yup, my office manager just told me the same thing. he started getting resumes from some E57th st. traders last week. e*trade prop wants out of that location, and their traders are negotiating deals with local subs.
sammy your manager is jsut a retail guy for etrade right. they're hsutting down there company owned offices i think. i don't think this changes the retail side at all. its sjtu etrade doesn't want to finance traders anymore. but my guy said something like they'd be coming out with a new commission structure or soemthing. i sjut yanked 200k out of my retail account screw them. were's everyone going? what about assent are they anyt good?
So far it sounds like they want to divest out of the prop side of the business and a couple of offices. They'll probably keep the retail side so if you want to trade there you either have to have your own retail account or trade through an LLC.
hey, joeyata.. he used to trade out of the E57th office, then started working in management with all the suits. he came over here as a liason between our sub-llc and e*trade when our last manager moved on. we also have a hedge fund here, so i figure all three have been splitting the lease. they took almost all of the satellite offices off of the webpage a few months ago, so i figured something was up. as for my manager, i don't know what he's gonna do now.. whether it's continue on with the sub, or work for etrade.com. i'm staying. my deal is solid, and i love Lightspeed.
The prop trading business is definitely getting more competitive, but there are still a lot of traders sitting on horrible deals. I know newbies may not have any bargaining power, but experienced prop traders should always keep their eyes open for better deals. I am sure glad I did.
Etrade Prop is Over. I saw a few Etrade Prop guys from 100 Wall come over to check out Merril Lynch Prop today.
who's mer prop? echotrade? the whole company funded prop is coming to an end. with commissions crashing you can't even pay the office and t-1 line anymore
merrill lynch prop ? are they located on rector street or in the world financial center ? - saw a few Etrade Prop guys from 100 Wall come over to check out Merril Lynch Prop today.-