E*Trade makes big acquisition
E*Trade was known to be in the market for a deal. It was dealt a blow earlier this year when Ameritrade rebuffed it and agreed to TD Waterhouse. Not content to be the odd man out, E*Trade has inked a deal with HarrisDirect in a $700 million deal. Few would consider this a transformative deal, but it does give them 430,000 customer accounts with an average account balance of about $70,000. What does this mean for the industry? Expect more deals of similar significance from E*Trade. You have to wonder what Schwab is thinking.
> Here's an Associated Press article.
> Ameritrade shakes up the executive suite. Article
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