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.
Source: The Guardian