American financial services company
E-Trade Financial Center, San Francisco
E*TRADE from Morgan Stanley ,
[2] a subsidiary of
Morgan Stanley , offers an
electronic trading platform to
trade
financial assets .
History
This section
needs expansion . You can help by
adding to it .
(June 2024 )
E-Trade logo from February 3, 2008 to December 31, 2021.
In 1982, physicist
William A. Porter and
Bernard A. Newcomb founded TradePlus in
Palo Alto, California , with $15,000 in capital. In 1983, it launched its first trade via a
Compuserve network. In 1992, Porter and Newcomb founded E-Trade and made electronic trading available to individual investors.
[3]
On August 16, 1996, the company became a
public company via an
initial public offering .
[4]
In October 2020, the company was acquired by
Morgan Stanley .
[5]
[6]
[7]
Management history
In November 2007,
Mitch Caplan resigned as CEO and
Citadel LLC received a seat on the
board 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 the
2000s United States housing bubble .
[8]
[9]
[10]
In March 2008, E-Trade named Donald Layton, formerly
JPMorgan Chase vice chairman, its new CEO. Layton had joined E-Trade's board of directors in November 2007, at the same time as the
Citadel LLC deal.
[11]
[12]
[13]
In December 2009, Robert Druskin, a former chief operating officer of
Citigroup , 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 of
DTZ and also served ten years at
Barclays 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]
Acquisitions and divestitures
Date
Acquisition / Divestiture
Company
Ref(s).
January 2000
Acquisition
Telebanc
[20]
[21]
[22]
May 2001
Acquisition
Web Street Securities
[23]
[24]
[25]
August 2005
Acquisition
Harrisdirect
[26]
[27]
[28]
October 2005
Acquisition
Brown & Company
[29]
[30]
[31]
July 2007
Divesture
Australian division
[32]
[33]
[34]
[35]
September 2008
Divestiture
Canadian division
[36]
[37]
September 2016
Acquisition
OptionsHouse
[18]
[38]
[39]
April 2018
Acquisition
Trust Company of America
[40]
December 2019
Acquisition
Gradifi
[41]
[42]
See also
References
^
"Contact Us | E*TRADE" . about.etrade.com . Retrieved 30 December 2022 .
^
"E*TRADE" .
^
"Sidebar: A Brief History of ETrade" .
Computerworld . September 27, 2004.
^
"E*Trade hits Wall Street" .
CNET . August 16, 1996.
^ Manskar, Noah (October 2, 2020).
"Morgan Stanley officially closes all-stock E*Trade takeover deal" .
New York Post .
^ Hoffman, Liz (October 8, 2020).
"Morgan Stanley to Buy Eaton Vance for $7 Billion" .
The Wall Street Journal .
^ de la Merced, Michael J.; Kelly, Kate; Flitter, Emily (February 20, 2020).
"Morgan Stanley to Buy E-Trade" .
The New York Times .
^ Robinson, Gwen (November 12, 2007).
"Subprime mortgage fears batter E-Trade" .
Financial Times .
^
"E*TRADE Financial Announces $2.5 Billion Investment Led by Citadel" (Press release). E-Trade Financial. November 29, 2007 – via
U.S. Securities and Exchange Commission .
^ Yerak, Becky (November 30, 2007).
"Citadel boosts E-Trade stake with $2.5 billion investment" .
Chicago Tribune .
^ Giannone, Joseph A. (March 2, 2008).
"E*Trade Chairman Layton adds CEO post" .
Reuters .
^ Spence, John (March 3, 2008).
"E-Trade names Donald Layton as chief executive" .
MarketWatch .
^ Craig, Susanne (March 3, 2008).
"E*Trade, With Layton as CEO, Might Be Angling for a Sale" .
The Wall Street Journal .
^
"E-Trade names director as chairman, interim CEO" .
San Diego Union Tribune .
Associated Press . December 21, 2009.
^ Ellis, Blake (March 22, 2010).
"ETrade names former Citigroup exec as CEO" .
CNN .
^
"E*Trade Hires Steven Freiberg As New CEO" .
The Wall Street Journal . March 22, 2010.
^
"E*TRADE Financial Appoints Paul T. Idzik Chief Executive Officer" (Press release). E-Trade Financial. January 17, 2013 – via
Business Wire .
^
a
b
"E*TRADE Financial Corporation Announces Leadership Transition with Close of OptionsHouse Transaction" (Press release). E-Trade Financial. September 12, 2016 – via
Business Wire .
^ 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 .
^ Buckman, Rebecca (January 12, 2000).
"E*Trade Group Wins Approval To Acquire Telebanc Financial" .
The Wall Street Journal .
^ Knight, Jerry (January 26, 2004).
"For E-Trade, Courtship Ends Short of Marriage" .
The Washington Post .
^
"ETrade to buy Telebanc Financial" .
Deseret News .
Associated Press . June 1, 1999.
^
"E-Trade acquires Web Street" .
American City Business Journals . May 21, 2001.
^
"E-Trade to Buy Web Street for $45 Million" .
Los Angeles Times .
Reuters . May 21, 2001.
^
"E-TRADE TO BUY RIVAL BROKERAGE WEB STREET" .
Ad Age . May 22, 2001.
^
"E-Trade to Acquire Rival Brokerage Harrisdirect" .
Los Angeles Times . August 9, 2005.
^
"E-Trade agrees to buy rival HarrisDirect" .
NBC News .
Associated Press . August 8, 2005.
^ Perez, Juan Carlos (August 8, 2005).
"E-Trade buys online brokerage for $700 million" .
InfoWorld .
^
"E-Trade to acquire BrownCo for $1.6B" .
American City Business Journals . September 30, 2005.
^ Bajaj, Vikas (September 29, 2005).
"E*Trade to Buy BrownCo From J.P. Morgan for $1.6 Billion" .
The New York Times .
^
"E-Trade to Acquire BrownCo for $1.6 Billion" .
Los Angeles Times . September 30, 2005.
^ Thurlow, Rebecca (May 16, 2007).
"ANZ Bank clears final hurdle in bid to acquire ETrade Australia" .
MarketWatch .
^ Thomas, Denny (August 9, 2007).
"ANZ gets controlling stake in E*Trade Australia" .
Reuters .
^ Thurlow, Rebecca (April 24, 2007).
"ANZ Increases Offer to Acquire ETrade Australia" .
The Wall Street Journal .
^ Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (April 25, 2016).
"ANZ Banking Group to re-name E*TRADE Australia" .
Australian Financial Review .
^
"Scotiabank Completes Acquisition of E*TRADE Canada" (Press release).
Scotiabank . September 22, 2008.
^
"Scotiabank buys E*Trade Canada" .
CBC News . July 14, 2008.
^ Garcia, Tonya (July 25, 2016).
"ETrade agrees to acquire OptionsHouse parent for $725 million" .
MarketWatch .
^ Carey, Theresa W. (September 2, 2017).
"E*Trade, OptionsHouse Merge Platforms" .
Barron's .
^
"E*TRADE Announces Close of Trust Company of America (TCA) Transaction" (Press release).
Business Wire . April 9, 2018.
^
"E*TRADE Bolsters Corporate Services Capabilities Through Purchase of Pioneering Student Loan Benefit Provider Gradifi" (Press release). E-Trade Financial. December 9, 2019 – via
Business Wire .
^ Orlofsky, Steve (December 9, 2019).
"E*Trade buys student loan provider Gradifi for $30 million" .
Reuters .
External links
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