🟢 New in Current Filing Significant changes to interest rates could adversely affect our results of operations. 🔒

🟢 New in Current Filing Our borrowing costs and access to the debt capital markets depend on our credit ratings. 🔒

🟢 New in Current Filing Legal, Regulatory and Compliance Risk 🔒

🟢 New in Current Filing Cybersecurity 🔒

🟢 New in Current Filing Non-Interest Expenses 🔒

🟢 New in Current Filing Economic and Market Conditions 🔒

🟢 New in Current Filing Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures 🔒

🟢 New in Current Filing Business Segments 🔒

🟢 New in Current Filing Institutional Securities—Fixed Income and Equities 🔒

🟢 New in Current Filing Income Statement Information 🔒

🟢 New in Current Filing Asset Management 🔒

🟢 New in Current Filing Accounting Development Updates 🔒

🟢 New in Current Filing Liquidity and Capital Resources 🔒

🟢 New in Current Filing Liquidity Resources 🔒

🟢 New in Current Filing Collateralized Financing Transactions 🔒

🟢 New in Current Filing Credit Ratings 🔒

🟢 New in Current Filing Capital Management 🔒

🟢 New in Current Filing Regulatory Capital Framework 🔒

🟢 New in Current Filing Risk-based capital 🔒

🟢 New in Current Filing Required ratios1 🔒

🟢 New in Current Filing Leveraged-based capital 🔒

🟢 New in Current Filing At December 31, 🔒

🟢 New in Current Filing Regulatory Capital 🔒

🟢 New in Current Filing Basel III Endgame and G-SIB Surcharge Proposals 🔒

🟢 New in Current Filing Risk Management Process 🔒

🟢 New in Current Filing Loans and Lending Commitments 🔒

🟢 New in Current Filing Status of Loans Held for Investment 🔒

🟢 New in Current Filing Institutional Securities Loans and Lending Commitments1 🔒

🟢 New in Current Filing commitments 🔒

🟢 New in Current Filing Institutional Securities Loans and Lending Commitments by Industry 🔒

🟢 New in Current Filing Institutional Securities Loans and Lending Commitments Held for Investment 🔒

🟢 New in Current Filing Wealth Management Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟢 New in Current Filing Year Ended December 31, 2024 🔒

🟢 New in Current Filing ACL—Lending commitments 🔒

🟢 New in Current Filing Margin and Other Lending 🔒

🟢 New in Current Filing Employee Loans 🔒

🟢 New in Current Filing At December 31, 2024 Counterparty Credit Rating1 $ in millionsAAAAAABBBNIGTotalLess than 1 year$1,711 $17,625 $50,643 $22,643 $9,793 $102,415 1-3 years541 6,249 19,068 10,248 6,095 42,201 3-5 years973 7,308 9,821 5,631 3,750 27,483 Over 5 years3,330 25,406 49,469 28,206 6,398 112,809 Total, gross$6,555 $56,588 $129,001 $66,728 $26,036 $284,908 Counterparty netting(3,320)(44,604)(98,598)(47,132)(14,691)(208,345)Cash and securities collateral(2,559)(10,632)(25,568)(13,729)(5,558)(58,046)Total, net$676 $1,352 $4,835 $5,867 $5,787 $18,517 🔒

🟢 New in Current Filing Credit Derivatives 🔒

🟢 New in Current Filing Country Risk 🔒

🟢 New in Current Filing Top 10 Non-U.S. Country Exposures 🔒

🟢 New in Current Filing Collateral Held Against Net Counterparty Exposure1 🔒

🟢 New in Current Filing AtDecember 31,2024 🔒

🟢 New in Current Filing Operational Risk 🔒

🟢 New in Current Filing Firm Resilience 🔒

🟢 New in Current Filing Third-Party Risk Management 🔒

🟢 New in Current Filing Liquidity Risk 🔒

🟢 New in Current Filing Legal, Regulatory and Compliance Risk 🔒

🟢 New in Current Filing Climate Risk 🔒

🟢 New in Current Filing REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 🔒

🟢 New in Current Filing Opinion on the Financial Statements 🔒

🟢 New in Current Filing Basis for Opinion 🔒

🟢 New in Current Filing Critical Audit Matter 🔒

🟢 New in Current Filing Valuation of Level 3 Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis and Level 3 Loans Held for Sale — Refer to Note 4 to the financial statements 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Consolidated Statement of Changes in Total Equity 🔒

