Morgan Stanley

to Morgan Stanley's earnings release and financial supplement, copies of which are available at morganstanley.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-grant measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent. I will now turn the call over to Chairman and Chief Executive Officer James Corman.

Good morning, everyone, and thank you for joining us. The first quarter of 2021 was a significant record for the firm and for many of our businesses. It was marked by some truly extraordinary highs, numerous performance records, the closing of the Eden Vance deal, our second strategic transaction in the last year, and one very complex event relating to the collapse of the hedge fund, Archegos. In summary, we generated record revenues of $15.7 billion and an ROTCE of 21.4%. The higher revenues reveal the operating leverage in our business, and the quarter's efficiency ratio was 66%.

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