MSMorgan Stanley
- Employees
- 83,000
- Headquarters
- New York, NY
- CEO
- Edward Pick
- Next results
- around Jan 14, 2027
9 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
predict, and we could realize significant losses if extreme market events were to occur.
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Our businesses and operations may also be adversely impacted by inadequate data quality management processes, including failure to meet defined expectations related to the appropriate completeness, timeliness and accuracy of data in reports, models or other data deliverables.
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operations and/or increase costs. Any theft of data, technology or intellectual property may negatively impact our operations and reputation, including disrupting the business activities of our subsidiaries, affiliates, joint ventures or clients conducting business in those jurisdictions.
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authorities take significant action against us or our industry, or if we discover significant employee misconduct or illegal activity.
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“Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk.”
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Firm initiatives, which may heighten the potential conflicts of interest or the risk of improper sharing of information.
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As a U.S. company, we are required to comply with the economic sanctions and embargo programs administered by OFAC and similar multinational bodies and governmental
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concerns regarding the manner in which these assets are being operated or held, or services are being delivered.
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1 more
the way we respond is perceived negatively, our business and reputation may suffer.
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New in the latest 10-Q
21 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
loans and secured lending portfolios and provisions for certain specific commercial real estate loans.
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loans and secured lending portfolios and provisions for certain specific commercial real estate loans.
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NNA for the current quarter were $232 billion, with just over half associated with IPO-related flows as certain institutional investors, including funds, held their public shares with the Firm.
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partially offset by lower amortization expense compared with the prior year period, as certain intangible assets became fully amortized by the end of the second quarter of 2025.
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liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
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engage in, repurchases of our borrowings as part of our market-making activities.
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September 30, 2026 $ in millions Standardized Advanced ────────────────────────────────────────────────────────────────────────────────────────────────────────── Credit risk RWA Balance at December 31, 2025 $ 493,206 $ 349,930 Change related to the following items: Derivatives 9,374 2,904 Securities financing transactions 2,204 (832) Investment securities 103 (2,344) Commitments, guarantees and loans 18,487 20,308 Equity investments (160) 1,188 Other credit risk 10,721 8,289 Total change in credit risk RWA $ 40,729 $ 29,513 Balance at September 30, 2026 $ 533,935 $ 379,443 Market risk RWA Balance at December 31, 2025 $ 59,309 $ 59,345 Change related to the following items: Regulatory VaR 345 345 Regulatory stressed VaR 1,945 1,945 Incremental risk charge 1,363 1,363 Comprehensive risk measure 653 696 Specific risk (1,567) (1,770) Total change in market risk RWA $ 2,739 $ 2,579 Balance at September 30, 2026 $ 62,048 $ 61,924 Operational risk RWA Balance at December 31, 2025 N/A $ 104,883 Change in operational risk RWA N/A (69) Balance at September 30, 2026 N/A $ 104,814 Total RWA $ 595,983 $ 546,181
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On September 30, 2026, the Federal Reserve adopted a final rule to revise its supervisory stress testing framework. The final rule adopts supervisory models for use in the 2027 stress test, subject to soliciting comment on a replacement for the supervisory noninterest income model, and makes other procedural changes to supervisory stress testing.
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Separately, on September 30, 2026, the Federal Reserve adopted a final rule to revise the SCB framework. Under the final rule, the effective date of a firm’s revised SCB will be January 1 of the year following the stress test beginning with
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SCBs effective on January 1, 2028. The final rule also requires, beginning with SCBs effective on January 1, 2029, a firm’s SCB to incorporate the average of its projected capital ratio declines from the two most recent annual supervisory stress tests for firms subject to the stress test each year.
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1. Information Technology exposure increased, driven in part by a certain lending commitment held for sale at September 30, 2026.
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1. Net transfers include the transfer of Investments from Level 3 to Level 2 of $ 0.6 billion and $ 0.7 billion for the three and nine months ended September 30, 2026, respectively, primarily due to increased observability of pricing inputs following a capital markets transaction.
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2. Net transfers include the transfer of Equity derivatives of $ 2.0 billion from Level 2 into Level 3, due to the increase in the significance of unobservable inputs, partially offset by a transfer of $ 1.5 billion from Level 3 into Level 2 as unobservable inputs were not significant to the overall fair value measurements, for the three months ended September 30, 2026.
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3. Net transfers in the prior year included the transfer of Borrowings from Level 3 to Level 2 of $ 1.4 billion and $ 0.2 billion for the three and nine months ended September 30, 2025, respectively, primarily due to the decrease in the significance of unobservable inputs related to equity structured notes.
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discontinued leased properties. Financial Instruments Not Measured at Fair Value
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1. Presented based on the business unit responsible for risk managing the borrowings.
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$ in millions Trading Revenues Interest Expense Net Revenues1 Three Months Ended September 30, 2026 Borrowings $ 2,161 $261 $ 1,900 Deposits 116 59 57 Three Months Ended September 30, 2025 Borrowings $ (3,101) $267 $ (3,368) Deposits (91) 63 (154) $ in millions Trading Revenues Interest Expense Net Revenues1 Nine Months Ended September 30, 2026 Borrowings $ (1,153) $924 $ (2,077) Deposits 84 179 (95) Nine Months Ended September 30, 2025 Borrowings $ (10,866) $708 $ (11,574) Deposits $ (216) $170 $ (386)
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were predominantly on accrual status at September 30, 2026 and December 31, 2025.
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Nine Months Ended September 30, 2026 2025 $ in millions Amortized Cost % of Total Loans2 Amortized Cost % of Total Loans2 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Term Extension Corporate $ 23 0.2% $ 172 2.2% Commercial real estate 50 0.7% 471 6.0% Residential real estate — —% 1 —% Securities-based lending and Other 25 —% 429 0.4% Total $ 98 0.1% $ 1,073 0.6% Other-than-insignificant Payment Delay Residential real estate $ — —% $ 1 —% Securities-based lending and Other — —% 23 —% Total $ — —% $ 24 —% Interest Rate Reduction Residential real estate $ — —% $ 1 —% Total $ — —% $ 1 —% Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay Corporate $ 1 —% $ — —% Securities-based lending and Other 19 —% — —% Total $ 20 —% $ — —% Multiple Modifications - Term Extension, Interest Rate Reduction and Other-than-insignificant Payment Delay Corporate $ 9 0.1% $ — —% Total $ 9 0.1% $ — —% Multiple Modifications - Term Extension and Interest Rate Reduction Commercial real estate — —% 75 1.0% Residential real estate — —% 7 —% Total $ — —% $ 82 0.1% Total Modifications $ 127 0.1% $ 1,180 0.6%
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private litigation affecting global financial services firms, including the Firm.
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the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff appealed and, on October 20, 2026, the Appellate Division affirmed the trial court's rulings.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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