E-Trade

This article is about the financial services company. For electronic trading, see Electronic trading platform. For East Trade Street in Charlotte, North Carolina, see Trade Street.

E*TRADE from Morgan Stanley,^[2] a subsidiary of Morgan Stanley, offers an electronic trading platform to trade financial assets.

E*TRADE from Morgan Stanley

Logo since January 1, 2022
Company type	Subsidiary
Traded as	Nasdaq: ETFC
Industry	Financial services
Founded	1982; 42 years ago (1982), in Palo Alto, California, U.S.
Founders	William A. Porter Bernard A. Newcomb
Headquarters	Arlington, Virginia, U.S.[1]
Key people	Rodger Lawson (chairman) Mike Pizzi (CEO)
Services	Stockbroker Electronic trading platform
Parent	Morgan Stanley Compass Pathways
Website	etrade.com

E-Trade Financial Center, San Francisco

History

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

• New York City portal
• San Francisco Bay Area portal
• Companies portal

• 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.

References

1. "Contact Us | E*TRADE". about.etrade.com. Retrieved 30 December 2022.
2. "E*TRADE".
3. "Sidebar: A Brief History of ETrade". Computerworld. September 27, 2004.
4. "E*Trade hits Wall Street". CNET. August 16, 1996.
5. Manskar, Noah (October 2, 2020). "Morgan Stanley officially closes all-stock E*Trade takeover deal". New York Post.
6. Hoffman, Liz (October 8, 2020). "Morgan Stanley to Buy Eaton Vance for $7 Billion". The Wall Street Journal.
7. de la Merced, Michael J.; Kelly, Kate; Flitter, Emily (February 20, 2020). "Morgan Stanley to Buy E-Trade". The New York Times.
8. Robinson, Gwen (November 12, 2007). "Subprime mortgage fears batter E-Trade". Financial Times.
9. "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.
10. Yerak, Becky (November 30, 2007). "Citadel boosts E-Trade stake with $2.5 billion investment". Chicago Tribune.
11. Giannone, Joseph A. (March 2, 2008). "E*Trade Chairman Layton adds CEO post". Reuters.
12. Spence, John (March 3, 2008). "E-Trade names Donald Layton as chief executive". MarketWatch.
13. Craig, Susanne (March 3, 2008). "E*Trade, With Layton as CEO, Might Be Angling for a Sale". The Wall Street Journal.
14. "E-Trade names director as chairman, interim CEO". San Diego Union Tribune. Associated Press. December 21, 2009.
15. Ellis, Blake (March 22, 2010). "ETrade names former Citigroup exec as CEO". CNN.
16. "E*Trade Hires Steven Freiberg As New CEO". The Wall Street Journal. March 22, 2010.
17. "E*TRADE Financial Appoints Paul T. Idzik Chief Executive Officer" (Press release). E-Trade Financial. January 17, 2013 – via Business Wire.
18. "E*TRADE Financial Corporation Announces Leadership Transition with Close of OptionsHouse Transaction" (Press release). E-Trade Financial. September 12, 2016 – via Business Wire.
19. 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.
20. Buckman, Rebecca (January 12, 2000). "E*Trade Group Wins Approval To Acquire Telebanc Financial". The Wall Street Journal.
21. Knight, Jerry (January 26, 2004). "For E-Trade, Courtship Ends Short of Marriage". The Washington Post.
22. "ETrade to buy Telebanc Financial". Deseret News. Associated Press. June 1, 1999.
23. "E-Trade acquires Web Street". American City Business Journals. May 21, 2001.
24. "E-Trade to Buy Web Street for $45 Million". Los Angeles Times. Reuters. May 21, 2001.
25. "E-TRADE TO BUY RIVAL BROKERAGE WEB STREET". Ad Age. May 22, 2001.
26. "E-Trade to Acquire Rival Brokerage Harrisdirect". Los Angeles Times. August 9, 2005.
27. "E-Trade agrees to buy rival HarrisDirect". NBC News. Associated Press. August 8, 2005.
28. Perez, Juan Carlos (August 8, 2005). "E-Trade buys online brokerage for $700 million". InfoWorld.
29. "E-Trade to acquire BrownCo for $1.6B". American City Business Journals. September 30, 2005.
30. Bajaj, Vikas (September 29, 2005). "E*Trade to Buy BrownCo From J.P. Morgan for $1.6 Billion". The New York Times.
31. "E-Trade to Acquire BrownCo for $1.6 Billion". Los Angeles Times. September 30, 2005.
32. Thurlow, Rebecca (May 16, 2007). "ANZ Bank clears final hurdle in bid to acquire ETrade Australia". MarketWatch.
33. Thomas, Denny (August 9, 2007). "ANZ gets controlling stake in E*Trade Australia". Reuters.
34. Thurlow, Rebecca (April 24, 2007). "ANZ Increases Offer to Acquire ETrade Australia". The Wall Street Journal.
35. Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (April 25, 2016). "ANZ Banking Group to re-name E*TRADE Australia". Australian Financial Review.
36. "Scotiabank Completes Acquisition of E*TRADE Canada" (Press release). Scotiabank. September 22, 2008.
37. "Scotiabank buys E*Trade Canada". CBC News. July 14, 2008.
38. Garcia, Tonya (July 25, 2016). "ETrade agrees to acquire OptionsHouse parent for $725 million". MarketWatch.
39. Carey, Theresa W. (September 2, 2017). "E*Trade, OptionsHouse Merge Platforms". Barron's.
40. "E*TRADE Announces Close of Trust Company of America (TCA) Transaction" (Press release). Business Wire. April 9, 2018.
41. "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.
42. Orlofsky, Steve (December 9, 2019). "E*Trade buys student loan provider Gradifi for $30 million". Reuters.

External links

• Official website

40.760°N 73.981°W / 40.760; -73.981