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. The bank has bet its future in large part on its wealth management business, which produces more stable revenue than the trading unit that nearly wiped out Morgan Stanley during the financial crisis.

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