Finance

Morgan Stanley CEO James Gorman on how the E-Trade deal came together

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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…



Source cnbc.com

Goldman Sachs decided to pass on E-Trade before Morgan Stanley snatched it up, sources say

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