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E*Trade CEO Told to Boost Up the Volume or Firm May Be Sold
[Photo: E*Trade Baby from a 2013 Ad]
Since being promoted to chief executive for E*Trade Financial in September 2016, Karl Roessner has been taking steps to return the company to its former position as a technologically advanced brokerage firm. He also launched an advertising campaign in order to attract investors, per the report.
But the ETFC Board of Directors wants more. According to Zacks, they want Roessner to boost the company’s mix of derivatives and managed products – and to improve ETFC’s net new brokerage asset and account growth rates by 2–3% each. (In 2016, the firm acquired OptionsHouse, an online options broker, with a view to bolstering its derivatives platform.) Should he fail, the board may consider selling the business.
While company shares have gained nearly 6% over the last 6 months - outperforming the Zacks categorized Financial–Investment Bank index – the new demands are daunting for E*Trade’s former General Counsel – a position Mr. Roessner held for 7 years. Prior to joining E*Trade, he was a partner with Clifford Chance in the Corporate Practice group.
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