E*TRADE Financial
2.9 of 5 280 reviews
www.etrade.com New York, NY 1000 to 5000 Employees

E*TRADE Financial Reviews

Updated Jul 6, 2014
All Employees Current Employees Only

2.9 280 reviews

                             

52% Approve of the CEO

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Paul T. Idzik

(52 ratings)

41% of employees recommend this company to a friend
85 Employee Reviews Back to all reviews
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    Etrade is transitioning from a stock brokerage firm to a discount full service broker.

    Financial Services Representative (Current Employee)
    Salt Lake City, UT

    ProsEtrade values work life balance and offers opportunities to advance in your career path. The management team also supports their employees allowing them to pursue their professional goals.

    ConsEtrade is primarily a stock brokerage firm and is transitioning to a discount broker dealer firm with a full product line offering. Having worked at a competitor in this space Etrade needs to develop products that are competitive in both price and performance to be successful. The firm also needs to embrace retirement planning as an initiative to further develop client assets to diversify the firms revenue stream during turbulent market conditions.

    Advice to Senior ManagementThe internal systems at Etrade need to be reviewed and modified to be more inline with competitors software package for employees. If the firm is attempting to transition to a full service discount broker and intends to offer more than a platform to trade stock, information must be accessible in a more useful format for employees. Additionally, there are several contract groups that offer 3rd party services for Etrade that should be brought in house to ensure business continuity.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    Software ruled by clueless NY business people

    Senior Software Engineer (Current Employee)
    Menlo Park, CA

    ProsIf you find the right team, you will be working with nice people, some of whom have been there for years. It is a more laid-back environment, in most cases, and again, depending on the team. Changes in leadership means that some finally got to advance in title (the company has a relatively flat hierarchy, and rarely promoted from within to manager positions), and new technology is started to be explored and used.

    ConsIn the past year and a half, there was a major layoff, in which most of the contractors, and some full timers (some who had been there for a decade) got laid off for the first time in years. Within a few months, departments were scrambling to rehire to fill those positions and new ones too. It could be argued that the company was trying to save money and get rid of poor performers, but in the end, we hired newbies who had to be retrained (the tech 'stack' is archaic, frustrating, and a time-suck to deal with) and the market got so hot it was extremely difficult to hire top performers who would accept the lower pay Etrade was offering. All of this resulted in some poor code/projects not up to the same level as before. On top of that, Etrade became very strict about physical time spent in the building. They were always obsessed with 'badging in/badging out', and we were periodically told to be in the office no later than 9:30 am (sometimes by 8, whenever a CEO was in town), but recently I felt like we were more closely monitored on this, to the point where people wouldn't leave the building for lunch, and would take less walks around the parking lot, and would even just sit in their cubes doing nothing until 5:30 came around, if they had finished their work for the day. For a tech company, this is odd...usually if you are lucky enough to finish for the day, you are free to go, and techies are known for their late starts in the morning and leaning towards a flexible schedule. And forget working from home, at all, unless your manager likes you, and is not scared of discussing your badge log with their superiors. If you like that sort of thing, don't join Etrade. The bottom line is that this is a financial institution, based and led by often clueless people in New York, who don't have an understanding of what makes the tech side of things great (which is a shame, because for the most part, Etrade is an online business, and is known for that). 4? CEOs have come and gone in the past 5 years, and the current leadership (Idzick) is as hard core NY as you can get...he was brought in by the board to get money for shareholders, and money and the short term is what he is focused on. For a year after he joined, he was unable to convey any sort of goal, long or short term, to us worker peons. In the interim, many long timers decided to leave after a decade of service (to apple, start ups...lost some good talent). My feeling is that they will continue to sell off portions of the business, and 'lean things down' until they can sell the trading platform. When that goes, so goes the company and whoever works for it. It may take years, and in the meantime, if you wish to put some financial coding experience on your resume, join. But don't make the mistake of staying too long.

    Advice to Senior ManagementLearn what it takes to be a successful software company. Support your Tech people, give them the tools and environment it takes to succeed and attract the good talent in the Silicon Valley. Provide a better path toward career advancement and pay raises. Let people becomes leaders within the company. Stop fiddling around with monitoring badge logs, and focus on the bigger picture.

