March 5 (Bloomberg) -- Morgan Stanley, which sold its European private wealth-management business last year, is considering strategic options for its Swiss private bank, according to a person briefed on the discussions.
The Swiss unit, Bank Morgan Stanley AG, may be sold or wound down, said the person, who asked not to be identified because no decision has been reached. The Swiss financial news website finews.ch reported the discussions earlier today.
Morgan Stanley last year sold its wealth-management operations in the U.K., Italy and Dubai to Credit Suisse Group AG. The New York-based company said at the time that the Swiss bank, which only serves clients outside the U.S., was an “integral part” of its international business.
The firm now serves some of its private-wealth clients in Asia through its institutional operation, leaving fewer customers requiring the Swiss bank, the person said. Chief Executive Officer James Gorman, 55, has said he wants to focus on wealth-management businesses where the bank has significant scale.
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