While pure online brokers continue to struggle under the weight of the economic downturn, E*Trade's policy of diversification appears to be paying off.
At a news conference last week, CEO Christos Cotsakos revealed that the company's name change - from E*Trade Group to E*Trade Financial - is not merely cosmetic. It heralds continued and concentrated diversification into areas such as mortgages, insurance, tax planning, and traditional banking services. As the San Franciso Chronicle observed on Friday: 'The company that once told you to fire your broker now wants to become your banker.'
Cotsakos told reporters that although online trading, which is the cornerstone of the company's business, has fallen away as a result of economic uncertainty, E*Trade has stayed ahead of its old rivals by repositioning itself in the eyes of both its customers and investors. 'The killer app wasn't the Internet. It really was financial services,' he revealed.
Although the organisation has moved towards the provision of more traditional financial services, it will still be capitalising on its 'bricks and clicks' image, the Chief Executive said on Thursday. The E*Trade web site will offer instant messaging advice sessions with consultants, and video streaming sessions.
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