Morgan Stanley to Buy E*Trade Financial in $13 Billion Deal

Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp. in an all-stock deal worth about $13 billion.
Morgan Stanley to Buy E*Trade Financial in $13 Billion Deal
Morgan Stanley's New York headquarters are viewed on April 17, 2014 in New York City. Photo by Spencer Platt/Getty Images
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Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp. in an all-stock deal worth about $13 billion, the biggest deal by a Wall Street bank since the financial crisis.

The deal will help Morgan Stanley boost its wealth management unit, a business that Chief Executive Officer James Gorman has been trying grow to help it ride out weak periods for trading and investment banking.