Morgan Stanley unit said plagued by tech snafu

Morgan Stanley building

Morgan Stanley’s wealth management division has been hit with a technology issue that has impaired the re-balancing of brokerage accounts, a person familiar with the matter tells FOX Business.

Charlie Gasparino reports that the problems that slammed the New York-based investment bank’s back office in recent weeks were caused by a spike in volume due to an influx of year-end re-balancing orders, said the source, who requested anonymity because he wasn’t authorized to speak on the matter.

The disruption Morgan faced was significant enough that it sparked a 'crisis management' meeting in the bank’s wealth management division, the person said.

Tricia Nestfield, a Morgan spokesperson responsible for wealth management, would not deny the snafu.

'Technology systems are fine, and year-end processing is proceeding normally', she said in a statement.

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Source: Morgan Stanley Wealth Management Unit Plagued by Tech Snafu

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