Morgan Stanley is to buy popular online stockbroker ETrade for $13bn in the largest acquisition by a multinational bank since the financial crisis. According to the Wall Street Journal, the consolidation will give Morgan Stanley an inroad with ETrade 's 5.2 million retail investors. The bank is targeting this market to tap into a new source of revenue: the smaller-volume trades of the country's so-called mass affluent, people who are wealthy enough to have some savings but not rich enough ...
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