E*Trade Group Inc. has agreed to install 20 E*Trade shops and more than 1,000 automated teller machines in Target Corp. stores nationwide as part of its strategy to diversify its revenue stream away from strictly online brokerage operations, the company said yesterday.
As part of the arrangement, E*Trade will serve as the exclusive ATM network for all Target and Target Greatland Stores in the United States. The company currently operates ATMs in 110 Target stores.
The E*Trade shops are 400-square-foot facilities within Target stores, staffed with E*Trade sales and service representatives to assist customers with brokerage and banking services.
E*Trade also opened up a 30,000-square-foot E*Trade Center in New York last week where investors can make trades through their accounts, attend investment seminars and purchase E*Trade clothing and other gear.
E*Trade announced April 7 that it posted a net loss of $9.2 million, or 3 cents per share, for the first quarter, which ended March 31. The earnings, which met analyst expectations, compared with a net loss of $25.5 million for the same quarter last year.