Morgan Stanley Buys E*Trade for $13 Billion

The transcript discusses a major wealth management deal that could create a firm with over $3 trillion under management, comparing it to UBS and Schwab. It highlights the impact on discount brokers and their zero-fee strategies. The focus shifts to Morgan Stanley's diversification efforts and investor concerns about short-term impacts, such as potential buybacks and regulatory issues. The discussion also covers the long-term implications for rival banks like Goldman Sachs and the future of wealth management acquisitions.

What potential challenges does Morgan Stanley face in the short term after the acquisition?

What implications does the deal have for rival banks like Goldman Sachs?