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Morgan Stanley to buy online brokerage E-Trade for $13bn

  • Takeover is largest banking deal since the financial crisis
  • Shift for Wall Street banks away from an old model

Morgan Stanley is to buy the online brokerage E-Trade Financial for $13bn in the largest banking deal since the 2008 financial crisis.

The takeover confirms a shift for Wall Street banks away from an old model of wealth management with brokers charging commissions on trades for a relatively limited pool of high net worth individuals and corporate clients and toward a model based on the needs of millions of individual investors.

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Source: The Guardian

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