Ted Pick

The results for every quarter over the last eight are a blueprint for Morgan Stanley's success.

We expect this mix of tailwinds and headwinds to prevail in 2026 and are prepared to continue to execute.

2025 results.

And in fact, the results for every quarter over the last eight are a blueprint for Morgan Stanley's success.

We expect this mix of tailwinds and headwinds to prevail in 2026.

and are prepared to continue to execute.

We have $32 billion of remaining buyback capacity under our current share repurchase authorization.

And while we are mindful of our current stock price, we will remain dynamic in executing repurchases.

We are well served to watch for any overreaching against ongoing global uncertainties and higher asset prices.

2025 results, and in fact the results for every quarter over the last eight, are a blueprint for Morgan Stanley's success.

While the bar for transformational M&A remains very high,

We will continue to look for ways to accelerate growth in asset wealth management.