Morgan Stanley buying E*Trade for $13 billion

Morgan Stanley buying E*Trade for $13 billion

Morgan Stanley plans to buy discount brokerage E*Trade for about $13 billion. The all-stock deal is expected to create a combined platform with more than 8 million client accounts and relationships and $3.1 trillion in assets. E*Trade CEO Mike Pizzi will continue running the business under Morgan Stanley’s ownership. The deal is expected to close in the fourth quarter.

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