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BUSINESS
May 22, 2001 | Reuters
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.
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BUSINESS
April 11, 2001 | Reuters
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.
BUSINESS
January 12, 2001 | From Times Staff and Wire Reports
E-Trade Group Inc., moving to diversify in order to weather the shaky stock market, said Thursday it will buy LoansDirect.com, a closely held online mortgage broker. Although specific terms weren't disclosed, E-Trade said the transaction will involve an exchange of stock. Huntington Beach-based LoansDirect, a major provider of online mortgages, will become part of E-Trade's bank subsidiary.
BUSINESS
August 26, 2000 | From Bloomberg News
Internet bank and brokerage E-Trade Group Inc. is being investigated by the Securities and Exchange Commission and the National Assn. of Securities Dealers for inappropriate advertising. The second-largest online broker has agreed to submit its ads to the NASD's regulation division 10 days before first being used, the company said in a filing earlier this month. The NASD can force E-Trade to suspend all advertising if the Menlo Park, Calif.
BUSINESS
August 23, 2000 | From Bloomberg News
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.
BUSINESS
July 18, 2000 | From Bloomberg News
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.
BUSINESS
May 31, 2000 | From Bloomberg News
E-Trade Group Inc., the second-biggest online broker, and Ernst & Young, the third-largest accounting and consulting firm in the U.S., said Tuesday that they are launching a $50-million venture to provide financial advice to investors. The two companies said they will let E-Trade's 2.6 million clients have online and in-person access to Ernst & Young's 1,000 financial planners for advice on home buying, taxes, estate and retirement planning.
BUSINESS
February 5, 2000 | Bloomberg News, Times Staff
Call it bye and hold. E-Trade Group Inc.'s mutual funds chief resigned Friday, saying his belief in buying and holding stocks and funds didn't match the company's strategy of catering to frequent traders. An Internet brokerage likes to trade a lot--who knew? Brian Murray, a vice president at the Menlo Park, Calif., company, will leave March 1 to help start a venture capital firm and possibly an online financial services company.
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