Morgan Stanley announced today that it had begun new initiatives, including leveraging its 8,500 Financial Advisors, 500 retail offices, and new Bank Holding Company structure, to build new bank deposits.
The Firm said that one of its bank subsidiaries, Morgan Stanley Bank, N.A, had raised $3 billion in certificates of deposit (CDs) in just the past four weeks. The Firm also said that it was:
- Starting a campaign involving the Firm's 8,500 Financial Advisors to raise client awareness about the banking services available through the Morgan Stanley Global Wealth Management Group (GWMG);
- Planning to introduce new bank products next year, such as new savings account products and global currency accounts, in addition to those it already offers to clients;
- Using the Firm's Swiss Bank to expand International Banking activities; and
- Initiating a campaign to expand its existing Business Banking business.
Morgan Stanley reported a total of $36 billion in deposits as of the third quarter ending Aug. 31, 2008. The deposits in the Firm's banks are covered by FDIC insurance to the maximum extent permitted. Through its network of 500 offices nationwide, GWMG already offers a broad range of personal banking services available to clients. These include:
- Unlimited check writing, online check imaging and check reorders. Year-to-date, Morgan Stanley has cleared over seven million checks on behalf of retail banking clients.
- ATM access at more than one million convenient locations worldwide.
- Morgan Stanley World MastercardR with an exceptional rewards program.
- Online bill payment - a secure and convenient way to pay bills and track payments.
- Direct Deposit service for a convenient way to have paychecks and other payments deposited directly into interest bearing Morgan Stanley accounts.
- A full range of banking, lending and cash management services for small businesses.
- Personal lending available to individual and business clients through the Portfolio Loan AccountR.
- 24/7 client service through a dedicated, toll-free phone number.
The Company said that it would continue to expand its offering of traditional banking products and would explore both organic and acquisition opportunities to continue developing banking capabilities to better serve its clients.