Morgan Stanley buys E-Trade in $13 billion shakeup to brokerage market

Morgan Stanley is buying E-Trade in a $13 billion, all-stock deal announced Thursday, bringing more consolidation to the brokerage market and giving the investment bank to the rich a foothold with a more mainstream clientele. The deal, which is the biggest takeover by a major U.S. bank since the 2008 financial crisis, combines Morgan Stanley’s prowess and client-facing resources with E-Trade’s more than 5 million customers, with more than $360 billion in retail trade assets, the companies said in a news release. Morgan Stanley has more than 3 million clients with $2.7 trillion in assets under management. Combined, they will create a firm with a strong foothold on both Wall Street and Main Street — Morgan Stanley’s traditionally wealthier clients and investment management business with E-Trade’s younger, mom and pop investors and online investing platform.

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