RATE Group | Financial Giant Morgan Stanley Acquires E*Trade in $13B Deal
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Financial Giant Morgan Stanley Acquires E*Trade in $13B Deal

20 Feb Financial Giant Morgan Stanley Acquires E*Trade in $13B Deal

Posted at 20:00h in Cryptocurrency News by

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Major investment bank Morgan Stanley is buying online trading firm E*Trade Financial Group, which would extend the bank’s offerings to everyday investors.

The $13 billion deal marks Morgan Stanley’s largest takeover since the crisis of 2008, also bringing along E*Trade’s five million clients, $360 billion in assets and an online bank, the Wall Street Journal reported on Feb. 20.

With the acquisition of E*Trade, Morgan Stanley will receive over 4,000 corporate customers and $580 billion of stock held on behalf of their employees. At the same time, E*Trade’s CEO, Michael Pizzi will retain its position, and the company will keep its brand, retail storefronts and ad campaigns.

The parties’ involvement with the crypto world

In April, E*Trade announced its plan to begin offering digital currency trading on its platform. At the time, the company was preparing to offer Bitcoin (BTC) and Ether (ETH) after which it would add other cryptocurrencies.

As for Morgan Stanley, the company

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