Rich Americans Keep Borrowing, Defying Economic Gloom

Wealthy people ramped up borrowing in the first half of the year despite rising rates and a stock-market rout that hit the value of their portfolios.

The wealth-management units at Morgan Stanley and Bank of America Corp. posted double-digit loan growth in the second quarter. The increase came from well-heeled clients taking out mortgages and loans backed by assets like stock-and-bond portfolios, executives said. 

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