KONTAN.CO.ID - NEW YORK. Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp in a stock deal worth about US$ 13 billion, the biggest acquisition by a Wall Street bank since the 2008-2009 financial crisis. Part of a broader consolidation in the discount brokerage sector, the move will add breadth to Morgan Stanley's wealth management unit, a business that Chief Executive Officer James Gorman has been trying to build out to insulate the bank from weak periods for trading and investment banking. Morgan Stanley's main rival, Goldman Sachs Group Inc, has also been forging ahead with an upstart retail bank, while others including Bank of America Corp and UBS are trying to focus on basic lending and wealth management services.
Morgan Stanley's Gorman charts ambitious course with US$ 13 billion E*Trade deal
KONTAN.CO.ID - NEW YORK. Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp in a stock deal worth about US$ 13 billion, the biggest acquisition by a Wall Street bank since the 2008-2009 financial crisis. Part of a broader consolidation in the discount brokerage sector, the move will add breadth to Morgan Stanley's wealth management unit, a business that Chief Executive Officer James Gorman has been trying to build out to insulate the bank from weak periods for trading and investment banking. Morgan Stanley's main rival, Goldman Sachs Group Inc, has also been forging ahead with an upstart retail bank, while others including Bank of America Corp and UBS are trying to focus on basic lending and wealth management services.