• Morgan Stanley average return on tangible equity for 2023 was 12.01, a 23.21% increase from 2022.
• Morgan Stanley average return on tangible equity for 2022 was 15.64, a 6.07% decline from 2021.
• Morgan Stanley average return on tangible equity for 2021 was 16.65, a 42.06% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.