Morgan Stanley has said it has begun new
deposit-gathering initiatives following its conversion into a bank
holding company in September.

The bank said it would use its 8,500 financial advisers and 500
retail offices to build up deposits, stating it had already raised
$3 billion in certificates of deposit over the past four weeks. The
bank plans to launch new savings and global currency accounts in
2009 in addition to existing services offered through its brokerage
arm, adding that it had $36 billion in pre-existing deposits as of
31 August 2008.

The 73-year-old US institution, which also said it will look to
expand its deposit base through acquisitions, converted from an
investment bank into a bank holding company earlier this year in
order to safeguard its existence and receive extra liquidity from
the Federal Reserve.