US-based investment bank Morgan Stanley is reportedly exploring new options for a bigger push into consumer banking business, as part of its strategy to shift focus on traditional banking.
Morgan Stanley chief executive, James Gorman, was quoted by The Financial Times as saying: "We have a spectacular asset.
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"We’re the 10th largest bank in the country and we have no bricks and mortar."
Noting that the retail banking business had become so important, Gorman told the publication that the Morgan Stanley executives were exploring ways to lend more and offer new deposit products to retail customers.
Morgan Stanley may concentrate on lending to existing brokerage clients, especially mortgages and loans secured against customers’ portfolios of stocks and bonds.
Apart from this, the US lender is also looking to offer other products as part of its consumer banking push.
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By GlobalData
