Are … Thank you, operator. Positive flows partially offset these lower asset levels. And so, obviously, as we can shift more to BDP, that will be significantly beneficial. We financed key transactions to help COVID impacted clients across sectors, including transportation, healthcare, leisure, and consumer among others. We saw improvements in new asset flows over an already strong 1Q19 from both existing and new retail clients. Asset Management revenues increased slightly from the prior quarter. But boy, it was an absolute crisis. Good morning, everyone. In the first quarter, we repurchased approximately 29 million shares or $1.3 billion of common stock, and the Board declared a $0.35 dividend per share. It's about 58% LTVs to the top tier borrowers in the real estate business and we have good protection in the asset. There is a lot of policy debate going on. Yes. Thank you so much, everyone, for being here. Any outstanding account balances must be paid in full before ordering a transcript. ET. During periods of crisis, that matters even more. It's a great question in terms of how our retail clients are going to reengage with the market. 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 … Fixed Income Sales & Trading produced revenues of $2.2 billion, increasing 73% from the prior quarter. 1st round: (90 minutes) It was multiple choice questions round. 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. Our next question comes from Steven Chubak with Wolfe Research. ETrade, … So, could you speak a bit maybe -- Jon, you gave some color on the $49 billion HFI portfolio, which is helpful, thanks. And maybe just contextualize, is this -- was this just a sharper drop, is it more produced by the quantum systematic trading side? Good morning. Morgan Stanley account closing fees » Is Morgan Stanley safe » Morgan Stanley competitors » Knowing When to Ask for Help Studies have shown that people inherently believe they are more capable than they really are in most areas of life. We will not hit those targets in the second quarter, that I can promise you. And we thought guaranteeing their jobs this year and getting the support that we have from our employees, 92% of them in previous surveys have said they're proud to work at Morgan Stanley, was a total no-brainer and extremely shareholder friendly. Asset management fees of $665 million declined 10% sequentially. So, thank you for asking the question. Thank you. 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. MS: Morgan Stanley broker recommendations. We do not expect to restart these repurchases until we have a better understanding of the shape and depth of the economic recovery. You can see, I think, on Page 11 of the supplement, Christian, the various balances in the banks. Great. Ask or search question. Because the downside of being wrong on that is massive. Don't see your question? How does that compare to the start of the year? The business benefited from higher levels of client activity and wider bid offer spreads. Consolidation in the Brokerage Industry: Is Robinhood Next to be Acquired? Steven Chubak -- Wolfe Research -- Analyst. And maybe one really quick one at the high level on Wealth Management. But I would say we have -- our equity clients and many of the hedge funds and quants actually performed reasonably well in this environment despite the volatility. It didn't feel like the right time, didn't feel necessary. But clearly, in June, we'll have a lot more information to have a better sense of those models. During this time, we remained close to our clients as we all manage the challenges together. Strong loan growth continued in the first quarter. Nearly all of us were at Morgan Stanley during the financial crisis. Micro revenues were more challenged and declined sequentially. 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. 484 Northwestern Mutual Intern interview questions and 449 interview reviews. Hello there. The company reported an earnings beat and great eCommerce sales, but the stock didn't see much movement after earnings. If you can no longer access your Parchment email account (ex. We will have much greater visibility to discuss these objectives toward the end of this year. 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. ET) and the After Hours Market (4:00-8:00 p.m. Again, I think -- and James can jump in as well, but I've mentioned $500 million of negative revenue, so that puts the revenues in around $4.5 billion. In order to understand the impact of lower interest rates, it's helpful to look at our historical disclosures. We'll obviously be impacted by the lower asset values and where rates are. What I think is, we'll obviously be guided by the CDC in the State and Federal authorities. Some places don't care about … Generally, we've seen our client base look for professional advice. Non-compensation expenses increased 14%, driven by higher BC&E and transaction taxes on elevated sales and trading volumes and an ACL on unfunded commitments of $115 million. So, I don't know if that gives you a complete answer but I'm not really an expert, so. Yes, I was just saying on equity trading, you provided some color around lower balances, which I assume makes sense. Background checks contain public, court, arrest, criminal, vital, and many other records. The notional value of these awards is allocated at our employees' discretions. Young people usually pick Morgan Stanley and Goldman Sachs over peer firms if peer firms do not offer a … And I think our deposit costs at the end of the quarter were about 56 or 57 basis points, and those should come down a little bit as we've just repriced our savings product down in light of the rate environment. Returns as of 12/18/2020. 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. Good morning. Okay, go ahead. And you will have a really good excuse for why it might drop in the meantime. Clients reacted by reducing risk and raising cash. Obviously, you spelled out the comp thing. 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. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in earnings release. And the personal anxiety and stress to our employees and to their families can be overwhelming. I think our BDP, which is our cheapest source of deposits, which currently have a cost of 1 basis point is now about 65% of the portfolio. Our research team generated almost 1.5 million interactions through written pieces, webcast and conference calls related to COVID-19. But we had -- those $600 million in losses were net of the hedges we have on those -- on that relationship portfolio. They've consolidated their assets. The web page to uncover records on the web is at checkingrecords.com Find dirt on any individual or merely standard data. Provisions for loan losses were $273 million and our March 31 allowance for loans was $529 million. The environment weighed on results across products and regions. I guess if any significant change on the fixed side just to gauge in the outlook there? Her husband had just been laid off from the small business here that he was working for. The transcript from this week’s, MiB: Dennis Lynch, ... a firm within a firm at Morgan Stanley Investment Management. In the first quarter, firm revenues were $9.5 billion, down 13% sequentially. The Federal Reserve and other central banks are taking steps to support the economy and we wanted to do our part. The Style Scores are a complementary set of … Non-compensation expenses also declined from the fourth quarter, reflecting typical seasonality. Your line is now open. 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