🟢 New in Current Filing Retained earnings 🔒

🟢 New in Current Filing Total equity 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing 1. Introduction and Basis of Presentation 🔒

🟢 New in Current Filing Basis of Financial Information 🔒

🟢 New in Current Filing Consolidation 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Presentation Changes in 2024 🔒

🟢 New in Current Filing Revenue Recognition 🔒

🟢 New in Current Filing Investment Banking 🔒

🟢 New in Current Filing Commissions and Fees 🔒

🟢 New in Current Filing Asset Management Revenues 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Investments Revenues—Carried Interest 🔒

🟢 New in Current Filing Other Items 🔒

🟢 New in Current Filing Cash and Cash Equivalents 🔒

🟢 New in Current Filing Fair Value of Financial Instruments 🔒

🟢 New in Current Filing Fair Value Option 🔒

🟢 New in Current Filing Fair Value Measurement—Definition and Hierarchy 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Valuation Techniques 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Assets and Liabilities Measured at Fair Value on a Non-recurring Basis 🔒

🟢 New in Current Filing Offsetting of Derivative Instruments 🔒

🟢 New in Current Filing Hedge Accounting 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Fair Value Hedges—Interest Rate Risk 🔒

🟢 New in Current Filing Net Investment Hedges 🔒

🟢 New in Current Filing Cash Flow Hedges—Interest Rate Risk 🔒

🟢 New in Current Filing Other Hedges 🔒

🟢 New in Current Filing AFS Investment Securities 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Presentation of ACL and Provision for Credit Losses 🔒

🟢 New in Current Filing Nonaccrual & ACL Charge-offs on AFS Securities 🔒

🟢 New in Current Filing HTM Securities 🔒

🟢 New in Current Filing Nonaccrual and ACL Charge-offs on Loans 🔒

🟢 New in Current Filing Loans Held for Investment 🔒

🟢 New in Current Filing Loans Held for Sale 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Loans at Fair Value 🔒

🟢 New in Current Filing Allowance for Credit Losses 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Presentation of ACL and Provision for Credit Losses 🔒

🟢 New in Current Filing ACL Charge-offs 🔒

🟢 New in Current Filing Transfers of Financial Assets 🔒

🟢 New in Current Filing Premises, Equipment and Capitalized Software Costs 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Estimated Useful Life of Assets 🔒

🟢 New in Current Filing Goodwill and Intangible Assets 🔒

🟢 New in Current Filing Earnings per Common Share 🔒

🟢 New in Current Filing Stock-Based Compensation 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Employee Stock Trusts 🔒

🟢 New in Current Filing Deferred Cash-Based Compensation 🔒

🟢 New in Current Filing Retirement-Eligible Employee Compensation 🔒

🟢 New in Current Filing Carried Interest Compensation 🔒

🟢 New in Current Filing Income Taxes 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Foreign Currencies 🔒

🟢 New in Current Filing Segment Reporting 🔒

🟢 New in Current Filing Investments - Tax Credit Structures 🔒

🟢 New in Current Filing Reference Rate Reform 🔒

🟢 New in Current Filing 3. Cash and Cash Equivalents 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Assets and Liabilities Measured at Fair Value on a Recurring Basis 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Detail of Loans and Lending Commitments at Fair Value 🔒

🟢 New in Current Filing Unsettled Fair Value of Futures Contracts1 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing U.S. Treasury and Agency Securities 🔒

🟢 New in Current Filing Other Sovereign Government Obligations 🔒

🟢 New in Current Filing State and Municipal Securities 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Mortgage- and Asset-Backed Securities 🔒

🟢 New in Current Filing Loans and Lending Commitments 🔒

🟢 New in Current Filing Corporate and Other Debt 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Corporate Equities 🔒

🟢 New in Current Filing Derivative and Other Contracts 🔒

🟢 New in Current Filing Investments 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Physical Commodities 🔒

🟢 New in Current Filing Investment Securities—AFS Securities 🔒

🟢 New in Current Filing Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase 🔒

🟢 New in Current Filing Other Secured Financings 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Valuation Techniques and Unobservable Inputs 🔒

🟢 New in Current Filing 27 to 98 points (67 points) 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing 54% to 100% (94%) 🔒

🟢 New in Current Filing -52% to 24% (-12%) 🔒

🟢 New in Current Filing 207 to 280 bps (254 bps) 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Fund Interests 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Nonredeemable Funds by Contractual Maturity 🔒

