Morgan Stanley to purchase E*Trade in $13bn deal

February 21, 2020 | Investment

Written by FinTech Alliance

Morgan Stanley to purchase E*Trade in $13bn deal

Morgan Stanley has agreed to buy online brokerage E*Trade Financial.

In Brief:

  • This is an all stock deal worth around $13bn.

  • E*Trade is a direct-to-consumer, digitally-driven offering.

  • The deal adds about 5.2mn client accounts to Morgan Stanley’s wealth management unit.

What does this mean?

This marks the largest acquisition by a Wall Street bank since before the 2008 crash. E*Trade CEO Mike Pizzi will retain his role and run the unit as part of Morgan Stanley.

Read more here.

 

More in Investment

Marqeta is worth $4.3bn after latest raise
Investment
May 29, 2020

Marqeta is worth $4.3bn after latest raise

US FinTech Marqeta has seen its valuation more than double since its latest cash injection. In B...

Starling gets £40mn boost
Investment
May 29, 2020

Starling gets £40mn boost

UK challenger bank Starling has raised £40mn from existing investors. In Brief: T...

Scandit raises $80mn
Investment
May 28, 2020

Scandit raises $80mn

Enterprise barcode scanner company Scandit has raised $80mn. In Brief: The Series C rou...

Investment
May 19, 2020

Future Fund: finalised terms - White & Case

On 18 May 2020, the UK Government announced the final terms for the Future Fund, the matched funding...

Investment
May 04, 2020

Global stocks trade lower on downbeat economic data

Key Takeaways   US stocks fell amid disappointing jobless claims data and despite furt...

Investment
April 07, 2020

WHO and partners call for urgent investment in nurses

The report, by the World Health Organization (WHO)  in partnership with the International...

There are no Events in this category