Morgan Stanley was alone among the largest U.S. banks in stumbling through the Federal Reserve’s annual stress tests, getting conditional approval to make payouts to shareholders. Thirty other firms passed, while two subsidiaries failed. Morgan Stanley must shore up internal systems and resubmit plans for managing capital by Dec. 29, the Fed said Wednesday. Examiners again failed U.S. units of Deutsche Bank AG and Banco Santander SA, saying they suffer from “broad and substantial weaknesses” in how they manage capital. And one regional lender, M&T Bank Corp., passed only after adjusting its plan for shareholder payouts. “Morgan Stanley exhibited material weaknesses in its capital...
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