Morgan Stanley will offer savings accounts and certificates of deposits to wealth management clients.
The bank already offers consumer services like credit cards, but its move further into territory occupied by Wall Street banks like JPMorgan and Citigroup represents a strategy shift for the bank.
Goldman Sachs has also been ramping up their presence in consumer banking.
Earlier this year Goldman Sachs hired Harit Talwar, the former CMO at Discover Financial Services, to lead its push into a lending business for consumers and small businesses.
Goldman Sachs also acquired the $16 billion lending business that belonged to GE Capital.
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