FAST FIVE: "Project Eagle": Morgan Stanley Buys E-Trade For $13 Billion, One-Upping 'The Vampire Squid' With Pivot To Retail

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ETrade CEO Michael Pizzi, will join Morgan Stanley to run its new e-brokerage division.

We'll take on Fidelity,” Mr Gorman, now in his 10th year as CEO, said in an interview.

“This isn't about legacy-building; it's about getting [Morgan Stanley] ready for prime time.” Nicknamed “Project Eagle”, Gorman said he's been eyeing buying E-Trade since 2002.

It's the biggest takeover by a major Wall Street firm since the shotgun weddings arranged by the federal government during the apex of the crisis.  The takeover, code-named Project Eagle, is the largest deal by a major Wall Street player since the crisis, when regulators arranged hasty marriages in a bid to shore up the financial system.

Mr Gorman said he has been eyeing E*Trade since 2002, when he was an executive at Merrill Lynch.

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