441        11,423        8,552   

Investments

     (298     820        433        1,137   

Commissions and fees

     1,484        1,068        4,224        3,636   

Asset management, distribution and administration fees

     2,184        1,940        6,499        5,877   

Other

     390        187        221        640   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest revenues

     9,752        6,677        26,740        23,203   
  

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

     1,749        1,851        5,560        5,334   

Interest expense

     1,609        1,748        5,491        4,722   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest

     140        103        69        612   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     9,892        6,780        26,809        23,815   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expenses:

        

Compensation and benefits

     3,685        3,685        12,693        11,987   

Occupancy and equipment

     386        399        1,189        1,190   

Brokerage, clearing and exchange fees

     447        332        1,268        1,051   

Information processing and communications

     460        412        1,353        1,223   

Marketing and business development

     145        134        446        421   

Professional services

     462        460        1,384        1,351   

Other

     629        557        1,982        1,573   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

     6,214        5,979        20,315        18,796   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

     3,678        801        6,494        5,019   

Provision for (benefit from) income taxes

     1,410        (23     1,696        653   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     2,268        824        4,798        4,366   
  

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations:

        

Gain (loss) from discontinued operations

     1        (148     7        619   

Provision for (benefit from) income taxes

     (24     35        (24     349   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net gain (loss) from discontinued operations

     25        (183     31        270   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 2,293      $ 641      $ 4,829      $ 4,636   

Net income applicable to noncontrolling interests

     94        510        469        769   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income applicable to Morgan Stanley

   $ 2,199      $ 131      $ 4,360      $ 3,867   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) applicable to Morgan Stanley common shareholders

   $ 2,153      $ (91   $ 2,335      $ 2,971   
  

 

 

   

 

 

   

 

 

   

 

 

 

Amounts applicable to Morgan Stanley:

        

Income from continuing operations

   $ 2,174      $ 314      $ 4,329      $ 3,597   

Net gain (loss) from discontinued operations

     25        (183     31        270   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income applicable to Morgan Stanley

   $ 2,199      $ 131      $ 4,360      $ 3,867   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per basic common share:

        

Income from continuing operations

   $ 1.15      $ 0.07      $ 1.45      $ 2.04   

Net gain (loss) from discontinued operations

     0.01        (0.14     0.02        0.18   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per basic common share

   $ 1.16      $ (0.07   $ 1.47      $ 2.22   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per diluted common share:

        

Income from continuing operations

   $ 1.14      $ 0.05      $ 1.43      $ 1.98   

Net gain (loss) from discontinued operations

     0.01        (0.12     0.02        0.17   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per diluted common share

   $ 1.15      $ (0.07   $ 1.45      $ 2.15   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common shares outstanding:

        

Basic

     1,848,246,471        1,377,230,354        1,589,519,478        1,336,508,289   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     1,868,743,943        1,443,100,524        1,607,962,757        1,709,544,142   
  

 

 

   

 

 

   

 

 

   

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

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Table of Contents

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in millions)

(unaudited)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
         2011             2010              2011              2010      

Net income

   $ 2,293      $ 641       $ 4,829       $ 4,636   

Other comprehensive income, net of tax:

          

Foreign currency translation adjustments(1)

     (108     178         23         215   

Amortization of cash flow hedges(2)

     1        2         5         7   

Net unrealized gain on Securities available for sale(3)

     76        145         90         232   

Pension, postretirement and other related adjustments(4)

     1        4         8         113   
  

 

 

   

 

 

    

 

 

    

 

 

 

Comprehensive income

   $ 2,263      $ 970       $ 4,955       $ 5,203   

Net income applicable to noncontrolling interests

     94        510         469         769   

Other comprehensive income applicable to noncontrolling interests

     63        91         72         123   
  

 

 

   

 

 

    

 

 

    

 

 

 

Comprehensive income applicable to Morgan Stanley

   $ 2,106      $ 369       $ 4,414       $ 4,311   
  

 

 

   

 

 

    

 

 

    

 

 

 

  

 

(1) Amounts are net of provision for (benefit from) income taxes of $239 million and $(219) million for the quarters ended September 30, 2011 and 2010, respectively, and $103 million and $(149) million for the nine months ended September 30, 2011 and 2010, respectively.
(2) Amounts are net of provision for income taxes of $2 million and $1 million for the quarters ended September 30, 2011 and 2010, respectively, and $4 million and $5 million for the nine months ended September 30, 2011 and 2010, respectively.
(3) Amounts are net of provision for income taxes of $52 million and $78 million for the quarters ended September 30, 2011 and 2010, respectively, and $62 million and $154 million for the nine months ended September 30, 2011 and 2010, respectively.
(4) Amounts are net of provision for income taxes of $1 million and $2 million for the quarters ended September 30, 2011 and 2010, respectively, and $1 million and $70 million for the nine months ended September 30, 2011 and 2010, respectively.

