Morgan Stanley Lends To Lotto Winner To Boost Tailored Loans
Early this year, a New York State Lottery winner in Brooklyn approached Morgan Stanley with a problem: he needed to borrow hundreds of thousands of dollars before he collected his prize money. The bank’s wealth management unit decided to make the loan to win a new customer, a step it is increasingly willing to make as it builds up its brokerage unit. Making unusual loans is critical for Morgan Stanley.
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