🟢 New in Current Filing Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis 🔒

🟢 New in Current Filing Gains (Losses) from Nonrecurring Fair Value Remeasurements1 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Financial Instruments Not Measured at Fair Value 🔒

🟢 New in Current Filing 5. Fair Value Option 🔒

🟢 New in Current Filing Borrowings Measured at Fair Value on a Recurring Basis 🔒

🟢 New in Current Filing Net Revenues from Liabilities under the Fair Value Option 🔒

🟢 New in Current Filing Gains (Losses) Due to Changes in Instrument-Specific Credit Risk 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Difference between Contractual Principal and Fair Value1 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Fair Value Loans on Nonaccrual Status 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing 6. Derivative Instruments and Hedging Activities 🔒

🟢 New in Current Filing Fair Values of Derivative Contracts 🔒

🟢 New in Current Filing Amounts not offset1 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Amounts not offset1 🔒

🟢 New in Current Filing Liabilities at December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Gains (Losses) on Accounting Hedges 🔒

🟢 New in Current Filing Cash flow hedges—Interest rate contracts1 🔒

🟢 New in Current Filing Fair Value Hedges—Hedged Items 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Gains (Losses) on Economic Hedges of Loans 🔒

🟢 New in Current Filing Net Derivative Liabilities and Collateral Posted 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Maximum Potential Payout/Notional of Credit Protection Sold1 🔒

🟢 New in Current Filing Fair Value Asset (Liability) of Credit Protection Sold1 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Protection Purchased with CDS 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing AFS and HTM Securities 🔒

🟢 New in Current Filing Investment Securities in an Unrealized Loss Position 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Investment Securities by Contractual Maturity 🔒

🟢 New in Current Filing Gross Realized Gains (Losses) on Sales of AFS Securities 🔒

🟢 New in Current Filing 8. Collateralized Transactions 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Offsetting of Certain Collateralized Transactions 🔒

🟢 New in Current Filing Gross Secured Financing Balances by Remaining Contractual Maturity 🔒

🟢 New in Current Filing Gross Secured Financing Balances by Class of Collateral Pledged 🔒

🟢 New in Current Filing Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Fair Value of Collateral Received with Right to Sell or Repledge 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Securities Segregated for Regulatory Purposes 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Concentration Based on the Firm’s Total Assets 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Customer Margin and Other Lending 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Other Secured Financings 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing 9. Loans, Lending Commitments and Related Allowance for Credit Losses 🔒

🟢 New in Current Filing Loans by Type 🔒

🟢 New in Current Filing Loans by Interest Rate Type 🔒

🟢 New in Current Filing Credit Quality 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Loans Held for Investment before Allowance by Credit Quality and Origination Year 🔒

🟢 New in Current Filing At December 31, 2024Residential Real Estateby FICO Scoresby LTV RatioTotal$ in millions≥ 740680-739≤ 679≤ 80%> 80%Revolving$136 $39 $5 $180 $— $180 20248,653 1,607 191 9,458 993 10,451 20236,778 1,431 201 7,529 881 8,410 202210,294 2,298 370 11,941 1,021 12,962 202110,510 2,247 228 12,094 891 12,985 20206,494 1,346 97 7,529 408 7,937 Prior10,594 2,825 394 12,826 987 13,813 Total$53,459 $11,793 $1,486 $61,557 $5,181 $66,738 🔒

🟢 New in Current Filing At December 31, 2024Securities-based lending1Other2$ in millionsIGNIGTotalRevolving$76,432 $6,342 $1,551 $84,325 20241,291 719 453 2,463 2023949 424 685 2,058 2022449 472 1,053 1,974 2021100 14 538 652 202039 219 497 755 Prior231 1,211 2,350 3,792 Total$79,491 $9,401 $7,127 $96,019 🔒

🟢 New in Current Filing Past Due Loans Held for Investment before Allowance1 🔒

🟢 New in Current Filing Nonaccrual Loans Held for Investment before Allowance1 🔒

🟢 New in Current Filing Loan Modifications to Borrowers Experiencing Financial Difficulty 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Period-end loans held for investment modified during the following periods1 🔒

🟢 New in Current Filing Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay 🔒

🟢 New in Current Filing Multiple Modifications - Term Extension and Interest Rate Reduction 🔒

🟢 New in Current Filing Single Modifications 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments 🔒

