Morgan Stanley says it has resolved a problem with its wealth management technology.
The issue, which arose Wednesday, concerned “a bug from an external software provider,” according to a spokesperson, not issues tied to high trading volume or work-from-home staff. “Clients were able to put in trades through our backup system or through an advisor.”
The wirehouse, which has some 15,500 financial advisors, says clients negatively affected by the glitch will be remediated, which it was “in the process of doing” on Thursday.
The problems lasted for four hours, according to a Bloomberg report. They were resolved by 3:30 p.m., says Morgan Stanley.
The news comes about a month after the wirehouse announced plans to buy discount broker E-Trade Financial for $13 billion, creating a firm that could have over $3 trillion in client assets.