E-Trade
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E*TRADE<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> is an investment brokerage and electronic trading platform that operates as a subsidiary of Morgan Stanley.
HistoryEdit
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.<ref>Template:Cite news</ref>
On August 16, 1996, the company 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.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>
Management historyEdit
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.<ref>Template:Cite news</ref><ref>Template:Cite press release</ref><ref>Template:Cite news</ref>
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.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>
In December 2009, Robert Druskin, a former chief operating officer of Citigroup, was named interim CEO and chairman.<ref>Template:Cite news</ref>
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.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
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.<ref>Template:Cite press release</ref>
In September 2016, Karl A. Roessner, E-Trade's general counsel since 2009, was appointed CEO.<ref name=optionshouse/>
On August 14, 2019, Michael Pizzi was appointed CEO.<ref>Template:Cite news</ref>
Acquisitions and divestituresEdit
| Date | Acquisition / Divestiture | Company | Ref(s). |
|---|---|---|---|
| Template:Dts | Acquisition | Telebanc | <ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Acquisition | Web Street Securities | <ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Acquisition | Harrisdirect | <ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Acquisition | Brown & Company | <ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Divestiture | Australian division | <ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Divestiture | Canadian division | <ref>Template:Cite press release</ref><ref>Template:Cite news</ref> |
| Template:Dts | Acquisition | OptionsHouse | <ref name=optionshouse>Template:Cite press release</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> |
| Template:Dts | Acquisition | Trust Company of America | <ref>Template:Cite press release</ref> |
| Template:Dts | Acquisition | Gradifi | <ref>Template:Cite press release</ref><ref>Template:Cite news</ref> |
See alsoEdit
- Ajaxo Inc. v. E*Trade Financial Corp.
- Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, a 2016 Supreme Court case involving naked short-selling claims against E*TRADE, Merrill Lynch, and others, resolved in the defendant's favor.
ReferencesEdit
External linksEdit
Template:Coord Template:Morgan Stanley Template:Online brokerages