Investment banking giant Morgan Stanley completed its acquisition of online broker E*Trade Financial on Friday, after receiving final regulatory approval for the deal from the US Federal Reserve.

The all-stock transaction, in which E*Trade shareholders received 1.0432 Morgan Stanley (NYSE:MS) shares for each share of E*Trade, was valued at the time of the deal at $11.06 billion. That is down by more than 10% from the planned deal value of just under $13 billion, as Morgan Stanley shares have declined from about $56 when the transaction was first announced in February, to their close Friday of $47.97.

E*Trade CEO Michael Pizzi has joined Morgan Stanley with the new titles of Head of Digital Direct, Co-Head of Equity Administration. He and Morgan Stanley Chairman & CEO James Gorman sent the following note out Friday to E*Trade clients:

E*TRADE and Morgan Stanley have officially joined forces

Dear *********,

This is a fantastic time to be an E*TRADE customer. As of today, E*TRADE has joined forces with Morgan Stanley—one of the world’s most respected wealth management and investment banking firms.

First and foremost, there’s nothing you need to do. Your everyday experience with E*TRADE remains the same—and you’ll continue to enjoy the same terrific value, intuitive platforms, and personalized 24/7 service you’ve come to expect and rely on.

As we move forward together, we’ll combine the best of both of our companies. You have our commitment that we’ll never stop pushing to improve the value we provide, all with the goal of helping you achieve the level of financial success and control you deserve. And you can trust that we’ll keep you informed about updates and enhancements early and often.

We couldn’t be more excited about the possibilities created by the combination of our two great companies. We look forward to rolling up our sleeves and getting to work on your behalf, bringing you an investing and trading experience that not only meets, but exceeds your expectations.