Content area
Full Text
Chase Manhattan Bank, a bidder for Morgan Stanley's custody business, will most likely consolidate systems and custody operations of both firms' Brooklyn offices if it wins the business, said a senior official at Chase. The bank also plans to evaluate Morgan's technology for consolidation purposes, but systems may not necessarily be part of an acquisition, he added. Chase's main priority is to win Morgan's custody assets, the majority of which are cross-border and offer higher premium than domestic business. "This is not a technology-driven decision," he said. In addition, Chase hopes to add significantly to its staff by retaining much of Morgan's custody personnel, said the Chase official. "It's like a professional sports team acquiring a world-class player," the Chase official said of gaining Morgan's staffers.