June 2, 1999 |
Leading online broker E-Trade Group Inc. of Palo Alto said Tuesday it is buying Virginia-based online banker Telebanc Financial Corp., creating the first purely Internet-based financial services company. Once the merger is complete, E-Trade customers would be able to trade stocks, apply for mortgages and pay bills, among other transactions, all on the same Web site. Under terms of the deal, E-Trade would acquire Arlington-based Telebanc for stock worth about $1.8 billion.
January 8, 1999 |
E-Trade Group Inc., the No. 2 online brokerage, and Wall Street giant Goldman Sachs Group each agreed to acquire about 25% of the Archipelago electronic network for trading Nasdaq stocks. Archipelago is one of nine ECNs, or electronic communications networks, approved by the Securities and Exchange Commission to use computers to match purchase and sale orders outside the stock markets' trading systems, anonymously and without intermediaries.
August 5, 1999 |
Internet brokerage executive Frank Petrilli, who nine days ago said he would join E-Trade Group Inc., said he will instead return to TD Waterhouse Group Inc. Petrilli, 48, told Reuters: "A confluence of things on a personal level and a family level caused me to rethink my decision before officially starting at E-Trade. This has nothing to do with the E-Trade organization or the people at all."
February 6, 1999 |
No. 3 Internet brokerage E-Trade Group Inc. suffered its third outage in three days Friday, prompting another flurry of complaints from investors and raising more questions over the ability of online trading systems to provide seamless service. Palo Alto-based E-Trade said its online trading site shut down for about half an hour because of a persistent software glitch. The faulty software was discovered earlier in the week and was replaced, but disruptions continued.
July 18, 2000 |
E-Trade Group Inc., the second-biggest online broker, said Monday that it has agreed to buy San Francisco-based Electronic Investing Corp., which lets clients build portfolios through dollar-amount investments. Closely held Electronic Investing, which does business as EInvesting, allows investors to buy securities in dollar denominations rather than by shares. Menlo Park, Calif.
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.
August 23, 2000 |
E-Trade Group Inc. (ticker symbol: EGRP) agreed to pay $20,000 to settle charges the online broker failed for 28 straight months to file required reports on "short" positions, or investments betting stocks would fall, the National Assn. of Securities Dealers said Tuesday. All NASD member firms must keep records of short positions for Nasdaq securities in all customer and firm accounts and report the information monthly to NASD's regulatory arm, the NASD said.
May 11, 2002 |
The chief executive of E-Trade Group Inc., the online brokerage and financial services company, is giving back $21 million in 2001 compensation after his hefty salary raised eyebrows on Wall Street. Even after the capitulation, however, Christos Cotsakos still will be one of the highest-paid financial services executives. He will have received nearly $60million for his work last year, far more than chief executives at blue-chip firms such as Goldman Sachs Group and Merrill Lynch & Co. Inc.
April 9, 1999 |
E-Trade Group Inc. today will unveil an advertising campaign designed to position the company as the preferred brand in the young but fast-growing world of online financial services. The Palo Alto-based company declined to break out costs of the new campaign, but E-Trade Marketing Vice President Michael Sievert said the company's advertising and marketing budget for the current fiscal year will total $150 million.
October 14, 1999 |
E-Trade Group Inc. on Wednesday reported a smaller-than-expected net loss for its fiscal fourth quarter while notching solid growth in customer accounts. The second-largest online brokerage firm lost $26.7 million, or 11 cents a share, compared with a loss of $15.2 million, or 8 cents, a year earlier. However, that was better than the 13-cent loss expected by Wall Street analysts. The Menlo Park, Calif.-based company added a net 310,000 accounts during the quarter ended Sept.