🟢 New in Current Filing Year Ended December 31, 2024 🔒

🟢 New in Current Filing Total ending balance 🔒

🟢 New in Current Filing Year Ended December 31, 2022 🔒

🟢 New in Current Filing Total ending balance 🔒

🟢 New in Current Filing Gross Charge-offs by Origination Year 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Selected Credit Ratios 🔒

🟢 New in Current Filing Employee Loans 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Goodwill Rollforward 🔒

🟢 New in Current Filing Intangible Assets Rollforward 🔒

🟢 New in Current Filing Intangible Assets by Type 🔒

🟢 New in Current Filing Intangible Assets Estimated Future Amortization Expense 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Equity Method Investments 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Japanese Securities Joint Venture 🔒

🟢 New in Current Filing Tax Equity Investments 🔒

🟢 New in Current Filing Tax Equity Investments under the Proportional Amortization Method 🔒

🟢 New in Current Filing Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method 🔒

🟢 New in Current Filing Balance Sheet Amounts Related to Leases 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Lease Liabilities 🔒

🟢 New in Current Filing Lease Costs 🔒

🟢 New in Current Filing Cash Flows Statement Supplemental Information 🔒

🟢 New in Current Filing 12. Deposits 🔒

🟢 New in Current Filing Time Deposit Maturities 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Uninsured Non-U.S. Time Deposit Maturities 🔒

🟢 New in Current Filing Deposits in U.S. Bank Subsidiaries from Non-U.S. Depositors 🔒

🟢 New in Current Filing Maturities and Terms of Borrowings 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Borrowings with Original Maturities Greater than One Year 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Senior Debt Subject to Put Options or Liquidity Obligations 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Subordinated Debt 🔒

🟢 New in Current Filing Rates for Borrowings with Original Maturities Greater than One Year 🔒

🟢 New in Current Filing Other Secured Financings 🔒

🟢 New in Current Filing Maturities and Terms of Other Secured Financings1 🔒

🟢 New in Current Filing Maturities of Transfers of Assets Accounted for as Secured Financings1 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Commitments 🔒

🟢 New in Current Filing Types of Commitments 🔒

🟢 New in Current Filing Types of Guarantees 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Other Guarantees and Indemnities 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Finance Subsidiary 🔒

🟢 New in Current Filing Contingencies 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Antitrust Related Matters 🔒

🟢 New in Current Filing European Matters 🔒

🟢 New in Current Filing U.K. Government Bond Matter 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing 15. Variable Interest Entities and Securitization Activities 🔒

🟢 New in Current Filing Consolidated VIE Assets and Liabilities by Type of Activity 🔒

🟢 New in Current Filing Consolidated VIE Assets and Liabilities by Balance Sheet Caption 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Non-consolidated VIEs 🔒

🟢 New in Current Filing Maximum exposure to loss3 🔒

🟢 New in Current Filing Detail of Mortgage- and Asset-Backed Securitization Assets 🔒

🟢 New in Current Filing Securitization Activities 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Investment Securities 🔒

🟢 New in Current Filing Municipal Tender Option Bond Trusts 🔒

🟢 New in Current Filing Credit Protection Purchased through Credit-Linked Notes 🔒

🟢 New in Current Filing Other Structured Financings 🔒

🟢 New in Current Filing Collateralized Loan and Debt Obligations 🔒

🟢 New in Current Filing Equity-Linked Notes 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Transferred Assets with Continuing Involvement 🔒

🟢 New in Current Filing Interests purchased in the secondary market3 🔒

🟢 New in Current Filing Proceeds from New Securitization Transactions and Sales of Loans 🔒

🟢 New in Current Filing Assets Sold with Retained Exposure 🔒

🟢 New in Current Filing Regulatory Capital Framework 🔒

🟢 New in Current Filing Regulatory Capital Requirements 🔒

🟢 New in Current Filing Capital Buffer Requirements 🔒

🟢 New in Current Filing Risk-Based Regulatory Capital Ratio Requirements 🔒

🟢 New in Current Filing Required ratios1 🔒

🟢 New in Current Filing Risk-Weighted Assets 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Risk-based capital 🔒

🟢 New in Current Filing Required ratio1 🔒

🟢 New in Current Filing Leveraged-based capital 🔒

🟢 New in Current Filing U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios 🔒

🟢 New in Current Filing MSBNA’s Regulatory Capital 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing MSPBNA’s Regulatory Capital 🔒

