Morgan Stanley, a Wall Street trading firm and brokerage lacking a single bank branch, is making a push to grab $50 billion in deposits held at rivals.
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 centers. Clients with more than $1 million invested with Morgan Stanley can also get the $450 annual fee waived for their American Express Platinum credit card.
