Morgan Stanley to Buy
E-Trade for $13 Billion The Wall Street giant is set
to purchase the online broker
in an all-stocks deal. E-Trade’s more than 5.2 million mainstream
investing clients will boost Morgan Stanley’s
wealth management unit, which caters to
more affluent customers. Morgan Stanley Chairman, via statement The merger is expected to
transform the companies into
one of the leading financial firms
on Wall Street and Main Street. Morgan Stanley anticipates nearly
$400 million in potential cost savings
but has not commented on job cuts.