🟢 New in Current Filing MS&Co. Regulatory Capital 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing Other Regulated Subsidiaries 🔒

🟢 New in Current Filing Restrictions on Payments 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Preferred Stock 🔒

🟢 New in Current Filing Description of Preferred Stock as of December 31, 2024 🔒

🟢 New in Current Filing Rollforward of Common Stock Outstanding 🔒

🟢 New in Current Filing Share Repurchases 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Common Shares Outstanding for Basic and Diluted EPS 🔒

🟢 New in Current Filing Accumulated Other Comprehensive Income (Loss)1 🔒

🟢 New in Current Filing Components of Period Changes in OCI 🔒

🟢 New in Current Filing Change in fair value of cash flow hedge derivatives 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Cumulative Foreign Currency Translation Adjustments 🔒

🟢 New in Current Filing 18. Interest Income and Interest Expense 🔒

🟢 New in Current Filing Accrued Interest 🔒

🟢 New in Current Filing Stock-Based Compensation Plans 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Stock-Based Compensation Expense 🔒

🟢 New in Current Filing Tax Benefit Related to Stock-Based Compensation Expense 🔒

🟢 New in Current Filing Unrecognized Compensation Cost Related to Stock-Based Awards Granted 🔒

🟢 New in Current Filing December 31, 🔒

🟢 New in Current Filing Common Shares Available for Future Awards under Stock-Based Compensation Plans 🔒

🟢 New in Current Filing Restricted Stock Units 🔒

🟢 New in Current Filing Vested and Unvested RSU Activity 🔒

🟢 New in Current Filing RSUs at end of period1 🔒

🟢 New in Current Filing Unvested RSU Activity 🔒

🟢 New in Current Filing Unvested RSUs at end of period1 🔒

🟢 New in Current Filing Fair Value of RSU Activity1 🔒

🟢 New in Current Filing Performance-Based Stock Units 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing PSU Awards - Fair Value on Award Date 🔒

🟢 New in Current Filing Monte Carlo Simulation Assumptions 🔒

🟢 New in Current Filing Deferred Cash-Based Compensation Plans 🔒

🟢 New in Current Filing Deferred Cash-Based Compensation Expense 🔒

🟢 New in Current Filing Carried Interest Compensation 🔒

🟢 New in Current Filing Carried Interest Compensation Expense 🔒

🟢 New in Current Filing Net Periodic Benefit Expense (Income) 🔒

🟢 New in Current Filing Rollforward of Pre-tax AOCI 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) 🔒

🟢 New in Current Filing Rollforward of the Projected Benefit Obligation and Fair Value of Plan Assets 🔒

🟢 New in Current Filing Accumulated Benefit Obligation 🔒

🟢 New in Current Filing Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets 🔒

🟢 New in Current Filing Weighted Average Assumptions Used to Determine Projected Benefit Obligation 🔒

🟢 New in Current Filing Fair Value of Plan Assets 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Rollforward of Level 3 Plan Assets 🔒

🟢 New in Current Filing Expected Contributions 🔒

🟢 New in Current Filing Expected Future Benefit Payments 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing 401(k) Plan 🔒

🟢 New in Current Filing Non-U.S. Defined Contribution Pension Plans 🔒

🟢 New in Current Filing Components of Provision for Income Taxes 🔒

🟢 New in Current Filing Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Deferred Tax Assets and Liabilities 🔒

🟢 New in Current Filing Rollforward of Unrecognized Tax Benefits 🔒

🟢 New in Current Filing Interest Expense (Benefit) and Penalties Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits 🔒

🟢 New in Current Filing Earliest Tax Year Subject to Examination in Major Tax Jurisdictions 🔒

🟢 New in Current Filing 22. Segment, Geographic and Revenue Information 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Selected Financial Information by Business Segment 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Detail of Investment Banking Revenues 🔒

🟢 New in Current Filing Trading Revenues by Product Type 🔒

🟢 New in Current Filing Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest 🔒

🟢 New in Current Filing Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers 🔒

🟢 New in Current Filing Certain Other Fee Waivers 🔒

🟢 New in Current Filing Other Expenses—Transaction Taxes 🔒

🟢 New in Current Filing Net Revenues by Region 🔒

🟢 New in Current Filing Income before Provision for Income Taxes 🔒

🟢 New in Current Filing Revenues Recognized from Prior Services 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Receivables from Contracts with Customers 🔒

