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E*TRADE FINANCIAL Corporation Reports Monthly Activity for October 2008
NEW YORK, Nov 19, 2008 -- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC | Quote | Chart | News | PowerRating) today released its Monthly Activity Report for October. The Company's gross new retail accounts opened in October were 131,475 with net new retail accounts of 63,538. Total Daily Average Revenue Trades ("DARTs") increased 15 percent over September levels to 248,817. The Company's total retail customer assets declined $22.8 billion from September to total $119.4 billion driven by the declining stock market.
"October was our best month in over five years for new account openings," said Donald H. Layton, Chairman and Chief Executive Officer, E*TRADE FINANCIAL Corporation. "Our customers continued to reduce their use of margin in this volatile environment; however, they were net buyers of close to $1 billion of securities. Net new customer asset flows of $1.6 billion in October were double September levels."
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