JUST IN: Morgan Stanley is buying online brokerage E-Trade for about $13B.
E-Trade Financial Corp. has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets.
E-Trade’s U.S. stock plan business will be combined with Shareworks by Morgan Stanley, a provider of public stock plan administration and private cap table management solutions. ““E-Trade represents an extraordinary growth opportunity for our wealth management business and a leap forward in our wealth management strategy. The combination adds an iconic brand in the direct-to-consumer channel to our leading advisor-driven model, while also creating a premier workplace wealth provider for corporations and their employees," Morgan Stanley Chairman and CEO James Gorman said in a prepared statement.
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