Finance
Morgan Stanley Downplays Queries Into Wealth Management Clients
- It’s been checking on processes ‘for a good while,’ CEO says
- Comments follow concerns about identifying risky customers
Morgan Stanley office building in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Morgan Stanley said federal inquiries about its efforts to monitor the background of its wealth management clients aren’t new, and that the bank has already accounted for the costs of fixing its related processes.
“This is not a new matter. We’ve been focused on our client onboarding and monitoring processes for a good while,” Chief Executive Officer Ted Pick said Tuesday on the first-quarter earnings call. “We have ongoing communications with our regulators, as all the large banks do.”