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Multinational investment giant Morgan Stanley announced today that it is acquiring ETrade Financial Corporation in an all-stock purchase valued at $13 billion.
According to a statement, the combination between the legacy financial services company and e-brokerage pioneer will “support the full spectrum of wealth,” increasing the balance and breadth of Morgan Stanley’s Wealth Management franchise by boosting the firm’s existing 3 million retail client relationships to an estimated 8.2 million.
In addition, ETrade’s online banking and brokerage capabilities will accelerate Morgan Stanley’s digital efforts and enhance the overall consumer experience.
ETrade frequently positioned itself as the