Brian Chappatta, Columnist

Morgan Stanley Sees the Wealthy Sticking With Cash

The bank’s clients want more clarity on the economy before diving back into risk assets.

April 16, 2020 at 4:17 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

On the sidelines.
Photographer: Seong Joon Cho/Bloomberg

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Count Morgan Stanley’s wealth-management clients among those who aren’t entirely convinced that the worst of the market turbulence is over.

The bank was the last of the top Wall Street firms to report first-quarter earnings, and its results Thursday were largely more of the same. It posted its best trading performance in more than a decade, helping to soften the blow across other divisions. The one area that Morgan Stanley could provide further insight was a peek into the minds of wealthy individual clients. It didn’t disappoint.