The bank's Merrill Lynch unit could post a
pre-tax margin of over 30 percent once interest rates normalize,
said John Thiel, the head of wealth management, at an investor
conference in Boca Raton, Florida.
The unit's margin was 26.6 percent in the fourth quarter and
26.4 percent overall in 2013.
Morgan Stanley's wealth management business, Merrill Lynch's
closest competitor in terms of the profitability, recorded a
pre-tax margin of 19 percent in the fourth quarter. It aims to
reach a margin between 22 and 25 percent by the fourth quarter
(Reporting by Peter Rudegeair;
editing by Meredith Mazzilli)
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