The new unit

Published: 6 October 1999 y., Wednesday
American Express Co., the financial services firm that owns the signature green charge card, said Tuesday it will turn its flagging online brokerage into a new Web broker with lower commissions and free stock trades for wealthy clients later this autumn. The new unit, which is called American Express Brokerage, will charge customers $14.95 a trade for up to 3,000 shares per order. For customers with more than $25,000 in their accounts buy orders are free, and those with account balances over $100,000 will pay nothing to trade stocks. All customers will pay 3 cents a share for orders of more than 3,000 shares. American Express_ share price Tuesday gained 4-1/2, or 3.3 percent, to 142-1/16 in trading on the New York Stock exchange around noon. The shares Monday had gained 6-3/16, or 4.7 percent, to close at 137-9/16. The new unit will offer more mutual funds, customer service and financial planning tools than its existing Web brokerage, Financial Direct. Company officials declined to pinpoint an exact launch date for the new unit, which will be run by the Minneapolis-based American Express Financial Advisors division, other than saying this autumn. For customers with more than $100,000 in their accounts the free stock trades come with no strings attached, unlike the $1,500 annual full-service broker Merrill Lynch and Co. Inc. will charge customers for free online trades. The company hopes, though, that these clients will bring in fee income when they turn to American Express_ 9,300 financial planners for other advice, American Express executives said in a conference call.
Šaltinis: Netscape News
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Paris fashion week ignores economic pinch

European cities may still be feeling the pinch of the global recession. more »

EBRD supports private ownership in Kazakhstan’s oil and gas sector

The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields. more »

Car safety: European Commission welcomes international agreement on electric and hybrid cars

The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars. more »

Lithuania’s rating outlook raised by fitch on budget

Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit. more »

Eurostat: Lithuania shows highest increase in retail trade

In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania. more »

Globalisation fund: Parliament backs aid to Germany and Lithuania

Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday. more »

Tourism: upbeat prospects for 2010 season

Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’. more »

Consumer protection under discussion by MEPS

The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg. more »

EU to provide 45,000 micro-loans to unemployed and small entrepreneurs

EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business. more »

MEPs set to vote on help for German & Lithuanian workers

Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday. more »