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Morgan Stanley Chases Millionaires With a Free Platinum AmEx

  • Brokerage is seeking to attract $50 billion in retail deposits
  • Morgan Stanley to waive $450 AmEx fee for some wealth clients
relates to Morgan Stanley Chases Millionaires With a Free Platinum AmEx
Photographer: Scott Eells/Bloomberg
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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.