Bloomberg News reports that the firm plans to unveil a digital cash-management offering for brokerage clients in July that includes free banking with unlimited automated teller machine rebates, identity-theft protection and access to 24-hour call centres.
Clients with more than $1m invested with Morgan Stanley can also get the $450 annual fee waived for their American Express Platinum credit card.
The effort is part of CEO James Gorman’s post-financial crisis transformation of the investment bank to rely more on retail businesses. The new funds, along with $149bn in deposits the firm had at the end of 2015, are needed to fuel loan growth to wealth-management clients and help Morgan Stanley achieve profitability goals disclosed in January. The brokerage accounted for 43% of the firm’s revenue last year.
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