Morgan Stanley announced its purchase of online discount brokerage E*Trade Financial for $13 billion—layoffs can be expected
E*Trade Financial for $13 billion. This acquisition represents the largest takeover of a financial institution by a Wall Street bank in over 10 years. , Morgan Stanley CEO James Gorman said about the takeover, “E*Trade represents an extraordinary growth opportunity for our wealth management strategy.
Gorman wanted a business that offers a recurring revenue stream as a counterbalance to the unpredictable nature of trading and investment banking. Wealth management, which includes stock brokers offering managed and fee-based portfolios to their wealthy clientele, was a smart way to have billions in assets under management and offer stable flow of revenue.
The heyday for E*Trade was back in the late 1990s when the dot-com euphoria led people to believe that they could trade stocks and earn enough money to purchase their own islands—as depicted in their ubiquitous television ads at the time.
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