Charlie Gasparino reports that the problems that slammed the New York-based investment bank’s back office in recent weeks were caused by a spike in volume due to an influx of year-end re-balancing orders, said the source, who requested anonymity because he wasn’t authorized to speak on the matter.
The disruption Morgan faced was significant enough that it sparked a 'crisis management' meeting in the bank’s wealth management division, the person said.
Tricia Nestfield, a Morgan spokesperson responsible for wealth management, would not deny the snafu.
'Technology systems are fine, and year-end processing is proceeding normally', she said in a statement.
Hit the link below to access the complete Fox Business article:
image: © lj16