E*TRADE, the digital brokerage behind the stock trading baby commercials in the early 2000s (remember those?) has agreed to be acquired by investment banking giant Morgan Stanley. The all-stock transaction is valued at $13 billion.

The deal is expected to close in the fourth quarter of this year.

Since it was founded in 1982, E*TRADE has built up 5.2 million client accounts and $3.6 billion in assets under management. This will bolster Morgan Stanley’s 3 million client relationships and $2.7 trillion in assets under management. Adding E*TRADE’s digital capabilities to Morgan Stanley’s more traditional offerings will grant Morgan Stanley a more well-rounded approach that ranges from high tech to high touch.

“E*TRADE represents an extraordinary growth opportunity for our Wealth Management business and a leap forward in our Wealth Management strategy. The combination adds an iconic brand in the direct-to-consumer channel to our leading advisor-driven model, while also creating a premier Workplace Wealth provider for corporations and their employees,” said Morgan Stanley CEO James Gorman. “In addition, this continues the decade-long transition of our firm to a more balance sheet light business mix, emphasizing more durable sources of revenue.”

Logistically, E*TRADE CEO Mike Pizzi will lead Morgan Stanley’s E*TRADE business and be charged with overseeing the integration. “By joining Morgan Stanley, we will be able to take our combined offering to the next level and deliver an even more comprehensive suite of wealth management capabilities,” said Pizzi. “Bringing E*TRADE’s brand and offerings under the Morgan Stanley umbrella creates a truly exciting wealth management value proposition and enables our collective team to serve a far wider spectrum of clients.”

Today’s deal comes at a time when brokerages across the U.S. are in a race to zero, lowering trading fees as much as possible to compete with consumer attention. Last year Charles Schwab eliminated fees for stock trades and a month later bought TD Ameritrade for $26 billion.

Digital financial services company Ally Financial announced this week that it will acquire non-prime credit card and consumer financing company CardWorks. The deal, which has been approved by both companies’ boards, is valued at $2.65 billion ($1.35 billion in cash and $1.3 billion in Ally stock).

The acquisition adds a top-20 U.S. credit card platform and a top-15 merchant acquiring business to Ally Financial’s direct bank deposit, auto financing, insurance, and commercial product lines. The combined entity will serve 11+ million customers in 50 states when the transaction is closed in Q3 of this year.

CardWorks founder, chairman, and CEO Don Berman praised Ally Financial as an “ideal partner” for the “people-centric, compliance-focused” and technology-enabled organization he built in 1987. “In leveraging Ally’s commitment to innovation and adaptiveness, the combined company will be well positioned to meet the financial needs of our ever-growing customer base and deliver sustainable growth and performance,” he said. After the deal is closed, Berman will join both Ally Financial’s Board of Directors as well as the company’s executive management team.

Detroit, Michigan-based Ally Financial was founded 101 years ago as the General Motors Acceptance Corporation (GMAC) and retained that name until 2010. The company is one of the largest auto financing firms in the U.S. by volume, and is a top-20 U.S. bank by assets ($180+ billion). Ally Financial trades on the NYSE under the ticker ALLY, and has a market capitalization of $10 billion.

Ally Financial also has an online bank, Ally Bank, which is headquartered in Sandy, Utah, and offers mortgage financing as well as deposit and other banking services. As part of the acquisition, CardWorks subsidiary Merrick Bank will merge into Ally Bank.