Reuters

UPDATE 1-U.S. banks see wealth management boom on borrowing, new assets

Big U.S. banks’ wealth management businesses put in another stellar performance in the third quarter, buoyed by record levels of new money flowing into accounts and surging demand from clients to borrow against their investment portfolios. Morgan Stanley Inc, JPMorgan Chase https://www.reuters.com/business/finance/jpmorgan-profit-beats-estimates-ma-boom-loan-growth-2021-10-13 & Co, Bank of America Corp https://www.reuters.com/business/finance/bank-america-profit-surges-reserve-release-boost-2021-10-14 and Goldman Sachs Group https://www.reuters.com/business/finance/goldman-sachs-thrives-global-dealmaking-frenzy-post-bumper-profit-2021-10-15 Inc. each reported double-digit growth in wealth management loan balances and revenues this week. That has increased demand for money managers, increased the value of assets managed by these brokerages, and made it more appealing for customers to borrow.

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