E*TRADE - Company Overview:ETRADE Financial Corporation (Etrade) provides financial products and services to its customers. Etrade offers brokerage, banking and lending products, (primarily through electronic delivery channels), and serves retail, corporate and institutional customers.Etrade's customers can move money electronically between brokerage, banking and lending accounts and have access to physical touch points (Etrade financial centers) in selected cities. The company is headquartered in New York City, New York. Etrade's net revenues for the year 2003 were $1,483.7 million, an increase of about 12% over 2002. The increase in revenue was primarily due to a 30.4% increase in the net banking revenues. The US represents Etrade's largest geographical market and it accounted for about 91.8% of the revenues in 2003. ETrade offers internet based financial products and services. The company's business is divided into two segments: brokerage and banking. ETrade offers internet based financial products and services. The company's business is divided into two segments: brokerage and banking. The brokerage division produces revenues primarily from commissions and margin lending, and continues to be the primary point of introduction for the majority of E Trade's customers. The brokerage business is primarily comprised of ETRADE Securities, a registered broker-dealer, its securities clearing firm, ETRADE Clearing, Dempsey & Company, and GVR Company. The brokerage group is further comprised of specialists and market-making firms, such as Engelman Securities, a registered broker-dealer, ETRADE Professional Trading, and ETRADE Financial Corporate Services. ETrade offers the following services: automated order placement and execution of market, streaming quotes, advanced trading platforms for active traders; personalized portfolio tracking; access to proprietary and non-proprietary mutual funds; futures, options and bond trading. Furthermore, the brokerage business offers institutional customers with online brokerage and financial services, as well as direct access to international exchanges through a web-based platform. The platform also offers ETrade's institutional customers with real-time, online access to statements and electronic settlement capabilities. A significant part of ETrade's institutional business is to provide its customers with access to third party research. The banking division offers products and services through ETRADE Bank, which is one of the top ten largest Office of Thrift Supervision (OTS) in the US. ETrade's banking division comprises of three subsidiaries: ETRADE Mortgage Corporation, a direct-to-consumer mortgage loan originator; ETRADE Consumer Finance Corporation, an originator of recreational vehicle (RV), marine and other consumer loans; ETRADE Global Asset Management, a registered broker-dealer and investment advisor that manages asset portfolios for the banking and the brokerage segments. The banking division offers a suite of consumer banking products and services, such as interest-earning checking accounts, money market and savings accounts, sweep deposit accounts (where cash that will be invested through ETRADE Securities is held pending investment) and certificates of deposit. It also offers residential mortgage loans, home equity loans and home equity lines of credit (HELOC) . History of ETRADEEtrade was incorporated in 1996 and went public in the same year. Etrade completed a follow-on offering one year later. During 2001, Etrade completed the acquisition of Web Street, parent company of Web Street Securities, an online brokerage firm with four physical locations in the US. The deal enabled Etrade to further expand in San Francisco, Boston, Beverly Hills and Denver. A year later, Etrade established its market-making service, through its subsidiary Etrade Institutional Securities, in the UK, with plans to further expand into Europe to better serve its institutional and retail customers. During 2003, Etrade Group changed its name to Etrade Financial Corporation. In June 2004 the company sold ETRADE Access, it's ATM operations subsidiary, to Cardtronics for $106 million cash.
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