🟢 New in Current Filing Assets by Business Segment 🔒

🟢 New in Current Filing Total Assets by Region 🔒

🟢 New in Current Filing Parent Company Only—Condensed Income Statement and Comprehensive Income Statement 🔒

🟢 New in Current Filing Earnings applicable to Morgan Stanley common shareholders 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Parent Company Only—Condensed Balance Sheet 🔒

🟢 New in Current Filing Parent Company Only—Condensed Cash Flow Statement 🔒

🟢 New in Current Filing Net cash provided by (used for) operating 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Parent Company’s Borrowings with Original Maturities Greater than One Year 🔒

🟢 New in Current Filing Transactions with Subsidiaries 🔒

🟢 New in Current Filing Guarantees of Debt Instruments and Warrants Issued by Subsidiaries 🔒

🟢 New in Current Filing Guarantees under Subsidiary Lease Obligations 🔒

🟢 New in Current Filing Finance Subsidiary 🔒

🟢 New in Current Filing Resolution and Recovery Planning 🔒

🟢 New in Current Filing Interest earning assets 🔒

🟢 New in Current Filing Effect of Volume and Rate Changes on Net Interest Income 🔒

🟢 New in Current Filing 2024 versus 2023 🔒

🟢 New in Current Filing Average Balances and Interest Rates and Net Interest Income 🔒

🟢 New in Current Filing Effect of Volume and Rate Changes on Net Interest Income 🔒

🟢 New in Current Filing Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures 🔒

🟢 New in Current Filing Management’s Report on Internal Control Over Financial Reporting 🔒

🟢 New in Current Filing Report of Independent Registered Public Accounting Firm 🔒

🟢 New in Current Filing Opinion on Internal Control over Financial Reporting 🔒

🟢 New in Current Filing Basis for Opinion 🔒

🟢 New in Current Filing Definition and Limitations of Internal Control over Financial Reporting 🔒

🟢 New in Current Filing Changes in Internal Control Over Financial Reporting 🔒

🟢 New in Current Filing Unresolved Staff Comments 🔒

🟢 New in Current Filing Legal Proceedings 🔒

🟢 New in Current Filing Mine Safety Disclosures 🔒

🟢 New in Current Filing Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 🔒

🟢 New in Current Filing Issuer Purchases of Equity Securities 🔒

🟢 New in Current Filing Three Months Ended December 31, 2024 🔒

🟢 New in Current Filing Stock Performance Graph 🔒

🟢 New in Current Filing December 31, 2019 – December 31, 2024 🔒

🟢 New in Current Filing Directors, Executive Officers and Corporate Governance 🔒

🟢 New in Current Filing Executive Compensation 🔒

🟢 New in Current Filing Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 🔒

🟢 New in Current Filing Certain Relationships and Related Transactions and Director Independence 🔒

🟢 New in Current Filing Principal Accountant Fees and Services 🔒

🟢 New in Current Filing Documents filed as part of this report 🔒

🟢 New in Current Filing Exhibit Index1 🔒

🟢 New in Current Filing Form 10-K Summary 🔒

🟢 New in Current Filing POWER OF ATTORNEY 🔒

🟢 New in Current Filing (Edward Pick) 🔒

🟢 New in Current Filing (Megan Butler) 🔒

🔴 No Match in Current Filing Liquidity is essential to our businesses and we rely on external sources to finance a significant portion of our operations. 🔒

🔴 No Match in Current Filing Legal, Regulatory and Compliance Risk 🔒

🔴 No Match in Current Filing Replacement or reform of certain interest rate benchmarks could adversely affect our business, securities, financial condition and results of operations. 🔒

🔴 No Match in Current Filing Risk management and strategy 🔒

🔴 No Match in Current Filing Board of Directors’ oversight of risks from cybersecurity threats 🔒

🔴 No Match in Current Filing Non-Interest Expenses 🔒

🔴 No Match in Current Filing Net Revenues by Region1 🔒

🔴 No Match in Current Filing Business Segments 🔒

🔴 No Match in Current Filing Income Statement Information 🔒

🔴 No Match in Current Filing Transactional Revenues 🔒

🔴 No Match in Current Filing Critical Accounting Estimates 🔒

🔴 No Match in Current Filing Balance Sheet 🔒

🔴 No Match in Current Filing Liquidity Resources by Type of Investment 🔒

🔴 No Match in Current Filing Collateralized Financing Transactions 🔒

🔴 No Match in Current Filing Incremental Collateral or Terminating Payments 🔒

🔴 No Match in Current Filing Common Stock Dividend Announcement 🔒

🔴 No Match in Current Filing Replacement of London Interbank Offered Rate and Replacement or Reform of Other Interest Rate Benchmarks 🔒

