Morgan Stanley Receives Regulatory Approval to Acquire E*TRADE
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NEW YORK & ARLINGTON, Va.--(BUSINESS WIRE)-- Morgan Stanley (NYSE: MS) announced today that it has received regulatory approval from the Federal Reserve to acquire E*TRADE Financial Corporation (“E*TRADE”). Morgan Stanley and E*TRADE expect to complete the transaction on October 2, 2020.
"We are pleased to have received approval from the Federal Reserve," said James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley. "Both our teams have worked tirelessly over the past six months to bring our organizations together, and we are excited about the benefits our combined firm will provide to our clients, employees and shareholders.”
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
This press release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake any obligation to update any forward-looking statements. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see “Forward-Looking Statements” immediately preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2019 and other items throughout the Form 10-K, the Firm’s Quarterly Reports on Form 10-Q and the Current Report filed with the SEC on April 16, 2020 and the additional risk factors under “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC on April 17, 2020, as amended.
Media Relations: Wesley McDade, 212.761.2430
Investor Relations: Sharon Yeshaya, 212.761.1632
Source: Morgan Stanley
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