Morgan Stanley scoops up discount brokerage E*Trade
The deal pushes Morgan Stanley’s client assets to more than $3-trillion and is the biggest acquisition by a Wall Street firm since the financial crisis
20 February 2020 - 18:26
New York — Morgan Stanley has agreed to buy discount brokerage E*Trade Financial Corporation for $13bn, pushing further into the retail market in the biggest acquisition by a Wall Street firm since the financial crisis.
The all-stock takeover adds E*Trade’s $360bn of client assets to Morgan Stanley’s $2.7-trillion, the companies said on Thursday in a statement. Morgan Stanley also gets E*Trade’s direct-to-consumer and digital capabilities to complement its full-service, advisory-focused brokerage...
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