Morgan Stanley to acquire online brokerage E-Trade for $13 billion
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Morgan Stanley to buy online brokerage E-Trade for $13 bn in an all-stock transaction. E-Trade shareholders will get 1.0432 shares of Stanley stock for each unit they hold. Client assets worth $360 bn currently held by E-Trade will be added to Stanley's existing $2.7 trillion. E-Trade's 5.2 mn client accounts handily outpace Stanley's 3 mn. Mike Pizzi, E-Trade's CEO will continue to run the business under Morgan Stanley's auspices.