E*TRADE Agrees to Buy 1 Million Brokerage Accounts Of Capital One's Client Base
- As of December 31, 2017, Capital One Financial’s accounts carried $1.9 billion in customer cash.
E*TRADE Financial Corporation (NASDAQ: ETFC) today said that it is poised to add about 1 million retail customer accounts in an all-cash transaction with Capital One Financial (COF.N), which is exiting its online investing business after posting a fourth-quarter loss of $1.05 billion.
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The McLean, Virginia-based bank, best known for its credit card unit, will receive $170 million in cash, according to E*TRADE, Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term the way for the listed broker to add about $18 billion in deposits. E*TRADE currently has about 5.24 million brokerage accounts.
The agreement is subject to regulatory approval and is anticipated to be completed by the third quarter of 2018.
As of December 31, 2017, Capital One Financial’s accounts carried $1.9 billion in customer cash, as well as $0.2 billion in customer margin balances.
E*TRADE doesn’t expect to realize savings from the deal this year, but said that the deal would be accretive to earnings per share in 2019. Specifically, the company states that the transaction is expected to be relatively neutral to earnings in 2018, but to be $0.06 accretive to its adjusted earnings per share after synergies next year.
Commenting on the deal, Karl Roessner, CEO of E*TRADE, said: “The attractiveness of this acquisition is directly attributable to the power and flexibility of our business model. Our inherent Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term positions us to efficiently bring on these accounts and materially expand our US household penetration. As the deal closes, we look forward to introducing these new customers to the depth, breadth, and best-in-class nature of our products and services, and to deepening our relationship with them.
E*TRADE Financial Corporation (NASDAQ: ETFC) today said that it is poised to add about 1 million retail customer accounts in an all-cash transaction with Capital One Financial (COF.N), which is exiting its online investing business after posting a fourth-quarter loss of $1.05 billion.
Discover credible partners and premium clients at China’s leading finance event!
The McLean, Virginia-based bank, best known for its credit card unit, will receive $170 million in cash, according to E*TRADE, Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term the way for the listed broker to add about $18 billion in deposits. E*TRADE currently has about 5.24 million brokerage accounts.
The agreement is subject to regulatory approval and is anticipated to be completed by the third quarter of 2018.
As of December 31, 2017, Capital One Financial’s accounts carried $1.9 billion in customer cash, as well as $0.2 billion in customer margin balances.
E*TRADE doesn’t expect to realize savings from the deal this year, but said that the deal would be accretive to earnings per share in 2019. Specifically, the company states that the transaction is expected to be relatively neutral to earnings in 2018, but to be $0.06 accretive to its adjusted earnings per share after synergies next year.
Commenting on the deal, Karl Roessner, CEO of E*TRADE, said: “The attractiveness of this acquisition is directly attributable to the power and flexibility of our business model. Our inherent Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term positions us to efficiently bring on these accounts and materially expand our US household penetration. As the deal closes, we look forward to introducing these new customers to the depth, breadth, and best-in-class nature of our products and services, and to deepening our relationship with them.