Morgan Stanley moves away from its investment banking activities with a deal to buy online banking specializing in brokerage E-Trade Financial Corporation for $ 13 billion, reports it NYTimes.
It’s our business’s transition over the past decade to a leaner business mix, focusing on more sustainable sources of revenue, ”said Morgan Stanley CEO James P. Gorman.
The transaction, which should be finalized in the 4th quarter of 2020, will allow the giant to Wall Street to recover a significant share of the online trading, with 5.2 million customer accounts and $ 360 billion in additional assets.
It could also possibly bring the powerful New York bank closer to the cryptocurrency market. Anonymous sources said last year that E * Trade was preparing to offer trading in Bitcoin and Ethereum. However, the broker has not officially announced anything since.
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