October 16, 2003 |
Getting a boost from the new bull market on Wall Street, online brokerage and lender E-Trade Financial Corp. said Wednesday that its third-quarter profit nearly tripled from a year earlier. The Menlo Park, Calif., firm earned net income of $61 million, or 17 cents a share, up from $21 million, or 6 cents. Revenue-producing trades surged 49% from a year earlier and 13% from the second quarter, to an average of about 132,000 a day.
August 14, 2003 |
Online bank and discount brokerage E-Trade Group Inc. on Wednesday said customers traded less in July than in June even as the stock market continued to make headway. E-Trade's Chief Operating Officer Jarrett Lilien said the firm was pleased with its July results, though "it wouldn't surprise me" if August volume falls further in a traditional Wall Street summer slowdown.
January 25, 2003 |
For Christos Cotsakos, the revolution ended abruptly Friday. The controversial head of online trading firm E-Trade Group Inc., a key player in the late- 1990s Internet stock-trading frenzy whose ads once proclaimed, "Welcome to the next revolution," unexpectedly resigned as chairman and chief executive of the company. Cotsakos' departure came two days after Menlo Park, Calif.
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.
January 15, 2002 |
Online brokerage ETrade Group Inc. posted a sharp increase in fourth-quarter earnings Monday, helped largely by cost cuts and gains from businesses other than stock trading. But the Menlo Park, Calif.-based company also said its trading volumes rose compared with the third quarter as share prices rebounded, suggesting that the long decline in discount brokers' commission revenues may have reached at least a temporary bottom. The company gave an upbeat forecast for 2002 results overall.
October 11, 2001 |
Four brokerage firms may have lost more than $100 million in a stock trading scheme involving a cast of characters including a global arms dealer and a woman who claims to have been the model for Mattel Inc.'s Pocahontas doll. The firms, which include E-Trade Group Inc., the nation's second-largest online broker, were involved in lending money to MJK Clearing Inc. in exchange for 7.2 million shares of Van Nuys-based GenesisIntermedia Inc. GenesisIntermedia is a telemarketing firm.
July 10, 2001 |
E-Trade Securities, the No. 2 on-line brokerage, on Monday was fined $90,000 by regulators for deceptively advertising the costs of investing in a new mutual fund it was starting in 1999. The National Assn. of Securities Dealers' regulatory arm also alleged the E-Trade Group Inc. unit used misleading language in direct-mail marketing to current and prospective investors. The NASD said E-Trade's advertising supervision was inadequate. Menlo Park, Calif.
May 22, 2001 |
E-Trade Group Inc. said it agreed to buy fellow Internet brokerage Web Street Inc. for about $45 million in stock, giving it 34,000 new accounts. The deal includes Web Street's offices in Beverly Hills, San Francisco, Boston and Denver, all of which will be converted into E-Trade centers. E-Trade expects the deal to add about $25 million to its annual revenue and to contribute to its earnings as soon as the deal closes. The deal values Web Street at about $1.74 a share.
April 11, 2001 |
E-Trade Group Inc., the No. 2 Internet broker, posted a small first-quarter operating profit of $868,000, or nil per share, despite reduced stock trading. In the year-ago period, the company had an operating loss of $672,000, or nil per share. E-Trade benefited from traditional banking, which helped insulate it from a downturn in the stock market, as its revenue from trading plunged 48%. Total revenue fell 21% to $330 million.