Business Services Industry
Harris online broker stalls; Assets are flat, while Schwab, E-Trade and Fidelity see big growth.(Markets)
Crain's Chicago Business, March, 2005 by Daniels, Steve
Byline: STEVE DANIELS Harris Bank's $600-million bet on online stock trading hasn't paid off, even as better-known do-it-yourself brokers have grown with the recent bull market. Vying to appeal to a new customer base, Toronto's BMO Financial Group, which owns Harris, paid $626 million in 2002 to acquire online trading units of New York investment banks Credit Suisse First Boston and Morgan Stanley.
That raised the number of trading accounts to more than 700,000 at New Jersey-based Harrisdirect, BMO's U.S. online trading arm. missed comeback The idea was to bulk up in the business while it was out of favor during the bear market and grow when the markets recovered. Stocks did come back into vogue, but Harrisdirect's business went the other direction....
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