Morgan Stanley CEO James Gorman said he has been interested in E-Trade for 20 years, but Goldman decided against pursuing a deal for the brokerage.
E-Trade's availability was "no secret" to anyone in the industry, according to one of the people. Media reports and analysts speculated that Goldman or possibly Morgan Stanley could purchase E-Trade.
Goldman "had the opportunity to express their interest and they didn't," said one of the people with knowledge of the matter. Goldman had examined the possibility of a deal internally and decided against it, said another person. One reason: The bank's own direct-to-consumer play, Marcus, had already gathered more than $50 billion in consumer deposits, the cheap funding source that Morgan Stanley would be getting in the E-Trade takeover.
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