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Morgan Stanley to add private bankers to Hong Kong, Singapore wealth business

Morgan Stanley plans to hire 30 to 35 private bankers for its wealth business in Hong Kong and Singapore in 2020, Bloomberg News reported Jan. 17, citing Vincent Chui, the company's Asia-Pacific head of wealth.

The additional bankers "would perhaps translate into at least 50 or 60 more customer service, risk and product specialists," Chui added.

The comment comes after the New York-based bank reported earnings applicable to common shareholders of US$2.09 billion, or US$1.30 per share, for the fourth quarter of 2019, an increase from US$1.36 billion, or 80 cents per share, in the year-ago period.

The company's wealth management net revenues for the quarter increased year over year to US$4.58 billion from US$4.14 billion.