Electronic signage at the headquarters of Morgan Stanley in New York.
Scott Mlyn | CNBC
Morgan Stanley gave some wealth management clients incorrect information on taxes that caused some to underpay and others to overpay, according to a regulatory filing on Monday.
The bank is setting aside $70 million to cover the costs and is in discussions with the Internal Revenue Service over the errors which occurred in tax years 2011 through 2016.
"We are committed to making this right for our clients with minimal inconvenience to them," said a Morgan Stanley spokesman.