Morgan Stanley’s acquisition of brokerage firm E-Trade has been a long time coming, Chairman and CEO James Gorman told CNBC on Thursday.
“In truth, [conversations] started in 2002,” the Morgan Stanley chief said in a “Squawk on the Street” interview with Wilfred Frost. “I called [E-Trade] back then when I was at Merrill [Lynch] because I was intrigued by that fact that there was always going to be segments of clients who only want to do [trades] electronically and digitally. It was always buy verses build.”
In the biggest takeover by a U.S. bank since the financial crisis, Morgan Stanley announced Thursday it will acquire E-Trade for $13 billion. Morgan Stanley will pay $58.74 a share in…