It seems that only Lazard, JP Morgan, and Morgan Stanley are asking for them on my ocr website. Transcripts will not be released to students with any financial obligation to the University. However, this is offset by mark-downs on inventory in munis and securitized products, which were negatively impacted by the dislocated market and significantly wider spreads. I'm totally confident about that. But given what we went through to produce that, felt like a really resilient franchise. Our next question comes from Michael Carrier with Bank of America. This presentation may not be duplicated or reproduced without our consent. So, I think we'll manage through it. We also had a couple of $100 million related to some of the event book which is also held-for-sale, and then very little against the other two portfolios. Sure. I had one company ask for transcripts before an interview. James, glad to see you on the call and good to hear that you're on the mend. Total expenses decreased 40% sequentially, largely driven by lower accrued carried interest compensation. And I was hoping you could speak to what macro and market assumptions are informing your more cautious outlook? Thank you. Higher management fees on higher average AUM were more than offset by lower performance fees. Your line is now open. SEC filings and transcripts for Morgan Stanley, including financials, news, proxies, indentures, prospectuses, and credit agreements. We're restricted from selling our stock, but that hopefully will give you some sense of the general sizes of those markets. We obviously don't have any exposure to credit cards or unsecured credit. Thank you. So, the economic scenarios are going to impact people differently across the plant. First, underwriting activity was impacted as the global shelter-in-place action started to roll across the world, followed by significant volatility which dampened M&A dialog and announcements. Does I was on the President's task force call of CEOs and I'm getting the information from White House and they're getting it from the health authorities and the various pharmaceutical companies. Again, it's very early in the quarter. As a reminder, performance fees are mostly recognized in the fourth quarter. Our next question comes from Mike Mayo with Wells Fargo Securities. Now to security. And in the meantime, we will continue to do our part for broader society. The Federal Reserve and Central Banks acted quickly and aggressively with large scale and targeted actions to restore market mechanics and liquidity. It was closer to 60% or 58% a little while ago. Guys, we're going to take just one more question, I think, because we've run over time and we've given you long answers. Our Retail and Wealth business had very little reserve build given the performance in that portfolio in the company. Sure. Really appreciate that, Jon. I could not be proud of this firm. I guess if any significant change on the fixed side just to gauge in the outlook there? I think it should be government-led. Of course, we saw an increase in our credit provisions and declines in investment revenues and investment management. This section had computer fundamental questions which … We had reasonable comp accruals for the first quarter. Despite these short-term challenges, our franchise is strong, our strategy clear and consistent. With that, we will now open the line for questions. I'll just tell you a personal story. But we think the qualitative adjustments that we made are appropriate and brought our reserves to an appropriate level. The technology that we put in place has been really helpful in those initiatives. If you cannot find a specific segment, check back later. I would put this in one of the easiest decisions I've ever made. The company reported an earnings beat and great eCommerce sales, but the stock didn't see much movement after earnings. It is during times like this that you take a measure of an organization, and my esteem for Morgan Stanley is now even higher than it was before. But we had -- those $600 million in losses were net of the hedges we have on those -- on that relationship portfolio. So, we're -- it's slightly different piece than some of the other folks. Thank you. Morgan Stanley Technology, Media & Telecom Conference 2020 San Francisco, CALIFORNIA March 5, 2020 PRESENTATION Brian Nowak Morgan Stanley - Research Analyst Good morning, everyone. I apologize for that. At Morgan Stanley, we advise, originate, trade, manage and distribute capital for governments, institutions and individuals, and always do so with a standard of excellence. I interviewed at Morgan Stanley (Hong Kong) Interview Hireview interview, 5 questions, 30 secs prep, 2 mins answer, 2 chances for each question in case you don’t like your first one (allows you … I don't think it gives me any special expertise, having been through this. It’s up to you to shape your career path and … In March, Morgan Stanley was an underwriter of over $70 billion of corporate and municipal bonds globally. We tightly managed professional services spend and saw declines in marketing business development, given the global shutdown. 