UPDATE 4-Morgan Stanley's Gorman charts ambitious course with $13 bln E*Trade deal [Reuters]
E*TRADE FINANCIAL CORP (ETFC)
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Source: Reuters
Morgan Stanley's Gorman charts ambitious course with $13 billion E*Trade deal (Reuters) - Morgan Stanley ( MS.N ) said on Thursday it would buy discount brokerage E*Trade Financial Corp ( ETFC.O ) in a stock deal worth about $13 billion, the biggest acquisition by a Wall Street bank since the 2008-2009 financial crisis. Part of a broader consolidation in the discount brokerage sector, the move will add breadth to Morgan Stanley’s wealth management unit, a business that Chief Executive Officer James Gorman has been trying to build out to insulate the bank from weak periods for trading and investment banking. “The addition of E*Trade’s products and iconic brand will serve as a leap forward” for the bank, said Gorman on a call with analysts. The deal reflects a more relaxed mood under President Donald Trump administration regulators, which has helped unleash other big-ticket takeovers in the financial sector. Big banks have been emboldened to do deals that would have been tricky for
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