Business Services Industry
Sun setting on day trading, and e-brokers feel the chill.(online trading firms)(Brief Article)(Column)
Crain's New York Business, September, 2001 by Gandel, Stephen
Online trading firms have spent millions on a market segment that's now shrinking At E*Trade Group Inc.'s posh Madison Avenue branch, the red carpet has been rolled out for day traders. An entire floor has been designed to cater to their every need. Fifty-six brand-new computers, each with dual flat-panel screens, sit on sleek desks in front of Herman Miller Aeron chairs.
Newspapers are free for the asking at a special reception desk, and frothy cappuccinos are only steps away. When the office opened in March, Leonard Purkis, chief financial officer of E*Trade, proudly embraced day traders as the firm's new VIPs. The problem is that Mr. Purkis's VIPs are MIA. On a recent day, only 12 of the seats were filled. This year, E*Trade has had plenty of company...
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