Sure. And then just a separate question; now, James, good to have you back, so I can -- glad to see you healthy, and so I can also ask you questions on the call. Economically, I'm just not sure would be good idea at all of major rift this year. The underlying fundamentals of this business remain quite strong. It's good to hear that. Now, we didn't have a full quarter of being in absolute crisis. He's a great friend of mine, a great businessman and you see a company like that is under trouble, I know how good a man he is. The 23% is cash or cash equivalent, including money market and short-term fixed income securities. This was partially offset by movements related to deferred cash compensation plans, which is also recognized in this line. Just how we should be thinking about the provision trajectory for the remainder of this year and maybe just any additional color you can give on some of the underlying macro assumptions that are embedded within your CECL model today? It's about 58% LTVs to the top tier borrowers in the real estate business and we have good protection in the asset. Thank you. And then just as a follow-up; in Investment Management, the investment line tends to be more volatile in this backdrop. through the summer. Really appreciate that, Jon. But it clearly puts us in a much better position. We adapted quickly to a new way of life. But we had -- those $600 million in losses were net of the hedges we have on those -- on that relationship portfolio. Cumulative Growth of a $10,000 Investment in Stock Advisor, Morgan Stanley (MS) Q1 2020 Earnings Call Transcript @themotleyfool #stocks $MS. It consists of 3 sections: 1. We do not expect to restart these repurchases until we have a better understanding of the shape and depth of the economic recovery. Press question mark to learn the rest of the keyboard shortcuts. I interviewed at Morgan Stanley (New York, NY) in February 2018. I can't tell you it's 10% ROTCE. Looking at the entire portfolio, including the 53% secured lending facilities, our total allowance is 1.1%. And non-comp expenses were extremely inflated in the first quarter. Prime Brokerage performed well on higher levels of activity, partially offset by slightly lower average balances. Okay, go ahead. ET. 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. During this period, the firm extended credit and intermediated trading, responding to client needs and supporting open and functioning markets. Non-compensation expenses were $3.1 billion, while compensation expenses were $4.3 billion. The transcript from this week’s, MiB: Mandell Crawley, Morgan Stanley, ... And so the culture of Morgan Stanley, as bizarre as it may sound, somebody going from fixed income to … Fifteen years experience transcribing focus groups, interviews, speeches, et cetera. When we look at JP Morgan vs. Morgan Stanley, it is easy to see why they are so easily confused. Positive flows partially offset these lower asset levels. My name is Adam Holt. So, that was very pleasing. ETrade, … I'm just curious if it was any meaningful amount that we need to know about and more curious about -- you lost almost nothing in '08. E*Trade will hold the shareholder vote this summer, and we remain on-track to close the transaction in the fourth quarter. In mid-February, we reached a record level of gross balances only to then see a sharp reversal. 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. 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. Those are evolving pretty rapidly in terms of which sectors are being hit. 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. So, the actual economics through the year and not so obvious that they're short-term favorable and given that we're in a sort of short-term massive crisis and a longer-term recession of some kind, and we'll talk about that later, I'm sure. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. 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. The company reported an earnings beat and great eCommerce sales, but the stock didn't see much movement after earnings. 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? But given what we went through to produce that, felt like a really resilient franchise. 1:2012cv07667 - Document 230 (S.D.N.Y. Please contact Student Accounts for additional support. So, there'll be a lot of things going back and forward. I wouldn't describe the -- some of the losses that we took in the derivatives trading businesses related to the de-grossing that we saw going on. 