Morgan Stanley’s brokerage division has sold $3 billion in certificates of deposit during the past week as part of a wider plan to increase deposits, according to media reports.

After its conversion from an investment bank to a Federal Reserve-regulated bank holding company last month it has been asking its 8,500 advisors to sell deposits.

Morgan Stanley had $36 billion in deposits as of 31 August, but, according to reports, this falls well short of being able to support a bank with nearly $1 trillion in assets.

Morgan Stanley said it will introduce new savings accounts and global currency accounts and increase international banking through its Swiss bank. It will also expand banking services for smaller businesses. It will also “explore both organic and acquisition opportunities" to accelerate deposit growth”.