E-Trade

E*TRADE Financial Corporation
Company type	Subsidiary
Industry	Financial services
Predecessor	TradePlus
Founded	January 1, 1982; 44 years ago (1982-01-01) in Palo Alto, California, United States
Founder	William A. Porter, Bernard A. Newcomb
Headquarters	Arlington County, Virginia , United States
Area served	United States
Key people	Michael Pizzi (CEO)
Products	Investment brokerage, electronic trading platform
Owner	Morgan Stanley
Parent	Morgan Stanley

E*TRADE functions as an investment brokerage and electronic trading platform, operating under the ownership of Morgan Stanley.

History

TradePlus was established in 1982 by physicists William A. Porter and Bernard A. Newcomb in Palo Alto, California, beginning with an initial capital of $15,000. The company conducted its inaugural trade using the Compuserve network in 1983. In 1992, Porter and Newcomb introduced E-Trade, becoming pioneers in electronic trading tailored for individual investors.

E-Trade Financial Corporation became publicly traded on August 16, 1996, launching an initial public offering that sold 5,665,000 shares at $10.50 each on the NASDAQ under the symbol "ETFC". During the dot-com boom, the company gained prominence both as a platform enabling internet-based stock speculation and as a publicly listed internet stock.

In October 2020, Morgan Stanley acquired E*TRADE, thereby broadening its digital brokerage offerings and strengthening its position within the electronic trading sector.

Management history

In November 2007, Mitch Caplan stepped down from his role as CEO. Following significant losses linked to the 2000s housing crisis, Citadel LLC invested $2.5 billion and joined the company's board to help stabilize its finances.

Donald Layton, previously vice chairman at JPMorgan Chase, was appointed CEO in March 2008 after joining E*TRADE’s board during the Citadel investment phase.

Robert Druskin, former COO of Citigroup, took on the interim CEO and chairman roles in December 2009.

On March 22, 2010, Steven Freiberg—ex-co-CEO of Citigroup's global consumer division—was named CEO.

Paul T. Idzik, who held executive positions at DTZ and Barclays, assumed the CEO position in January 2013.

Karl A. Roessner, having served as general counsel since 2009, was promoted to CEO in September 2016.

Michael Pizzi succeeded as CEO on August 14, 2019.

Acquisitions and divestitures

Date

Transaction Type

Entity

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Telebanc

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Web Street Securities

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Harrisdirect

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Brown & Company

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When appropriate, protection levels are automatically sensed, described and categorized.

Divestiture

Australian division

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When appropriate, protection levels are automatically sensed, described and categorized.

Divestiture

Canadian division

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

OptionsHouse

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Trust Company of America

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When appropriate, protection levels are automatically sensed, described and categorized.

Acquisition

Gradifi

E-Trade

History

Management history

Acquisitions and divestitures

See also

External links