Post by imSINGLEruRICH on Nov 18, 2007 11:11:55 GMT -5
soonerlew
Global Moderator
Ameritrade chief mulls buying E-Trade operation
By Markethingych
Last Update: 5:31 PM ET Nov 16, 2007
NEW YORK (Markethingych) -- TD Ameritrade Holding Corp. would be interested in buying the retail operations of rival E-Ttrade Financial Corp., CEO Joe Moglia told CNBC Friday.
"We like their retail business but we must figure out a way that makes sense for both sets of shareholders," Moglia said, without confirming whether the companies were holding talks.
TD Ameritrade (AMTD: 19.38, +0.17, +0.9%) and E-Trade (ETFC: 5.44, -0.02, -0.4%) have long been thought of as a good fit, but Moglia recently said he would prefer to boost his business organically.
E-Trade, which has long been a proponent of consolidation, has recently turned into a target. Its shares have been pummeled over the summer because of the company's mortgage assets, and then it took another 59% hit on Monday amid fears that mounting credit losses may lead to a run on deposits.
Stock of E-Trade has recovered some of the losses in the past two days, but CEO Mitch Caplan said Wednesday that he was looking at all types of options, including partnership with another player, to resolve the company's problems.
Ameritrade's Moglia said E-Trade had done a "great job of running its retail business," and that there were similarities between that enterprise and TD Ameritrade, except that Ameritrade had benefited from a strategy of taking less risk onto its books.
Despite the fact that E-Trade's stock has lost 77% of its value over the past year, Moglia said it was no easier to figure out a deal today than it would've been a year ago.
Charles Schwab, CEO of rival online brokerage Charles Schwab & Co. Inc. (SCHW: 23.58, -0.31, -1.3%) , said Thursday he would be interested in buying E-Trade's brokerage accounts if possible, though not any of the banking business.
ragingbull.quote.com/mboard/boards.cgi?board=CMKI&read=624904
By: rosencrantz2010
18 Nov 2007, 09:02 AM EST
Global Moderator
Ameritrade chief mulls buying E-Trade operation
By Markethingych
Last Update: 5:31 PM ET Nov 16, 2007
NEW YORK (Markethingych) -- TD Ameritrade Holding Corp. would be interested in buying the retail operations of rival E-Ttrade Financial Corp., CEO Joe Moglia told CNBC Friday.
"We like their retail business but we must figure out a way that makes sense for both sets of shareholders," Moglia said, without confirming whether the companies were holding talks.
TD Ameritrade (AMTD: 19.38, +0.17, +0.9%) and E-Trade (ETFC: 5.44, -0.02, -0.4%) have long been thought of as a good fit, but Moglia recently said he would prefer to boost his business organically.
E-Trade, which has long been a proponent of consolidation, has recently turned into a target. Its shares have been pummeled over the summer because of the company's mortgage assets, and then it took another 59% hit on Monday amid fears that mounting credit losses may lead to a run on deposits.
Stock of E-Trade has recovered some of the losses in the past two days, but CEO Mitch Caplan said Wednesday that he was looking at all types of options, including partnership with another player, to resolve the company's problems.
Ameritrade's Moglia said E-Trade had done a "great job of running its retail business," and that there were similarities between that enterprise and TD Ameritrade, except that Ameritrade had benefited from a strategy of taking less risk onto its books.
Despite the fact that E-Trade's stock has lost 77% of its value over the past year, Moglia said it was no easier to figure out a deal today than it would've been a year ago.
Charles Schwab, CEO of rival online brokerage Charles Schwab & Co. Inc. (SCHW: 23.58, -0.31, -1.3%) , said Thursday he would be interested in buying E-Trade's brokerage accounts if possible, though not any of the banking business.
ragingbull.quote.com/mboard/boards.cgi?board=CMKI&read=624904
By: rosencrantz2010
18 Nov 2007, 09:02 AM EST
