NEW YORK (AP) — After getting bludgeoned in the financial crisis, Morgan Stanley is staking its future on the steadier, if less spectacular, business of wealth management.
In the first quarter, the strategy looked prudent: Profit and revenue soared in wealth management, even as they dipped in investment banking.
The wealth management unit generated more fees, and clients shuttled more assets to the bank. Profit margins rose and so did employees' productivity. In contrast, its investment banking unit brought in less revenue from trading bonds and commodities, and made less money on advising companies on mergers and acquisitions.
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