Finance
Morgan Stanley Widens Gap as Banks’ Wealth Units Add $5 Trillion
- Soaring stock markets and asset prices fuel wealth-unit gains
- Schwab, Citi, Bank of America see increases in client assets
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Morgan Stanley’s record quarter in wealth management capped a banner period for one of Wall Street’s most-profitable businesses.
Client assets at retail brokerage Charles Schwab Corp. and the wealth arms of the six largest US banks surged $5 trillion in the 12 months through September. That represented a 23% jump as the group’s revenue from the business collectively topped $84 billion so far this year.