September 30, 2020

Federal Reserve Board announces approval of notice by Morgan Stanley

For release at 5:00 p.m. EDT

The Federal Reserve Board on Wednesday announced its approval of the notice under section 4 of the Bank Holding Company Act of 1956 and under section 163(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act by Morgan Stanley, New York, New York, to acquire E*TRADE Financial Corporation ("E*TRADE") and thereby indirectly acquire E*TRADE's subsidiary federal savings associations, E*TRADE Bank and E*TRADE Savings Bank, all of Arlington, Virginia.

Attached is the Board's order relating to this action.

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