August 10, 2005 |
E-Trade Financial Corp., the third-biggest discount brokerage, agreed to buy Kobren Insight Management for about $50 million, adding a mutual fund manager that oversees about $1 billion. E-Trade, which announced Monday that it would purchase rival broker Harrisdirect, said the Kobren acquisition would add $10 million to revenue and $2.3 million to net income next year. Eric Kobren, the former Fidelity Investments executive who founded his Wellesley Hills, Mass.
August 25, 2004 |
Beverly Hills-based JB Oxford Holdings Inc., under investigation for its role in the mutual fund trading scandal, said Tuesday that it had struck a deal to sell its last remaining business, a unit that processes trades for other brokerages. JB Oxford said it would sell its National Clearing Corp. accounts to North American Clearing Inc. for as much as $2.5 million.
December 15, 1998 |
The National Assn. of Securities Dealers expects to propose rules aimed at curbing the volatility that has characterized recent initial public offerings of many Internet company stocks, Nasdaq President Alfred Berkeley said Monday. The rules, which would need Securities and Exchange Commission approval, would seek to increase the visibility of the "true IPO market" before trading opens on a new stock, Berkeley said.
February 9, 1999 |
Ameritrade Holding Corp. shares fell Monday as the online broker's Internet and touch-tone trading services crashed for about half an hour. The stock dropped $15.50, or 16%, to $80 in trading of 2.25 million shares, more than double the average volume of the last three months.
June 1, 2001 |
CSFBdirect, the Internet brokerage unit of Credit Suisse First Boston, said Thursday it will fire 180 employees in its second round of job reductions since March, as investors shun online stock trading. CSFBdirect, which fired 150 in March, expects the latest job cuts--14% of its U.S. work force--to save $22 million a year. "This is just another in a chain of cuts," said Putnam Lovell analyst Richard Repetto, who rates the company's shares "hold." Online brokers such as CSFBdirect, No.
October 20, 2004 |
Fidelity Investments said brokerage client assets increased 15% to $1.02 trillion in the third quarter as the company made strides to lure customers from the likes of Charles Schwab Corp. The number of client accounts increased to 13.7 million, a 6% gain from 12.9 million in the same period a year earlier, the Boston-based firm said in a statement. Fidelity has 9.7 million individual brokerage customers and serves 300 brokerage firms and more than 2,400 investment advisors.
November 12, 1998 |
Online brokerage E-Trade Group Inc. and other broker-dealers plan to start a new electronic stock-options exchange that will offer trading at a much lower cost than the four major options floors. The new International Securities Exchange will be "much more efficient than a floor-based system," and could shave the price of an options trade by 30% or more, E-Trade Chairman William Porter said this week. Porter would be chairman of the new market.
May 4, 2007 |
Tens of millions of dollars have been looted from online brokerage accounts in a fast-growing fraud that targets hotel guests and Internet cafe patrons, FBI officials say. The scams cost New York-based E-Trade Financial Corp. $18 million in last year's third quarter to reimburse customers whose accounts were pilfered. TD Ameritrade Holding Corp. said it spent $4 million. The Justice Department unsealed its first criminal charges in such cases in March.