01/25 08:40 E*TRADE Breaks Single Day Record for Customer Deposits
$100 Million Deposited In E*TRADE Customer Accounts On Single Day
PALO ALTO, Calif., Jan. 25 /PRNewswire/ -- E*TRADE(R) Group Inc.
(Nasdaq: EGRP) today announced that last week the company set a single day record of $108.6 million in new customer deposits. The announcement marks another milestone in E*TRADE's evolution and growth as a leader in the new age of online investing.
"Destination E*TRADE is more popular than ever," said Kathy Levinson, president and chief operating officer of E*TRADE. "We believe that our growth in customer deposits reflects acceptance of E*TRADE as an important and trusted institution in the financial marketplace. It demonstrates the growing popularity of online investing and the confidence that hundreds of thousands of investors have in E*TRADE."
Average daily deposits thus far in January have been $60 million, almost 200 percent higher than average daily deposits of $28.5 million during the fourth quarter of calendar 1998 and nearly 9 times greater than the average daily deposits of $6.3 million that E*TRADE received during the fourth quarter of 1996.
Growth in both the size and number of customer deposits has helped fuel a substantial increase in investments under management in customer accounts at E*TRADE. In September of 1996, E*TRADE held $2.7 billion in customer assets; two years later, E*TRADE held $15.2 billion in customer assets, an increase of over 560 percent.
"Growth in deposits and assets held in customer accounts underscores the fact that our customers are managing an increasing share of their investments through E*TRADE," Levinson continued. "These customers clearly recognize the value of accessing their portfolios online through E*TRADE."
"To continue to earn the trust of our customers, we will aggressively invest in technology to ensure the protection of our customers' information and assets," said Levinson. "In fact, E*TRADE's commitment to security was recently highlighted when we became the first online investing site to be awarded the WebTrust Seal of Assurance, in recognition of our business practices, transaction integrity and information protection.
E*TRADE's improvements in technology infrastructure include a $100 million investment to design and implement the company's new patent-pending Stateless Architecture(SM), which was launched in September of 1998 along with the new Destination E*TRADE site. The company also is currently accelerating the implementation of another fault tolerant, fully redundant technology center in Atlanta, Georgia.
Note: No assurance can be given that a single day record in customer deposits is representative of any trend in the company's business, and the company undertakes no obligation to update this single-day information. |