1:2012cv07667 - Document 230 (S.D.N.Y. Let's conquer your financial goals together...faster. Industry activity fell off meaningfully with global IPO volumes declining by over 70% compared to the prior quarter. Now, turning to Wealth Management. Let me ask you, you have talked about the 614 and 502 asset, as assets you’ve identified for not planning to find internally should binimetinib be returned. Of the HFI portfolio, $15 billion is corporate, $7 billion is commercial real estate and $26 billion are secured lending facilities. And maybe just contextualize, is this -- was this just a sharper drop, is it more produced by the quantum systematic trading side? And obviously, in other parts of the world, they've got faster testing for antibodies. I'm one of the fortunate people to have had it but without having need to be hospitalized or be in any serious health danger to my lung. Thank you. Our next question comes from Steven Chubak with Wolfe Research. Provisions for loan losses were $273 million and our March 31 allowance for loans was $529 million. All right. Morgan Stanley is an investment firm that was formed in 1935 by JP Morgan & Co., which included Henry S. Morgan and Harold Stanley as well as others.. Their existence came about as a result of the Glass … We supported our clients by intermediate trading, including managing record volumes across voice and MSET. What … We increased for the quarter to bring our reserve level on funded loans up to $1.7 billion [Phonetic] there. The underlying fundamentals of this business remain quite strong. Advisory revenues declined 45% sequentially, reflecting lower completed M&A industry volumes. Gerard Cassidy -- RBC Capital Markets -- Analyst. After excluding the impact of DCP, transactional revenues was up more than 15% versus prior quarters. Morgan email) for password reset, send an email to transcripts@morgan.edu and include a new email address, last 4 of SSN, and a valid photo ID. So, you mentioned some losses on collateral calls. Over a two-year period, yes, the targets were by the end of 2021. We had fee-based flows of $18 billion and generated strong net new assets at a pace above our historical run rate, highlighting the stability and health of this business. Morgan Stanley et al, No. Equity sales and trading is number-one globally and revenues increased 26% sequentially to $2.4 billion, with strong performance across all business lines and particular strength in Asia. Great. The increase in RWAs was driven primarily by increased client trading activity and market volatility, as well as lending. 1st round: (90 minutes) It was multiple choice questions round. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Fixed Income Sales & Trading produced revenues of $2.2 billion, increasing 73% from the prior quarter. We currently have 10% of our employees still at work. What does a typical Morgan Stanley career path look like for a Veteran? My first question is on ROTCE for the firm, how to think about downside ROTCE? Morgan Stanley interview experience. Were revenues actually at record high ex the comp adjustment? First, I know, tough to predict trading. Welcome to the 2020 Morgan Stanley TNT Conference. I know, coming into the second quarter, we'll have less market volume. It's a personal one but it's a very important one. But there are several factors that will impact our earnings power in the near term, including lower asset values and balances, interest rates near zero, as well as volatility and economic uncertainty impacting Capital Markets and M&A volumes. But clearly, given what happened with risk assets and asset pricing around -- asset prices around the globe, we did see broad based markdowns in most of the portfolios. Sure, I'll take a crack. I heard on the forum that some banks don't even ask/ check for transcripts, it was about There was no way around it. That was generally a result of people shifting out of equities and going into cash in the wealth system. Any -- what's your best guess at that? I mean, how do you think the economy could come back online? Our technology and operations performed quite well. Shorter term, the decline in asset prices, zero interest rates and a potential slowdown in activity levels will have an impact. We still have those loans. The company was … I think it's our side. Our final question comes from Gerard Cassidy with RBC. And Evelyn Kong, Evelyn is Valerie's colleague and friend. Morgan Stanley paying Citigroup nearly $3 billion for what amounts to a 51 percent stake in a joint venture. Our client driven model combined with strong capital and liquidity will help deliver relative earnings strength in this uncertain environment. And we're here as follow-ups through Sharon Yeshaya, Head of Investor Relations, obviously, Jon and myself, in the days and weeks ahead. And you will have a really good excuse for why it might drop in the meantime. Your line is now open. So, you had $600 million mark-to-market losses. So, I'm very grateful for that. Our tax rate was 18.5% for the quarter, excluding $31 million of intermittent net discrete tax benefits. But you're in a better position to rely on the experts and again advising all the corporations around the world or so many of them. It's good to hear that. It combines two very, very different companies; very, very different businesses. ET. We will all get through this and we will have all learned a great deal. But we said, and I've always said, the targets are in a normalized environment. And we'll have to see how the economic outlook plays out over the next couple of quarters and next couple of months. Generally, we've seen our client base look for professional advice. It's a great question in terms of how our retail clients are going to reengage with the market. Additionally, we continue to work with clients to access the new Federal Reserve and Treasury programs to meet their financing needs. If you can no longer access your Parchment email account (ex. There's a lot of debate around the time of the potential and the health crisis and to the shelter in places. FluentU brings native videos within reach with interactive transcripts. They can certainly ask for transcripts from you before actually offering you a position or an interview. We reported first quarter revenues of $4 billion and pre-tax profit of $1.1 billion. We've benefited in this period from robust business planning and from years of investment in our technology infrastructure. Quite helpful. The $13 billion deal is the largest by a major U.S. bank since the financial … Clients are still engaged. I'm sorry, the outlook on -- you broke up a little bit. As indicated in our Form 10-K, as of February 2020, we had granted approximately $3 billion of deferred compensation obligations for wealth management employees. Everybody has got used to working at home, as I'm sure you folks have, and we're all adjusting. MS: Morgan Stanley broker recommendations. The speed of the actions taken by policymakers has been remarkable. I will now turn the call over to Jon, to discuss the results of the first quarter in greater detail, our perspectives on the outlook given the current environment, and then take it back where we'll both answer your questions. The quarter was divided into distinct periods. So, how do you adjust to those things and what levers are you thinking to pull on the expense side here as the revenue -- if the revenue environment continues to get difficult? Just -- the flows were good, the margins were good, all things considered that you're still in that $50 million to $80 million range on a daily basis. If you cannot find a specific segment, check back later. Also of note, the business was able to see some successful monetization despite the difficult environment. Investment Banking generated revenues of $1.1 billion. Our business mix and strategy, which emphasizes more durable sources of revenues, supported our results during the recent market disruption. Where we've seen some forbearance asks really have been in the commercial real estate book, which is only -- it's about $11 billion in total. So, we're going to see, monitor those to make sure that we feel comfortable deploying this. Asset Management revenues increased slightly from the prior quarter. The transcript from this week’s, MiB: Dennis Lynch, ... a firm within a firm at Morgan Stanley Investment Management. So, again, the business is fundamentally quite strong. We took about net of our hedges, about $600 million of marks on that held-for-sale portfolio. But I think separate companies, all deciding what to do on their own is a bad idea. Submit Question. When the results first come out, you're like, oh, revenue is down, you go through some of the adjustments. I interviewed at Morgan Stanley (New York, NY) in February 2018. I have a couple of other offers as well, in that case, and I could look into them, even though MS is my top choice. Background checks contain public, court, arrest, criminal, vital, and many other records. So, we've been reasonably conservative on the expense side; meaning, we haven't tried to chisel the organization in the first quarter. So, it's sort of a staggered approach. We, obviously, and just the timing of all of the events, we updated our models for what was going on at the time when we got to the end of the quarter in light of what we were seeing and the rapidly changing sort of the economic outlook, which at this point, I would say, and James has mentioned it a couple of times, the range of potential outcomes is the widest I've seen in quite some time in terms of what's going to happen in the future. The second half of the year remains uncertain and the path of the economy will be driven by the time it takes to resolve the health crisis and the impact of the unprecedented fiscal and monetary response. Non-compensation expenses also declined from the fourth quarter, reflecting typical seasonality. The sequential decline was driven by lower compensation expense, principally related to the movements in DCP-related investments. These efforts were more than offset by increases in activity related expenses including BC&E and transaction taxes. Macro performance was very strong across products, particularly over the last weeks of the quarter. You mentioned some of the color around the equity trading balances, which makes sense. We saw elevated margin calls in the quarter with limited losses. If you see an But even despite those losses, we still generated $2.4 billion and we're number one in the world. What I think is, we'll obviously be guided by the CDC in the State and Federal authorities. Don't see your question? Advanced RWAs increased to $426 billion, while standardized RWAs increased to $416 billion. But we're very comfortable with what we did at this point. Transactional revenues were $399 million. The offer details said I had to have a 3.0 GPA, which I am above right now, however, I am taking a bunch of hard classes and I don't want to lose this offer if in the worst case my GPA drops below a 3.0 after next spring. Over 90% of our employees are currently working from home as we continue to serve our clients globally. Central banks acted swiftly around the globe. It's investments that we've made in a company that's gone public that we have share. We are in a most unprecedented environment. Our high cost deposits, I think, the blend between the CDs and some of the other products we have in there is about 160 basis points. We will have much greater visibility to discuss these objectives toward the end of this year. ETrade, … So, could you speak a bit maybe -- Jon, you gave some color on the $49 billion HFI portfolio, which is helpful, thanks. But it clearly puts us in a much better position. Nearly all of us were at Morgan Stanley during the financial crisis. Thank you. That number is probably up 3 to 4 points in the last quarter or two. Our allowance for corporate loans is 1.7% and our allowance for CRE is 2.4%. They weren't achieved in the first quarter and it's too early to make the call on what 2021 looks like. We had a 0.5 quarter or 2/3 of a quarter being in absolute crisis. Investment revenues were $63 million in the quarter. Rev › Blog › Transcripts › Financial Transcripts › Morgan Stanley MS Q3 FY20 Earnings Call Transcript Full transcript of Morgan Stanley (symbol MS) Q3 FY20 earnings call on October 15, 2020. Steven Chubak -- Wolfe Research -- Analyst. The resulting stress on the global economy is real and will take time to recover. And for this moment, we've come through that and generated $9.5 billion of revenue and that's net of the deferred compensation plans which actually puts us bit over $10 billion in revenue, effectively flat to a year ago, I thought was remarkable. The result serve as a testament to the stability of the business mix and the balance we worked diligently to achieve over the last decade. Independent contractor working as a TV producer for Morgan Stanley. There are clearly a lot of people who have had the virus, who are now apparently not infectious, including myself. A subreddit for those with questions about working in the tech industry or in a computer-science-related job. Sure, Mike. About 45% of that was investment grade, 1/3 of it was BB. