E-Trade stock surged up to 25% this morning after Morgan Stanley announced it would buy the online discount brokerage for $13 billion by skleb1234
E-Trade stock surged up to 25% on Thursday morning after Morgan Stanley, one of the biggest names on Wall Street, announced it would buy the online discount brokerage for $13 billion, solidifying the bank’s shift to the wealth management business.
E-Trade’s stock surged 24% while Morgan Stanley’s fell 4% after both companies announced the news on Thursday morning. The blockbuster deal marks the latest in a wave of consolidation for the online brokerage industry, following Charles Schwab’s all-stockE-Trade has struggled amid a price war among online brokerages, which began last year when SchwabMorgan Stanley will pay $58.74 per share in a stock offer for E-Trade, about a 30% premium on the value of the online brokerage’s share price, in a deal that brings together over $3 trillion in client assets.
In 2010, Morgan Stanley’s wealth management business was 26% of the firm’s pretax profit, and by 2019 it made up 51% of pretax profit.Buying E-Trade will give Morgan Stanley 5.2 million new customer accounts and $360 billion in assets. Morgan Stanley oversaw some $2.7 trillion in assets before the deal, largely tied to larger companies and high-net-worth individuals.
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