US investment bank Morgan Stanley announced on Thursday it will buy online trading pioneer E*Trade in a deal valued at USD 13 billion.
It would be the largest acquisition by an American bank since the 2008 global financial crisis, and comes as online brokers are competing fiercely for new customers.
The transaction, which requires approval from regulators, is Morgan Stanley’s latest move to reinvigorate itself after nearly being crushed by bad investments during the market crash.
The acquisition of E*Trade allows Morgan Stanley to go a step further and manage the money, savings and assets of small investors.
Source: Livemint
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