It is the largest takeover by a U.S. bank since the financial crisis of 2008.
February 20, 2020, 5:42 PMCatch up on the developing stories making headlines.Wall Street investment bank Morgan Stanley is acquiring online financial services company E*Trade for a whopping $13 billion, the companies announced Thursday.
The all-stock takeover is the largest takeover by a U.S. bank since the financial crisis of 2008, the Wall Street Journal reported.E*Trade is an app and online brokerage platform that lets users trade stocks and more. It also provides a handful of other online banking services including employee stock ownership plans. It currently boasts more than 5.2 million client accounts and $360 billion of retail client assets.
"Wall Street banks continue to covet Main Street customers," Greg McBride, the chief financial analyst at Bankrate.com, said in a statement."Morgan Stanley’s acquisition of E*Trade gives them access to brokerage customers, employees with company stock, and the lifeblood of financial services -- low cost retail bank deposits."Other big banks are similarly turning their sights to the digital banking world, he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
E-Trade Shares Surge 24% After Morgan Stanley Announces $13 Billion PurchaseThe deal is expected to close in the fourth quarter of 2020.
Read more »
Morgan Stanley CEO James Gorman on how the E-Trade deal came togetherMorgan Stanley CEO James Gorman told CNBC the origins of the deal date back to 2002.
Read more »
E-Trade Shares Surge 24% After Morgan Stanley Announces $13 Billion PurchaseE-Trade stock surged up to 25% this morning after Morgan Stanley announced it would buy the online discount brokerage for $13 billion by skleb1234
Read more »
Morgan Stanley, with E-Trade deal, makes 'land rush' for mom-and-pop investorsMorgan Stanley's $13 billion purchase of discount brokerage E-Trade is yet another example of a big Wall Street firm trying to appeal to smaller investors.
Read more »
Morgan Stanley beats Goldman to E*Trade punchBuying the online broker for $13 bln gives James Gorman’s Wall Street firm stable income, higher returns and cheap retail deposits. David Solomon has promised that too at Goldman Sachs, albeit via other means. It leaves Solomon, still tackling regulatory issues, on the back foot.
Read more »