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E-Trade

Coordinates:40°45′36″N73°58′52″W / 40.760°N 73.981°W /40.760; -73.981
From Wikipedia, the free encyclopedia
(Redirected fromE*TRADE)
American financial services company
This article is about the financial services company. For electronic trading, seeElectronic trading platform. For East Trade Street in Charlotte, North Carolina, seeTrade Street.
E*TRADE from Morgan Stanley
Logo since January 1, 2022
Company typeSubsidiary
Nasdaq: ETFC
IndustryFinancial services
Founded1982; 43 years ago (1982), inPalo Alto, California, U.S.
Founders
HeadquartersArlington,Virginia, U.S.[1]
Key people
Rodger Lawson (chairman)
Mike Pizzi (CEO)
Services
ParentMorgan Stanley
Websiteetrade.com
E-Trade Financial Center, San Francisco

E-Trade (stylized asE*TRADE)[2] is an investmentbrokerage andelectronic trading platform that operates as a subsidiary ofMorgan Stanley.

History

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This sectionneeds expansion. You can help byadding to it.(June 2024)
E-Trade logo from February 3, 2008, to December 31, 2021

In 1982, physicistWilliam A. Porter andBernard A. Newcomb founded TradePlus inPalo Alto, California, with $15,000 in capital. In 1983, it launched its first trade via aCompuserve network. In 1992, Porter and Newcomb founded E-Trade and made electronic trading available to individual investors.[3]

On August 16, 1996, the company (by then known as theE-Trade Financial Corporation) became apublic company via aninitial public offering. The company sold 5,665,000 shares of its common stock for $10.50 per share under the stock ticker "ETFC" on theNASDAQ stock exchange.[4] The company figured prominently in thedot-com boom, as both a way to speculate in internet stocks and an internet stock itself.

In October 2020, the company was acquired byMorgan Stanley.[5][6][7]

Management history

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In November 2007,Mitch Caplan resigned as CEO andCitadel LLC received a seat on theboard of directors of the company after Citadel invested $2.5 billion in the company to bolster its finances after it suffered losses due to the bursting of the2000s United States housing bubble.[8][9][10]

In March 2008, E-Trade named Donald Layton, formerlyJPMorgan Chase vice chairman, its new CEO. Layton had joined E-Trade's board of directors in November 2007, at the same time as theCitadel LLC deal.[11][12][13]

In December 2009, Robert Druskin, a former chief operating officer ofCitigroup, was named interim CEO and chairman.[14]

On March 22, 2010, Steven Freiberg was named CEO. Freiberg was the former co-CEO of Citigroup's global consumer group and the former head of its credit card unit.[15][16]

On January 17, 2013, Paul T. Idzik was appointed CEO. Idzik had previously been group chief executive ofDTZ and also served ten years atBarclays bank.[17]

In September 2016, Karl A. Roessner, E-Trade's general counsel since 2009, was appointed CEO.[18]

On August 14, 2019, Michael Pizzi was appointed CEO.[19]

Advertising

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In 2007, E-Trade introduced its talking baby campaign in which comedianPete Holmes was the voice of the baby andSteve Burns was the voice of the announcer.[20]

Acquisitions and divestitures

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DateAcquisition / DivestitureCompanyRef.
January 2000AcquisitionTelebanc[21][22][23]
May 2001AcquisitionWeb Street Securities[24][25][26]
August 2005AcquisitionHarrisdirect[27][28][29]
October 2005AcquisitionBrown & Company[30][31][32]
July 2007DivestitureAustralian division[33][34][35][36]
September 2008DivestitureCanadian division[37][38]
September 2016AcquisitionOptionsHouse[18][39][40]
April 2018AcquisitionTrust Company of America[41]
December 2019AcquisitionGradifi[42][43]

