Etrade financial center market st san francisco

E*TRADE is an investment

brokerage A broker is a person or entity that arranges transactions between a buyer and a seller. This may be done for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neith ...

and

electronic trading platform In finance, an electronic trading platform, also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products ...

that operates as a subsidiary of

Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...

History

In 1982, physicist William A. Porter and Bernard A. Newcomb founded TradePlus in

Palo Alto, California Palo Alto ( ; Spanish language, Spanish for ) is a charter city in northwestern Santa Clara County, California, United States, in the San Francisco Bay Area, named after a Sequoia sempervirens, coastal redwood tree known as El Palo Alto. Th ...

, with $15,000 in capital. In 1983, it launched its first trade via a

Compuserve CompuServe, Inc. (CompuServe Information Service, Inc., also known by its initialism CIS or later CSi) was an American Internet company that provided the first major commercial online service provider, online service. It opened in 1969 as a times ...

network. In 1992, Porter and Newcomb founded E-Trade and made electronic trading available to individual investors. On August 16, 1996, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. The company sold 5,665,000 shares of its common stock for $10.50 per share under the stock ticker "ETFC" on the

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

stock exchange. 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

Management history

In November 2007, Mitch Caplan resigned as CEO and Citadel LLC received a seat on the

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

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. In March 2008, E-Trade named Donald Layton, formerly

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

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. In December 2009, Robert Druskin, a former chief operating officer of

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

, was named interim CEO and chairman. 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. 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 Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

bank. In September 2016, Karl A. Roessner, E-Trade's general counsel since 2009, was appointed CEO. On August 14, 2019, Michael Pizzi was appointed CEO.

Acquisitions and divestitures

References

External links

* {{Online brokerages 1982 establishments in California 1996 initial public offerings 2020 mergers and acquisitions American companies established in 1982 Companies formerly listed on the Nasdaq Financial services companies established in 1982 Online brokerages American corporate subsidiaries Online financial services companies of the United States Morgan Stanley Companies based in Arlington County, Virginia

History

Management history

Acquisitions and divestitures

See also

References

External links