news.cuna.org/articles/108414-news-of-the-competition

News of the Competition

November 13, 2015

NEW YORK (11/13/15)--After years of accumulating profits primarily through investment banking, Morgan Stanley is starting to edge further into the retail banking space. By offering checking and savings accounts, the big bank hopes to “wring more profit from its wealth management clients,” according to a report from Reuters (Nov. 12). While it has offered these products in the past, Morgan Stanley is ramping up efforts in these areas to grab more of the market from other banks. Only 1% of the bank’s wealth management clients use its retail banking products, according to Reuters. “You shouldn’t have to deal with two or three financial institutions,” Eric Heaton, Mortgage Stanley U.S. Banks president, told Reuters. “Just deal with us” …