Morgan Stanley to acquire broker E*Trade for $13 bln

New York (AFP) – US investment bank Morgan Stanley announced Thursday it will buy online trading pioneer E*Trade in a deal valued at $13 billion.It would be the largest acquisition by an American bank since the 2008 global financial crisis, and comes as online brokers are competing fiercely for new customers.The transaction, which requires approval from regulators, is Morgan Stanley’s latest move to reinvigorate itself after nearly being crushed by bad investments during the market crash.The New York-based financial giant has transformed itself from an institution focused on speculation into a…

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