Morgan Stanley's 13 billion E-Trade acquisition will help the bank reach new demographics

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The Wall Street giant has agreed to buy the online brokerage firm for 13 billion in an all-stock takeover, marking the biggest acquisition by a US bank since the financial crisis, as reported by The Wall Street Journal.

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The transaction is expected to close in the fourth quarter of this year. Under the deal, E Trade will keep its brand, as well as its branches and ad campaigns. Morgan Stanley expects 150 million in cost cuts from using E Trade's low-cost deposits to replace some of its existing funding of loans.See the rest of the story at Business InsiderSee Also:Early stage fintech funding took a dip in 2019, while late-stage funding reached a five-year highChime has hit 8 million accounts and is now offering a 1.6 interest rate on savings productsN26's withdrawal from the UK is boosting competitors' deposits and customer bases

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