Deals
Morgan Stanley Dives Deeper Into Retail With E*Trade Deal
- Takeover follows Schwab’s planned takeover of TD Ameritrade
- Clients are demanding more digital services, CEO Gorman says
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Morgan Stanley agreed to buy discount brokerage E*Trade Financial Corp. for $13 billion, 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 $360 billion of client assets to Morgan Stanley’s $2.7 trillion, the companies said 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.