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.

 

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