NEW YORK, Feb 20 — Morgan Stanley said today it would buy discount brokerage E*Trade Financial Corp in an all-stock deal worth about US$13 billion (RM54.3 billion), the biggest deal by a Wall Street bank since the financial crisis. The deal will help Morgan Stanley boost its wealth management...
The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. ― Reuters pic
The deal will help Morgan Stanley boost its wealth management unit, a business that Chief Executive Officer James Gorman has been trying to build out to insulate the bank from weak periods for trading and investment banking. “E*Trade represents an extraordinary growth opportunity for our Wealth Management business and a leap forward in our Wealth Management strategy,” Gorman said.
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