Regulators Investigate Morgan Stanley's Wealth Management Arm, Stock Plummets

Morgan Stanley's wealth management arm is reportedly under investigation by multiple regulators including the SEC, OCC, and other Treasury Department offices, causing the bank's shares to fall. The probes are focused on the bank's due diligence on prospective clients, monitoring of financial activity, and international clients. This comes after the bank recently resolved an investigation into its block trading practices. Spokespeople for Morgan Stanley and the regulators did not immediately respond to requests for comment.