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Traditional financial institutions are claiming the coronavirus pandemic is weakening the upstarts that have been challenging them since the last financial crisis with the CEO of Morgan Stanley citing Robinhood's outages as one example.
Bank of America Corp. customers have opened almost 300,000 new investment accounts on the company’s Merrill Edge platform, consumer and small business head Dean Athanasia said during the conference. There’s a “flight to quality,” he said. “So we are attracting an awful lot of new clients.”
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