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.