E*Trade Fired 40 Employees This Week Amid Cost Cuts — Sources

February 14, 2013 By Leave a Comment
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E*Trade fires 240 employees to give brokerage clients better prices on trades,etc to retain and grow core its business. The company is still dealing with a mortgage portfolio from 2007 that is still impacting the company with losses and viability to find any company to buy or merge with E*Trade. http://www.nasdaq.com/article/etrade-fired-40-employees-this-week-amid-cost-cuts----sources-20130207-01741#.URyCJii9Kc0 E*Trade Fired 40 Employees This Week Amid Cost Cuts -- Sources E*Trade Financial Corp. ( ETFC ) fired at least 40 employees this week and 200 over the past 90 days, with Chief Operating Officer Gregory Framke and two high-ranking trading executives among those departing the company, according to people familiar with the personnel moves. This week's departures come just over two weeks after new Chief Executive Paul Idzik joined the company, E*Trade's seventh CEO, counting interim heads, since late 2007. Mr. Idzik, a former Barclays PLC (BCS, BARC.LN) COO, started his … [Read more...]

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Goldman exec finds humanity after 12 years and writes resignation OP-ED in NYT

March 15, 2012 By Leave a Comment

SEO is not a major concern after the long article title, but SEO cannot capture the surreal nature of the following story. Greg Smith leaves Goldman Sachs after 12 years, and he is given an OP-ED opportunity  at the New York Times to publicly call everyone an inhumane jackal. I was a former Vice President and Market Executive in the banking industry for 13 years, and I did exit the industry a short period of time after the 2008 financial crisis. I rather make less money or  dig ditches than  to compromise my core principles and values to uphold policies and actions that were completely wrong. I did not have a four year hiccup in making my decision to exit.   This individual does wait a period of four years after the crisis to explode across the OP-ED pages of the New York Times as the righteous soul to criticize his former employer. I do not doubt that Goldman has issues, and I have no doubt about some of the business practices in the name of profit....... However, … [Read more...]

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E*Trade stock is up 30% on chatter

March 14, 2012 By 1 Comment

http://youtu.be/Hh8hS8uSoJs E*Trade Baby Commercial via You Tube E*Trade stock closed $7.99 a share on  January 26, 2012, and the only way is up after that January 26th close. E*Trade closed on Wednesday, March 14 at $10.40 a share or 30% higher than 48 days earlier. The rise in stock price does follow a rocky end of the 2011 for the online brokerage firm. E*Trade made an announcement to stay the course as an independent entity, and this announcement did not make many investors happy as the stock tanked to close at $7.49 on December 19, 2011. The matchmakers on Wall Street has embraced a definite acquisition of E*Trade, and the hopes of a marriage made in financial acquisition heaven seem to have rekindled with the recent jump in E*Trade stock as fundamentals are not supporting the recent moves in price... E*Trade (NASDAQ: ETFC) 10.40 +0.35 (3.48%) After Hours: 10.39 -0.01 (-0.08%) Mar 14, 4:30PM EDT NASDAQ real-time data - Disclaimer Currency in … [Read more...]

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Earnings: Bank of America, Wells Fargo surges, Citigroup & M&T see declines

January 18, 2012 By 3 Comments

Bank earnings are mixed among some of DC's largest players in the market. The surprise earnings are from two of the big four national bank players as 4th Quarter earnings for both Bank of America and Wells Fargo were higher than analysts expectations.  The common theme among the larger bank players except for M&T Bank bank were the poor performance of investment trading weighing on banks' earnings for 4th quarter or the October - December reporting  period for 2011.  The micro examination of Bank of America, Wells Fargo, Citigroup, and M&T provide four different banking institutions with not much commonality into the direction of the industry's performance or the overall measurement of health of the entire financial services industry. The following insights are a review of each bank's overall performance for the 4th quarter. Bank of America-  Earnings were reported for the 4th quarter at  net profit of 1.58 billion up from the net loss of one year earlier 1.57 billion … [Read more...]

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