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E*Trade, Banc One team up
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October 7, 1997: 2:54 p.m. ET
Companies to offer variety of financial services on new website
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NEW YORK (CNNfn) - Online brokerage E*Trade Group Inc. and financial services firm Banc One Corp. said Tuesday they are partnering to launch a new website that will offer a variety of financial services.
Banc One customers will be able to manage investments using E*Trade's online brokerage and portfolio management capabilities while E*Trade customers will be eligible for checking and savings accounts, loans and debit and credit cards through Banc One.
"Online technology is transforming the delivery of financial services. This alliance will open up new dimensions of convenience and control for the consumer. We envision the consumer being able to access, control and document his or her banking and investment activities through a single online source," said Christos Cotsakos, E*Trade's president and chief executive officer.
Bruce Luecke, Banc One's interactive delivery general manager, said a new investment section will be added to Banc One's website that will include the option to trade stocks electronically through E*Trade. He said the companies expect to offer a co-branded credit card through Banc One subsidiary First USA.
E*Trade stock plummeted nearly twenty percent Monday after competitors Fidelity Investments and AmeriTrade Holding Corp. announced they were slashing online stock trading prices. E*Trade shares were trading as low as 31-7/8 on the Nasdaq Tuesday, down 7-7/16 from Monday's close.
--Cyrus Afzali
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E*Trade
Banc One
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