Morgan Stanley
34 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.
Customers
Financials sector
insures or lends to · $83,193 millionThe Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other.Market risk (Item 7A)
Partners and platforms
Mitsubishi UFJ Financial Group, Inc. (MUFG)
named as a riskIn connection with past or future acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances (including with Mitsubishi UFJ Financial Group, Inc. (“MUFG”)), we face numerous risks and uncertainties in combining, transferring, separating or integrating the relevant businesses and systems that may present operational and other risks, including the need to combine or separate accounting, data processing, technology and other systems, management controls and legal entities, and to integrate relationships with clients, trading counterparties and business partners.Risk factors (Item 1A)
Other companies
Mitsubishi UFJ Morgan Stanley Securities (MUMSS)
exposed to its price · $129 million loss from 10% declinenamed as a riskThe market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable.Market risk (Item 7A)
Moody's Investors Service and S&P Global Ratings
depends onnamed as a riskThe additional collateral or termination payments that may occur in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies.Risk factors (Item 1A)
Places
United Kingdom
concentrated in · $31,309 million total net exposurenamed as a riskCountry risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us.Market risk (Item 7A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Brazil
concentrated in · $6,680 million total net exposurenamed as a riskCountry risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us.Market risk (Item 7A)
Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more
Japan
concentrated in · $7,282 million total net exposurenamed as a riskCountry risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us.Market risk (Item 7A)
Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more
Germany
concentrated in · $12,894 million total net exposurenamed as a riskCountry risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us.Market risk (Item 7A)
Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY and 12 more
France
concentrated in · $13,029 million total net exposurenamed as a riskCountry risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us.Market risk (Item 7A)
Also named by ATR, BAM, DDOG, HROW, IDCC, UBER, UGI, WAB and 1 more
China
named as a riskWe are subject to numerous political, economic, legal, compliance, tax, operational, franchise and other risks that are inherent in operating in many countries, including risks of possible nationalization, expropriation, price controls, capital controls, exchange controls, increased taxes, levies and tariffs, cybersecurity, data transfer and outsourcing restrictions, regulatory scrutiny regarding the use of new technologies, prohibitions on certain types of foreign and capital market activities, limitations on cross-border listings and other restrictive governmental actions, or political and governmental instability, including tensions between the U.S. and its significant trading partners, such as China, as well as the outbreak or escalation of hostilities or terrorist activity around the world, and the potential associated impacts on global and local economies and our operations.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
New York City
operates inWe conduct our business from our headquarters in and around New York City, our regional offices and branches throughout the U.S. and our principal offices in London, Frankfurt, Tokyo, Hong Kong and other world financial centers.Business (Item 1)
Also named by ABNB, COMP, ED, EVR, MCO, PWR, RITM, ROST and 1 more
Commodities and inputs
Commercial real estate
insures or lends to · $9.3 billionnamed as a riskAs of December 31, 2025 and December 31, 2024, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $9.3 billion and $10.7 billion, respectively.Market risk (Item 7A)
Also named by AFL, APO, AUB, BAC, C, CFR, FSUN, GBCI and 11 more
Commercial real estate (Wealth Management)
insures or lends to · $7.5 billionnamed as a riskAs of December 31, 2025 and December 31, 2024, our direct lending against CRE properties totaled $7.5 billion and $7.7 billion, respectively, within the Wealth Management business segment.Market risk (Item 7A)
Also named by AFL, APO, AUB, BAC, C, CFR, FSUN, GBCI and 11 more
Electricity, natural gas, oil and precious metals
exposed to its price · $13 million period-end commodity price VaRnamed as a riskWe are exposed to commodity price and implied volatility risk as a result of market-making activities in commodity products related primarily to electricity, natural gas, oil and precious metals.Market risk (Item 7A)
Residential real estate mortgages
insures or lends to · $72,408 millionResidential real estate loans consist of first- and second-lien mortgages, including HELOCs.Market risk (Item 7A)
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskAs a result of this compensation, it is possible we could face an increased number of investigations by the SEC or CFTC.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskA violation of a sanction, embargo program, AML or anti-corruption law could subject us, and individual employees, to a regulatory enforcement action, as well as significant civil and criminal penalties.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Federal Deposit Insurance Corporation (FDIC)
