E-Trade
From Wikipedia, the free encyclopedia
This article is about the financial company. For distinguish, see electronic trading.
 | |
| Type | PublicNASDAQ: ETFC)(NYSE: DNB) ( |
|---|---|
| Industry | Financial Services |
| Founded | Palo Alto, California (1982) |
| Headquarters | New York City, New York U.S. |
| Key people | Steven Freiberg, CEO Bruce P. Nolop, CFO[1] |
| Products | Trading & investing, banking & credit cards, retirement & planning |
| Revenue | ▲ US$2.22 Billion (FY 2009)[2] |
| Operating income | ▼ US$-525 Million (FY 2009)[2] |
| Net income | ▼ US$-1.30 Billion (FY 2009)[2] |
| Total assets | ▼ US$47.4 Billion (FY 2009)[3] |
| Total equity | ▲ US$3.75 Billion (FY 2009)[3] |
| Employees | 3,249 (2009) |
| Website | ETrade.com |
E-Trade Financial Corporation (often styled E*TRADE) (NASDAQ: ETFC) is a financial servicesonline discount stock brokerage service for self-directed investors. Investors can buy and sell securities such as stocks, bonds, options, mutual funds, and exchange-traded funds via electronic trading platforms or by phone via E-Trade Mobile Pro. The company also offers banking and lending products such as checking and savings accounts, money market accounts, certificates of deposit, and credit cards. E-Trade's brokerage business is regulated and licensed by FINRA. E-Trade also has a wholly-owned subsidiary E-Trade Bank. company based in New York City, United States. It is a holding company, the major business of which is an
Contents[show] |
[edit] History
In 1982, William A. Porter and Bernard A. Newcomb founded TradePlus in Palo Alto, California. In 1991, Porter founded a new company, E-Trade Securities, Inc., with several hundred thousand dollars of startup capital from TradePlus. E-Trade offered its trading services via America Online and Compuserve. In 1994, its revenues neared $11 million (up from $850,000 in 1992). It later reorganized and emerged under the name E-Trade Group, with E-Trade Securities as its principal subsidiary.[4]
In August 1996, it went public with Robertson, Stephens & Company as the lead underwriter. In 2003, the company changed its name from E-Trade Group Inc. to E-Trade Financial Corporation.
In 2003, the Toronto-Dominion Bank held talks to merge its TD Waterhouse discount brokerage with E-Trade, but the two sides could not come to an agreement over control of the merged entity.[5][6] In 2005, E-Trade made an unsolicited offer for Ameritrade, currently the second largest US discount broker. Ameritrade instead purchased TD Waterhouse, with TD Bank holding a 39% stake in the new entity.[7]
In August 2005, E-Trade Financial acquired Harrisdirect, formerly a discount brokerage service of Bank of Montreal. Two months later, E-Trade acquired Brown & Company (aka BrownCo), formerly a discount brokerage service of J.P. Morgan for 1.6 billion in cash.