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Encyclopedia > E*TRADE
E*TRADE Financial Corporation
Type Public (NASDAQ: ETFC)
Founded Palo Alto, California (1982)
Headquarters New York City, USA
Key people Mitchell H. Caplan, CEO & Director
George A. Hayter, Chairman
Robert J. Simmons, CFO
R. Jarrett Lilien, President, COO and Director
Industry Financial Services
Products Trading & Investing, Retirement & Planning, Banking & Credit Cards, Mortgage & Home Equity
Revenue US$2.537 Billion (2005)
Net income US$628.9 Million (2006)
Employees 4705 (2006)
Slogan Be E*traordinary
(pronounced as "extraordinary")
Website www.etrade.com

E*TRADE Financial Corporation (NASDAQ: ETFC) is a financial services company based in New York, NY, United States. It is a holding company, the major business of which is an online discount stock brokerage service for self-directed investors. As a discount brokerage, it charges a smaller fee on each trade than a full-service broker. Investors can buy and sell securities such as stocks, bonds, options, mutual funds, and exchange-traded funds on E*TRADE's website, http://www.etrade.com. The company also offers banking and lending products such as checking and savings accounts, money market accounts, certificates of deposit, credit cards, and mortgages. This article does not cite any references or sources. ... NASDAQ in Times Square, New York City. ... Location in Santa Clara County and the state of California Coordinates: , Country State County Santa Clara Government  - Mayor Yoriko Kishimoto[1] Area  - City 25. ... Year 1982 (MCMLXXXII) was a common year starting on Friday (link displays the 1982 Gregorian calendar). ... New York, New York and NYC redirect here. ... Financial services is a term used to refer to the services provided by the finance industry. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... NASDAQ in Times Square, New York City. ... Financial services is a term used to refer to the services provided by the finance industry. ... Online means being connected to the Internet or another similar electronic network, like a bulletin board system. ... A Stock broker sells or buys stock on behalf of a customer. ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... In finance options are types of derivative contracts, including call options and put options, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. ... This article deals with U.S. mutual funds. ... Exchange-traded funds (or ETFs) are open-ended investment companies that can be traded at any time throughout the course of the day. ... This article is about short-term financing. ... A certificate of deposit or CD is, in the United States, a time deposit, a familiar financial product, commonly offered to consumers by banks, thrift institutions, and credit unions. ... A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ... Introduction A mortgage is a device used to create a lien on real estate by contract. ...

E*TRADE Financial Center, San Francisco
E*TRADE Financial Center, San Francisco

Contents

Image File history File linksMetadata Etrade_financial_center_market_st_san_francisco. ... Image File history File linksMetadata Etrade_financial_center_market_st_san_francisco. ...

History

In 1982, William A. Porter and Bernard A. Newcomb founded TradePlus Inc. 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), making TradePlus and its E*TRADE subsidiary the fastest-growing private company in the country. The company eventually underwent reorganization and emerged as the E*TRADE Group, with E*TRADE Securities as its principal subsidiary. [1] William A. Porter is the founder, former chief executive officer, and current board member of E*Trade. ... Bernard A. (Bernie) Newcomb is an American businessperson and philanthropist who, along with William A. Porter, founded the online discount stock brokerage firm, E*TRADE. Bernie grew up in a working class family in Scio, Oregon. ... Location in Santa Clara County and the state of California Coordinates: , Country State County Santa Clara Government  - Mayor Yoriko Kishimoto[1] Area  - City 25. ...


In August, 1996 it went public with Silicon Valley heavyweight 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 2005, E*TRADE Financial acquired Harrisdirect, formerly a discount brokerage service of Bank of Montreal, and BrownCo, formerly a discount brokerage service of J.P. Morgan. [2] E*TRADE's stock is traded on the NASDAQ under the ticker ETFC [3]. BMO redirects here. ... JPMorgan Chase & Co. ... NASDAQ in Times Square, New York City. ...



E*TRADE is regulated and licensed by FINRA. In the United States, the Financial Industry Regulatory Authority (FINRA) is a new self-regulatory organization, under the Securities Exchange Act of 1934, successor to the National Association of Securities Dealers, Inc. ...


E*Trade Shares Drop By 59%, Then Bounce Back.

On November 12th, 2007, E*Trade stock plunged 59% in one day amid concerns about unstable holdings on its books. E*Trade operates a bank working with mortgage loans, and invests in holdings backed by mortgages. Nearly all of E*Trade's assets are invested in mortgage or home equity related products. E*Trade stated in a filing that investment problems within these holdings would lead to 'bigger than expected losses'. This was followed by E*Trade's stock being downgraded by many Wall Street analysts, including Citi Financial, who moved E*Trade from hold to sell. The shares have fallen in value to their August 2002 level, as heavy trading wiped out 2.2 billion dollars of E*Trade's market value. Analysts indicate that bankruptcy may loom for E*Trade, and a complete sale of E*Trade cannot be ruled out. On November 14th 2007 the CEO of E*trade was interviewed on CNBC's Closing Bell where he openly explained the strength and condition of E*trade in a volitile market. He attributed the loss in market value to the one report by Citi's Analyst who was unsavy in his presentation to the public. Within the days following E*trade's stock has recovered a large portion of the November 12th loss. [4]. The following day, November 13th, the stock rebounded to close at $5, still well off its value before the collapse, when the stock was trading above $8.[5].


External links

Notes

  1. ^ Funding Universe - E*TRADE Financial Corporation History
  2. ^ E-Trade to acquire BrownCo for $1.6B. San Francisco Business Times. September 30, 2005. Available at: http://www.bizjournals.com/sanfrancisco/stories/2005/09/26/daily46.html. Accessed September 12, 2007.
  3. ^ Google Finance - NASDAQ:ETFC
  4. ^ E*Trade Plunges 59% On Analyst Warnings; Bank Unit Goes Awry. Tuesday, November 13, 2007. Available at: - Wall Street Journal Accessed Tuesday, November 13, 2007
  5. ^ Associated Press (November 13, 2007). E-Trade's Stock Recovers Much of Loss. Forbes.com. Retrieved on 2007-11-13.

 

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