Morgan Stanley Says Employee Stole Wealth-Management Client Data

The investment bank said that usernames and passwords were briefly posted online.

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Shannon Stapleton / Reuters

Morgan Stanley said Monday that it fired an employee who stole data from up to 10% of all the bank’s wealth-management clients.

The bank said that the data, some of which was “briefly” posted online, “does not include account passwords or social security numbers.” However, some 900 clients had “certain data,” that includes account names and numbers, stolen and leaked online. Bloomberg News reported that no bank account or credit-card data was stolen, citing an unnamed source. Overall, the breach affected up to 350,000 of Morgan Stanley’s roughly 3.5 million wealth management clients.

Morgan Stanley’s wealth-management division has been a growing and increasingly important part of the bank’s overall business as it seeks to get a higher proportion of its profits from more stable and lower-risk businesses like managing client investments and money. Its wealth management division manages $765 billion in client assets. This is just the latest embarrassing data breach to befall a major Wall Street bank. Hackers stole similar information from JPMorgan Chase, but on a far larger scale. Some 76 million households were affected by the hack.

Read more: http://www.buzzfeed.com/matthewzeitlin/morgan-stanley-says-employee-stole-wealth-management-client

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