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BUSINESS
May 11, 2002 | From Reuters
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.
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BUSINESS
January 15, 2002 | From Times Wire Services
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.
BUSINESS
July 10, 2001 | From Bloomberg News
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.
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.
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.
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