subject tonamed as a riskIf the Federal Reserve and the FDIC were to jointly determine that our resolution plan submission was not credible or would not facilitate an orderly resolution, and if we were unsuccessful in addressing any deficiencies identified by the regulators, we or any of our subsidiaries may be subject to more stringent capital, leverage or liquidity requirements or restrictions on our growth, activities or operations, or after a two-year period, we may be required to divest assets or operations.Risk factors (Item 1A)
Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more
Federal Reserve
subject tonamed as a riskOur ability to take capital actions described in the capital plan is dependent on, among other factors, the results of supervisory stress tests conducted by the Federal Reserve and our compliance with regulatory capital requirements imposed by the Federal Reserve.Risk factors (Item 1A)
Also named by AGNC, AUB, AXP, BAC, CASH, COF, DX, EFSC and 24 more
Consumer Financial Protection Bureau (CFPB)
subject toWe are subject to supervision and regulation by the CFPB with respect to U.S. federal consumer protection laws.Business (Item 1)
Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more
Commodity Futures Trading Commission (CFTC)
subject toMS&Co. and E*TRADE Futures LLC, as futures commission merchants, and MSSB, as an introducing broker, are subject to net capital requirements of, and certain of their activities are regulated by, the CFTC and the National Futures Association (“NFA”).Business (Item 1)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Financial Industry Regulatory Authority (FINRA)
subject toOur broker-dealers are also subject to maintenance and other margin requirements imposed under FINRA and other self-regulatory organization rules.Business (Item 1)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
Office of the Comptroller of the Currency (OCC)
subject toOur U.S. Bank Subsidiaries are FDIC-insured depository institutions subject to supervision, regulation and examination by the OCC and are subject to the OCC’s risk governance guidelines, which establish heightened standards for a large IDI’s risk governance framework and the oversight of that framework by the IDI’s board of directors.Business (Item 1)
Also named by ADP, AMP, AXP, BAC, BLK, C, CASH, CFG and 22 more
Laws and programs
Federal Reserve single-counterparty credit limits (SCCL)
subject to · 15% of Tier 1 capitalU.S. global systemically important banks (“G-SIBs”), including us, are subject to a limit of 15% of Tier 1 capital for aggregate net credit exposures to any “major counterparty” (defined to include other U.S. G-SIBs, foreign G-SIBs and non-bank systemically important financial institutions supervised by the Federal Reserve).Business (Item 1)
Bank Secrecy Act
subject tonamed as a riskWe and certain of our subsidiaries are also subject to applicable AML and/or anti-corruption laws in the U.S., as well as in the jurisdictions in which we operate, including the Bank Secrecy Act, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.Risk factors (Item 1A)
Also named by AUB, BAC, CASH, CPAY, CUBI, EFSC, EWBC, EZPW and 10 more
Volcker Rule
subject tonamed as a riskThe Volcker Rule prohibits banking entities, including us and our affiliates, from engaging in certain proprietary trading activities, as defined in the Volcker Rule, subject to exemptions for underwriting, market-making, risk-mitigating hedging and certain other activities.Business (Item 1)
Also named by AMP, BAC, GS, HBAN, NTRS, PNC, RJF, SCHW and 5 more
Basel III
subject tonamed as a riskThe impact on us of any revisions to the capital requirements is uncertain and depends on the adoption of final rulemakings by the U.S. banking agencies.Business (Item 1)
U.S. Bankruptcy Code
subject tonamed as a riskWe are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure.Risk factors (Item 1A)
Dodd-Frank Act Title II orderly liquidation authority
subject tonamed as a riskThe FDIC’s power under the orderly liquidation authority to disregard the priority of creditor claims and treat similarly situated creditors differently in certain circumstances, subject to certain limitations, could adversely impact holders of our unsecured debt.Risk factors (Item 1A)
Total Loss-Absorbing Capacity (TLAC) requirement
subject tonamed as a riskThe combined implication of the SPOE resolution strategy and the TLAC requirement is that our losses will be imposed on the holders of eligible long-term debt and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on the creditors of our supported subsidiaries without requiring taxpayer or government financial support.Risk factors (Item 1A)
Regulation Best Interest
subject toThe Firm is subject to various regulations that affect broker-dealer sales practices and customer relationships, including the SEC’s “Regulation Best Interest,” which requires broker-dealers to act in the “best interest” of retail customers at the time a recommendation is made without placing the financial or other interests of the broker-dealer ahead of the interest of the retail customer.Business (Item 1)
Bank Holding Company Act of 1956
subject toWe currently engage in our commodities activities pursuant to the BHC Act grandfather exemption, as well as other authorities under the BHC Act.Business (Item 1)
Sections 23A and 23B of the Federal Reserve Act
subject toThese restrictions limit the total amount of credit exposure that our U.S. Bank Subsidiaries and certain of their subsidiaries may have to any one affiliate and to all affiliates and require collateral for those exposures.Business (Item 1)