Morgan Stanley (NYSE: MS) is to acquire E*TRADE Financial Corporation (NASDAQ: ETFC), a financial services company, in an all-stock deal valued at approximately $13 billion.

This combination will enable Morgan Stanley to accelerate initiatives aimed at enhancing the workplace offering through online brokerage and digital banking capabilities, providing an enhanced client experience.

E*TRADE has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets.

The company also provides a full suite of digital banking services, including direct integration with brokerage accounts, checking and high-yield savings accounts, accelerating Morgan Stanley’s digital banking efforts.

The transaction adds approximately $56 billion of low-cost deposits, which will provide funding benefits to Morgan Stanley. | To read full story, visit https://startuparound.com/read/1582277411.9174955/Morgan-Stanley-to-Buy-E*TRADE,-for-$13-Billion?ref=audio_experience