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From: blacksheep (Rep: 335)Date: 02/20/2020 07:39
Forum: Etrade Financial - Msg #4671Thread #674124128 (Rec: 0)
Morgan Stanley buying E*Trade for $13B - WSJ

The long-rumored sale of E*Trade (NASDAQ:ETFC) to a big Wall Street house is finally at hand, only it's not Goldman Sachs, but Morgan Stanley (NYSE:MS) making the buy.

The deal is set to be announced today, according to the report.

E*Trade will add 5M retail customers, $360B in assets, and an online bank to Morgan Stanley's 15K-strong wealth managers.

Morgan Stanley CEO James Gorman: "We’ll take on Schwab. We’ll take on Fidelity ... This isn’t about legacy-building; it’s about getting [Morgan Stanley] ready for prime time."

ETFC is up 6.2% to $47.71 and currently under trading halt.

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