Morgan Stanley CEO James Gorman on decision to acquire Eaton Vance

Morgan Stanley is set to acquire investment management company Eaton Vance. James Gorman, Morgan Stanley CEO, joins 'Closing Bell' to discuss the $7 billion acquisition, the timing of the deal and if they would have still done the deal if banks were allowed to do buybacks. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Morgan Stanley said on Thursday it would buy asset management firm Eaton Vance for about $7 billion in a cash-and-stock deal that advances Chief Executive James Gorman’s push to grow the bank’s investment management business.

The deal will help shore up the performance of the unit, its smallest business, while also insulating the bank from weak periods for its main trading and investment banking operations.

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