 

See Notes to Condensed Consolidated Financial Statements.

 

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Table of Contents

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

(unaudited)

 

     Nine Months  Ended
September 30,
 
         2011             2010      

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net income

   $ 4,829      $ 4,636   

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:

    

(Gain) loss on equity method investees

     788        (4

Compensation payable in common stock and options

     1,006        977   

Depreciation and amortization

     1,187        1,837   

Gain on business dispositions

     (24     (514

Gain on sale of securities available for sale

     (130     —     

Gain on retirement of long-term debt

     (46     —     

Insurance reimbursement

     —          (88

Loss on assets held for sale

     —          1,158   

Impairment charges and other-than-temporary impairment charges

     57        66   

Changes in assets and liabilities:

    

Cash deposited with clearing organizations or segregated under federal and other regulations or requirements

     (11,684     3,439   

Financial instruments owned, net of financial instruments sold, not yet purchased

     34,742        4,421   

Securities borrowed

     14,826        5,067   

Securities loaned

     (1,309     4,877   

Receivables, loans and other assets

     (3,989     (6,081

Payables and other liabilities

     22,501        2,495   

Federal funds sold and securities purchased under agreements to resell

     (21,571     (10,744

Securities sold under agreements to repurchase

     (37,545     7,710   
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

     3,638        19,252   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

    

Net proceeds from (payments for):

    

Premises, equipment and software costs

     (1,088     (800

Business acquisitions, net of cash acquired

     —          (1,028

Business dispositions, net of cash disposed

     —          800   

Japanese securities joint venture with MUFG

     —          247   

Purchases of securities available for sale

     (13,968     (23,374

Sales, maturities and redemptions of securities available for sale

     16,809        31   
  

 

 

   

 

 

 

Net cash provided by (used for) investing activities

     1,753        (24,124
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

    

Net proceeds from (payments for):

    

Commercial paper and other short-term borrowings

     (375     2,271   

Distributions related to noncontrolling interests

     (489     (20

Derivatives financing activities

     54        (76

Other secured financings

     1,705        (409

Deposits

     2,372        (1,013

Net proceeds from:

    

Excess tax benefits associated with stock-based awards

     30        4   

Public offerings and other issuances of common stock

     —          5,581   

Issuance of long-term borrowings

     30,063        26,648   

Payments for:

    

Long-term borrowings

     (31,936     (20,662

Redemption of junior subordinated debentures related to CIC

     —          (5,579

Repurchases of common stock for employee tax withholding

     (311     (298

Cash dividends

     (714     (867
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     399        5,580   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     140        171   
  

 

 

   

 

 

 

Effect of cash and cash equivalents related to variable interest entities

     362        245   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     6,292        1,124   

Cash and cash equivalents, at beginning of period

     47,615        31,991   
  

 

 

   

 

 

 

Cash and cash equivalents, at end of period

   $ 53,907      $ 33,115   
  

 

 

   

 

 

 

Cash and cash equivalents include:

    

Cash and due from banks

   $ 12,255      $ 6,936   

Interest bearing deposits with banks

     41,652        26,179   
  

 

 

   

 

 

 

Cash and cash equivalents, at end of period

   $ 53,907      $ 33,115   
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash payments for interest were $4,832 million and $4,066 million for the nine months ended September 30, 2011 and 2010, respectively.

Cash payments for income taxes were $791 million and $378 million for the nine months ended September 30, 2011 and 2010, respectively.

See Notes to Condensed Consolidated Financial Statements.

 

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Table of Contents

MORGAN STANLEY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY

Nine Months Ended September 30, 2011

(dollars in millions)

(unaudited)

 

    Preferred
Stock
    Common
Stock
    Paid-in
Capital
    Retained
Earnings
    Employee
Stock
Trust
    Accumulated
Other
Comprehensive
Income (Loss)
    Common
Stock
Held in
Treasury
at Cost
    Common
Stock
Issued to
Employee
Trust
    Non-
controlling
Interests
    Total
Equity
 

BALANCE AT DECEMBER 31, 2010

  $ 9,597      $ 16      $ 13,521      $ 38,603      $ 3,465      $ (467   $ (4,059   $ (3,465   $ 8,196      $ 65,407   

Net income

    —          —          —          4,360        —          —