After announcing the $13 billion agreed acquisition of E*Trade, Morgan Stanley looks even more like a large wealth management firm with an investment bank attached.
This is the direction in which chairman and chief executive James Gorman has been purposefully leading the storied firm since before taking the top job.
As head of asset and wealth management, he was a key driver of the staggered acquisition of Smith Barney from Citi, announced in 2009, that has since transformed the company.
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