🔴 No Match in Current Filing FDIC Final Rulemaking on Special Assessment 🔒

🔴 No Match in Current Filing Basel III Endgame Proposal 🔒

🔴 No Match in Current Filing G-SIB Surcharge Proposal 🔒

🔴 No Match in Current Filing Risk Limits Framework 🔒

🔴 No Match in Current Filing Lending commitments3 🔒

🔴 No Match in Current Filing Forecasted U.S. Real GDP Growth Rates in Base Scenario 🔒

🔴 No Match in Current Filing commitments 🔒

🔴 No Match in Current Filing Institutional Securities Loans and Lending Commitments by Industry 🔒

🔴 No Match in Current Filing Institutional Securities Event-Driven Loans and Lending Commitments 🔒

🟡 Modified Regulatory Capital Requirements 🔒

🟡 Modified 95%/One-Day Management VaR 🔒

🟡 Modified We are subject to numerous political, economic, legal, tax, operational, franchise and other risks as a result of our international operations that could adversely impact our businesses in many ways. 🔒

🟡 Modified Total assets 🔒

🟡 Modified Intangible Assets 🔒

🟡 Modified Our risk management strategies, models and processes may not be fully effective in mitigating our risk exposures in all market environments or against all types of risk, which could result in unexpected losses. 🔒

🟡 Modified Legal and Regulatory Contingencies 🔒

🟡 Modified The financial services industry faces substantial litigation and is subject to extensive regulatory and law enforcement investigations, and we may face damage to our reputation and legal liability. 🔒

🟡 Modified Monitoring and Control 🔒

🟡 Modified Average Fee Rates1 🔒

🟡 Modified Investment Banking Volumes 🔒

🟡 Modified Average Fee Rates1 🔒

🟡 Modified We are a holding company and depend on payments from our subsidiaries. 🔒

🟡 Modified Fee-Based Client Assets Rollforwards 🔒

🟡 Modified Credit Spread Risk Sensitivity1 🔒

🟡 Modified Liquidity Stress Tests 🔒

🟡 Modified Parent Company and U.S. Bank Subsidiaries Issuer Ratings at February 14, 2025 🔒

🟡 Modified Wealth Management Net Interest Income Sensitivity Analysis1 🔒

🟡 Modified Common Stock Repurchases 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Net New Assets (NNA) 🔒

🟡 Modified Assets Under Management or Supervision Rollforwards 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Distribution of VaR Statistics and Net Revenues 🔒

🟡 Modified Average tangible common equity1 🔒

🟡 Modified Liquidity Coverage Ratio and Net Stable Funding Ratio 🔒

🟡 Modified Non-Trading Risks 🔒

🟡 Modified Projected Future Compensation Obligation1 🔒

🟡 Modified Investments Sensitivity, Including Related Carried Interest 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Liquidity is essential to our businesses and we rely on external sources to finance a significant portion of our operations. 🔒

🟡 Modified Amounts Recognized in Compensation Expense by Segment 🔒

🟡 Modified Processes for assessing, identifying and managing material risks from cybersecurity threats 🔒

🟡 Modified ACL—Lending commitments 🔒

🟡 Modified A failure to address conflicts of interest appropriately could adversely affect our businesses and reputation. 🔒

🟡 Modified commitments 🔒

🟡 Modified Institutional Securities Lending Activities 🔒

🟡 Modified Average Common Equity Attribution under the Required Capital Framework1 🔒

🟡 Modified We are exposed to the risk that third parties that are indebted to us will not perform their obligations. 🔒

🟡 Modified Wealth Management Metrics 🔒

🟡 Modified Risk Limits Framework 🔒

🟡 Modified Climate change manifesting as physical or transition risks could result in increased costs and risks and adversely affect our operations, businesses and clients. 🔒

🟡 Modified Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type 🔒

🟡 Modified Wealth Management Loans and Lending Commitments 🔒

🟡 Modified Workplace Channel1 🔒

🟡 Modified Risk-Based Regulatory Capital Ratio Requirements 🔒

🟡 Modified Amounts Recognized in Compensation Expense 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Other Net Revenues 🔒

