Headquarters: 671 North Glebe Road
Arlington, VA 22203
CEO: Mike Pizzi
Stock Symbol: ETFC
E-Trade is a leading online stock trading firm and bank. The company offers financial and banking services for both consumers and businesses.
Morgan Stanley announced in February it would acquire E-Trade in an all-stock deal worth $13 billion.
“E*TRADE represents an extraordinary growth opportunity for our Wealth Management business and a leap forward in our Wealth Management strategy. The combination adds an iconic brand in the direct-to-consumer channel to our leading advisor-driven model, while also creating a premier Workplace Wealth provider for corporations and their employees. E*TRADE’s products, innovation in technology, and established brand will help position Morgan Stanley as a top player across all three channels: Financial Advisory, Self-Directed, and Workplace,” said James Gorman, Chairman and CEO of Morgan Stanley. “In addition, this continues the decade-long transition of our Firm to a more balance sheet light business mix, emphasizing more durable sources of revenue.”
E-Trade eliminated commissions on stock and option trades on October 7, 2019 after competing brokers also ended commissions. The company still charges $25 commission for broker-assisted trades and $6.95 for Over-the-Counter stock trades.
E-Trade also offers corporate services, including employee stock plan administration, as well as market-making services to brokerage firms. In addition, the company provides global institutional customers with a range of securities brokerage products and services, including institutional trading.
E-Trade has over 7.2 million accounts and $677.5 billion in assets at the end of 2019.
In 2019, E-Trade reported record revenues of $2.9 billion and net income of $955 million.
The company added 304,000 new accounts in 2019.
The company originated in 1982 when Bill
Porter, a physicist, inventor and entrepreneur, develops technology
that will later be used to launch the ETrade.com Web site. In
1983, the company launches its first online trade over a network
via CompuServe. E-Trade would also allow customers to buy stock
via automated phone. ETrade begins offering online brokerage
services directly to individual investors through several online
services in 1992. In 1996, the company launches its web site
and shares of the company would go public on Nasdaq.
E-Trade would join the New York Stock Exchange
in 2001 and move its headquarters from Menlo Park, CA to New
York in 2004.
The company acquired online brokers Harrisdirect
and BrownCo in 2005.
Medical, Dental and Vision Coverage
Short-term and Long-Term Disability
Basic Life Insurance - $20,000
term life and accidental death and dismemberment insurance at
no cost to you.
Voluntary Life - You may purchase optional life insurance
coverage for a maximum amount of $500K. Coverage for yourself
is purchased in increments of 1x, 2x, 3x, 4x or 5x annual salary.
Coverage for your spouse can be up to 50% of your elected coverage
in the amounts of $10k, $25k, $50k, $125k and $250k. Coverage
for your child(ren), one or more, is $5k or $10k. Optional life
insurance coverage for yourself in amounts greater than $300k
and amounts greater than $25k for your spouse are subject to
approval by our insurance carrier and requires that you complete
an Evidence of Insurability for Group Insurance.
Hyatt Legal Services - The legal plan gives you your own
"attorney on retainer". The plan allows you to call
a plan lawyer for quick advice. The plan covers both phone and
office visit consultations.
Section 125 Cafeteria Benefits(Flexible Spending Accounts)
- You may reduce your salary on a pre-tax basis to pay for up
to $5,000 in annual child care expenses. You may also designate
up to $4,000 in pre-tax deductions for payment of IRS approved
medical expenses. In addition, you may also elect to have all
Employee contributions toward medical, dental, and vision deducted
from your pay on a pre-tax basis, thereby reducing your taxable
401(k) Plan - Effective on your date of hire, you are
automatically enrolled to save for your retirement by contributing
3% of your pre-tax earnings to the 401(k) plan. You may contribute
up to a maximum of $13,000 per calendar year. E*TRADE FINANCIAL
will match employee contributions at 50% up to the first 5% of
your contribution (up to a maximum of 2.5% contribution rate)
immediately upon participation in the plan. The company match
is 100% vested after 3 years of service.
Employee Stock Purchase Plan - This plan allows the Employee
to contribute a percentage (1% to 10%) of their post tax base
salary towards the purchase of company stock. The purchase price
is based on 85% of the lower of the Fair Market Value prices
on the entry date or the last trading day of the purchase period.
In order to be eligible for participation, you must be employed
with the company on the day before the first day of the purchase
Tuition Reimbursement - Employees may receive reimbursement
for pre-approved college courses after the completion of the
course(s) with an official grade report or certificate. The percentage
of reimbursement will be based upon the grade received. Employees
are eligible for this benefit following their 6th month of employment.
Licensing Training - Depending on your current job, you
may be eligible for company sponsored training to take the Series
7 or other licensing exams.
Vacation and sick time - Regular, full-time Employees
are eligible for 12 vacation days and 5 sick days annually. Regular
part-time Employees are eligible for pro-rated hours. Employees
are eligible to use vacation and sick hours after they have been
Paid Holidays - The Company observes certain state and
national holidays on which the New York Stock Exchange is closed.
These holidays are New Year's Day, Martin Luther King's Birthday,
President's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving
Day, and Christmas Day. Good Friday, as a holiday, is subject
each year to a vote by the Board of Directors of New York Stock