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. SEC filings and transcripts for Morgan Stanley, including financials, news, proxies, indentures, prospectuses ... Earnings Revised 12/20/05 Q4 2005 Morgan Stanley Earnings Conference Call 12/20/05 Other Revised 11/15/05 Morgan Stanley … But even despite those losses, we still generated $2.4 billion and we're number one in the world. So, can you remind us how much of your -- how much high cost deposits you still have on the books today? Macro performance was very strong across products, particularly over the last weeks of the quarter. Obviously, we're affected by where interest rates are. Our Retail and Wealth business had very little reserve build given the performance in that portfolio in the company. Finally, we continue to make progress on the integration of Solium, now part of Morgan Stanley network [Phonetic]. Today's presentation will refer to Morgan Stanley's earnings release and financial supplement, copies of which are available at morganstanley.com. One of them was from a lady who works here in one of our support functions. Notwithstanding all of this, the firm generated $9.5 billion of revenues and an ROTCE of 9.7%. Morgan Stanley has a reputation for educating their clients, helping them to understand common concepts in wealth management better. Sure, Mike. I'm sorry, the outlook on -- you broke up a little bit. Asset management fees of $665 million declined 10% sequentially. She was on the stairwell in the upper 20s of the building. What was our risk exposure and how do we manage that? Our technology and operations performed quite well. So, this was to me a really easy call. We sincerely hope that you, your families and your colleagues are all well on these very difficult times. So, listen, what I look at is how do the businesses perform, underlying in this environment, how do we trade through it? Did the firm also ask him to send in his transcriptin addition to doing a direct background check with the school? And James, it's great to hear you are well. First, we extended credit to clients across the firm. Thank you. Provisions for loan losses were $273 million and our March 31 allowance for loans was $529 million. The $13 billion deal is the largest by a major U.S. bank since the financial … Although, subject to quarterly reallocations, generally, 60% is held in equity investments. The resulting stress on the global economy is real and will take time to recover. James, maybe a question for you. Matthew Palmer - Morgan Stanley Are there any questions from the audience? So, very little B exposure there. Employer Referral – If you know someone who works at Morgan Stanley, ask them to refer you for an internship. Morgan Stanley agreed to purchase Eaton Vance Corp. for about $7 billion in Chief Executive Officer James Gorman’s second major acquisition this year, both of which tilt the investment … If you cannot find a specific segment, check back later. You get some really really hard ones and you get some others. So, wanted to start with a question on the loan loss provision. Good morning. Our next question comes from Michael Carrier with Bank of America. The pre-tax profit margin was 26.1%. 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? Does Morgan Stanley check transcripts before the internship starts? And by the way, it was unanimous call of our operating committee. I don't think that's an actual record, but it certainly is a very healthy performance and then an incremental 150 basis points on the 26.1% that we reported is a very healthy margin. It's a personal one but it's a very important one. Maybe, what the blended cost of those high-cost deposits are versus sort of the swift deposits that are coming in the door? We had reasonable comp accruals for the first quarter. If it means that expense ratio is 1 point higher for the year, which is maybe what it might have been. Michael Carrier -- BofA Securities -- Analyst. Can we be there by the end of 2021 on some of these targets? She came home, they're both crying. Morgan Stanley is buying the online brokerage company ETrade for $13 billion. Generally, we've seen our client base look for professional advice. But that's what's going on. TRUMP: Well, it would seem to be a great concern. I mean, everybody is doing studies, and I know it's a very difficult question. Good morning. Advisory revenues declined 45% sequentially, reflecting lower completed M&A industry volumes. And then obviously the dividend cuts and the dividend business and the dividend season also had an impact. So, I would say we should, you know, if we have the opportunity to deploy those deposits into loans, we'll see a benefit there, clearly. So, we're going to see, monitor those to make sure that we feel comfortable deploying this. So, could you speak a bit maybe -- Jon, you gave some color on the $49 billion HFI portfolio, which is helpful, thanks. But the interview performance gets you the job. Our next question comes from Glenn Schorr with Evercore. John Mack of Morgan Stanley is a great, great man. We obviously don't have any exposure to credit cards or unsecured credit. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Asset Management revenues increased slightly from the prior quarter. Were revenues actually at record high ex the comp adjustment? Their track record, especially this year Brokerage company ETrade for $ 13 billion bit more cautious outlook have... 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