E*TRADE Financial Corporation
Error: image is invalid or non-existent
|E*Trade Financial Corporation|
|Key People||Paul T. Idzik, CEO|
|Products||Online stock trading, mortgages and banking services for consumers and businesses, corporate services|
E*TRADE Financial Corporation is an online stock trading company that was a pioneer in its space. In addition to serving as a discount brokerage, it also offers financial services including mortgages and banking services for consumers and businesses, in addition to corporate services including employee stock plan administration.
- In 1982, inventor and entrepreneur Bill Porter developed VAX-based back-end technology that would be used to launch the E*Trade Web site. Porter and Bernard A. Newcomb founded Trade*Plus Inc. in Palo Alto, California.
- In 1983, the company launched its first online trade over a network via CompuServe.
- In 1991, Porter founded a new company, E*TRADE Securities, Inc., with several hundred thousand dollars of startup capital from TradePlus.
- In 1992, E*Trade began offering online brokerage services directly to individual investors.
- In 1996, the company launched its E*Trade.com Web site. Shares of E*Trade Group went public.
- E*Trade acquired Telebank in early 2000, which subsequently became E*Trade Bank.
- E*Trade joined the New York Stock Exchange in 2001 and moved its headquarters from California to New York in 2004.
- The company acquired online brokers Harrisdirect and BrownCo in 2005.
- On Jan. 8, 2008 E*Trade shares fell to their lowest level since 1996 on speculation that E*Trade may lay off employees in its mortgage business.
- In late December 2007 the company said it had launched a customer "win-back" plan as part of a wider turnaround plan.
- On Nov. 12, 2007, E*Trade said the turmoil in the housing markets and rapid devaluation of mortgage-related securities, had reduced the value of its $3.0 billion asset-backed securities portfolio. The same day, shares nearly 59 percent after a Citi Investment Research analyst said the online brokerage could face bankruptcy.
- On Nov. 29, 2007 hedge fund giant Citadel made a $2.5 billion cash infusion into E*Trade Financial. The action was made to restore brokerage client confidence in E*Trade after analyst reports sparked fears of a possible bankruptcy. The move failed to have an immediate impact on E*Trade's share price.
- Paul T. Idzik, CEO
E*Trade's net income in 2011 was $157 million, or $0.54 earnings per share, up from the $0.13 loss per share in 2010. The swing marked the first shift to profit for the company in five years.
- ↑ E-Trade names Frank Petrilli as new chairman. MarketWatch.
- ↑ E*Trade shares hit 11-year low on layoff fears. Reuters.
- ↑ E*Trade says customer cash, balances total $33 bln. Reuters.
- ↑ E*Trade's Meltdown. Businessweek.
- ↑ E*Toxic Tactic. New York Post.
- ↑ ETrade agrees to lock up some order flow through Citadel. MarketWatch.
- ↑ E*TRADE Financial Corporation Announces Fourth Quarter and Full Year 2011 Results. E*Trade.