Ever since the great financial crisis, management at Morgan Stanley has laid out a vision to marry its fabled global investment bank to world-class wealth management and investment management businesses.
The aim is to reduce exposure to tail risks and draw more revenue and profit from low-capital consuming and stable fee-earning activities.
The first big push came in 2009 with the purchase from Citi of a majority stake in Smith Barney and its army of financial advisers.
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