🟡 Modified Liquidity Risk Management Framework 🔒

🟡 Modified Lending commitments3 🔒

🟡 Modified Risk management and strategy 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Critical Accounting Estimates 🔒

🟡 Modified Credit Evaluation 🔒

🟡 Modified Capital ratios9 🔒

🟡 Modified Performance-based Income and Other 🔒

🟡 Modified Balance Sheet 🔒

🟡 Modified Tangible common equity—non-GAAP 🔒

🟡 Modified Incremental Collateral or Terminating Payments 🔒

🟡 Modified Net Stable Funding Ratio 🔒

🟡 Modified Projected Future Compensation Expense1 🔒

🟡 Modified Selected Non-GAAP Financial Information 🔒

🟡 Modified CET1 capital 🔒

🟡 Modified By Property Type 🔒

🟡 Modified Risk Mitigation 🔒

🟡 Modified Required ratios1 🔒

🟡 Modified Lending commitments3 🔒

🟡 Modified Our ability to retain and attract qualified employees is critical to the success of our business and the failure to do so may materially adversely affect our performance. 🔒

🟡 Modified We may be prevented from paying dividends or taking other capital actions because of regulatory constraints or revised regulatory capital requirements. 🔒

🟡 Modified Fixed Income 🔒

🟡 Modified Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟡 Modified Unsecured Financing 🔒

🟡 Modified Selected Financial Information and Other Statistical Data 🔒

🟡 Modified We face strong competition from financial services firms and others, which could lead to pricing pressures that could materially adversely affect our revenues and profitability. 🔒

🟡 Modified Pre-tax margin by segment4 🔒

🟡 Modified Liquidity Resources by Type of Investment 🔒

🟡 Modified Liquidity Resources by Non-Bank and Bank Legal Entities 🔒

🟡 Modified Net Revenues by Segment1 🔒

🟡 Modified Institutional Securities Commercial Real Estate Loans and Lending Commitments 🔒

🟡 Modified Transactional Revenues 🔒

🟡 Modified Year Ended December 31, 2024 🔒

🟡 Modified U.S. Bank Subsidiaries’ Supplemental Financial Information1 🔒

🟡 Modified Asset Management and Related Fees 🔒

🟡 Modified Liquidity Risk 🔒

🟡 Modified Income Taxes 🔒

🟡 Modified Consolidated Results—Full Year Ended December 31, 2024 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified RWA Rollforward 🔒

🟡 Modified Borrowings by Maturity at December 31, 20241 🔒

🟡 Modified Common Stock Dividend Announcement 🔒

🟡 Modified We may be unable to fully capture the expected value from acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances, and certain acquisitions may subject our business to new or increased risk. 🔒

🟡 Modified Investment Banking Revenues 🔒

🟡 Modified We may be responsible for representations and warranties associated with commercial and residential real estate loans and may incur losses in excess of our reserves. 🔒

🟡 Modified Required ratios3 🔒

🟡 Modified Morgan Stanley 🔒

🟡 Modified Compensation Expense 🔒

🟡 Modified Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟡 Modified Income Statement Information 🔒

🟡 Modified 2024$ in millionsTradingFees1NetInterest2All Other3TotalFinancing$8,135 $566 $(2,840)$17 $5,878 Execution services3,702 2,591 (291)350 6,352 Total Equity$11,837 $3,157 $(3,131)$367 $12,230 Total Fixed income$8,464 $394 $(730)$290 $8,418 🔒

🟡 Modified Average AUM 🔒

🟡 Modified Total Eligible HQLA 🔒

🟡 Modified Institutional Securities Event-Driven Loans and Lending Commitments 🔒

🟡 Modified Net Income Applicable to Morgan Stanley by Segment1 🔒

🟡 Modified Provision for Credit Losses by Business Segment 🔒

🟡 Modified Net Interest 🔒

🟡 Modified Forecasted U.S. Real GDP Growth Rates in Base Scenario 🔒

🟡 Modified Total Assets by Business Segment 🔒

🟡 Modified 2024 Compared with 2023 🔒

🟡 Modified Income Statement Information 🔒

🟡 Modified Net Revenues by Region1 🔒

🟡 Modified Liquidity Coverage Ratio 🔒

🟡 Modified A default by a large financial institution could adversely affect financial markets. 🔒

🟡 Modified Non-GAAP Financial Measures by Business Segment 🔒