Word: schwab
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...their approach, and their fees. Meanwhile, a frenzied mob of e-traders has linked itself to a rapidly growing number of web trading sites. Today there are over 60 e-brokers, more than twice the number of a year ago. Many are electronic branches of such giants as Charles Schwab and Fidelity Investments, but others, like E*Trade and Datek Online, dwell mainly in cyberspace. The e-brokerages themselves have been turbulent stocks. Shares of E*Trade soared last year from $11 to $47, for example, and now trade in the mid-$20 range, reflecting the increased competition. The price...
...market leader has been Charles Schwab, which commands nearly a third of the online trade business--or 1.5 million accounts--despite a $29.95 commission, which is three times higher than the deep discounters charge (see chart). Schwab's secret has been to knock down the wall between its online business and its 5 million regular account holders, giving everyone access to the entire range of products and services available at the firm. These include round-the-clock, dial-up brokers and technical support, and a financial supermarket that offers 1,500 different mutual funds...
Meanwhile, Schwab's rivals are rolling out some fancy features of their own. E*Trade, which has more than 400,000 accounts with $10.2 billion in assets, last year acquired OptionsLink, an electronic service that helps companies manage employee stock-option plans. Datek offers free real-time stock quotes--a service that most brokers charge for--and promises to execute trades within one minute or refund the commission. That has helped make two-year-old Datek, which has 80,000 active accounts, the fastest growing e-broker, measured by daily transactions...
...United States, every aspect of the financial services is dominated not by a bank but by a focused, non-bank with national scale. For example, MBNA is the largest issuer of credits cards. Fidelity, a mutual fund company, and Charles Schwab, a stock brokerage, dominate investment instruments. CountryWide commands the lion's share of the consumer mortgage market...
...shift from an aristocracy to a meritocracy. The Wright brothers went to Kitty Hawk to try out their gliders. Lenin, 30, published his first newspaper calling for revolution in Russia. Churchill, 25, was elected to the House of Commons. J.P. Morgan began working with a young executive named Charles Schwab to buy out Andrew Carnegie and conglomerate U.S. Steel, by far the biggest business in the world. And the German physicist Max Planck made one of the discoveries that would shape the century: that atoms emit radiations of energy in bursts he called quanta...