Morgan Stanley increases headcount in wealth business
(18 January 2020 – Hong Kong) Morgan Stanley has announced plans to add dozens of staff to its wealth business in Hong Kong and Singapore, signalling its confidence in the region's ability to create millionaires.
The New York-based bank is looking to add 30 to 35 private bankers in the two cities this year, Asia-Pacific wealth head Vincent Chui said in an interview with Bloomberg Television in Hong Kong yesterday.
"Our continued expansion and growth will be a matter for us to accelerate in 2020," he said. The additional relationship managers "would perhaps translate into at least 50 or 60 more customer service, risk and product specialists".
Mr Chui spoke a day after Morgan Stanley reported record profit for 2019, helped in part by its wealth business, which makes up more than half of its revenue.
The hiring plans contrast with job cuts at both UBS and Barclays as the lenders look to rein in costs.