New York (CNN Business) Morgan Stanley is buying online broker E-Trade for $13 billion in an all-stock deal, a move that shows how serious the Wall Street giant is about catering to everyday consumers. But a combined Morgan Stanley and E-Trade will instantly become one of the leading financial firms on both Wall Street and Main Street. "E-Trade represents an extraordinary growth opportunity for our Wealth Management business and a leap forward in our Wealth Management strategy," said Morgan Stanley chairman and CEO James Gorman in a statement. E-Trade has about $56 billion in deposits, which will help provide funding for Morgan Stanley. Morgan Stanley and E-Trade also said they were hopeful the merger would be approved by regulators and shareholders by the fourth quarter of the year.

Source: CNN February 20, 2020 13:05 UTC