Sunday, May 26, 2024

E*Trade Adds Investors With $1.6B Buy

Datamation content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

Making its second major acquisition in as many months, E*Trade today said it will pay $1.6 billion in cash for J.P. Morgan’s BrownCo online trading unit.

The deal will give E*Trade 200,000 new well-heeled customers who carry an average balance of more than $145,000 – second highest in the industry, E*Trade said.

”BrownCo is a premier brokerage asset and an ideal strategic fit for E*Trade, accelerating the build-out of our business model in this fast-consolidating industry,” Mitchell H. Caplan, E*Trade’s CEO, said in a statement.

E*Trade expects to gain $29 billion in assets, $3.4 billion in customer cash and approximately 28,000 daily average revenue trades from the acquisition.

This article was first published on internetnews.com. To read the full article, click here.

Subscribe to Data Insider

Learn the latest news and best practices about data science, big data analytics, artificial intelligence, data security, and more.

Similar articles

Get the Free Newsletter!

Subscribe to Data Insider for top news, trends & analysis

Latest Articles