Morgan Stanley to Buy E-Trade for $13B

"This continues the decade-long transition of our firm to a more balance-sheet-light business mix, emphasizing more durable sources of revenue," Gorman said.

'Hefty Price'

Not everyone agrees with Morgan Stanley's rosy view of the deal. 

"They'll be writing a big chunk of this down in the coming years. There's nothing here. Imagine acquiring customers who don't plan to pay you for anything?" said Josh Brown, CEO of Ritholtz Wealth Management, on Twitter. 

"It's a pretty hefty price," Alison Williams, an analyst at Bloomberg Intelligence, said on Bloomberg Television, adding that the move "is consistent with Morgan Stanley's strategy" to push further into the mass-affluent market.

But credit analyst David Havens at Imperial Capital said in a note to clients that the deal "deepens the 'safe' wealth management franchise — rich in fees and stability" and "reduces reliance on the more mercurial trading and markets businesses."

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