    No, I would not recommend this company to a friend

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    Once a great company, now reduced to mediocrity and support of the ever-declining status-quo

    Systems Engineering (Former Employee)
    Menlo Park, CA

    ProsWas a great opportunity to work on some bleeding edge technology products a few years back. Good if you like outsourced environments - there is a lot of use of outsourcing here so if you are into that type of environment, you could fit right in here.

    ConsLots of outsourcing, most people are just there for the paycheck. The environment is often described as long-time employees as "toxic". Personal growth opportunities are now largely limited due to the outsourcing -- being promoted likely means more late-night calls with teleworkers and remote teams.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Great training and good experience

    Financial Service Representative, Financial Services Representative (Former Employee)

    ProsMy colleagues at E*Trade were great. I also had a very supportive manager. The benefits are good and included insurance for domestic partners. I felt the pay was fair and the training was superb.

    ConsCall center work can eventually wear on an individual. There is such an emphasis on leads that sometimes one can feel like they are a child being constantly poked and prodded. Employee interface is not particular efficient and would cause unnecessary customer delays. Most opportunities seem to be lateral unless one goes into sales or management, although advancing from an entry-level rep is definitely encouraged.

    Advice to Senior ManagementWhen finances get better, improve the system that reps use. Also, consider more definition of sales versus service roles. Service sometimes feels like their sole job is to feed leads to FC's. FC's lessen the value of their role by dumping service issues back to reps. Improving intra-department communication would also help smooth transition of new assets to company. While the website is really good, there are some functions that really seem to need improvement but are simply neglected.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    Ok company to work for but politics at play.

    Anonymous Employee (Former Employee)

    ProsWork life balance, decent pay (less than what competitors are paying).

    ConsYou are bombarded and pressured to bring new accounts for the company which they call leads and you are given a goal of 7 a week, promotion is merit mixed with a lot of brown nosing, stressful work being on the phone talking to angry customers (its a high end call center), and the management are based on tenure rather than actual management skill.

    Advice to Senior ManagementA little less politics, To retain great employees, realize that not everybody is good in sales. So less pressure on getting leads at all cost and more emphasis on great customer service.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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    Great place to work but no raises

    Systems Administrator (Former Employee)
    Alpharetta, GA

    ProsHigh technology company with lots to do

    ConsNo raises, culture is stodgy

    Advice to Senior ManagementFocus on customer

    Yes, I would recommend this company to a friend

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    Good experience

    Financial Analyst (Current Employee)
    New York, NY

    ProsGood mentorship from employees and a good support system. fast paced and it requires you to make sure you are willing to adapt to your surroundings.

    Consthe downside is the micromanagement on the lower service teams. it is more of a political game when it coms to promotion. several individuals come to this company with year soy experience and i feel they are belittled.

    Advice to Senior ManagementPay more.

    No, I would not recommend this company to a friend

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    Good place to work

    Anonymous Employee (Current Employee)

    ProsCoworkers were good and the pay was decent. Good place to build up some experience. They also paid for FINRA registration materials.

    ConsVery stressful and high pressure. I did not work in sales yet I was effectively expected to be a salesperson

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    No direction, little room to grow, poor innovation

    Product Manager (Former Employee)
    New York, NY

    ProsDepending on the group, coworkers are great and are trying to improve this company. A bunch of smart people there, but not necessarily in the right positions

    ConsPay is average at best, difficult to grow because middle management does nothing and everyone doing the work will just leave for a better opportunity. Lots of turnover, get sucked into the same work with hardly much innovation

    Advice to Senior ManagementStay organized and have an ear to those grinding day to day. Don't push meetings all the time, make time for your team.

    No, I would not recommend this company to a friend

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    Good job for the young and single

    Financial Services Representative (Current Employee)

    ProsTraining provided to earn your Series 7 is excellent. Base pay is decent compared to most call center jobs. Promotions are easy to come by since the company cleaned house a few years ago. There is unlimited overtime opportunity during tax season.

    ConsEmployees that work less than 50 hours a week receive poor performance reviews. You will be required to refer millions in outside assets from existing client base and receive no bonus for your efforts. Your job is to help clients maintain regulatory compliance so you have to maintain a high level of focus for long hours.

    Advice to Senior ManagementFocus more on training after Series 7.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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