Beware of robber banks (RB), bad advisors.
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Morgan Stanley to buy E*Trade in all-stock deal worth $13 billion
Morgan Stanley announced plans Thursday to buy discount brokerage E*Trade for about $13 billion in a deal that will boost the investment bank’s wealth management business. The all-stock deal, expected to close in the fourth quarter of this year, will create a combined platform with more than 8 million client accounts and relationships and $3.1 trillion in assets, according to the bank. “The combination adds an iconic brand in the direct-to-consumer channel to our leading advisor-driven model,” Morgan Stanley chairman and CEO James Gorman said in a statement. E*Trade shares skyrocketed more than 21 percent in ... (full story)