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Morgan Stanley

The company converted itself into a bank holding company following the events surrounding Lehman Brothers and is now the sixth largest bank holding company by assets in the U.S. with $876 bn of assets as of 2Q18 and fifth largest by market capitalization ($85 bn as of September 4, 2018). On May 1, 2010, Morgan Stanley closed its transaction to form a joint venture with Mitsubishi UFJ Financial Group (MUFG) between the respective companies' investment banking and securities businesses. Morgan Stanley retains a 40% economic interest in the JV. Morgan Stanley bills itself as a global financial services firm that provides "a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals." Morgan Stanley maintains "significant market positions in each of its business segments," which include Institutional Securities, Global Wealth Management Group, and Asset Management. However, it has cut back its fixed income trading business. (11 Oct 2018)

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Canadian Banks: TLAC & Capital Update F4Q18

Sector Analysis: 17 Dec 2018, 5:39 AM ET - In this report we update the 4Q18 capital positions and TLAC issuance needs for the six large Canadian banks in our coverage. Thus far only RBC has issued bail-in senior. We update OSFI plans for Basel III reforms. 

US Banks: Libor Risk in Preferred Stock

Sector Analysis: 13 Dec 2018, 6:02 AM ET - The scheduled decommissioning of Libor would impact $108 bn of variable-rate preferred stock in our US bank coverage. The most common impact would be to convert floaters into fixed-rate prefs, but our main concern is Citi prefs.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

GS & MS 3Q18: I-Banking Outperforms Money Centers

Earnings Note: 16 Oct 2018, 2:51 PM ET - GS and MS's 3Q18 results beat consensus estimates and increased YoY (even excluding lower tax rates) reflecting improved investment banking results. MS benefited from higher trading revenues as well, though Goldman reported lower FICC YoY. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US Banks: 2Q18 Capital Figures SCB Revision Likely

Sector Analysis: 20 Aug 2018, 10:59 PM ET - We updated our capital details file for 2Q18. Capital ratios largely increased QoQ, and remain comfortably above (current) requirements. The proposed Stress Capital Buffer (SCB) remains a focus for the industry and is likely to revised.

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

Morgan Stanley 2Q18 Beat: Counting on the New Fed

Earnings Note: 19 Jul 2018, 3:46 AM ET - Morgan Stanley's 2Q18 results improved YoY and came in well ahead of expectations. The company benefited from its business mix, which reflects the strategic initiatives undertaken since the credit crisis.

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