Morgan Stanley Receives Regulatory Approval to Acquire E*TRADE

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.

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