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.
While the COVID-19 pandemic devastated large chunks of the economy and put millions out of work, extraordinary government measures aimed at mitigating the economic blow have also boosted the fortunes of the wealthy by pushing down interest rates and driving a massive stock market rally.
"At the high net worth end of the spectrum, lending products have been very healthy and you're seeing that at firms like Morgan Stanley where wealth management loan balances are up over 30% year over year," said Devin Ryan, an analyst at JMP Securities. Bank of America's Merrill Lynch Wealth Management reported record revenues of $4.5 billion, up 19% over last year, while loan balances grew 10% to top $133 billion.
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