Wholesale banks—which provide financial services for corporations, governments and institutional clients—generated record revenues of $660 billion in 2025. Morgan Stanley Research forecasts solid 3% growth in their resilient growth base case, with revenues rising to $770 billion in 2030. On top of that outlook, increased client adoption of digital assets could bring opportunities and risks to the sector. “Across scenarios, relative performance will depend in part on how effectively banks respond to investor and corporate desire for tokenized services,” says Betsy Graseck, Morgan Stanley’s Global Head of Banks and ... (full story)