NEW YORK, Dec. 1 /PRNewswire-FirstCall/ -- E*TRADE FINANCIAL Corporation
(NYSE: ET) today announced it has completed the acquisition of BrownCo, an
online brokerage service of JPMorgan Chase & Co. (NYSE: JPM).
"E*TRADE FINANCIAL is rapidly executing on its aggressive growth goals,"
said Mitchell H. Caplan, Chief Executive Officer, E*TRADE FINANCIAL
Corporation. "The close of the BrownCo deal in conjunction with the recent
acquisition of Harrisdirect strengthens and extends our asset gathering
strategy while adding significant scale to our operations."
In connection with the Company's common stock issuance to finance the
BrownCo acquisition, the underwriters of the common stock offering have
exercised their 10 percent over-allotment option.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services
including trading, investing, banking and lending for retail and institutional
customers. Securities products and services are offered by E*TRADE Securities
LLC (Member NASD/SIPC). Bank and lending products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with
assets of $1.2 trillion and operations in more than 50 countries. The firm is
a leader in investment banking, financial services for consumers and
businesses, financial transaction processing, asset and wealth management, and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. has its corporate headquarters in New York and its U.S. consumer
and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and
Bank One brands, the firm serves millions of consumers in the United States
and many of the world's most prominent corporate, institutional and government
clients. Information about the firm is available at http://www.jpmorganchase.com.
Important Notices
E*TRADE FINANCIAL and the E*TRADE FINANCIAL logo are registered trademarks
or trademarks of E*TRADE FINANCIAL Corporation. The statements contained in
this news release that are forward-looking are based on current expectations
that are subject to a number of uncertainties and risks, and actual results
may differ materially. The uncertainties and risks include, but are not
limited to, changes in market activity, anticipated increases in the rate of
new customer acquisition, the conversion of new visitors to the site to
customers, the activity of customers and assets held at the institution,
seasonality, the development and enhancement of products and services,
competitive pressures (including price competition), system failures, economic
and political conditions, changes in consumer behavior and the introduction of
competing products having technological and/or other advantages. Further
information about these risks and uncertainties can be found in the
information included in the annual reports previously filed by E*TRADE Group,
Inc. or E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including
information under the caption "Risk Factors") and quarterly reports on Form
10-Q.
E*TRADE FINANCIAL Media Contact
Pam Erickson
E*TRADE FINANCIAL Corporation
646-521-4418
pam.erickson@etrade.com
E*TRADE FINANCIAL Investor Relations Contact
Adam Townsend
E*TRADE FINANCIAL Corporation
703-236-8719
adam.townsend@etrade.com
SOURCE E*TRADE FINANCIAL Corporation
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Related links:
http://www.etrade.com
CONTACT:
media, Pam Erickson, +1-646-521-4418, or
pam.erickson@etrade.com, or investors, Adam Townsend,
+1-703-236-8719, or adam.townsend@etrade.com, both of E*TRADE
FINANCIAL Corporation
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