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NewsBreak: E-Trade Scraps Commission Fees, Warns Revenue to Suffer $75M Hit

Published 10/02/2019, 04:18 PM
Updated 10/02/2019, 04:26 PM
© Reuters.

Investing.com - E-Trade inched higher in after-hours trading Wednesday after confirming it would scrap commission fees for its online U.S. stock, ETF and options trades.

  • E-Trade estimates a quarterly revenue impact of $75 million from scrapping fees. The decision comes on the heels of Charles Schwab (NYSE:SCHW) also eliminating its commissions.

  • E-Trade's (NASDAQ:ETFC) new fee structure will start on Oct. 7.

  • E-Trade was up 0.3% postmarket after ending the day 3.6% down. But shares had already fallen sharply the previous session following Schwab's announcement.

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