Morgan Stanley to buy E-Trade for $13 billion

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STAN CHOE, KEN SWEET and MICHELLE CHAPMAN AP Business Writers NEW YORK (AP) — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest deals on Wall Street since the financial crisis more than a decade ago, and it would mark the latest chapter in Morgan Stanley's transformation from a scrappy, deal-doing, stock-trading investment bank to a more well-rounded financial firm more reliant on its asset and wealth management businesses. E-Trade will bring with it 5.2 million client accounts, $360 billion in retail client assets and a pool
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