E-Trade

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File:Etrade financial center market st san francisco.jpg
E-Trade Financial Center, San Francisco

E*TRADE[1] is an investment brokerage and electronic trading platform that operates as a subsidiary of Morgan Stanley.

History

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File:ETrade.svg
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.[2]

On August 16, 1996, the company (by then known as the E-Trade Financial Corporation) became a public company via an initial public offering. The company sold 5,665,000 shares of its common stock for $10.50 per share under the stock ticker "ETFC" on the NASDAQ stock exchange.[3] The company figured prominently in the dot-com boom, as both a way to speculate in internet stocks and an internet stock itself.

In October 2020, the company was acquired by Morgan Stanley.[4][5][6]

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.[7][8][9]

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.[10][11][12]

In December 2009, Robert Druskin, a former chief operating officer of Citigroup, was named interim CEO and chairman.[13]

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.[14][15]

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.[16]

In September 2016, Karl A. Roessner, E-Trade's general counsel since 2009, was appointed CEO.[17]

On August 14, 2019, Michael Pizzi was appointed CEO.[18]

Acquisitions and divestitures

Date Acquisition / Divestiture Company Template:Refh
Template:Dts Acquisition Telebanc [19][20][21]
Template:Dts Acquisition Web Street Securities [22][23][24]
Template:Dts Acquisition Harrisdirect [25][26][27]
Template:Dts Acquisition Brown & Company [28][29][30]
Template:Dts Divestiture Australian division [31][32][33][34]
Template:Dts Divestiture Canadian division [35][36]
Template:Dts Acquisition OptionsHouse [17][37][38]
Template:Dts Acquisition Trust Company of America [39]
Template:Dts Acquisition Gradifi [40][41]

See also

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References

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External links

Template:Coord Template:Morgan Stanley Template:Online brokerages

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