Morgan Stanley greenlights $13bn acquisition

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Morgan Stanley agrees to pay $13bn for online trading platform Etrade in one of the biggest acquisitions by a bank since the 2008 financial crisis. The deal comes just three months after online brokerages Charles Schwab and TD ameritrade joined forces in a $26bn merger. Once the deal is completed, wealth management and investment management wil make fifty-seven percent of Morgan Stanley's pre-tax profit.

Financial Times, Laura Noonan, 20th February 2020