Morgan Stanley Permitted to Repurchase up to $10 Billion of Shares in 2021

Morgan Stanley (NYSE: MS) announced that on December 18, 2020, the Board of Governors of the Federal Reserve System (FRB) had permitted the company to resume repurchases of common stock in the first quarter of 2021, consistent with the FRB's recently announced distribution limitations. Morgan Stanley's Board of Directors has authorized the repurchases of outstanding common stock of up to $10 billion in 2021.

James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, said, "The results announced allow us to restart our share repurchase program in January, and we expect to continue the program throughout the coming year. With over 400bps of excess capital, we are in a position to continue to invest in our businesses while returning capital to shareholders and absorbing market volatility."

Morgan Stanley also said that the repurchases will be subject to market conditions and the Firm's financial performance. Repurchases under the program in any period will be consistent with the Firm's Stress Capital Buffer (SCB) requirement and other regulatory capital standards.