See also

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References

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  1. ^"Contact Us | E*TRADE".about.etrade.com. Retrieved30 December 2022.
  2. ^"E*TRADE".
  3. ^"Sidebar: A Brief History of ETrade".Computerworld. September 27, 2004.
  4. ^"E*Trade hits Wall Street".CNET. August 16, 1996.
  5. ^Manskar, Noah (October 2, 2020)."Morgan Stanley officially closes all-stock E*Trade takeover deal".New York Post.
  6. ^Hoffman, Liz (October 8, 2020)."Morgan Stanley to Buy Eaton Vance for $7 Billion".The Wall Street Journal.
  7. ^de la Merced, Michael J.; Kelly, Kate; Flitter, Emily (February 20, 2020)."Morgan Stanley to Buy E-Trade".The New York Times.
  8. ^Robinson, Gwen (November 12, 2007)."Subprime mortgage fears batter E-Trade".Financial Times.
  9. ^"E*TRADE Financial Announces $2.5 Billion Investment Led by Citadel" (Press release). E-Trade Financial. November 29, 2007 – viaU.S. Securities and Exchange Commission.
  10. ^Yerak, Becky (November 30, 2007)."Citadel boosts E-Trade stake with $2.5 billion investment".Chicago Tribune.
  11. ^Giannone, Joseph A. (March 2, 2008)."E*Trade Chairman Layton adds CEO post".Reuters.
  12. ^Spence, John (March 3, 2008)."E-Trade names Donald Layton as chief executive".MarketWatch.
  13. ^Craig, Susanne (March 3, 2008)."E*Trade, With Layton as CEO, Might Be Angling for a Sale".The Wall Street Journal.
  14. ^"E-Trade names director as chairman, interim CEO".San Diego Union Tribune.Associated Press. December 21, 2009.
  15. ^Ellis, Blake (March 22, 2010)."ETrade names former Citigroup exec as CEO".CNN.
  16. ^"E*Trade Hires Steven Freiberg As New CEO".The Wall Street Journal. March 22, 2010.
  17. ^"E*TRADE Financial Appoints Paul T. Idzik Chief Executive Officer" (Press release). E-Trade Financial. January 17, 2013 – viaBusiness Wire.
  18. ^ab"E*TRADE Financial Corporation Announces Leadership Transition with Close of OptionsHouse Transaction" (Press release). E-Trade Financial. September 12, 2016 – viaBusiness Wire.
  19. ^Wylonis, Christian (August 19, 2019)."Here are the latest executive power moves that help explain everything that's going on at E*Trade, Rite Aid, and Yum! Brands".Business Insider.
  20. ^https://www.cnn.com/2022/01/28/media/etrade-baby-super-bowl-ad
  21. ^Buckman, Rebecca (January 12, 2000)."E*Trade Group Wins Approval To Acquire Telebanc Financial".The Wall Street Journal.
  22. ^Knight, Jerry (January 26, 2004)."For E-Trade, Courtship Ends Short of Marriage".The Washington Post.
  23. ^"ETrade to buy Telebanc Financial".Deseret News.Associated Press. June 1, 1999.
  24. ^"E-Trade acquires Web Street".American City Business Journals. May 21, 2001.
  25. ^"E-Trade to Buy Web Street for $45 Million".Los Angeles Times.Reuters. May 21, 2001.
  26. ^"E-TRADE TO BUY RIVAL BROKERAGE WEB STREET".Ad Age. May 22, 2001.
  27. ^"E-Trade to Acquire Rival Brokerage Harrisdirect".Los Angeles Times. August 9, 2005.
  28. ^"E-Trade agrees to buy rival HarrisDirect".NBC News.Associated Press. August 8, 2005.
  29. ^Perez, Juan Carlos (August 8, 2005)."E-Trade buys online brokerage for $700 million".InfoWorld.
  30. ^"E-Trade to acquire BrownCo for $1.6B".American City Business Journals. September 30, 2005.
  31. ^Bajaj, Vikas (September 29, 2005)."E*Trade to Buy BrownCo From J.P. Morgan for $1.6 Billion".The New York Times.
  32. ^"E-Trade to Acquire BrownCo for $1.6 Billion".Los Angeles Times. September 30, 2005.
  33. ^Thurlow, Rebecca (May 16, 2007)."ANZ Bank clears final hurdle in bid to acquire ETrade Australia".MarketWatch.
  34. ^Thomas, Denny (August 9, 2007)."ANZ gets controlling stake in E*Trade Australia".Reuters.
  35. ^Thurlow, Rebecca (April 24, 2007)."ANZ Increases Offer to Acquire ETrade Australia".The Wall Street Journal.
  36. ^Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (April 25, 2016)."ANZ Banking Group to re-name E*TRADE Australia".Australian Financial Review.
  37. ^"Scotiabank Completes Acquisition of E*TRADE Canada" (Press release).Scotiabank. September 22, 2008.
  38. ^"Scotiabank buys E*Trade Canada".CBC News. July 14, 2008.
  39. ^Garcia, Tonya (July 25, 2016)."ETrade agrees to acquire OptionsHouse parent for $725 million".MarketWatch.
  40. ^Carey, Theresa W. (September 2, 2017)."E*Trade, OptionsHouse Merge Platforms".Barron's.
  41. ^"E*TRADE Announces Close of Trust Company of America (TCA) Transaction" (Press release).Business Wire. April 9, 2018.
  42. ^"E*TRADE Bolsters Corporate Services Capabilities Through Purchase of Pioneering Student Loan Benefit Provider Gradifi" (Press release). E-Trade Financial. December 9, 2019 – viaBusiness Wire.
  43. ^Orlofsky, Steve (December 9, 2019)."E*Trade buys student loan provider Gradifi for $30 million".Reuters.

External links

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