Morgan Stanley buying E-Trade for about $13 billion nbcnews.com

Morgan Stanley is buying online brokerage E-Trade for about $13 billion.

Discount brokers like E-Trade have engaged in a vicious fight for customers since late last year, when Charles Schwab Corp. announced that it would eliminate the fees it charges customers for trades.

Weeks later, Charles Schwab and TD Ameritrade Holding Corp. said they would merge, creating a colossus of a rival for E-Trade.

In the all-stock deal announced Thursday, E-Trade shareholders will receive 1.0432 Morgan Stanley shares for each share they own.