Morgan Stanley

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Good morning. Welcome to Morgan Stanley's third quarter 2026 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our 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, Thank you, Operator. Good morning and thank you for joining us.

In the third quarter, Morgan Stanley delivered strong performance on the top and bottom lines with firm ride revenue of $20.3 billion and earnings per share of $303. With a return on tangible equity of 22.6%, this quarter marks our fifth consecutive quarter above 20%, speaking to the consistent strength of our global franchise. Total client assets across wealth and investment management grew by nearly $400 billion during the quarter to a record $10.5 trillion. Against the complicated backdrop, the quarter's overall performance speaks to the momentum of the integrated firm. Wealth management continues to scale as clients entrust us with additional assets and deepen their relationships with Morgan Stanley. Wealth had a record quarter with revenues of over $9 billion, with milestone levels of net new assets of $232 billion and fee-based flows of $80 billion. This sustained performance reflects the strength of our financial advisors. The breadth of our unique capabilities and product offerings and the trusted partnerships that distinguish our integrated firm. Institutional securities delivered $10 billion of revenue, up 18% year over year. Equities led the way with another outstanding quarter at $5.8 billion. Clients largely remained active as we deepened engagement across our global franchise. On the forward. Thank you for joining us. We remain positive about the ongoing ability to monetize the corporate finance lifecycle across the investment bank. Stepping back, the third quarter unfolded in two distinct phases. July and August were unusually brisk as risk appetite was dominated by hyperscaler investment in the build-out of the AI ecosystem. In contrast, as Labor Day approached, we observed the headwinds of renewed tensions in the Middle East and higher interest rates globally as central banks moved to keep inflation at bay. Market volumes were slower across asset classes as investors and institutional actors gauged risk reward into the fourth quarter and year end. As we move through October, the two known unknowns that we wrote about in our March shareholder letter, namely the acceleration of AI at the enterprise level and the risks associated with geopolitical conflict have reached a critical juncture. In the glass is mostly full camp. The enormous capital which continues to be raised and deployed across the AI ecosystem toward efficiency, resiliency and productivity is driving US nominal GDP growth of five to 6%. Large cap corporate earnings continue to move higher. The economy is at full employment The Fed is focused on managing long-term inflation expectations and the salutary effects of common sense regulation are kicking in. In the glass is half empty camp. Persisting conflicts in the Middle East and Ukraine. Meaningfully higher benchmark interest rates and energy prices around the developed world. Elevated asset prices in a fourth year of a bull market for equities. and uncertain electoral and policy responses in both the U.S. and globally are reasons to be more cautious. As we move into the fourth quarter, it is clear to us now that these two known unknowns and how they interact and which of the third quarter's narratives, half full or half empty holds the upper hand, will drive investor and corporate behavior into year end and into the first half of 2027. Against either backdrop, financial strength remains a key pillar of Morgan Stanley. We continue to actively support clients while remaining well capitalized. Our very healthy level of excess capital with 300 basis points of excess CET1 contributes to our financial strength and affords us with substantial flexibility ahead. We look forward to continued dialogue and upcoming transparency as our regulators finalize the bank capital regulatory framework. As we enter the final quarter of the year, Morgan Stanley remains aligned and cohesive, focused on delivering higher highs and higher lows through the cycle. Particularly when the environment is as complex as it is today, it is essential that we continue to execute on our clear and consistent strategy to act as trusted advisor to our clients Raising, Managing, and Allocating Capital Across the Integrated Firm. With that, I'll turn it over to Sharon to take you through the quarter in greater detail.