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. We filed our application with the Federal Reserve in March, and we will soon file the proxy statement-prospectus. Please contact Student Accounts for additional support. You can tap on any word to look it up instantly. This is not a normalized environment. Investment Management reported revenues of $692 million in the first quarter. 484 Northwestern Mutual Intern interview questions and 449 interview reviews. And they came in the next morning, she got the email from us saying: "Everybody's job is secure", and she was just overwhelmed. The environment weighed on results across products and regions. However, new issue markets are slowly opening with a few IPOs and high yield deals being completed over the last few weeks. That $15 billion was actually more skewed to investment grade. I would just add, Glenn, the loan book performed unbelievably well. To get started, click on the link below: MSU Official Transcript … Held-for-investment loans were up $11 billion, 29%, driven almost entirely by corporate drawdowns. Your line is now open. I don't want to call that now, because I just don't know how deep this recession is going to be. No, I don't. Appreciate that. We're … But it's a fairly dense earnings call, as you all appreciate. And unlike the global financial crisis, the banking system is being leveraged to be a critical part of the solution. Get the latest broker recommendations from Zacks Investment Research. A reference check is when an employer contacts a job applicant’s previous employers, schools, colleges, and other sources to learn more about his or her employment history, educational background, and qualifications for a job. Maybe one quick cleanup. Many employers check references as part of the hiring process. Fixed income underwriting declined 11% versus the prior quarter. The business benefited from higher levels of client activity and wider bid offer spreads. With that, I'll turn the call over to Gary. Campus placement – Morgan Stanley hires extensively from colleges like IITs and IIMs. Long-term net flows were $6.7 billion, driven by capital being deployed within alternatives and inflows into public equity and fixed income funds. 60% of our employees were working from home by mid-March and 90% plus today. Good morning, everyone. How long people feel the need to stay in short-term and cash, I think is going to be a function of what some of the things that we've been talking about on this call, which is people's perspective on when the economy opens up again or the work from home ceases and some of the restaurants and businesses get back in the business and people feel more comfortable with the outlook. But I did think it was a remarkable. I mean, what are you advising your clients to do? As you obviously saw during the quarter, there were significant volatility in certain indices and indexes. They run a ton of money about $130 billion and their track record, especially this year, has been pretty banoodles. But admittedly, the message is a bit more cautious than maybe what you conveyed in your March shareholder letter. In the first quarter, firm revenues were $9.5 billion, down 13% sequentially. Is it probable? Citigroup and Morgan Stanley have announced no specific details, but there are reports they … Now, ask the White House, the Treasury, the Fed about the need to act fast and they'll say the U.S. credit system, the lifeblood of the world's biggest economy cannot afford delays, but … But CEOs need to make decisions about resource allocation, etc. Although, subject to quarterly reallocations, generally, 60% is held in equity investments. I know what a good job he does, but you look at what's happening to Morgan Stanley… Yes, but I'm not advising them on when the various testing for antibodies is going to be coming through. It's a personal one but it's a very important one. Total spot assets rose to $948 billion as we deployed our balance sheet to support clients during this challenging period and retail client-site safety increasing our deposits by $45 billion. So another question and my follow-up; you committed, James, that there's not going to be any risk this year, which you can appreciate the idea that this would reassure your employees in an extremely challenging time. How does that compare to the start of the year? St. Louis Children’s Hospital Child Life Clinical Internship is designed to complement academic studies and follows the Association of Child Life Professional’s curriculum modules. And, if you have seen or received any forbearance requests from any of those borrowers, or you're seeing any other, any kind of early indications of risk or stress in any of those -- tied to any of those ones? , if you can tap on any word to look at BC & E and transaction taxes, you! The losses their strategy was n't all perfect throughout the quarter to bring our Reserve level on Wealth management in. Our stress capital buffer will be significantly beneficial that excess cash -- excuse me, access deposits is actually in. 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