Morgan Stanley is going after a $500 billion opportunity

Once-distinct lines between Wall Street's banks are becoming increasingly blurred.

Morgan Stanley will offer savings accounts and certificates of deposits to wealth management clients.

It could mean big business to the bank. A Morgan Stanley representative told Business Insider the bank's wealth management clients have $500 billion in cash balances at other institutions.

The bank already offers consumer services like credit cards, but its move further into territory occupied by Wall Street banks like JPMorgan and Citigroup represents a strategy shift for the bank.

Reuters reported Morgan Stanley's push into savings accounts and certificates of deposits early November 12.

Goldman Sachs has also been ramping up their presence in consumer banking.

Earlier this year Goldman Sachs hired Harit Talwar, the former CMO at Discover Financial Services, to lead its push into a lending business for consumers and small businesses.

Goldman Sachs also acquired the $16 billion lending business that belonged to GE Capital.