E*TRADE from Morgan Stanley,[2] a subsidiary of Morgan Stanley, offers an electronic trading platformtotrade financial assets.
Logo since January 1, 2022
| |
| Company type | Subsidiary |
|---|---|
| Nasdaq: ETFC | |
| Industry | Financial services |
| Founded | 1982; 42 years ago (1982) Palo Alto, California, U.S. |
| Founders |
|
| Headquarters | Arlington, Virginia, U.S.[1] |
Key people | Rodger Lawson, Chairman Mike Pizzi, CEO |
| Services |
|
| Parent | Morgan Stanley |
| Website | etrade |
This section needs expansion. You can help by adding to it. (June 2024)
|
In 1982, physicist William A. Porter and Bernard A. Newcomb founded TradePlus in Palo Alto, California, with $15,000 in capital. In 1983, it launched its first trade via a Compuserve network. In 1992, Porter and Newcomb founded E-Trade and made electronic trading available to individual investors.[3]
On August 16, 1996, the company became a public company via an initial public offering.[4]
In October 2020, the company was acquired by Morgan Stanley.[5][6][7]
In November 2007, Mitch Caplan resigned as CEO and Citadel LLC received a seat on the board of directors of the company after Citadel invested $2.5 billion in the company to bolster its finances after it suffered losses due to the bursting of the 2000s United States housing bubble.[8][9][10]
In March 2008, E-Trade named Donald Layton, formerly JPMorgan Chase vice chairman, its new CEO. Layton had joined E-Trade's board of directors in November 2007, at the same time as the Citadel LLC deal.[11][12][13]
In December 2009, Robert Druskin, a former chief operating officer of Citigroup, was named interim CEO and chairman.[14]
On March 22, 2010, Steven Freiberg was named CEO. Freiberg was the former co-CEO of Citigroup's global consumer group and the former head of its credit card unit.[15][16]
On January 17, 2013, Paul T. Idzik was appointed CEO. Idzik had previously been group chief executive of DTZ and also served ten years at Barclays bank.[17]
In September 2016, Karl A. Roessner, E-Trade's general counsel since 2009, was appointed CEO.[18]
On August 14, 2019, Michael Pizzi was appointed CEO.[19]
| Date | Acquisition / Divestiture | Company | Ref(s). |
|---|---|---|---|
| January 2000 | Acquisition | Telebanc | [20][21][22] |
| May 2001 | Acquisition | Web Street Securities | [23][24][25] |
| August 2005 | Acquisition | Harrisdirect | [26][27][28] |
| October 2005 | Acquisition | Brown & Company | [29][30][31] |
| July 2007 | Divesture | Australian division | [32][33][34][35] |
| September 2008 | Divestiture | Canadian division | [36][37] |
| September 2016 | Acquisition | OptionsHouse | [18][38][39] |
| April 2018 | Acquisition | Trust Company of America | [40] |
| December 2019 | Acquisition | Gradifi | [41][42] |
40°45′36″N 73°58′52″W / 40.760°N 73.981°W / 40.760; -73.981
