Banks Bet on Wealthy Clients Who Got Even Richer During Pandemic
- Affluent people fuel activity in banks’ wealth-management arms
- BofA balances surge to record, Morgan Stanley new assets jump
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As the nation’s banking giants steer their way out of the pandemic, they’re focused on a key category of clients: wealthy people.
Citigroup Inc. plans to “double down on wealth” and concentrate its efforts on international hubs popular among high earners: Singapore, Hong Kong, the United Arab Emirates and London, the company said when it announced earnings last week. At Bank of America Corp., affluent clients’ account balances surged 31% to a record $3.5 trillion, lifted by a buoyant stock market, and it added more than 7,000 households in the first quarter. New assets at Morgan Stanley jumped.