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Why is Morgan Stanley Buying E-Trade?
Investment bank Morgan Stanley (MS - Free Report) is acquiring brokerage firm E-Trade for $13 billion. Shares of ETFC have surged over 23% on the news, while MS is trading down around 4% on Thursday.
This marks the biggest takeover by a U.S. bank since the financial crisis, and follows last year’s all-stock purchase of TD Ameritrade by Charles Schwab (SCHW - Free Report) .
E-Trade will help give Morgan Stanley a digital edge and new corporate service customers; the company has 5.2 million clients and over $360 billion of retail client assets, which will add to Morgan Stanley’s 3 million clients and $2.7 trillion of client assets. But in terms of client assets, the combined company will still trail Fidelity, Vanguard, and Schwab.
The deal is expected to close in the fourth quarter.
Looking for Stocks with Skyrocketing Upside?
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See the pot trades we're targeting>>